vs
NVR, Inc.（NVR）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NVR, Inc.的1.8倍（$4.8B vs $2.7B），NVR, Inc.净利率更高（13.4% vs 4.8%，领先8.6%），Vistra Corp.同比增速更快（31.2% vs -4.7%），Vistra Corp.自由现金流更多（$596.0M vs $436.0M），过去两年Vistra Corp.的营收复合增速更高（23.3% vs 7.8%）
NVR, Inc.是总部位于美国弗吉尼亚州雷斯顿的知名住宅建造企业，同时运营抵押贷款银行及产权服务相关业务。公司业务主要布局美国东海岸，覆盖14个州及华盛顿特区，2021年有22%的营收来自华盛顿大都会区。
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。
NVR vs VST — 直观对比
营收规模更大
VST
是对方的1.8倍
$2.7B
营收增速更快
VST
高出35.9%
-4.7%
净利率更高
NVR
高出8.6%
4.8%
自由现金流更多
VST
多$160.0M
$436.0M
两年增速更快
VST
近两年复合增速
7.8%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $2.7B | $4.8B |
| 净利润 | $363.8M | $233.0M |
| 毛利率 | — | — |
| 营业利润率 | — | 9.9% |
| 净利率 | 13.4% | 4.8% |
| 营收同比 | -4.7% | 31.2% |
| 净利润同比 | -20.5% | -47.2% |
| 每股收益（稀释后） | $120.85 | $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NVRVST
| Q4 25 | $2.7B | $4.8B | ||
| Q3 25 | $2.6B | $4.8B | ||
| Q2 25 | $2.6B | $3.8B | ||
| Q1 25 | $2.4B | $4.3B | ||
| Q4 24 | $2.8B | $3.7B | ||
| Q3 24 | $2.7B | $4.3B | ||
| Q2 24 | $2.6B | $3.6B | ||
| Q1 24 | $2.3B | $3.2B |
净利润NVRVST
| Q4 25 | $363.8M | $233.0M | ||
| Q3 25 | $342.7M | $652.0M | ||
| Q2 25 | $333.7M | $327.0M | ||
| Q1 25 | $299.6M | $-268.0M | ||
| Q4 24 | $457.4M | $441.0M | ||
| Q3 24 | $429.3M | $1.9B | ||
| Q2 24 | $400.9M | $365.0M | ||
| Q1 24 | $394.3M | $-35.0M |
营业利润率NVRVST
| Q4 25 | — | 9.9% | ||
| Q3 25 | — | 21.7% | ||
| Q2 25 | — | 13.7% | ||
| Q1 25 | — | -2.8% | ||
| Q4 24 | — | 16.4% | ||
| Q3 24 | — | 59.6% | ||
| Q2 24 | — | 22.5% | ||
| Q1 24 | — | 2.7% |
净利率NVRVST
| Q4 25 | 13.4% | 4.8% | ||
| Q3 25 | 13.1% | 13.6% | ||
| Q2 25 | 12.8% | 8.7% | ||
| Q1 25 | 12.5% | -6.3% | ||
| Q4 24 | 16.1% | 12.0% | ||
| Q3 24 | 15.7% | 43.5% | ||
| Q2 24 | 15.3% | 10.1% | ||
| Q1 24 | 16.9% | -1.1% |
每股收益（稀释后）NVRVST
| Q4 25 | $120.85 | $0.55 | ||
| Q3 25 | $112.33 | $1.75 | ||
| Q2 25 | $108.54 | $0.81 | ||
| Q1 25 | $94.83 | $-0.93 | ||
| Q4 24 | $139.09 | $1.09 | ||
| Q3 24 | $130.50 | $5.25 | ||
| Q2 24 | $120.69 | $0.90 | ||
| Q1 24 | $116.41 | $-0.24 |
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 | — | $785.0M |
| 总债务越低越好 | — | $15.8B |
| 股东权益账面价值 | $3.9B | $5.1B |
| 总资产 | $5.9B | $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NVRVST
| Q4 25 | — | $785.0M | ||
| Q3 25 | — | $602.0M | ||
| Q2 25 | — | $458.0M | ||
| Q1 25 | — | $561.0M | ||
| Q4 24 | — | $1.2B | ||
| Q3 24 | — | $905.0M | ||
