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亨廷顿·英格尔斯工业（HII）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.的季度营收约是亨廷顿·英格尔斯工业的1.4倍（$4.8B vs $3.5B），Vistra Corp.净利率更高（4.8% vs 4.6%，领先0.3%），Vistra Corp.同比增速更快（31.2% vs 15.7%），Vistra Corp.自由现金流更多（$596.0M vs $516.0M），过去两年Vistra Corp.的营收复合增速更高（23.3% vs 11.3%）
亨廷顿·英格尔斯工业（简称HII）是美国规模最大的军用造船企业，同时面向政府及行业合作伙伴提供专业服务。公司于2011年3月31日从诺斯罗普·格鲁曼公司分拆成立，在防务装备建造及配套服务领域拥有深厚技术积累与行业资源。
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。
HII vs VST — 直观对比
营收规模更大
VST
是对方的1.4倍
$3.5B
营收增速更快
VST
高出15.5%
15.7%
净利率更高
VST
高出0.3%
4.6%
自由现金流更多
VST
多$80.0M
$516.0M
两年增速更快
VST
近两年复合增速
11.3%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $3.5B | $4.8B |
| 净利润 | $159.0M | $233.0M |
| 毛利率 | — | — |
| 营业利润率 | 4.9% | 9.9% |
| 净利率 | 4.6% | 4.8% |
| 营收同比 | 15.7% | 31.2% |
| 净利润同比 | 29.3% | -47.2% |
| 每股收益（稀释后） | $4.06 | $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HIIVST
| Q4 25 | $3.5B | $4.8B | ||
| Q3 25 | $3.2B | $4.8B | ||
| Q2 25 | $3.1B | $3.8B | ||
| Q1 25 | $2.7B | $4.3B | ||
| Q4 24 | $3.0B | $3.7B | ||
| Q3 24 | $2.7B | $4.3B | ||
| Q2 24 | $3.0B | $3.6B | ||
| Q1 24 | $2.8B | $3.2B |
净利润HIIVST
| Q4 25 | $159.0M | $233.0M | ||
| Q3 25 | $145.0M | $652.0M | ||
| Q2 25 | $152.0M | $327.0M | ||
| Q1 25 | $149.0M | $-268.0M | ||
| Q4 24 | $123.0M | $441.0M | ||
| Q3 24 | $101.0M | $1.9B | ||
| Q2 24 | $173.0M | $365.0M | ||
| Q1 24 | $153.0M | $-35.0M |
营业利润率HIIVST
| Q4 25 | 4.9% | 9.9% | ||
| Q3 25 | 5.0% | 21.7% | ||
| Q2 25 | 5.3% | 13.7% | ||
| Q1 25 | 5.9% | -2.8% | ||
| Q4 24 | 3.7% | 16.4% | ||
| Q3 24 | 3.0% | 59.6% | ||
| Q2 24 | 6.3% | 22.5% | ||
| Q1 24 | 5.5% | 2.7% |
净利率HIIVST
| Q4 25 | 4.6% | 4.8% | ||
| Q3 25 | 4.5% | 13.6% | ||
| Q2 25 | 4.9% | 8.7% | ||
| Q1 25 | 5.4% | -6.3% | ||
| Q4 24 | 4.1% | 12.0% | ||
| Q3 24 | 3.7% | 43.5% | ||
| Q2 24 | 5.8% | 10.1% | ||
| Q1 24 | 5.5% | -1.1% |
每股收益（稀释后）HIIVST
| Q4 25 | $4.06 | $0.55 | ||
| Q3 25 | $3.68 | $1.75 | ||
| Q2 25 | $3.86 | $0.81 | ||
| Q1 25 | $3.79 | $-0.93 | ||
| Q4 24 | $3.15 | $1.09 | ||
| Q3 24 | $2.56 | $5.25 | ||
| Q2 24 | $4.38 | $0.90 | ||
| Q1 24 | $3.87 | $-0.24 |
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 | — | $785.0M |
| 总债务越低越好 | $2.7B | $15.8B |
| 股东权益账面价值 | $5.1B | $5.1B |
| 总资产 | $12.7B | $41.5B |
| 负债/权益比越低杠杆越低 | 0.53× | 3.11× |
8季度趋势，按日历期对齐
现金及短期投资HIIVST
| Q4 25 | — | $785.0M | ||
| Q3 25 | — | $602.0M | ||
| Q2 25 | — | $458.0M | ||
| Q1 25 | — | $561.0M | ||
| Q4 24 | — | $1.2B | ||
| Q3 24 | — | $905.0M | ||
| Q2 24 | — | $1.6B | ||
| Q1 24 | $10.0M | $1.1B |
总债务HIIVST
| Q4 25 | $2.7B | $15.8B | ||
| Q3 25 | — | $15.8B | ||
| Q2 25 | — | $15.5B | ||
| Q1 25 | — | $15.4B | ||
| Q4 24 | $2.7B | $15.4B | ||
