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特灵科技（TT）与Vistra Corp.（VST）财务数据对比。点击上方公司名可切换其他公司
特灵科技的季度营收约是Vistra Corp.的1.0倍（$5.0B vs $4.8B），特灵科技净利率更高（11.9% vs 4.8%，领先7.0%），Vistra Corp.同比增速更快（31.2% vs 6.0%），Vistra Corp.自由现金流更多（$596.0M vs $573.0M），过去两年Vistra Corp.的营收复合增速更高（23.3% vs -3.2%）
特灵科技是一家注册地位于爱尔兰的企业，核心业务覆盖采暖、通风、空调及制冷系统领域。品牌历史可追溯至150多年前，历经多次并购与分拆：2008年暖通空调厂商特灵被美国工业工具制造商英格索兰收购，2020年工具业务分拆独立为英格索兰，剩余业务正式更名特灵科技。
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。
TT vs VST — 直观对比
营收规模更大
TT
是对方的1.0倍
$4.8B
营收增速更快
VST
高出25.2%
6.0%
净利率更高
TT
高出7.0%
4.8%
自由现金流更多
VST
多$23.0M
$573.0M
两年增速更快
VST
近两年复合增速
-3.2%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $5.0B | $4.8B |
| 净利润 | $589.5M | $233.0M |
| 毛利率 | 165.2% | — |
| 营业利润率 | 15.6% | 9.9% |
| 净利率 | 11.9% | 4.8% |
| 营收同比 | 6.0% | 31.2% |
| 净利润同比 | -3.4% | -47.2% |
| 每股收益（稀释后） | — | $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TTVST
| Q1 26 | $5.0B | — | ||
| Q4 25 | $5.1B | $4.8B | ||
| Q3 25 | $5.7B | $4.8B | ||
| Q2 25 | $5.7B | $3.8B | ||
| Q1 25 | $4.7B | $4.3B | ||
| Q4 24 | $4.9B | $3.7B | ||
| Q3 24 | $5.4B | $4.3B | ||
| Q2 24 | $5.3B | $3.6B |
净利润TTVST
| Q1 26 | $589.5M | — | ||
| Q4 25 | $591.3M | $233.0M | ||
| Q3 25 | $847.6M | $652.0M | ||
| Q2 25 | $874.8M | $327.0M | ||
| Q1 25 | $604.9M | $-268.0M | ||
| Q4 24 | $604.3M | $441.0M | ||
| Q3 24 | $772.0M | $1.9B | ||
| Q2 24 | $755.3M | $365.0M |
毛利率TTVST
| Q1 26 | 165.2% | — | ||
| Q4 25 | — | — | ||
| Q3 25 | 36.9% | — | ||
| Q2 25 | 37.6% | — | ||
| Q1 25 | 35.8% | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 36.3% | — | ||
| Q2 24 | 36.5% | — |
营业利润率TTVST
| Q1 26 | 15.6% | — | ||
| Q4 25 | 15.9% | 9.9% | ||
| Q3 25 | 20.3% | 21.7% | ||
| Q2 25 | 20.3% | 13.7% | ||
| Q1 25 | 17.5% | -2.8% | ||
| Q4 24 | 16.6% | 16.4% | ||
| Q3 24 | 18.8% | 59.6% | ||
| Q2 24 | 19.5% | 22.5% |
净利率TTVST
| Q1 26 | 11.9% | — | ||
| Q4 25 | 11.5% | 4.8% | ||
| Q3 25 | 14.8% | 13.6% | ||
| Q2 25 | 15.2% | 8.7% | ||
| Q1 25 | 12.9% | -6.3% | ||
| Q4 24 | 12.4% | 12.0% | ||
| Q3 24 | 14.2% | 43.5% | ||
| Q2 24 | 14.2% | 10.1% |
每股收益（稀释后）TTVST
| Q1 26 | — | — | ||
| Q4 25 | $2.64 | $0.55 | ||
| Q3 25 | $3.78 | $1.75 | ||
| Q2 25 | $3.89 | $0.81 | ||
| Q1 25 | $2.67 | $-0.93 | ||
| Q4 24 | $2.65 | $1.09 | ||
| Q3 24 | $3.39 | $5.25 | ||
| Q2 24 | $3.30 | $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 | $1.1B | $785.0M |
| 总债务越低越好 | $4.6B | $15.8B |
| 股东权益账面价值 | $8.6B | $5.1B |
| 总资产 | $22.8B | $41.5B |
| 负债/权益比越低杠杆越低 | 0.54× | 3.11× |
8季度趋势，按日历期对齐
现金及短期投资TTVST
| Q1 26 | $1.1B | — | ||
| Q4 25 | $1.8B | $785.0M | ||
| Q3 25 | — | $602.0M | ||
