vs
NiSource（NI）与Unum Group（UNM）财务数据对比。点击上方公司名可切换其他公司
Unum Group的季度营收约是NiSource的1.8倍（$3.4B vs $1.9B），NiSource净利率更高（13.7% vs 6.9%，领先6.8%），NiSource同比增速更快（22.5% vs 8.5%），过去两年NiSource的营收复合增速更高（7.2% vs 1.9%）
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。
Unum Group是美国财富500强保险企业，总部位于田纳西州查塔努加，前身为1848年成立的联合相互保险公司，1999年合并后曾用名UnumProvident至2007年。集团现设四大业务板块，覆盖美、英、波兰市场，旗下承保主体包括保罗里维尔人寿保险、普罗维登斯人伤意外险公司等。
NI vs UNM — 直观对比
营收规模更大
UNM
是对方的1.8倍
$1.9B
营收增速更快
NI
高出14.0%
8.5%
净利率更高
NI
高出6.8%
6.9%
两年增速更快
NI
近两年复合增速
1.9%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $1.9B | $3.4B |
| 净利润 | $257.8M | $232.0M |
| 毛利率 | — | — |
| 营业利润率 | 27.3% | — |
| 净利率 | 13.7% | 6.9% |
| 营收同比 | 22.5% | 8.5% |
| 净利润同比 | 15.1% | 22.7% |
| 每股收益（稀释后） | $0.53 | — |
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NIUNM
| Q1 26 | — | $3.4B | ||
| Q4 25 | $1.9B | $3.2B | ||
| Q3 25 | $1.2B | $3.4B | ||
| Q2 25 | $1.2B | $3.4B | ||
| Q1 25 | $2.1B | $3.1B | ||
| Q4 24 | $1.5B | $3.2B | ||
| Q3 24 | $1.0B | $3.2B | ||
| Q2 24 | $1.1B | $3.2B |
净利润NIUNM
| Q1 26 | — | $232.0M | ||
| Q4 25 | $257.8M | $174.1M | ||
| Q3 25 | $94.7M | $39.7M | ||
| Q2 25 | $102.2M | $335.6M | ||
| Q1 25 | $474.8M | $189.1M | ||
| Q4 24 | $223.9M | $348.7M | ||
| Q3 24 | $85.7M | $645.7M | ||
| Q2 24 | $85.8M | $389.5M |
营业利润率NIUNM
| Q1 26 | — | — | ||
| Q4 25 | 27.3% | 6.7% | ||
| Q3 25 | 24.0% | 1.6% | ||
| Q2 25 | 21.1% | 12.4% | ||
| Q1 25 | 35.3% | 7.9% | ||
| Q4 24 | 27.1% | 13.8% | ||
| Q3 24 | 20.9% | 15.6% | ||
| Q2 24 | 22.5% | 15.3% |
净利率NIUNM
| Q1 26 | — | 6.9% | ||
| Q4 25 | 13.7% | 5.4% | ||
| Q3 25 | 7.6% | 1.2% | ||
| Q2 25 | 8.2% | 10.0% | ||
| Q1 25 | 22.1% | 6.1% | ||
| Q4 24 | 14.5% | 10.8% | ||
| Q3 24 | 8.2% | 20.1% | ||
| Q2 24 | 8.1% | 12.0% |
每股收益（稀释后）NIUNM
| Q1 26 | — | — | ||
| Q4 25 | $0.53 | $1.06 | ||
| Q3 25 | $0.20 | $0.23 | ||
| Q2 25 | $0.22 | $1.92 | ||
| Q1 25 | $1.00 | $1.06 | ||
| Q4 24 | $0.47 | $1.91 | ||
| Q3 24 | $0.19 | $3.46 | ||
| Q2 24 | $0.19 | $2.05 |
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 | $2.1M |
| 总债务越低越好 | $15.5B | $3.8M |
| 股东权益账面价值 | $9.5B | $10.9M |
| 总资产 | $35.9B | $62.7M |
| 负债/权益比越低杠杆越低 | 1.64× | 0.35× |
8季度趋势，按日历期对齐
现金及短期投资NIUNM
| Q1 26 | — | $2.1M | ||
| Q4 25 | $110.1M | — | ||
| Q3 25 | $95.0M | — | ||
| Q2 25 | $335.4M | — | ||
| Q1 25 | $259.4M | — | ||
| Q4 24 | $156.6M | — | ||
| Q3 24 | $126.2M | — | ||
| Q2 24 | $101.2M | — |
总债务NIUNM
| Q1 26 | — | $3.8M | ||
| Q4 25 | $15.5B | $3.8B | ||
