vs
NiSource（NI）与RUSH ENTERPRISES INC \TX\（RUSHA）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RUSH ENTERPRISES INC \TX\的1.1倍（$1.9B vs $1.7B），NiSource净利率更高（13.7% vs 3.7%，领先10.0%），NiSource同比增速更快（22.5% vs -9.0%），RUSH ENTERPRISES INC \TX\自由现金流更多（$411.6M vs $-133.7M），过去两年NiSource的营收复合增速更高（7.2% vs -6.8%）
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。
Rush Enterprises是总部位于美国得克萨斯州新布朗费尔斯的商用车经销商，核心业务是通过旗下Rush Truck Centers销售全新及二手卡车。2019年该公司在全美20个州运营超200家卡车中心，在加拿大设有14个网点，2020年入选财富500强榜单。
NI vs RUSHA — 直观对比
营收规模更大
NI
是对方的1.1倍
$1.7B
营收增速更快
NI
高出31.5%
-9.0%
净利率更高
NI
高出10.0%
3.7%
自由现金流更多
RUSHA
多$545.3M
$-133.7M
两年增速更快
NI
近两年复合增速
-6.8%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $1.9B | $1.7B |
| 净利润 | $257.8M | $61.7M |
| 毛利率 | — | 20.4% |
| 营业利润率 | 27.3% | 4.9% |
| 净利率 | 13.7% | 3.7% |
| 营收同比 | 22.5% | -9.0% |
| 净利润同比 | 15.1% | 1.8% |
| 每股收益（稀释后） | $0.53 | $0.77 |
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NIRUSHA
| Q1 26 | — | $1.7B | ||
| Q4 25 | $1.9B | $1.7B | ||
| Q3 25 | $1.2B | $1.8B | ||
| Q2 25 | $1.2B | $1.8B | ||
| Q1 25 | $2.1B | $1.8B | ||
| Q4 24 | $1.5B | $1.9B | ||
| Q3 24 | $1.0B | $1.8B | ||
| Q2 24 | $1.1B | $1.9B |
净利润NIRUSHA
| Q1 26 | — | $61.7M | ||
| Q4 25 | $257.8M | $64.3M | ||
| Q3 25 | $94.7M | $66.7M | ||
| Q2 25 | $102.2M | $72.4M | ||
| Q1 25 | $474.8M | $60.3M | ||
| Q4 24 | $223.9M | $74.8M | ||
| Q3 24 | $85.7M | $79.1M | ||
| Q2 24 | $85.8M | $78.7M |
毛利率NIRUSHA
| Q1 26 | — | 20.4% | ||
| Q4 25 | — | 20.8% | ||
| Q3 25 | — | 21.0% | ||
| Q2 25 | — | 20.7% | ||
| Q1 25 | — | 20.3% | ||
| Q4 24 | — | 19.3% | ||
| Q3 24 | — | 21.0% | ||
| Q2 24 | — | 20.2% |
营业利润率NIRUSHA
| Q1 26 | — | 4.9% | ||
| Q4 25 | 27.3% | 5.5% | ||
| Q3 25 | 24.0% | 5.6% | ||
| Q2 25 | 21.1% | 6.0% | ||
| Q1 25 | 35.3% | 5.2% | ||
| Q4 24 | 27.1% | 5.8% | ||
| Q3 24 | 20.9% | 6.7% | ||
| Q2 24 | 22.5% | 6.4% |
净利率NIRUSHA
| Q1 26 | — | 3.7% | ||
| Q4 25 | 13.7% | 3.8% | ||
| Q3 25 | 7.6% | 3.7% | ||
| Q2 25 | 8.2% | 3.9% | ||
| Q1 25 | 22.1% | 3.4% | ||
| Q4 24 | 14.5% | 3.9% | ||
| Q3 24 | 8.2% | 4.4% | ||
| Q2 24 | 8.1% | 4.1% |
每股收益（稀释后）NIRUSHA
| Q1 26 | — | $0.77 | ||
| Q4 25 | $0.53 | $0.81 | ||
| Q3 25 | $0.20 | $0.83 | ||
| Q2 25 | $0.22 | $0.90 | ||
| Q1 25 | $1.00 | $0.73 | ||
| Q4 24 | $0.47 | $-95.13 | ||
| Q3 24 | $0.19 | $0.97 | ||
| Q2 24 | $0.19 | $97.00 |
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 | — |
| 总债务越低越好 | $15.5B | $277.8M |
| 股东权益账面价值 | $9.5B | $2.3B |
| 总资产 | $35.9B | $4.5B |
| 负债/权益比越低杠杆越低 | 1.64× | 0.12× |
8季度趋势，按日历期对齐
现金及短期投资NIRUSHA
| Q1 26 | — | — | ||
| Q4 25 | $110.1M | $212.6M | ||
| Q3 25 | $95.0M | $242.0M | ||
| Q2 25 | $335.4M | $211.1M | ||
| Q1 25 | $259.4M | $228.7M | ||
| Q4 24 | $156.6M | $228.1M | ||
