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Pinnacle West Capital（PNW）与Rivian Automotive, Inc.（RIVN）财务数据对比。点击上方公司名可切换其他公司
Rivian Automotive, Inc.的季度营收约是Pinnacle West Capital的1.1倍（$1.3B vs $1.1B），Pinnacle West Capital净利率更高（1.6% vs -63.1%，领先64.6%），Pinnacle West Capital同比增速更快（3.0% vs -25.8%），Pinnacle West Capital自由现金流更多（$-192.7M vs $-1.1B），过去两年Pinnacle West Capital的营收复合增速更高（8.9% vs 3.3%）
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。
Rivian Automotive是2009年成立的美国电动汽车制造商及汽车科技企业，主打基于自研滑板平台打造的电动SUV、皮卡及EDV电动配送货车，旗下R1T皮卡于2021年末正式开启交付，还计划于2023年底前在美国和加拿大布局专属充电网络，其平台可适配新车型也可对外授权使用。
PNW vs RIVN — 直观对比
营收规模更大
RIVN
是对方的1.1倍
$1.1B
营收增速更快
PNW
高出28.8%
-25.8%
净利率更高
PNW
高出64.6%
-63.1%
自由现金流更多
PNW
多$951.3M
$-1.1B
两年增速更快
PNW
近两年复合增速
3.3%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.1B | $1.3B |
| 净利润 | $17.6M | $-811.0M |
| 毛利率 | — | 9.3% |
| 营业利润率 | 10.7% | -64.8% |
| 净利率 | 1.6% | -63.1% |
| 营收同比 | 3.0% | -25.8% |
| 净利润同比 | 798.0% | -9.0% |
| 每股收益（稀释后） | $0.12 | $-0.66 |
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PNWRIVN
| Q4 25 | $1.1B | $1.3B | ||
| Q3 25 | $1.8B | $1.6B | ||
| Q2 25 | $1.4B | $1.3B | ||
| Q1 25 | $1.0B | $1.2B | ||
| Q4 24 | $1.1B | $1.7B | ||
| Q3 24 | $1.8B | $874.0M | ||
| Q2 24 | $1.3B | $1.2B | ||
| Q1 24 | $951.7M | $1.2B |
净利润PNWRIVN
| Q4 25 | $17.6M | $-811.0M | ||
| Q3 25 | $417.5M | $-1.2B | ||
| Q2 25 | $196.9M | $-1.1B | ||
| Q1 25 | $-338.0K | $-545.0M | ||
| Q4 24 | $-2.5M | $-744.0M | ||
| Q3 24 | $399.3M | $-1.1B | ||
| Q2 24 | $208.1M | $-1.5B | ||
| Q1 24 | $21.2M | $-1.4B |
毛利率PNWRIVN
| Q4 25 | — | 9.3% | ||
| Q3 25 | — | 1.5% | ||
| Q2 25 | — | -15.8% | ||
| Q1 25 | — | 16.6% | ||
| Q4 24 | — | 9.8% | ||
| Q3 24 | — | -44.9% | ||
| Q2 24 | — | -38.9% | ||
| Q1 24 | — | -43.8% |
营业利润率PNWRIVN
| Q4 25 | 10.7% | -64.8% | ||
| Q3 25 | 32.0% | -63.1% | ||
| Q2 25 | 22.6% | -85.5% | ||
| Q1 25 | 5.5% | -52.8% | ||
| Q4 24 | 7.7% | -38.1% | ||
| Q3 24 | 30.9% | -133.8% | ||
| Q2 24 | 24.0% | -118.7% | ||
| Q1 24 | 7.0% | -123.3% |
净利率PNWRIVN
| Q4 25 | 1.6% | -63.1% | ||
| Q3 25 | 22.9% | -75.3% | ||
| Q2 25 | 14.5% | -85.7% | ||
| Q1 25 | -0.0% | -44.0% | ||
| Q4 24 | -0.2% | -42.9% | ||
| Q3 24 | 22.6% | -125.9% | ||
| Q2 24 | 15.9% | -125.8% | ||
| Q1 24 | 2.2% | -120.1% |
每股收益（稀释后）PNWRIVN
| Q4 25 | $0.12 | $-0.66 | ||
| Q3 25 | $3.39 | $-0.96 | ||
| Q2 25 | $1.58 | $-0.97 | ||
| Q1 25 | $-0.04 | $-0.48 | ||
| Q4 24 | $-0.04 | $-0.67 | ||
| Q3 24 | $3.37 | $-1.08 | ||
| Q2 24 | $1.76 | $-1.46 | ||
| Q1 24 | $0.15 | $-1.48 |
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 | $6.1B |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $7.0B | $4.6B |
| 总资产 | $30.0B | $14.9B |