| Q3 24 | — | $13.9B | ||
| Q2 24 | — | $13.9B | ||
| Q1 24 | — | $14.7B |
股东权益HIIVST
| Q4 25 | $5.1B | $5.1B | ||
| Q3 25 | $5.0B | $5.2B | ||
| Q2 25 | $4.9B | $4.8B | ||
| Q1 25 | $4.8B | $4.8B | ||
| Q4 24 | $4.7B | $5.6B | ||
| Q3 24 | $4.2B | $5.4B | ||
| Q2 24 | $4.2B | $5.6B | ||
| Q1 24 | $4.1B | $5.7B |
总资产HIIVST
| Q4 25 | $12.7B | $41.5B | ||
| Q3 25 | $12.3B | $38.0B | ||
| Q2 25 | $12.1B | $38.1B | ||
| Q1 25 | $12.1B | $38.2B | ||
| Q4 24 | $12.1B | $37.8B | ||
| Q3 24 | $11.1B | $37.9B | ||
| Q2 24 | $11.3B | $39.1B | ||
| Q1 24 | $11.2B | $38.2B |
负债/权益比HIIVST
| Q4 25 | 0.53× | 3.11× | ||
| Q3 25 | — | 3.02× | ||
| Q2 25 | — | 3.22× | ||
| Q1 25 | — | 3.20× | ||
| Q4 24 | 0.58× | 2.77× | ||
| Q3 24 | — | 2.56× | ||
| Q2 24 | — | 2.49× | ||
| Q1 24 | — | 2.60× |
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 | $650.0M | $1.4B |
| 自由现金流经营现金流 - 资本支出 | $516.0M | $596.0M |
| 自由现金流率自由现金流/营收 | 14.8% | 12.4% |
| 资本支出强度资本支出/营收 | 3.9% | 17.4% |
| 现金转化率经营现金流/净利润 | 4.09× | 6.15× |
| 过去12个月自由现金流最近4个季度 | $794.0M | $1.3B |
8季度趋势，按日历期对齐
经营现金流HIIVST
| Q4 25 | $650.0M | $1.4B | ||
| Q3 25 | $118.0M | $1.5B | ||
| Q2 25 | $823.0M | $572.0M | ||
| Q1 25 | $-395.0M | $599.0M | ||
| Q4 24 | $391.0M | $1.4B | ||
| Q3 24 | $213.0M | $1.7B | ||
| Q2 24 | $-9.0M | $1.2B | ||
| Q1 24 | $-202.0M | $312.0M |
自由现金流HIIVST
| Q4 25 | $516.0M | $596.0M | ||
| Q3 25 | $13.0M | $1.0B | ||
| Q2 25 | $727.0M | $-118.0M | ||
| Q1 25 | $-462.0M | $-169.0M | ||
| Q4 24 | $277.0M | $923.0M | ||
| Q3 24 | $125.0M | $1.0B | ||
| Q2 24 | $-99.0M | $698.0M | ||
| Q1 24 | $-277.0M | $-153.0M |
自由现金流率HIIVST
| Q4 25 | 14.8% | 12.4% | ||
| Q3 25 | 0.4% | 21.1% | ||
| Q2 25 | 23.6% | -3.1% | ||
| Q1 25 | -16.9% | -4.0% | ||
| Q4 24 | 9.2% | 25.2% | ||
| Q3 24 | 4.5% | 23.4% | ||
| Q2 24 | -3.3% | 19.4% | ||
| Q1 24 | -9.9% | -4.8% |
资本支出强度HIIVST
| Q4 25 | 3.9% | 17.4% | ||
| Q3 25 | 3.3% | 9.6% | ||
| Q2 25 | 3.1% | 18.4% | ||
| Q1 25 | 2.5% | 18.1% | ||
| Q4 24 | 3.8% | 11.7% | ||
| Q3 24 | 3.2% | 15.8% | ||
| Q2 24 | 3.0% | 13.8% | ||
| Q1 24 | 2.7% | 14.7% |
现金转化率HIIVST
| Q4 25 | 4.09× | 6.15× | ||
| Q3 25 | 0.81× | 2.25× | ||
| Q2 25 | 5.41× | 1.75× | ||
| Q1 25 | -2.65× | — | ||
| Q4 24 | 3.18× | 3.07× | ||
| Q3 24 | 2.11× | 0.90× | ||
| Q2 24 | -0.05× | 3.28× | ||
| Q1 24 | -1.32× | — |
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
HII
| Aircraftcarriers | $984.0M | 28% |
| Fixedpriceincentive | $758.0M | 22% |
| Submarines | $744.0M | 21% |
| Surfacecombatantsandcoastguardcutters | $452.0M | 13% |
| Amphibiousassaultships | $433.0M | 12% |
| Costtype | $123.0M | 4% |
| Otherprograms | $4.0M | 0% |
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% |
