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NATIONAL FUEL GAS CO（NFG）与SPIRE INC（SR）财务数据对比。点击上方公司名可切换其他公司
SPIRE INC的季度营收约是NATIONAL FUEL GAS CO的1.2倍（$762.2M vs $637.9M）。NATIONAL FUEL GAS CO净利率更高（28.5% vs 12.5%，领先16.0%）。NATIONAL FUEL GAS CO同比增速更快（24.1% vs 13.9%）。NATIONAL FUEL GAS CO自由现金流更多（$-2.7M vs $-121.8M）。过去两年NATIONAL FUEL GAS CO的营收复合增速更高（6.9% vs -17.8%）
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。
Spire Inc是总部位于美国密苏里州圣路易斯的区域公用事业控股公司，核心业务为受监管的天然气供应服务，同时布局非监管类业务拓展商业机会。旗下主要子公司Laclede Gas Company是密苏里州最大的天然气分销公用事业企业，为圣路易斯市及密苏里州东部10个县的约63.1万户住宅、商业及工业客户提供服务。
NFG vs SR — 直观对比
营收规模更大
SR
是对方的1.2倍
$637.9M
营收增速更快
NFG
高出10.2%
13.9%
净利率更高
NFG
高出16.0%
12.5%
自由现金流更多
NFG
多$119.1M
$-121.8M
两年增速更快
NFG
近两年复合增速
-17.8%
损益表 — Q1 2026 vs Q1 2026
| 指标 | | |
|---|---|---|
| 营收 | $637.9M | $762.2M |
| 净利润 | $181.6M | $95.0M |
| 毛利率 | 86.6% | 55.1% |
| 营业利润率 | 43.3% | 22.8% |
| 净利率 | 28.5% | 12.5% |
| 营收同比 | 24.1% | 13.9% |
| 净利润同比 | 303.8% | 16.9% |
| 每股收益（稀释后） | $1.98 | $1.54 |
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NFGSR
| Q4 25 | $637.9M | $762.2M | ||
| Q3 25 | $443.1M | $334.1M | ||
| Q2 25 | $527.4M | $421.9M | ||
| Q1 25 | $734.8M | $1.1B | ||
| Q4 24 | $513.8M | $669.1M | ||
| Q3 24 | $310.0M | $293.8M | ||
| Q2 24 | $338.6M | $414.1M | ||
| Q1 24 | $558.7M | $1.1B |
净利润NFGSR
| Q4 25 | $181.6M | $95.0M | ||
| Q3 25 | $107.3M | $-39.8M | ||
| Q2 25 | $149.8M | $20.9M | ||
| Q1 25 | $216.4M | $209.3M | ||
| Q4 24 | $45.0M | $81.3M | ||
| Q3 24 | $-167.6M | $-25.9M | ||
| Q2 24 | $-54.2M | $-12.6M | ||
| Q1 24 | $166.3M | $204.3M |
毛利率NFGSR
| Q4 25 | 86.6% | 55.1% | ||
| Q3 25 | — | — | ||
| Q2 25 | 94.7% | — | ||
| Q1 25 | 81.6% | — | ||
| Q4 24 | 87.3% | 55.6% | ||
| Q3 24 | — | — | ||
| Q2 24 | 98.5% | — | ||
| Q1 24 | 81.0% | — |
营业利润率NFGSR
| Q4 25 | 43.3% | 22.8% | ||
| Q3 25 | 40.6% | -0.1% | ||
| Q2 25 | 43.7% | 16.4% | ||
| Q1 25 | 43.2% | 29.1% | ||
| Q4 24 | 16.8% | 22.2% | ||
| Q3 24 | -63.4% | 6.7% | ||
| Q2 24 | -15.2% | 7.4% | ||
| Q1 24 | 44.9% | 26.5% |
净利率NFGSR
| Q4 25 | 28.5% | 12.5% | ||
| Q3 25 | 24.2% | -11.9% | ||
| Q2 25 | 28.4% | 5.0% | ||
| Q1 25 | 29.4% | 19.9% | ||
| Q4 24 | 8.8% | 12.2% | ||
| Q3 24 | -54.1% | -8.8% | ||
| Q2 24 | -16.0% | -3.0% | ||
| Q1 24 | 29.8% | 18.1% |
每股收益（稀释后）NFGSR
| Q4 25 | $1.98 | $1.54 | ||
| Q3 25 | $1.18 | $-0.77 | ||
| Q2 25 | $1.64 | $0.29 | ||
| Q1 25 | $2.37 | $3.51 | ||
| Q4 24 | $0.49 | $1.34 | ||
| Q3 24 | $-1.81 | $-0.63 | ||
| Q2 24 | $-0.59 | $-0.28 | ||
| Q1 24 | $1.80 | $3.58 |
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 | $4.1M |
| 总债务越低越好 | $2.7B | — |
| 股东权益账面价值 | $3.6B | $3.4B |
| 总资产 | $9.2B | $11.9B |
| 负债/权益比越低杠杆越低 | 0.75× | — |
8季度趋势，按日历期对齐
现金及短期投资NFGSR
| Q4 25 | $271.4M | $4.1M | ||
| Q3 25 | $43.2M | $5.7M | ||
| Q2 25 | $39.3M | $13.1M | ||
| Q1 25 | $40.0M | $15.2M | ||
