vs
标普全球（SPGI）与Vistra Corp.（VST）财务数据对比。点击上方公司名可切换其他公司
Vistra Corp.的季度营收约是标普全球的1.2倍（$4.8B vs $4.2B），标普全球净利率更高（36.1% vs 4.8%，领先31.2%），Vistra Corp.同比增速更快（31.2% vs 10.0%），标普全球自由现金流更多（$919.0M vs $596.0M），过去两年Vistra Corp.的营收复合增速更高（23.3% vs 8.4%）
标普全球是总部位于美国纽约曼哈顿的上市企业，核心业务涵盖金融信息、数据分析、能源及大宗商品情报服务，旗下拥有标普全球评级、标普全球市场财智、标普全球能源、标普全球移动、印度信用评级机构CRISIL等业务板块，同时控股合资企业标普道琼斯指数。
股票代码为VST的Vistra Corp是总部位于美国得克萨斯州的能源企业，主营电力生产、可再生能源开发及能源零售等业务。此外“Vistra”也可指一家总部位于中国香港的企业服务提供商，为全球客户提供公司注册、合规管理等专业服务。
SPGI vs VST — 直观对比
营收规模更大
VST
是对方的1.2倍
$4.2B
营收增速更快
VST
高出21.2%
10.0%
净利率更高
SPGI
高出31.2%
4.8%
自由现金流更多
SPGI
多$323.0M
$596.0M
两年增速更快
VST
近两年复合增速
8.4%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $4.2B | $4.8B |
| 净利润 | $1.5B | $233.0M |
| 毛利率 | — | — |
| 营业利润率 | 48.0% | 9.9% |
| 净利率 | 36.1% | 4.8% |
| 营收同比 | 10.0% | 31.2% |
| 净利润同比 | 28.0% | -47.2% |
| 每股收益（稀释后） | $4.69 | $0.55 |
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SPGIVST
| Q1 26 | $4.2B | — | ||
| Q4 25 | $3.9B | $4.8B | ||
| Q3 25 | $3.9B | $4.8B | ||
| Q2 25 | $3.8B | $3.8B | ||
| Q1 25 | $3.8B | $4.3B | ||
| Q4 24 | $3.6B | $3.7B | ||
| Q3 24 | $3.6B | $4.3B | ||
| Q2 24 | $3.5B | $3.6B |
净利润SPGIVST
| Q1 26 | $1.5B | — | ||
| Q4 25 | $1.1B | $233.0M | ||
| Q3 25 | $1.2B | $652.0M | ||
| Q2 25 | $1.1B | $327.0M | ||
| Q1 25 | $1.1B | $-268.0M | ||
| Q4 24 | $879.0M | $441.0M | ||
| Q3 24 | $971.0M | $1.9B | ||
| Q2 24 | $1.0B | $365.0M |
毛利率SPGIVST
| Q1 26 | — | — | ||
| Q4 25 | 70.1% | — | ||
| Q3 25 | 71.2% | — | ||
| Q2 25 | 70.2% | — | ||
| Q1 25 | 69.5% | — | ||
| Q4 24 | 69.8% | — | ||
| Q3 24 | 70.0% | — | ||
| Q2 24 | 69.4% | — |
营业利润率SPGIVST
| Q1 26 | 48.0% | — | ||
| Q4 25 | 42.7% | 9.9% | ||
| Q3 25 | 43.1% | 21.7% | ||
| Q2 25 | 41.3% | 13.7% | ||
| Q1 25 | 41.8% | -2.8% | ||
| Q4 24 | 36.4% | 16.4% | ||
| Q3 24 | 40.1% | 59.6% | ||
| Q2 24 | 40.9% | 22.5% |
净利率SPGIVST
| Q1 26 | 36.1% | — | ||
| Q4 25 | 28.9% | 4.8% | ||
| Q3 25 | 30.2% | 13.6% | ||
| Q2 25 | 28.5% | 8.7% | ||
| Q1 25 | 28.9% | -6.3% | ||
| Q4 24 | 24.5% | 12.0% | ||
| Q3 24 | 27.2% | 43.5% | ||
| Q2 24 | 28.5% | 10.1% |
每股收益（稀释后）SPGIVST
| Q1 26 | $4.69 | — | ||
| Q4 25 | $3.76 | $0.55 | ||
| Q3 25 | $3.86 | $1.75 | ||
| Q2 25 | $3.50 | $0.81 | ||
| Q1 25 | $3.54 | $-0.93 | ||
| Q4 24 | $2.85 | $1.09 | ||
| Q3 24 | $3.11 | $5.25 | ||
| Q2 24 | $3.23 | $0.90 |
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 | — | $785.0M |
| 总债务越低越好 | $13.3B | $15.8B |
| 股东权益账面价值 | $31.3B | $5.1B |
| 总资产 | $60.8B | $41.5B |
| 负债/权益比越低杠杆越低 | 0.43× | 3.11× |
8季度趋势，按日历期对齐
现金及短期投资SPGIVST
| Q1 26 | — | — | ||
| Q4 25 | $1.8B | $785.0M | ||
| Q3 25 | $1.7B | $602.0M | ||
| Q2 25 | $1.8B | $458.0M | ||
| Q1 25 | $1.5B | $561.0M | ||
| Q4 24 | $1.7B | $1.2B | ||
| Q3 24 | $1.7B | $905.0M | ||
| Q2 24 | $2.0B | $1.6B |
总债务SPGIVST
| Q1 26 | $13.3B | — | ||
| Q4 25 | $13.1B | $15.8B | ||
| Q3 25 | $11.4B | $15.8B | ||
| Q2 25 | $11.4B | $15.5B | ||
