vs
NATIONAL FUEL GAS CO（NFG）与利氏兄弟拍卖行（RBA）财务数据对比。点击上方公司名可切换其他公司
利氏兄弟拍卖行的季度营收约是NATIONAL FUEL GAS CO的1.9倍（$1.2B vs $637.9M），NATIONAL FUEL GAS CO净利率更高（28.5% vs 9.1%，领先19.4%），NATIONAL FUEL GAS CO同比增速更快（24.1% vs 5.4%），利氏兄弟拍卖行自由现金流更多（$186.5M vs $-2.7M），过去两年NATIONAL FUEL GAS CO的营收复合增速更高（6.9% vs 6.3%）
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。
利氏兄弟拍卖行（股票代码RBA）是全球知名的工业资产拍卖服务商，注册地位于加拿大，属公开上市企业，总部设在美国伊利诺伊州韦斯特切斯特，普通股同时在多伦多证券交易所与纽约证券交易所挂牌交易。
NFG vs RBA — 直观对比
营收规模更大
RBA
是对方的1.9倍
$637.9M
营收增速更快
NFG
高出18.7%
5.4%
净利率更高
NFG
高出19.4%
9.1%
自由现金流更多
RBA
多$189.2M
$-2.7M
两年增速更快
NFG
近两年复合增速
6.3%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $637.9M | $1.2B |
| 净利润 | $181.6M | $109.7M |
| 毛利率 | 86.6% | — |
| 营业利润率 | 43.3% | 14.7% |
| 净利率 | 28.5% | 9.1% |
| 营收同比 | 24.1% | 5.4% |
| 净利润同比 | 303.8% | -7.4% |
| 每股收益（稀释后） | $1.98 | $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NFGRBA
| Q4 25 | $637.9M | $1.2B | ||
| Q3 25 | $443.1M | $1.1B | ||
| Q2 25 | $527.4M | $1.2B | ||
| Q1 25 | $734.8M | $1.1B | ||
| Q4 24 | $513.8M | $1.1B | ||
| Q3 24 | $310.0M | $981.8M | ||
| Q2 24 | $338.6M | $1.1B | ||
| Q1 24 | $558.7M | $1.1B |
净利润NFGRBA
| Q4 25 | $181.6M | $109.7M | ||
| Q3 25 | $107.3M | $95.5M | ||
| Q2 25 | $149.8M | $109.8M | ||
| Q1 25 | $216.4M | $113.4M | ||
| Q4 24 | $45.0M | $118.5M | ||
| Q3 24 | $-167.6M | $76.1M | ||
| Q2 24 | $-54.2M | $111.1M | ||
| Q1 24 | $166.3M | $107.4M |
毛利率NFGRBA
| 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NFGRBA
| Q4 25 | 43.3% | 14.7% | ||
| Q3 25 | 40.6% | 14.5% | ||
| Q2 25 | 43.7% | 15.9% | ||
| Q1 25 | 43.2% | 17.1% | ||
| Q4 24 | 16.8% | 18.1% | ||
| Q3 24 | -63.4% | 15.6% | ||
| Q2 24 | -15.2% | 18.4% | ||
| Q1 24 | 44.9% | 18.7% |
净利率NFGRBA
| Q4 25 | 28.5% | 9.1% | ||
| Q3 25 | 24.2% | 8.7% | ||
| Q2 25 | 28.4% | 9.3% | ||
| Q1 25 | 29.4% | 10.2% | ||
| Q4 24 | 8.8% | 10.4% | ||
| Q3 24 | -54.1% | 7.8% | ||
| Q2 24 | -16.0% | 10.1% | ||
| Q1 24 | 29.8% | 10.1% |
每股收益（稀释后）NFGRBA
| Q4 25 | $1.98 | $0.53 | ||
| Q3 25 | $1.18 | $0.43 | ||
| Q2 25 | $1.64 | $0.53 | ||
| Q1 25 | $2.37 | $0.55 | ||
| Q4 24 | $0.49 | $0.58 | ||
| Q3 24 | $-1.81 | $0.36 | ||
| Q2 24 | $-0.59 | $0.54 | ||
| Q1 24 | $1.80 | $0.53 |
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 | $531.5M |
| 总债务越低越好 | $2.7B | $2.3B |
| 股东权益账面价值 | $3.6B | $5.6B |
| 总资产 | $9.2B | $12.1B |
| 负债/权益比越低杠杆越低 | 0.75× | 0.42× |
8季度趋势，按日历期对齐
现金及短期投资NFGRBA
| Q4 25 | $271.4M | $531.5M | ||
| Q3 25 | $43.2M | $674.7M | ||
| Q2 25 | $39.3M | $710.2M | ||
| Q1 25 | $40.0M | $578.1M | ||
| Q4 24 | $48.7M | $533.9M | ||
| Q3 24 | $38.2M | $650.7M | ||
| Q2 24 | $81.4M | $599.5M | ||
| Q1 24 | $50.8M | $462.8M |
总债务NFGRBA
