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NATIONAL FUEL GAS CO（NFG）与Northwest Natural Holding Co（NWN）财务数据对比。点击上方公司名可切换其他公司
NATIONAL FUEL GAS CO的季度营收约是Northwest Natural Holding Co的1.6倍（$637.9M vs $394.2M）。NATIONAL FUEL GAS CO同比增速更快（24.1% vs 6.3%）。NATIONAL FUEL GAS CO自由现金流更多（$-2.7M vs $-131.0M）。过去两年NATIONAL FUEL GAS CO的营收复合增速更高（6.9% vs -4.6%）
该多元化能源企业成立于1902年，总部位于美国纽约州威廉斯维尔，总资产达62亿美元，下设勘探与生产、管道与存储、燃气集输、公用事业、能源营销五大运营板块，业务覆盖能源产业链上下游多个核心环节。
西北天然气控股公司是美国上市公用事业企业，总部位于俄勒冈州波特兰，成立于1859年。核心业务为天然气配送，服务俄勒冈州西部、华盛顿州西南部的居民、商业及工业客户，同时运营水务业务，目前服务约80万用户，年营收超10亿美元。
NFG vs NWN — 直观对比
营收规模更大
NFG
是对方的1.6倍
$394.2M
营收增速更快
NFG
高出17.9%
6.3%
自由现金流更多
NFG
多$128.3M
$-131.0M
两年增速更快
NFG
近两年复合增速
-4.6%
损益表 — Q1 2026 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $637.9M | $394.2M |
| 净利润 | $181.6M | — |
| 毛利率 | 86.6% | — |
| 营业利润率 | 43.3% | 28.4% |
| 净利率 | 28.5% | — |
| 营收同比 | 24.1% | 6.3% |
| 净利润同比 | 303.8% | — |
| 每股收益（稀释后） | $1.98 | $1.38 |
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NFGNWN
| Q4 25 | $637.9M | $394.2M | ||
| Q3 25 | $443.1M | $164.7M | ||
| Q2 25 | $527.4M | $236.2M | ||
| Q1 25 | $734.8M | $494.3M | ||
| Q4 24 | $513.8M | $370.9M | ||
| Q3 24 | $310.0M | $136.9M | ||
| Q2 24 | $338.6M | $211.7M | ||
| Q1 24 | $558.7M | $433.5M |
净利润NFGNWN
| Q4 25 | $181.6M | — | ||
| Q3 25 | $107.3M | $-29.9M | ||
| Q2 25 | $149.8M | $-2.5M | ||
| Q1 25 | $216.4M | $87.9M | ||
| Q4 24 | $45.0M | — | ||
| Q3 24 | $-167.6M | $-27.2M | ||
| Q2 24 | $-54.2M | $-2.8M | ||
| Q1 24 | $166.3M | $63.8M |
毛利率NFGNWN
| Q4 25 | 86.6% | — | ||
| Q3 25 | — | — | ||
| Q2 25 | 94.7% | — | ||
| Q1 25 | 81.6% | — | ||
| Q4 24 | 87.3% | — | ||
| Q3 24 | — | — | ||
| Q2 24 | 98.5% | — | ||
| Q1 24 | 81.0% | — |
营业利润率NFGNWN
| Q4 25 | 43.3% | 28.4% | ||
| Q3 25 | 40.6% | -7.5% | ||
| Q2 25 | 43.7% | 11.5% | ||
| Q1 25 | 43.2% | 31.2% | ||
| Q4 24 | 16.8% | 22.9% | ||
| Q3 24 | -63.4% | -14.1% | ||
| Q2 24 | -15.2% | 7.4% | ||
| Q1 24 | 44.9% | 25.3% |
净利率NFGNWN
| Q4 25 | 28.5% | — | ||
| Q3 25 | 24.2% | -18.1% | ||
| Q2 25 | 28.4% | -1.1% | ||
| Q1 25 | 29.4% | 17.8% | ||
| Q4 24 | 8.8% | — | ||
| Q3 24 | -54.1% | -19.8% | ||
| Q2 24 | -16.0% | -1.3% | ||
| Q1 24 | 29.8% | 14.7% |
每股收益（稀释后）NFGNWN
| Q4 25 | $1.98 | $1.38 | ||
| Q3 25 | $1.18 | $-0.73 | ||
| Q2 25 | $1.64 | $-0.06 | ||
| Q1 25 | $2.37 | $2.18 | ||
| Q4 24 | $0.49 | $1.12 | ||
| Q3 24 | $-1.81 | $-0.71 | ||
| Q2 24 | $-0.59 | $-0.07 | ||
| Q1 24 | $1.80 | $1.69 |
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 | $271.4M | $36.7M |
| 总债务越低越好 | $2.7B | $2.4B |
| 股东权益账面价值 | $3.6B | $1.5B |
| 总资产 | $9.2B | $6.2B |
| 负债/权益比越低杠杆越低 | 0.75× | 1.65× |
8季度趋势，按日历期对齐
现金及短期投资NFGNWN
| Q4 25 | $271.4M | $36.7M | ||
| Q3 25 | $43.2M | $32.2M | ||
| Q2 25 | $39.3M | $102.6M | ||
| Q1 25 | $40.0M | $100.0M | ||
| Q4 24 | $48.7M | $38.5M | ||
| Q3 24 | $38.2M | $35.0M | ||
| Q2 24 | $81.4M | $65.2M | ||
| Q1 24 | $50.8M | $72.4M |
总债务NFGNWN
