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Northwest Natural Holding Co（NWN）与SPIRE INC（SR）财务数据对比。点击上方公司名可切换其他公司
SPIRE INC的季度营收约是Northwest Natural Holding Co的1.9倍（$762.2M vs $394.2M）。SPIRE INC同比增速更快（13.9% vs 6.3%）。SPIRE INC自由现金流更多（$-121.8M vs $-131.0M）。过去两年Northwest Natural Holding Co的营收复合增速更高（-4.6% vs -17.8%）
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。
Spire Inc是总部位于美国密苏里州圣路易斯的区域公用事业控股公司，核心业务为受监管的天然气供应服务，同时布局非监管类业务拓展商业机会。旗下主要子公司Laclede Gas Company是密苏里州最大的天然气分销公用事业企业，为圣路易斯市及密苏里州东部10个县的约63.1万户住宅、商业及工业客户提供服务。
NWN vs SR — 直观对比
营收规模更大
SR
是对方的1.9倍
$394.2M
营收增速更快
SR
高出7.6%
6.3%
自由现金流更多
SR
多$9.2M
$-131.0M
两年增速更快
NWN
近两年复合增速
-17.8%
损益表 — Q4 2025 vs Q1 2026
| 指标 | | |
|---|---|---|
| 营收 | $394.2M | $762.2M |
| 净利润 | — | $95.0M |
| 毛利率 | — | 55.1% |
| 营业利润率 | 28.4% | 22.8% |
| 净利率 | — | 12.5% |
| 营收同比 | 6.3% | 13.9% |
| 净利润同比 | — | 16.9% |
| 每股收益（稀释后） | $1.38 | $1.54 |
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NWNSR
| Q4 25 | $394.2M | $762.2M | ||
| Q3 25 | $164.7M | $334.1M | ||
| Q2 25 | $236.2M | $421.9M | ||
| Q1 25 | $494.3M | $1.1B | ||
| Q4 24 | $370.9M | $669.1M | ||
| Q3 24 | $136.9M | $293.8M | ||
| Q2 24 | $211.7M | $414.1M | ||
| Q1 24 | $433.5M | $1.1B |
净利润NWNSR
| Q4 25 | — | $95.0M | ||
| Q3 25 | $-29.9M | $-39.8M | ||
| Q2 25 | $-2.5M | $20.9M | ||
| Q1 25 | $87.9M | $209.3M | ||
| Q4 24 | — | $81.3M | ||
| Q3 24 | $-27.2M | $-25.9M | ||
| Q2 24 | $-2.8M | $-12.6M | ||
| Q1 24 | $63.8M | $204.3M |
毛利率NWNSR
| Q4 25 | — | 55.1% | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 55.6% | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
营业利润率NWNSR
| Q4 25 | 28.4% | 22.8% | ||
| Q3 25 | -7.5% | -0.1% | ||
| Q2 25 | 11.5% | 16.4% | ||
| Q1 25 | 31.2% | 29.1% | ||
| Q4 24 | 22.9% | 22.2% | ||
| Q3 24 | -14.1% | 6.7% | ||
| Q2 24 | 7.4% | 7.4% | ||
| Q1 24 | 25.3% | 26.5% |
净利率NWNSR
| Q4 25 | — | 12.5% | ||
| Q3 25 | -18.1% | -11.9% | ||
| Q2 25 | -1.1% | 5.0% | ||
| Q1 25 | 17.8% | 19.9% | ||
| Q4 24 | — | 12.2% | ||
| Q3 24 | -19.8% | -8.8% | ||
| Q2 24 | -1.3% | -3.0% | ||
| Q1 24 | 14.7% | 18.1% |
每股收益（稀释后）NWNSR
| Q4 25 | $1.38 | $1.54 | ||
| Q3 25 | $-0.73 | $-0.77 | ||
| Q2 25 | $-0.06 | $0.29 | ||
| Q1 25 | $2.18 | $3.51 | ||
| Q4 24 | $1.12 | $1.34 | ||
| Q3 24 | $-0.71 | $-0.63 | ||
| Q2 24 | $-0.07 | $-0.28 | ||
| Q1 24 | $1.69 | $3.58 |
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 | $4.1M |
| 总债务越低越好 | $2.4B | — |
| 股东权益账面价值 | $1.5B | $3.4B |
| 总资产 | $6.2B | $11.9B |
| 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NWNSR
| Q4 25 | $36.7M | $4.1M | ||
| Q3 25 | $32.2M | $5.7M | ||
| Q2 25 | $102.6M | $13.1M | ||
| Q1 25 | $100.0M | $15.2M | ||
| Q4 24 | $38.5M | $11.5M | ||
| Q3 24 | $35.0M | $4.5M | ||
| Q2 24 | $65.2M | $7.4M | ||
