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SPIRE INC（SR）与Trade Desk (The)（TTD）财务数据对比。点击上方公司名可切换其他公司
Trade Desk (The)的季度营收约是SPIRE INC的1.1倍（$846.8M vs $762.2M），Trade Desk (The)净利率更高（22.1% vs 12.5%，领先9.6%），Trade Desk (The)同比增速更快（14.3% vs 13.9%），Trade Desk (The)自由现金流更多（$285.3M vs $-121.8M），过去两年Trade Desk (The)的营收复合增速更高（31.3% vs -17.8%）
Spire Inc是总部位于美国密苏里州圣路易斯的区域公用事业控股公司，核心业务为受监管的天然气供应服务，同时布局非监管类业务拓展商业机会。旗下主要子公司Laclede Gas Company是密苏里州最大的天然气分销公用事业企业，为圣路易斯市及密苏里州东部10个县的约63.1万户住宅、商业及工业客户提供服务。
The Trade Desk是来自美国的跨国科技企业，专注于实时程序化营销自动化领域的技术、产品与服务研发，可实现面向用户的个性化数字内容分发，为全球广告营销行业客户提供专业解决方案。
SR vs TTD — 直观对比
营收规模更大
TTD
是对方的1.1倍
$762.2M
营收增速更快
TTD
高出0.4%
13.9%
净利率更高
TTD
高出9.6%
12.5%
自由现金流更多
TTD
多$407.1M
$-121.8M
两年增速更快
TTD
近两年复合增速
-17.8%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $762.2M | $846.8M |
| 净利润 | $95.0M | $186.9M |
| 毛利率 | 55.1% | 80.7% |
| 营业利润率 | 22.8% | 30.3% |
| 净利率 | 12.5% | 22.1% |
| 营收同比 | 13.9% | 14.3% |
| 净利润同比 | 16.9% | 2.6% |
| 每股收益（稀释后） | $1.54 | $0.39 |
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SRTTD
| Q4 25 | $762.2M | $846.8M | ||
| Q3 25 | $334.1M | $739.4M | ||
| Q2 25 | $421.9M | $694.0M | ||
| Q1 25 | $1.1B | $616.0M | ||
| Q4 24 | $669.1M | $741.0M | ||
| Q3 24 | $293.8M | $628.0M | ||
| Q2 24 | $414.1M | $584.5M | ||
| Q1 24 | $1.1B | $491.3M |
净利润SRTTD
| Q4 25 | $95.0M | $186.9M | ||
| Q3 25 | $-39.8M | $115.5M | ||
| Q2 25 | $20.9M | $90.1M | ||
| Q1 25 | $209.3M | $50.7M | ||
| Q4 24 | $81.3M | $182.2M | ||
| Q3 24 | $-25.9M | $94.2M | ||
| Q2 24 | $-12.6M | $85.0M | ||
| Q1 24 | $204.3M | $31.7M |
毛利率SRTTD
| Q4 25 | 55.1% | 80.7% | ||
| Q3 25 | — | 78.1% | ||
| Q2 25 | — | 78.2% | ||
| Q1 25 | — | 76.8% | ||
| Q4 24 | 55.6% | 81.7% | ||
| Q3 24 | — | 80.5% | ||
| Q2 24 | — | 81.1% | ||
| Q1 24 | — | 78.9% |
营业利润率SRTTD
| Q4 25 | 22.8% | 30.3% | ||
| Q3 25 | -0.1% | 21.8% | ||
| Q2 25 | 16.4% | 16.8% | ||
| Q1 25 | 29.1% | 8.8% | ||
| Q4 24 | 22.2% | 26.4% | ||
| Q3 24 | 6.7% | 17.3% | ||
| Q2 24 | 7.4% | 16.2% | ||
| Q1 24 | 26.5% | 5.8% |
净利率SRTTD
| Q4 25 | 12.5% | 22.1% | ||
| Q3 25 | -11.9% | 15.6% | ||
| Q2 25 | 5.0% | 13.0% | ||
| Q1 25 | 19.9% | 8.2% | ||
| Q4 24 | 12.2% | 24.6% | ||
| Q3 24 | -8.8% | 15.0% | ||
| Q2 24 | -3.0% | 14.5% | ||
| Q1 24 | 18.1% | 6.4% |
每股收益（稀释后）SRTTD
| Q4 25 | $1.54 | $0.39 | ||
| Q3 25 | $-0.77 | $0.23 | ||
| Q2 25 | $0.29 | $0.18 | ||
| Q1 25 | $3.51 | $0.10 | ||
| Q4 24 | $1.34 | $0.36 | ||
| Q3 24 | $-0.63 | $0.19 | ||
| Q2 24 | $-0.28 | $0.17 | ||
| Q1 24 | $3.58 | $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 | $4.1M | $1.3B |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $3.4B | $2.5B |
| 总资产 | $11.9B | $6.2B |
