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NiSource（NI）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
NiSource的季度营收约是利氏兄弟拍卖行的1.6倍（$1.9B vs $1.2B），NiSource净利率更高（13.7% vs 9.1%，领先4.5%），NiSource同比增速更快（22.5% vs 5.4%），利氏兄弟拍卖行自由现金流更多（$186.5M vs $-133.7M），过去两年NiSource的营收复合增速更高（7.2% vs 6.3%）
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。
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。
NI vs RBA — 直观对比
营收规模更大
NI
是对方的1.6倍
$1.2B
营收增速更快
NI
高出17.1%
5.4%
净利率更高
NI
高出4.5%
9.1%
自由现金流更多
RBA
多$320.2M
$-133.7M
两年增速更快
NI
近两年复合增速
6.3%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.9B | $1.2B |
| 净利润 | $257.8M | $109.7M |
| 毛利率 | — | — |
| 营业利润率 | 27.3% | 14.7% |
| 净利率 | 13.7% | 9.1% |
| 营收同比 | 22.5% | 5.4% |
| 净利润同比 | 15.1% | -7.4% |
| 每股收益（稀释后） | $0.53 | $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NIRBA
| Q4 25 | $1.9B | $1.2B | ||
| Q3 25 | $1.2B | $1.1B | ||
| Q2 25 | $1.2B | $1.2B | ||
| Q1 25 | $2.1B | $1.1B | ||
| Q4 24 | $1.5B | $1.1B | ||
| Q3 24 | $1.0B | $981.8M | ||
| Q2 24 | $1.1B | $1.1B | ||
| Q1 24 | $1.6B | $1.1B |
净利润NIRBA
| Q4 25 | $257.8M | $109.7M | ||
| Q3 25 | $94.7M | $95.5M | ||
| Q2 25 | $102.2M | $109.8M | ||
| Q1 25 | $474.8M | $113.4M | ||
| Q4 24 | $223.9M | $118.5M | ||
| Q3 24 | $85.7M | $76.1M | ||
| Q2 24 | $85.8M | $111.1M | ||
| Q1 24 | $365.0M | $107.4M |
营业利润率NIRBA
| Q4 25 | 27.3% | 14.7% | ||
| Q3 25 | 24.0% | 14.5% | ||
| Q2 25 | 21.1% | 15.9% | ||
| Q1 25 | 35.3% | 17.1% | ||
| Q4 24 | 27.1% | 18.1% | ||
| Q3 24 | 20.9% | 15.6% | ||
| Q2 24 | 22.5% | 18.4% | ||
| Q1 24 | 35.5% | 18.7% |
净利率NIRBA
| Q4 25 | 13.7% | 9.1% | ||
| Q3 25 | 7.6% | 8.7% | ||
| Q2 25 | 8.2% | 9.3% | ||
| Q1 25 | 22.1% | 10.2% | ||
| Q4 24 | 14.5% | 10.4% | ||
| Q3 24 | 8.2% | 7.8% | ||
| Q2 24 | 8.1% | 10.1% | ||
| Q1 24 | 22.2% | 10.1% |
每股收益（稀释后）NIRBA
| Q4 25 | $0.53 | $0.53 | ||
| Q3 25 | $0.20 | $0.43 | ||
| Q2 25 | $0.22 | $0.53 | ||
| Q1 25 | $1.00 | $0.55 | ||
| Q4 24 | $0.47 | $0.58 | ||
| Q3 24 | $0.19 | $0.36 | ||
| Q2 24 | $0.19 | $0.54 | ||
| Q1 24 | $0.77 | $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 | $110.1M | $531.5M |
| 总债务越低越好 | $15.5B | $2.3B |
| 股东权益账面价值 | $9.5B | $5.6B |
| 总资产 | $35.9B | $12.1B |
| 负债/权益比越低杠杆越低 | 1.64× | 0.42× |
8季度趋势，按日历期对齐
现金及短期投资NIRBA
| Q4 25 | $110.1M | $531.5M | ||
| Q3 25 | $95.0M | $674.7M | ||
| Q2 25 | $335.4M | $710.2M | ||
| Q1 25 | $259.4M | $578.1M | ||
| Q4 24 | $156.6M | $533.9M | ||
| Q3 24 | $126.2M | $650.7M | ||
| Q2 24 | $101.2M | $599.5M | ||
| Q1 24 | $102.2M | $462.8M |
总债务NIRBA
| Q4 25 | $15.5B | $2.3B | ||
| Q3 25 | $14.5B | $2.6B | ||
| Q2 25 | $14.5B | $2.6B | ||
| Q1 25 | $12.8B | $2.6B | ||
