vs
Masco（MAS）与NiSource（NI）财务数据对比。点击上方公司名可切换其他公司
NiSource的季度营收约是Masco的1.1倍（$1.9B vs $1.8B），NiSource净利率更高（13.7% vs 9.2%，领先4.5%），NiSource同比增速更快（22.5% vs -1.9%），Masco自由现金流更多（$371.0M vs $-133.7M），过去两年NiSource的营收复合增速更高（7.2% vs -3.5%）
美国家居建材企业Masco主营家装及新建住宅市场相关产品，旗下拥有20余家子公司，在全球运营近80座生产工厂，其中美国本土近60座，海外地区超20座。公司1969年于纽交所挂牌上市，后实现快速增长，成功跻身美国财富500强榜单。
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。
MAS vs NI — 直观对比
营收规模更大
NI
是对方的1.1倍
$1.8B
营收增速更快
NI
高出24.4%
-1.9%
净利率更高
NI
高出4.5%
9.2%
自由现金流更多
MAS
多$504.7M
$-133.7M
两年增速更快
NI
近两年复合增速
-3.5%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.8B | $1.9B |
| 净利润 | $165.0M | $257.8M |
| 毛利率 | 33.9% | — |
| 营业利润率 | 13.8% | 27.3% |
| 净利率 | 9.2% | 13.7% |
| 营收同比 | -1.9% | 22.5% |
| 净利润同比 | -9.3% | 15.1% |
| 每股收益（稀释后） | $0.81 | $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MASNI
| Q4 25 | $1.8B | $1.9B | ||
| Q3 25 | $1.9B | $1.2B | ||
| Q2 25 | $2.1B | $1.2B | ||
| Q1 25 | $1.8B | $2.1B | ||
| Q4 24 | $1.8B | $1.5B | ||
| Q3 24 | $2.0B | $1.0B | ||
| Q2 24 | $2.1B | $1.1B | ||
| Q1 24 | $1.9B | $1.6B |
净利润MASNI
| Q4 25 | $165.0M | $257.8M | ||
| Q3 25 | $189.0M | $94.7M | ||
| Q2 25 | $270.0M | $102.2M | ||
| Q1 25 | $186.0M | $474.8M | ||
| Q4 24 | $182.0M | $223.9M | ||
| Q3 24 | $167.0M | $85.7M | ||
| Q2 24 | $258.0M | $85.8M | ||
| Q1 24 | $215.0M | $365.0M |
毛利率MASNI
| Q4 25 | 33.9% | — | ||
| Q3 25 | 34.2% | — | ||
| Q2 25 | 37.6% | — | ||
| Q1 25 | 35.8% | — | ||
| Q4 24 | 34.8% | — | ||
| Q3 24 | 36.6% | — | ||
| Q2 24 | 37.5% | — | ||
| Q1 24 | 35.6% | — |
营业利润率MASNI
| Q4 25 | 13.8% | 27.3% | ||
| Q3 25 | 15.8% | 24.0% | ||
| Q2 25 | 20.1% | 21.1% | ||
| Q1 25 | 15.9% | 35.3% | ||
| Q4 24 | 15.9% | 27.1% | ||
| Q3 24 | 18.0% | 20.9% | ||
| Q2 24 | 19.0% | 22.5% | ||
| Q1 24 | 16.5% | 35.5% |
净利率MASNI
| Q4 25 | 9.2% | 13.7% | ||
| Q3 25 | 9.9% | 7.6% | ||
| Q2 25 | 13.2% | 8.2% | ||
| Q1 25 | 10.3% | 22.1% | ||
| Q4 24 | 10.0% | 14.5% | ||
| Q3 24 | 8.4% | 8.2% | ||
| Q2 24 | 12.3% | 8.1% | ||
| Q1 24 | 11.2% | 22.2% |
每股收益（稀释后）MASNI
| Q4 25 | $0.81 | $0.53 | ||
| Q3 25 | $0.90 | $0.20 | ||
| Q2 25 | $1.28 | $0.22 | ||
| Q1 25 | $0.87 | $1.00 | ||
| Q4 24 | $0.85 | $0.47 | ||
| Q3 24 | $0.77 | $0.19 | ||
| Q2 24 | $1.17 | $0.19 | ||
| Q1 24 | $0.97 | $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 | $647.0M | $110.1M |
| 总债务越低越好 | $2.9B | $15.5B |
| 股东权益账面价值 | $-185.0M | $9.5B |
| 总资产 | $5.2B | $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MASNI
| Q4 25 | $647.0M | $110.1M | ||
| Q3 25 | $559.0M | $95.0M | ||
| Q2 25 | $390.0M | $335.4M | ||
| Q1 25 | $377.0M | $259.4M | ||
| Q4 24 | $634.0M | $156.6M | ||
