vs
NiSource（NI）与越洋钻探（RIG）财务数据对比。点击上方公司名可切换其他公司
NiSource的季度营收约是越洋钻探的1.8倍（$1.9B vs $1.0B），NiSource净利率更高（13.7% vs 2.4%，领先11.3%），NiSource同比增速更快（22.5% vs 9.6%），越洋钻探自由现金流更多（$321.0M vs $-133.7M），过去两年越洋钻探的营收复合增速更高（16.9% vs 7.2%）
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。
越洋钻探（Transocean Ltd.）是按营收计全球规模最大的海上钻探承包商，总部位于瑞士施泰因豪森，起源于美国，目前在加拿大、美国、挪威、英国、印度、巴西、新加坡等20个国家设有办事机构，业务覆盖全球主要海上油气开采区域。
NI vs RIG — 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13.0%
9.6%
净利率更高
NI
高出11.3%
2.4%
自由现金流更多
RIG
多$454.7M
$-133.7M
两年增速更快
RIG
近两年复合增速
7.2%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.9B | $1.0B |
| 净利润 | $257.8M | $25.0M |
| 毛利率 | — | 42.0% |
| 营业利润率 | 27.3% | 23.0% |
| 净利率 | 13.7% | 2.4% |
| 营收同比 | 22.5% | 9.6% |
| 净利润同比 | 15.1% | 257.1% |
| 每股收益（稀释后） | $0.53 | $0.13 |
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NIRIG
| Q4 25 | $1.9B | $1.0B | ||
| Q3 25 | $1.2B | $1.0B | ||
| Q2 25 | $1.2B | $988.0M | ||
| Q1 25 | $2.1B | $906.0M | ||
| Q4 24 | $1.5B | $952.0M | ||
| Q3 24 | $1.0B | $948.0M | ||
| Q2 24 | $1.1B | $861.0M | ||
| Q1 24 | $1.6B | $763.0M |
净利润NIRIG
| Q4 25 | $257.8M | $25.0M | ||
| Q3 25 | $94.7M | $-1.9B | ||
| Q2 25 | $102.2M | $-938.0M | ||
| Q1 25 | $474.8M | $-79.0M | ||
| Q4 24 | $223.9M | $7.0M | ||
| Q3 24 | $85.7M | $-494.0M | ||
| Q2 24 | $85.8M | $-123.0M | ||
| Q1 24 | $365.0M | $98.0M |
毛利率NIRIG
| Q4 25 | — | 42.0% | ||
| Q3 25 | — | 43.2% | ||
| Q2 25 | — | 39.4% | ||
| Q1 25 | — | 31.8% | ||
| Q4 24 | — | 39.2% | ||
| Q3 24 | — | 40.6% | ||
| Q2 24 | — | 38.0% | ||
| Q1 24 | — | 31.5% |
营业利润率NIRIG
| Q4 25 | 27.3% | 23.0% | ||
| Q3 25 | 24.0% | -163.1% | ||
| Q2 25 | 21.1% | -97.6% | ||
| Q1 25 | 35.3% | 7.1% | ||
| Q4 24 | 27.1% | 13.7% | ||
| Q3 24 | 20.9% | -51.2% | ||
| Q2 24 | 22.5% | -6.9% | ||
| Q1 24 | 35.5% | -0.4% |
净利率NIRIG
| Q4 25 | 13.7% | 2.4% | ||
| Q3 25 | 7.6% | -187.1% | ||
| Q2 25 | 8.2% | -94.9% | ||
| Q1 25 | 22.1% | -8.7% | ||
| Q4 24 | 14.5% | 0.7% | ||
| Q3 24 | 8.2% | -52.1% | ||
| Q2 24 | 8.1% | -14.3% | ||
| Q1 24 | 22.2% | 12.8% |
每股收益（稀释后）NIRIG
| Q4 25 | $0.53 | $0.13 | ||
| Q3 25 | $0.20 | $-2.00 | ||
| Q2 25 | $0.22 | $-1.06 | ||
| Q1 25 | $1.00 | $-0.11 | ||
| Q4 24 | $0.47 | $-0.14 | ||
| Q3 24 | $0.19 | $-0.58 | ||
| Q2 24 | $0.19 | $-0.15 | ||
| Q1 24 | $0.77 | $0.11 |
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 | $620.0M |
| 总债务越低越好 | $15.5B | $5.2B |
| 股东权益账面价值 | $9.5B | $8.1B |
| 总资产 | $35.9B | $15.6B |
| 负债/权益比越低杠杆越低 | 1.64× | 0.64× |
8季度趋势，按日历期对齐
现金及短期投资NIRIG
| Q4 25 | $110.1M | $620.0M | ||
| Q3 25 | $95.0M | $833.0M | ||
| Q2 25 | $335.4M | $377.0M | ||
| Q1 25 | $259.4M | $263.0M | ||
| Q4 24 | $156.6M | $560.0M | ||
| Q3 24 | $126.2M | $435.0M | ||
| Q2 24 | $101.2M | $475.0M | ||
