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道富集团（STT）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.的季度营收约是道富集团的1.3倍（$4.8B vs $3.7B），道富集团净利率更高（20.4% vs 4.8%，领先15.5%），Vistra Corp.同比增速更快（31.2% vs 7.5%），道富集团自由现金流更多（$9.8B vs $596.0M），过去两年Vistra Corp.的营收复合增速更高（23.3% vs 8.1%）
道富集团是总部位于美国波士顿的跨国金融服务及银行控股公司，历史可追溯至1792年成立的联合银行，是美国运营历史第二悠久的存续银行。作为全球顶尖的资产管理与托管机构，截至2025年第三季度，其管理资产规模约5.4万亿美元，托管及管理资产总规模达51.7万亿美元。
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。
STT vs VST — 直观对比
营收规模更大
VST
是对方的1.3倍
$3.7B
营收增速更快
VST
高出23.7%
7.5%
净利率更高
STT
高出15.5%
4.8%
自由现金流更多
STT
多$9.2B
$596.0M
两年增速更快
VST
近两年复合增速
8.1%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $3.7B | $4.8B |
| 净利润 | $747.0M | $233.0M |
| 毛利率 | — | — |
| 营业利润率 | 25.0% | 9.9% |
| 净利率 | 20.4% | 4.8% |
| 营收同比 | 7.5% | 31.2% |
| 净利润同比 | -4.6% | -47.2% |
| 每股收益（稀释后） | $2.41 | $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STTVST
| Q4 25 | $3.7B | $4.8B | ||
| Q3 25 | $3.5B | $4.8B | ||
| Q2 25 | $3.4B | $3.8B | ||
| Q1 25 | $3.3B | $4.3B | ||
| Q4 24 | $3.4B | $3.7B | ||
| Q3 24 | $3.3B | $4.3B | ||
| Q2 24 | $3.2B | $3.6B | ||
| Q1 24 | $3.1B | $3.2B |
净利润STTVST
| Q4 25 | $747.0M | $233.0M | ||
| Q3 25 | $861.0M | $652.0M | ||
| Q2 25 | $693.0M | $327.0M | ||
| Q1 25 | $644.0M | $-268.0M | ||
| Q4 24 | $783.0M | $441.0M | ||
| Q3 24 | $730.0M | $1.9B | ||
| Q2 24 | $711.0M | $365.0M | ||
| Q1 24 | $463.0M | $-35.0M |
营业利润率STTVST
| Q4 25 | 25.0% | 9.9% | ||
| Q3 25 | 31.1% | 21.7% | ||
| Q2 25 | 25.8% | 13.7% | ||
| Q1 25 | 25.0% | -2.8% | ||
| Q4 24 | 28.1% | 16.4% | ||
| Q3 24 | 28.4% | 59.6% | ||
| Q2 24 | 28.6% | 22.5% | ||
| Q1 24 | 19.1% | 2.7% |
净利率STTVST
| Q4 25 | 20.4% | 4.8% | ||
| Q3 25 | 24.3% | 13.6% | ||
| Q2 25 | 20.1% | 8.7% | ||
| Q1 25 | 19.6% | -6.3% | ||
| Q4 24 | 22.9% | 12.0% | ||
| Q3 24 | 22.4% | 43.5% | ||
| Q2 24 | 22.3% | 10.1% | ||
| Q1 24 | 14.8% | -1.1% |
每股收益（稀释后）STTVST
| Q4 25 | $2.41 | $0.55 | ||
| Q3 25 | $2.78 | $1.75 | ||
| Q2 25 | $2.17 | $0.81 | ||
| Q1 25 | $2.04 | $-0.93 | ||
| Q4 24 | $2.43 | $1.09 | ||
| Q3 24 | $2.26 | $5.25 | ||
| Q2 24 | $2.15 | $0.90 | ||
| Q1 24 | $1.37 | $-0.24 |
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 | — | $15.8B |
| 股东权益账面价值 | $27.8B | $5.1B |
| 总资产 | $366.0B | $41.5B |
| 负债/权益比越低杠杆越低 | — | 3.11× |
8季度趋势，按日历期对齐
现金及短期投资STTVST
| Q4 25 | — | $785.0M | ||
| Q3 25 | — | $602.0M | ||
| Q2 25 | — | $458.0M | ||
| Q1 25 | — | $561.0M | ||
| Q4 24 | — | $1.2B | ||
| Q3 24 | — | $905.0M | ||
| Q2 24 | — | $1.6B | ||
| Q1 24 | — | $1.1B |
总债务STTVST
| Q4 25 | — | $15.8B | ||
| Q3 25 | — | $15.8B | ||
| Q2 25 | — | $15.5B | ||
| Q1 25 | — | $15.4B | ||
