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国民油井华高（NOV）与网易（NTES）财务数据对比。点击上方公司名可切换其他公司
网易的季度营收约是国民油井华高的1.9倍（$4.0B vs $2.1B），网易净利率更高（31.0% vs 1.0%，领先30.0%），网易自由现金流更多（$1.8B vs $51.0M），过去两年网易的营收复合增速更高（9.7% vs -3.8%）
NOV Inc.（前称国民油井华高）是总部位于美国得克萨斯州休斯顿的跨国企业，为上游油气行业提供钻探及生产作业所需的设备零部件、油田服务及供应链整合服务，在六大洲布局超500个运营点，下设能源设备、能源产品与服务两大业务板块。
网易由丁磊于1997年6月创立，是全球规模领先的互联网与网络游戏企业之一。公司核心业务涵盖PC及移动端网络游戏的研发与发行，同时布局广告服务、电子邮箱服务及电商平台等多元业务板块。
NOV vs NTES — 直观对比
营收规模更大
NTES
是对方的1.9倍
$2.1B
净利率更高
NTES
高出30.0%
1.0%
自由现金流更多
NTES
多$1.7B
$51.0M
两年增速更快
NTES
近两年复合增速
-3.8%
损益表 — Q1 FY2026 vs Q3 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $2.1B | $4.0B |
| 净利润 | $20.0M | $1.2B |
| 毛利率 | 18.5% | 64.1% |
| 营业利润率 | 2.3% | 28.3% |
| 净利率 | 1.0% | 31.0% |
| 营收同比 | -9.9% | — |
| 净利润同比 | -73.0% | — |
| 每股收益（稀释后） | $0.05 | — |
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NOVNTES
| Q1 26 | $2.1B | — | ||
| Q4 25 | $2.3B | — | ||
| Q3 25 | $2.2B | $4.0B | ||
| Q2 25 | $2.2B | $3.9B | ||
| Q1 25 | $2.1B | $4.0B | ||
| Q4 24 | $2.3B | — | ||
| Q3 24 | $2.2B | $3.7B | ||
| Q2 24 | $2.2B | $3.5B |
净利润NOVNTES
| Q1 26 | $20.0M | — | ||
| Q4 25 | $-78.0M | — | ||
| Q3 25 | $42.0M | $1.2B | ||
| Q2 25 | $108.0M | $1.3B | ||
| Q1 25 | $73.0M | $1.5B | ||
| Q4 24 | $160.0M | — | ||
| Q3 24 | $130.0M | $955.7M | ||
| Q2 24 | $226.0M | $939.6M |
毛利率NOVNTES
| Q1 26 | 18.5% | — | ||
| Q4 25 | 20.3% | — | ||
| Q3 25 | 18.9% | 64.1% | ||
| Q2 25 | 20.4% | 64.7% | ||
| Q1 25 | 21.3% | 64.1% | ||
| Q4 24 | 21.4% | — | ||
| Q3 24 | 21.4% | 62.9% | ||
| Q2 24 | 26.6% | 62.9% |
营业利润率NOVNTES
| Q1 26 | 2.3% | — | ||
| Q4 25 | 4.0% | — | ||
| Q3 25 | 4.9% | 28.3% | ||
| Q2 25 | 6.5% | 32.5% | ||
| Q1 25 | 7.2% | 36.2% | ||
| Q4 24 | 9.0% | — | ||
| Q3 24 | 8.9% | 27.3% | ||
| Q2 24 | 14.1% | 27.4% |
净利率NOVNTES
| Q1 26 | 1.0% | — | ||
| Q4 25 | -3.4% | — | ||
| Q3 25 | 1.9% | 31.0% | ||
| Q2 25 | 4.9% | 32.6% | ||
| Q1 25 | 3.5% | 36.6% | ||
| Q4 24 | 6.9% | — | ||
| Q3 24 | 5.9% | 25.6% | ||
| Q2 24 | 10.2% | 26.8% |
每股收益（稀释后）NOVNTES
| Q1 26 | $0.05 | — | ||
| Q4 25 | $-0.20 | — | ||
| Q3 25 | $0.11 | — | ||
| Q2 25 | $0.29 | — | ||
| Q1 25 | $0.19 | — | ||
| Q4 24 | $0.40 | — | ||
| Q3 24 | $0.33 | — | ||
| Q2 24 | $0.57 | — |
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 | $1.3B | $31.3B |
| 总债务越低越好 | $1.7B | — |
| 股东权益账面价值 | — | $160.8B |
| 总资产 | $11.1B | $214.5B |
| 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NOVNTES
| Q1 26 | $1.3B | — | ||
| Q4 25 | $1.6B | — | ||
| Q3 25 | $1.2B | $31.3B | ||
| Q2 25 | $1.1B | $54.4B | ||
| Q1 25 | $1.2B | $41.7B | ||
| Q4 24 | $1.2B | — | ||
| Q3 24 | $985.0M | $20.2B | ||
