vs
NiSource（NI）与滨特尔（PNR）财务数据对比。点击上方公司名可切换其他公司
NiSource的季度营收约是滨特尔的1.8倍（$1.9B vs $1.0B），滨特尔净利率更高（16.6% vs 13.7%，领先3.0%），NiSource同比增速更快（22.5% vs 2.6%），滨特尔自由现金流更多（$-85.7M vs $-133.7M），过去两年NiSource的营收复合增速更高（7.2% vs -2.9%）
NiSource是美国规模最大的受全面监管公用事业企业之一，总部位于印第安纳州梅里尔维尔，员工规模超8000人。公司旗下拥有Columbia Gas、NIPSCO两大本土品牌，业务覆盖美国六个州，为约350万天然气用户、50万电力用户提供服务，2018年时是印第安纳州唯一的本土公用事业企业。
滨特尔（股票代码PNR）是知名水处理企业，注册地位于爱尔兰，税务居民身份归属英国，美国区总部设于明尼苏达州金谷市。品牌起源于美国，2017年数据显示其65%的营收来自美国和加拿大，2014年集团完成架构重组，注册地由瑞士变更为爱尔兰。
NI vs PNR — 直观对比
营收规模更大
NI
是对方的1.8倍
$1.0B
营收增速更快
NI
高出19.9%
2.6%
净利率更高
PNR
高出3.0%
13.7%
自由现金流更多
PNR
多$48.0M
$-133.7M
两年增速更快
NI
近两年复合增速
-2.9%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $1.9B | $1.0B |
| 净利润 | $257.8M | $172.4M |
| 毛利率 | — | 41.8% |
| 营业利润率 | 27.3% | 20.3% |
| 净利率 | 13.7% | 16.6% |
| 营收同比 | 22.5% | 2.6% |
| 净利润同比 | 15.1% | 11.3% |
| 每股收益（稀释后） | $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NIPNR
| Q1 26 | — | $1.0B | ||
| Q4 25 | $1.9B | $1.0B | ||
| Q3 25 | $1.2B | $1.0B | ||
| Q2 25 | $1.2B | $1.1B | ||
| Q1 25 | $2.1B | $1.0B | ||
| Q4 24 | $1.5B | $972.9M | ||
| Q3 24 | $1.0B | $993.4M | ||
| Q2 24 | $1.1B | $1.1B |
净利润NIPNR
| Q1 26 | — | $172.4M | ||
| Q4 25 | $257.8M | $166.1M | ||
| Q3 25 | $94.7M | $184.3M | ||
| Q2 25 | $102.2M | $148.5M | ||
| Q1 25 | $474.8M | $154.9M | ||
| Q4 24 | $223.9M | $166.4M | ||
| Q3 24 | $85.7M | $139.6M | ||
| Q2 24 | $85.8M | $186.1M |
毛利率NIPNR
| Q1 26 | — | 41.8% | ||
| Q4 25 | — | 40.4% | ||
| Q3 25 | — | 41.0% | ||
| Q2 25 | — | 40.7% | ||
| Q1 25 | — | 39.9% | ||
| Q4 24 | — | 38.8% | ||
| Q3 24 | — | 39.6% | ||
| Q2 24 | — | 39.8% |
营业利润率NIPNR
| Q1 26 | — | 20.3% | ||
| Q4 25 | 27.3% | 20.1% | ||
| Q3 25 | 24.0% | 22.7% | ||
| Q2 25 | 21.1% | 19.4% | ||
| Q1 25 | 35.3% | 20.1% | ||
| Q4 24 | 27.1% | 20.1% | ||
| Q3 24 | 20.9% | 18.1% | ||
| Q2 24 | 22.5% | 22.6% |
净利率NIPNR
| Q1 26 | — | 16.6% | ||
| Q4 25 | 13.7% | 16.3% | ||
| Q3 25 | 7.6% | 18.0% | ||
| Q2 25 | 8.2% | 13.2% | ||
| Q1 25 | 22.1% | 15.3% | ||
| Q4 24 | 14.5% | 17.1% | ||
| Q3 24 | 8.2% | 14.1% | ||
| Q2 24 | 8.1% | 16.9% |
每股收益（稀释后）NIPNR
| Q1 26 | — | — | ||
| Q4 25 | $0.53 | $1.01 | ||
| Q3 25 | $0.20 | $1.12 | ||
| Q2 25 | $0.22 | $0.90 | ||
| Q1 25 | $1.00 | $0.93 | ||
| Q4 24 | $0.47 | $0.99 | ||
| Q3 24 | $0.19 | $0.84 | ||
| Q2 24 | $0.19 | $1.11 |
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 | $110.1M | $67.7M |
| 总债务越低越好 | $15.5B | $1.9B |
| 股东权益账面价值 | $9.5B | $3.8B |
| 总资产 | $35.9B | $7.1B |
| 负债/权益比越低杠杆越低 | 1.64× | 0.51× |
8季度趋势，按日历期对齐
现金及短期投资NIPNR
| Q1 26 | — | $67.7M | ||
| Q4 25 | $110.1M | — | ||
| Q3 25 | $95.0M | $128.4M | ||
| Q2 25 | $335.4M | $143.0M | ||
| Q1 25 | $259.4M | $140.6M | ||
| Q4 24 | $156.6M | $118.7M | ||
| Q3 24 | $126.2M | $218.1M | ||
| Q2 24 | $101.2M | $214.3M |
总债务NIPNR
| Q1 26 | — | $1.9B | ||
| Q4 25 | $15.5B | $1.6B | ||
