vs
徕博科（LH）与NiSource（NI）财务数据对比。点击上方公司名可切换其他公司
徕博科的季度营收约是NiSource的1.9倍（$3.5B vs $1.9B），NiSource净利率更高（13.7% vs 4.7%，领先9.0%），NiSource同比增速更快（22.5% vs 5.6%），徕博科自由现金流更多（$490.3M vs $-133.7M），过去两年NiSource的营收复合增速更高（7.2% vs 5.2%）
徕博科（Labcorp）是全球领先的生命科学与诊断检测企业，面向医疗机构、制药企业和个人患者提供全面的临床检验服务、药物研发支持及医疗检测解决方案，依托先进科研经验与创新技术输出准确可落地的健康洞察，助力临床决策、加快新药研发，提升全球患者健康水平。
NiSource是美国规模最大的受全面监管公用事业企业之一，总部位于印第安纳州梅里尔维尔，员工规模超8000人。公司旗下拥有Columbia Gas、NIPSCO两大本土品牌，业务覆盖美国六个州，为约350万天然气用户、50万电力用户提供服务，2018年时是印第安纳州唯一的本土公用事业企业。
LH vs NI — 直观对比
营收规模更大
LH
是对方的1.9倍
$1.9B
营收增速更快
NI
高出16.9%
5.6%
净利率更高
NI
高出9.0%
4.7%
自由现金流更多
LH
多$624.0M
$-133.7M
两年增速更快
NI
近两年复合增速
5.2%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $3.5B | $1.9B |
| 净利润 | $164.7M | $257.8M |
| 毛利率 | 28.2% | — |
| 营业利润率 | 7.6% | 27.3% |
| 净利率 | 4.7% | 13.7% |
| 营收同比 | 5.6% | 22.5% |
| 净利润同比 | 14.9% | 15.1% |
| 每股收益（稀释后） | $1.98 | $0.53 |
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LHNI
| Q4 25 | $3.5B | $1.9B | ||
| Q3 25 | $3.6B | $1.2B | ||
| Q2 25 | $3.5B | $1.2B | ||
| Q1 25 | $3.3B | $2.1B | ||
| Q4 24 | $3.3B | $1.5B | ||
| Q3 24 | $3.3B | $1.0B | ||
| Q2 24 | $3.2B | $1.1B | ||
| Q1 24 | $3.2B | $1.6B |
净利润LHNI
| Q4 25 | $164.7M | $257.8M | ||
| Q3 25 | $261.1M | $94.7M | ||
| Q2 25 | $237.9M | $102.2M | ||
| Q1 25 | $212.8M | $474.8M | ||
| Q4 24 | $143.4M | $223.9M | ||
| Q3 24 | $169.3M | $85.7M | ||
| Q2 24 | $205.3M | $85.8M | ||
| Q1 24 | $228.0M | $365.0M |
毛利率LHNI
| Q4 25 | 28.2% | — | ||
| Q3 25 | 28.8% | — | ||
| Q2 25 | 29.7% | — | ||
| Q1 25 | 28.3% | — | ||
| Q4 24 | 26.9% | — | ||
| Q3 24 | 27.6% | — | ||
| Q2 24 | 28.8% | — | ||
| Q1 24 | 28.2% | — |
营业利润率LHNI
| Q4 25 | 7.6% | 27.3% | ||
| Q3 25 | 11.1% | 24.0% | ||
| Q2 25 | 11.2% | 21.1% | ||
| Q1 25 | 9.7% | 35.3% | ||
| Q4 24 | 6.5% | 27.1% | ||
| Q3 24 | 7.7% | 20.9% | ||
| Q2 24 | 9.2% | 22.5% | ||
| Q1 24 | 10.1% | 35.5% |
净利率LHNI
| Q4 25 | 4.7% | 13.7% | ||
| Q3 25 | 7.3% | 7.6% | ||
| Q2 25 | 6.7% | 8.2% | ||
| Q1 25 | 6.4% | 22.1% | ||
| Q4 24 | 4.3% | 14.5% | ||
| Q3 24 | 5.2% | 8.2% | ||
| Q2 24 | 6.4% | 8.1% | ||
| Q1 24 | 7.2% | 22.2% |
每股收益（稀释后）LHNI
| Q4 25 | $1.98 | $0.53 | ||
| Q3 25 | $3.12 | $0.20 | ||
| Q2 25 | $2.84 | $0.22 | ||
| Q1 25 | $2.52 | $1.00 | ||
| Q4 24 | $1.72 | $0.47 | ||
| Q3 24 | $2.00 | $0.19 | ||
| Q2 24 | $2.43 | $0.19 | ||
| Q1 24 | $2.69 | $0.77 |
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 | $532.3M | $110.1M |
| 总债务越低越好 | — | $15.5B |
| 股东权益账面价值 | $8.6B | $9.5B |
| 总资产 | $18.4B | $35.9B |
| 负债/权益比越低杠杆越低 | — | 1.64× |
8季度趋势，按日历期对齐
现金及短期投资LHNI
| Q4 25 | $532.3M | $110.1M | ||
| Q3 25 | $598.1M | $95.0M | ||
| Q2 25 | $647.3M | $335.4M | ||
| Q1 25 | $369.4M | $259.4M | ||
| Q4 24 | $1.5B | $156.6M | ||
| Q3 24 | $1.5B | $126.2M | ||
| Q2 24 | $265.1M | $101.2M | ||
| Q1 24 | $99.3M | $102.2M |
总债务LHNI
| Q4 25 | — | $15.5B | ||
