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Norfolk Southern（NSC）与Old Dominion（ODFL）财务数据对比。点击上方公司名可切换其他公司
Norfolk Southern的季度营收约是Old Dominion的2.3倍（$3.0B vs $1.3B），Norfolk Southern净利率更高（21.7% vs 17.6%，领先4.1%），Norfolk Southern同比增速更快（-1.7% vs -5.7%），Norfolk Southern自由现金流更多（$334.0M vs $264.5M），过去两年Norfolk Southern的营收复合增速更高（-0.5% vs -5.4%）
诺福克南方铁路是美国一级货运铁路运营商，总部位于亚特兰大，1982年由诺福克西部铁路与南方铁路合并组建。公司运营线路总长19420英里（约31250公里），覆盖美国东部22个州及华盛顿哥伦比亚特区，同时拥有加拿大太平洋堪萨斯城铁路奥尔巴尼至蒙特利尔线路的通行使用权。
Old Dominion Freight Line（简称ODFL）是美国领先的零担货运企业，服务覆盖区域、跨区域及全国范围。除核心零担货运业务外，公司还提供加急运输、综合物流及家庭搬家服务，拥有成熟的运营网络，可满足不同客户的多元运输需求。
NSC vs ODFL — 直观对比
营收规模更大
NSC
是对方的2.3倍
$1.3B
营收增速更快
NSC
高出4.0%
-5.7%
净利率更高
NSC
高出4.1%
17.6%
自由现金流更多
NSC
多$69.5M
$264.5M
两年增速更快
NSC
近两年复合增速
-5.4%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $3.0B | $1.3B |
| 净利润 | $644.0M | $229.5M |
| 毛利率 | — | — |
| 营业利润率 | 31.5% | 23.3% |
| 净利率 | 21.7% | 17.6% |
| 营收同比 | -1.7% | -5.7% |
| 净利润同比 | -12.1% | -12.8% |
| 每股收益（稀释后） | $2.87 | $1.10 |
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NSCODFL
| Q4 25 | $3.0B | $1.3B | ||
| Q3 25 | $3.1B | $1.4B | ||
| Q2 25 | $3.1B | $1.4B | ||
| Q1 25 | $3.0B | $1.4B | ||
| Q4 24 | $3.0B | $1.4B | ||
| Q3 24 | $3.1B | $1.5B | ||
| Q2 24 | $3.0B | $1.5B | ||
| Q1 24 | $3.0B | $1.5B |
净利润NSCODFL
| Q4 25 | $644.0M | $229.5M | ||
| Q3 25 | $711.0M | $270.9M | ||
| Q2 25 | $768.0M | $268.6M | ||
| Q1 25 | $750.0M | $254.7M | ||
| Q4 24 | $733.0M | $263.1M | ||
| Q3 24 | $1.1B | $308.6M | ||
| Q2 24 | $737.0M | $322.0M | ||
| Q1 24 | $53.0M | $292.3M |
营业利润率NSCODFL
| Q4 25 | 31.5% | 23.3% | ||
| Q3 25 | 35.4% | 25.7% | ||
| Q2 25 | 37.8% | 25.4% | ||
| Q1 25 | 38.3% | 24.6% | ||
| Q4 24 | 37.4% | 24.1% | ||
| Q3 24 | 52.3% | 27.3% | ||
| Q2 24 | 37.2% | 28.1% | ||
| Q1 24 | 7.1% | 26.5% |
净利率NSCODFL
| Q4 25 | 21.7% | 17.6% | ||
| Q3 25 | 22.9% | 19.3% | ||
| Q2 25 | 24.7% | 19.1% | ||
| Q1 25 | 25.1% | 18.5% | ||
| Q4 24 | 24.2% | 19.0% | ||
| Q3 24 | 36.0% | 21.0% | ||
| Q2 24 | 24.2% | 21.5% | ||
| Q1 24 | 1.8% | 20.0% |
每股收益（稀释后）NSCODFL
| Q4 25 | $2.87 | $1.10 | ||
| Q3 25 | $3.16 | $1.28 | ||
| Q2 25 | $3.41 | $1.27 | ||
| Q1 25 | $3.31 | $1.19 | ||
| Q4 24 | $3.24 | $1.23 | ||
| Q3 24 | $4.85 | $1.43 | ||
| Q2 24 | $3.25 | $1.48 | ||
| Q1 24 | $0.23 | $1.34 |
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 | $1.5B | $120.1M |
| 总债务越低越好 | $16.5B | $20.0M |
| 股东权益账面价值 | $15.5B | $4.3B |
| 总资产 | $45.2B | $5.5B |
| 负债/权益比越低杠杆越低 | 1.06× | 0.00× |
8季度趋势，按日历期对齐
现金及短期投资NSCODFL
| Q4 25 | $1.5B | $120.1M | ||
| Q3 25 | $1.4B | $46.6M | ||
| Q2 25 | $1.3B | $24.1M | ||
| Q1 25 | $1.0B | $97.2M | ||
| Q4 24 | $1.6B | $108.7M | ||
| Q3 24 | $975.0M | $74.2M | ||
| Q2 24 | $659.0M | $104.6M | ||
| Q1 24 | $652.0M | $581.0M |
总债务NSCODFL
| Q4 25 | $16.5B | $20.0M | ||
| Q3 25 | $16.5B | $65.0M | ||
