vs
NiSource（NI）与Rivian Automotive, Inc.（RIVN）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Rivian Automotive, Inc.的1.5倍（$1.9B vs $1.3B），NiSource净利率更高（13.7% vs -63.1%，领先76.7%），NiSource同比增速更快（22.5% vs -25.8%），NiSource自由现金流更多（$-133.7M vs $-1.1B），过去两年NiSource的营收复合增速更高（7.2% vs 3.3%）
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。
Rivian Automotive是2009年成立的美国电动汽车制造商及汽车科技企业，主打基于自研滑板平台打造的电动SUV、皮卡及EDV电动配送货车，旗下R1T皮卡于2021年末正式开启交付，还计划于2023年底前在美国和加拿大布局专属充电网络，其平台可适配新车型也可对外授权使用。
NI vs RIVN — 直观对比
营收规模更大
NI
是对方的1.5倍
$1.3B
营收增速更快
NI
高出48.4%
-25.8%
净利率更高
NI
高出76.7%
-63.1%
自由现金流更多
NI
多$1.0B
$-1.1B
两年增速更快
NI
近两年复合增速
3.3%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.9B | $1.3B |
| 净利润 | $257.8M | $-811.0M |
| 毛利率 | — | 9.3% |
| 营业利润率 | 27.3% | -64.8% |
| 净利率 | 13.7% | -63.1% |
| 营收同比 | 22.5% | -25.8% |
| 净利润同比 | 15.1% | -9.0% |
| 每股收益（稀释后） | $0.53 | $-0.66 |
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NIRIVN
| Q4 25 | $1.9B | $1.3B | ||
| Q3 25 | $1.2B | $1.6B | ||
| Q2 25 | $1.2B | $1.3B | ||
| Q1 25 | $2.1B | $1.2B | ||
| Q4 24 | $1.5B | $1.7B | ||
| Q3 24 | $1.0B | $874.0M | ||
| Q2 24 | $1.1B | $1.2B | ||
| Q1 24 | $1.6B | $1.2B |
净利润NIRIVN
| Q4 25 | $257.8M | $-811.0M | ||
| Q3 25 | $94.7M | $-1.2B | ||
| Q2 25 | $102.2M | $-1.1B | ||
| Q1 25 | $474.8M | $-545.0M | ||
| Q4 24 | $223.9M | $-744.0M | ||
| Q3 24 | $85.7M | $-1.1B | ||
| Q2 24 | $85.8M | $-1.5B | ||
| Q1 24 | $365.0M | $-1.4B |
毛利率NIRIVN
| Q4 25 | — | 9.3% | ||
| Q3 25 | — | 1.5% | ||
| Q2 25 | — | -15.8% | ||
| Q1 25 | — | 16.6% | ||
| Q4 24 | — | 9.8% | ||
| Q3 24 | — | -44.9% | ||
| Q2 24 | — | -38.9% | ||
| Q1 24 | — | -43.8% |
营业利润率NIRIVN
| Q4 25 | 27.3% | -64.8% | ||
| Q3 25 | 24.0% | -63.1% | ||
| Q2 25 | 21.1% | -85.5% | ||
| Q1 25 | 35.3% | -52.8% | ||
| Q4 24 | 27.1% | -38.1% | ||
| Q3 24 | 20.9% | -133.8% | ||
| Q2 24 | 22.5% | -118.7% | ||
| Q1 24 | 35.5% | -123.3% |
净利率NIRIVN
| Q4 25 | 13.7% | -63.1% | ||
| Q3 25 | 7.6% | -75.3% | ||
| Q2 25 | 8.2% | -85.7% | ||
| Q1 25 | 22.1% | -44.0% | ||
| Q4 24 | 14.5% | -42.9% | ||
| Q3 24 | 8.2% | -125.9% | ||
| Q2 24 | 8.1% | -125.8% | ||
| Q1 24 | 22.2% | -120.1% |
每股收益（稀释后）NIRIVN
| Q4 25 | $0.53 | $-0.66 | ||
| Q3 25 | $0.20 | $-0.96 | ||
| Q2 25 | $0.22 | $-0.97 | ||
| Q1 25 | $1.00 | $-0.48 | ||
| Q4 24 | $0.47 | $-0.67 | ||
| Q3 24 | $0.19 | $-1.08 | ||
| Q2 24 | $0.19 | $-1.46 | ||
| Q1 24 | $0.77 | $-1.48 |
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 | $6.1B |
| 总债务越低越好 | $15.5B | — |
| 股东权益账面价值 | $9.5B | $4.6B |
| 总资产 | $35.9B | $14.9B |
| 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NIRIVN
| Q4 25 | $110.1M | $6.1B | ||
