vs
Leidos（LDOS）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Leidos的1.1倍（$4.8B vs $4.2B），Leidos净利率更高（7.8% vs 4.8%，领先2.9%），Vistra Corp.同比增速更快（31.2% vs -3.5%），Vistra Corp.自由现金流更多（$596.0M vs $452.0M），过去两年Vistra Corp.的营收复合增速更高（23.3% vs 3.1%）
Leidos Holdings, Inc.是总部位于美国弗吉尼亚州雷斯顿的企业，业务覆盖国防、航空、信息技术、生物医学研究领域，提供科研、工程、系统集成及技术服务。其前身为科学应用国际公司（SAIC），2016年8月与洛克希德·马丁旗下IT业务板块合并，成为国防行业规模最大的IT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。
LDOS vs VST — 直观对比
营收规模更大
VST
是对方的1.1倍
$4.2B
营收增速更快
VST
高出34.7%
-3.5%
净利率更高
LDOS
高出2.9%
4.8%
自由现金流更多
VST
多$144.0M
$452.0M
两年增速更快
VST
近两年复合增速
3.1%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $4.2B | $4.8B |
| 净利润 | $327.0M | $233.0M |
| 毛利率 | 17.4% | — |
| 营业利润率 | 11.3% | 9.9% |
| 净利率 | 7.8% | 4.8% |
| 营收同比 | -3.5% | 31.2% |
| 净利润同比 | 15.1% | -47.2% |
| 每股收益（稀释后） | $2.54 | $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LDOSVST
| Q1 26 | $4.2B | — | ||
| Q4 25 | $4.4B | $4.8B | ||
| Q3 25 | $4.2B | $4.8B | ||
| Q2 25 | $4.2B | $3.8B | ||
| Q1 25 | $4.3B | $4.3B | ||
| Q4 24 | — | $3.7B | ||
| Q3 24 | $4.2B | $4.3B | ||
| Q2 24 | $4.1B | $3.6B |
净利润LDOSVST
| Q1 26 | $327.0M | — | ||
| Q4 25 | $367.0M | $233.0M | ||
| Q3 25 | $391.0M | $652.0M | ||
| Q2 25 | $363.0M | $327.0M | ||
| Q1 25 | $284.0M | $-268.0M | ||
| Q4 24 | — | $441.0M | ||
| Q3 24 | $364.0M | $1.9B | ||
| Q2 24 | $322.0M | $365.0M |
毛利率LDOSVST
| Q1 26 | 17.4% | — | ||
| Q4 25 | 18.0% | — | ||
| Q3 25 | 18.0% | — | ||
| Q2 25 | 17.5% | — | ||
| Q1 25 | 15.6% | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 17.8% | — | ||
| Q2 24 | 16.6% | — |
营业利润率LDOSVST
| Q1 26 | 11.3% | — | ||
| Q4 25 | 12.0% | 9.9% | ||
| Q3 25 | 13.5% | 21.7% | ||
| Q2 25 | 12.5% | 13.7% | ||
| Q1 25 | 9.7% | -2.8% | ||
| Q4 24 | — | 16.4% | ||
| Q3 24 | 12.4% | 59.6% | ||
| Q2 24 | 11.6% | 22.5% |
净利率LDOSVST
| Q1 26 | 7.8% | — | ||
| Q4 25 | 8.2% | 4.8% | ||
| Q3 25 | 9.2% | 13.6% | ||
| Q2 25 | 8.6% | 8.7% | ||
| Q1 25 | 6.5% | -6.3% | ||
| Q4 24 | — | 12.0% | ||
| Q3 24 | 8.7% | 43.5% | ||
| Q2 24 | 7.8% | 10.1% |
每股收益（稀释后）LDOSVST
| Q1 26 | $2.54 | — | ||
| Q4 25 | $2.82 | $0.55 | ||
| Q3 25 | $3.01 | $1.75 | ||
| Q2 25 | $2.77 | $0.81 | ||
| Q1 25 | $2.10 | $-0.93 | ||
| Q4 24 | — | $1.09 | ||
| Q3 24 | $2.68 | $5.25 | ||
| Q2 24 | $2.37 | $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 | $1.1B | $785.0M |
| 总债务越低越好 | $4.6B | $15.8B |
| 股东权益账面价值 | $4.9B | $5.1B |
| 总资产 | $13.5B | $41.5B |
| 负债/权益比越低杠杆越低 | 0.94× | 3.11× |
8季度趋势，按日历期对齐
现金及短期投资LDOSVST
| Q1 26 | $1.1B | — | ||
| Q4 25 | $974.0M | $785.0M | ||
| Q3 25 | $930.0M | $602.0M | ||
| Q2 25 | $842.0M | $458.0M | ||
| Q1 25 | $943.0M | $561.0M | ||
| Q4 24 | — | $1.2B | ||
| Q3 24 | $1.2B | $905.0M | ||
| Q2 24 | $823.0M | $1.6B |
总债务LDOSVST
| Q1 26 | $4.6B | — | ||
| Q4 25 | $4.6B | $15.8B | ||
