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Generac（GNRC）与Pinnacle West Capital（PNW）财务数据对比。点击上方公司名可切换其他公司
Pinnacle West Capital的季度营收约是Generac的1.0倍（$1.1B vs $1.1B），Pinnacle West Capital净利率更高（1.6% vs -2.2%，领先3.8%），Pinnacle West Capital同比增速更快（3.0% vs -11.6%），Generac自由现金流更多（$129.9M vs $-192.7M），过去两年Generac的营收复合增速更高（10.8% vs 8.9%）
Generac Holdings Inc.（简称Generac）是美国财富1000强企业，主营面向住宅、小型商业及工业领域的备用发电产品，功率覆盖800瓦至9兆瓦，通过独立经销商、零售商及批发商渠道发售，总部位于威斯康星州沃基肖，在该州多地设有生产基地。
Pinnacle West Capital是美国公用事业控股企业，旗下拥有亚利桑那州规模最大的公用事业公司亚利桑那公共服务（APS）。公司于纽约证券交易所上市，是标普500指数成分股，运营受亚利桑那州公司委员会监管。
GNRC vs PNW — 直观对比
营收规模更大
PNW
是对方的1.0倍
$1.1B
营收增速更快
PNW
高出14.6%
-11.6%
净利率更高
PNW
高出3.8%
-2.2%
自由现金流更多
GNRC
多$322.7M
$-192.7M
两年增速更快
GNRC
近两年复合增速
8.9%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.1B | $1.1B |
| 净利润 | $-24.5M | $17.6M |
| 毛利率 | 36.3% | — |
| 营业利润率 | -0.9% | 10.7% |
| 净利率 | -2.2% | 1.6% |
| 营收同比 | -11.6% | 3.0% |
| 净利润同比 | -120.9% | 798.0% |
| 每股收益（稀释后） | $-0.41 | $0.12 |
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GNRCPNW
| Q4 25 | $1.1B | $1.1B | ||
| Q3 25 | $1.1B | $1.8B | ||
| Q2 25 | $1.1B | $1.4B | ||
| Q1 25 | $942.1M | $1.0B | ||
| Q4 24 | $1.2B | $1.1B | ||
| Q3 24 | $1.2B | $1.8B | ||
| Q2 24 | $998.2M | $1.3B | ||
| Q1 24 | $889.3M | $951.7M |
净利润GNRCPNW
| Q4 25 | $-24.5M | $17.6M | ||
| Q3 25 | $66.2M | $417.5M | ||
| Q2 25 | $74.0M | $196.9M | ||
| Q1 25 | $43.8M | $-338.0K | ||
| Q4 24 | $117.2M | $-2.5M | ||
| Q3 24 | $113.7M | $399.3M | ||
| Q2 24 | $59.1M | $208.1M | ||
| Q1 24 | $26.2M | $21.2M |
毛利率GNRCPNW
| Q4 25 | 36.3% | — | ||
| Q3 25 | 38.3% | — | ||
| Q2 25 | 39.3% | — | ||
| Q1 25 | 39.5% | — | ||
| Q4 24 | 40.6% | — | ||
| Q3 24 | 40.2% | — | ||
| Q2 24 | 37.6% | — | ||
| Q1 24 | 35.6% | — |
营业利润率GNRCPNW
| Q4 25 | -0.9% | 10.7% | ||
| Q3 25 | 9.3% | 32.0% | ||
| Q2 25 | 10.5% | 22.6% | ||
| Q1 25 | 8.9% | 5.5% | ||
| Q4 24 | 16.0% | 7.7% | ||
| Q3 24 | 14.4% | 30.9% | ||
| Q2 24 | 10.3% | 24.0% | ||
| Q1 24 | 7.5% | 7.0% |
净利率GNRCPNW
| Q4 25 | -2.2% | 1.6% | ||
| Q3 25 | 5.9% | 22.9% | ||
| Q2 25 | 7.0% | 14.5% | ||
| Q1 25 | 4.7% | -0.0% | ||
| Q4 24 | 9.5% | -0.2% | ||
| Q3 24 | 9.7% | 22.6% | ||
| Q2 24 | 5.9% | 15.9% | ||
| Q1 24 | 2.9% | 2.2% |
每股收益（稀释后）GNRCPNW
| Q4 25 | $-0.41 | $0.12 | ||
| Q3 25 | $1.12 | $3.39 | ||
| Q2 25 | $1.25 | $1.58 | ||
| Q1 25 | $0.73 | $-0.04 | ||
| Q4 24 | $2.14 | $-0.04 | ||
| Q3 24 | $1.89 | $3.37 | ||
| Q2 24 | $0.97 | $1.76 | ||
| Q1 24 | $0.39 | $0.15 |
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 | $341.4M | $6.6M |
| 总债务越低越好 | $1.3B | — |
| 股东权益账面价值 | $2.6B | $7.0B |
| 总资产 | $5.6B | $30.0B |
| 负债/权益比越低杠杆越低 | 0.48× | — |
8季度趋势，按日历期对齐
现金及短期投资GNRCPNW
| Q4 25 | $341.4M | $6.6M | ||
| Q3 25 | $300.0M | $30.9M | ||
| Q2 25 | $223.5M | $18.8M | ||
| Q1 25 | $187.5M | $10.0M | ||
| Q4 24 | $281.3M | $3.8M | ||
| Q3 24 | $214.2M | $49.2M | ||
