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康宁（GLW）与Vistra Corp.（VST）财务数据对比。点击上方公司名可切换其他公司
Vistra Corp.的季度营收约是康宁的1.2倍（$4.8B vs $4.1B），康宁净利率更高（9.3% vs 4.8%，领先4.5%），Vistra Corp.同比增速更快（31.2% vs 0.0%），过去两年Vistra Corp.的营收复合增速更高（23.3% vs 12.9%）
康宁是1851年成立的美国跨国科技企业，主营玻璃、陶瓷及相关材料技术，产品线涵盖先进光学产品，主要应用于工业与科研领域。20世纪曾推出多款知名消费产品，包括康宁锅、Corelle餐具、Pyrex烘焙玻璃器皿等，广受市场欢迎。
股票代码为VST的Vistra Corp是总部位于美国得克萨斯州的能源企业，主营电力生产、可再生能源开发及能源零售等业务。此外“Vistra”也可指一家总部位于中国香港的企业服务提供商，为全球客户提供公司注册、合规管理等专业服务。
GLW vs VST — 直观对比
营收规模更大
VST
是对方的1.2倍
$4.1B
营收增速更快
VST
高出31.2%
0.0%
净利率更高
GLW
高出4.5%
4.8%
两年增速更快
VST
近两年复合增速
12.9%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $4.1B | $4.8B |
| 净利润 | $387.0M | $233.0M |
| 毛利率 | 36.9% | — |
| 营业利润率 | 15.4% | 9.9% |
| 净利率 | 9.3% | 4.8% |
| 营收同比 | 0.0% | 31.2% |
| 净利润同比 | -60.0% | -47.2% |
| 每股收益（稀释后） | $0.43 | $0.55 |
绿色 = 该指标领先。财年不对齐时期间可能不同
8季度营收与利润趋势
并排季度历史对比，按日历期对齐，财年错位的公司也能正确匹配
营收GLWVST
| Q1 26 | $4.1B | — | ||
| Q4 25 | $4.2B | $4.8B | ||
| Q3 25 | $4.1B | $4.8B | ||
| Q2 25 | $3.9B | $3.8B | ||
| Q1 25 | $3.5B | $4.3B | ||
| Q4 24 | $3.5B | $3.7B | ||
| Q3 24 | $3.4B | $4.3B | ||
| Q2 24 | $3.3B | $3.6B |
净利润GLWVST
| Q1 26 | $387.0M | — | ||
| Q4 25 | $540.0M | $233.0M | ||
| Q3 25 | $430.0M | $652.0M | ||
| Q2 25 | $469.0M | $327.0M | ||
| Q1 25 | $157.0M | $-268.0M | ||
| Q4 24 | $310.0M | $441.0M | ||
| Q3 24 | $-117.0M | $1.9B | ||
| Q2 24 | $104.0M | $365.0M |
毛利率GLWVST
| Q1 26 | 36.9% | — | ||
| Q4 25 | 35.5% | — | ||
| Q3 25 | 37.1% | — | ||
| Q2 25 | 36.0% | — | ||
| Q1 25 | 35.2% | — | ||
| Q4 24 | 34.2% | — | ||
| Q3 24 | 33.5% | — | ||
| Q2 24 | 29.2% | — |
营业利润率GLWVST
| Q1 26 | 15.4% | — | ||
| Q4 25 | 15.9% | 9.9% | ||
| Q3 25 | 14.4% | 21.7% | ||
| Q2 25 | 14.8% | 13.7% | ||
| Q1 25 | 12.9% | -2.8% | ||
| Q4 24 | 11.2% | 16.4% | ||
| Q3 24 | 8.9% | 59.6% | ||
| Q2 24 | 5.7% | 22.5% |
净利率GLWVST
| Q1 26 | 9.3% | — | ||
| Q4 25 | 12.8% | 4.8% | ||
| Q3 25 | 10.5% | 13.6% | ||
| Q2 25 | 12.1% | 8.7% | ||
| Q1 25 | 4.5% | -6.3% | ||
| Q4 24 | 8.9% | 12.0% | ||
| Q3 24 | -3.5% | 43.5% | ||
| Q2 24 | 3.2% | 10.1% |
每股收益（稀释后）GLWVST
| Q1 26 | $0.43 | — | ||
| Q4 25 | $0.61 | $0.55 | ||
| Q3 25 | $0.50 | $1.75 | ||
| Q2 25 | $0.54 | $0.81 | ||
| Q1 25 | $0.18 | $-0.93 | ||
| Q4 24 | $0.36 | $1.09 | ||
| Q3 24 | $-0.14 | $5.25 | ||
| Q2 24 | $0.12 | $0.90 |
资产负债表与财务实力
最新季度各公司的流动性、杠杆与账面价值一览
| 指标 | | |
|---|---|---|
| 现金及短期投资手头流动性 | $1.8M | $785.0M |
| 总债务越低越好 | $7.7M | $15.8B |
| 股东权益账面价值 | $12.3M | $5.1B |
| 总资产 | $31.3M | $41.5B |
| 负债/权益比越低杠杆越低 | 0.62× | 3.11× |
8季度趋势，按日历期对齐
现金及短期投资GLWVST
| Q1 26 | $1.8M | — | ||
| Q4 25 | $1.5B | $785.0M | ||
| Q3 25 | — | $602.0M | ||
| Q2 25 | — | $458.0M | ||
| Q1 25 | — | $561.0M | ||
| Q4 24 | $1.8B | $1.2B | ||
| Q3 24 | — | $905.0M | ||
| Q2 24 | — | $1.6B |
总债务GLWVST
| Q1 26 | $7.7M | — | ||
| Q4 25 | $7.6B | $15.8B | ||