| Q2 25 | $16.5B | $150.0M | ||
| Q1 25 | $16.7B | $40.0M | ||
| Q4 24 | $16.7B | $40.0M | ||
| Q3 24 | $16.6B | $40.0M | ||
| Q2 24 | $16.9B | $40.0M | ||
| Q1 24 | $17.2B | $60.0M |
股东权益NSCODFL
| Q4 25 | $15.5B | $4.3B | ||
| Q3 25 | $15.1B | $4.3B | ||
| Q2 25 | $14.8B | $4.2B | ||
| Q1 25 | $14.5B | $4.2B | ||
| Q4 24 | $14.3B | $4.2B | ||
| Q3 24 | $13.8B | $4.2B | ||
| Q2 24 | $13.0B | $4.1B | ||
| Q1 24 | $12.5B | $4.4B |
总资产NSCODFL
| Q4 25 | $45.2B | $5.5B | ||
| Q3 25 | $44.6B | $5.5B | ||
| Q2 25 | $44.2B | $5.6B | ||
| Q1 25 | $43.8B | $5.5B | ||
| Q4 24 | $43.7B | $5.5B | ||
| Q3 24 | $43.3B | $5.4B | ||
| Q2 24 | $42.6B | $5.3B | ||
| Q1 24 | $42.1B | $5.7B |
负债/权益比NSCODFL
| Q4 25 | 1.06× | 0.00× | ||
| Q3 25 | 1.09× | 0.02× | ||
| Q2 25 | 1.11× | 0.04× | ||
| Q1 25 | 1.15× | 0.01× | ||
| Q4 24 | 1.16× | 0.01× | ||
| Q3 24 | 1.21× | 0.01× | ||
| Q2 24 | 1.30× | 0.01× | ||
| Q1 24 | 1.37× | 0.01× |
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 | $1.1B | $310.3M |
| 自由现金流经营现金流 - 资本支出 | $334.0M | $264.5M |
| 自由现金流率自由现金流/营收 | 11.2% | 20.2% |
| 资本支出强度资本支出/营收 | 24.5% | 3.5% |
| 现金转化率经营现金流/净利润 | 1.65× | 1.35× |
| 过去12个月自由现金流最近4个季度 | $2.2B | $955.1M |
8季度趋势，按日历期对齐
经营现金流NSCODFL
| Q4 25 | $1.1B | $310.3M | ||
| Q3 25 | $1.3B | $437.5M | ||
| Q2 25 | $1.1B | $285.8M | ||
| Q1 25 | $950.0M | $336.5M | ||
| Q4 24 | $951.0M | $401.1M | ||
| Q3 24 | $1.2B | $446.5M | ||
| Q2 24 | $1.0B | $387.9M | ||
| Q1 24 | $839.0M | $423.9M |
自由现金流NSCODFL
| Q4 25 | $334.0M | $264.5M | ||
| Q3 25 | $720.0M | $343.5M | ||
| Q2 25 | $602.0M | $98.7M | ||
| Q1 25 | $501.0M | $248.4M | ||
| Q4 24 | $276.0M | $230.1M | ||
| Q3 24 | $645.0M | $203.7M | ||
| Q2 24 | $468.0M | $149.7M | ||
| Q1 24 | $282.0M | $304.4M |
自由现金流率NSCODFL
| Q4 25 | 11.2% | 20.2% | ||
| Q3 25 | 23.2% | 24.4% | ||
| Q2 25 | 19.4% | 7.0% | ||
| Q1 25 | 16.7% | 18.1% | ||
| Q4 24 | 9.1% | 16.6% | ||
| Q3 24 | 21.1% | 13.9% | ||
| Q2 24 | 15.4% | 10.0% | ||
| Q1 24 | 9.4% | 20.8% |
资本支出强度NSCODFL
| Q4 25 | 24.5% | 3.5% | ||
| Q3 25 | 17.8% | 6.7% | ||
| Q2 25 | 15.3% | 13.3% | ||
| Q1 25 | 15.0% | 6.4% | ||
| Q4 24 | 22.3% | 12.3% | ||
| Q3 24 | 19.0% | 16.5% | ||
| Q2 24 | 18.7% | 15.9% | ||
| Q1 24 | 18.5% | 8.2% |
现金转化率NSCODFL
| Q4 25 | 1.65× | 1.35× | ||
| Q3 25 | 1.79× | 1.61× | ||
| Q2 25 | 1.40× | 1.06× | ||
| Q1 25 | 1.27× | 1.32× | ||
| Q4 24 | 1.30× | 1.52× | ||
| Q3 24 | 1.12× | 1.45× | ||
| Q2 24 | 1.41× | 1.20× | ||
| Q1 24 | 15.83× | 1.45× |
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
NSC
| Railway Operating Revenues Market Group Merchandise | $1.9B | 63% |
| Metals And Construction | $404.0M | 14% |
| Railway Operating Revenues Market Group Coal | $347.0M | 12% |
| Automotive | $293.0M | 10% |
ODFL
| LTL Service Revenue | $1.3B | 99% |
| Other Service Revenue | $11.4M | 1% |
