vs
NiSource（NI）与罗致恒富（RHI）财务数据对比。点击上方公司名可切换其他公司
NiSource的季度营收约是罗致恒富的1.4倍（$1.9B vs $1.3B），NiSource同比增速更快（22.5% vs -5.8%），罗致恒富自由现金流更多（$170.8M vs $-133.7M），过去两年NiSource的营收复合增速更高（7.2% vs -6.1%）
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。
罗致恒富是1948年成立的国际人力资源咨询机构，总部位于加利福尼亚州门洛帕克和圣拉蒙，是全球规模领先的会计与金融领域人才派遣服务商之一，在全球范围内设有超过345个办公点。
NI vs RHI — 直观对比
营收规模更大
NI
是对方的1.4倍
$1.3B
营收增速更快
NI
高出28.3%
-5.8%
自由现金流更多
RHI
多$304.5M
$-133.7M
两年增速更快
NI
近两年复合增速
-6.1%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.9B | $1.3B |
| 净利润 | $257.8M | — |
| 毛利率 | — | 37.6% |
| 营业利润率 | 27.3% | 1.7% |
| 净利率 | 13.7% | — |
| 营收同比 | 22.5% | -5.8% |
| 净利润同比 | 15.1% | — |
| 每股收益（稀释后） | $0.53 | $0.32 |
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NIRHI
| Q4 25 | $1.9B | $1.3B | ||
| Q3 25 | $1.2B | $1.4B | ||
| Q2 25 | $1.2B | $1.4B | ||
| Q1 25 | $2.1B | $1.4B | ||
| Q4 24 | $1.5B | $1.4B | ||
| Q3 24 | $1.0B | $1.5B | ||
| Q2 24 | $1.1B | $1.5B | ||
| Q1 24 | $1.6B | $1.5B |
净利润NIRHI
| Q4 25 | $257.8M | — | ||
| Q3 25 | $94.7M | $42.9M | ||
| Q2 25 | $102.2M | $41.0M | ||
| Q1 25 | $474.8M | $17.4M | ||
| Q4 24 | $223.9M | — | ||
| Q3 24 | $85.7M | $65.5M | ||
| Q2 24 | $85.8M | $68.2M | ||
| Q1 24 | $365.0M | $63.7M |
毛利率NIRHI
| Q4 25 | — | 37.6% | ||
| Q3 25 | — | 37.2% | ||
| Q2 25 | — | 37.2% | ||
| Q1 25 | — | 36.9% | ||
| Q4 24 | — | 38.8% | ||
| Q3 24 | — | 39.0% | ||
| Q2 24 | — | 39.2% | ||
| Q1 24 | — | 38.1% |
营业利润率NIRHI
| Q4 25 | 27.3% | 1.7% | ||
| Q3 25 | 24.0% | 1.0% | ||
| Q2 25 | 21.1% | 0.1% | ||
| Q1 25 | 35.3% | 2.9% | ||
| Q4 24 | 27.1% | 4.7% | ||
| Q3 24 | 20.9% | 4.1% | ||
| Q2 24 | 22.5% | 5.1% | ||
| Q1 24 | 35.5% | 2.8% |
净利率NIRHI
| Q4 25 | 13.7% | — | ||
| Q3 25 | 7.6% | 3.2% | ||
| Q2 25 | 8.2% | 3.0% | ||
| Q1 25 | 22.1% | 1.3% | ||
| Q4 24 | 14.5% | — | ||
| Q3 24 | 8.2% | 4.5% | ||
| Q2 24 | 8.1% | 4.6% | ||
| Q1 24 | 22.2% | 4.3% |
每股收益（稀释后）NIRHI
| Q4 25 | $0.53 | $0.32 | ||
| Q3 25 | $0.20 | $0.43 | ||
| Q2 25 | $0.22 | $0.41 | ||
| Q1 25 | $1.00 | $0.17 | ||
| Q4 24 | $0.47 | $0.53 | ||
| Q3 24 | $0.19 | $0.64 | ||
| Q2 24 | $0.19 | $0.66 | ||
| Q1 24 | $0.77 | $0.61 |
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 | $464.4M |
| 总债务越低越好 | $15.5B | — |
| 股东权益账面价值 | $9.5B | $1.3B |
| 总资产 | $35.9B | $2.9B |
| 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NIRHI
| Q4 25 | $110.1M | $464.4M | ||
| Q3 25 | $95.0M | $365.3M | ||
| Q2 25 | $335.4M | $380.5M | ||
| Q1 25 | $259.4M | $342.5M | ||
| Q4 24 | $156.6M | $537.6M | ||
| Q3 24 | $126.2M | $570.5M | ||
| Q2 24 | $101.2M | $547.4M | ||
| Q1 24 | $102.2M | $540.9M |
总债务NIRHI
| Q4 25 | $15.5B | — | ||