| Q4 24 | $12.1B | $2.6B | ||
| Q3 24 | $12.1B | $2.7B | ||
| Q2 24 | $12.8B | $2.8B | ||
| Q1 24 | $11.7B | $2.9B |
股东权益NIRBA
| Q4 25 | $9.5B | $5.6B | ||
| Q3 25 | $9.1B | $5.5B | ||
| Q2 25 | $8.9B | $5.5B | ||
| Q1 25 | $8.9B | $5.3B | ||
| Q4 24 | $8.7B | $5.2B | ||
| Q3 24 | $8.3B | $5.2B | ||
| Q2 24 | $7.9B | $5.2B | ||
| Q1 24 | $7.9B | $5.1B |
总资产NIRBA
| Q4 25 | $35.9B | $12.1B | ||
| Q3 25 | $34.4B | $12.2B | ||
| Q2 25 | $34.0B | $12.2B | ||
| Q1 25 | $33.1B | $11.9B | ||
| Q4 24 | $31.8B | $11.8B | ||
| Q3 24 | $30.8B | $11.9B | ||
| Q2 24 | $29.9B | $12.1B | ||
| Q1 24 | $29.3B | $12.0B |
负债/权益比NIRBA
| Q4 25 | 1.64× | 0.42× | ||
| Q3 25 | 1.59× | 0.47× | ||
| Q2 25 | 1.63× | 0.47× | ||
| Q1 25 | 1.44× | 0.50× | ||
| Q4 24 | 1.39× | 0.50× | ||
| Q3 24 | 1.45× | 0.52× | ||
| Q2 24 | 1.63× | 0.55× | ||
| Q1 24 | 1.48× | 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 | $712.6M | $255.2M |
| 自由现金流经营现金流 - 资本支出 | $-133.7M | $186.5M |
| 自由现金流率自由现金流/营收 | -7.1% | 15.5% |
| 资本支出强度资本支出/营收 | 44.9% | 5.7% |
| 现金转化率经营现金流/净利润 | 2.76× | 2.33× |
| 过去12个月自由现金流最近4个季度 | $-420.0M | $719.2M |
8季度趋势，按日历期对齐
经营现金流NIRBA
| Q4 25 | $712.6M | $255.2M | ||
| Q3 25 | $467.9M | $239.7M | ||
| Q2 25 | $495.4M | $326.5M | ||
| Q1 25 | $686.4M | $156.8M | ||
| Q4 24 | $539.8M | $184.5M | ||
| Q3 24 | $340.0M | $285.4M | ||
| Q2 24 | $445.5M | $337.3M | ||
| Q1 24 | $456.2M | $124.8M |
自由现金流NIRBA
| Q4 25 | $-133.7M | $186.5M | ||
| Q3 25 | $-172.6M | $188.5M | ||
| Q2 25 | $-162.8M | $241.7M | ||
| Q1 25 | $49.1M | $102.5M | ||
| Q4 24 | $-220.2M | $127.9M | ||
| Q3 24 | $-294.7M | $248.5M | ||
| Q2 24 | $-184.3M | $308.6M | ||
| Q1 24 | $-133.3M | $79.6M |
自由现金流率NIRBA
| Q4 25 | -7.1% | 15.5% | ||
| Q3 25 | -13.9% | 17.3% | ||
| Q2 25 | -13.1% | 20.4% | ||
| Q1 25 | 2.3% | 9.2% | ||
| Q4 24 | -14.3% | 11.2% | ||
| Q3 24 | -28.2% | 25.3% | ||
| Q2 24 | -17.5% | 28.2% | ||
| Q1 24 | -8.1% | 7.5% |
资本支出强度NIRBA
| Q4 25 | 44.9% | 5.7% | ||
| Q3 25 | 51.6% | 4.7% | ||
| Q2 25 | 52.8% | 7.2% | ||
| Q1 25 | 29.6% | 4.9% | ||
| Q4 24 | 49.4% | 5.0% | ||
| Q3 24 | 60.7% | 3.8% | ||
| Q2 24 | 59.7% | 2.6% | ||
| Q1 24 | 35.9% | 4.2% |
现金转化率NIRBA
| Q4 25 | 2.76× | 2.33× | ||
| Q3 25 | 4.94× | 2.51× | ||
| Q2 25 | 4.85× | 2.97× | ||
| Q1 25 | 1.45× | 1.38× | ||
| Q4 24 | 2.41× | 1.56× | ||
| Q3 24 | 3.97× | 3.75× | ||
| Q2 24 | 5.19× | 3.04× | ||
| Q1 24 | 1.25× | 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
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% |
RBA
| Buyer Revenue | $577.2M | 48% |
| Seller Revenue | $255.2M | 21% |
| CA | $199.0M | 17% |
| Other | $124.7M | 10% |
| AU | $47.3M | 4% |
