vs
NiSource（NI）与Rocket Companies, Inc.（RKT）财务数据对比。点击上方公司名可切换其他公司
Rocket Companies, Inc.的季度营收约是NiSource的1.4倍（$2.7B vs $1.9B），NiSource净利率更高（13.7% vs 2.5%，领先11.1%），Rocket Companies, Inc.同比增速更快（52.2% vs 22.5%），NiSource自由现金流更多（$-133.7M vs $-1.3B），过去两年Rocket Companies, Inc.的营收复合增速更高（39.5% 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。
Rocket Companies, Inc.是美国金融科技及住房服务企业，由丹·吉尔伯特创立，总部位于密歇根州底特律市中心。公司依托旗舰子公司Rocket Mortgage跻身美国最大抵押贷款提供商行列，旗下还拥有Redfin、Forsalebyowner.com、Rocket Money等子品牌。
NI vs RKT — 直观对比
营收规模更大
RKT
是对方的1.4倍
$1.9B
营收增速更快
RKT
高出29.6%
22.5%
净利率更高
NI
高出11.1%
2.5%
自由现金流更多
NI
多$1.1B
$-1.3B
两年增速更快
RKT
近两年复合增速
7.2%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.9B | $2.7B |
| 净利润 | $257.8M | $68.0M |
| 毛利率 | — | — |
| 营业利润率 | 27.3% | 6.3% |
| 净利率 | 13.7% | 2.5% |
| 营收同比 | 22.5% | 52.2% |
| 净利润同比 | 15.1% | 100.8% |
| 每股收益（稀释后） | $0.53 | $0.10 |
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NIRKT
| Q4 25 | $1.9B | $2.7B | ||
| Q3 25 | $1.2B | $1.6B | ||
| Q2 25 | $1.2B | $1.4B | ||
| Q1 25 | $2.1B | $1.0B | ||
| Q4 24 | $1.5B | $1.8B | ||
| Q3 24 | $1.0B | $646.9M | ||
| Q2 24 | $1.1B | $1.3B | ||
| Q1 24 | $1.6B | $1.4B |
净利润NIRKT
| Q4 25 | $257.8M | $68.0M | ||
| Q3 25 | $94.7M | $-123.9M | ||
| Q2 25 | $102.2M | $-1.8M | ||
| Q1 25 | $474.8M | $-10.4M | ||
| Q4 24 | $223.9M | $33.9M | ||
| Q3 24 | $85.7M | $-22.0M | ||
| Q2 24 | $85.8M | $1.3M | ||
| Q1 24 | $365.0M | $16.2M |
毛利率NIRKT
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 58.9% | ||
| Q3 24 | — | -8.4% | ||
| Q2 24 | — | 47.4% | ||
| Q1 24 | — | 51.2% |
营业利润率NIRKT
| Q4 25 | 27.3% | 6.3% | ||
| Q3 25 | 24.0% | -11.5% | ||
| Q2 25 | 21.1% | 1.8% | ||
| Q1 25 | 35.3% | -21.5% | ||
| Q4 24 | 27.1% | 38.1% | ||
| Q3 24 | 20.9% | -76.9% | ||
| Q2 24 | 22.5% | 14.8% | ||
| Q1 24 | 35.5% | 21.6% |
净利率NIRKT
| Q4 25 | 13.7% | 2.5% | ||
| Q3 25 | 7.6% | -7.7% | ||
| Q2 25 | 8.2% | -0.1% | ||
| Q1 25 | 22.1% | -1.0% | ||
| Q4 24 | 14.5% | 1.9% | ||
| Q3 24 | 8.2% | -3.4% | ||
| Q2 24 | 8.1% | 0.1% | ||
| Q1 24 | 22.2% | 1.2% |
每股收益（稀释后）NIRKT
| Q4 25 | $0.53 | $0.10 | ||
| Q3 25 | $0.20 | $-0.06 | ||
| Q2 25 | $0.22 | $-0.01 | ||
| Q1 25 | $1.00 | $-0.08 | ||
| Q4 24 | $0.47 | $0.28 | ||
| Q3 24 | $0.19 | $-0.19 | ||
| Q2 24 | $0.19 | $0.01 | ||
| 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 | $2.7B |
| 总债务越低越好 | $15.5B | — |
| 股东权益账面价值 | $9.5B | $22.9B |
| 总资产 | $35.9B | $60.7B |
| 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NIRKT
| Q4 25 | $110.1M | $2.7B | ||
| Q3 25 | $95.0M | $5.8B | ||
| Q2 25 | $335.4M | $5.1B | ||