| Q1 25 | $11.4B | $15.4B | ||
| Q4 24 | $11.4B | $15.4B | ||
| Q3 24 | $11.4B | $13.9B | ||
| Q2 24 | $11.4B | $13.9B |
股东权益SPGIVST
| Q1 26 | $31.3B | — | ||
| Q4 25 | $31.1B | $5.1B | ||
| Q3 25 | $33.1B | $5.2B | ||
| Q2 25 | $33.4B | $4.8B | ||
| Q1 25 | $33.4B | $4.8B | ||
| Q4 24 | $33.2B | $5.6B | ||
| Q3 24 | $34.0B | $5.4B | ||
| Q2 24 | $34.9B | $5.6B |
总资产SPGIVST
| Q1 26 | $60.8B | — | ||
| Q4 25 | $61.2B | $41.5B | ||
| Q3 25 | $59.7B | $38.0B | ||
| Q2 25 | $60.4B | $38.1B | ||
| Q1 25 | $59.9B | $38.2B | ||
| Q4 24 | $60.2B | $37.8B | ||
| Q3 24 | $60.4B | $37.9B | ||
| Q2 24 | $61.0B | $39.1B |
负债/权益比SPGIVST
| Q1 26 | 0.43× | — | ||
| Q4 25 | 0.42× | 3.11× | ||
| Q3 25 | 0.34× | 3.02× | ||
| Q2 25 | 0.34× | 3.22× | ||
| Q1 25 | 0.34× | 3.20× | ||
| Q4 24 | 0.34× | 2.77× | ||
| Q3 24 | 0.34× | 2.56× | ||
| Q2 24 | 0.33× | 2.49× |
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 | — | $1.4B |
| 自由现金流经营现金流 - 资本支出 | $919.0M | $596.0M |
| 自由现金流率自由现金流/营收 | 22.0% | 12.4% |
| 资本支出强度资本支出/营收 | 0.6% | 17.4% |
| 现金转化率经营现金流/净利润 | — | 6.15× |
| 过去12个月自由现金流最近4个季度 | $5.5B | $1.3B |
8季度趋势，按日历期对齐
经营现金流SPGIVST
| Q1 26 | — | — | ||
| Q4 25 | $1.7B | $1.4B | ||
| Q3 25 | $1.5B | $1.5B | ||
| Q2 25 | $1.4B | $572.0M | ||
| Q1 25 | $953.0M | $599.0M | ||
| Q4 24 | $1.7B | $1.4B | ||
| Q3 24 | $1.4B | $1.7B | ||
| Q2 24 | $1.6B | $1.2B |
自由现金流SPGIVST
| Q1 26 | $919.0M | — | ||
| Q4 25 | $1.7B | $596.0M | ||
| Q3 25 | $1.5B | $1.0B | ||
| Q2 25 | $1.4B | $-118.0M | ||
| Q1 25 | $910.0M | $-169.0M | ||
| Q4 24 | $1.7B | $923.0M | ||
| Q3 24 | $1.4B | $1.0B | ||
| Q2 24 | $1.5B | $698.0M |
自由现金流率SPGIVST
| Q1 26 | 22.0% | — | ||
| Q4 25 | 43.5% | 12.4% | ||
| Q3 25 | 37.6% | 21.1% | ||
| Q2 25 | 36.9% | -3.1% | ||
| Q1 25 | 24.1% | -4.0% | ||
| Q4 24 | 47.5% | 25.2% | ||
| Q3 24 | 39.4% | 23.4% | ||
| Q2 24 | 42.9% | 19.4% |
资本支出强度SPGIVST
| Q1 26 | 0.6% | — | ||
| Q4 25 | 1.2% | 17.4% | ||
| Q3 25 | 1.2% | 9.6% | ||
| Q2 25 | 1.6% | 18.4% | ||
| Q1 25 | 1.1% | 18.1% | ||
| Q4 24 | 0.9% | 11.7% | ||
| Q3 24 | 1.0% | 15.8% | ||
| Q2 24 | 0.9% | 13.8% |
现金转化率SPGIVST
| Q1 26 | — | — | ||
| Q4 25 | 1.54× | 6.15× | ||
| Q3 25 | 1.28× | 2.25× | ||
| Q2 25 | 1.35× | 1.75× | ||
| Q1 25 | 0.87× | — | ||
| Q4 24 | 1.98× | 3.07× | ||
| Q3 24 | 1.49× | 0.90× | ||
| Q2 24 | 1.54× | 3.28× |
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
SPGI
| Ratings | $1.3B | 31% |
| Market Intelligence | $1.3B | 31% |
| Energy | $652.0M | 16% |
| Indices | $519.0M | 12% |
| Mobility | $454.0M | 11% |
VST
| Retail Energy Charge In ERCOT | $2.1B | 43% |
| Retail Energy Charge In Northeast Midwest | $1.2B | 24% |
| East Segment | $1.1B | 24% |
| Hedging Revenue Realized | $170.0M | 4% |
| Revenue From Other Wholesale Contracts | $116.0M | 2% |
| Transferable Production Tax Credit Revenues | $78.0M | 2% |
| West Segment | $77.0M | 2% |
| Intersegment Sales | $25.0M | 1% |