| Q4 24 | $48.7M | $11.5M | ||
| Q3 24 | $38.2M | $4.5M | ||
| Q2 24 | $81.4M | $7.4M | ||
| Q1 24 | $50.8M | $25.6M |
总债务NFGSR
| Q4 25 | $2.7B | — | ||
| Q3 25 | $2.7B | — | ||
| Q2 25 | $2.7B | — | ||
| Q1 25 | $2.7B | — | ||
| Q4 24 | $2.7B | — | ||
| Q3 24 | $2.7B | — | ||
| Q2 24 | $2.7B | — | ||
| Q1 24 | $2.4B | — |
股东权益NFGSR
| Q4 25 | $3.6B | $3.4B | ||
| Q3 25 | $3.1B | $3.4B | ||
| Q2 25 | $3.0B | $3.5B | ||
| Q1 25 | $2.8B | $3.5B | ||
| Q4 24 | $-76.2M | $3.3B | ||
| Q3 24 | $-15.5M | $3.2B | ||
| Q2 24 | $5.0M | $3.3B | ||
| Q1 24 | $75.3M | $3.4B |
总资产NFGSR
| Q4 25 | $9.2B | $11.9B | ||
| Q3 25 | $8.7B | $11.6B | ||
| Q2 25 | $8.4B | $11.4B | ||
| Q1 25 | $8.5B | $11.3B | ||
| Q4 24 | $8.3B | $11.3B | ||
| Q3 24 | $8.3B | $10.9B | ||
| Q2 24 | $8.5B | $10.7B | ||
| Q1 24 | $8.7B | $10.7B |
负债/权益比NFGSR
| Q4 25 | 0.75× | — | ||
| Q3 25 | 0.87× | — | ||
| Q2 25 | 0.90× | — | ||
| Q1 25 | 0.99× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | 532.10× | — | ||
| Q1 24 | 31.68× | — |
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 | $81.0M |
| 自由现金流经营现金流 - 资本支出 | $-2.7M | $-121.8M |
| 自由现金流率自由现金流/营收 | -0.4% | -16.0% |
| 资本支出强度资本支出/营收 | 43.5% | 26.6% |
| 现金转化率经营现金流/净利润 | 1.51× | 0.85× |
| 过去12个月自由现金流最近4个季度 | $204.8M | $-286.7M |
8季度趋势，按日历期对齐
经营现金流NFGSR
| Q4 25 | $274.9M | $81.0M | ||
| Q3 25 | $237.8M | $-4.9M | ||
| Q2 25 | $388.4M | $129.1M | ||
| Q1 25 | $253.8M | $372.7M | ||
| Q4 24 | $220.1M | $81.1M | ||
| Q3 24 | $197.9M | $82.9M | ||
| Q2 24 | $281.8M | $270.1M | ||
| Q1 24 | $315.3M | $489.4M |
自由现金流NFGSR
| Q4 25 | $-2.7M | $-121.8M | ||
| Q3 25 | $-47.8M | $-227.6M | ||
| Q2 25 | $195.3M | $-91.4M | ||
| Q1 25 | $59.9M | $154.1M | ||
| Q4 24 | $-20.3M | $-179.5M | ||
| Q3 24 | $-49.1M | $-146.9M | ||
| Q2 24 | $79.5M | $47.9M | ||
| Q1 24 | $80.3M | $306.6M |
自由现金流率NFGSR
| Q4 25 | -0.4% | -16.0% | ||
| Q3 25 | -10.8% | -68.1% | ||
| Q2 25 | 37.0% | -21.7% | ||
| Q1 25 | 8.2% | 14.7% | ||
| Q4 24 | -4.0% | -26.8% | ||
| Q3 24 | -15.8% | -50.0% | ||
| Q2 24 | 23.5% | 11.6% | ||
| Q1 24 | 14.4% | 27.2% |
资本支出强度NFGSR
| Q4 25 | 43.5% | 26.6% | ||
| Q3 25 | 64.4% | 66.7% | ||
| Q2 25 | 36.6% | 52.3% | ||
| Q1 25 | 26.4% | 20.8% | ||
| Q4 24 | 46.8% | 38.9% | ||
| Q3 24 | 79.7% | 78.2% | ||
| Q2 24 | 59.7% | 53.7% | ||
| Q1 24 | 42.1% | 16.2% |
现金转化率NFGSR
| Q4 25 | 1.51× | 0.85× | ||
| Q3 25 | 2.21× | — | ||
| Q2 25 | 2.59× | 6.18× | ||
| Q1 25 | 1.17× | 1.78× | ||
| Q4 24 | 4.89× | 1.00× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | 1.90× | 2.40× |
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% |
SR
| Residential | $474.9M | 62% |
| Commercial And Industrial | $148.4M | 19% |
| Gas Marketing | $41.1M | 5% |
| Midstream | $39.0M | 5% |
| Transportation | $37.1M | 5% |
| Offsystem And Other Inventive | $19.7M | 3% |
| Other Customer Revenue | $4.6M | 1% |