| Q4 25 | $2.7B | $2.4B | ||
| Q3 25 | $2.7B | $2.2B | ||
| Q2 25 | $2.7B | $2.2B | ||
| Q1 25 | $2.7B | $2.2B | ||
| Q4 24 | $2.7B | $1.7B | ||
| Q3 24 | $2.7B | $1.6B | ||
| Q2 24 | $2.7B | $1.6B | ||
| Q1 24 | $2.4B | $1.6B |
股东权益NFGNWN
| Q4 25 | $3.6B | $1.5B | ||
| Q3 25 | $3.1B | $1.4B | ||
| Q2 25 | $3.0B | $1.5B | ||
| Q1 25 | $2.8B | $1.5B | ||
| Q4 24 | $-76.2M | $1.4B | ||
| Q3 24 | $-15.5M | $1.4B | ||
| Q2 24 | $5.0M | $1.3B | ||
| Q1 24 | $75.3M | $1.3B |
总资产NFGNWN
| Q4 25 | $9.2B | $6.2B | ||
| Q3 25 | $8.7B | $5.9B | ||
| Q2 25 | $8.4B | $5.8B | ||
| Q1 25 | $8.5B | $5.7B | ||
| Q4 24 | $8.3B | $5.2B | ||
| Q3 24 | $8.3B | $4.9B | ||
| Q2 24 | $8.5B | $4.8B | ||
| Q1 24 | $8.7B | $4.8B |
负债/权益比NFGNWN
| Q4 25 | 0.75× | 1.65× | ||
| Q3 25 | 0.87× | 1.56× | ||
| Q2 25 | 0.90× | 1.53× | ||
| Q1 25 | 0.99× | 1.53× | ||
| Q4 24 | — | 1.23× | ||
| Q3 24 | — | 1.16× | ||
| Q2 24 | 532.10× | 1.17× | ||
| Q1 24 | 31.68× | 1.17× |
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 | $274.9M | $3.3M |
| 自由现金流经营现金流 - 资本支出 | $-2.7M | $-131.0M |
| 自由现金流率自由现金流/营收 | -0.4% | -33.2% |
| 资本支出强度资本支出/营收 | 43.5% | 34.1% |
| 现金转化率经营现金流/净利润 | 1.51× | — |
| 过去12个月自由现金流最近4个季度 | $204.8M | $-197.8M |
8季度趋势，按日历期对齐
经营现金流NFGNWN
| Q4 25 | $274.9M | $3.3M | ||
| Q3 25 | $237.8M | $-15.9M | ||
| Q2 25 | $388.4M | $102.2M | ||
| Q1 25 | $253.8M | $179.6M | ||
| Q4 24 | $220.1M | $-19.4M | ||
| Q3 24 | $197.9M | $-26.4M | ||
| Q2 24 | $281.8M | $121.0M | ||
| Q1 24 | $315.3M | $125.0M |
自由现金流NFGNWN
| Q4 25 | $-2.7M | $-131.0M | ||
| Q3 25 | $-47.8M | $-125.9M | ||
| Q2 25 | $195.3M | $-18.3M | ||
| Q1 25 | $59.9M | $77.4M | ||
| Q4 24 | $-20.3M | $-119.6M | ||
| Q3 24 | $-49.1M | $-121.7M | ||
| Q2 24 | $79.5M | $4.3M | ||
| Q1 24 | $80.3M | $42.8M |
自由现金流率NFGNWN
| Q4 25 | -0.4% | -33.2% | ||
| Q3 25 | -10.8% | -76.4% | ||
| Q2 25 | 37.0% | -7.8% | ||
| Q1 25 | 8.2% | 15.7% | ||
| Q4 24 | -4.0% | -32.2% | ||
| Q3 24 | -15.8% | -88.9% | ||
| Q2 24 | 23.5% | 2.0% | ||
| Q1 24 | 14.4% | 9.9% |
资本支出强度NFGNWN
| Q4 25 | 43.5% | 34.1% | ||
| Q3 25 | 64.4% | 66.8% | ||
| Q2 25 | 36.6% | 51.0% | ||
| Q1 25 | 26.4% | 20.7% | ||
| Q4 24 | 46.8% | 27.0% | ||
| Q3 24 | 79.7% | 69.6% | ||
| Q2 24 | 59.7% | 55.1% | ||
| Q1 24 | 42.1% | 19.0% |
现金转化率NFGNWN
| Q4 25 | 1.51× | — | ||
| Q3 25 | 2.21× | — | ||
| Q2 25 | 2.59× | — | ||
| Q1 25 | 1.17× | 2.04× | ||
| Q4 24 | 4.89× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | 1.90× | 1.96× |
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
NFG
| Natural Gas Production | $302.5M | 47% |
| Natural Gas Residential Sales | $198.0M | 31% |
| Pipeline And Storage | $69.2M | 11% |
| Natural Gas Commercial Sales | $27.9M | 4% |
| Natural Gas Storage | $25.1M | 4% |
| Other | $4.1M | 1% |
| Natural Gas Midstream | $2.8M | 0% |
NWN
| NWN Gas Utility | $341.4M | 87% |
| Alternativerevenue | $27.2M | 7% |
| Si Energy Gas Utility | $20.0M | 5% |
| NW Natural Other | $6.9M | 2% |
