vs
NRG Energy（NRG）与拼多多（PDD）财务数据对比。点击上方公司名可切换其他公司
拼多多的季度营收约是NRG Energy的2.0倍（$15.2B vs $7.7B），拼多多净利率更高（27.1% vs 0.9%，领先26.2%），过去两年拼多多的营收复合增速更高（74.6% vs 2.0%）
NRG Energy是总部位于美国得克萨斯州休斯敦的能源企业，前身为北方州电力公司（后发展为Xcel Energy）的批发业务板块，2000年独立运营。公司业务覆盖能源发电与电力零售，资产组合涵盖天然气、煤炭、石油、核能、风电、公用事业级发电及分布式太阳能发电等多个领域。
PDD控股是总部位于爱尔兰的跨国企业，旗下拥有中国头部线上零售平台拼多多和跨境电商平台Temu。拼多多主打农业供应链数字化升级，助力农产品直接对接广大消费者需求。
NRG vs PDD — 直观对比
营收规模更大
PDD
是对方的2.0倍
$7.7B
净利率更高
PDD
高出26.2%
0.9%
两年增速更快
PDD
近两年复合增速
2.0%
损益表 — Q4 FY2025 vs Q3 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $7.7B | $15.2B |
| 净利润 | $66.0M | $4.1B |
| 毛利率 | — | 56.7% |
| 营业利润率 | 3.9% | 23.1% |
| 净利率 | 0.9% | 27.1% |
| 营收同比 | 13.6% | — |
| 净利润同比 | -89.7% | — |
| 每股收益（稀释后） | $0.33 | — |
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NRGPDD
| Q4 25 | $7.7B | — | ||
| Q3 25 | $7.5B | $15.2B | ||
| Q2 25 | $6.7B | $14.5B | ||
| Q1 25 | $8.5B | — | ||
| Q4 24 | $6.8B | — | ||
| Q3 24 | $7.1B | $14.2B | ||
| Q2 24 | $6.5B | — | ||
| Q1 24 | $7.4B | $12.0B |
净利润NRGPDD
| Q4 25 | $66.0M | — | ||
| Q3 25 | $152.0M | $4.1B | ||
| Q2 25 | $-104.0M | $4.3B | ||
| Q1 25 | $750.0M | — | ||
| Q4 24 | $643.0M | — | ||
| Q3 24 | $-767.0M | $3.6B | ||
| Q2 24 | $738.0M | — | ||
| Q1 24 | $511.0M | $3.9B |
毛利率NRGPDD
| Q4 25 | — | — | ||
| Q3 25 | — | 56.7% | ||
| Q2 25 | — | 55.9% | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 60.0% | ||
| Q2 24 | — | — | ||
| Q1 24 | — | 62.3% |
营业利润率NRGPDD
| Q4 25 | 3.9% | — | ||
| Q3 25 | 5.5% | 23.1% | ||
| Q2 25 | — | 24.8% | ||
| Q1 25 | 13.4% | — | ||
| Q4 24 | 14.1% | — | ||
| Q3 24 | -11.4% | 24.5% | ||
| Q2 24 | 21.8% | — | ||
| Q1 24 | 11.8% | 29.9% |
净利率NRGPDD
| Q4 25 | 0.9% | — | ||
| Q3 25 | 2.0% | 27.1% | ||
| Q2 25 | -1.6% | 29.6% | ||
| Q1 25 | 8.8% | — | ||
| Q4 24 | 9.5% | — | ||
| Q3 24 | -10.8% | 25.1% | ||
| Q2 24 | 11.4% | — | ||
| Q1 24 | 6.9% | 32.3% |
每股收益（稀释后）NRGPDD
| Q4 25 | $0.33 | — | ||
| Q3 25 | $0.69 | — | ||
| Q2 25 | $-0.62 | — | ||
| Q1 25 | $3.61 | — | ||
| Q4 24 | $3.10 | — | ||
| Q3 24 | $-3.79 | — | ||
| Q2 24 | $3.37 | — | ||
| Q1 24 | $2.31 | — |
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 | $4.7B | $13.0B |
| 总债务越低越好 | $16.4B | — |
| 股东权益账面价值 | $1.7B | $55.0B |
| 总资产 | $29.1B | $86.2B |
| 负债/权益比越低杠杆越低 | 9.76× | — |
8季度趋势，按日历期对齐
现金及短期投资NRGPDD
| Q4 25 | $4.7B | — | ||
| Q3 25 | $732.0M | $13.0B | ||
| Q2 25 | $180.0M | $8.8B | ||
| Q1 25 | $693.0M | — | ||