| Q2 24 | $827.0M | $19.0B |
总债务NOVNTES
| Q1 26 | $1.7B | — | ||
| Q4 25 | $1.7B | — | ||
| Q3 25 | $1.7B | — | ||
| Q2 25 | $1.7B | — | ||
| Q1 25 | $1.7B | — | ||
| Q4 24 | $1.7B | — | ||
| Q3 24 | $1.7B | — | ||
| Q2 24 | $1.7B | — |
股东权益NOVNTES
| Q1 26 | — | — | ||
| Q4 25 | $6.3B | — | ||
| Q3 25 | $6.5B | $160.8B | ||
| Q2 25 | $6.5B | $154.0B | ||
| Q1 25 | $6.4B | $147.8B | ||
| Q4 24 | $6.4B | — | ||
| Q3 24 | $6.5B | $135.6B | ||
| Q2 24 | $6.4B | $134.2B |
总资产NOVNTES
| Q1 26 | $11.1B | — | ||
| Q4 25 | $11.3B | — | ||
| Q3 25 | $11.3B | $214.5B | ||
| Q2 25 | $11.4B | $208.5B | ||
| Q1 25 | $11.3B | $200.9B | ||
| Q4 24 | $11.4B | — | ||
| Q3 24 | $11.4B | $184.9B | ||
| Q2 24 | $11.3B | $183.3B |
负债/权益比NOVNTES
| Q1 26 | — | — | ||
| Q4 25 | 0.27× | — | ||
| Q3 25 | 0.27× | — | ||
| Q2 25 | 0.27× | — | ||
| Q1 25 | 0.27× | — | ||
| Q4 24 | 0.27× | — | ||
| Q3 24 | 0.27× | — | ||
| Q2 24 | 0.27× | — |
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 | — | $1.8B |
| 自由现金流经营现金流 - 资本支出 | $51.0M | $1.8B |
| 自由现金流率自由现金流/营收 | 2.5% | 44.7% |
| 资本支出强度资本支出/营收 | — | 1.0% |
| 现金转化率经营现金流/净利润 | — | 1.47× |
| 过去12个月自由现金流最近4个季度 | $876.0M | $6.3B |
8季度趋势，按日历期对齐
经营现金流NOVNTES
| Q1 26 | — | — | ||
| Q4 25 | $573.0M | — | ||
| Q3 25 | $352.0M | $1.8B | ||
| Q2 25 | $191.0M | $1.5B | ||
| Q1 25 | $135.0M | $1.7B | ||
| Q4 24 | $591.0M | — | ||
| Q3 24 | $359.0M | $1.5B | ||
| Q2 24 | $432.0M | $898.8M |
自由现金流NOVNTES
| Q1 26 | $51.0M | — | ||
| Q4 25 | $472.0M | — | ||
| Q3 25 | $245.0M | $1.8B | ||
| Q2 25 | $108.0M | $1.5B | ||
| Q1 25 | $51.0M | $1.6B | ||
| Q4 24 | $473.0M | — | ||
| Q3 24 | $277.0M | $1.5B | ||
| Q2 24 | $350.0M | $875.6M |
自由现金流率NOVNTES
| Q1 26 | 2.5% | — | ||
| Q4 25 | 20.7% | — | ||
| Q3 25 | 11.3% | 44.7% | ||
| Q2 25 | 4.9% | 38.3% | ||
| Q1 25 | 2.4% | 40.4% | ||
| Q4 24 | 20.5% | — | ||
| Q3 24 | 12.6% | 38.9% | ||
| Q2 24 | 15.8% | 25.0% |
资本支出强度NOVNTES
| Q1 26 | — | — | ||
| Q4 25 | 4.4% | — | ||
| Q3 25 | 4.9% | 1.0% | ||
| Q2 25 | 3.8% | 0.7% | ||
| Q1 25 | 4.0% | 1.6% | ||
| Q4 24 | 5.1% | — | ||
| Q3 24 | 3.7% | 1.4% | ||
| Q2 24 | 3.7% | 0.7% |
现金转化率NOVNTES
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | 8.38× | 1.47× | ||
| Q2 25 | 1.77× | 1.20× | ||
| Q1 25 | 1.85× | 1.15× | ||
| Q4 24 | 3.69× | — | ||
| Q3 24 | 2.76× | 1.58× | ||
| Q2 24 | 1.91× | 0.96× |
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
NOV
| Energy Equipment | $1.2B | 58% |
| Energy Products and Services | $897.0M | 44% |
NTES
| Games and related value-added services | $3.3B | 82% |
| NetEase Cloud Music | $275.9M | 7% |
| Youdao | $228.8M | 6% |
| Innovative businesses and others | $202.1M | 5% |
