vs
NiSource（NI）与罗克韦尔自动化（ROK）财务数据对比。点击上方公司名可切换其他公司
罗克韦尔自动化的季度营收约是NiSource的1.1倍（$2.1B vs $1.9B），罗克韦尔自动化净利率更高（14.5% vs 13.7%，领先0.8%），NiSource同比增速更快（22.5% vs 11.9%），罗克韦尔自动化自由现金流更多（$170.0M vs $-133.7M），过去两年NiSource的营收复合增速更高（7.2% vs -0.5%）
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。
罗克韦尔自动化是总部位于美国威斯康星州密尔沃基的工业自动化及数字化转型技术提供商，旗下拥有Allen-Bradley、FactoryTalk软件、LifecycleIQ服务等核心品牌，全球员工约2.7万人，服务覆盖100多个国家和地区的客户。
NI vs ROK — 直观对比
营收规模更大
ROK
是对方的1.1倍
$1.9B
营收增速更快
NI
高出10.6%
11.9%
净利率更高
ROK
高出0.8%
13.7%
自由现金流更多
ROK
多$303.7M
$-133.7M
两年增速更快
NI
近两年复合增速
-0.5%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $1.9B | $2.1B |
| 净利润 | $257.8M | $305.0M |
| 毛利率 | — | 48.3% |
| 营业利润率 | 27.3% | 20.7% |
| 净利率 | 13.7% | 14.5% |
| 营收同比 | 22.5% | 11.9% |
| 净利润同比 | 15.1% | 65.8% |
| 每股收益（稀释后） | $0.53 | $2.69 |
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NIROK
| Q4 25 | $1.9B | $2.1B | ||
| Q3 25 | $1.2B | $2.3B | ||
| Q2 25 | $1.2B | $2.1B | ||
| Q1 25 | $2.1B | $2.0B | ||
| Q4 24 | $1.5B | $1.9B | ||
| Q3 24 | $1.0B | $2.0B | ||
| Q2 24 | $1.1B | $2.1B | ||
| Q1 24 | $1.6B | $2.1B |
净利润NIROK
| Q4 25 | $257.8M | $305.0M | ||
| Q3 25 | $94.7M | $138.0M | ||
| Q2 25 | $102.2M | $295.0M | ||
| Q1 25 | $474.8M | $252.0M | ||
| Q4 24 | $223.9M | $184.0M | ||
| Q3 24 | $85.7M | $239.1M | ||
| Q2 24 | $85.8M | $232.0M | ||
| Q1 24 | $365.0M | $266.2M |
毛利率NIROK
| Q4 25 | — | 48.3% | ||
| Q3 25 | — | 69.4% | ||
| Q2 25 | — | 40.9% | ||
| Q1 25 | — | 40.5% | ||
| Q4 24 | — | 38.4% | ||
| Q3 24 | — | 37.9% | ||
| Q2 24 | — | 38.8% | ||
| Q1 24 | — | 39.2% |
营业利润率NIROK
| Q4 25 | 27.3% | 20.7% | ||
| Q3 25 | 24.0% | 2.7% | ||
| Q2 25 | 21.1% | 16.0% | ||
| Q1 25 | 35.3% | 14.9% | ||
| Q4 24 | 27.1% | 17.1% | ||
| Q3 24 | 20.9% | 13.5% | ||
| Q2 24 | 22.5% | 12.4% | ||
| Q1 24 | 35.5% | 14.6% |
净利率NIROK
| Q4 25 | 13.7% | 14.5% | ||
| Q3 25 | 7.6% | 6.0% | ||
| Q2 25 | 8.2% | 13.8% | ||
| Q1 25 | 22.1% | 12.6% | ||
| Q4 24 | 14.5% | 9.8% | ||
| Q3 24 | 8.2% | 11.7% | ||
| Q2 24 | 8.1% | 11.3% | ||
| Q1 24 | 22.2% | 12.5% |
每股收益（稀释后）NIROK
| Q4 25 | $0.53 | $2.69 | ||
| Q3 25 | $0.20 | $1.24 | ||
| Q2 25 | $0.22 | $2.60 | ||
| Q1 25 | $1.00 | $2.22 | ||
| Q4 24 | $0.47 | $1.61 | ||
| Q3 24 | $0.19 | $2.09 | ||
| Q2 24 | $0.19 | $2.02 | ||
| Q1 24 | $0.77 | $2.31 |
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 | $444.0M |
| 总债务越低越好 | $15.5B | — |
| 股东权益账面价值 | $9.5B | $3.7B |
| 总资产 | $35.9B | $11.2B |
| 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NIROK
| Q4 25 | $110.1M | $444.0M | ||
| Q3 25 | $95.0M | $468.0M | ||
| Q2 25 | $335.4M | $495.0M | ||
| Q1 25 | $259.4M | $456.0M | ||
| Q4 24 | $156.6M | $477.0M | ||
