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Tennessee Valley Authority（TVE）与德事隆（TXT）财务数据对比。点击上方公司名可切换其他公司
德事隆的季度营收约是Tennessee Valley Authority的1.4倍（$4.2B vs $3.0B），Tennessee Valley Authority净利率更高（8.7% vs 5.6%，领先3.1%），德事隆同比增速更快（15.6% vs 4.4%），德事隆自由现金流更多（$527.0M vs $-814.0M），过去两年德事隆的营收复合增速更高（15.4% vs -1.7%）
田纳西河流域管理局（TVA）是美国联邦政府所有的电力公用事业企业，服务范围覆盖田纳西州全境，以及阿拉巴马州、密西西比州、肯塔基州的部分区域，还涵盖佐治亚州、北卡罗来纳州、弗吉尼亚州的小块区域。该企业虽归属联邦政府，但不依赖纳税人资金运营，运营模式与私营盈利企业类似，总部位于田纳西州诺克斯维尔。
德事隆是总部位于美国罗德岛州普罗维登斯的工业集团，1923年由罗亚尔·利特尔创立，前身为特种纱线公司。旗下拥有贝尔德事隆、考泰斯、德事隆航空、莱康明发动机等子公司，业务覆盖25个国家，2020年员工总数超3.3万人，2021年位列美国财富500强第265位。
TVE vs TXT — 直观对比
营收规模更大
TXT
是对方的1.4倍
$3.0B
营收增速更快
TXT
高出11.1%
4.4%
净利率更高
TVE
高出3.1%
5.6%
自由现金流更多
TXT
多$1.3B
$-814.0M
两年增速更快
TXT
近两年复合增速
-1.7%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $3.0B | $4.2B |
| 净利润 | $266.0M | $235.0M |
| 毛利率 | — | — |
| 营业利润率 | 18.1% | — |
| 净利率 | 8.7% | 5.6% |
| 营收同比 | 4.4% | 15.6% |
| 净利润同比 | 112.8% | 66.7% |
| 每股收益（稀释后） | — | — |
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TVETXT
| Q4 25 | $3.0B | $4.2B | ||
| Q3 25 | $3.9B | $3.6B | ||
| Q2 25 | $3.3B | $3.7B | ||
| Q1 25 | $3.5B | $3.3B | ||
| Q4 24 | $2.9B | $3.6B | ||
| Q3 24 | $3.5B | $3.4B | ||
| Q2 24 | $2.9B | $3.5B | ||
| Q1 24 | $3.2B | $3.1B |
净利润TVETXT
| Q4 25 | $266.0M | $235.0M | ||
| Q3 25 | $615.0M | $234.0M | ||
| Q2 25 | $212.0M | $245.0M | ||
| Q1 25 | $408.0M | $207.0M | ||
| Q4 24 | $125.0M | $141.0M | ||
| Q3 24 | $520.0M | $223.0M | ||
| Q2 24 | $181.0M | $259.0M | ||
| Q1 24 | $307.0M | $201.0M |
营业利润率TVETXT
| Q4 25 | 18.1% | — | ||
| Q3 25 | 23.6% | — | ||
| Q2 25 | 15.6% | — | ||
| Q1 25 | 20.3% | — | ||
| Q4 24 | 14.1% | 3.6% | ||
| Q3 24 | 22.7% | 7.4% | ||
| Q2 24 | 15.9% | 9.2% | ||
| Q1 24 | 18.4% | 7.6% |
净利率TVETXT
| Q4 25 | 8.7% | 5.6% | ||
| Q3 25 | 15.7% | 6.5% | ||
| Q2 25 | 6.4% | 6.6% | ||
| Q1 25 | 11.6% | 6.3% | ||
| Q4 24 | 4.3% | 3.9% | ||
| Q3 24 | 14.8% | 6.5% | ||
| Q2 24 | 6.3% | 7.3% | ||
| Q1 24 | 9.7% | 6.4% |
每股收益（稀释后）TVETXT
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | $1.13 | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | $1.03 |
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 | $501.0M | — |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | — | — |
| 总资产 | $59.5B | — |
| 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TVETXT
| Q4 25 | $501.0M | — | ||
| Q3 25 | $1.6B | — | ||
| Q2 25 | $501.0M | — | ||
| Q1 25 | $502.0M | — | ||
| Q4 24 | $507.0M | — | ||
| Q3 24 | $502.0M | — | ||
| Q2 24 | $501.0M | — | ||
| Q1 24 | $508.0M | — |
总债务TVETXT
| Q4 25 | — | — | ||
| Q3 25 | $22.1B | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | $19.1B | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
