vs
勤达睿（KD）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.的季度营收约是勤达睿的1.2倍（$4.8B vs $3.9B），Vistra Corp.净利率更高（4.8% vs 1.5%，领先3.4%），Vistra Corp.同比增速更快（31.2% vs 3.1%），Vistra Corp.自由现金流更多（$596.0M vs $208.0M），过去两年Vistra Corp.的营收复合增速更高（23.3% vs 0.1%）
勤达睿是总部位于美国纽约的跨国IT基础设施服务提供商，2021年由IBM的基础设施服务业务分拆独立成立。公司业务涵盖大型信息系统的设计、搭建、运维与开发，同时提供商业咨询服务，是目前全球最大的IT基础设施服务提供商、全球第五大咨询服务提供商。
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。
KD vs VST — 直观对比
营收规模更大
VST
是对方的1.2倍
$3.9B
营收增速更快
VST
高出28.1%
3.1%
净利率更高
VST
高出3.4%
1.5%
自由现金流更多
VST
多$388.0M
$208.0M
两年增速更快
VST
近两年复合增速
0.1%
损益表 — Q3 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $3.9B | $4.8B |
| 净利润 | $57.0M | $233.0M |
| 毛利率 | 21.8% | — |
| 营业利润率 | 2.4% | 9.9% |
| 净利率 | 1.5% | 4.8% |
| 营收同比 | 3.1% | 31.2% |
| 净利润同比 | -73.5% | -47.2% |
| 每股收益（稀释后） | $0.25 | $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KDVST
| Q4 25 | $3.9B | $4.8B | ||
| Q3 25 | $3.7B | $4.8B | ||
| Q2 25 | $3.7B | $3.8B | ||
| Q1 25 | $3.8B | $4.3B | ||
| Q4 24 | $3.7B | $3.7B | ||
| Q3 24 | $3.8B | $4.3B | ||
| Q2 24 | $3.7B | $3.6B | ||
| Q1 24 | $3.9B | $3.2B |
净利润KDVST
| Q4 25 | $57.0M | $233.0M | ||
| Q3 25 | $68.0M | $652.0M | ||
| Q2 25 | $56.0M | $327.0M | ||
| Q1 25 | $69.0M | $-268.0M | ||
| Q4 24 | $215.0M | $441.0M | ||
| Q3 24 | $-43.0M | $1.9B | ||
| Q2 24 | $11.0M | $365.0M | ||
| Q1 24 | $-45.0M | $-35.0M |
毛利率KDVST
| Q4 25 | 21.8% | — | ||
| Q3 25 | 21.5% | — | ||
| Q2 25 | 21.3% | — | ||
| Q1 25 | 21.7% | — | ||
| Q4 24 | 20.4% | — | ||
| Q3 24 | 19.9% | — | ||
| Q2 24 | 21.5% | — | ||
| Q1 24 | 18.6% | — |
营业利润率KDVST
| Q4 25 | 2.4% | 9.9% | ||
| Q3 25 | 2.6% | 21.7% | ||
| Q2 25 | 2.5% | 13.7% | ||
| Q1 25 | 3.1% | -2.8% | ||
| Q4 24 | 6.9% | 16.4% | ||
| Q3 24 | -0.1% | 59.6% | ||
| Q2 24 | 1.7% | 22.5% | ||
| Q1 24 | -0.1% | 2.7% |
净利率KDVST
| Q4 25 | 1.5% | 4.8% | ||
| Q3 25 | 1.8% | 13.6% | ||
| Q2 25 | 1.5% | 8.7% | ||
| Q1 25 | 1.8% | -6.3% | ||
| Q4 24 | 5.7% | 12.0% | ||
| Q3 24 | -1.1% | 43.5% | ||
| Q2 24 | 0.3% | 10.1% | ||
| Q1 24 | -1.2% | -1.1% |
每股收益（稀释后）KDVST
| Q4 25 | $0.25 | $0.55 | ||
| Q3 25 | $0.29 | $1.75 | ||
| Q2 25 | $0.23 | $0.81 | ||
| Q1 25 | $0.30 | $-0.93 | ||
| Q4 24 | $0.89 | $1.09 | ||
| Q3 24 | $-0.19 | $5.25 | ||
| Q2 24 | $0.05 | $0.90 | ||
| Q1 24 | $-0.19 | $-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 | $1.3B | $785.0M |
| 总债务越低越好 | $2.3B | $15.8B |
| 股东权益账面价值 | $1.2B | $5.1B |
| 总资产 | $11.3B | $41.5B |
| 负债/权益比越低杠杆越低 | 1.92× | 3.11× |
8季度趋势，按日历期对齐
现金及短期投资KDVST
| Q4 25 | $1.3B | $785.0M | ||
| Q3 25 | $1.3B | $602.0M | ||
| Q2 25 | $1.5B | $458.0M | ||
| Q1 25 | $1.8B | $561.0M | ||
| Q4 24 | $1.5B | $1.2B | ||
| Q3 24 | $1.3B | $905.0M | ||
| Q2 24 | $1.3B | $1.6B | ||
| Q1 24 | $1.6B | $1.1B |
总债务KDVST