| 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SRTTD
| Q4 25 | $4.1M | $1.3B | ||
| Q3 25 | $5.7M | $1.4B | ||
| Q2 25 | $13.1M | $1.7B | ||
| Q1 25 | $15.2M | $1.7B | ||
| Q4 24 | $11.5M | $1.9B | ||
| Q3 24 | $4.5M | $1.7B | ||
| Q2 24 | $7.4M | $1.5B | ||
| Q1 24 | $25.6M | $1.4B |
股东权益SRTTD
| Q4 25 | $3.4B | $2.5B | ||
| Q3 25 | $3.4B | $2.6B | ||
| Q2 25 | $3.5B | $2.7B | ||
| Q1 25 | $3.5B | $2.7B | ||
| Q4 24 | $3.3B | $2.9B | ||
| Q3 24 | $3.2B | $2.6B | ||
| Q2 24 | $3.3B | $2.4B | ||
| Q1 24 | $3.4B | $2.2B |
总资产SRTTD
| Q4 25 | $11.9B | $6.2B | ||
| Q3 25 | $11.6B | $5.9B | ||
| Q2 25 | $11.4B | $6.0B | ||
| Q1 25 | $11.3B | $5.7B | ||
| Q4 24 | $11.3B | $6.1B | ||
| Q3 24 | $10.9B | $5.5B | ||
| Q2 24 | $10.7B | $5.2B | ||
| Q1 24 | $10.7B | $4.7B |
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 | $81.0M | $311.6M |
| 自由现金流经营现金流 - 资本支出 | $-121.8M | $285.3M |
| 自由现金流率自由现金流/营收 | -16.0% | 33.7% |
| 资本支出强度资本支出/营收 | 26.6% | 3.1% |
| 现金转化率经营现金流/净利润 | 0.85× | 1.67× |
| 过去12个月自由现金流最近4个季度 | $-286.7M | $795.7M |
8季度趋势，按日历期对齐
经营现金流SRTTD
| Q4 25 | $81.0M | $311.6M | ||
| Q3 25 | $-4.9M | $224.7M | ||
| Q2 25 | $129.1M | $165.0M | ||
| Q1 25 | $372.7M | $291.4M | ||
| Q4 24 | $81.1M | $199.4M | ||
| Q3 24 | $82.9M | $273.3M | ||
| Q2 24 | $270.1M | $81.3M | ||
| Q1 24 | $489.4M | $185.5M |
自由现金流SRTTD
| Q4 25 | $-121.8M | $285.3M | ||
| Q3 25 | $-227.6M | $158.3M | ||
| Q2 25 | $-91.4M | $119.8M | ||
| Q1 25 | $154.1M | $232.3M | ||
| Q4 24 | $-179.5M | $179.2M | ||
| Q3 24 | $-146.9M | $224.6M | ||
| Q2 24 | $47.9M | $59.1M | ||
| Q1 24 | $306.6M | $178.2M |
自由现金流率SRTTD
| Q4 25 | -16.0% | 33.7% | ||
| Q3 25 | -68.1% | 21.4% | ||
| Q2 25 | -21.7% | 17.3% | ||
| Q1 25 | 14.7% | 37.7% | ||
| Q4 24 | -26.8% | 24.2% | ||
| Q3 24 | -50.0% | 35.8% | ||
| Q2 24 | 11.6% | 10.1% | ||
| Q1 24 | 27.2% | 36.3% |
资本支出强度SRTTD
| Q4 25 | 26.6% | 3.1% | ||
| Q3 25 | 66.7% | 9.0% | ||
| Q2 25 | 52.3% | 6.5% | ||
| Q1 25 | 20.8% | 9.6% | ||
| Q4 24 | 38.9% | 2.7% | ||
| Q3 24 | 78.2% | 7.8% | ||
| Q2 24 | 53.7% | 3.8% | ||
| Q1 24 | 16.2% | 1.5% |
现金转化率SRTTD
| Q4 25 | 0.85× | 1.67× | ||
| Q3 25 | — | 1.94× | ||
| Q2 25 | 6.18× | 1.83× | ||
| Q1 25 | 1.78× | 5.75× | ||
| Q4 24 | 1.00× | 1.09× | ||
| Q3 24 | — | 2.90× | ||
| Q2 24 | — | 0.96× | ||
| Q1 24 | 2.40× | 5.86× |
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
SR
| Residential | $474.9M | 62% |
| Commercial And Industrial | $148.4M | 19% |
| Gas Marketing | $41.1M | 5% |
| Midstream | $39.0M | 5% |
| Transportation | $37.1M | 5% |
| Offsystem And Other Inventive | $19.7M | 3% |
| Other Customer Revenue | $4.6M | 1% |
TTD
| Other | $427.2M | 50% |
| Non Us | $419.6M | 50% |