| Q3 24 | $646.0M | $126.2M | ||
| Q2 24 | $398.0M | $101.2M | ||
| Q1 24 | $368.0M | $102.2M |
总债务MASNI
| Q4 25 | $2.9B | $15.5B | ||
| Q3 25 | — | $14.5B | ||
| Q2 25 | — | $14.5B | ||
| Q1 25 | — | $12.8B | ||
| Q4 24 | $2.9B | $12.1B | ||
| Q3 24 | — | $12.1B | ||
| Q2 24 | — | $12.8B | ||
| Q1 24 | — | $11.7B |
股东权益MASNI
| Q4 25 | $-185.0M | $9.5B | ||
| Q3 25 | $-78.0M | $9.1B | ||
| Q2 25 | $-84.0M | $8.9B | ||
| Q1 25 | $-254.0M | $8.9B | ||
| Q4 24 | $-279.0M | $8.7B | ||
| Q3 24 | $-88.0M | $8.3B | ||
| Q2 24 | $-26.0M | $7.9B | ||
| Q1 24 | $-75.0M | $7.9B |
总资产MASNI
| Q4 25 | $5.2B | $35.9B | ||
| Q3 25 | $5.3B | $34.4B | ||
| Q2 25 | $5.3B | $34.0B | ||
| Q1 25 | $5.1B | $33.1B | ||
| Q4 24 | $5.0B | $31.8B | ||
| Q3 24 | $5.3B | $30.8B | ||
| Q2 24 | $5.4B | $29.9B | ||
| Q1 24 | $5.3B | $29.3B |
负债/权益比MASNI
| 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 | $418.0M | $712.6M |
| 自由现金流经营现金流 - 资本支出 | $371.0M | $-133.7M |
| 自由现金流率自由现金流/营收 | 20.7% | -7.1% |
| 资本支出强度资本支出/营收 | 2.6% | 44.9% |
| 现金转化率经营现金流/净利润 | 2.53× | 2.76× |
| 过去12个月自由现金流最近4个季度 | $866.0M | $-420.0M |
8季度趋势，按日历期对齐
经营现金流MASNI
| Q4 25 | $418.0M | $712.6M | ||
| Q3 25 | $456.0M | $467.9M | ||
| Q2 25 | $306.0M | $495.4M | ||
| Q1 25 | $-158.0M | $686.4M | ||
| Q4 24 | $407.0M | $539.8M | ||
| Q3 24 | $416.0M | $340.0M | ||
| Q2 24 | $346.0M | $445.5M | ||
| Q1 24 | $-94.0M | $456.2M |
自由现金流MASNI
| Q4 25 | $371.0M | $-133.7M | ||
| Q3 25 | $415.0M | $-172.6M | ||
| Q2 25 | $270.0M | $-162.8M | ||
| Q1 25 | $-190.0M | $49.1M | ||
| Q4 24 | $351.0M | $-220.2M | ||
| Q3 24 | $378.0M | $-294.7M | ||
| Q2 24 | $303.0M | $-184.3M | ||
| Q1 24 | $-125.0M | $-133.3M |
自由现金流率MASNI
| Q4 25 | 20.7% | -7.1% | ||
| Q3 25 | 21.6% | -13.9% | ||
| Q2 25 | 13.2% | -13.1% | ||
| Q1 25 | -10.5% | 2.3% | ||
| Q4 24 | 19.2% | -14.3% | ||
| Q3 24 | 19.1% | -28.2% | ||
| Q2 24 | 14.5% | -17.5% | ||
| Q1 24 | -6.5% | -8.1% |
资本支出强度MASNI
| Q4 25 | 2.6% | 44.9% | ||
| Q3 25 | 2.1% | 51.6% | ||
| Q2 25 | 1.8% | 52.8% | ||
| Q1 25 | 1.8% | 29.6% | ||
| Q4 24 | 3.1% | 49.4% | ||
| Q3 24 | 1.9% | 60.7% | ||
| Q2 24 | 2.1% | 59.7% | ||
| Q1 24 | 1.6% | 35.9% |
现金转化率MASNI
| Q4 25 | 2.53× | 2.76× | ||
| Q3 25 | 2.41× | 4.94× | ||
| Q2 25 | 1.13× | 4.85× | ||
| Q1 25 | -0.85× | 1.45× | ||
| Q4 24 | 2.24× | 2.41× | ||
| Q3 24 | 2.49× | 3.97× | ||
| Q2 24 | 1.34× | 5.19× | ||
| Q1 24 | -0.44× | 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
MAS
| Plumbing Products | $844.0M | 47% |
| Decorative Architectural Products | $545.0M | 30% |
| Other | $404.0M | 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% |