| 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PNWRIVN
| Q4 25 | $6.6M | $6.1B | ||
| Q3 25 | $30.9M | $7.1B | ||
| Q2 25 | $18.8M | $7.5B | ||
| Q1 25 | $10.0M | $7.2B | ||
| Q4 24 | $3.8M | $7.7B | ||
| Q3 24 | $49.2M | $6.7B | ||
| Q2 24 | $4.0M | $7.9B | ||
| Q1 24 | $9.6M | $7.9B |
总债务PNWRIVN
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | $5.5B | ||
| Q1 24 | — | $4.4B |
股东权益PNWRIVN
| Q4 25 | $7.0B | $4.6B | ||
| Q3 25 | $7.2B | $5.1B | ||
| Q2 25 | $6.7B | $6.1B | ||
| Q1 25 | $6.7B | $6.2B | ||
| Q4 24 | $6.8B | $6.6B | ||
| Q3 24 | $6.6B | $5.9B | ||
| Q2 24 | $6.2B | $6.8B | ||
| Q1 24 | $6.2B | $8.1B |
总资产PNWRIVN
| Q4 25 | $30.0B | $14.9B | ||
| Q3 25 | $29.9B | $15.2B | ||
| Q2 25 | $29.2B | $15.6B | ||
| Q1 25 | $27.2B | $15.5B | ||
| Q4 24 | $26.1B | $15.4B | ||
| Q3 24 | $26.3B | $14.3B | ||
| Q2 24 | $25.7B | $15.4B | ||
| Q1 24 | $24.8B | $15.7B |
负债/权益比PNWRIVN
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | 0.81× | ||
| Q1 24 | — | 0.55× |
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 | $-681.0M |
| 自由现金流经营现金流 - 资本支出 | $-192.7M | $-1.1B |
| 自由现金流率自由现金流/营收 | -17.1% | -89.0% |
| 资本支出强度资本支出/营收 | 59.3% | 36.0% |
| 现金转化率经营现金流/净利润 | 27.09× | — |
| 过去12个月自由现金流最近4个季度 | $-819.5M | $-2.5B |
8季度趋势，按日历期对齐
经营现金流PNWRIVN
| Q4 25 | $476.8M | $-681.0M | ||
| Q3 25 | $665.0M | $26.0M | ||
| Q2 25 | $261.4M | $64.0M | ||
| Q1 25 | $401.9M | $-188.0M | ||
| Q4 24 | $439.5M | $1.2B | ||
| Q3 24 | $633.2M | $-876.0M | ||
| Q2 24 | $189.8M | $-754.0M | ||
| Q1 24 | $347.4M | $-1.3B |
自由现金流PNWRIVN
| Q4 25 | $-192.7M | $-1.1B | ||
| Q3 25 | $42.0M | $-421.0M | ||
| Q2 25 | $-448.1M | $-398.0M | ||
| Q1 25 | $-220.7M | $-526.0M | ||
| Q4 24 | $-92.1M | $856.0M | ||
| Q3 24 | $-32.7M | $-1.2B | ||
| Q2 24 | $-344.2M | $-1.0B | ||
| Q1 24 | $-170.4M | $-1.5B |
自由现金流率PNWRIVN
| Q4 25 | -17.1% | -89.0% | ||
| Q3 25 | 2.3% | -27.0% | ||
| Q2 25 | -33.0% | -30.5% | ||
| Q1 25 | -21.4% | -42.4% | ||
| Q4 24 | -8.4% | 49.4% | ||
| Q3 24 | -1.8% | -131.9% | ||
| Q2 24 | -26.3% | -89.6% | ||
| Q1 24 | -17.9% | -126.5% |
资本支出强度PNWRIVN
| Q4 25 | 59.3% | 36.0% | ||
| Q3 25 | 34.2% | 28.7% | ||
| Q2 25 | 52.2% | 35.5% | ||
| Q1 25 | 60.3% | 27.3% | ||
| Q4 24 | 48.5% | 18.9% | ||
| Q3 24 | 37.6% | 31.7% | ||
| Q2 24 | 40.8% | 24.4% | ||
| Q1 24 | 54.4% | 21.1% |
现金转化率PNWRIVN
| Q4 25 | 27.09× | — | ||
| Q3 25 | 1.59× | — | ||
| Q2 25 | 1.33× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 1.59× | — | ||
| Q2 24 | 0.91× | — | ||
| Q1 24 | 16.41× | — |
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% |
RIVN
| Automotive Segment | $839.0M | 65% |
| Software And Services Segment | $447.0M | 35% |
| Regulatory Credits | $30.0M | 2% |
