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NCS Multistage Holdings, Inc.（NCSM）与WaterBridge Infrastructure LLC（WBI）财务数据对比。点击上方公司名可切换其他公司
WaterBridge Infrastructure LLC的季度营收约是NCS Multistage Holdings, Inc.的2.4倍（$123.3M vs $50.6M）。NCS Multistage Holdings, Inc.净利率更高（29.5% vs -0.5%，领先30.1%）。NCS Multistage Holdings, Inc.自由现金流更多（$12.9M vs $-117.8M）
NCS Multistage Holdings是一家全球能源技术与油田服务提供商，主营油气勘探生产用的完井系统与多级压裂工具，服务覆盖北美、拉美、中东及亚太市场，助力上游能源客户提升作业效率与资源采收率。
水桥基础设施（WaterBridge Infrastructure LLC）隶属于全球基础设施伙伴集团（GIP）。GIP是美国知名基础设施投资基金，在全球开展股权及优质债权投资业务，总部设于纽约，投资覆盖能源、交通、给排水与固废处理等领域的基础设施资产，在伦敦、悉尼、新加坡等全球多个城市设有办事处，拥有约150名投资及运营专业人员。
NCSM vs WBI — 直观对比
营收规模更大
WBI
是对方的2.4倍
$50.6M
净利率更高
NCSM
高出30.1%
-0.5%
自由现金流更多
NCSM
多$130.8M
$-117.8M
损益表 — Q4 2025 vs Q3 2025
| 指标 | | |
|---|---|---|
| 营收 | $50.6M | $123.3M |
| 净利润 | $15.0M | $-667.0K |
| 毛利率 | — | 28.4% |
| 营业利润率 | 10.3% | 19.2% |
| 净利率 | 29.5% | -0.5% |
| 营收同比 | 12.5% | — |
| 净利润同比 | 331.0% | — |
| 每股收益（稀释后） | $5.43 | $-0.02 |
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NCSMWBI
| Q4 25 | $50.6M | — | ||
| Q3 25 | $46.5M | $123.3M | ||
| Q2 25 | $36.5M | — | ||
| Q1 25 | $50.0M | — | ||
| Q4 24 | $45.0M | — | ||
| Q3 24 | $44.0M | — | ||
| Q2 24 | $29.7M | — | ||
| Q1 24 | $43.9M | — |
净利润NCSMWBI
| Q4 25 | $15.0M | — | ||
| Q3 25 | $3.8M | $-667.0K | ||
| Q2 25 | $924.0K | — | ||
| Q1 25 | $4.1M | — | ||
| Q4 24 | $3.5M | — | ||
| Q3 24 | $4.1M | — | ||
| Q2 24 | $-3.1M | — | ||
| Q1 24 | $2.1M | — |
毛利率NCSMWBI
| Q4 25 | — | — | ||
| Q3 25 | — | 28.4% | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
营业利润率NCSMWBI
| Q4 25 | 10.3% | — | ||
| Q3 25 | 6.6% | 19.2% | ||
| Q2 25 | -5.6% | — | ||
| Q1 25 | 8.6% | — | ||
| Q4 24 | 6.5% | — | ||
| Q3 24 | 6.9% | — | ||
| Q2 24 | -14.0% | — | ||
| Q1 24 | 5.7% | — |
净利率NCSMWBI
| Q4 25 | 29.5% | — | ||
| Q3 25 | 8.2% | -0.5% | ||
| Q2 25 | 2.5% | — | ||
| Q1 25 | 8.1% | — | ||
| Q4 24 | 7.7% | — | ||
| Q3 24 | 9.4% | — | ||
| Q2 24 | -10.4% | — | ||
| Q1 24 | 4.7% | — |
每股收益（稀释后）NCSMWBI
| Q4 25 | $5.43 | — | ||
| Q3 25 | $1.37 | $-0.02 | ||
| Q2 25 | $0.34 | — | ||
| Q1 25 | $1.51 | — | ||
| Q4 24 | $1.34 | — | ||
| Q3 24 | $1.60 | — | ||
| Q2 24 | $-1.21 | — | ||
| Q1 24 | $0.82 | — |
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 | $36.7M | $346.6M |
| 总债务越低越好 | $5.3M | — |
| 股东权益账面价值 | $126.2M | $607.7M |
| 总资产 | $181.2M | $3.9B |
| 负债/权益比越低杠杆越低 | 0.04× | — |
8季度趋势，按日历期对齐
现金及短期投资NCSMWBI
| Q4 25 | $36.7M | — | ||
| Q3 25 | $25.3M | $346.6M | ||
| Q2 25 | $25.4M | — | ||
| Q1 25 | $23.0M | — | ||
| Q4 24 | $25.9M | — | ||
| Q3 24 | $15.3M | — | ||
| Q2 24 | $18.6M | — | ||
