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高德纳（IT）与雷诺士国际（LII）财务数据对比。点击上方公司名可切换其他公司
高德纳的季度营收约是雷诺士国际的1.5倍（$1.8B vs $1.2B），高德纳净利率更高（13.8% vs 13.6%，领先0.3%），高德纳同比增速更快（2.2% vs -11.2%），雷诺士国际自由现金流更多（$376.7M vs $270.7M），过去两年高德纳的营收复合增速更高（9.1% vs 6.8%）
高德纳是美国专注于商业与科技领域的研究咨询机构，服务客户覆盖大型企业、政府机构、科技公司、投资机构等群体，通过输出研究报告、举办行业峰会、提供定制咨询等形式，为客户决策提供权威专业的洞见支撑。
雷诺士国际是美国知名的暖通空调（HVAC）及制冷领域气候控制产品供应商，总部位于得克萨斯州理查森。公司在墨西哥萨尔蒂约、美国爱荷华州马歇尔敦、南卡罗来纳州奥兰治堡设有核心生产基地，1904年收购公司的诺里斯家族后裔约翰·W·诺里斯三世持有其9.8%的股份。
IT vs LII — 直观对比
营收规模更大
IT
是对方的1.5倍
$1.2B
营收增速更快
IT
高出13.3%
-11.2%
净利率更高
IT
高出0.3%
13.6%
自由现金流更多
LII
多$106.0M
$270.7M
两年增速更快
IT
近两年复合增速
6.8%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.8B | $1.2B |
| 净利润 | $242.2M | $162.1M |
| 毛利率 | 67.8% | 34.7% |
| 营业利润率 | 19.1% | 18.6% |
| 净利率 | 13.8% | 13.6% |
| 营收同比 | 2.2% | -11.2% |
| 净利润同比 | -39.2% | -18.0% |
| 每股收益（稀释后） | $3.36 | $4.62 |
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ITLII
| Q4 25 | $1.8B | $1.2B | ||
| Q3 25 | $1.5B | $1.4B | ||
| Q2 25 | $1.7B | $1.5B | ||
| Q1 25 | $1.5B | $1.1B | ||
| Q4 24 | $1.7B | $1.3B | ||
| Q3 24 | $1.5B | $1.5B | ||
| Q2 24 | $1.6B | $1.5B | ||
| Q1 24 | $1.5B | $1.0B |
净利润ITLII
| Q4 25 | $242.2M | $162.1M | ||
| Q3 25 | $35.4M | $245.8M | ||
| Q2 25 | $240.8M | $277.6M | ||
| Q1 25 | $210.9M | $120.3M | ||
| Q4 24 | $398.6M | $197.7M | ||
| Q3 24 | $415.0M | $239.0M | ||
| Q2 24 | $229.5M | $245.9M | ||
| Q1 24 | $210.5M | $124.3M |
毛利率ITLII
| Q4 25 | 67.8% | 34.7% | ||
| Q3 25 | 69.3% | 32.8% | ||
| Q2 25 | 68.6% | 34.8% | ||
| Q1 25 | 69.4% | 30.6% | ||
| Q4 24 | 66.8% | 33.9% | ||
| Q3 24 | 68.4% | 32.6% | ||
| Q2 24 | 68.6% | 33.6% | ||
| Q1 24 | 69.4% | 32.5% |
营业利润率ITLII
| Q4 25 | 19.1% | 18.6% | ||
| Q3 25 | 5.7% | 21.7% | ||
| Q2 25 | 19.4% | 23.6% | ||
| Q1 25 | 18.1% | 14.5% | ||
| Q4 24 | 18.5% | 18.2% | ||
| Q3 24 | 16.6% | 20.2% | ||
| Q2 24 | 20.0% | 22.1% | ||
| Q1 24 | 18.6% | 15.9% |
净利率ITLII
| Q4 25 | 13.8% | 13.6% | ||
| Q3 25 | 2.3% | 17.2% | ||
| Q2 25 | 14.3% | 18.5% | ||
| Q1 25 | 13.7% | 11.2% | ||
| Q4 24 | 23.2% | 14.7% | ||
| Q3 24 | 28.0% | 16.0% | ||
| Q2 24 | 14.4% | 16.9% | ||
| Q1 24 | 14.3% | 11.9% |
每股收益（稀释后）ITLII
| Q4 25 | $3.36 | $4.62 | ||
| Q3 25 | $0.47 | $6.98 | ||
| Q2 25 | $3.11 | $7.82 | ||
| Q1 25 | $2.71 | $3.37 | ||
| Q4 24 | $5.08 | $5.52 | ||
| Q3 24 | $5.32 | $6.68 | ||
| Q2 24 | $2.93 | $6.87 | ||
| Q1 24 | $2.67 | $3.47 |
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 | $1.7B | $34.7M |
| 总债务越低越好 | — | $1.1B |
| 股东权益账面价值 | $319.9M | $1.2B |
| 总资产 | $8.1B | $4.1B |
| 负债/权益比越低杠杆越低 | — | 0.98× |
8季度趋势，按日历期对齐
现金及短期投资ITLII
| Q4 25 | $1.7B | $34.7M | ||
| Q3 25 | $1.4B | $59.2M | ||
| Q2 25 | $2.2B | $55.1M | ||
| Q1 25 | $2.1B | $222.9M | ||
| Q4 24 | $1.9B | $422.3M | ||
| Q3 24 | $1.8B | $255.7M | ||
