vs
蔚来（NIO）与PG&E Corporation（PCG）财务数据对比。点击上方公司名可切换其他公司
PG&E Corporation的季度营收约是蔚来的1.5倍（$6.9B vs $4.7B），PG&E Corporation净利率更高（12.9% vs 0.8%，领先12.0%）
蔚来是中国本土新能源汽车制造商，总部位于上海，2014年成立，2016年正式启用现有品牌名称。公司专注于智能电动汽车的研发、设计与销售，产品覆盖轿车、SUV等多个品类，近年已将业务拓展至智能手机研发领域。
PG&E Corporation是美国由投资者持有运营的公用事业企业，总部坐落于加利福尼亚州奥克兰市凯撒中心，为加州北部三分之二区域的520万户家庭提供天然气与电力供应服务，服务范围涵盖贝克斯菲尔德、圣巴巴拉县北部，几乎延伸至俄勒冈州与内华达州的州界。
NIO vs PCG — 直观对比
营收规模更大
PCG
是对方的1.5倍
$4.7B
净利率更高
PCG
高出12.0%
0.8%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $4.7B | $6.9B |
| 净利润 | $38.7M | $885.0M |
| 毛利率 | 17.5% | — |
| 营业利润率 | 1.5% | 21.4% |
| 净利率 | 0.8% | 12.9% |
| 营收同比 | — | 15.0% |
| 净利润同比 | — | 39.6% |
| 每股收益（稀释后） | $0.05 | $0.39 |
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NIOPCG
| Q1 26 | $4.7B | $6.9B | ||
| Q4 25 | — | $6.8B | ||
| Q3 25 | $3.0B | $6.3B | ||
| Q2 25 | $2.6B | $5.9B | ||
| Q1 25 | $2.7B | $6.0B | ||
| Q4 24 | — | $6.6B | ||
| Q3 24 | — | $5.9B | ||
| Q2 24 | — | $6.0B |
净利润NIOPCG
| Q1 26 | $38.7M | $885.0M | ||
| Q4 25 | — | $670.0M | ||
| Q3 25 | $-505.2M | $850.0M | ||
| Q2 25 | $-709.5M | $549.0M | ||
| Q1 25 | $-984.2M | $634.0M | ||
| Q4 24 | — | $674.0M | ||
| Q3 24 | — | $579.0M | ||
| Q2 24 | — | $524.0M |
毛利率NIOPCG
| Q1 26 | 17.5% | — | ||
| Q4 25 | — | — | ||
| Q3 25 | 13.9% | — | ||
| Q2 25 | 10.0% | — | ||
| Q1 25 | 11.7% | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
营业利润率NIOPCG
| Q1 26 | 1.5% | 21.4% | ||
| Q4 25 | — | 18.0% | ||
| Q3 25 | -16.2% | 19.3% | ||
| Q2 25 | -25.8% | 18.6% | ||
| Q1 25 | -30.6% | 20.4% | ||
| Q4 24 | — | 15.4% | ||
| Q3 24 | — | 17.3% | ||
| Q2 24 | — | 18.9% |
净利率NIOPCG
| Q1 26 | 0.8% | 12.9% | ||
| Q4 25 | — | 9.8% | ||
| Q3 25 | -16.8% | 13.6% | ||
| Q2 25 | -27.0% | 9.3% | ||
| Q1 25 | -36.2% | 10.6% | ||
| Q4 24 | — | 10.2% | ||
| Q3 24 | — | 9.7% | ||
| Q2 24 | — | 8.8% |
每股收益（稀释后）NIOPCG
| Q1 26 | $0.05 | $0.39 | ||
| Q4 25 | — | $0.29 | ||
| Q3 25 | $-1.51 | $0.37 | ||
| Q2 25 | $-2.31 | $0.24 | ||
| Q1 25 | $-3.47 | $0.28 | ||
| Q4 24 | — | $0.30 | ||
| Q3 24 | — | $0.27 | ||
| Q2 24 | — | $0.24 |
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 | $4.4B | — |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $594.8M | — |
| 总资产 | $17.8B | — |
| 负债/权益比越低杠杆越低 | — | — |
8季度趋势，按日历期对齐
现金及短期投资NIOPCG
| Q1 26 | $4.4B | — | ||
| Q4 25 | — | $713.0M | ||
| Q3 25 | — | $404.0M | ||
| Q2 25 | $2.5B | $494.0M | ||