| Q3 24 | $126.2M | $185.1M | ||
| Q2 24 | $101.2M | $167.3M |
总债务NIRUSHA
| Q1 26 | — | $277.8M | ||
| Q4 25 | $15.5B | $274.8M | ||
| Q3 25 | $14.5B | — | ||
| Q2 25 | $14.5B | — | ||
| Q1 25 | $12.8B | — | ||
| Q4 24 | $12.1B | $408.4M | ||
| Q3 24 | $12.1B | — | ||
| Q2 24 | $12.8B | — |
股东权益NIRUSHA
| Q1 26 | — | $2.3B | ||
| Q4 25 | $9.5B | $2.2B | ||
| Q3 25 | $9.1B | $2.2B | ||
| Q2 25 | $8.9B | $2.2B | ||
| Q1 25 | $8.9B | $2.2B | ||
| Q4 24 | $8.7B | $2.1B | ||
| Q3 24 | $8.3B | $2.1B | ||
| Q2 24 | $7.9B | $2.0B |
总资产NIRUSHA
| Q1 26 | — | $4.5B | ||
| Q4 25 | $35.9B | $4.4B | ||
| Q3 25 | $34.4B | $4.6B | ||
| Q2 25 | $34.0B | $4.7B | ||
| Q1 25 | $33.1B | $4.7B | ||
| Q4 24 | $31.8B | $4.6B | ||
| Q3 24 | $30.8B | $4.6B | ||
| Q2 24 | $29.9B | $4.5B |
负债/权益比NIRUSHA
| Q1 26 | — | 0.12× | ||
| Q4 25 | 1.64× | 0.12× | ||
| Q3 25 | 1.59× | — | ||
| Q2 25 | 1.63× | — | ||
| Q1 25 | 1.44× | — | ||
| Q4 24 | 1.39× | 0.19× | ||
| Q3 24 | 1.45× | — | ||
| Q2 24 | 1.63× | — |
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 | — |
| 自由现金流经营现金流 - 资本支出 | $-133.7M | $411.6M |
| 自由现金流率自由现金流/营收 | -7.1% | 24.4% |
| 资本支出强度资本支出/营收 | 44.9% | 2.0% |
| 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 | $828.4M |
8季度趋势，按日历期对齐
经营现金流NIRUSHA
| Q1 26 | — | — | ||
| Q4 25 | $712.6M | $112.9M | ||
| Q3 25 | $467.9M | $367.8M | ||
| Q2 25 | $495.4M | $227.6M | ||
| Q1 25 | $686.4M | $153.5M | ||
| Q4 24 | $539.8M | $392.3M | ||
| Q3 24 | $340.0M | $111.7M | ||
| Q2 24 | $445.5M | $270.6M |
自由现金流NIRUSHA
| Q1 26 | — | $411.6M | ||
| Q4 25 | $-133.7M | $31.9M | ||
| Q3 25 | $-172.6M | $271.2M | ||
| Q2 25 | $-162.8M | $113.8M | ||
| Q1 25 | $49.1M | $45.1M | ||
| Q4 24 | $-220.2M | $263.5M | ||
| Q3 24 | $-294.7M | $-20.0M | ||
| Q2 24 | $-184.3M | $177.2M |
自由现金流率NIRUSHA
| Q1 26 | — | 24.4% | ||
| Q4 25 | -7.1% | 1.9% | ||
| Q3 25 | -13.9% | 15.2% | ||
| Q2 25 | -13.1% | 6.2% | ||
| Q1 25 | 2.3% | 2.6% | ||
| Q4 24 | -14.3% | 13.7% | ||
| Q3 24 | -28.2% | -1.1% | ||
| Q2 24 | -17.5% | 9.1% |
资本支出强度NIRUSHA
| Q1 26 | — | 2.0% | ||
| Q4 25 | 44.9% | 4.8% | ||
| Q3 25 | 51.6% | 5.4% | ||
| Q2 25 | 52.8% | 6.2% | ||
| Q1 25 | 29.6% | 6.2% | ||
| Q4 24 | 49.4% | 6.7% | ||
| Q3 24 | 60.7% | 7.3% | ||
| Q2 24 | 59.7% | 4.8% |
现金转化率NIRUSHA
| Q1 26 | — | — | ||
| Q4 25 | 2.76× | 1.75× | ||
| Q3 25 | 4.94× | 5.51× | ||
| Q2 25 | 4.85× | 3.14× | ||
| Q1 25 | 1.45× | 2.55× | ||
| Q4 24 | 2.41× | 5.25× | ||
| Q3 24 | 3.97× | 1.41× | ||
| Q2 24 | 5.19× | 3.44× |
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% |
RUSHA
| New and used commercial vehicle sales | $955.1M | 57% |
| Aftermarket products and services sales | $627.2M | 37% |
| Lease and rental sales | $92.3M | 5% |
| Finance and insurance | $5.6M | 0% |
