vs
ServiceNow（NOW）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ServiceNow的1.3倍（$4.8B vs $3.8B），ServiceNow净利率更高（12.4% vs 4.8%，领先7.6%），Vistra Corp.同比增速更快（31.2% vs 2.8%），ServiceNow自由现金流更多（$1.7B vs $596.0M），过去两年Vistra Corp.的营收复合增速更高（23.3% vs 19.8%）
ServiceNow是2003年由弗雷德·卢迪在美国加利福尼亚州圣克拉拉创立的软件企业，主打云计算平台产品，可支持企业搭建及管理自动化业务工作流。公司于纽交所上市，现为标普100及标普500指数成分股。
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。
NOW vs VST — 直观对比
营收规模更大
VST
是对方的1.3倍
$3.8B
营收增速更快
VST
高出28.4%
2.8%
净利率更高
NOW
高出7.6%
4.8%
自由现金流更多
NOW
多$1.1B
$596.0M
两年增速更快
VST
近两年复合增速
19.8%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $3.8B | $4.8B |
| 净利润 | $469.0M | $233.0M |
| 毛利率 | 75.1% | — |
| 营业利润率 | 13.3% | 9.9% |
| 净利率 | 12.4% | 4.8% |
| 营收同比 | 2.8% | 31.2% |
| 净利润同比 | -53.7% | -47.2% |
| 每股收益（稀释后） | $1.04 | $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NOWVST
| Q1 26 | $3.8B | — | ||
| Q4 25 | $3.6B | $4.8B | ||
| Q3 25 | $3.4B | $4.8B | ||
| Q2 25 | $3.2B | $3.8B | ||
| Q1 25 | $3.1B | $4.3B | ||
| Q4 24 | $3.0B | $3.7B | ||
| Q3 24 | $2.8B | $4.3B | ||
| Q2 24 | $2.6B | $3.6B |
净利润NOWVST
| Q1 26 | $469.0M | — | ||
| Q4 25 | $401.0M | $233.0M | ||
| Q3 25 | $502.0M | $652.0M | ||
| Q2 25 | $385.0M | $327.0M | ||
| Q1 25 | $460.0M | $-268.0M | ||
| Q4 24 | $384.0M | $441.0M | ||
| Q3 24 | $432.0M | $1.9B | ||
| Q2 24 | $262.0M | $365.0M |
毛利率NOWVST
| Q1 26 | 75.1% | — | ||
| Q4 25 | 76.6% | — | ||
| Q3 25 | 77.3% | — | ||
| Q2 25 | 77.5% | — | ||
| Q1 25 | 78.9% | — | ||
| Q4 24 | 78.7% | — | ||
| Q3 24 | 79.1% | — | ||
| Q2 24 | 79.0% | — |
营业利润率NOWVST
| Q1 26 | 13.3% | — | ||
| Q4 25 | 12.4% | 9.9% | ||
| Q3 25 | 16.8% | 21.7% | ||
| Q2 25 | 11.1% | 13.7% | ||
| Q1 25 | 14.6% | -2.8% | ||
| Q4 24 | 12.6% | 16.4% | ||
| Q3 24 | 14.9% | 59.6% | ||
| Q2 24 | 9.1% | 22.5% |
净利率NOWVST
| Q1 26 | 12.4% | — | ||
| Q4 25 | 11.2% | 4.8% | ||
| Q3 25 | 14.7% | 13.6% | ||
| Q2 25 | 12.0% | 8.7% | ||
| Q1 25 | 14.9% | -6.3% | ||
| Q4 24 | 13.0% | 12.0% | ||
| Q3 24 | 15.4% | 43.5% | ||
| Q2 24 | 10.0% | 10.1% |
每股收益（稀释后）NOWVST
| Q1 26 | $1.04 | — | ||
| Q4 25 | $-4.77 | $0.55 | ||
| Q3 25 | $2.40 | $1.75 | ||
| Q2 25 | $1.84 | $0.81 | ||
| Q1 25 | $2.20 | $-0.93 | ||
| Q4 24 | $1.84 | $1.09 | ||
| Q3 24 | $2.07 | $5.25 | ||
| Q2 24 | $1.26 | $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 | $2.7B | $785.0M |
| 总债务越低越好 | — | $15.8B |
| 股东权益账面价值 | $11.7B | $5.1B |
| 总资产 | $24.4B | $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NOWVST
| Q1 26 | $2.7B | — | ||
