vs
Pinnacle West Capital（PNW）与特诺控股（TROX）财务数据对比。点击上方公司名可切换其他公司
Pinnacle West Capital的季度营收约是特诺控股的1.5倍（$1.1B vs $730.0M），Pinnacle West Capital净利率更高（1.6% vs -24.1%，领先25.7%），特诺控股同比增速更快（8.0% vs 3.0%），特诺控股自由现金流更多（$53.0M vs $-192.7M），过去两年Pinnacle West Capital的营收复合增速更高（8.9% vs -2.9%）
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。
特诺控股是一家业务遍及全球的美国化工企业，专注于钛制品领域，现有员工约6500名。在收购南非埃萨罗资源原有的矿砂业务后，特诺已成为全球规模最大的全产业链二氧化钛颜料供应商。二氧化钛颜料主要为涂料、塑料、纸张等产品增白增亮，特诺还拥有钛矿砂开采及加工业务。
PNW vs TROX — 直观对比
营收规模更大
PNW
是对方的1.5倍
$730.0M
营收增速更快
TROX
高出5.0%
3.0%
净利率更高
PNW
高出25.7%
-24.1%
自由现金流更多
TROX
多$245.7M
$-192.7M
两年增速更快
PNW
近两年复合增速
-2.9%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.1B | $730.0M |
| 净利润 | $17.6M | $-176.0M |
| 毛利率 | — | 5.3% |
| 营业利润率 | 10.7% | -15.6% |
| 净利率 | 1.6% | -24.1% |
| 营收同比 | 3.0% | 8.0% |
| 净利润同比 | 798.0% | -486.7% |
| 每股收益（稀释后） | $0.12 | $-1.11 |
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PNWTROX
| Q4 25 | $1.1B | $730.0M | ||
| Q3 25 | $1.8B | $699.0M | ||
| Q2 25 | $1.4B | $731.0M | ||
| Q1 25 | $1.0B | $738.0M | ||
| Q4 24 | $1.1B | $676.0M | ||
| Q3 24 | $1.8B | $804.0M | ||
| Q2 24 | $1.3B | $820.0M | ||
| Q1 24 | $951.7M | $774.0M |
净利润PNWTROX
| Q4 25 | $17.6M | $-176.0M | ||
| Q3 25 | $417.5M | $-99.0M | ||
| Q2 25 | $196.9M | $-84.0M | ||
| Q1 25 | $-338.0K | $-111.0M | ||
| Q4 24 | $-2.5M | $-30.0M | ||
| Q3 24 | $399.3M | $-25.0M | ||
| Q2 24 | $208.1M | $16.0M | ||
| Q1 24 | $21.2M | $-9.0M |
毛利率PNWTROX
| Q4 25 | — | 5.3% | ||
| Q3 25 | — | 7.4% | ||
| Q2 25 | — | 10.8% | ||
| Q1 25 | — | 13.4% | ||
| Q4 24 | — | 17.3% | ||
| Q3 24 | — | 15.9% | ||
| Q2 24 | — | 18.3% | ||
| Q1 24 | — | 15.5% |
营业利润率PNWTROX
| Q4 25 | 10.7% | -15.6% | ||
| Q3 25 | 32.0% | -6.2% | ||
| Q2 25 | 22.6% | -4.8% | ||
| Q1 25 | 5.5% | -8.3% | ||
| Q4 24 | 7.7% | 7.1% | ||
| Q3 24 | 30.9% | 6.7% | ||
| Q2 24 | 24.0% | 9.3% | ||
| Q1 24 | 7.0% | 5.3% |
净利率PNWTROX
| Q4 25 | 1.6% | -24.1% | ||
| Q3 25 | 22.9% | -14.2% | ||
| Q2 25 | 14.5% | -11.5% | ||
| Q1 25 | -0.0% | -15.0% | ||
| Q4 24 | -0.2% | -4.4% | ||
| Q3 24 | 22.6% | -3.1% | ||
| Q2 24 | 15.9% | 2.0% | ||
| Q1 24 | 2.2% | -1.2% |
每股收益（稀释后）PNWTROX
| Q4 25 | $0.12 | $-1.11 | ||
| Q3 25 | $3.39 | $-0.63 | ||
| Q2 25 | $1.58 | $-0.53 | ||
| Q1 25 | $-0.04 | $-0.70 | ||
| Q4 24 | $-0.04 | $-0.19 | ||
| Q3 24 | $3.37 | $-0.16 | ||
| Q2 24 | $1.76 | $0.10 | ||
| Q1 24 | $0.15 | $-0.06 |
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 | $199.0M |
| 总债务越低越好 | — | $3.1B |
| 股东权益账面价值 | $7.0B | $1.4B |
| 总资产 | $30.0B | $6.2B |
| 负债/权益比越低杠杆越低 | — | 2.21× |
8季度趋势，按日历期对齐
现金及短期投资PNWTROX
| Q4 25 | $6.6M | $199.0M | ||
| Q3 25 | $30.9M | $185.0M | ||
| Q2 25 | $18.8M | $132.0M | ||
| Q1 25 | $10.0M | $138.0M | ||
| Q4 24 | $3.8M | $151.0M | ||