| Q1 25 | $259.4M | $1.4B | ||
| Q4 24 | $156.6M | $1.3B | ||
| Q3 24 | $126.2M | $1.2B | ||
| Q2 24 | $101.2M | $1.3B | ||
| Q1 24 | $102.2M | $861.4M |
总债务NIRKT
| 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NIRKT
| Q4 25 | $9.5B | $22.9B | ||
| Q3 25 | $9.1B | $8.9B | ||
| Q2 25 | $8.9B | $7.4B | ||
| Q1 25 | $8.9B | $8.6B | ||
| Q4 24 | $8.7B | $9.0B | ||
| Q3 24 | $8.3B | $8.4B | ||
| Q2 24 | $7.9B | $8.8B | ||
| Q1 24 | $7.9B | $8.6B |
总资产NIRKT
| Q4 25 | $35.9B | $60.7B | ||
| Q3 25 | $34.4B | $33.6B | ||
| Q2 25 | $34.0B | $30.4B | ||
| Q1 25 | $33.1B | $25.3B | ||
| Q4 24 | $31.8B | $24.5B | ||
| Q3 24 | $30.8B | $25.1B | ||
| Q2 24 | $29.9B | $23.6B | ||
| Q1 24 | $29.3B | $22.2B |
负债/权益比NIRKT
| 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 | $-1.2B |
| 自由现金流经营现金流 - 资本支出 | $-133.7M | $-1.3B |
| 自由现金流率自由现金流/营收 | -7.1% | -47.2% |
| 资本支出强度资本支出/营收 | 44.9% | 1.5% |
| 现金转化率经营现金流/净利润 | 2.76× | -18.08× |
| 过去12个月自由现金流最近4个季度 | $-420.0M | $-4.0B |
8季度趋势，按日历期对齐
经营现金流NIRKT
| Q4 25 | $712.6M | $-1.2B | ||
| Q3 25 | $467.9M | $-50.3M | ||
| Q2 25 | $495.4M | $-1.9B | ||
| Q1 25 | $686.4M | $-797.0M | ||
| Q4 24 | $539.8M | $1.8B | ||
| Q3 24 | $340.0M | $-1.3B | ||
| Q2 24 | $445.5M | $-122.3M | ||
| Q1 24 | $456.2M | $-3.0B |
自由现金流NIRKT
| Q4 25 | $-133.7M | $-1.3B | ||
| Q3 25 | $-172.6M | $-71.8M | ||
| Q2 25 | $-162.8M | $-1.9B | ||
| Q1 25 | $49.1M | $-811.0M | ||
| Q4 24 | $-220.2M | $1.8B | ||
| Q3 24 | $-294.7M | $-1.4B | ||
| Q2 24 | $-184.3M | $-138.3M | ||
| Q1 24 | $-133.3M | $-3.0B |
自由现金流率NIRKT
| Q4 25 | -7.1% | -47.2% | ||
| Q3 25 | -13.9% | -4.5% | ||
| Q2 25 | -13.1% | -137.2% | ||
| Q1 25 | 2.3% | -78.2% | ||
| Q4 24 | -14.3% | 103.1% | ||
| Q3 24 | -28.2% | -209.6% | ||
| Q2 24 | -17.5% | -10.6% | ||
| Q1 24 | -8.1% | -218.7% |
资本支出强度NIRKT
| Q4 25 | 44.9% | 1.5% | ||
| Q3 25 | 51.6% | 1.3% | ||
| Q2 25 | 52.8% | 1.1% | ||
| Q1 25 | 29.6% | 1.4% | ||
| Q4 24 | 49.4% | 1.1% | ||
| Q3 24 | 60.7% | 2.9% | ||
| Q2 24 | 59.7% | 1.2% | ||
| Q1 24 | 35.9% | 1.0% |
现金转化率NIRKT
| Q4 25 | 2.76× | -18.08× | ||
| Q3 25 | 4.94× | — | ||
| Q2 25 | 4.85× | — | ||
| Q1 25 | 1.45× | — | ||
| Q4 24 | 2.41× | 54.42× | ||
| Q3 24 | 3.97× | — | ||
| Q2 24 | 5.19× | -94.46× | ||
| Q1 24 | 1.25× | -185.80× |
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% |
RKT
| Other | $1.4B | 51% |
| Direct To Customer Segment | $945.8M | 35% |
| Partner Network Segment | $216.7M | 8% |
| Subscription Revenue | $91.3M | 3% |
| Closing Fees | $47.1M | 2% |
| Appraisal Revenue | $10.7M | 0% |
