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蔚来（NIO）与Vistra Corp.（VST）财务数据对比。点击上方公司名可切换其他公司
Vistra Corp.的季度营收约是蔚来的1.0倍（$4.8B vs $4.7B），Vistra Corp.净利率更高（4.8% vs 0.8%，领先4.0%），Vistra Corp.自由现金流更多（$596.0M vs $-439.4M）
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。
股票代码为VST的Vistra Corp是总部位于美国得克萨斯州的能源企业，主营电力生产、可再生能源开发及能源零售等业务。此外“Vistra”也可指一家总部位于中国香港的企业服务提供商，为全球客户提供公司注册、合规管理等专业服务。
NIO vs VST — 直观对比
营收规模更大
VST
是对方的1.0倍
$4.7B
净利率更高
VST
高出4.0%
0.8%
自由现金流更多
VST
多$1.0B
$-439.4M
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $4.7B | $4.8B |
| 净利润 | $38.7M | $233.0M |
| 毛利率 | 17.5% | — |
| 营业利润率 | 1.5% | 9.9% |
| 净利率 | 0.8% | 4.8% |
| 营收同比 | — | 31.2% |
| 净利润同比 | — | -47.2% |
| 每股收益（稀释后） | $0.05 | $0.55 |
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NIOVST
| Q1 26 | $4.7B | — | ||
| Q4 25 | — | $4.8B | ||
| Q3 25 | $3.0B | $4.8B | ||
| Q2 25 | $2.6B | $3.8B | ||
| Q1 25 | $2.7B | $4.3B | ||
| Q4 24 | — | $3.7B | ||
| Q3 24 | — | $4.3B | ||
| Q2 24 | — | $3.6B |
净利润NIOVST
| Q1 26 | $38.7M | — | ||
| Q4 25 | — | $233.0M | ||
| Q3 25 | $-505.2M | $652.0M | ||
| Q2 25 | $-709.5M | $327.0M | ||
| Q1 25 | $-984.2M | $-268.0M | ||
| Q4 24 | — | $441.0M | ||
| Q3 24 | — | $1.9B | ||
| Q2 24 | — | $365.0M |
毛利率NIOVST
| 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NIOVST
| Q1 26 | 1.5% | — | ||
| Q4 25 | — | 9.9% | ||
| Q3 25 | -16.2% | 21.7% | ||
| Q2 25 | -25.8% | 13.7% | ||
| Q1 25 | -30.6% | -2.8% | ||
| Q4 24 | — | 16.4% | ||
| Q3 24 | — | 59.6% | ||
| Q2 24 | — | 22.5% |
净利率NIOVST
| Q1 26 | 0.8% | — | ||
| Q4 25 | — | 4.8% | ||
| Q3 25 | -16.8% | 13.6% | ||
| Q2 25 | -27.0% | 8.7% | ||
| Q1 25 | -36.2% | -6.3% | ||
| Q4 24 | — | 12.0% | ||
| Q3 24 | — | 43.5% | ||
| Q2 24 | — | 10.1% |
每股收益（稀释后）NIOVST
| Q1 26 | $0.05 | — | ||
| Q4 25 | — | $0.55 | ||
| Q3 25 | $-1.51 | $1.75 | ||
| Q2 25 | $-2.31 | $0.81 | ||
| Q1 25 | $-3.47 | $-0.93 | ||
| Q4 24 | — | $1.09 | ||
| Q3 24 | — | $5.25 | ||
| Q2 24 | — | $0.90 |
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 | $785.0M |
| 总债务越低越好 | — | $15.8B |
| 股东权益账面价值 | $594.8M | $5.1B |
| 总资产 | $17.8B | $41.5B |
| 负债/权益比越低杠杆越低 | — | 3.11× |
8季度趋势，按日历期对齐
现金及短期投资NIOVST
| Q1 26 | $4.4B | — | ||
| Q4 25 | — | $785.0M | ||
| Q3 25 | — | $602.0M | ||
| Q2 25 | $2.5B | $458.0M | ||
| Q1 25 | $4.6B | $561.0M | ||
| Q4 24 | — | $1.2B | ||
| Q3 24 | — | $905.0M | ||
| Q2 24 | — | $1.6B |
总债务NIOVST
| Q1 26 | — | — | ||
| Q4 25 | — | $15.8B | ||
| Q3 25 | — | $15.8B | ||
| Q2 25 | — | $15.5B | ||
| Q1 25 | — | $15.4B | ||
