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切尼尔能源（LNG）与SPIRE INC（SR）财务数据对比。点击上方公司名可切换其他公司
切尼尔能源的季度营收约是SPIRE INC的7.1倍（$5.4B vs $762.2M）。切尼尔能源净利率更高（42.8% vs 12.5%，领先30.4%）。切尼尔能源同比增速更快（20.3% vs 13.9%）。切尼尔能源自由现金流更多（$1.3B vs $-121.8M）。过去两年切尼尔能源的营收复合增速更高（14.3% vs -17.8%）
切尼尔能源（Cheniere Energy, Inc.）是总部位于美国得克萨斯州休斯敦的液化天然气（LNG）企业，专注于液化天然气的生产与供应业务，是北美地区颇具影响力的能源行业参与者。
Spire Inc是总部位于美国密苏里州圣路易斯的区域公用事业控股公司，核心业务为受监管的天然气供应服务，同时布局非监管类业务拓展商业机会。旗下主要子公司Laclede Gas Company是密苏里州最大的天然气分销公用事业企业，为圣路易斯市及密苏里州东部10个县的约63.1万户住宅、商业及工业客户提供服务。
LNG vs SR — 直观对比
营收规模更大
LNG
是对方的7.1倍
$762.2M
营收增速更快
LNG
高出6.4%
13.9%
净利率更高
LNG
高出30.4%
12.5%
自由现金流更多
LNG
多$1.4B
$-121.8M
两年增速更快
LNG
近两年复合增速
-17.8%
损益表 — Q4 2025 vs Q1 2026
| 指标 | | |
|---|---|---|
| 营收 | $5.4B | $762.2M |
| 净利润 | $2.3B | $95.0M |
| 毛利率 | — | 55.1% |
| 营业利润率 | 70.8% | 22.8% |
| 净利率 | 42.8% | 12.5% |
| 营收同比 | 20.3% | 13.9% |
| 净利润同比 | 135.6% | 16.9% |
| 每股收益（稀释后） | $10.51 | $1.54 |
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LNGSR
| Q4 25 | $5.4B | $762.2M | ||
| Q3 25 | $4.3B | $334.1M | ||
| Q2 25 | $4.5B | $421.9M | ||
| Q1 25 | $5.3B | $1.1B | ||
| Q4 24 | $4.5B | $669.1M | ||
| Q3 24 | $3.7B | $293.8M | ||
| Q2 24 | $3.1B | $414.1M | ||
| Q1 24 | $4.1B | $1.1B |
净利润LNGSR
| Q4 25 | $2.3B | $95.0M | ||
| Q3 25 | $1.0B | $-39.8M | ||
| Q2 25 | $1.6B | $20.9M | ||
| Q1 25 | $353.0M | $209.3M | ||
| Q4 24 | $977.0M | $81.3M | ||
| Q3 24 | $893.0M | $-25.9M | ||
| Q2 24 | $880.0M | $-12.6M | ||
| Q1 24 | $502.0M | $204.3M |
毛利率LNGSR
| Q4 25 | — | 55.1% | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 55.6% | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
营业利润率LNGSR
| Q4 25 | 70.8% | 22.8% | ||
| Q3 25 | 42.3% | -0.1% | ||
| Q2 25 | 56.1% | 16.4% | ||
| Q1 25 | 18.2% | 29.1% | ||
| Q4 24 | 38.9% | 22.2% | ||
| Q3 24 | 44.7% | 6.7% | ||
| Q2 24 | 50.5% | 7.4% | ||
| Q1 24 | 28.0% | 26.5% |
净利率LNGSR
| Q4 25 | 42.8% | 12.5% | ||
| Q3 25 | 24.4% | -11.9% | ||
| Q2 25 | 36.1% | 5.0% | ||
| Q1 25 | 6.7% | 19.9% | ||
| Q4 24 | 21.9% | 12.2% | ||
| Q3 24 | 24.2% | -8.8% | ||
| Q2 24 | 28.0% | -3.0% | ||
| Q1 24 | 12.2% | 18.1% |
每股收益（稀释后）LNGSR
| Q4 25 | $10.51 | $1.54 | ||
| Q3 25 | $4.75 | $-0.77 | ||
| Q2 25 | $7.30 | $0.29 | ||
| Q1 25 | $1.57 | $3.51 | ||
| Q4 24 | $4.30 | $1.34 | ||
| Q3 24 | $3.93 | $-0.63 | ||
| Q2 24 | $3.84 | $-0.28 | ||
| Q1 24 | $2.13 | $3.58 |
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 | $4.1M |
| 总债务越低越好 | $22.5B | — |
| 股东权益账面价值 | $7.9B | $3.4B |
| 总资产 | $47.9B | $11.9B |
| 负债/权益比越低杠杆越低 | 2.84× | — |
8季度趋势，按日历期对齐
现金及短期投资LNGSR
| Q4 25 | $1.1B | $4.1M | ||
| Q3 25 | $1.1B | $5.7M | ||
| Q2 25 | $1.6B | $13.1M | ||
| Q1 25 | $2.5B | $15.2M | ||
| Q4 24 | $2.6B | $11.5M | ||
| Q3 24 | $2.7B | $4.5M | ||
| Q2 24 | $2.4B | $7.4M | ||
| Q1 24 | $4.4B | $25.6M |
总债务LNGSR
| Q4 25 | $22.5B | — | ||
