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ORMAT TECHNOLOGIES, INC.（ORA）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
ROYAL GOLD INC的季度营收约是ORMAT TECHNOLOGIES, INC.的1.4倍（$375.3M vs $276.0M），ROYAL GOLD INC净利率更高（24.9% vs 11.4%，领先13.6%），ROYAL GOLD INC同比增速更快（85.3% vs 19.6%），过去两年ROYAL GOLD INC的营收复合增速更高（58.8% vs 11.0%）
Ormat Technologies是总部位于美国内华达州里诺的跨国企业，主打可再生地热能源技术，累计建成超190座电站，总装机容量超3200兆瓦；截至2021年1月自主运营933兆瓦地热及余热回收电站，还向全球多国供应超千台涡轮增压器。
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。
ORA vs RGLD — 直观对比
营收规模更大
RGLD
是对方的1.4倍
$276.0M
营收增速更快
RGLD
高出65.7%
19.6%
净利率更高
RGLD
高出13.6%
11.4%
两年增速更快
RGLD
近两年复合增速
11.0%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $276.0M | $375.3M |
| 净利润 | $31.4M | $93.6M |
| 毛利率 | 28.6% | 64.6% |
| 营业利润率 | 15.4% | 56.2% |
| 净利率 | 11.4% | 24.9% |
| 营收同比 | 19.6% | 85.3% |
| 净利润同比 | -23.2% | -12.8% |
| 每股收益（稀释后） | $0.51 | $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ORARGLD
| Q4 25 | $276.0M | $375.3M | ||
| Q3 25 | $249.7M | $252.1M | ||
| Q2 25 | $234.0M | $209.6M | ||
| Q1 25 | $229.8M | $193.4M | ||
| Q4 24 | $230.7M | $202.6M | ||
| Q3 24 | $211.8M | $193.8M | ||
| Q2 24 | $213.0M | $174.1M | ||
| Q1 24 | $224.2M | $148.9M |
净利润ORARGLD
| Q4 25 | $31.4M | $93.6M | ||
| Q3 25 | $24.1M | $126.8M | ||
| Q2 25 | $28.0M | $132.3M | ||
| Q1 25 | $40.4M | $113.5M | ||
| Q4 24 | $40.8M | $107.4M | ||
| Q3 24 | $22.1M | $96.2M | ||
| Q2 24 | $22.2M | $81.2M | ||
| Q1 24 | $38.6M | $47.2M |
毛利率ORARGLD
| Q4 25 | 28.6% | 64.6% | ||
| Q3 25 | 25.6% | 73.6% | ||
| Q2 25 | 24.3% | 72.6% | ||
| Q1 25 | 31.7% | 69.4% | ||
| Q4 24 | 31.9% | 70.3% | ||
| Q3 24 | 27.8% | 66.6% | ||
| Q2 24 | 28.8% | 64.7% | ||
| Q1 24 | 35.2% | 58.4% |
营业利润率ORARGLD
| Q4 25 | 15.4% | 56.2% | ||
| Q3 25 | 16.2% | 64.4% | ||
| Q2 25 | 15.1% | 67.7% | ||
| Q1 25 | 22.2% | 63.6% | ||
| Q4 24 | 21.3% | 65.9% | ||
| Q3 24 | 16.8% | 61.3% | ||
| Q2 24 | 16.5% | 58.6% | ||
| Q1 24 | 23.5% | 50.7% |
净利率ORARGLD
| Q4 25 | 11.4% | 24.9% | ||
| Q3 25 | 9.7% | 50.3% | ||
| Q2 25 | 12.0% | 63.1% | ||
| Q1 25 | 17.6% | 58.7% | ||
| Q4 24 | 17.7% | 53.0% | ||
| Q3 24 | 10.4% | 49.7% | ||
| Q2 24 | 10.4% | 46.6% | ||
| Q1 24 | 17.2% | 31.7% |
每股收益（稀释后）ORARGLD
| Q4 25 | $0.51 | $1.04 | ||
| Q3 25 | $0.39 | $1.92 | ||
| Q2 25 | $0.46 | $2.01 | ||
| Q1 25 | $0.66 | $1.72 | ||
| Q4 24 | $0.67 | $1.63 | ||
| Q3 24 | $0.36 | $1.46 | ||
| Q2 24 | $0.37 | $1.23 | ||
| Q1 24 | $0.64 | $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 | $147.4M | $233.7M |
| 总债务越低越好 | $2.7B | — |
| 股东权益账面价值 | $2.5B | $7.2B |
| 总资产 | $6.2B | $9.5B |
| 负债/权益比越低杠杆越低 | 1.05× | — |
8季度趋势，按日历期对齐
现金及短期投资ORARGLD
| Q4 25 | $147.4M | $233.7M | ||