| Q4 25 | $2.7B | $2.3B | ||
| Q3 25 | $2.7B | $2.6B | ||
| Q2 25 | $2.7B | $2.6B | ||
| Q1 25 | $2.7B | $2.6B | ||
| Q4 24 | $2.7B | $2.6B | ||
| Q3 24 | $2.7B | $2.7B | ||
| Q2 24 | $2.7B | $2.8B | ||
| Q1 24 | $2.4B | $2.9B |
股东权益NFGRBA
| Q4 25 | $3.6B | $5.6B | ||
| Q3 25 | $3.1B | $5.5B | ||
| Q2 25 | $3.0B | $5.5B | ||
| Q1 25 | $2.8B | $5.3B | ||
| Q4 24 | $-76.2M | $5.2B | ||
| Q3 24 | $-15.5M | $5.2B | ||
| Q2 24 | $5.0M | $5.2B | ||
| Q1 24 | $75.3M | $5.1B |
总资产NFGRBA
| Q4 25 | $9.2B | $12.1B | ||
| Q3 25 | $8.7B | $12.2B | ||
| Q2 25 | $8.4B | $12.2B | ||
| Q1 25 | $8.5B | $11.9B | ||
| Q4 24 | $8.3B | $11.8B | ||
| Q3 24 | $8.3B | $11.9B | ||
| Q2 24 | $8.5B | $12.1B | ||
| Q1 24 | $8.7B | $12.0B |
负债/权益比NFGRBA
| Q4 25 | 0.75× | 0.42× | ||
| Q3 25 | 0.87× | 0.47× | ||
| Q2 25 | 0.90× | 0.47× | ||
| Q1 25 | 0.99× | 0.50× | ||
| Q4 24 | — | 0.50× | ||
| Q3 24 | — | 0.52× | ||
| Q2 24 | 532.10× | 0.55× | ||
| Q1 24 | 31.68× | 0.58× |
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 | $255.2M |
| 自由现金流经营现金流 - 资本支出 | $-2.7M | $186.5M |
| 自由现金流率自由现金流/营收 | -0.4% | 15.5% |
| 资本支出强度资本支出/营收 | 43.5% | 5.7% |
| 现金转化率经营现金流/净利润 | 1.51× | 2.33× |
| 过去12个月自由现金流最近4个季度 | $204.8M | $719.2M |
8季度趋势，按日历期对齐
经营现金流NFGRBA
| Q4 25 | $274.9M | $255.2M | ||
| Q3 25 | $237.8M | $239.7M | ||
| Q2 25 | $388.4M | $326.5M | ||
| Q1 25 | $253.8M | $156.8M | ||
| Q4 24 | $220.1M | $184.5M | ||
| Q3 24 | $197.9M | $285.4M | ||
| Q2 24 | $281.8M | $337.3M | ||
| Q1 24 | $315.3M | $124.8M |
自由现金流NFGRBA
| Q4 25 | $-2.7M | $186.5M | ||
| Q3 25 | $-47.8M | $188.5M | ||
| Q2 25 | $195.3M | $241.7M | ||
| Q1 25 | $59.9M | $102.5M | ||
| Q4 24 | $-20.3M | $127.9M | ||
| Q3 24 | $-49.1M | $248.5M | ||
| Q2 24 | $79.5M | $308.6M | ||
| Q1 24 | $80.3M | $79.6M |
自由现金流率NFGRBA
| Q4 25 | -0.4% | 15.5% | ||
| Q3 25 | -10.8% | 17.3% | ||
| Q2 25 | 37.0% | 20.4% | ||
| Q1 25 | 8.2% | 9.2% | ||
| Q4 24 | -4.0% | 11.2% | ||
| Q3 24 | -15.8% | 25.3% | ||
| Q2 24 | 23.5% | 28.2% | ||
| Q1 24 | 14.4% | 7.5% |
资本支出强度NFGRBA
| Q4 25 | 43.5% | 5.7% | ||
| Q3 25 | 64.4% | 4.7% | ||
| Q2 25 | 36.6% | 7.2% | ||
| Q1 25 | 26.4% | 4.9% | ||
| Q4 24 | 46.8% | 5.0% | ||
| Q3 24 | 79.7% | 3.8% | ||
| Q2 24 | 59.7% | 2.6% | ||
| Q1 24 | 42.1% | 4.2% |
现金转化率NFGRBA
| Q4 25 | 1.51× | 2.33× | ||
| Q3 25 | 2.21× | 2.51× | ||
| Q2 25 | 2.59× | 2.97× | ||
| Q1 25 | 1.17× | 1.38× | ||
| Q4 24 | 4.89× | 1.56× | ||
| Q3 24 | — | 3.75× | ||
| Q2 24 | — | 3.04× | ||
| Q1 24 | 1.90× | 1.16× |
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% |
RBA
| Buyer Revenue | $577.2M | 48% |
| Seller Revenue | $255.2M | 21% |
| CA | $199.0M | 17% |
| Other | $124.7M | 10% |
| AU | $47.3M | 4% |