| Q3 24 | $126.2M | $471.3M | ||
| Q2 24 | $101.2M | $407.0M | ||
| Q1 24 | $102.2M | $470.5M |
总债务NIROK
| Q4 25 | $15.5B | — | ||
| Q3 25 | $14.5B | $2.6B | ||
| Q2 25 | $14.5B | — | ||
| Q1 25 | $12.8B | — | ||
| Q4 24 | $12.1B | — | ||
| Q3 24 | $12.1B | $2.6B | ||
| Q2 24 | $12.8B | — | ||
| Q1 24 | $11.7B | — |
股东权益NIROK
| Q4 25 | $9.5B | $3.7B | ||
| Q3 25 | $9.1B | $3.7B | ||
| Q2 25 | $8.9B | $3.5B | ||
| Q1 25 | $8.9B | $3.4B | ||
| Q4 24 | $8.7B | $3.4B | ||
| Q3 24 | $8.3B | $3.5B | ||
| Q2 24 | $7.9B | $3.3B | ||
| Q1 24 | $7.9B | $3.5B |
总资产NIROK
| Q4 25 | $35.9B | $11.2B | ||
| Q3 25 | $34.4B | $11.2B | ||
| Q2 25 | $34.0B | $11.2B | ||
| Q1 25 | $33.1B | $11.0B | ||
| Q4 24 | $31.8B | $10.9B | ||
| Q3 24 | $30.8B | $11.2B | ||
| Q2 24 | $29.9B | $11.2B | ||
| Q1 24 | $29.3B | $11.4B |
负债/权益比NIROK
| Q4 25 | 1.64× | — | ||
| Q3 25 | 1.59× | 0.72× | ||
| Q2 25 | 1.63× | — | ||
| Q1 25 | 1.44× | — | ||
| Q4 24 | 1.39× | — | ||
| Q3 24 | 1.45× | 0.73× | ||
| 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 | $234.0M |
| 自由现金流经营现金流 - 资本支出 | $-133.7M | $170.0M |
| 自由现金流率自由现金流/营收 | -7.1% | 8.1% |
| 资本支出强度资本支出/营收 | 44.9% | 3.0% |
| 现金转化率经营现金流/净利润 | 2.76× | 0.77× |
| 过去12个月自由现金流最近4个季度 | $-420.0M | — |
8季度趋势，按日历期对齐
经营现金流NIROK
| Q4 25 | $712.6M | $234.0M | ||
| Q3 25 | $467.9M | $454.0M | ||
| Q2 25 | $495.4M | $527.0M | ||
| Q1 25 | $686.4M | $199.0M | ||
| Q4 24 | $539.8M | $364.0M | ||
| Q3 24 | $340.0M | $432.3M | ||
| Q2 24 | $445.5M | $279.1M | ||
| Q1 24 | $456.2M | $119.8M |
自由现金流NIROK
| Q4 25 | $-133.7M | $170.0M | ||
| Q3 25 | $-172.6M | — | ||
| Q2 25 | $-162.8M | $489.0M | ||
| Q1 25 | $49.1M | $171.0M | ||
| Q4 24 | $-220.2M | $293.0M | ||
| Q3 24 | $-294.7M | — | ||
| Q2 24 | $-184.3M | $238.4M | ||
| Q1 24 | $-133.3M | $68.6M |
自由现金流率NIROK
| Q4 25 | -7.1% | 8.1% | ||
| Q3 25 | -13.9% | — | ||
| Q2 25 | -13.1% | 22.8% | ||
| Q1 25 | 2.3% | 8.5% | ||
| Q4 24 | -14.3% | 15.6% | ||
| Q3 24 | -28.2% | — | ||
| Q2 24 | -17.5% | 11.6% | ||
| Q1 24 | -8.1% | 3.2% |
资本支出强度NIROK
| Q4 25 | 44.9% | 3.0% | ||
| Q3 25 | 51.6% | — | ||
| Q2 25 | 52.8% | 1.8% | ||
| Q1 25 | 29.6% | 1.4% | ||
| Q4 24 | 49.4% | 3.8% | ||
| Q3 24 | 60.7% | — | ||
| Q2 24 | 59.7% | 2.0% | ||
| Q1 24 | 35.9% | 2.4% |
现金转化率NIROK
| Q4 25 | 2.76× | 0.77× | ||
| Q3 25 | 4.94× | 3.29× | ||
| Q2 25 | 4.85× | 1.79× | ||
| Q1 25 | 1.45× | 0.79× | ||
| Q4 24 | 2.41× | 1.98× | ||
| Q3 24 | 3.97× | 1.81× | ||
| Q2 24 | 5.19× | 1.20× | ||
| Q1 24 | 1.25× | 0.45× |
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% |
ROK
| Productsand Solutions | $1.9B | 89% |
| Lifecycle Services Segment | $259.0M | 12% |