| Q4 25 | $2.3B | $15.8B | ||
| Q3 25 | $3.0B | $15.8B | ||
| Q2 25 | $3.0B | $15.5B | ||
| Q1 25 | $3.0B | $15.4B | ||
| Q4 24 | $3.1B | $15.4B | ||
| Q3 24 | $3.1B | $13.9B | ||
| Q2 24 | $3.1B | $13.9B | ||
| Q1 24 | $3.1B | $14.7B |
股东权益KDVST
| Q4 25 | $1.2B | $5.1B | ||
| Q3 25 | $1.2B | $5.2B | ||
| Q2 25 | $1.2B | $4.8B | ||
| Q1 25 | $1.2B | $4.8B | ||
| Q4 24 | $1.1B | $5.6B | ||
| Q3 24 | $1.1B | $5.4B | ||
| Q2 24 | $996.0M | $5.6B | ||
| Q1 24 | $1.0B | $5.7B |
总资产KDVST
| Q4 25 | $11.3B | $41.5B | ||
| Q3 25 | $11.2B | $38.0B | ||
| Q2 25 | $11.5B | $38.1B | ||
| Q1 25 | $10.5B | $38.2B | ||
| Q4 24 | $9.9B | $37.8B | ||
| Q3 24 | $10.4B | $37.9B | ||
| Q2 24 | $10.2B | $39.1B | ||
| Q1 24 | $10.6B | $38.2B |
负债/权益比KDVST
| Q4 25 | 1.92× | 3.11× | ||
| Q3 25 | 2.45× | 3.02× | ||
| Q2 25 | 2.44× | 3.22× | ||
| Q1 25 | 2.50× | 3.20× | ||
| Q4 24 | 2.81× | 2.77× | ||
| Q3 24 | 2.92× | 2.56× | ||
| Q2 24 | 3.12× | 2.49× | ||
| Q1 24 | 3.07× | 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 | $428.0M | $1.4B |
| 自由现金流经营现金流 - 资本支出 | $208.0M | $596.0M |
| 自由现金流率自由现金流/营收 | 5.4% | 12.4% |
| 资本支出强度资本支出/营收 | 5.7% | 17.4% |
| 现金转化率经营现金流/净利润 | 7.51× | 6.15× |
| 过去12个月自由现金流最近4个季度 | $299.0M | $1.3B |
8季度趋势，按日历期对齐
经营现金流KDVST
| Q4 25 | $428.0M | $1.4B | ||
| Q3 25 | $146.0M | $1.5B | ||
| Q2 25 | $-124.0M | $572.0M | ||
| Q1 25 | $581.0M | $599.0M | ||
| Q4 24 | $260.0M | $1.4B | ||
| Q3 24 | $149.0M | $1.7B | ||
| Q2 24 | $-48.0M | $1.2B | ||
| Q1 24 | $145.0M | $312.0M |
自由现金流KDVST
| Q4 25 | $208.0M | $596.0M | ||
| Q3 25 | $17.0M | $1.0B | ||
| Q2 25 | $-267.0M | $-118.0M | ||
| Q1 25 | $341.0M | $-169.0M | ||
| Q4 24 | $151.0M | $923.0M | ||
| Q3 24 | $15.0M | $1.0B | ||
| Q2 24 | $-170.0M | $698.0M | ||
| Q1 24 | $-57.0M | $-153.0M |
自由现金流率KDVST
| Q4 25 | 5.4% | 12.4% | ||
| Q3 25 | 0.5% | 21.1% | ||
| Q2 25 | -7.1% | -3.1% | ||
| Q1 25 | 9.0% | -4.0% | ||
| Q4 24 | 4.0% | 25.2% | ||
| Q3 24 | 0.4% | 23.4% | ||
| Q2 24 | -4.5% | 19.4% | ||
| Q1 24 | -1.5% | -4.8% |
资本支出强度KDVST
| Q4 25 | 5.7% | 17.4% | ||
| Q3 25 | 3.5% | 9.6% | ||
| Q2 25 | 3.8% | 18.4% | ||
| Q1 25 | 6.3% | 18.1% | ||
| Q4 24 | 2.9% | 11.7% | ||
| Q3 24 | 3.6% | 15.8% | ||
| Q2 24 | 3.3% | 13.8% | ||
| Q1 24 | 5.2% | 14.7% |
现金转化率KDVST
| Q4 25 | 7.51× | 6.15× | ||
| Q3 25 | 2.15× | 2.25× | ||
| Q2 25 | -2.21× | 1.75× | ||
| Q1 25 | 8.42× | — | ||
| Q4 24 | 1.21× | 3.07× | ||
| Q3 24 | — | 0.90× | ||
| Q2 24 | -4.36× | 3.28× | ||
| Q1 24 | — | — |
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
KD
| Principal Markets Segment | $1.4B | 37% |
| United States Segment | $958.0M | 25% |
| Strategic Markets Segment | $905.0M | 23% |
| Other | $568.0M | 15% |
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% |