| Q3 25 | $95.0M | $7.1B | ||
| Q2 25 | $335.4M | $7.5B | ||
| Q1 25 | $259.4M | $7.2B | ||
| Q4 24 | $156.6M | $7.7B | ||
| Q3 24 | $126.2M | $6.7B | ||
| Q2 24 | $101.2M | $7.9B | ||
| Q1 24 | $102.2M | $7.9B |
总债务NIRIVN
| 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 | $5.5B | ||
| Q1 24 | $11.7B | $4.4B |
股东权益NIRIVN
| Q4 25 | $9.5B | $4.6B | ||
| Q3 25 | $9.1B | $5.1B | ||
| Q2 25 | $8.9B | $6.1B | ||
| Q1 25 | $8.9B | $6.2B | ||
| Q4 24 | $8.7B | $6.6B | ||
| Q3 24 | $8.3B | $5.9B | ||
| Q2 24 | $7.9B | $6.8B | ||
| Q1 24 | $7.9B | $8.1B |
总资产NIRIVN
| Q4 25 | $35.9B | $14.9B | ||
| Q3 25 | $34.4B | $15.2B | ||
| Q2 25 | $34.0B | $15.6B | ||
| Q1 25 | $33.1B | $15.5B | ||
| Q4 24 | $31.8B | $15.4B | ||
| Q3 24 | $30.8B | $14.3B | ||
| Q2 24 | $29.9B | $15.4B | ||
| Q1 24 | $29.3B | $15.7B |
负债/权益比NIRIVN
| 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× | 0.81× | ||
| Q1 24 | 1.48× | 0.55× |
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 | $-681.0M |
| 自由现金流经营现金流 - 资本支出 | $-133.7M | $-1.1B |
| 自由现金流率自由现金流/营收 | -7.1% | -89.0% |
| 资本支出强度资本支出/营收 | 44.9% | 36.0% |
| 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 | $-2.5B |
8季度趋势，按日历期对齐
经营现金流NIRIVN
| Q4 25 | $712.6M | $-681.0M | ||
| Q3 25 | $467.9M | $26.0M | ||
| Q2 25 | $495.4M | $64.0M | ||
| Q1 25 | $686.4M | $-188.0M | ||
| Q4 24 | $539.8M | $1.2B | ||
| Q3 24 | $340.0M | $-876.0M | ||
| Q2 24 | $445.5M | $-754.0M | ||
| Q1 24 | $456.2M | $-1.3B |
自由现金流NIRIVN
| Q4 25 | $-133.7M | $-1.1B | ||
| Q3 25 | $-172.6M | $-421.0M | ||
| Q2 25 | $-162.8M | $-398.0M | ||
| Q1 25 | $49.1M | $-526.0M | ||
| Q4 24 | $-220.2M | $856.0M | ||
| Q3 24 | $-294.7M | $-1.2B | ||
| Q2 24 | $-184.3M | $-1.0B | ||
| Q1 24 | $-133.3M | $-1.5B |
自由现金流率NIRIVN
| Q4 25 | -7.1% | -89.0% | ||
| Q3 25 | -13.9% | -27.0% | ||
| Q2 25 | -13.1% | -30.5% | ||
| Q1 25 | 2.3% | -42.4% | ||
| Q4 24 | -14.3% | 49.4% | ||
| Q3 24 | -28.2% | -131.9% | ||
| Q2 24 | -17.5% | -89.6% | ||
| Q1 24 | -8.1% | -126.5% |
资本支出强度NIRIVN
| Q4 25 | 44.9% | 36.0% | ||
| Q3 25 | 51.6% | 28.7% | ||
| Q2 25 | 52.8% | 35.5% | ||
| Q1 25 | 29.6% | 27.3% | ||
| Q4 24 | 49.4% | 18.9% | ||
| Q3 24 | 60.7% | 31.7% | ||
| Q2 24 | 59.7% | 24.4% | ||
| Q1 24 | 35.9% | 21.1% |
现金转化率NIRIVN
| Q4 25 | 2.76× | — | ||
| Q3 25 | 4.94× | — | ||
| Q2 25 | 4.85× | — | ||
| Q1 25 | 1.45× | — | ||
| Q4 24 | 2.41× | — | ||
| Q3 24 | 3.97× | — | ||
| Q2 24 | 5.19× | — | ||
| Q1 24 | 1.25× | — |
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% |
RIVN
| Automotive Segment | $839.0M | 65% |
| Software And Services Segment | $447.0M | 35% |
| Regulatory Credits | $30.0M | 2% |
