vs
蔚来（NIO）与标普全球（VG）财务数据对比。点击上方公司名可切换其他公司
蔚来的季度营收约是标普全球的1.0倍（$4.7B vs $4.6B），标普全球净利率更高（13.6% vs 0.8%，领先12.8%）
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。
标普全球是总部位于美国纽约曼哈顿的上市企业，核心业务涵盖金融信息与数据分析、能源及大宗商品情报服务，旗下拥有标普全球评级、标普全球能源、标普全球市场财智、印度信用评级机构CRISIL等子品牌，同时是标普道琼斯指数合资公司的控股股东。
NIO vs VG — 直观对比
营收规模更大
NIO
是对方的1.0倍
$4.6B
净利率更高
VG
高出12.8%
0.8%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $4.7B | $4.6B |
| 净利润 | $38.7M | $625.0M |
| 毛利率 | 17.5% | — |
| 营业利润率 | 1.5% | 26.1% |
| 净利率 | 0.8% | 13.6% |
| 营收同比 | — | 59.0% |
| 净利润同比 | — | 20.9% |
| 每股收益（稀释后） | $0.05 | $0.19 |
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NIOVG
| Q1 26 | $4.7B | $4.6B | ||
| Q4 25 | — | $4.4B | ||
| Q3 25 | $3.0B | $3.3B | ||
| Q2 25 | $2.6B | $3.1B | ||
| Q1 25 | $2.7B | $2.9B | ||
| Q4 24 | — | $1.5B | ||
| Q3 24 | — | $926.0M | ||
| Q2 24 | — | $1.1B |
净利润NIOVG
| Q1 26 | $38.7M | $625.0M | ||
| Q4 25 | — | $1.2B | ||
| Q3 25 | $-505.2M | $550.0M | ||
| Q2 25 | $-709.5M | $475.0M | ||
| Q1 25 | $-984.2M | $517.0M | ||
| Q4 24 | — | $990.0M | ||
| Q3 24 | — | $-294.0M | ||
| Q2 24 | — | $352.0M |
毛利率NIOVG
| 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NIOVG
| Q1 26 | 1.5% | 26.1% | ||
| Q4 25 | — | 38.7% | ||
| Q3 25 | -16.2% | 39.7% | ||
| Q2 25 | -25.8% | 33.5% | ||
| Q1 25 | -30.6% | 37.3% | ||
| Q4 24 | — | 39.0% | ||
| Q3 24 | — | 20.4% | ||
| Q2 24 | — | 32.8% |
净利率NIOVG
| Q1 26 | 0.8% | 13.6% | ||
| Q4 25 | — | 26.8% | ||
| Q3 25 | -16.8% | 16.5% | ||
| Q2 25 | -27.0% | 15.3% | ||
| Q1 25 | -36.2% | 17.9% | ||
| Q4 24 | — | 65.0% | ||
| Q3 24 | — | -31.7% | ||
| Q2 24 | — | 31.8% |
每股收益（稀释后）NIOVG
| Q1 26 | $0.05 | $0.19 | ||
| Q4 25 | — | $0.41 | ||
| Q3 25 | $-1.51 | $0.16 | ||
| Q2 25 | $-2.31 | $0.14 | ||
| Q1 25 | $-3.47 | $0.15 | ||
| Q4 24 | — | $0.35 | ||
| Q3 24 | — | $-0.15 | ||
| Q2 24 | — | $0.12 |
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 | $1.6B |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $594.8M | $10.7B |
| 总资产 | $17.8B | $56.3B |
| 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NIOVG
| Q1 26 | $4.4B | $1.6B | ||
| Q4 25 | — | $2.4B | ||
| Q3 25 | — | $1.9B | ||
| Q2 25 | $2.5B | $2.2B | ||
| Q1 25 | $4.6B | $3.6B | ||
| Q4 24 | — | $3.6B | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
总债务NIOVG
| Q1 26 | — | — | ||
| Q4 25 | — | $34.2B | ||
| Q3 25 | — | $32.6B | ||
| Q2 25 | — | $30.0B | ||
| Q1 25 | — | $29.3B | ||
| Q4 24 | — | $29.3B | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
股东权益NIOVG
| Q1 26 | $594.8M | $10.7B | ||
| Q4 25 | — | $6.7B | ||
| Q3 25 | — | $5.7B | ||
| Q2 25 | $-168.3M | $5.3B | ||
| Q1 25 | $817.5M | $4.9B | ||
| Q4 24 | — | $2.9B | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
总资产NIOVG
| Q1 26 | $17.8B | $56.3B | ||
| Q4 25 | — | $53.4B | ||
| Q3 25 | — | $50.1B | ||
| Q2 25 | $14.0B | $46.5B | ||
| Q1 25 | $14.7B | $45.1B | ||
| Q4 24 | — | $43.5B | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
负债/权益比NIOVG
| Q1 26 | — | — | ||
| Q4 25 | — | 5.07× | ||
| Q3 25 | — | 5.73× | ||
| Q2 25 | — | 5.69× | ||
| Q1 25 | — | 6.01× | ||
| Q4 24 | — | 10.11× | ||
| 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NIOVG
| Q1 26 | $427.9M | — | ||
| Q4 25 | — | $2.1B | ||
| Q3 25 | — | $1.9B | ||
| Q2 25 | — | $1.5B | ||
| Q1 25 | $-1.1B | $1.1B | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
自由现金流NIOVG
| Q1 26 | $-439.4M | — | ||
| Q4 25 | — | $-1.5B | ||
| Q3 25 | — | $-1.4B | ||
| Q2 25 | — | $-1.5B | ||
| Q1 25 | $-2.3B | $-2.4B | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
自由现金流率NIOVG
| Q1 26 | -9.3% | — | ||
| Q4 25 | — | -34.1% | ||
| Q3 25 | — | -42.4% | ||
| Q2 25 | — | -49.1% | ||
| Q1 25 | -85.6% | -81.3% | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
资本支出强度NIOVG
| Q1 26 | 18.4% | — | ||
| Q4 25 | — | 81.6% | ||
| Q3 25 | — | 98.9% | ||
| Q2 25 | — | 96.1% | ||
| Q1 25 | 46.1% | 119.8% | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
现金转化率NIOVG
| Q1 26 | 11.07× | — | ||
| Q4 25 | — | 1.77× | ||
| Q3 25 | — | 3.42× | ||
| Q2 25 | — | 3.07× | ||
| Q1 25 | — | 2.15× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