| Q3 25 | $5.0B | $15.8B | ||
| Q2 25 | $5.0B | $15.5B | ||
| Q1 25 | $4.1B | $15.4B | ||
| Q4 24 | — | $15.4B | ||
| Q3 24 | $4.1B | $13.9B | ||
| Q2 24 | $4.1B | $13.9B |
股东权益LDOSVST
| Q1 26 | $4.9B | — | ||
| Q4 25 | $4.9B | $5.1B | ||
| Q3 25 | $4.7B | $5.2B | ||
| Q2 25 | $4.3B | $4.8B | ||
| Q1 25 | $4.4B | $4.8B | ||
| Q4 24 | — | $5.6B | ||
| Q3 24 | $4.6B | $5.4B | ||
| Q2 24 | $4.5B | $5.6B |
总资产LDOSVST
| Q1 26 | $13.5B | — | ||
| Q4 25 | $13.5B | $41.5B | ||
| Q3 25 | $13.5B | $38.0B | ||
| Q2 25 | $13.2B | $38.1B | ||
| Q1 25 | $13.1B | $38.2B | ||
| Q4 24 | — | $37.8B | ||
| Q3 24 | $13.3B | $37.9B | ||
| Q2 24 | $12.9B | $39.1B |
负债/权益比LDOSVST
| Q1 26 | 0.94× | — | ||
| Q4 25 | 0.94× | 3.11× | ||
| Q3 25 | 1.07× | 3.02× | ||
| Q2 25 | 1.18× | 3.22× | ||
| Q1 25 | 0.92× | 3.20× | ||
| Q4 24 | — | 2.77× | ||
| Q3 24 | 0.88× | 2.56× | ||
| Q2 24 | 0.92× | 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 | $495.0M | $1.4B |
| 自由现金流经营现金流 - 资本支出 | $452.0M | $596.0M |
| 自由现金流率自由现金流/营收 | 10.8% | 12.4% |
| 资本支出强度资本支出/营收 | 1.0% | 17.4% |
| 现金转化率经营现金流/净利润 | 1.51× | 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LDOSVST
| Q1 26 | $495.0M | — | ||
| Q4 25 | — | $1.4B | ||
| Q3 25 | $711.0M | $1.5B | ||
| Q2 25 | $58.0M | $572.0M | ||
| Q1 25 | $299.0M | $599.0M | ||
| Q4 24 | — | $1.4B | ||
| Q3 24 | $656.0M | $1.7B | ||
| Q2 24 | $374.0M | $1.2B |
自由现金流LDOSVST
| Q1 26 | $452.0M | — | ||
| Q4 25 | — | $596.0M | ||
| Q3 25 | $680.0M | $1.0B | ||
| Q2 25 | $36.0M | $-118.0M | ||
| Q1 25 | $213.0M | $-169.0M | ||
| Q4 24 | — | $923.0M | ||
| Q3 24 | $633.0M | $1.0B | ||
| Q2 24 | $351.0M | $698.0M |
自由现金流率LDOSVST
| Q1 26 | 10.8% | — | ||
| Q4 25 | — | 12.4% | ||
| Q3 25 | 16.1% | 21.1% | ||
| Q2 25 | 0.9% | -3.1% | ||
| Q1 25 | 4.9% | -4.0% | ||
| Q4 24 | — | 25.2% | ||
| Q3 24 | 15.2% | 23.4% | ||
| Q2 24 | 8.5% | 19.4% |
资本支出强度LDOSVST
| Q1 26 | 1.0% | — | ||
| Q4 25 | — | 17.4% | ||
| Q3 25 | 0.7% | 9.6% | ||
| Q2 25 | 0.5% | 18.4% | ||
| Q1 25 | 2.0% | 18.1% | ||
| Q4 24 | — | 11.7% | ||
| Q3 24 | 0.6% | 15.8% | ||
| Q2 24 | 0.6% | 13.8% |
现金转化率LDOSVST
| Q1 26 | 1.51× | — | ||
| Q4 25 | — | 6.15× | ||
| Q3 25 | 1.82× | 2.25× | ||
| Q2 25 | 0.16× | 1.75× | ||
| Q1 25 | 1.05× | — | ||
| Q4 24 | — | 3.07× | ||
| Q3 24 | 1.80× | 0.90× | ||
| Q2 24 | 1.16× | 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
LDOS
| US Do D And US Intelligence Community | $1.4B | 32% |
| Cost Reimbursement And Fixed Price Incentive Fee | $1.0B | 24% |
| Commercial And International Segment | $609.0M | 15% |
| Defense Systems Segment | $546.0M | 13% |
| Other | $358.0M | 9% |
| Time And Materials And Fixed Price Level Of Effort | $295.0M | 7% |
| Commercial And Non US Customers | $38.0M | 1% |
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% |
