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Northwest Natural Holding Co（NWN）与ROYAL GOLD INC（RGLD）财务数据对比。点击上方公司名可切换其他公司
Northwest Natural Holding Co的季度营收约是ROYAL GOLD INC的1.1倍（$394.2M vs $375.3M），ROYAL GOLD INC同比增速更快（85.3% vs 6.3%），过去两年ROYAL GOLD INC的营收复合增速更高（58.8% vs -4.6%）
西北天然气控股公司是美国上市公用事业企业，总部位于俄勒冈州波特兰，成立于1859年。核心业务为天然气配送，服务俄勒冈州西部、华盛顿州西南部的居民、商业及工业客户，同时运营水务业务，目前服务约80万用户，年营收超10亿美元。
Royal Gold Inc.是全球领先的贵金属流权与特许权经营企业，收购并管理多元化的矿业项目流权、净熔炼收益特许权及相关权益，资产覆盖黄金、白银、铜等品类，业务遍及多地区，无需直接承担采矿运营风险。
NWN vs RGLD — 直观对比
营收规模更大
NWN
是对方的1.1倍
$375.3M
营收增速更快
RGLD
高出79.0%
6.3%
两年增速更快
RGLD
近两年复合增速
-4.6%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $394.2M | $375.3M |
| 净利润 | — | $93.6M |
| 毛利率 | — | 64.6% |
| 营业利润率 | 28.4% | 56.2% |
| 净利率 | — | 24.9% |
| 营收同比 | 6.3% | 85.3% |
| 净利润同比 | — | -12.8% |
| 每股收益（稀释后） | $1.38 | $1.04 |
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NWNRGLD
| Q4 25 | $394.2M | $375.3M | ||
| Q3 25 | $164.7M | $252.1M | ||
| Q2 25 | $236.2M | $209.6M | ||
| Q1 25 | $494.3M | $193.4M | ||
| Q4 24 | $370.9M | $202.6M | ||
| Q3 24 | $136.9M | $193.8M | ||
| Q2 24 | $211.7M | $174.1M | ||
| Q1 24 | $433.5M | $148.9M |
净利润NWNRGLD
| Q4 25 | — | $93.6M | ||
| Q3 25 | $-29.9M | $126.8M | ||
| Q2 25 | $-2.5M | $132.3M | ||
| Q1 25 | $87.9M | $113.5M | ||
| Q4 24 | — | $107.4M | ||
| Q3 24 | $-27.2M | $96.2M | ||
| Q2 24 | $-2.8M | $81.2M | ||
| Q1 24 | $63.8M | $47.2M |
毛利率NWNRGLD
| Q4 25 | — | 64.6% | ||
| Q3 25 | — | 73.6% | ||
| Q2 25 | — | 72.6% | ||
| Q1 25 | — | 69.4% | ||
| Q4 24 | — | 70.3% | ||
| Q3 24 | — | 66.6% | ||
| Q2 24 | — | 64.7% | ||
| Q1 24 | — | 58.4% |
营业利润率NWNRGLD
| Q4 25 | 28.4% | 56.2% | ||
| Q3 25 | -7.5% | 64.4% | ||
| Q2 25 | 11.5% | 67.7% | ||
| Q1 25 | 31.2% | 63.6% | ||
| Q4 24 | 22.9% | 65.9% | ||
| Q3 24 | -14.1% | 61.3% | ||
| Q2 24 | 7.4% | 58.6% | ||
| Q1 24 | 25.3% | 50.7% |
净利率NWNRGLD
| Q4 25 | — | 24.9% | ||
| Q3 25 | -18.1% | 50.3% | ||
| Q2 25 | -1.1% | 63.1% | ||
| Q1 25 | 17.8% | 58.7% | ||
| Q4 24 | — | 53.0% | ||
| Q3 24 | -19.8% | 49.7% | ||
| Q2 24 | -1.3% | 46.6% | ||
| Q1 24 | 14.7% | 31.7% |
每股收益（稀释后）NWNRGLD
| Q4 25 | $1.38 | $1.04 | ||
| Q3 25 | $-0.73 | $1.92 | ||
| Q2 25 | $-0.06 | $2.01 | ||
| Q1 25 | $2.18 | $1.72 | ||
| Q4 24 | $1.12 | $1.63 | ||
| Q3 24 | $-0.71 | $1.46 | ||
| Q2 24 | $-0.07 | $1.23 | ||
| Q1 24 | $1.69 | $0.72 |
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 | $36.7M | $233.7M |
| 总债务越低越好 | $2.4B | — |
| 股东权益账面价值 | $1.5B | $7.2B |
| 总资产 | $6.2B | $9.5B |
| 负债/权益比越低杠杆越低 | 1.65× | — |
8季度趋势，按日历期对齐
现金及短期投资NWNRGLD
| Q4 25 | $36.7M | $233.7M | ||
| Q3 25 | $32.2M | $172.8M | ||
| Q2 25 | $102.6M | $248.2M | ||
| Q1 25 | $100.0M | $240.8M | ||
| Q4 24 | $38.5M | $195.5M | ||
| Q3 24 | $35.0M | $127.9M | ||