| Q3 25 | $14.5B | $3.5B | ||
| Q2 25 | $14.5B | $3.5B | ||
| Q1 25 | $12.8B | $3.5B | ||
| Q4 24 | $12.1B | $3.5B | ||
| Q3 24 | $12.1B | $3.5B | ||
| Q2 24 | $12.8B | $3.5B |
股东权益NIUNM
| Q1 26 | — | $10.9M | ||
| Q4 25 | $9.5B | $11.1B | ||
| Q3 25 | $9.1B | $10.9B | ||
| Q2 25 | $8.9B | $11.3B | ||
| Q1 25 | $8.9B | $11.2B | ||
| Q4 24 | $8.7B | $11.0B | ||
| Q3 24 | $8.3B | $11.0B | ||
| Q2 24 | $7.9B | $10.5B |
总资产NIUNM
| Q1 26 | — | $62.7M | ||
| Q4 25 | $35.9B | $63.5B | ||
| Q3 25 | $34.4B | $63.7B | ||
| Q2 25 | $34.0B | $62.8B | ||
| Q1 25 | $33.1B | $62.5B | ||
| Q4 24 | $31.8B | $62.0B | ||
| Q3 24 | $30.8B | $64.1B | ||
| Q2 24 | $29.9B | $62.0B |
负债/权益比NIUNM
| Q1 26 | — | 0.35× | ||
| Q4 25 | 1.64× | 0.34× | ||
| Q3 25 | 1.59× | 0.32× | ||
| Q2 25 | 1.63× | 0.31× | ||
| Q1 25 | 1.44× | 0.31× | ||
| Q4 24 | 1.39× | 0.32× | ||
| Q3 24 | 1.45× | 0.32× | ||
| Q2 24 | 1.63× | 0.33× |
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 | — |
| 自由现金流率自由现金流/营收 | -7.1% | — |
| 资本支出强度资本支出/营收 | 44.9% | — |
| 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季度趋势，按日历期对齐
经营现金流NIUNM
| Q1 26 | — | — | ||
| Q4 25 | $712.6M | $357.9M | ||
| Q3 25 | $467.9M | $-371.8M | ||
| Q2 25 | $495.4M | $348.0M | ||
| Q1 25 | $686.4M | $353.6M | ||
| Q4 24 | $539.8M | $485.8M | ||
| Q3 24 | $340.0M | $390.0M | ||
| Q2 24 | $445.5M | $339.1M |
自由现金流NIUNM
| Q1 26 | — | — | ||
| Q4 25 | $-133.7M | $320.1M | ||
| Q3 25 | $-172.6M | $-402.6M | ||
| Q2 25 | $-162.8M | $320.1M | ||
| Q1 25 | $49.1M | $317.8M | ||
| Q4 24 | $-220.2M | $453.8M | ||
| Q3 24 | $-294.7M | $352.3M | ||
| Q2 24 | $-184.3M | $311.4M |
自由现金流率NIUNM
| Q1 26 | — | — | ||
| Q4 25 | -7.1% | 9.9% | ||
| Q3 25 | -13.9% | -11.9% | ||
| Q2 25 | -13.1% | 9.5% | ||
| Q1 25 | 2.3% | 10.3% | ||
| Q4 24 | -14.3% | 14.0% | ||
| Q3 24 | -28.2% | 11.0% | ||
| Q2 24 | -17.5% | 9.6% |
资本支出强度NIUNM
| Q1 26 | — | — | ||
| Q4 25 | 44.9% | 1.2% | ||
| Q3 25 | 51.6% | 0.9% | ||
| Q2 25 | 52.8% | 0.8% | ||
| Q1 25 | 29.6% | 1.2% | ||
| Q4 24 | 49.4% | 1.0% | ||
| Q3 24 | 60.7% | 1.2% | ||
| Q2 24 | 59.7% | 0.9% |
现金转化率NIUNM
| Q1 26 | — | — | ||
| Q4 25 | 2.76× | 2.06× | ||
| Q3 25 | 4.94× | -9.37× | ||
| Q2 25 | 4.85× | 1.04× | ||
| Q1 25 | 1.45× | 1.87× | ||
| Q4 24 | 2.41× | 1.39× | ||
| Q3 24 | 3.97× | 0.60× | ||
| Q2 24 | 5.19× | 0.87× |
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% |
UNM
| Premium Income | $2.8B | 83% |
| Other | $561.2M | 17% |
