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NiSource（NI）与RYDER SYSTEM INC（R）财务数据对比。点击上方公司名可切换其他公司
RYDER SYSTEM INC的季度营收约是NiSource的1.7倍（$3.1B vs $1.9B），NiSource净利率更高（13.7% vs 3.0%，领先10.7%），NiSource同比增速更快（22.5% vs 1.0%），RYDER SYSTEM INC自由现金流更多（$273.0M vs $-133.7M），过去两年NiSource的营收复合增速更高（7.2% vs -0.9%）
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。
Ryder System Inc.是美国专业运输物流服务商，总部位于佛罗里达州科勒尔盖布尔斯，业务覆盖美国及英国，核心业务包含卡车租赁、车队管理、供应链及运输管理，同时提供车辆维保、二手车销售、专业司机派遣、电商履约与最后一公里配送等多元服务。
NI vs R — 直观对比
营收规模更大
R
是对方的1.7倍
$1.9B
营收增速更快
NI
高出21.5%
1.0%
净利率更高
NI
高出10.7%
3.0%
自由现金流更多
R
多$406.7M
$-133.7M
两年增速更快
NI
近两年复合增速
-0.9%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $1.9B | $3.1B |
| 净利润 | $257.8M | $93.0M |
| 毛利率 | — | — |
| 营业利润率 | 27.3% | — |
| 净利率 | 13.7% | 3.0% |
| 营收同比 | 22.5% | 1.0% |
| 净利润同比 | 15.1% | -5.1% |
| 每股收益（稀释后） | $0.53 | $2.34 |
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NIR
| Q1 26 | — | $3.1B | ||
| Q4 25 | $1.9B | $3.2B | ||
| Q3 25 | $1.2B | $3.2B | ||
| Q2 25 | $1.2B | $3.2B | ||
| Q1 25 | $2.1B | $3.1B | ||
| Q4 24 | $1.5B | $3.2B | ||
| Q3 24 | $1.0B | $3.2B | ||
| Q2 24 | $1.1B | $3.2B |
净利润NIR
| Q1 26 | — | $93.0M | ||
| Q4 25 | $257.8M | $132.0M | ||
| Q3 25 | $94.7M | $138.0M | ||
| Q2 25 | $102.2M | $131.0M | ||
| Q1 25 | $474.8M | $98.0M | ||
| Q4 24 | $223.9M | $135.0M | ||
| Q3 24 | $85.7M | $142.0M | ||
| Q2 24 | $85.8M | $127.0M |
营业利润率NIR
| Q1 26 | — | — | ||
| Q4 25 | 27.3% | 5.6% | ||
| Q3 25 | 24.0% | 6.0% | ||
| Q2 25 | 21.1% | 5.8% | ||
| Q1 25 | 35.3% | 4.3% | ||
| Q4 24 | 27.1% | 5.7% | ||
| Q3 24 | 20.9% | 5.9% | ||
| Q2 24 | 22.5% | 5.6% |
净利率NIR
| Q1 26 | — | 3.0% | ||
| Q4 25 | 13.7% | 4.2% | ||
| Q3 25 | 7.6% | 4.4% | ||
| Q2 25 | 8.2% | 4.1% | ||
| Q1 25 | 22.1% | 3.1% | ||
| Q4 24 | 14.5% | 4.2% | ||
| Q3 24 | 8.2% | 4.5% | ||
| Q2 24 | 8.1% | 4.0% |
每股收益（稀释后）NIR
| Q1 26 | — | $2.34 | ||
| Q4 25 | $0.53 | $3.22 | ||
| Q3 25 | $0.20 | $3.32 | ||
| Q2 25 | $0.22 | $3.13 | ||
| Q1 25 | $1.00 | $2.27 | ||
| Q4 24 | $0.47 | $3.09 | ||
| Q3 24 | $0.19 | $3.24 | ||
| Q2 24 | $0.19 | $2.84 |
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 | $182.0M |
| 总债务越低越好 | $15.5B | — |
| 股东权益账面价值 | $9.5B | $2.9B |
| 总资产 | $35.9B | — |
| 负债/权益比越低杠杆越低 | 1.64× | — |
8季度趋势，按日历期对齐
现金及短期投资NIR
| Q1 26 | — | $182.0M | ||
| Q4 25 | $110.1M | $198.0M | ||
| Q3 25 | $95.0M | $189.0M | ||
| Q2 25 | $335.4M | $180.0M | ||
| Q1 25 | $259.4M | $151.0M | ||
| Q4 24 | $156.6M | $154.0M | ||
| Q3 24 | $126.2M | $162.0M | ||
| Q2 24 | $101.2M | $164.0M |
总债务NIR
| Q1 26 | — | — | ||
| Q4 25 | $15.5B | $6.8B | ||
