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NiSource（NI）与RXO, Inc.（RXO）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RXO, Inc.的1.3倍（$1.9B vs $1.5B），NiSource净利率更高（13.7% vs -3.1%，领先16.8%），NiSource同比增速更快（22.5% vs -11.9%），RXO, Inc.自由现金流更多（$-9.0M vs $-133.7M），过去两年RXO, Inc.的营收复合增速更高（26.8% 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。
RXO是总部位于美国的头部运输及物流解决方案供应商，核心业务覆盖货运经纪、大件商品最后一公里配送、运输管理服务与全链路供应链优化支持，主要服务北美制造业、零售业及电商领域的客户。
NI vs RXO — 直观对比
营收规模更大
NI
是对方的1.3倍
$1.5B
营收增速更快
NI
高出34.4%
-11.9%
净利率更高
NI
高出16.8%
-3.1%
自由现金流更多
RXO
多$124.7M
$-133.7M
两年增速更快
RXO
近两年复合增速
7.2%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.9B | $1.5B |
| 净利润 | $257.8M | $-46.0M |
| 毛利率 | — | — |
| 营业利润率 | 27.3% | -2.9% |
| 净利率 | 13.7% | -3.1% |
| 营收同比 | 22.5% | -11.9% |
| 净利润同比 | 15.1% | -84.0% |
| 每股收益（稀释后） | $0.53 | $-0.28 |
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NIRXO
| Q4 25 | $1.9B | $1.5B | ||
| Q3 25 | $1.2B | $1.4B | ||
| Q2 25 | $1.2B | $1.4B | ||
| Q1 25 | $2.1B | $1.4B | ||
| Q4 24 | $1.5B | $1.7B | ||
| Q3 24 | $1.0B | $1.0B | ||
| Q2 24 | $1.1B | $930.0M | ||
| Q1 24 | $1.6B | $913.0M |
净利润NIRXO
| Q4 25 | $257.8M | $-46.0M | ||
| Q3 25 | $94.7M | $-14.0M | ||
| Q2 25 | $102.2M | $-9.0M | ||
| Q1 25 | $474.8M | $-31.0M | ||
| Q4 24 | $223.9M | $-25.0M | ||
| Q3 24 | $85.7M | $-243.0M | ||
| Q2 24 | $85.8M | $-7.0M | ||
| Q1 24 | $365.0M | $-15.0M |
营业利润率NIRXO
| Q4 25 | 27.3% | -2.9% | ||
| Q3 25 | 24.0% | -0.5% | ||
| Q2 25 | 21.1% | — | ||
| Q1 25 | 35.3% | -2.1% | ||
| Q4 24 | 27.1% | -1.4% | ||
| Q3 24 | 20.9% | -1.9% | ||
| Q2 24 | 22.5% | — | ||
| Q1 24 | 35.5% | -1.3% |
净利率NIRXO
| Q4 25 | 13.7% | -3.1% | ||
| Q3 25 | 7.6% | -1.0% | ||
| Q2 25 | 8.2% | -0.6% | ||
| Q1 25 | 22.1% | -2.2% | ||
| Q4 24 | 14.5% | -1.5% | ||
| Q3 24 | 8.2% | -23.4% | ||
| Q2 24 | 8.1% | -0.8% | ||
| Q1 24 | 22.2% | -1.6% |
每股收益（稀释后）NIRXO
| Q4 25 | $0.53 | $-0.28 | ||
| Q3 25 | $0.20 | $-0.08 | ||
| Q2 25 | $0.22 | $-0.05 | ||
| Q1 25 | $1.00 | $-0.18 | ||
| Q4 24 | $0.47 | $-0.17 | ||
| Q3 24 | $0.19 | $-1.81 | ||
| Q2 24 | $0.19 | $-0.06 | ||
| Q1 24 | $0.77 | $-0.13 |
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 | $17.0M |
| 总债务越低越好 | $15.5B | $387.0M |
| 股东权益账面价值 | $9.5B | $1.5B |
| 总资产 | $35.9B | $3.3B |
| 负债/权益比越低杠杆越低 | 1.64× | 0.25× |
8季度趋势，按日历期对齐
现金及短期投资NIRXO
| Q4 25 | $110.1M | $17.0M | ||
| Q3 25 | $95.0M | $25.0M | ||
| Q2 25 | $335.4M | $18.0M | ||
| Q1 25 | $259.4M | $16.0M | ||
| Q4 24 | $156.6M | $35.0M | ||
| Q3 24 | $126.2M | $55.0M | ||
| Q2 24 | $101.2M | $7.0M | ||
| Q1 24 | $102.2M | $7.0M |
