vs
Norfolk Southern（NSC）与道富集团（STT）财务数据对比。点击上方公司名可切换其他公司
道富集团的季度营收约是Norfolk Southern的1.2倍（$3.7B vs $3.0B），Norfolk Southern净利率更高（21.7% vs 20.4%，领先1.3%），道富集团同比增速更快（7.5% vs -1.7%），道富集团自由现金流更多（$9.8B vs $334.0M），过去两年道富集团的营收复合增速更高（8.1% vs -0.5%）
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。
道富集团是总部位于美国波士顿的跨国金融服务及银行控股公司，历史可追溯至1792年成立的联合银行，是美国运营历史第二悠久的存续银行。作为全球顶尖的资产管理与托管机构，截至2025年第三季度，其管理资产规模约5.4万亿美元，托管及管理资产总规模达51.7万亿美元。
NSC vs STT — 直观对比
营收规模更大
STT
是对方的1.2倍
$3.0B
营收增速更快
STT
高出9.1%
-1.7%
净利率更高
NSC
高出1.3%
20.4%
自由现金流更多
STT
多$9.4B
$334.0M
两年增速更快
STT
近两年复合增速
-0.5%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $3.0B | $3.7B |
| 净利润 | $644.0M | $747.0M |
| 毛利率 | — | — |
| 营业利润率 | 31.5% | 25.0% |
| 净利率 | 21.7% | 20.4% |
| 营收同比 | -1.7% | 7.5% |
| 净利润同比 | -12.1% | -4.6% |
| 每股收益（稀释后） | $2.87 | $2.41 |
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NSCSTT
| Q4 25 | $3.0B | $3.7B | ||
| Q3 25 | $3.1B | $3.5B | ||
| Q2 25 | $3.1B | $3.4B | ||
| Q1 25 | $3.0B | $3.3B | ||
| Q4 24 | $3.0B | $3.4B | ||
| Q3 24 | $3.1B | $3.3B | ||
| Q2 24 | $3.0B | $3.2B | ||
| Q1 24 | $3.0B | $3.1B |
净利润NSCSTT
| Q4 25 | $644.0M | $747.0M | ||
| Q3 25 | $711.0M | $861.0M | ||
| Q2 25 | $768.0M | $693.0M | ||
| Q1 25 | $750.0M | $644.0M | ||
| Q4 24 | $733.0M | $783.0M | ||
| Q3 24 | $1.1B | $730.0M | ||
| Q2 24 | $737.0M | $711.0M | ||
| Q1 24 | $53.0M | $463.0M |
营业利润率NSCSTT
| Q4 25 | 31.5% | 25.0% | ||
| Q3 25 | 35.4% | 31.1% | ||
| Q2 25 | 37.8% | 25.8% | ||
| Q1 25 | 38.3% | 25.0% | ||
| Q4 24 | 37.4% | 28.1% | ||
| Q3 24 | 52.3% | 28.4% | ||
| Q2 24 | 37.2% | 28.6% | ||
| Q1 24 | 7.1% | 19.1% |
净利率NSCSTT
| Q4 25 | 21.7% | 20.4% | ||
| Q3 25 | 22.9% | 24.3% | ||
| Q2 25 | 24.7% | 20.1% | ||
| Q1 25 | 25.1% | 19.6% | ||
| Q4 24 | 24.2% | 22.9% | ||
| Q3 24 | 36.0% | 22.4% | ||
| Q2 24 | 24.2% | 22.3% | ||
| Q1 24 | 1.8% | 14.8% |
每股收益（稀释后）NSCSTT
| Q4 25 | $2.87 | $2.41 | ||
| Q3 25 | $3.16 | $2.78 | ||
| Q2 25 | $3.41 | $2.17 | ||
| Q1 25 | $3.31 | $2.04 | ||
| Q4 24 | $3.24 | $2.43 | ||
| Q3 24 | $4.85 | $2.26 | ||
| Q2 24 | $3.25 | $2.15 | ||
| Q1 24 | $0.23 | $1.37 |
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 | — |
| 总债务越低越好 | $16.5B | — |
| 股东权益账面价值 | $15.5B | $27.8B |
| 总资产 | $45.2B | $366.0B |
| 负债/权益比越低杠杆越低 | 1.06× | — |
8季度趋势，按日历期对齐
现金及短期投资NSCSTT
| Q4 25 | $1.5B | — | ||
| Q3 25 | $1.4B | — | ||
| Q2 25 | $1.3B | — | ||
| Q1 25 | $1.0B | — | ||
| Q4 24 | $1.6B | — | ||
| Q3 24 | $975.0M | — | ||
| Q2 24 | $659.0M | — | ||
| Q1 24 | $652.0M | — |
总债务NSCSTT
| Q4 25 | $16.5B | — | ||
| Q3 25 | $16.5B | — | ||
| Q2 25 | $16.5B | — | ||
| Q1 25 | $16.7B | — | ||
