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MDU RESOURCES GROUP INC（MDU）与Ubiquiti Inc.（UI）财务数据对比。点击上方公司名可切换其他公司
Ubiquiti Inc.的季度营收约是MDU RESOURCES GROUP INC的1.6倍（$814.9M vs $522.6M），Ubiquiti Inc.净利率更高（28.7% vs 14.6%，领先14.1%），Ubiquiti Inc.同比增速更快（35.8% vs -1.6%），Ubiquiti Inc.自由现金流更多（$260.3M vs $-336.0M），过去两年Ubiquiti Inc.的营收复合增速更高（28.6% vs -5.7%）
MDU资源集团是一家总部位于美国北达科他州俾斯麦的企业，业务涵盖受监管的能源输送供应，以及公用事业相关的建筑材料与服务，业务范围覆盖美国48个州，是当地能源及基建服务领域的重要参与者。
Ubiquiti Inc.是一家美国科技企业，2003年于加利福尼亚州圣何塞成立，目前总部位于纽约。公司旗下拥有多个品牌，主营面向企业及家庭用户的有线、无线数据通信产品的研发、生产与销售。
MDU vs UI — 直观对比
营收规模更大
UI
是对方的1.6倍
$522.6M
营收增速更快
UI
高出37.4%
-1.6%
净利率更高
UI
高出14.1%
14.6%
自由现金流更多
UI
多$596.3M
$-336.0M
两年增速更快
UI
近两年复合增速
-5.7%
损益表 — Q4 FY2025 vs Q2 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $522.6M | $814.9M |
| 净利润 | $76.3M | $233.6M |
| 毛利率 | — | 45.9% |
| 营业利润率 | 20.5% | 35.9% |
| 净利率 | 14.6% | 28.7% |
| 营收同比 | -1.6% | 35.8% |
| 净利润同比 | 38.4% | 70.8% |
| 每股收益（稀释后） | $0.37 | $3.86 |
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MDUUI
| Q4 25 | $522.6M | $814.9M | ||
| Q3 25 | $313.6M | $733.8M | ||
| Q2 25 | $348.7M | $759.2M | ||
| Q1 25 | $678.0M | $664.2M | ||
| Q4 24 | $531.0M | $599.9M | ||
| Q3 24 | $290.7M | $550.3M | ||
| Q2 24 | $343.1M | $507.5M | ||
| Q1 24 | $588.2M | $493.0M |
净利润MDUUI
| Q4 25 | $76.3M | $233.6M | ||
| Q3 25 | $18.3M | $207.9M | ||
| Q2 25 | $13.8M | $266.7M | ||
| Q1 25 | $82.0M | $180.4M | ||
| Q4 24 | $55.2M | $136.8M | ||
| Q3 24 | $64.6M | $128.0M | ||
| Q2 24 | $60.4M | $103.8M | ||
| Q1 24 | $100.9M | $76.3M |
毛利率MDUUI
| Q4 25 | — | 45.9% | ||
| Q3 25 | — | 46.0% | ||
| Q2 25 | — | 45.1% | ||
| Q1 25 | — | 44.5% | ||
| Q4 24 | — | 41.2% | ||
| Q3 24 | — | 42.1% | ||
| Q2 24 | — | 40.2% | ||
| Q1 24 | — | 35.3% |
营业利润率MDUUI
| Q4 25 | 20.5% | 35.9% | ||
| Q3 25 | 12.7% | 35.7% | ||
| Q2 25 | 8.7% | 34.4% | ||
| Q1 25 | 16.6% | 34.2% | ||
| Q4 24 | 17.8% | 29.8% | ||
| Q3 24 | 12.0% | 30.7% | ||
| Q2 24 | 11.5% | 27.3% | ||
| Q1 24 | 16.4% | 22.6% |
净利率MDUUI
| Q4 25 | 14.6% | 28.7% | ||
| Q3 25 | 5.8% | 28.3% | ||
| Q2 25 | 4.0% | 35.1% | ||
| Q1 25 | 12.1% | 27.2% | ||
| Q4 24 | 10.4% | 22.8% | ||
| Q3 24 | 22.2% | 23.3% | ||
| Q2 24 | 17.6% | 20.5% | ||
| Q1 24 | 17.2% | 15.5% |
每股收益（稀释后）MDUUI
| Q4 25 | $0.37 | $3.86 | ||
| Q3 25 | $0.09 | $3.43 | ||
| Q2 25 | $0.07 | $4.40 | ||
| Q1 25 | $0.40 | $2.98 | ||
| Q4 24 | $0.26 | $2.26 | ||
| Q3 24 | $0.32 | $2.12 | ||
| Q2 24 | $0.30 | $1.72 | ||
| Q1 24 | $0.49 | $1.26 |
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 | $28.2M | $302.8M |
| 总债务越低越好 | $2.7B | $47.5M |
| 股东权益账面价值 | $2.8B | $1.0B |
| 总资产 | $7.6B | $1.6B |
| 负债/权益比越低杠杆越低 | 0.97× | 0.05× |
8季度趋势，按日历期对齐
现金及短期投资MDUUI
| Q4 25 | $28.2M | $302.8M | ||
| Q3 25 | $75.9M | $177.2M | ||
| Q2 25 | $58.8M | $149.7M | ||
| Q1 25 | $59.5M | $151.0M | ||
| Q4 24 | $66.9M | $133.1M | ||
| Q3 24 | $88.3M | $165.2M | ||
| Q2 24 | $78.8M | $126.3M | ||
| Q1 24 | $72.7M | $102.5M |
总债务MDUUI
| Q4 25 | $2.7B | $47.5M | ||
