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Northwest Natural Holding Co（NWN）与世纪互联（VNET）财务数据对比。点击上方公司名可切换其他公司
Northwest Natural Holding Co的季度营收约是世纪互联的1.1倍（$394.2M vs $362.7M），Northwest Natural Holding Co自由现金流更多（$-131.0M vs $-193.1M），过去两年世纪互联的营收复合增速更高（17.4% 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。
VNET Group即世纪互联，是中国领先的第三方中立数据中心服务商，提供机柜托管、云基础设施、混合云部署及网络管理等解决方案，服务覆盖科技、金融、零售等多领域企业客户，为企业数字化运营提供稳定的算力与网络支撑。
NWN vs VNET — 直观对比
营收规模更大
NWN
是对方的1.1倍
$362.7M
自由现金流更多
NWN
多$62.1M
$-193.1M
两年增速更快
VNET
近两年复合增速
-4.6%
损益表 — Q4 FY2025 vs Q3 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $394.2M | $362.7M |
| 净利润 | — | $-38.7M |
| 毛利率 | — | 20.9% |
| 营业利润率 | 28.4% | 0.5% |
| 净利率 | — | -10.7% |
| 营收同比 | 6.3% | — |
| 净利润同比 | — | — |
| 每股收益（稀释后） | $1.38 | — |
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NWNVNET
| Q4 25 | $394.2M | — | ||
| Q3 25 | $164.7M | $362.7M | ||
| Q2 25 | $236.2M | — | ||
| Q1 25 | $494.3M | $309.5M | ||
| Q4 24 | $370.9M | — | ||
| Q3 24 | $136.9M | $302.2M | ||
| Q2 24 | $211.7M | $274.4M | ||
| Q1 24 | $433.5M | $262.9M |
净利润NWNVNET
| Q4 25 | — | — | ||
| Q3 25 | $-29.9M | $-38.7M | ||
| Q2 25 | $-2.5M | — | ||
| Q1 25 | $87.9M | $-2.4M | ||
| Q4 24 | — | — | ||
| Q3 24 | $-27.2M | $-2.1M | ||
| Q2 24 | $-2.8M | $-1.1M | ||
| Q1 24 | $63.8M | $-22.0M |
毛利率NWNVNET
| Q4 25 | — | — | ||
| Q3 25 | — | 20.9% | ||
| Q2 25 | — | — | ||
| Q1 25 | — | 25.2% | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 23.2% | ||
| Q2 24 | — | 21.3% | ||
| Q1 24 | — | 21.6% |
营业利润率NWNVNET
| Q4 25 | 28.4% | — | ||
| Q3 25 | -7.5% | 0.5% | ||
| Q2 25 | 11.5% | — | ||
| Q1 25 | 31.2% | 0.1% | ||
| Q4 24 | 22.9% | — | ||
| Q3 24 | -14.1% | 24.5% | ||
| Q2 24 | 7.4% | 0.2% | ||
| Q1 24 | 25.3% | 0.2% |
净利率NWNVNET
| Q4 25 | — | — | ||
| Q3 25 | -18.1% | -10.7% | ||
| Q2 25 | -1.1% | — | ||
| Q1 25 | 17.8% | -0.8% | ||
| Q4 24 | — | — | ||
| Q3 24 | -19.8% | -0.7% | ||
| Q2 24 | -1.3% | -0.4% | ||
| Q1 24 | 14.7% | -8.4% |
每股收益（稀释后）NWNVNET
| Q4 25 | $1.38 | — | ||
| Q3 25 | $-0.73 | — | ||
| Q2 25 | $-0.06 | — | ||
| Q1 25 | $2.18 | — | ||
| Q4 24 | $1.12 | — | ||
| Q3 24 | $-0.71 | — | ||
| Q2 24 | $-0.07 | — | ||
| Q1 24 | $1.69 | — |
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 | $492.1M |
| 总债务越低越好 | $2.4B | — |
| 股东权益账面价值 | $1.5B | $890.8M |
| 总资产 | $6.2B | $6.1B |
| 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NWNVNET
| Q4 25 | $36.7M | — | ||
| Q3 25 | $32.2M | $492.1M | ||