| Q4 24 | $966.0M | — | ||
| Q3 24 | $1.1B | $9.3B | ||
| Q2 24 | $376.0M | — | ||
| Q1 24 | $278.0M | $7.7B |
总债务NRGPDD
| Q4 25 | $16.4B | — | ||
| Q3 25 | $11.2B | — | ||
| Q2 25 | $9.8B | — | ||
| Q1 25 | $9.8B | — | ||
| Q4 24 | $9.8B | — | ||
| Q3 24 | $10.4B | — | ||
| Q2 24 | $10.4B | — | ||
| Q1 24 | $9.6B | — |
股东权益NRGPDD
| Q4 25 | $1.7B | — | ||
| Q3 25 | $2.0B | $55.0B | ||
| Q2 25 | $2.3B | $50.5B | ||
| Q1 25 | $2.8B | — | ||
| Q4 24 | $2.5B | — | ||
| Q3 24 | $2.5B | $39.7B | ||
| Q2 24 | $3.6B | — | ||
| Q1 24 | $3.3B | $30.3B |
总资产NRGPDD
| Q4 25 | $29.1B | — | ||
| Q3 25 | $24.0B | $86.2B | ||
| Q2 25 | $24.1B | $79.2B | ||
| Q1 25 | $25.0B | — | ||
| Q4 24 | $24.0B | — | ||
| Q3 24 | $23.7B | $66.5B | ||
| Q2 24 | $25.8B | — | ||
| Q1 24 | $25.4B | $52.3B |
负债/权益比NRGPDD
| Q4 25 | 9.76× | — | ||
| Q3 25 | 5.66× | — | ||
| Q2 25 | 4.29× | — | ||
| Q1 25 | 3.53× | — | ||
| Q4 24 | 3.96× | — | ||
| Q3 24 | 4.14× | — | ||
| Q2 24 | 2.88× | — | ||
| Q1 24 | 2.90× | — |
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 | $123.0M | $6.4B |
| 自由现金流经营现金流 - 资本支出 | $-175.0M | — |
| 自由现金流率自由现金流/营收 | -2.3% | — |
| 资本支出强度资本支出/营收 | 3.9% | — |
| 现金转化率经营现金流/净利润 | 1.86× | 1.56× |
| 过去12个月自由现金流最近4个季度 | $766.0M | — |
8季度趋势，按日历期对齐
经营现金流NRGPDD
| Q4 25 | $123.0M | — | ||
| Q3 25 | $484.0M | $6.4B | ||
| Q2 25 | $451.0M | $3.0B | ||
| Q1 25 | $855.0M | — | ||
| Q4 24 | $952.0M | — | ||
| Q3 24 | $31.0M | $3.9B | ||
| Q2 24 | $1.1B | — | ||
| Q1 24 | $267.0M | $2.9B |
自由现金流NRGPDD
| Q4 25 | $-175.0M | — | ||
| Q3 25 | $230.0M | — | ||
| Q2 25 | $73.0M | — | ||
| Q1 25 | $638.0M | — | ||
| Q4 24 | $766.0M | — | ||
| Q3 24 | $-83.0M | — | ||
| Q2 24 | $953.0M | — | ||
| Q1 24 | $198.0M | — |
自由现金流率NRGPDD
| Q4 25 | -2.3% | — | ||
| Q3 25 | 3.1% | — | ||
| Q2 25 | 1.1% | — | ||
| Q1 25 | 7.5% | — | ||
| Q4 24 | 11.3% | — | ||
| Q3 24 | -1.2% | — | ||
| Q2 24 | 14.7% | — | ||
| Q1 24 | 2.7% | — |
资本支出强度NRGPDD
| Q4 25 | 3.9% | — | ||
| Q3 25 | 3.4% | — | ||
| Q2 25 | 5.7% | — | ||
| Q1 25 | 2.6% | — | ||
| Q4 24 | 2.8% | — | ||
| Q3 24 | 1.6% | — | ||
| Q2 24 | 1.6% | — | ||
| Q1 24 | 0.9% | — |
现金转化率NRGPDD
| Q4 25 | 1.86× | — | ||
| Q3 25 | 3.18× | 1.56× | ||
| Q2 25 | — | 0.70× | ||
| Q1 25 | 1.14× | — | ||
| Q4 24 | 1.48× | — | ||
| Q3 24 | — | 1.10× | ||
| Q2 24 | 1.43× | — | ||
| Q1 24 | 0.52× | 0.75× |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