股东权益TVETXT
| Q4 25 | — | — | ||
| Q3 25 | — | $7.5B | ||
| Q2 25 | — | $7.4B | ||
| Q1 25 | — | $7.3B | ||
| Q4 24 | — | $7.2B | ||
| Q3 24 | — | $7.0B | ||
| Q2 24 | — | $6.9B | ||
| Q1 24 | — | $6.9B |
总资产TVETXT
| Q4 25 | $59.5B | — | ||
| Q3 25 | $60.9B | $17.4B | ||
| Q2 25 | $59.9B | $17.1B | ||
| Q1 25 | $59.3B | $16.9B | ||
| Q4 24 | $58.4B | $16.8B | ||
| Q3 24 | $57.7B | $16.5B | ||
| Q2 24 | $56.2B | $16.4B | ||
| Q1 24 | $52.3B | $16.4B |
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 | $330.0M | $700.0M |
| 自由现金流经营现金流 - 资本支出 | $-814.0M | $527.0M |
| 自由现金流率自由现金流/营收 | -26.7% | 12.6% |
| 资本支出强度资本支出/营收 | 37.5% | 4.1% |
| 现金转化率经营现金流/净利润 | 1.24× | 2.98× |
| 过去12个月自由现金流最近4个季度 | $-1.2B | $929.0M |
8季度趋势，按日历期对齐
经营现金流TVETXT
| Q4 25 | $330.0M | $700.0M | ||
| Q3 25 | $1.2B | $349.0M | ||
| Q2 25 | $615.0M | $387.0M | ||
| Q1 25 | $1.0B | $-124.0M | ||
| Q4 24 | $450.0M | $446.0M | ||
| Q3 24 | $1.1B | $208.0M | ||
| Q2 24 | $508.0M | $367.0M | ||
| Q1 24 | $1.0B | $-7.0M |
自由现金流TVETXT
| Q4 25 | $-814.0M | $527.0M | ||
| Q3 25 | $233.0M | $273.0M | ||
| Q2 25 | $-431.0M | $309.0M | ||
| Q1 25 | $-176.0M | $-180.0M | ||
| Q4 24 | $-759.0M | $293.0M | ||
| Q3 24 | $164.0M | $137.0M | ||
| Q2 24 | $-248.0M | $293.0M | ||
| Q1 24 | $276.0M | $-73.0M |
自由现金流率TVETXT
| Q4 25 | -26.7% | 12.6% | ||
| Q3 25 | 6.0% | 7.6% | ||
| Q2 25 | -13.0% | 8.3% | ||
| Q1 25 | -5.0% | -5.4% | ||
| Q4 24 | -26.0% | 8.1% | ||
| Q3 24 | 4.7% | 4.0% | ||
| Q2 24 | -8.6% | 8.3% | ||
| Q1 24 | 8.8% | -2.3% |
资本支出强度TVETXT
| Q4 25 | 37.5% | 4.1% | ||
| Q3 25 | 25.9% | 2.1% | ||
| Q2 25 | 31.6% | 2.1% | ||
| Q1 25 | 33.6% | 1.7% | ||
| Q4 24 | 41.4% | 4.2% | ||
| Q3 24 | 25.6% | 2.1% | ||
| Q2 24 | 26.3% | 2.1% | ||
| Q1 24 | 24.2% | 2.1% |
现金转化率TVETXT
| Q4 25 | 1.24× | 2.98× | ||
| Q3 25 | 2.03× | 1.49× | ||
| Q2 25 | 2.90× | 1.58× | ||
| Q1 25 | 2.48× | -0.60× | ||
| Q4 24 | 3.60× | 3.16× | ||
| Q3 24 | 2.05× | 0.93× | ||
| Q2 24 | 2.81× | 1.42× | ||
| Q1 24 | 3.38× | -0.03× |
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
TVE
| TN | $2.0B | 65% |
| AL | $449.0M | 15% |
| MS | $266.0M | 9% |
| KY | $193.0M | 6% |
| GA | $75.0M | 2% |
| Federal Agencies And Other | $29.0M | 1% |
| NC | $23.0M | 1% |
| VA | $12.0M | 0% |
| Off System Sales Member | $2.0M | 0% |
TXT
| Aircraft | $1.2B | 29% |
| Military Aircraft And Support Programs | $655.0M | 16% |
| Aftermarket Parts And Services | $551.0M | 13% |
| Services | $507.0M | 12% |
| Fuel Systems And Functional Components | $480.0M | 11% |
| Textron Systems | $323.0M | 8% |
| Other | $317.0M | 8% |
| US Government | $119.0M | 3% |
| Finance | $18.0M | 0% |
| Textron E Aviation Segment | $7.0M | 0% |