| Q4 25 | $3.7B | $785.0M | ||
| Q3 25 | $2.7B | $602.0M | ||
| Q2 25 | $3.1B | $458.0M | ||
| Q1 25 | $3.4B | $561.0M | ||
| Q4 24 | $2.3B | $1.2B | ||
| Q3 24 | $1.9B | $905.0M | ||
| Q2 24 | $2.2B | $1.6B |
总债务NOWVST
| 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NOWVST
| Q1 26 | $11.7B | — | ||
| Q4 25 | $13.0B | $5.1B | ||
| Q3 25 | $11.3B | $5.2B | ||
| Q2 25 | $10.9B | $4.8B | ||
| Q1 25 | $10.1B | $4.8B | ||
| Q4 24 | $9.6B | $5.6B | ||
| Q3 24 | $9.3B | $5.4B | ||
| Q2 24 | $8.7B | $5.6B |
总资产NOWVST
| Q1 26 | $24.4B | — | ||
| Q4 25 | $26.0B | $41.5B | ||
| Q3 25 | $21.8B | $38.0B | ||
| Q2 25 | $22.1B | $38.1B | ||
| Q1 25 | $21.0B | $38.2B | ||
| Q4 24 | $20.4B | $37.8B | ||
| Q3 24 | $18.4B | $37.9B | ||
| Q2 24 | $18.2B | $39.1B |
负债/权益比NOWVST
| 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 | $1.7B | $1.4B |
| 自由现金流经营现金流 - 资本支出 | $1.7B | $596.0M |
| 自由现金流率自由现金流/营收 | 44.2% | 12.4% |
| 资本支出强度资本支出/营收 | — | 17.4% |
| 现金转化率经营现金流/净利润 | 3.56× | 6.15× |
| 过去12个月自由现金流最近4个季度 | $4.8B | $1.3B |
8季度趋势，按日历期对齐
经营现金流NOWVST
| Q1 26 | $1.7B | — | ||
| Q4 25 | $2.2B | $1.4B | ||
| Q3 25 | $813.0M | $1.5B | ||
| Q2 25 | $716.0M | $572.0M | ||
| Q1 25 | $1.7B | $599.0M | ||
| Q4 24 | $1.6B | $1.4B | ||
| Q3 24 | $671.0M | $1.7B | ||
| Q2 24 | $620.0M | $1.2B |
自由现金流NOWVST
| Q1 26 | $1.7B | — | ||
| Q4 25 | $2.0B | $596.0M | ||
| Q3 25 | $578.0M | $1.0B | ||
| Q2 25 | $526.0M | $-118.0M | ||
| Q1 25 | $1.5B | $-169.0M | ||
| Q4 24 | $1.4B | $923.0M | ||
| Q3 24 | $469.0M | $1.0B | ||
| Q2 24 | $358.0M | $698.0M |
自由现金流率NOWVST
| Q1 26 | 44.2% | — | ||
| Q4 25 | 56.1% | 12.4% | ||
| Q3 25 | 17.0% | 21.1% | ||
| Q2 25 | 16.4% | -3.1% | ||
| Q1 25 | 47.7% | -4.0% | ||
| Q4 24 | 46.7% | 25.2% | ||
| Q3 24 | 16.8% | 23.4% | ||
| Q2 24 | 13.6% | 19.4% |
资本支出强度NOWVST
| Q1 26 | — | — | ||
| Q4 25 | 6.7% | 17.4% | ||
| Q3 25 | 6.9% | 9.6% | ||
| Q2 25 | 5.9% | 18.4% | ||
| Q1 25 | 6.6% | 18.1% | ||
| Q4 24 | 8.6% | 11.7% | ||
| Q3 24 | 7.2% | 15.8% | ||
| Q2 24 | 10.0% | 13.8% |
现金转化率NOWVST
| Q1 26 | 3.56× | — | ||
| Q4 25 | 5.58× | 6.15× | ||
| Q3 25 | 1.62× | 2.25× | ||
| Q2 25 | 1.86× | 1.75× | ||
| Q1 25 | 3.65× | — | ||
| Q4 24 | 4.26× | 3.07× | ||
| Q3 24 | 1.55× | 0.90× | ||
| Q2 24 | 2.37× | 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
NOW
| Subscription revenues | $3.7B | 97% |
| Other | $80.5M | 2% |
| Professional services and other revenues | $18.5M | 0% |
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% |