| Q4 24 | — | $15.4B | ||
| Q3 24 | — | $13.9B | ||
| Q2 24 | — | $13.9B |
股东权益NIOVST
| Q1 26 | $594.8M | — | ||
| Q4 25 | — | $5.1B | ||
| Q3 25 | — | $5.2B | ||
| Q2 25 | $-168.3M | $4.8B | ||
| Q1 25 | $817.5M | $4.8B | ||
| Q4 24 | — | $5.6B | ||
| Q3 24 | — | $5.4B | ||
| Q2 24 | — | $5.6B |
总资产NIOVST
| Q1 26 | $17.8B | — | ||
| Q4 25 | — | $41.5B | ||
| Q3 25 | — | $38.0B | ||
| Q2 25 | $14.0B | $38.1B | ||
| Q1 25 | $14.7B | $38.2B | ||
| Q4 24 | — | $37.8B | ||
| Q3 24 | — | $37.9B | ||
| Q2 24 | — | $39.1B |
负债/权益比NIOVST
| Q1 26 | — | — | ||
| Q4 25 | — | 3.11× | ||
| Q3 25 | — | 3.02× | ||
| Q2 25 | — | 3.22× | ||
| Q1 25 | — | 3.20× | ||
| Q4 24 | — | 2.77× | ||
| Q3 24 | — | 2.56× | ||
| Q2 24 | — | 2.49× |
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 | $1.4B |
| 自由现金流经营现金流 - 资本支出 | $-439.4M | $596.0M |
| 自由现金流率自由现金流/营收 | -9.3% | 12.4% |
| 资本支出强度资本支出/营收 | 18.4% | 17.4% |
| 现金转化率经营现金流/净利润 | 11.07× | 6.15× |
| 过去12个月自由现金流最近4个季度 | — | $1.3B |
8季度趋势，按日历期对齐
经营现金流NIOVST
| Q1 26 | $427.9M | — | ||
| Q4 25 | — | $1.4B | ||
| Q3 25 | — | $1.5B | ||
| Q2 25 | — | $572.0M | ||
| Q1 25 | $-1.1B | $599.0M | ||
| Q4 24 | — | $1.4B | ||
| Q3 24 | — | $1.7B | ||
| Q2 24 | — | $1.2B |
自由现金流NIOVST
| Q1 26 | $-439.4M | — | ||
| Q4 25 | — | $596.0M | ||
| Q3 25 | — | $1.0B | ||
| Q2 25 | — | $-118.0M | ||
| Q1 25 | $-2.3B | $-169.0M | ||
| Q4 24 | — | $923.0M | ||
| Q3 24 | — | $1.0B | ||
| Q2 24 | — | $698.0M |
自由现金流率NIOVST
| Q1 26 | -9.3% | — | ||
| Q4 25 | — | 12.4% | ||
| Q3 25 | — | 21.1% | ||
| Q2 25 | — | -3.1% | ||
| Q1 25 | -85.6% | -4.0% | ||
| Q4 24 | — | 25.2% | ||
| Q3 24 | — | 23.4% | ||
| Q2 24 | — | 19.4% |
资本支出强度NIOVST
| Q1 26 | 18.4% | — | ||
| Q4 25 | — | 17.4% | ||
| Q3 25 | — | 9.6% | ||
| Q2 25 | — | 18.4% | ||
| Q1 25 | 46.1% | 18.1% | ||
| Q4 24 | — | 11.7% | ||
| Q3 24 | — | 15.8% | ||
| Q2 24 | — | 13.8% |
现金转化率NIOVST
| Q1 26 | 11.07× | — | ||
| Q4 25 | — | 6.15× | ||
| Q3 25 | — | 2.25× | ||
| Q2 25 | — | 1.75× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 3.07× | ||
| Q3 24 | — | 0.90× | ||
| Q2 24 | — | 3.28× |
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
VST
| Retail Energy Charge In ERCOT | $2.1B | 43% |
| Retail Energy Charge In Northeast Midwest | $1.2B | 24% |
| East Segment | $1.1B | 24% |
| Hedging Revenue Realized | $170.0M | 4% |
| Revenue From Other Wholesale Contracts | $116.0M | 2% |
| Transferable Production Tax Credit Revenues | $78.0M | 2% |
| West Segment | $77.0M | 2% |
| Intersegment Sales | $25.0M | 1% |
