vs
NiSource（NI）与赛莱默（XYL）财务数据对比。点击上方公司名可切换其他公司
赛莱默的季度营收约是NiSource的1.1倍（$2.1B vs $1.9B），NiSource净利率更高（13.7% vs 8.9%，领先4.8%），NiSource同比增速更快（22.5% vs 2.7%），过去两年NiSource的营收复合增速更高（7.2% vs -1.0%）
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。
该文本为植物学对木质部的定义说明，并非赛莱默公司（Xylem Inc.）的企业业务介绍。Xylem Inc.是一家专注于水技术与解决方案的全球企业，提供水务基础设施、水环境治理等相关设备与服务。
NI vs XYL — 直观对比
营收规模更大
XYL
是对方的1.1倍
$1.9B
营收增速更快
NI
高出19.8%
2.7%
净利率更高
NI
高出4.8%
8.9%
两年增速更快
NI
近两年复合增速
-1.0%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $1.9B | $2.1B |
| 净利润 | $257.8M | $189.0M |
| 毛利率 | — | 37.8% |
| 营业利润率 | 27.3% | 11.5% |
| 净利率 | 13.7% | 8.9% |
| 营收同比 | 22.5% | 2.7% |
| 净利润同比 | 15.1% | 13.2% |
| 每股收益（稀释后） | $0.53 | $0.79 |
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NIXYL
| Q1 26 | — | $2.1B | ||
| Q4 25 | $1.9B | $2.4B | ||
| Q3 25 | $1.2B | $2.3B | ||
| Q2 25 | $1.2B | $2.3B | ||
| Q1 25 | $2.1B | $2.1B | ||
| Q4 24 | $1.5B | $2.3B | ||
| Q3 24 | $1.0B | $2.1B | ||
| Q2 24 | $1.1B | $2.2B |
净利润NIXYL
| Q1 26 | — | $189.0M | ||
| Q4 25 | $257.8M | $335.0M | ||
| Q3 25 | $94.7M | $227.0M | ||
| Q2 25 | $102.2M | $226.0M | ||
| Q1 25 | $474.8M | $169.0M | ||
| Q4 24 | $223.9M | $326.0M | ||
| Q3 24 | $85.7M | $217.0M | ||
| Q2 24 | $85.8M | $194.0M |
毛利率NIXYL
| Q1 26 | — | 37.8% | ||
| Q4 25 | — | 38.9% | ||
| Q3 25 | — | 38.9% | ||
| Q2 25 | — | 38.8% | ||
| Q1 25 | — | 37.1% | ||
| Q4 24 | — | 38.0% | ||
| Q3 24 | — | 37.3% | ||
| Q2 24 | — | 37.8% |
营业利润率NIXYL
| Q1 26 | — | 11.5% | ||
| Q4 25 | 27.3% | 14.7% | ||
| Q3 25 | 24.0% | 14.7% | ||
| Q2 25 | 21.1% | 13.3% | ||
| Q1 25 | 35.3% | 11.2% | ||
| Q4 24 | 27.1% | 11.8% | ||
| Q3 24 | 20.9% | 13.3% | ||
| Q2 24 | 22.5% | 11.7% |
净利率NIXYL
| Q1 26 | — | 8.9% | ||
| Q4 25 | 13.7% | 14.0% | ||
| Q3 25 | 7.6% | 10.0% | ||
| Q2 25 | 8.2% | 9.8% | ||
| Q1 25 | 22.1% | 8.2% | ||
| Q4 24 | 14.5% | 14.5% | ||
| Q3 24 | 8.2% | 10.3% | ||
| Q2 24 | 8.1% | 8.9% |
每股收益（稀释后）NIXYL
| Q1 26 | — | $0.79 | ||
| Q4 25 | $0.53 | $1.37 | ||
| Q3 25 | $0.20 | $0.93 | ||
| Q2 25 | $0.22 | $0.93 | ||
| Q1 25 | $1.00 | $0.69 | ||
| Q4 24 | $0.47 | $1.33 | ||
| Q3 24 | $0.19 | $0.89 | ||
| Q2 24 | $0.19 | $0.80 |
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 | $808.0M |
| 总债务越低越好 | $15.5B | $1.9B |
| 股东权益账面价值 | $9.5B | $11.0B |
| 总资产 | $35.9B | $17.0B |
| 负债/权益比越低杠杆越低 | 1.64× | 0.18× |
8季度趋势，按日历期对齐
现金及短期投资NIXYL
| Q1 26 | — | $808.0M | ||
| Q4 25 | $110.1M | $1.5B | ||
| Q3 25 | $95.0M | $1.2B | ||
| Q2 25 | $335.4M | $1.2B | ||
| Q1 25 | $259.4M | $1.1B | ||