| Q1 24 | $102.2M | $446.0M |
总债务NIRIG
| Q4 25 | $15.5B | $5.2B | ||
| Q3 25 | $14.5B | $4.8B | ||
| Q2 25 | $14.5B | $5.9B | ||
| Q1 25 | $12.8B | $5.9B | ||
| Q4 24 | $12.1B | $6.2B | ||
| Q3 24 | $12.1B | $6.5B | ||
| Q2 24 | $12.8B | $6.8B | ||
| Q1 24 | $11.7B | $6.8B |
股东权益NIRIG
| Q4 25 | $9.5B | $8.1B | ||
| Q3 25 | $9.1B | $8.1B | ||
| Q2 25 | $8.9B | $9.4B | ||
| Q1 25 | $8.9B | $10.2B | ||
| Q4 24 | $8.7B | $10.3B | ||
| Q3 24 | $8.3B | $10.2B | ||
| Q2 24 | $7.9B | $10.7B | ||
| Q1 24 | $7.9B | $10.5B |
总资产NIRIG
| Q4 25 | $35.9B | $15.6B | ||
| Q3 25 | $34.4B | $16.2B | ||
| Q2 25 | $34.0B | $17.8B | ||
| Q1 25 | $33.1B | $19.0B | ||
| Q4 24 | $31.8B | $19.4B | ||
| Q3 24 | $30.8B | $19.5B | ||
| Q2 24 | $29.9B | $20.3B | ||
| Q1 24 | $29.3B | $19.9B |
负债/权益比NIRIG
| Q4 25 | 1.64× | 0.64× | ||
| Q3 25 | 1.59× | 0.60× | ||
| Q2 25 | 1.63× | 0.63× | ||
| Q1 25 | 1.44× | 0.58× | ||
| Q4 24 | 1.39× | 0.60× | ||
| Q3 24 | 1.45× | 0.64× | ||
| Q2 24 | 1.63× | 0.63× | ||
| Q1 24 | 1.48× | 0.65× |
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 | $349.0M |
| 自由现金流经营现金流 - 资本支出 | $-133.7M | $321.0M |
| 自由现金流率自由现金流/营收 | -7.1% | 30.8% |
| 资本支出强度资本支出/营收 | 44.9% | 2.7% |
| 现金转化率经营现金流/净利润 | 2.76× | 13.96× |
| 过去12个月自由现金流最近4个季度 | $-420.0M | $626.0M |
8季度趋势，按日历期对齐
经营现金流NIRIG
| Q4 25 | $712.6M | $349.0M | ||
| Q3 25 | $467.9M | $246.0M | ||
| Q2 25 | $495.4M | $128.0M | ||
| Q1 25 | $686.4M | $26.0M | ||
| Q4 24 | $539.8M | $206.0M | ||
| Q3 24 | $340.0M | $194.0M | ||
| Q2 24 | $445.5M | $133.0M | ||
| Q1 24 | $456.2M | $-86.0M |
自由现金流NIRIG
| Q4 25 | $-133.7M | $321.0M | ||
| Q3 25 | $-172.6M | $235.0M | ||
| Q2 25 | $-162.8M | $104.0M | ||
| Q1 25 | $49.1M | $-34.0M | ||
| Q4 24 | $-220.2M | $177.0M | ||
| Q3 24 | $-294.7M | $136.0M | ||
| Q2 24 | $-184.3M | $49.0M | ||
| Q1 24 | $-133.3M | $-169.0M |
自由现金流率NIRIG
| Q4 25 | -7.1% | 30.8% | ||
| Q3 25 | -13.9% | 22.9% | ||
| Q2 25 | -13.1% | 10.5% | ||
| Q1 25 | 2.3% | -3.8% | ||
| Q4 24 | -14.3% | 18.6% | ||
| Q3 24 | -28.2% | 14.3% | ||
| Q2 24 | -17.5% | 5.7% | ||
| Q1 24 | -8.1% | -22.1% |
资本支出强度NIRIG
| Q4 25 | 44.9% | 2.7% | ||
| Q3 25 | 51.6% | 1.1% | ||
| Q2 25 | 52.8% | 2.4% | ||
| Q1 25 | 29.6% | 6.6% | ||
| Q4 24 | 49.4% | 3.0% | ||
| Q3 24 | 60.7% | 6.1% | ||
| Q2 24 | 59.7% | 9.8% | ||
| Q1 24 | 35.9% | 10.9% |
现金转化率NIRIG
| Q4 25 | 2.76× | 13.96× | ||
| Q3 25 | 4.94× | — | ||
| Q2 25 | 4.85× | — | ||
| Q1 25 | 1.45× | — | ||
| Q4 24 | 2.41× | 29.43× | ||
| Q3 24 | 3.97× | — | ||
| Q2 24 | 5.19× | — | ||
| Q1 24 | 1.25× | -0.88× |
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% |
RIG
| Ultra Deepwater Floaters | $433.0M | 42% |
| BR | $236.0M | 23% |
| Other Geographical | $211.0M | 20% |
| Harsh Environment Floaters | $163.0M | 16% |