| Q3 25 | $2.4B | $133.8M | ||
| Q2 25 | $2.2B | $250.0M | ||
| Q1 25 | $2.2B | $340.0M | ||
| Q4 24 | $2.3B | $406.3M | ||
| Q3 24 | $2.3B | $552.5M | ||
| Q2 24 | $2.3B | $708.1M | ||
| Q1 24 | $2.3B | $877.5M |
股东权益MDUUI
| Q4 25 | $2.8B | $1.0B | ||
| Q3 25 | $2.7B | $828.4M | ||
| Q2 25 | $2.7B | $668.3M | ||
| Q1 25 | $2.7B | $436.1M | ||
| Q4 24 | $2.7B | $290.4M | ||
| Q3 24 | $3.1B | $188.1M | ||
| Q2 24 | $3.0B | $95.1M | ||
| Q1 24 | $3.0B | $25.9M |
总资产MDUUI
| Q4 25 | $7.6B | $1.6B | ||
| Q3 25 | $7.2B | $1.5B | ||
| Q2 25 | $6.9B | $1.5B | ||
| Q1 25 | $7.0B | $1.3B | ||
| Q4 24 | $7.0B | $1.2B | ||
| Q3 24 | $8.2B | $1.2B | ||
| Q2 24 | $8.0B | $1.2B | ||
| Q1 24 | $7.8B | $1.2B |
负债/权益比MDUUI
| Q4 25 | 0.97× | 0.05× | ||
| Q3 25 | 0.86× | 0.16× | ||
| Q2 25 | 0.80× | 0.37× | ||
| Q1 25 | 0.80× | 0.78× | ||
| Q4 24 | 0.85× | 1.40× | ||
| Q3 24 | 0.76× | 2.94× | ||
| Q2 24 | 0.75× | 7.45× | ||
| Q1 24 | 0.76× | 33.92× |
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 | $80.6M | $263.9M |
| 自由现金流经营现金流 - 资本支出 | $-336.0M | $260.3M |
| 自由现金流率自由现金流/营收 | -64.3% | 31.9% |
| 资本支出强度资本支出/营收 | 79.7% | 0.4% |
| 现金转化率经营现金流/净利润 | 1.06× | 1.13× |
| 过去12个月自由现金流最近4个季度 | $-297.0M | $699.5M |
8季度趋势，按日历期对齐
经营现金流MDUUI
| Q4 25 | $80.6M | $263.9M | ||
| Q3 25 | $57.9M | $198.5M | ||
| Q2 25 | $117.4M | $130.4M | ||
| Q1 25 | $217.5M | $123.6M | ||
| Q4 24 | $60.5M | $152.4M | ||
| Q3 24 | $140.2M | $233.7M | ||
| Q2 24 | $136.5M | $231.4M | ||
| Q1 24 | $165.1M | $163.9M |
自由现金流MDUUI
| Q4 25 | $-336.0M | $260.3M | ||
| Q3 25 | $-121.9M | $193.3M | ||
| Q2 25 | $36.5M | $125.2M | ||
| Q1 25 | $124.4M | $120.7M | ||
| Q4 24 | $-95.8M | $150.4M | ||
| Q3 24 | $673.0K | $231.1M | ||
| Q2 24 | $26.5M | $229.5M | ||
| Q1 24 | $48.1M | $160.6M |
自由现金流率MDUUI
| Q4 25 | -64.3% | 31.9% | ||
| Q3 25 | -38.9% | 26.3% | ||
| Q2 25 | 10.5% | 16.5% | ||
| Q1 25 | 18.4% | 18.2% | ||
| Q4 24 | -18.0% | 25.1% | ||
| Q3 24 | 0.2% | 42.0% | ||
| Q2 24 | 7.7% | 45.2% | ||
| Q1 24 | 8.2% | 32.6% |
资本支出强度MDUUI
| Q4 25 | 79.7% | 0.4% | ||
| Q3 25 | 57.3% | 0.7% | ||
| Q2 25 | 23.2% | 0.7% | ||
| Q1 25 | 13.7% | 0.4% | ||
| Q4 24 | 29.4% | 0.3% | ||
| Q3 24 | 48.0% | 0.5% | ||
| Q2 24 | 32.0% | 0.4% | ||
| Q1 24 | 19.9% | 0.7% |
现金转化率MDUUI
| Q4 25 | 1.06× | 1.13× | ||
| Q3 25 | 3.16× | 0.95× | ||
| Q2 25 | 8.52× | 0.49× | ||
| Q1 25 | 2.65× | 0.68× | ||
| Q4 24 | 1.10× | 1.11× | ||
| Q3 24 | 2.17× | 1.83× | ||
| Q2 24 | 2.26× | 2.23× | ||
| Q1 24 | 1.64× | 2.15× |
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
MDU
| Natural Gas Distribution | $382.8M | 73% |
| Commercial Utility Sales | $42.7M | 8% |
| Residential Utility Sales | $33.7M | 6% |
| Pipelineand Midstream | $31.1M | 6% |
| Natural Gas Transportation | $17.2M | 3% |
| Industrial Utility Sales | $10.1M | 2% |
| Natural Gas Storage | $6.4M | 1% |
| Other Utility Sales | $1.9M | 0% |
UI
| Enterprise Technology | $729.0M | 89% |
| Service Provider Technology | $85.9M | 11% |