总债务NIRXO
| Q4 25 | $15.5B | $387.0M | ||
| Q3 25 | $14.5B | $387.0M | ||
| Q2 25 | $14.5B | $387.0M | ||
| Q1 25 | $12.8B | $387.0M | ||
| Q4 24 | $12.1B | $351.0M | ||
| Q3 24 | $12.1B | $352.0M | ||
| Q2 24 | $12.8B | $370.0M | ||
| Q1 24 | $11.7B | $351.0M |
股东权益NIRXO
| Q4 25 | $9.5B | $1.5B | ||
| Q3 25 | $9.1B | $1.6B | ||
| Q2 25 | $8.9B | $1.6B | ||
| Q1 25 | $8.9B | $1.6B | ||
| Q4 24 | $8.7B | $1.6B | ||
| Q3 24 | $8.3B | $1.7B | ||
| Q2 24 | $7.9B | $579.0M | ||
| Q1 24 | $7.9B | $582.0M |
总资产NIRXO
| Q4 25 | $35.9B | $3.3B | ||
| Q3 25 | $34.4B | $3.2B | ||
| Q2 25 | $34.0B | $3.2B | ||
| Q1 25 | $33.1B | $3.3B | ||
| Q4 24 | $31.8B | $3.4B | ||
| Q3 24 | $30.8B | $3.4B | ||
| Q2 24 | $29.9B | $1.8B | ||
| Q1 24 | $29.3B | $1.8B |
负债/权益比NIRXO
| Q4 25 | 1.64× | 0.25× | ||
| Q3 25 | 1.59× | 0.24× | ||
| Q2 25 | 1.63× | 0.24× | ||
| Q1 25 | 1.44× | 0.24× | ||
| Q4 24 | 1.39× | 0.22× | ||
| Q3 24 | 1.45× | 0.21× | ||
| Q2 24 | 1.63× | 0.64× | ||
| Q1 24 | 1.48× | 0.60× |
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 | $7.0M |
| 自由现金流经营现金流 - 资本支出 | $-133.7M | $-9.0M |
| 自由现金流率自由现金流/营收 | -7.1% | -0.6% |
| 资本支出强度资本支出/营收 | 44.9% | 1.1% |
| 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 | $-8.0M |
8季度趋势，按日历期对齐
经营现金流NIRXO
| Q4 25 | $712.6M | $7.0M | ||
| Q3 25 | $467.9M | $23.0M | ||
| Q2 25 | $495.4M | $23.0M | ||
| Q1 25 | $686.4M | $-2.0M | ||
| Q4 24 | $539.8M | $-7.0M | ||
| Q3 24 | $340.0M | $-7.0M | ||
| Q2 24 | $445.5M | $-5.0M | ||
| Q1 24 | $456.2M | $7.0M |
自由现金流NIRXO
| Q4 25 | $-133.7M | $-9.0M | ||
| Q3 25 | $-172.6M | $9.0M | ||
| Q2 25 | $-162.8M | $9.0M | ||
| Q1 25 | $49.1M | $-17.0M | ||
| Q4 24 | $-220.2M | $-19.0M | ||
| Q3 24 | $-294.7M | $-18.0M | ||
| Q2 24 | $-184.3M | $-16.0M | ||
| Q1 24 | $-133.3M | $-4.0M |
自由现金流率NIRXO
| Q4 25 | -7.1% | -0.6% | ||
| Q3 25 | -13.9% | 0.6% | ||
| Q2 25 | -13.1% | 0.6% | ||
| Q1 25 | 2.3% | -1.2% | ||
| Q4 24 | -14.3% | -1.1% | ||
| Q3 24 | -28.2% | -1.7% | ||
| Q2 24 | -17.5% | -1.7% | ||
| Q1 24 | -8.1% | -0.4% |
资本支出强度NIRXO
| Q4 25 | 44.9% | 1.1% | ||
| Q3 25 | 51.6% | 1.0% | ||
| Q2 25 | 52.8% | 1.0% | ||
| Q1 25 | 29.6% | 1.0% | ||
| Q4 24 | 49.4% | 0.7% | ||
| Q3 24 | 60.7% | 1.1% | ||
| Q2 24 | 59.7% | 1.2% | ||
| Q1 24 | 35.9% | 1.2% |
现金转化率NIRXO
| 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% |
RXO
| Retail Sector | $546.0M | 37% |
| Last Mile | $298.0M | 20% |
| Food And Beverage Sector | $225.0M | 15% |
| Other Sector | $185.0M | 13% |
| Managed Transportation | $133.0M | 9% |
| Automotive Sector | $93.0M | 6% |