| Q3 25 | $14.5B | — | ||
| Q2 25 | $14.5B | — | ||
| Q1 25 | $12.8B | — | ||
| Q4 24 | $12.1B | — | ||
| Q3 24 | $12.1B | — | ||
| Q2 24 | $12.8B | — | ||
| Q1 24 | $11.7B | — |
股东权益NIRHI
| Q4 25 | $9.5B | $1.3B | ||
| Q3 25 | $9.1B | $1.3B | ||
| Q2 25 | $8.9B | $1.3B | ||
| Q1 25 | $8.9B | $1.3B | ||
| Q4 24 | $8.7B | $1.4B | ||
| Q3 24 | $8.3B | $1.5B | ||
| Q2 24 | $7.9B | $1.5B | ||
| Q1 24 | $7.9B | $1.5B |
总资产NIRHI
| Q4 25 | $35.9B | $2.9B | ||
| Q3 25 | $34.4B | $2.8B | ||
| Q2 25 | $34.0B | $2.8B | ||
| Q1 25 | $33.1B | $2.7B | ||
| Q4 24 | $31.8B | $2.9B | ||
| Q3 24 | $30.8B | $3.0B | ||
| Q2 24 | $29.9B | $2.9B | ||
| Q1 24 | $29.3B | $2.9B |
负债/权益比NIRHI
| Q4 25 | 1.64× | — | ||
| Q3 25 | 1.59× | — | ||
| Q2 25 | 1.63× | — | ||
| Q1 25 | 1.44× | — | ||
| Q4 24 | 1.39× | — | ||
| Q3 24 | 1.45× | — | ||
| Q2 24 | 1.63× | — | ||
| Q1 24 | 1.48× | — |
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 | $182.5M |
| 自由现金流经营现金流 - 资本支出 | $-133.7M | $170.8M |
| 自由现金流率自由现金流/营收 | -7.1% | 13.1% |
| 资本支出强度资本支出/营收 | 44.9% | 0.9% |
| 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 | $266.8M |
8季度趋势，按日历期对齐
经营现金流NIRHI
| Q4 25 | $712.6M | $182.5M | ||
| Q3 25 | $467.9M | $77.4M | ||
| Q2 25 | $495.4M | $119.4M | ||
| Q1 25 | $686.4M | $-59.3M | ||
| Q4 24 | $539.8M | $154.8M | ||
| Q3 24 | $340.0M | $129.6M | ||
| Q2 24 | $445.5M | $142.0M | ||
| Q1 24 | $456.2M | $-15.9M |
自由现金流NIRHI
| Q4 25 | $-133.7M | $170.8M | ||
| Q3 25 | $-172.6M | $63.6M | ||
| Q2 25 | $-162.8M | $104.2M | ||
| Q1 25 | $49.1M | $-71.7M | ||
| Q4 24 | $-220.2M | $140.5M | ||
| Q3 24 | $-294.7M | $111.8M | ||
| Q2 24 | $-184.3M | $129.6M | ||
| Q1 24 | $-133.3M | $-27.7M |
自由现金流率NIRHI
| Q4 25 | -7.1% | 13.1% | ||
| Q3 25 | -13.9% | 4.7% | ||
| Q2 25 | -13.1% | 7.6% | ||
| Q1 25 | 2.3% | -5.3% | ||
| Q4 24 | -14.3% | 10.2% | ||
| Q3 24 | -28.2% | 7.6% | ||
| Q2 24 | -17.5% | 8.8% | ||
| Q1 24 | -8.1% | -1.9% |
资本支出强度NIRHI
| Q4 25 | 44.9% | 0.9% | ||
| Q3 25 | 51.6% | 1.0% | ||
| Q2 25 | 52.8% | 1.1% | ||
| Q1 25 | 29.6% | 0.9% | ||
| Q4 24 | 49.4% | 1.0% | ||
| Q3 24 | 60.7% | 1.2% | ||
| Q2 24 | 59.7% | 0.8% | ||
| Q1 24 | 35.9% | 0.8% |
现金转化率NIRHI
| Q4 25 | 2.76× | — | ||
| Q3 25 | 4.94× | 1.80× | ||
| Q2 25 | 4.85× | 2.91× | ||
| Q1 25 | 1.45× | -3.42× | ||
| Q4 24 | 2.41× | — | ||
| Q3 24 | 3.97× | 1.98× | ||
| Q2 24 | 5.19× | 2.08× | ||
| Q1 24 | 1.25× | -0.25× |
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% |
RHI
| Finance And Accounting | $535.2M | 41% |
| Protiviti | $479.0M | 37% |
| Technology | $156.4M | 12% |
| Permanent Placement Talent Solutions | $102.6M | 8% |
| Other | $29.2M | 2% |