| Q3 25 | $22.0B | — | ||
| Q2 25 | $22.0B | — | ||
| Q1 25 | $22.5B | — | ||
| Q4 24 | $22.6B | — | ||
| Q3 24 | $22.5B | — | ||
| Q2 24 | $22.6B | — | ||
| Q1 24 | $21.4B | — |
股东权益LNGSR
| Q4 25 | $7.9B | $3.4B | ||
| Q3 25 | $6.7B | $3.4B | ||
| Q2 25 | $6.7B | $3.5B | ||
| Q1 25 | $5.6B | $3.5B | ||
| Q4 24 | $5.7B | $3.3B | ||
| Q3 24 | $5.1B | $3.2B | ||
| Q2 24 | $4.5B | $3.3B | ||
| Q1 24 | $4.3B | $3.4B |
总资产LNGSR
| Q4 25 | $47.9B | $11.9B | ||
| Q3 25 | $45.1B | $11.6B | ||
| Q2 25 | $44.6B | $11.4B | ||
| Q1 25 | $43.5B | $11.3B | ||
| Q4 24 | $43.9B | $11.3B | ||
| Q3 24 | $43.1B | $10.9B | ||
| Q2 24 | $42.3B | $10.7B | ||
| Q1 24 | $42.9B | $10.7B |
负债/权益比LNGSR
| Q4 25 | 2.84× | — | ||
| Q3 25 | 3.25× | — | ||
| Q2 25 | 3.28× | — | ||
| Q1 25 | 4.03× | — | ||
| Q4 24 | 3.96× | — | ||
| Q3 24 | 4.42× | — | ||
| Q2 24 | 5.06× | — | ||
| Q1 24 | 5.04× | — |
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 | $2.1B | $81.0M |
| 自由现金流经营现金流 - 资本支出 | $1.3B | $-121.8M |
| 自由现金流率自由现金流/营收 | 24.4% | -16.0% |
| 资本支出强度资本支出/营收 | 13.8% | 26.6% |
| 现金转化率经营现金流/净利润 | 0.89× | 0.85× |
| 过去12个月自由现金流最近4个季度 | $2.5B | $-286.7M |
8季度趋势，按日历期对齐
经营现金流LNGSR
| Q4 25 | $2.1B | $81.0M | ||
| Q3 25 | $1.4B | $-4.9M | ||
| Q2 25 | $831.0M | $129.1M | ||
| Q1 25 | $1.2B | $372.7M | ||
| Q4 24 | $1.6B | $81.1M | ||
| Q3 24 | $1.4B | $82.9M | ||
| Q2 24 | $1.1B | $270.1M | ||
| Q1 24 | $1.2B | $489.4M |
自由现金流LNGSR
| Q4 25 | $1.3B | $-121.8M | ||
| Q3 25 | $738.0M | $-227.6M | ||
| Q2 25 | $-193.0M | $-91.4M | ||
| Q1 25 | $605.0M | $154.1M | ||
| Q4 24 | $1.1B | $-179.5M | ||
| Q3 24 | $875.0M | $-146.9M | ||
| Q2 24 | $613.0M | $47.9M | ||
| Q1 24 | $596.0M | $306.6M |
自由现金流率LNGSR
| Q4 25 | 24.4% | -16.0% | ||
| Q3 25 | 17.2% | -68.1% | ||
| Q2 25 | -4.3% | -21.7% | ||
| Q1 25 | 11.4% | 14.7% | ||
| Q4 24 | 24.0% | -26.8% | ||
| Q3 24 | 23.8% | -50.0% | ||
| Q2 24 | 19.5% | 11.6% | ||
| Q1 24 | 14.5% | 27.2% |
资本支出强度LNGSR
| Q4 25 | 13.8% | 26.6% | ||
| Q3 25 | 16.0% | 66.7% | ||
| Q2 25 | 22.7% | 52.3% | ||
| Q1 25 | 11.8% | 20.8% | ||
| Q4 24 | 12.7% | 38.9% | ||
| Q3 24 | 14.0% | 78.2% | ||
| Q2 24 | 16.0% | 53.7% | ||
| Q1 24 | 15.8% | 16.2% |
现金转化率LNGSR
| Q4 25 | 0.89× | 0.85× | ||
| Q3 25 | 1.36× | — | ||
| Q2 25 | 0.51× | 6.18× | ||
| Q1 25 | 3.48× | 1.78× | ||
| Q4 24 | 1.68× | 1.00× | ||
| Q3 24 | 1.56× | — | ||
| Q2 24 | 1.27× | — | ||
| Q1 24 | 2.48× | 2.40× |
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
LNG
| Liquefied Natural Gas | $5.3B | 99% |
| Other | $103.0M | 2% |
| Regasification Service | $34.0M | 1% |
SR
| Residential | $474.9M | 62% |
| Commercial And Industrial | $148.4M | 19% |
| Gas Marketing | $41.1M | 5% |
| Midstream | $39.0M | 5% |
| Transportation | $37.1M | 5% |
| Offsystem And Other Inventive | $19.7M | 3% |
| Other Customer Revenue | $4.6M | 1% |