| Q4 24 | — | $15.4B | ||
| Q3 24 | — | $13.9B | ||
| Q2 24 | — | $13.9B | ||
| Q1 24 | — | $14.7B |
股东权益STTVST
| Q4 25 | $27.8B | $5.1B | ||
| Q3 25 | $27.6B | $5.2B | ||
| Q2 25 | $27.3B | $4.8B | ||
| Q1 25 | $26.7B | $4.8B | ||
| Q4 24 | $25.3B | $5.6B | ||
| Q3 24 | $25.8B | $5.4B | ||
| Q2 24 | $24.8B | $5.6B | ||
| Q1 24 | $24.4B | $5.7B |
总资产STTVST
| Q4 25 | $366.0B | $41.5B | ||
| Q3 25 | $371.1B | $38.0B | ||
| Q2 25 | $376.7B | $38.1B | ||
| Q1 25 | $372.7B | $38.2B | ||
| Q4 24 | $353.2B | $37.8B | ||
| Q3 24 | $338.5B | $37.9B | ||
| Q2 24 | $325.6B | $39.1B | ||
| Q1 24 | $338.0B | $38.2B |
负债/权益比STTVST
| Q4 25 | — | 3.11× | ||
| Q3 25 | — | 3.02× | ||
| Q2 25 | — | 3.22× | ||
| Q1 25 | — | 3.20× | ||
| Q4 24 | — | 2.77× | ||
| Q3 24 | — | 2.56× | ||
| Q2 24 | — | 2.49× | ||
| Q1 24 | — | 2.60× |
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 | $10.0B | $1.4B |
| 自由现金流经营现金流 - 资本支出 | $9.8B | $596.0M |
| 自由现金流率自由现金流/营收 | 266.6% | 12.4% |
| 资本支出强度资本支出/营收 | 7.3% | 17.4% |
| 现金转化率经营现金流/净利润 | 13.44× | 6.15× |
| 过去12个月自由现金流最近4个季度 | $10.8B | $1.3B |
8季度趋势，按日历期对齐
经营现金流STTVST
| Q4 25 | $10.0B | $1.4B | ||
| Q3 25 | $7.9B | $1.5B | ||
| Q2 25 | $-8.4B | $572.0M | ||
| Q1 25 | $2.4B | $599.0M | ||
| Q4 24 | $-7.4B | $1.4B | ||
| Q3 24 | $2.7B | $1.7B | ||
| Q2 24 | $-7.6B | $1.2B | ||
| Q1 24 | $-844.0M | $312.0M |
自由现金流STTVST
| Q4 25 | $9.8B | $596.0M | ||
| Q3 25 | $7.7B | $1.0B | ||
| Q2 25 | $-8.8B | $-118.0M | ||
| Q1 25 | $2.2B | $-169.0M | ||
| Q4 24 | $-7.7B | $923.0M | ||
| Q3 24 | $2.5B | $1.0B | ||
| Q2 24 | $-7.9B | $698.0M | ||
| Q1 24 | $-1.1B | $-153.0M |
自由现金流率STTVST
| Q4 25 | 266.6% | 12.4% | ||
| Q3 25 | 216.0% | 21.1% | ||
| Q2 25 | -254.1% | -3.1% | ||
| Q1 25 | 66.1% | -4.0% | ||
| Q4 24 | -225.1% | 25.2% | ||
| Q3 24 | 75.9% | 23.4% | ||
| Q2 24 | -246.2% | 19.4% | ||
| Q1 24 | -34.2% | -4.8% |
资本支出强度STTVST
| Q4 25 | 7.3% | 17.4% | ||
| Q3 25 | 6.9% | 9.6% | ||
| Q2 25 | 9.3% | 18.4% | ||
| Q1 25 | 6.9% | 18.1% | ||
| Q4 24 | 7.3% | 11.7% | ||
| Q3 24 | 7.2% | 15.8% | ||
| Q2 24 | 6.7% | 13.8% | ||
| Q1 24 | 7.3% | 14.7% |
现金转化率STTVST
| Q4 25 | 13.44× | 6.15× | ||
| Q3 25 | 9.18× | 2.25× | ||
| Q2 25 | -12.18× | 1.75× | ||
| Q1 25 | 3.72× | — | ||
| Q4 24 | -9.49× | 3.07× | ||
| Q3 24 | 3.71× | 0.90× | ||
| Q2 24 | -10.75× | 3.28× | ||
| Q1 24 | -1.82× | — |
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
STT
| Other | $2.2B | 59% |
| Investment Management | $729.0M | 20% |
| Management Services | $662.0M | 18% |
| Other Fee Revenue | $56.0M | 2% |
| Securities Financing Services | $54.0M | 1% |
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% |