| Q4 24 | $16.7B | — | ||
| Q3 24 | $16.6B | — | ||
| Q2 24 | $16.9B | — | ||
| Q1 24 | $17.2B | — |
股东权益NSCSTT
| Q4 25 | $15.5B | $27.8B | ||
| Q3 25 | $15.1B | $27.6B | ||
| Q2 25 | $14.8B | $27.3B | ||
| Q1 25 | $14.5B | $26.7B | ||
| Q4 24 | $14.3B | $25.3B | ||
| Q3 24 | $13.8B | $25.8B | ||
| Q2 24 | $13.0B | $24.8B | ||
| Q1 24 | $12.5B | $24.4B |
总资产NSCSTT
| Q4 25 | $45.2B | $366.0B | ||
| Q3 25 | $44.6B | $371.1B | ||
| Q2 25 | $44.2B | $376.7B | ||
| Q1 25 | $43.8B | $372.7B | ||
| Q4 24 | $43.7B | $353.2B | ||
| Q3 24 | $43.3B | $338.5B | ||
| Q2 24 | $42.6B | $325.6B | ||
| Q1 24 | $42.1B | $338.0B |
负债/权益比NSCSTT
| Q4 25 | 1.06× | — | ||
| Q3 25 | 1.09× | — | ||
| Q2 25 | 1.11× | — | ||
| Q1 25 | 1.15× | — | ||
| Q4 24 | 1.16× | — | ||
| Q3 24 | 1.21× | — | ||
| Q2 24 | 1.30× | — | ||
| Q1 24 | 1.37× | — |
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 | $10.0B |
| 自由现金流经营现金流 - 资本支出 | $334.0M | $9.8B |
| 自由现金流率自由现金流/营收 | 11.2% | 266.6% |
| 资本支出强度资本支出/营收 | 24.5% | 7.3% |
| 现金转化率经营现金流/净利润 | 1.65× | 13.44× |
| 过去12个月自由现金流最近4个季度 | $2.2B | $10.8B |
8季度趋势，按日历期对齐
经营现金流NSCSTT
| Q4 25 | $1.1B | $10.0B | ||
| Q3 25 | $1.3B | $7.9B | ||
| Q2 25 | $1.1B | $-8.4B | ||
| Q1 25 | $950.0M | $2.4B | ||
| Q4 24 | $951.0M | $-7.4B | ||
| Q3 24 | $1.2B | $2.7B | ||
| Q2 24 | $1.0B | $-7.6B | ||
| Q1 24 | $839.0M | $-844.0M |
自由现金流NSCSTT
| Q4 25 | $334.0M | $9.8B | ||
| Q3 25 | $720.0M | $7.7B | ||
| Q2 25 | $602.0M | $-8.8B | ||
| Q1 25 | $501.0M | $2.2B | ||
| Q4 24 | $276.0M | $-7.7B | ||
| Q3 24 | $645.0M | $2.5B | ||
| Q2 24 | $468.0M | $-7.9B | ||
| Q1 24 | $282.0M | $-1.1B |
自由现金流率NSCSTT
| Q4 25 | 11.2% | 266.6% | ||
| Q3 25 | 23.2% | 216.0% | ||
| Q2 25 | 19.4% | -254.1% | ||
| Q1 25 | 16.7% | 66.1% | ||
| Q4 24 | 9.1% | -225.1% | ||
| Q3 24 | 21.1% | 75.9% | ||
| Q2 24 | 15.4% | -246.2% | ||
| Q1 24 | 9.4% | -34.2% |
资本支出强度NSCSTT
| Q4 25 | 24.5% | 7.3% | ||
| Q3 25 | 17.8% | 6.9% | ||
| Q2 25 | 15.3% | 9.3% | ||
| Q1 25 | 15.0% | 6.9% | ||
| Q4 24 | 22.3% | 7.3% | ||
| Q3 24 | 19.0% | 7.2% | ||
| Q2 24 | 18.7% | 6.7% | ||
| Q1 24 | 18.5% | 7.3% |
现金转化率NSCSTT
| Q4 25 | 1.65× | 13.44× | ||
| Q3 25 | 1.79× | 9.18× | ||
| Q2 25 | 1.40× | -12.18× | ||
| Q1 25 | 1.27× | 3.72× | ||
| Q4 24 | 1.30× | -9.49× | ||
| Q3 24 | 1.12× | 3.71× | ||
| Q2 24 | 1.41× | -10.75× | ||
| Q1 24 | 15.83× | -1.82× |
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% |
STT
| Other | $2.2B | 59% |
| Investment Management | $729.0M | 20% |
| Management Services | $662.0M | 18% |
| Other Fee Revenue | $56.0M | 2% |
| Securities Financing Services | $54.0M | 1% |