| Q2 25 | — | $458.0M | ||
| Q1 25 | — | $561.0M | ||
| Q4 24 | $1.6B | $1.2B | ||
| Q3 24 | — | $905.0M | ||
| Q2 24 | — | $1.6B |
总债务TTVST
| Q1 26 | $4.6B | — | ||
| Q4 25 | $4.6B | $15.8B | ||
| Q3 25 | — | $15.8B | ||
| Q2 25 | — | $15.5B | ||
| Q1 25 | — | $15.4B | ||
| Q4 24 | $4.8B | $15.4B | ||
| Q3 24 | — | $13.9B | ||
| Q2 24 | — | $13.9B |
股东权益TTVST
| Q1 26 | $8.6B | — | ||
| Q4 25 | $8.6B | $5.1B | ||
| Q3 25 | $8.3B | $5.2B | ||
| Q2 25 | $7.8B | $4.8B | ||
| Q1 25 | $7.5B | $4.8B | ||
| Q4 24 | $7.5B | $5.6B | ||
| Q3 24 | $7.6B | $5.4B | ||
| Q2 24 | $6.9B | $5.6B |
总资产TTVST
| Q1 26 | $22.8B | — | ||
| Q4 25 | $21.4B | $41.5B | ||
| Q3 25 | $21.4B | $38.0B | ||
| Q2 25 | $21.0B | $38.1B | ||
| Q1 25 | $20.1B | $38.2B | ||
| Q4 24 | $20.1B | $37.8B | ||
| Q3 24 | $20.9B | $37.9B | ||
| Q2 24 | $20.2B | $39.1B |
负债/权益比TTVST
| Q1 26 | 0.54× | — | ||
| Q4 25 | 0.54× | 3.11× | ||
| Q3 25 | — | 3.02× | ||
| Q2 25 | — | 3.22× | ||
| Q1 25 | — | 3.20× | ||
| Q4 24 | 0.64× | 2.77× | ||
| Q3 24 | — | 2.56× | ||
| Q2 24 | — | 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 | $573.0M | $596.0M |
| 自由现金流率自由现金流/营收 | 11.5% | 12.4% |
| 资本支出强度资本支出/营收 | 1.6% | 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 | — | $1.3B |
8季度趋势，按日历期对齐
经营现金流TTVST
| Q1 26 | — | — | ||
| Q4 25 | $1.2B | $1.4B | ||
| Q3 25 | $1.0B | $1.5B | ||
| Q2 25 | $692.1M | $572.0M | ||
| Q1 25 | $339.5M | $599.0M | ||
| Q4 24 | $899.9M | $1.4B | ||
| Q3 24 | $1.3B | $1.7B | ||
| Q2 24 | $695.9M | $1.2B |
自由现金流TTVST
| Q1 26 | $573.0M | — | ||
| Q4 25 | — | $596.0M | ||
| Q3 25 | $935.6M | $1.0B | ||
| Q2 25 | $602.2M | $-118.0M | ||
| Q1 25 | $220.6M | $-169.0M | ||
| Q4 24 | $774.3M | $923.0M | ||
| Q3 24 | $1.2B | $1.0B | ||
| Q2 24 | $623.0M | $698.0M |
自由现金流率TTVST
| Q1 26 | 11.5% | — | ||
| Q4 25 | — | 12.4% | ||
| Q3 25 | 16.3% | 21.1% | ||
| Q2 25 | 10.5% | -3.1% | ||
| Q1 25 | 4.7% | -4.0% | ||
| Q4 24 | 15.9% | 25.2% | ||
| Q3 24 | 22.3% | 23.4% | ||
| Q2 24 | 11.7% | 19.4% |
资本支出强度TTVST
| Q1 26 | 1.6% | — | ||
| Q4 25 | — | 17.4% | ||
| Q3 25 | 1.2% | 9.6% | ||
| Q2 25 | 1.6% | 18.4% | ||
| Q1 25 | 2.5% | 18.1% | ||
| Q4 24 | 2.6% | 11.7% | ||
| Q3 24 | 1.6% | 15.8% | ||
| Q2 24 | 1.4% | 13.8% |
现金转化率TTVST
| Q1 26 | — | — | ||
| Q4 25 | 1.96× | 6.15× | ||
| Q3 25 | 1.18× | 2.25× | ||
| Q2 25 | 0.79× | 1.75× | ||
| Q1 25 | 0.56× | — | ||
| Q4 24 | 1.49× | 3.07× | ||
| Q3 24 | 1.69× | 0.90× | ||
| Q2 24 | 0.92× | 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
TT
| Americas | $4.0B | 80% |
| EMEA | $639.5M | 13% |
| Asia Pacific | $331.5M | 7% |
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% |