| Q1 25 | $4.6B | $2.0B | ||
| Q4 24 | — | $940.0M | ||
| Q3 24 | — | $895.0M | ||
| Q2 24 | — | $1.3B |
总债务NIOPCG
| Q1 26 | — | — | ||
| Q4 25 | — | $57.4B | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $53.6B | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
股东权益NIOPCG
| Q1 26 | $594.8M | — | ||
| Q4 25 | — | $32.5B | ||
| Q3 25 | — | $32.0B | ||
| Q2 25 | $-168.3M | $31.2B | ||
| Q1 25 | $817.5M | $30.7B | ||
| Q4 24 | — | $30.1B | ||
| Q3 24 | — | $26.8B | ||
| Q2 24 | — | $26.3B |
总资产NIOPCG
| Q1 26 | $17.8B | — | ||
| Q4 25 | — | $141.6B | ||
| Q3 25 | — | $138.2B | ||
| Q2 25 | $14.0B | $136.4B | ||
| Q1 25 | $14.7B | $135.4B | ||
| Q4 24 | — | $133.7B | ||
| Q3 24 | — | $132.3B | ||
| Q2 24 | — | $130.8B |
负债/权益比NIOPCG
| Q1 26 | — | — | ||
| Q4 25 | — | 1.76× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 1.78× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
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 | $427.9M | — |
| 自由现金流经营现金流 - 资本支出 | $-439.4M | — |
| 自由现金流率自由现金流/营收 | -9.3% | — |
| 资本支出强度资本支出/营收 | 18.4% | — |
| 现金转化率经营现金流/净利润 | 11.07× | — |
| 过去12个月自由现金流最近4个季度 | — | — |
8季度趋势，按日历期对齐
经营现金流NIOPCG
| Q1 26 | $427.9M | — | ||
| Q4 25 | — | $2.0B | ||
| Q3 25 | — | $2.9B | ||
| Q2 25 | — | $1.1B | ||
| Q1 25 | $-1.1B | $2.8B | ||
| Q4 24 | — | $1.9B | ||
| Q3 24 | — | $3.1B | ||
| Q2 24 | — | $711.0M |
自由现金流NIOPCG
| Q1 26 | $-439.4M | — | ||
| Q4 25 | — | $-1.2B | ||
| Q3 25 | — | $-80.0M | ||
| Q2 25 | — | $-2.0B | ||
| Q1 25 | $-2.3B | $213.0M | ||
| Q4 24 | — | $-896.0M | ||
| Q3 24 | — | $526.0M | ||
| Q2 24 | — | $-1.6B |
自由现金流率NIOPCG
| Q1 26 | -9.3% | — | ||
| Q4 25 | — | -17.6% | ||
| Q3 25 | — | -1.3% | ||
| Q2 25 | — | -34.0% | ||
| Q1 25 | -85.6% | 3.6% | ||
| Q4 24 | — | -13.5% | ||
| Q3 24 | — | 8.9% | ||
| Q2 24 | — | -26.5% |
资本支出强度NIOPCG
| Q1 26 | 18.4% | — | ||
| Q4 25 | — | 46.4% | ||
| Q3 25 | — | 46.9% | ||
| Q2 25 | — | 52.0% | ||
| Q1 25 | 46.1% | 44.0% | ||
| Q4 24 | — | 42.6% | ||
| Q3 24 | — | 43.8% | ||
| Q2 24 | — | 38.4% |
现金转化率NIOPCG
| Q1 26 | 11.07× | — | ||
| Q4 25 | — | 2.93× | ||
| Q3 25 | — | 3.35× | ||
| Q2 25 | — | 1.93× | ||
| Q1 25 | — | 4.49× | ||
| Q4 24 | — | 2.87× | ||
| Q3 24 | — | 5.41× | ||
| Q2 24 | — | 1.36× |
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
NIO
暂无分部数据
PCG
| Electric | $5.0B | 72% |
| Other | $1.9B | 28% |