| Q3 25 | — | $14.5B | ||
| Q2 25 | — | $14.5B | ||
| Q1 25 | — | $12.8B | ||
| Q4 24 | — | $12.1B | ||
| Q3 24 | — | $12.1B | ||
| Q2 24 | — | $12.8B | ||
| Q1 24 | — | $11.7B |
股东权益LHNI
| Q4 25 | $8.6B | $9.5B | ||
| Q3 25 | $8.7B | $9.1B | ||
| Q2 25 | $8.5B | $8.9B | ||
| Q1 25 | $8.3B | $8.9B | ||
| Q4 24 | $8.1B | $8.7B | ||
| Q3 24 | $8.2B | $8.3B | ||
| Q2 24 | $8.0B | $7.9B | ||
| Q1 24 | $8.0B | $7.9B |
总资产LHNI
| Q4 25 | $18.4B | $35.9B | ||
| Q3 25 | $18.3B | $34.4B | ||
| Q2 25 | $18.1B | $34.0B | ||
| Q1 25 | $17.6B | $33.1B | ||
| Q4 24 | $18.4B | $31.8B | ||
| Q3 24 | $18.6B | $30.8B | ||
| Q2 24 | $16.7B | $29.9B | ||
| Q1 24 | $16.5B | $29.3B |
负债/权益比LHNI
| Q4 25 | — | 1.64× | ||
| Q3 25 | — | 1.59× | ||
| Q2 25 | — | 1.63× | ||
| Q1 25 | — | 1.44× | ||
| Q4 24 | — | 1.39× | ||
| Q3 24 | — | 1.45× | ||
| Q2 24 | — | 1.63× | ||
| Q1 24 | — | 1.48× |
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 | $614.2M | $712.6M |
| 自由现金流经营现金流 - 资本支出 | $490.3M | $-133.7M |
| 自由现金流率自由现金流/营收 | 13.9% | -7.1% |
| 资本支出强度资本支出/营收 | 3.5% | 44.9% |
| 现金转化率经营现金流/净利润 | 3.73× | 2.76× |
| 过去12个月自由现金流最近4个季度 | $1.2B | $-420.0M |
8季度趋势，按日历期对齐
经营现金流LHNI
| Q4 25 | $614.2M | $712.6M | ||
| Q3 25 | $387.2M | $467.9M | ||
| Q2 25 | $620.6M | $495.4M | ||
| Q1 25 | $18.5M | $686.4M | ||
| Q4 24 | $777.2M | $539.8M | ||
| Q3 24 | $277.3M | $340.0M | ||
| Q2 24 | $561.1M | $445.5M | ||
| Q1 24 | $-29.8M | $456.2M |
自由现金流LHNI
| Q4 25 | $490.3M | $-133.7M | ||
| Q3 25 | $280.5M | $-172.6M | ||
| Q2 25 | $542.7M | $-162.8M | ||
| Q1 25 | $-107.5M | $49.1M | ||
| Q4 24 | $665.1M | $-220.2M | ||
| Q3 24 | $161.5M | $-294.7M | ||
| Q2 24 | $432.9M | $-184.3M | ||
| Q1 24 | $-163.6M | $-133.3M |
自由现金流率LHNI
| Q4 25 | 13.9% | -7.1% | ||
| Q3 25 | 7.9% | -13.9% | ||
| Q2 25 | 15.4% | -13.1% | ||
| Q1 25 | -3.2% | 2.3% | ||
| Q4 24 | 20.0% | -14.3% | ||
| Q3 24 | 4.9% | -28.2% | ||
| Q2 24 | 13.4% | -17.5% | ||
| Q1 24 | -5.2% | -8.1% |
资本支出强度LHNI
| Q4 25 | 3.5% | 44.9% | ||
| Q3 25 | 3.0% | 51.6% | ||
| Q2 25 | 2.2% | 52.8% | ||
| Q1 25 | 3.8% | 29.6% | ||
| Q4 24 | 3.4% | 49.4% | ||
| Q3 24 | 3.5% | 60.7% | ||
| Q2 24 | 4.0% | 59.7% | ||
| Q1 24 | 4.2% | 35.9% |
现金转化率LHNI
| Q4 25 | 3.73× | 2.76× | ||
| Q3 25 | 1.48× | 4.94× | ||
| Q2 25 | 2.61× | 4.85× | ||
| Q1 25 | 0.09× | 1.45× | ||
| Q4 24 | 5.42× | 2.41× | ||
| Q3 24 | 1.64× | 3.97× | ||
| Q2 24 | 2.73× | 5.19× | ||
| Q1 24 | -0.13× | 1.25× |
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
LH
| Diagnostics | $2.7B | 78% |
| Biopharma Laboratory Services | $793.0M | 23% |
NI
| Residential | $703.6M | 37% |
| Ni Source Electric Generation And Power Delivery | $525.6M | 28% |
| NIPSCO Gas Distribution | $348.1M | 18% |
| Commercial | $235.9M | 13% |
| Industrial | $45.9M | 2% |
| Offsystem | $16.9M | 1% |
| Misc. | $9.6M | 1% |
| Related Party | $3.3M | 0% |