| Q2 24 | $1.2B | $57.8M | ||
| Q1 24 | $1.2B | $57.6M |
总债务ITLII
| Q4 25 | — | $1.1B | ||
| Q3 25 | — | $838.2M | ||
| Q2 25 | — | $835.7M | ||
| Q1 25 | — | $834.2M | ||
| Q4 24 | — | $833.1M | ||
| Q3 24 | — | $827.6M | ||
| Q2 24 | — | $1.1B | ||
| Q1 24 | — | $1.2B |
股东权益ITLII
| Q4 25 | $319.9M | $1.2B | ||
| Q3 25 | $556.6M | $1.1B | ||
| Q2 25 | $1.5B | $900.5M | ||
| Q1 25 | $1.5B | $852.5M | ||
| Q4 24 | $1.4B | $850.2M | ||
| Q3 24 | $1.1B | $754.0M | ||
| Q2 24 | $646.7M | $577.4M | ||
| Q1 24 | $718.2M | $368.8M |
总资产ITLII
| Q4 25 | $8.1B | $4.1B | ||
| Q3 25 | $7.2B | $3.5B | ||
| Q2 25 | $8.3B | $3.7B | ||
| Q1 25 | $8.5B | $3.5B | ||
| Q4 24 | $8.5B | $3.5B | ||
| Q3 24 | $7.8B | $3.3B | ||
| Q2 24 | $7.4B | $3.2B | ||
| Q1 24 | $7.7B | $3.0B |
负债/权益比ITLII
| Q4 25 | — | 0.98× | ||
| Q3 25 | — | 0.78× | ||
| Q2 25 | — | 0.93× | ||
| Q1 25 | — | 0.98× | ||
| Q4 24 | — | 0.98× | ||
| Q3 24 | — | 1.10× | ||
| Q2 24 | — | 1.95× | ||
| Q1 24 | — | 3.13× |
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 | $294.5M | $405.9M |
| 自由现金流经营现金流 - 资本支出 | $270.7M | $376.7M |
| 自由现金流率自由现金流/营收 | 15.4% | 31.5% |
| 资本支出强度资本支出/营收 | 1.4% | 2.4% |
| 现金转化率经营现金流/净利润 | 1.22× | 2.50× |
| 过去12个月自由现金流最近4个季度 | $1.2B | $638.8M |
8季度趋势，按日历期对齐
经营现金流ITLII
| Q4 25 | $294.5M | $405.9M | ||
| Q3 25 | $298.7M | $300.7M | ||
| Q2 25 | $383.6M | $86.8M | ||
| Q1 25 | $313.5M | $-35.8M | ||
| Q4 24 | $335.4M | $332.4M | ||
| Q3 24 | $590.8M | $452.1M | ||
| Q2 24 | $370.0M | $184.0M | ||
| Q1 24 | $188.8M | $-22.8M |
自由现金流ITLII
| Q4 25 | $270.7M | $376.7M | ||
| Q3 25 | $269.3M | $265.1M | ||
| Q2 25 | $347.3M | $58.3M | ||
| Q1 25 | $287.9M | $-61.3M | ||
| Q4 24 | $311.4M | $272.2M | ||
| Q3 24 | $565.0M | $410.9M | ||
| Q2 24 | $340.6M | $151.3M | ||
| Q1 24 | $166.2M | $-52.3M |
自由现金流率ITLII
| Q4 25 | 15.4% | 31.5% | ||
| Q3 25 | 17.7% | 18.6% | ||
| Q2 25 | 20.6% | 3.9% | ||
| Q1 25 | 18.8% | -5.7% | ||
| Q4 24 | 18.2% | 20.2% | ||
| Q3 24 | 38.1% | 27.4% | ||
| Q2 24 | 21.4% | 10.4% | ||
| Q1 24 | 11.3% | -5.0% |
资本支出强度ITLII
| Q4 25 | 1.4% | 2.4% | ||
| Q3 25 | 1.9% | 2.5% | ||
| Q2 25 | 2.1% | 1.9% | ||
| Q1 25 | 1.7% | 2.4% | ||
| Q4 24 | 1.4% | 4.5% | ||
| Q3 24 | 1.7% | 2.8% | ||
| Q2 24 | 1.8% | 2.3% | ||
| Q1 24 | 1.5% | 2.8% |
现金转化率ITLII
| Q4 25 | 1.22× | 2.50× | ||
| Q3 25 | 8.45× | 1.22× | ||
| Q2 25 | 1.59× | 0.31× | ||
| Q1 25 | 1.49× | -0.30× | ||
| Q4 24 | 0.84× | 1.68× | ||
| Q3 24 | 1.42× | 1.89× | ||
| Q2 24 | 1.61× | 0.75× | ||
| Q1 24 | 0.90× | -0.18× |
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
IT
| Transferred Over Time | $1.3B | 73% |
| Conferences | $286.2M | 16% |
| Consulting | $133.6M | 8% |
| Other | $52.3M | 3% |
LII
| Residential Heating And Cooling | $699.8M | 59% |
| Commercial Heating And Cooling | $495.2M | 41% |