| Q2 24 | $65.2M | $74.2M | ||
| Q1 24 | $72.4M | $137.9M |
总债务NWNRGLD
| Q4 25 | $2.4B | — | ||
| Q3 25 | $2.2B | — | ||
| Q2 25 | $2.2B | — | ||
| Q1 25 | $2.2B | — | ||
| Q4 24 | $1.7B | — | ||
| Q3 24 | $1.6B | $0 | ||
| Q2 24 | $1.6B | $50.0M | ||
| Q1 24 | $1.6B | — |
股东权益NWNRGLD
| Q4 25 | $1.5B | $7.2B | ||
| Q3 25 | $1.4B | $3.4B | ||
| Q2 25 | $1.5B | $3.3B | ||
| Q1 25 | $1.5B | $3.2B | ||
| Q4 24 | $1.4B | $3.1B | ||
| Q3 24 | $1.4B | $3.0B | ||
| Q2 24 | $1.3B | $3.0B | ||
| Q1 24 | $1.3B | $2.9B |
总资产NWNRGLD
| Q4 25 | $6.2B | $9.5B | ||
| Q3 25 | $5.9B | $4.5B | ||
| Q2 25 | $5.8B | $3.6B | ||
| Q1 25 | $5.7B | $3.5B | ||
| Q4 24 | $5.2B | $3.4B | ||
| Q3 24 | $4.9B | $3.3B | ||
| Q2 24 | $4.8B | $3.3B | ||
| Q1 24 | $4.8B | $3.3B |
负债/权益比NWNRGLD
| Q4 25 | 1.65× | — | ||
| Q3 25 | 1.56× | — | ||
| Q2 25 | 1.53× | — | ||
| Q1 25 | 1.53× | — | ||
| Q4 24 | 1.23× | — | ||
| Q3 24 | 1.16× | 0.00× | ||
| Q2 24 | 1.17× | 0.02× | ||
| Q1 24 | 1.17× | — |
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 | $3.3M | $241.7M |
| 自由现金流经营现金流 - 资本支出 | $-131.0M | — |
| 自由现金流率自由现金流/营收 | -33.2% | — |
| 资本支出强度资本支出/营收 | 34.1% | — |
| 现金转化率经营现金流/净利润 | — | 2.58× |
| 过去12个月自由现金流最近4个季度 | $-197.8M | — |
8季度趋势，按日历期对齐
经营现金流NWNRGLD
| Q4 25 | $3.3M | $241.7M | ||
| Q3 25 | $-15.9M | $174.0M | ||
| Q2 25 | $102.2M | $152.8M | ||
| Q1 25 | $179.6M | $136.4M | ||
| Q4 24 | $-19.4M | $141.1M | ||
| Q3 24 | $-26.4M | $136.7M | ||
| Q2 24 | $121.0M | $113.5M | ||
| Q1 24 | $125.0M | $138.3M |
自由现金流NWNRGLD
| Q4 25 | $-131.0M | — | ||
| Q3 25 | $-125.9M | — | ||
| Q2 25 | $-18.3M | — | ||
| Q1 25 | $77.4M | — | ||
| Q4 24 | $-119.6M | — | ||
| Q3 24 | $-121.7M | — | ||
| Q2 24 | $4.3M | — | ||
| Q1 24 | $42.8M | — |
自由现金流率NWNRGLD
| Q4 25 | -33.2% | — | ||
| Q3 25 | -76.4% | — | ||
| Q2 25 | -7.8% | — | ||
| Q1 25 | 15.7% | — | ||
| Q4 24 | -32.2% | — | ||
| Q3 24 | -88.9% | — | ||
| Q2 24 | 2.0% | — | ||
| Q1 24 | 9.9% | — |
资本支出强度NWNRGLD
| Q4 25 | 34.1% | — | ||
| Q3 25 | 66.8% | — | ||
| Q2 25 | 51.0% | — | ||
| Q1 25 | 20.7% | — | ||
| Q4 24 | 27.0% | — | ||
| Q3 24 | 69.6% | — | ||
| Q2 24 | 55.1% | — | ||
| Q1 24 | 19.0% | — |
现金转化率NWNRGLD
| Q4 25 | — | 2.58× | ||
| Q3 25 | — | 1.37× | ||
| Q2 25 | — | 1.15× | ||
| Q1 25 | 2.04× | 1.20× | ||
| Q4 24 | — | 1.31× | ||
| Q3 24 | — | 1.42× | ||
| Q2 24 | — | 1.40× | ||
| Q1 24 | 1.96× | 2.93× |
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
NWN
| NWN Gas Utility | $341.4M | 87% |
| Alternativerevenue | $27.2M | 7% |
| Si Energy Gas Utility | $20.0M | 5% |
| NW Natural Other | $6.9M | 2% |
RGLD
| Gold | $216.9M | 58% |
| Pueblo Viejo | $47.3M | 13% |
| Andacollo | $32.6M | 9% |
| Silver | $32.1M | 9% |
| Other | $27.2M | 7% |
| Copper | $13.7M | 4% |
| Cortez Legacy Zone | $5.4M | 1% |
