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Pinnacle West Capital（PNW）与RH（RH）财务数据对比。点击上方公司名可切换其他公司
Pinnacle West Capital的季度营收约是RH的1.3倍（$1.1B vs $883.8M），RH净利率更高（4.1% vs 1.6%，领先2.5%），RH同比增速更快（8.9% vs 3.0%），RH自由现金流更多（$83.0M vs $-192.7M），过去两年RH的营收复合增速更高（9.4% vs 8.9%）
Pinnacle West Capital是美国公用事业控股企业，旗下拥有亚利桑那州规模最大的公用事业公司亚利桑那公共服务（APS）。公司于纽约证券交易所上市，是标普500指数成分股，运营受亚利桑那州公司委员会监管。
RH是美国高端家居品牌，总部位于加利福尼亚州科尔特马德拉。品牌通过线下零售门店、产品目录和线上渠道发售家居商品，截至2018年8月，在美国和加拿大共运营70家展示馆、18家全系列设计展示馆、3家婴童家居展示馆，另有36家奥莱门店。
PNW vs RH — 直观对比
营收规模更大
PNW
是对方的1.3倍
$883.8M
营收增速更快
RH
高出5.9%
3.0%
净利率更高
RH
高出2.5%
1.6%
自由现金流更多
RH
多$275.8M
$-192.7M
两年增速更快
RH
近两年复合增速
8.9%
损益表 — Q4 FY2025 vs Q3 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $1.1B | $883.8M |
| 净利润 | $17.6M | $36.3M |
| 毛利率 | — | 44.1% |
| 营业利润率 | 10.7% | 12.0% |
| 净利率 | 1.6% | 4.1% |
| 营收同比 | 3.0% | 8.9% |
| 净利润同比 | 798.0% | 9.3% |
| 每股收益（稀释后） | $0.12 | $1.83 |
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PNWRH
| Q4 25 | $1.1B | $883.8M | ||
| Q3 25 | $1.8B | $899.2M | ||
| Q2 25 | $1.4B | $814.0M | ||
| Q1 25 | $1.0B | $812.4M | ||
| Q4 24 | $1.1B | $811.7M | ||
| Q3 24 | $1.8B | $829.7M | ||
| Q2 24 | $1.3B | $727.0M | ||
| Q1 24 | $951.7M | $738.3M |
净利润PNWRH
| Q4 25 | $17.6M | $36.3M | ||
| Q3 25 | $417.5M | $51.7M | ||
| Q2 25 | $196.9M | $8.0M | ||
| Q1 25 | $-338.0K | $13.9M | ||
| Q4 24 | $-2.5M | $33.2M | ||
| Q3 24 | $399.3M | $29.0M | ||
| Q2 24 | $208.1M | $-3.6M | ||
| Q1 24 | $21.2M | $11.4M |
毛利率PNWRH
| Q4 25 | — | 44.1% | ||
| Q3 25 | — | 45.5% | ||
| Q2 25 | — | 43.7% | ||
| Q1 25 | — | 44.7% | ||
| Q4 24 | — | 44.5% | ||
| Q3 24 | — | 45.2% | ||
| Q2 24 | — | 43.5% | ||
| Q1 24 | — | 43.5% |
营业利润率PNWRH
| Q4 25 | 10.7% | 12.0% | ||
| Q3 25 | 32.0% | 14.3% | ||
| Q2 25 | 22.6% | 6.9% | ||
| Q1 25 | 5.5% | 8.7% | ||
| Q4 24 | 7.7% | 12.5% | ||
| Q3 24 | 30.9% | 11.6% | ||
| Q2 24 | 24.0% | 7.5% | ||
| Q1 24 | 7.0% | 8.7% |
净利率PNWRH
| Q4 25 | 1.6% | 4.1% | ||
| Q3 25 | 22.9% | 5.8% | ||
| Q2 25 | 14.5% | 1.0% | ||
| Q1 25 | -0.0% | 1.7% | ||
| Q4 24 | -0.2% | 4.1% | ||
| Q3 24 | 22.6% | 3.5% | ||
| Q2 24 | 15.9% | -0.5% | ||
| Q1 24 | 2.2% | 1.5% |
每股收益（稀释后）PNWRH
| Q4 25 | $0.12 | $1.83 | ||
| Q3 25 | $3.39 | $2.62 | ||
| Q2 25 | $1.58 | $0.40 | ||
| Q1 25 | $-0.04 | $0.71 | ||
| Q4 24 | $-0.04 | $1.66 | ||
| Q3 24 | $3.37 | $1.45 | ||
| Q2 24 | $1.76 | $-0.20 | ||
| Q1 24 | $0.15 | $0.91 |
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 | $6.6M | $43.1M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $7.0B | $3.3M |
| 总资产 | $30.0B | $4.8B |
| 负债/权益比越低杠杆越低 | — | — |