| Q1 24 | $14.0M | — |
总债务NCSMWBI
| Q4 25 | $5.3M | — | ||
| Q3 25 | $5.1M | — | ||
| Q2 25 | $5.5M | — | ||
| Q1 25 | $5.4M | — | ||
| Q4 24 | $6.0M | — | ||
| Q3 24 | $6.5M | — | ||
| Q2 24 | $6.8M | — | ||
| Q1 24 | $6.4M | — |
股东权益NCSMWBI
| Q4 25 | $126.2M | — | ||
| Q3 25 | $110.1M | $607.7M | ||
| Q2 25 | $106.4M | — | ||
| Q1 25 | $103.2M | — | ||
| Q4 24 | $98.8M | — | ||
| Q3 24 | $96.0M | — | ||
| Q2 24 | $91.0M | — | ||
| Q1 24 | $93.7M | — |
总资产NCSMWBI
| Q4 25 | $181.2M | — | ||
| Q3 25 | $162.0M | $3.9B | ||
| Q2 25 | $158.0M | — | ||
| Q1 25 | $155.1M | — | ||
| Q4 24 | $152.8M | — | ||
| Q3 24 | $145.8M | — | ||
| Q2 24 | $139.4M | — | ||
| Q1 24 | $140.9M | — |
负债/权益比NCSMWBI
| Q4 25 | 0.04× | — | ||
| Q3 25 | 0.05× | — | ||
| Q2 25 | 0.05× | — | ||
| Q1 25 | 0.05× | — | ||
| Q4 24 | 0.06× | — | ||
| Q3 24 | 0.07× | — | ||
| Q2 24 | 0.08× | — | ||
| Q1 24 | 0.07× | — |
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 | $13.1M | $71.5M |
| 自由现金流经营现金流 - 资本支出 | $12.9M | $-117.8M |
| 自由现金流率自由现金流/营收 | 25.5% | -95.6% |
| 资本支出强度资本支出/营收 | 0.4% | 153.6% |
| 现金转化率经营现金流/净利润 | 0.88× | — |
| 过去12个月自由现金流最近4个季度 | $21.0M | — |
8季度趋势，按日历期对齐
经营现金流NCSMWBI
| Q4 25 | $13.1M | — | ||
| Q3 25 | $7.2M | $71.5M | ||
| Q2 25 | $3.5M | — | ||
| Q1 25 | $-1.6M | — | ||
| Q4 24 | $10.6M | — | ||
| Q3 24 | $-2.0M | — | ||
| Q2 24 | $6.0M | — | ||
| Q1 24 | $-1.9M | — |
自由现金流NCSMWBI
| Q4 25 | $12.9M | — | ||
| Q3 25 | $6.9M | $-117.8M | ||
| Q2 25 | $3.2M | — | ||
| Q1 25 | $-2.1M | — | ||
| Q4 24 | $10.4M | — | ||
| Q3 24 | $-2.5M | — | ||
| Q2 24 | $5.6M | — | ||
| Q1 24 | $-2.2M | — |
自由现金流率NCSMWBI
| Q4 25 | 25.5% | — | ||
| Q3 25 | 14.9% | -95.6% | ||
| Q2 25 | 8.9% | — | ||
| Q1 25 | -4.2% | — | ||
| Q4 24 | 23.1% | — | ||
| Q3 24 | -5.6% | — | ||
| Q2 24 | 19.0% | — | ||
| Q1 24 | -5.0% | — |
资本支出强度NCSMWBI
| Q4 25 | 0.4% | — | ||
| Q3 25 | 0.5% | 153.6% | ||
| Q2 25 | 0.8% | — | ||
| Q1 25 | 0.9% | — | ||
| Q4 24 | 0.5% | — | ||
| Q3 24 | 1.0% | — | ||
| Q2 24 | 1.1% | — | ||
| Q1 24 | 0.7% | — |
现金转化率NCSMWBI
| Q4 25 | 0.88× | — | ||
| Q3 25 | 1.88× | — | ||
| Q2 25 | 3.81× | — | ||
| Q1 25 | -0.41× | — | ||
| Q4 24 | 3.07× | — | ||
| Q3 24 | -0.49× | — | ||
| Q2 24 | — | — | ||
| Q1 24 | -0.91× | — |
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
NCSM
| Products | $33.8M | 67% |
| Services | $16.8M | 33% |
WBI
| Produced Water Handling Revenues Excluding Skim Oil | $102.3M | 83% |
| Water Bridge Equity Finance Limited Liability Company | $12.0M | 10% |
| Skim Oil | $9.1M | 7% |
| Desert Environmental Limited Liability Company | $1.2M | 1% |