| Q3 25 | $14.5B | $1.6B | ||
| Q2 25 | $14.5B | $1.4B | ||
| Q1 25 | $12.8B | $1.8B | ||
| Q4 24 | $12.1B | $1.6B | ||
| Q3 24 | $12.1B | — | ||
| Q2 24 | $12.8B | $1.8B |
股东权益NIPNR
| Q1 26 | — | $3.8B | ||
| Q4 25 | $9.5B | $3.9B | ||
| Q3 25 | $9.1B | $3.8B | ||
| Q2 25 | $8.9B | $3.7B | ||
| Q1 25 | $8.9B | $3.6B | ||
| Q4 24 | $8.7B | $3.6B | ||
| Q3 24 | $8.3B | $3.5B | ||
| Q2 24 | $7.9B | $3.4B |
总资产NIPNR
| Q1 26 | — | $7.1B | ||
| Q4 25 | $35.9B | $6.9B | ||
| Q3 25 | $34.4B | $6.8B | ||
| Q2 25 | $34.0B | $6.5B | ||
| Q1 25 | $33.1B | $6.7B | ||
| Q4 24 | $31.8B | $6.4B | ||
| Q3 24 | $30.8B | $6.5B | ||
| Q2 24 | $29.9B | $6.5B |
负债/权益比NIPNR
| Q1 26 | — | 0.51× | ||
| Q4 25 | 1.64× | 0.42× | ||
| Q3 25 | 1.59× | 0.42× | ||
| Q2 25 | 1.63× | 0.38× | ||
| Q1 25 | 1.44× | 0.51× | ||
| Q4 24 | 1.39× | 0.46× | ||
| Q3 24 | 1.45× | — | ||
| Q2 24 | 1.63× | 0.51× |
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 | $712.6M | — |
| 自由现金流经营现金流 - 资本支出 | $-133.7M | $-85.7M |
| 自由现金流率自由现金流/营收 | -7.1% | -8.3% |
| 资本支出强度资本支出/营收 | 44.9% | 1.8% |
| 现金转化率经营现金流/净利润 | 2.76× | — |
| 过去12个月自由现金流最近4个季度 | $-420.0M | $716.0M |
8季度趋势，按日历期对齐
经营现金流NIPNR
| Q1 26 | — | — | ||
| Q4 25 | $712.6M | $50.8M | ||
| Q3 25 | $467.9M | $196.3M | ||
| Q2 25 | $495.4M | $606.6M | ||
| Q1 25 | $686.4M | $-38.9M | ||
| Q4 24 | $539.8M | $86.5M | ||
| Q3 24 | $340.0M | $248.6M | ||
| Q2 24 | $445.5M | $539.2M |
自由现金流NIPNR
| Q1 26 | — | $-85.7M | ||
| Q4 25 | $-133.7M | $27.1M | ||
| Q3 25 | $-172.6M | $178.9M | ||
| Q2 25 | $-162.8M | $595.7M | ||
| Q1 25 | $49.1M | $-55.7M | ||
| Q4 24 | $-220.2M | $63.8M | ||
| Q3 24 | $-294.7M | $233.2M | ||
| Q2 24 | $-184.3M | $522.2M |
自由现金流率NIPNR
| Q1 26 | — | -8.3% | ||
| Q4 25 | -7.1% | 2.7% | ||
| Q3 25 | -13.9% | 17.5% | ||
| Q2 25 | -13.1% | 53.0% | ||
| Q1 25 | 2.3% | -5.5% | ||
| Q4 24 | -14.3% | 6.6% | ||
| Q3 24 | -28.2% | 23.5% | ||
| Q2 24 | -17.5% | 47.5% |
资本支出强度NIPNR
| Q1 26 | — | 1.8% | ||
| Q4 25 | 44.9% | 2.3% | ||
| Q3 25 | 51.6% | 1.7% | ||
| Q2 25 | 52.8% | 1.0% | ||
| Q1 25 | 29.6% | 1.7% | ||
| Q4 24 | 49.4% | 2.3% | ||
| Q3 24 | 60.7% | 1.6% | ||
| Q2 24 | 59.7% | 1.5% |
现金转化率NIPNR
| Q1 26 | — | — | ||
| Q4 25 | 2.76× | 0.31× | ||
| Q3 25 | 4.94× | 1.07× | ||
| Q2 25 | 4.85× | 4.08× | ||
| Q1 25 | 1.45× | -0.25× | ||
| Q4 24 | 2.41× | 0.52× | ||
| Q3 24 | 3.97× | 1.78× | ||
| Q2 24 | 5.19× | 2.90× |
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
NI
| Residential | $703.6M | 37% |
| Ni Source Electric Generation And Power Delivery | $525.6M | 28% |
| NIPSCO Gas Distribution | $348.1M | 18% |
| Commercial | $235.9M | 13% |
| Industrial | $45.9M | 2% |
| Offsystem | $16.9M | 1% |
| Misc. | $9.6M | 1% |
| Related Party | $3.3M | 0% |
PNR
| Water Solutions | $391.0M | 38% |
| Pool | $387.1M | 37% |
| Flow | $258.1M | 25% |