| Q1 24 | $72.4M | $25.6M |
总债务NWNSR
| Q4 25 | $2.4B | — | ||
| Q3 25 | $2.2B | — | ||
| Q2 25 | $2.2B | — | ||
| Q1 25 | $2.2B | — | ||
| Q4 24 | $1.7B | — | ||
| Q3 24 | $1.6B | — | ||
| Q2 24 | $1.6B | — | ||
| Q1 24 | $1.6B | — |
股东权益NWNSR
| Q4 25 | $1.5B | $3.4B | ||
| Q3 25 | $1.4B | $3.4B | ||
| Q2 25 | $1.5B | $3.5B | ||
| Q1 25 | $1.5B | $3.5B | ||
| Q4 24 | $1.4B | $3.3B | ||
| Q3 24 | $1.4B | $3.2B | ||
| Q2 24 | $1.3B | $3.3B | ||
| Q1 24 | $1.3B | $3.4B |
总资产NWNSR
| Q4 25 | $6.2B | $11.9B | ||
| Q3 25 | $5.9B | $11.6B | ||
| Q2 25 | $5.8B | $11.4B | ||
| Q1 25 | $5.7B | $11.3B | ||
| Q4 24 | $5.2B | $11.3B | ||
| Q3 24 | $4.9B | $10.9B | ||
| Q2 24 | $4.8B | $10.7B | ||
| Q1 24 | $4.8B | $10.7B |
负债/权益比NWNSR
| Q4 25 | 1.65× | — | ||
| Q3 25 | 1.56× | — | ||
| Q2 25 | 1.53× | — | ||
| Q1 25 | 1.53× | — | ||
| Q4 24 | 1.23× | — | ||
| Q3 24 | 1.16× | — | ||
| Q2 24 | 1.17× | — | ||
| 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 | $81.0M |
| 自由现金流经营现金流 - 资本支出 | $-131.0M | $-121.8M |
| 自由现金流率自由现金流/营收 | -33.2% | -16.0% |
| 资本支出强度资本支出/营收 | 34.1% | 26.6% |
| 现金转化率经营现金流/净利润 | — | 0.85× |
| 过去12个月自由现金流最近4个季度 | $-197.8M | $-286.7M |
8季度趋势，按日历期对齐
经营现金流NWNSR
| Q4 25 | $3.3M | $81.0M | ||
| Q3 25 | $-15.9M | $-4.9M | ||
| Q2 25 | $102.2M | $129.1M | ||
| Q1 25 | $179.6M | $372.7M | ||
| Q4 24 | $-19.4M | $81.1M | ||
| Q3 24 | $-26.4M | $82.9M | ||
| Q2 24 | $121.0M | $270.1M | ||
| Q1 24 | $125.0M | $489.4M |
自由现金流NWNSR
| Q4 25 | $-131.0M | $-121.8M | ||
| Q3 25 | $-125.9M | $-227.6M | ||
| Q2 25 | $-18.3M | $-91.4M | ||
| Q1 25 | $77.4M | $154.1M | ||
| Q4 24 | $-119.6M | $-179.5M | ||
| Q3 24 | $-121.7M | $-146.9M | ||
| Q2 24 | $4.3M | $47.9M | ||
| Q1 24 | $42.8M | $306.6M |
自由现金流率NWNSR
| Q4 25 | -33.2% | -16.0% | ||
| Q3 25 | -76.4% | -68.1% | ||
| Q2 25 | -7.8% | -21.7% | ||
| Q1 25 | 15.7% | 14.7% | ||
| Q4 24 | -32.2% | -26.8% | ||
| Q3 24 | -88.9% | -50.0% | ||
| Q2 24 | 2.0% | 11.6% | ||
| Q1 24 | 9.9% | 27.2% |
资本支出强度NWNSR
| Q4 25 | 34.1% | 26.6% | ||
| Q3 25 | 66.8% | 66.7% | ||
| Q2 25 | 51.0% | 52.3% | ||
| Q1 25 | 20.7% | 20.8% | ||
| Q4 24 | 27.0% | 38.9% | ||
| Q3 24 | 69.6% | 78.2% | ||
| Q2 24 | 55.1% | 53.7% | ||
| Q1 24 | 19.0% | 16.2% |
现金转化率NWNSR
| Q4 25 | — | 0.85× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | 6.18× | ||
| Q1 25 | 2.04× | 1.78× | ||
| Q4 24 | — | 1.00× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | 1.96× | 2.40× |
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% |
SR
| Residential | $474.9M | 62% |
| Commercial And Industrial | $148.4M | 19% |
| Gas Marketing | $41.1M | 5% |
| Midstream | $39.0M | 5% |
| Transportation | $37.1M | 5% |
| Offsystem And Other Inventive | $19.7M | 3% |
| Other Customer Revenue | $4.6M | 1% |