| Q2 24 | — | $1.6B | ||
| Q1 24 | — | $1.1B |
总债务NVRVST
| 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 | ||
| Q1 24 | — | $14.7B |
股东权益NVRVST
| Q4 25 | $3.9B | $5.1B | ||
| Q3 25 | $4.0B | $5.2B | ||
| Q2 25 | $3.8B | $4.8B | ||
| Q1 25 | $4.0B | $4.8B | ||
| Q4 24 | $4.2B | $5.6B | ||
| Q3 24 | $4.3B | $5.4B | ||
| Q2 24 | $4.1B | $5.6B | ||
| Q1 24 | $4.3B | $5.7B |
总资产NVRVST
| Q4 25 | $5.9B | $41.5B | ||
| Q3 25 | $6.0B | $38.0B | ||
| Q2 25 | $5.9B | $38.1B | ||
| Q1 25 | $6.2B | $38.2B | ||
| Q4 24 | $6.4B | $37.8B | ||
| Q3 24 | $6.5B | $37.9B | ||
| Q2 24 | $6.4B | $39.1B | ||
| Q1 24 | $6.5B | $38.2B |
负债/权益比NVRVST
| 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× | ||
| Q1 24 | — | 2.60× |
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 | $439.7M | $1.4B |
| 自由现金流经营现金流 - 资本支出 | $436.0M | $596.0M |
| 自由现金流率自由现金流/营收 | 16.1% | 12.4% |
| 资本支出强度资本支出/营收 | 0.1% | 17.4% |
| 现金转化率经营现金流/净利润 | 1.21× | 6.15× |
| 过去12个月自由现金流最近4个季度 | $1.1B | $1.3B |
8季度趋势，按日历期对齐
经营现金流NVRVST
| Q4 25 | $439.7M | $1.4B | ||
| Q3 25 | $438.7M | $1.5B | ||
| Q2 25 | $35.1M | $572.0M | ||
| Q1 25 | $207.8M | $599.0M | ||
| Q4 24 | $637.0M | $1.4B | ||
| Q3 24 | $358.3M | $1.7B | ||
| Q2 24 | $232.7M | $1.2B | ||
| Q1 24 | $146.5M | $312.0M |
自由现金流NVRVST
| Q4 25 | $436.0M | $596.0M | ||
| Q3 25 | $433.3M | $1.0B | ||
| Q2 25 | $26.8M | $-118.0M | ||
| Q1 25 | $200.7M | $-169.0M | ||
| Q4 24 | $631.5M | $923.0M | ||
| Q3 24 | $350.1M | $1.0B | ||
| Q2 24 | $226.3M | $698.0M | ||
| Q1 24 | $137.5M | $-153.0M |
自由现金流率NVRVST
| Q4 25 | 16.1% | 12.4% | ||
| Q3 25 | 16.6% | 21.1% | ||
| Q2 25 | 1.0% | -3.1% | ||
| Q1 25 | 8.4% | -4.0% | ||
| Q4 24 | 22.2% | 25.2% | ||
| Q3 24 | 12.8% | 23.4% | ||
| Q2 24 | 8.7% | 19.4% | ||
| Q1 24 | 5.9% | -4.8% |
资本支出强度NVRVST
| Q4 25 | 0.1% | 17.4% | ||
| Q3 25 | 0.2% | 9.6% | ||
| Q2 25 | 0.3% | 18.4% | ||
| Q1 25 | 0.3% | 18.1% | ||
| Q4 24 | 0.2% | 11.7% | ||
| Q3 24 | 0.3% | 15.8% | ||
| Q2 24 | 0.2% | 13.8% | ||
| Q1 24 | 0.4% | 14.7% |
现金转化率NVRVST
| Q4 25 | 1.21× | 6.15× | ||
| Q3 25 | 1.28× | 2.25× | ||
| Q2 25 | 0.11× | 1.75× | ||
| Q1 25 | 0.69× | — | ||
| Q4 24 | 1.39× | 3.07× | ||
| Q3 24 | 0.83× | 0.90× | ||
| Q2 24 | 0.58× | 3.28× | ||
| Q1 24 | 0.37× | — |
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
NVR
| Home Building Segment | $2.6B | 97% |
| Mortgage Banking Segment | $77.4M | 3% |
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% |