8季度趋势，按日历期对齐
现金及短期投资PNWRH
| Q4 25 | $6.6M | $43.1M | ||
| Q3 25 | $30.9M | $34.6M | ||
| Q2 25 | $18.8M | $46.1M | ||
| Q1 25 | $10.0M | $30.4M | ||
| Q4 24 | $3.8M | $87.0M | ||
| Q3 24 | $49.2M | $78.3M | ||
| Q2 24 | $4.0M | $101.8M | ||
| Q1 24 | $9.6M | $123.7M |
股东权益PNWRH
| Q4 25 | $7.0B | $3.3M | ||
| Q3 25 | $7.2B | $-40.9M | ||
| Q2 25 | $6.7B | $-110.8M | ||
| Q1 25 | $6.7B | $-163.6M | ||
| Q4 24 | $6.8B | $-183.0M | ||
| Q3 24 | $6.6B | $-234.7M | ||
| Q2 24 | $6.2B | $-289.9M | ||
| Q1 24 | $6.2B | $-297.4M |
总资产PNWRH
| Q4 25 | $30.0B | $4.8B | ||
| Q3 25 | $29.9B | $4.7B | ||
| Q2 25 | $29.2B | $4.7B | ||
| Q1 25 | $27.2B | $4.6B | ||
| Q4 24 | $26.1B | $4.5B | ||
| Q3 24 | $26.3B | $4.4B | ||
| Q2 24 | $25.7B | $4.2B | ||
| Q1 24 | $24.8B | $4.1B |
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 | $476.8M | $131.9M |
| 自由现金流经营现金流 - 资本支出 | $-192.7M | $83.0M |
| 自由现金流率自由现金流/营收 | -17.1% | 9.4% |
| 资本支出强度资本支出/营收 | 59.3% | 5.5% |
| 现金转化率经营现金流/净利润 | 27.09× | 3.64× |
| 过去12个月自由现金流最近4个季度 | $-819.5M | $128.1M |
8季度趋势，按日历期对齐
经营现金流PNWRH
| Q4 25 | $476.8M | $131.9M | ||
| Q3 25 | $665.0M | $137.7M | ||
| Q2 25 | $261.4M | $86.6M | ||
| Q1 25 | $401.9M | $-18.8M | ||
| Q4 24 | $439.5M | $-31.4M | ||
| Q3 24 | $633.2M | $11.2M | ||
| Q2 24 | $189.8M | $56.1M | ||
| Q1 24 | $347.4M | $-114.0M |
自由现金流PNWRH
| Q4 25 | $-192.7M | $83.0M | ||
| Q3 25 | $42.0M | $80.7M | ||
| Q2 25 | $-448.1M | $34.1M | ||
| Q1 25 | $-220.7M | $-69.7M | ||
| Q4 24 | $-92.1M | $-96.0M | ||
| Q3 24 | $-32.7M | $-37.9M | ||
| Q2 24 | $-344.2M | $-10.1M | ||
| Q1 24 | $-170.4M | $-251.5M |
自由现金流率PNWRH
| Q4 25 | -17.1% | 9.4% | ||
| Q3 25 | 2.3% | 9.0% | ||
| Q2 25 | -33.0% | 4.2% | ||
| Q1 25 | -21.4% | -8.6% | ||
| Q4 24 | -8.4% | -11.8% | ||
| Q3 24 | -1.8% | -4.6% | ||
| Q2 24 | -26.3% | -1.4% | ||
| Q1 24 | -17.9% | -34.1% |
资本支出强度PNWRH
| Q4 25 | 59.3% | 5.5% | ||
| Q3 25 | 34.2% | 6.3% | ||
| Q2 25 | 52.2% | 6.5% | ||
| Q1 25 | 60.3% | 6.3% | ||
| Q4 24 | 48.5% | 8.0% | ||
| Q3 24 | 37.6% | 5.9% | ||
| Q2 24 | 40.8% | 9.1% | ||
| Q1 24 | 54.4% | 18.6% |
现金转化率PNWRH
| Q4 25 | 27.09× | 3.64× | ||
| Q3 25 | 1.59× | 2.66× | ||
| Q2 25 | 1.33× | 10.78× | ||
| Q1 25 | — | -1.35× | ||
| Q4 24 | — | -0.95× | ||
| Q3 24 | 1.59× | 0.39× | ||
| Q2 24 | 0.91× | — | ||
| Q1 24 | 16.41× | -10.01× |
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
PNW
| Electricand Transmission Service | $1.1B | 100% |
| Other Services | $4.4M | 0% |
RH
| RH Segment | $835.8M | 95% |
| Waterworks Segment | $48.0M | 5% |
| Gift Card And Merchandise Credit | $4.5M | 1% |