| Q2 25 | $102.6M | — | ||
| Q1 25 | $100.0M | $544.3M | ||
| Q4 24 | $38.5M | — | ||
| Q3 24 | $35.0M | $219.5M | ||
| Q2 24 | $65.2M | $247.2M | ||
| Q1 24 | $72.4M | $246.9M |
总债务NWNVNET
| Q4 25 | $2.4B | — | ||
| Q3 25 | $2.2B | — | ||
| Q2 25 | $2.2B | — | ||
| Q1 25 | $2.2B | — | ||
| Q4 24 | $1.7B | — | ||
| Q3 24 | $1.6B | $1.2B | ||
| Q2 24 | $1.6B | — | ||
| Q1 24 | $1.6B | — |
股东权益NWNVNET
| Q4 25 | $1.5B | — | ||
| Q3 25 | $1.4B | $890.8M | ||
| Q2 25 | $1.5B | — | ||
| Q1 25 | $1.5B | $927.8M | ||
| Q4 24 | $1.4B | — | ||
| Q3 24 | $1.4B | $902.9M | ||
| Q2 24 | $1.3B | $900.6M | ||
| Q1 24 | $1.3B | $895.1M |
总资产NWNVNET
| Q4 25 | $6.2B | — | ||
| Q3 25 | $5.9B | $6.1B | ||
| Q2 25 | $5.8B | — | ||
| Q1 25 | $5.7B | $5.4B | ||
| Q4 24 | $5.2B | — | ||
| Q3 24 | $4.9B | $4.3B | ||
| Q2 24 | $4.8B | $4.0B | ||
| Q1 24 | $4.8B | $3.9B |
负债/权益比NWNVNET
| Q4 25 | 1.65× | — | ||
| Q3 25 | 1.56× | — | ||
| Q2 25 | 1.53× | — | ||
| Q1 25 | 1.53× | — | ||
| Q4 24 | 1.23× | — | ||
| Q3 24 | 1.16× | 1.28× | ||
| 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 | $113.8M |
| 自由现金流经营现金流 - 资本支出 | $-131.0M | $-193.1M |
| 自由现金流率自由现金流/营收 | -33.2% | -53.2% |
| 资本支出强度资本支出/营收 | 34.1% | 84.6% |
| 现金转化率经营现金流/净利润 | — | — |
| 过去12个月自由现金流最近4个季度 | $-197.8M | $-589.7M |
8季度趋势，按日历期对齐
经营现金流NWNVNET
| Q4 25 | $3.3M | — | ||
| Q3 25 | $-15.9M | $113.8M | ||
| Q2 25 | $102.2M | — | ||
| Q1 25 | $179.6M | $27.0M | ||
| Q4 24 | $-19.4M | — | ||
| Q3 24 | $-26.4M | $108.3M | ||
| Q2 24 | $121.0M | $55.8M | ||
| Q1 24 | $125.0M | $37.1M |
自由现金流NWNVNET
| Q4 25 | $-131.0M | — | ||
| Q3 25 | $-125.9M | $-193.1M | ||
| Q2 25 | $-18.3M | — | ||
| Q1 25 | $77.4M | $-220.0M | ||
| Q4 24 | $-119.6M | — | ||
| Q3 24 | $-121.7M | $-95.0M | ||
| Q2 24 | $4.3M | $-81.6M | ||
| Q1 24 | $42.8M | $-102.2M |
自由现金流率NWNVNET
| Q4 25 | -33.2% | — | ||
| Q3 25 | -76.4% | -53.2% | ||
| Q2 25 | -7.8% | — | ||
| Q1 25 | 15.7% | -71.1% | ||
| Q4 24 | -32.2% | — | ||
| Q3 24 | -88.9% | -31.4% | ||
| Q2 24 | 2.0% | -29.8% | ||
| Q1 24 | 9.9% | -38.9% |
资本支出强度NWNVNET
| Q4 25 | 34.1% | — | ||
| Q3 25 | 66.8% | 84.6% | ||
| Q2 25 | 51.0% | — | ||
| Q1 25 | 20.7% | 79.8% | ||
| Q4 24 | 27.0% | — | ||
| Q3 24 | 69.6% | 67.3% | ||
| Q2 24 | 55.1% | 50.1% | ||
| Q1 24 | 19.0% | 53.0% |
现金转化率NWNVNET
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | 2.04× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | 1.96× | — |
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% |
VNET
暂无分部数据