| Q3 25 | $7.4B | $15.8B | ||
| Q2 25 | $6.7B | $15.5B | ||
| Q1 25 | $7.0B | $15.4B | ||
| Q4 24 | $6.9B | $15.4B | ||
| Q3 24 | $7.1B | $13.9B | ||
| Q2 24 | $6.9B | $13.9B |
股东权益GLWVST
| Q1 26 | $12.3M | — | ||
| Q4 25 | $11.8B | $5.1B | ||
| Q3 25 | $11.5B | $5.2B | ||
| Q2 25 | $11.1B | $4.8B | ||
| Q1 25 | $10.7B | $4.8B | ||
| Q4 24 | $10.7B | $5.6B | ||
| Q3 24 | $11.1B | $5.4B | ||
| Q2 24 | $10.6B | $5.6B |
总资产GLWVST
| Q1 26 | $31.3M | — | ||
| Q4 25 | $31.0B | $41.5B | ||
| Q3 25 | $29.9B | $38.0B | ||
| Q2 25 | $28.7B | $38.1B | ||
| Q1 25 | $27.4B | $38.2B | ||
| Q4 24 | $27.7B | $37.8B | ||
| Q3 24 | $28.3B | $37.9B | ||
| Q2 24 | $27.2B | $39.1B |
负债/权益比GLWVST
| Q1 26 | 0.62× | — | ||
| Q4 25 | 0.65× | 3.11× | ||
| Q3 25 | 0.64× | 3.02× | ||
| Q2 25 | 0.60× | 3.22× | ||
| Q1 25 | 0.65× | 3.20× | ||
| Q4 24 | 0.64× | 2.77× | ||
| Q3 24 | 0.64× | 2.56× | ||
| Q2 24 | 0.65× | 2.49× |
现金流与资本效率
扣除再投资后实际产生的现金。现金流比净利润更难造假
| 指标 | | |
|---|---|---|
| 经营现金流最新季度 | $362.0M | $1.4B |
| 自由现金流经营现金流 - 资本支出 | — | $596.0M |
| 自由现金流率自由现金流/营收 | — | 12.4% |
| 资本支出强度资本支出/营收 | 8.0% | 17.4% |
| 现金转化率经营现金流/净利润 | 0.94× | 6.15× |
| 过去12个月自由现金流最近4个季度 | — | $1.3B |
8季度趋势，按日历期对齐
经营现金流GLWVST
| Q1 26 | $362.0M | — | ||
| Q4 25 | $1.1B | $1.4B | ||
| Q3 25 | $784.0M | $1.5B | ||
| Q2 25 | $708.0M | $572.0M | ||
| Q1 25 | $151.0M | $599.0M | ||
| Q4 24 | $623.0M | $1.4B | ||
| Q3 24 | $699.0M | $1.7B | ||
| Q2 24 | $521.0M | $1.2B |
自由现金流GLWVST
| Q1 26 | — | — | ||
| Q4 25 | $620.0M | $596.0M | ||
| Q3 25 | $450.0M | $1.0B | ||
| Q2 25 | $400.0M | $-118.0M | ||
| Q1 25 | $-57.0M | $-169.0M | ||
| Q4 24 | $369.0M | $923.0M | ||
| Q3 24 | $482.0M | $1.0B | ||
| Q2 24 | $279.0M | $698.0M |
自由现金流率GLWVST
| Q1 26 | — | — | ||
| Q4 25 | 14.7% | 12.4% | ||
| Q3 25 | 11.0% | 21.1% | ||
| Q2 25 | 10.4% | -3.1% | ||
| Q1 25 | -1.7% | -4.0% | ||
| Q4 24 | 10.5% | 25.2% | ||
| Q3 24 | 14.2% | 23.4% | ||
| Q2 24 | 8.6% | 19.4% |
资本支出强度GLWVST
| Q1 26 | 8.0% | — | ||
| Q4 25 | 10.2% | 17.4% | ||
| Q3 25 | 8.1% | 9.6% | ||
| Q2 25 | 8.0% | 18.4% | ||
| Q1 25 | 6.0% | 18.1% | ||
| Q4 24 | 7.3% | 11.7% | ||
| Q3 24 | 6.4% | 15.8% | ||
| Q2 24 | 7.4% | 13.8% |
现金转化率GLWVST
| Q1 26 | 0.94× | — | ||
| Q4 25 | 1.95× | 6.15× | ||
| Q3 25 | 1.82× | 2.25× | ||
| Q2 25 | 1.51× | 1.75× | ||
| Q1 25 | 0.96× | — | ||
| Q4 24 | 2.01× | 3.07× | ||
| Q3 24 | — | 0.90× | ||
| Q2 24 | 5.01× | 3.28× |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
业务分部营收拆解
GLW
暂无分部数据
VST
| Retail Energy Charge In ERCOT | $2.1B | 43% |
| Retail Energy Charge In Northeast Midwest | $1.2B | 24% |
| East Segment | $1.1B | 24% |
| Hedging Revenue Realized | $170.0M | 4% |
| Revenue From Other Wholesale Contracts | $116.0M | 2% |
| Transferable Production Tax Credit Revenues | $78.0M | 2% |
| West Segment | $77.0M | 2% |
| Intersegment Sales | $25.0M | 1% |