| Q3 25 | $79.6M | $172.8M | ||
| Q2 25 | $88.5M | $248.2M | ||
| Q1 25 | $112.7M | $240.8M | ||
| Q4 24 | $94.4M | $195.5M | ||
| Q3 24 | $88.1M | $127.9M | ||
| Q2 24 | $66.3M | $74.2M | ||
| Q1 24 | $201.5M | $137.9M |
总债务ORARGLD
| Q4 25 | $2.7B | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $2.3B | — | ||
| Q3 24 | — | $0 | ||
| Q2 24 | — | $50.0M | ||
| Q1 24 | — | — |
股东权益ORARGLD
| Q4 25 | $2.5B | $7.2B | ||
| Q3 25 | $2.5B | $3.4B | ||
| Q2 25 | $2.5B | $3.3B | ||
| Q1 25 | $2.5B | $3.2B | ||
| Q4 24 | $2.4B | $3.1B | ||
| Q3 24 | $2.4B | $3.0B | ||
| Q2 24 | $2.4B | $3.0B | ||
| Q1 24 | $2.4B | $2.9B |
总资产ORARGLD
| Q4 25 | $6.2B | $9.5B | ||
| Q3 25 | $6.1B | $4.5B | ||
| Q2 25 | $6.0B | $3.6B | ||
| Q1 25 | $5.8B | $3.5B | ||
| Q4 24 | $5.7B | $3.4B | ||
| Q3 24 | $5.6B | $3.3B | ||
| Q2 24 | $5.5B | $3.3B | ||
| Q1 24 | $5.5B | $3.3B |
负债/权益比ORARGLD
| Q4 25 | 1.05× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 0.97× | — | ||
| Q3 24 | — | 0.00× | ||
| Q2 24 | — | 0.02× | ||
| Q1 24 | — | — |
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 | $105.0M | $241.7M |
| 自由现金流经营现金流 - 资本支出 | $-40.0M | — |
| 自由现金流率自由现金流/营收 | -14.5% | — |
| 资本支出强度资本支出/营收 | 52.6% | — |
| 现金转化率经营现金流/净利润 | 3.35× | 2.58× |
| 过去12个月自由现金流最近4个季度 | $-284.7M | — |
8季度趋势，按日历期对齐
经营现金流ORARGLD
| Q4 25 | $105.0M | $241.7M | ||
| Q3 25 | $45.2M | $174.0M | ||
| Q2 25 | $96.9M | $152.8M | ||
| Q1 25 | $88.0M | $136.4M | ||
| Q4 24 | $158.6M | $141.1M | ||
| Q3 24 | $106.4M | $136.7M | ||
| Q2 24 | $30.7M | $113.5M | ||
| Q1 24 | $115.2M | $138.3M |
自由现金流ORARGLD
| Q4 25 | $-40.0M | — | ||
| Q3 25 | $-102.1M | — | ||
| Q2 25 | $-37.9M | — | ||
| Q1 25 | $-104.6M | — | ||
| Q4 24 | $30.9M | — | ||
| Q3 24 | $-3.3M | — | ||
| Q2 24 | $-116.1M | — | ||
| Q1 24 | $11.8M | — |
自由现金流率ORARGLD
| Q4 25 | -14.5% | — | ||
| Q3 25 | -40.9% | — | ||
| Q2 25 | -16.2% | — | ||
| Q1 25 | -45.5% | — | ||
| Q4 24 | 13.4% | — | ||
| Q3 24 | -1.6% | — | ||
| Q2 24 | -54.5% | — | ||
| Q1 24 | 5.3% | — |
资本支出强度ORARGLD
| Q4 25 | 52.6% | — | ||
| Q3 25 | 59.0% | — | ||
| Q2 25 | 57.6% | — | ||
| Q1 25 | 83.8% | — | ||
| Q4 24 | 55.4% | — | ||
| Q3 24 | 51.8% | — | ||
| Q2 24 | 69.0% | — | ||
| Q1 24 | 46.1% | — |
现金转化率ORARGLD
| Q4 25 | 3.35× | 2.58× | ||
| Q3 25 | 1.87× | 1.37× | ||
| Q2 25 | 3.45× | 1.15× | ||
| Q1 25 | 2.18× | 1.20× | ||
| Q4 24 | 3.89× | 1.31× | ||
| Q3 24 | 4.82× | 1.42× | ||
| Q2 24 | 1.38× | 1.40× | ||
| Q1 24 | 2.99× | 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
ORA
| Electricity | $186.6M | 68% |
| Products | $63.1M | 23% |
| Energy Storage Segment | $26.3M | 10% |
| Product Segment | $1.2M | 0% |
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% |