| Q3 25 | $14.5B | $7.3B | ||
| Q2 25 | $14.5B | $7.0B | ||
| Q1 25 | $12.8B | $6.7B | ||
| Q4 24 | $12.1B | $6.7B | ||
| Q3 24 | $12.1B | $6.6B | ||
| Q2 24 | $12.8B | $6.5B |
股东权益NIR
| Q1 26 | — | $2.9B | ||
| Q4 25 | $9.5B | $3.1B | ||
| Q3 25 | $9.1B | $3.1B | ||
| Q2 25 | $8.9B | $3.1B | ||
| Q1 25 | $8.9B | $3.0B | ||
| Q4 24 | $8.7B | $3.1B | ||
| Q3 24 | $8.3B | $3.1B | ||
| Q2 24 | $7.9B | $3.1B |
总资产NIR
| Q1 26 | — | — | ||
| Q4 25 | $35.9B | $16.4B | ||
| Q3 25 | $34.4B | $16.5B | ||
| Q2 25 | $34.0B | $16.5B | ||
| Q1 25 | $33.1B | $16.4B | ||
| Q4 24 | $31.8B | $16.7B | ||
| Q3 24 | $30.8B | $16.5B | ||
| Q2 24 | $29.9B | $16.4B |
负债/权益比NIR
| Q1 26 | — | — | ||
| Q4 25 | 1.64× | 2.24× | ||
| Q3 25 | 1.59× | 2.35× | ||
| Q2 25 | 1.63× | 2.27× | ||
| Q1 25 | 1.44× | 2.21× | ||
| Q4 24 | 1.39× | 2.14× | ||
| Q3 24 | 1.45× | 2.17× | ||
| Q2 24 | 1.63× | 2.09× |
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 | $583.0M |
| 自由现金流经营现金流 - 资本支出 | $-133.7M | $273.0M |
| 自由现金流率自由现金流/营收 | -7.1% | 8.7% |
| 资本支出强度资本支出/营收 | 44.9% | 13.7% |
| 现金转化率经营现金流/净利润 | 2.76× | 6.27× |
| 过去12个月自由现金流最近4个季度 | $-420.0M | $595.0M |
8季度趋势，按日历期对齐
经营现金流NIR
| Q1 26 | — | $583.0M | ||
| Q4 25 | $712.6M | $749.0M | ||
| Q3 25 | $467.9M | $442.0M | ||
| Q2 25 | $495.4M | $752.0M | ||
| Q1 25 | $686.4M | $651.0M | ||
| Q4 24 | $539.8M | $558.0M | ||
| Q3 24 | $340.0M | $629.0M | ||
| Q2 24 | $445.5M | $552.0M |
自由现金流NIR
| Q1 26 | — | $273.0M | ||
| Q4 25 | $-133.7M | $344.0M | ||
| Q3 25 | $-172.6M | $-85.0M | ||
| Q2 25 | $-162.8M | $63.0M | ||
| Q1 25 | $49.1M | $137.0M | ||
| Q4 24 | $-220.2M | $-201.0M | ||
| Q3 24 | $-294.7M | $30.0M | ||
| Q2 24 | $-184.3M | $-87.0M |
自由现金流率NIR
| Q1 26 | — | 8.7% | ||
| Q4 25 | -7.1% | 10.8% | ||
| Q3 25 | -13.9% | -2.7% | ||
| Q2 25 | -13.1% | 2.0% | ||
| Q1 25 | 2.3% | 4.4% | ||
| Q4 24 | -14.3% | -6.3% | ||
| Q3 24 | -28.2% | 0.9% | ||
| Q2 24 | -17.5% | -2.7% |
资本支出强度NIR
| Q1 26 | — | 13.7% | ||
| Q4 25 | 44.9% | 12.8% | ||
| Q3 25 | 51.6% | 16.6% | ||
| Q2 25 | 52.8% | 21.6% | ||
| Q1 25 | 29.6% | 16.4% | ||
| Q4 24 | 49.4% | 23.8% | ||
| Q3 24 | 60.7% | 18.9% | ||
| Q2 24 | 59.7% | 20.1% |
现金转化率NIR
| Q1 26 | — | 6.27× | ||
| Q4 25 | 2.76× | 5.67× | ||
| Q3 25 | 4.94× | 3.20× | ||
| Q2 25 | 4.85× | 5.74× | ||
| Q1 25 | 1.45× | 6.64× | ||
| Q4 24 | 2.41× | 4.13× | ||
| Q3 24 | 3.97× | 4.43× | ||
| Q2 24 | 5.19× | 4.35× |
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% |
R
| Fleet Management Solutions | $1.5B | 47% |
| ChoiceLease | $878.0M | 28% |
| Dedicated Transportation Solutions | $553.0M | 18% |
| Commercial rental | $211.0M | 7% |