| Q2 24 | $218.3M | $4.0M | ||
| Q1 24 | $249.4M | $9.6M |
总债务GNRCPNW
| Q4 25 | $1.3B | — | ||
| Q3 25 | $1.4B | — | ||
| Q2 25 | $1.3B | — | ||
| Q1 25 | $1.2B | — | ||
| Q4 24 | $1.2B | — | ||
| Q3 24 | $1.4B | — | ||
| Q2 24 | $1.4B | — | ||
| Q1 24 | $1.4B | — |
股东权益GNRCPNW
| Q4 25 | $2.6B | $7.0B | ||
| Q3 25 | $2.6B | $7.2B | ||
| Q2 25 | $2.6B | $6.7B | ||
| Q1 25 | $2.5B | $6.7B | ||
| Q4 24 | $2.5B | $6.8B | ||
| Q3 24 | $2.4B | $6.6B | ||
| Q2 24 | $2.4B | $6.2B | ||
| Q1 24 | $2.4B | $6.2B |
总资产GNRCPNW
| Q4 25 | $5.6B | $30.0B | ||
| Q3 25 | $5.6B | $29.9B | ||
| Q2 25 | $5.4B | $29.2B | ||
| Q1 25 | $5.1B | $27.2B | ||
| Q4 24 | $5.1B | $26.1B | ||
| Q3 24 | $5.2B | $26.3B | ||
| Q2 24 | $5.1B | $25.7B | ||
| Q1 24 | $5.1B | $24.8B |
负债/权益比GNRCPNW
| Q4 25 | 0.48× | — | ||
| Q3 25 | 0.51× | — | ||
| Q2 25 | 0.50× | — | ||
| Q1 25 | 0.48× | — | ||
| Q4 24 | 0.49× | — | ||
| Q3 24 | 0.56× | — | ||
| Q2 24 | 0.61× | — | ||
| Q1 24 | 0.61× | — |
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 | $189.3M | $476.8M |
| 自由现金流经营现金流 - 资本支出 | $129.9M | $-192.7M |
| 自由现金流率自由现金流/营收 | 11.9% | -17.1% |
| 资本支出强度资本支出/营收 | 5.4% | 59.3% |
| 现金转化率经营现金流/净利润 | — | 27.09× |
| 过去12个月自由现金流最近4个季度 | $268.1M | $-819.5M |
8季度趋势，按日历期对齐
经营现金流GNRCPNW
| Q4 25 | $189.3M | $476.8M | ||
| Q3 25 | $118.4M | $665.0M | ||
| Q2 25 | $72.2M | $261.4M | ||
| Q1 25 | $58.2M | $401.9M | ||
| Q4 24 | $339.5M | $439.5M | ||
| Q3 24 | $212.3M | $633.2M | ||
| Q2 24 | $77.7M | $189.8M | ||
| Q1 24 | $111.9M | $347.4M |
自由现金流GNRCPNW
| Q4 25 | $129.9M | $-192.7M | ||
| Q3 25 | $96.5M | $42.0M | ||
| Q2 25 | $14.5M | $-448.1M | ||
| Q1 25 | $27.2M | $-220.7M | ||
| Q4 24 | $286.1M | $-92.1M | ||
| Q3 24 | $183.7M | $-32.7M | ||
| Q2 24 | $49.7M | $-344.2M | ||
| Q1 24 | $85.1M | $-170.4M |
自由现金流率GNRCPNW
| Q4 25 | 11.9% | -17.1% | ||
| Q3 25 | 8.7% | 2.3% | ||
| Q2 25 | 1.4% | -33.0% | ||
| Q1 25 | 2.9% | -21.4% | ||
| Q4 24 | 23.2% | -8.4% | ||
| Q3 24 | 15.6% | -1.8% | ||
| Q2 24 | 5.0% | -26.3% | ||
| Q1 24 | 9.6% | -17.9% |
资本支出强度GNRCPNW
| Q4 25 | 5.4% | 59.3% | ||
| Q3 25 | 2.0% | 34.2% | ||
| Q2 25 | 5.4% | 52.2% | ||
| Q1 25 | 3.3% | 60.3% | ||
| Q4 24 | 4.3% | 48.5% | ||
| Q3 24 | 2.4% | 37.6% | ||
| Q2 24 | 2.8% | 40.8% | ||
| Q1 24 | 3.0% | 54.4% |
现金转化率GNRCPNW
| Q4 25 | — | 27.09× | ||
| Q3 25 | 1.79× | 1.59× | ||
| Q2 25 | 0.98× | 1.33× | ||
| Q1 25 | 1.33× | — | ||
| Q4 24 | 2.90× | — | ||
| Q3 24 | 1.87× | 1.59× | ||
| Q2 24 | 1.31× | 0.91× | ||
| Q1 24 | 4.27× | 16.41× |
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
GNRC
| Residential Power Products | $550.1M | 50% |
| Commercial And Industrial Power Products | $228.4M | 21% |
| Other | $202.3M | 19% |
| Other Products And Services | $106.0M | 10% |
| Intersegment Sales | $4.8M | 0% |
PNW
| Electricand Transmission Service | $1.1B | 100% |
| Other Services | $4.4M | 0% |