| Q4 24 | $156.6M | $1.1B | ||
| Q3 24 | $126.2M | $989.0M | ||
| Q2 24 | $101.2M | $815.0M |
总债务NIXYL
| Q1 26 | — | $1.9B | ||
| Q4 25 | $15.5B | $2.0B | ||
| Q3 25 | $14.5B | $2.0B | ||
| Q2 25 | $14.5B | $2.0B | ||
| Q1 25 | $12.8B | $2.0B | ||
| Q4 24 | $12.1B | $2.0B | ||
| Q3 24 | $12.1B | — | ||
| Q2 24 | $12.8B | — |
股东权益NIXYL
| Q1 26 | — | $11.0B | ||
| Q4 25 | $9.5B | $11.5B | ||
| Q3 25 | $9.1B | $11.2B | ||
| Q2 25 | $8.9B | $11.1B | ||
| Q1 25 | $8.9B | $10.8B | ||
| Q4 24 | $8.7B | $10.6B | ||
| Q3 24 | $8.3B | $10.6B | ||
| Q2 24 | $7.9B | $10.3B |
总资产NIXYL
| Q1 26 | — | $17.0B | ||
| Q4 25 | $35.9B | $17.6B | ||
| Q3 25 | $34.4B | $17.3B | ||
| Q2 25 | $34.0B | $17.2B | ||
| Q1 25 | $33.1B | $16.6B | ||
| Q4 24 | $31.8B | $16.5B | ||
| Q3 24 | $30.8B | $16.0B | ||
| Q2 24 | $29.9B | $15.8B |
负债/权益比NIXYL
| Q1 26 | — | 0.18× | ||
| Q4 25 | 1.64× | 0.17× | ||
| Q3 25 | 1.59× | 0.18× | ||
| Q2 25 | 1.63× | 0.18× | ||
| Q1 25 | 1.44× | 0.19× | ||
| 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 | — |
| 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% | 4.2% |
| 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NIXYL
| Q1 26 | — | — | ||
| Q4 25 | $712.6M | $543.0M | ||
| Q3 25 | $467.9M | $360.0M | ||
| Q2 25 | $495.4M | $305.0M | ||
| Q1 25 | $686.4M | $33.0M | ||
| Q4 24 | $539.8M | $575.0M | ||
| Q3 24 | $340.0M | $311.0M | ||
| Q2 24 | $445.5M | $288.0M |
自由现金流NIXYL
| Q1 26 | — | — | ||
| Q4 25 | $-133.7M | $460.0M | ||
| Q3 25 | $-172.6M | $281.0M | ||
| Q2 25 | $-162.8M | $207.0M | ||
| Q1 25 | $49.1M | $-38.0M | ||
| Q4 24 | $-220.2M | $475.0M | ||
| Q3 24 | $-294.7M | $237.0M | ||
| Q2 24 | $-184.3M | $215.0M |
自由现金流率NIXYL
| Q1 26 | — | — | ||
| Q4 25 | -7.1% | 19.2% | ||
| Q3 25 | -13.9% | 12.4% | ||
| Q2 25 | -13.1% | 9.0% | ||
| Q1 25 | 2.3% | -1.8% | ||
| Q4 24 | -14.3% | 21.1% | ||
| Q3 24 | -28.2% | 11.3% | ||
| Q2 24 | -17.5% | 9.9% |
资本支出强度NIXYL
| Q1 26 | — | 4.2% | ||
| Q4 25 | 44.9% | 3.5% | ||
| Q3 25 | 51.6% | 3.5% | ||
| Q2 25 | 52.8% | 4.3% | ||
| Q1 25 | 29.6% | 3.4% | ||
| Q4 24 | 49.4% | 4.4% | ||
| Q3 24 | 60.7% | 3.5% | ||
| Q2 24 | 59.7% | 3.4% |
现金转化率NIXYL
| Q1 26 | — | — | ||
| Q4 25 | 2.76× | 1.62× | ||
| Q3 25 | 4.94× | 1.59× | ||
| Q2 25 | 4.85× | 1.35× | ||
| Q1 25 | 1.45× | 0.20× | ||
| Q4 24 | 2.41× | 1.76× | ||
| Q3 24 | 3.97× | 1.43× | ||
| Q2 24 | 5.19× | 1.48× |
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% |
XYL
| Revenue from products | $1.8B | 83% |
| Revenue from services | $368.0M | 17% |