| Q3 24 | $49.2M | $167.0M | ||
| Q2 24 | $4.0M | $201.0M | ||
| Q1 24 | $9.6M | $152.0M |
总债务PNWTROX
| Q4 25 | — | $3.1B | ||
| Q3 25 | — | $3.1B | ||
| Q2 25 | — | $2.7B | ||
| Q1 25 | — | $2.8B | ||
| Q4 24 | — | $2.8B | ||
| Q3 24 | — | $2.8B | ||
| Q2 24 | — | $2.8B | ||
| Q1 24 | — | $2.8B |
股东权益PNWTROX
| Q4 25 | $7.0B | $1.4B | ||
| Q3 25 | $7.2B | $1.6B | ||
| Q2 25 | $6.7B | $1.6B | ||
| Q1 25 | $6.7B | $1.7B | ||
| Q4 24 | $6.8B | $1.8B | ||
| Q3 24 | $6.6B | $1.9B | ||
| Q2 24 | $6.2B | $1.9B | ||
| Q1 24 | $6.2B | $1.9B |
总资产PNWTROX
| Q4 25 | $30.0B | $6.2B | ||
| Q3 25 | $29.9B | $6.3B | ||
| Q2 25 | $29.2B | $6.2B | ||
| Q1 25 | $27.2B | $6.1B | ||
| Q4 24 | $26.1B | $6.0B | ||
| Q3 24 | $26.3B | $6.2B | ||
| Q2 24 | $25.7B | $6.1B | ||
| Q1 24 | $24.8B | $6.0B |
负债/权益比PNWTROX
| Q4 25 | — | 2.21× | ||
| Q3 25 | — | 2.01× | ||
| Q2 25 | — | 1.67× | ||
| Q1 25 | — | 1.64× | ||
| Q4 24 | — | 1.57× | ||
| Q3 24 | — | 1.45× | ||
| Q2 24 | — | 1.47× | ||
| Q1 24 | — | 1.48× |
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 | $121.0M |
| 自由现金流经营现金流 - 资本支出 | $-192.7M | $53.0M |
| 自由现金流率自由现金流/营收 | -17.1% | 7.3% |
| 资本支出强度资本支出/营收 | 59.3% | 9.3% |
| 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 | $-281.0M |
8季度趋势，按日历期对齐
经营现金流PNWTROX
| Q4 25 | $476.8M | $121.0M | ||
| Q3 25 | $665.0M | $-57.0M | ||
| Q2 25 | $261.4M | $28.0M | ||
| Q1 25 | $401.9M | $-32.0M | ||
| Q4 24 | $439.5M | $82.0M | ||
| Q3 24 | $633.2M | $87.0M | ||
| Q2 24 | $189.8M | $160.0M | ||
| Q1 24 | $347.4M | $-29.0M |
自由现金流PNWTROX
| Q4 25 | $-192.7M | $53.0M | ||
| Q3 25 | $42.0M | $-137.0M | ||
| Q2 25 | $-448.1M | $-55.0M | ||
| Q1 25 | $-220.7M | $-142.0M | ||
| Q4 24 | $-92.1M | $-35.0M | ||
| Q3 24 | $-32.7M | $-14.0M | ||
| Q2 24 | $-344.2M | $84.0M | ||
| Q1 24 | $-170.4M | $-105.0M |
自由现金流率PNWTROX
| Q4 25 | -17.1% | 7.3% | ||
| Q3 25 | 2.3% | -19.6% | ||
| Q2 25 | -33.0% | -7.5% | ||
| Q1 25 | -21.4% | -19.2% | ||
| Q4 24 | -8.4% | -5.2% | ||
| Q3 24 | -1.8% | -1.7% | ||
| Q2 24 | -26.3% | 10.2% | ||
| Q1 24 | -17.9% | -13.6% |
资本支出强度PNWTROX
| Q4 25 | 59.3% | 9.3% | ||
| Q3 25 | 34.2% | 11.4% | ||
| Q2 25 | 52.2% | 11.4% | ||
| Q1 25 | 60.3% | 14.9% | ||
| Q4 24 | 48.5% | 17.3% | ||
| Q3 24 | 37.6% | 12.6% | ||
| Q2 24 | 40.8% | 9.3% | ||
| Q1 24 | 54.4% | 9.8% |
现金转化率PNWTROX
| Q4 25 | 27.09× | — | ||
| Q3 25 | 1.59× | — | ||
| Q2 25 | 1.33× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 1.59× | — | ||
| Q2 24 | 0.91× | 10.00× | ||
| 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% |
TROX
| Ti O2 | $577.0M | 79% |
| Zircon | $78.0M | 11% |
| Idle Facility And Lower Of Cost Or Net Realizable Value Charges | $42.0M | 6% |
| Other | $20.0M | 3% |
| MGT | $13.0M | 2% |
