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Tennessee Valley Authority（TVE）与Wabtec（WAB）财务数据对比。点击上方公司名可切换其他公司
Tennessee Valley Authority的季度营收约是Wabtec的1.0倍（$3.0B vs $3.0B），Wabtec净利率更高（12.3% vs 8.7%，领先3.6%），Wabtec同比增速更快（13.0% vs 4.4%），过去两年Wabtec的营收复合增速更高（5.6% 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。
西屋空气制动技术公司（通称Wabtec）是美国知名轨道交通设备企业，1999年由西屋空气制动公司（WABCO）与动力设备厂商MotivePower合并组建，总部设于宾夕法尼亚州匹兹堡，在全球轨交制动系统、牵引动力设备等领域拥有领先的技术实力与市场份额。
TVE vs WAB — 直观对比
营收规模更大
TVE
是对方的1.0倍
$3.0B
营收增速更快
WAB
高出8.6%
4.4%
净利率更高
WAB
高出3.6%
8.7%
两年增速更快
WAB
近两年复合增速
-1.7%
损益表 — Q1 FY2026 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $3.0B | $3.0B |
| 净利润 | $266.0M | $363.0M |
| 毛利率 | — | 36.0% |
| 营业利润率 | 18.1% | 17.5% |
| 净利率 | 8.7% | 12.3% |
| 营收同比 | 4.4% | 13.0% |
| 净利润同比 | 112.8% | 11.0% |
| 每股收益（稀释后） | — | $2.12 |
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TVEWAB
| Q1 26 | — | $3.0B | ||
| Q4 25 | $3.0B | $3.0B | ||
| Q3 25 | $3.9B | $2.9B | ||
| Q2 25 | $3.3B | $2.7B | ||
| Q1 25 | $3.5B | $2.6B | ||
| Q4 24 | $2.9B | $2.6B | ||
| Q3 24 | $3.5B | $2.7B | ||
| Q2 24 | $2.9B | $2.6B |
净利润TVEWAB
| Q1 26 | — | $363.0M | ||
| Q4 25 | $266.0M | $202.0M | ||
| Q3 25 | $615.0M | $310.0M | ||
| Q2 25 | $212.0M | $336.0M | ||
| Q1 25 | $408.0M | $322.0M | ||
| Q4 24 | $125.0M | $212.0M | ||
| Q3 24 | $520.0M | $283.0M | ||
| Q2 24 | $181.0M | $289.0M |
毛利率TVEWAB
| Q1 26 | — | 36.0% | ||
| Q4 25 | — | 32.6% | ||
| Q3 25 | — | 34.7% | ||
| Q2 25 | — | 34.7% | ||
| Q1 25 | — | 34.5% | ||
| Q4 24 | — | 30.9% | ||
| Q3 24 | — | 33.0% | ||
| Q2 24 | — | 33.1% |
营业利润率TVEWAB
| Q1 26 | — | 17.5% | ||
| Q4 25 | 18.1% | 12.0% | ||
| Q3 25 | 23.6% | 17.0% | ||
| Q2 25 | 15.6% | 17.4% | ||
| Q1 25 | 20.3% | 18.2% | ||
| Q4 24 | 14.1% | 12.9% | ||
| Q3 24 | 22.7% | 16.3% | ||
| Q2 24 | 15.9% | 16.3% |
净利率TVEWAB
| Q1 26 | — | 12.3% | ||
| Q4 25 | 8.7% | 6.8% | ||
| Q3 25 | 15.7% | 10.7% | ||
| Q2 25 | 6.4% | 12.4% | ||
| Q1 25 | 11.6% | 12.3% | ||
| Q4 24 | 4.3% | 8.2% | ||
| Q3 24 | 14.8% | 10.6% | ||
| Q2 24 | 6.3% | 10.9% |
每股收益（稀释后）TVEWAB
| Q1 26 | — | $2.12 | ||
| Q4 25 | — | $1.18 | ||
| Q3 25 | — | $1.81 | ||
| Q2 25 | — | $1.96 | ||
| Q1 25 | — | $1.88 | ||
| Q4 24 | — | $1.24 | ||
| Q3 24 | — | $1.63 | ||
| Q2 24 | — | $1.64 |
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 | — | $4.7B |
| 股东权益账面价值 | — | $11.1B |
| 总资产 | $59.5B | $23.2B |
| 负债/权益比越低杠杆越低 | — | 0.42× |
8季度趋势，按日历期对齐
现金及短期投资TVEWAB
| Q1 26 | — | — | ||
| 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 | — |
总债务TVEWAB
| Q1 26 | — | $4.7B | ||
| Q4 25 | — | $5.5B | ||
| Q3 25 | $22.1B | $5.3B | ||
| Q2 25 | — | $4.8B | ||
| Q1 25 | — | $4.0B | ||
| Q4 24 | — | $4.0B | ||
| Q3 24 | $19.1B | $4.0B | ||
| Q2 24 | — | $4.0B |
股东权益TVEWAB
| Q1 26 | — | $11.1B | ||
| Q4 25 | — | $11.1B | ||
| Q3 25 | — | $11.0B | ||
| Q2 25 | — | $10.8B | ||
| Q1 25 | — | $10.4B | ||
| Q4 24 | — | $10.1B | ||
| Q3 24 | — | $10.3B | ||
| Q2 24 | — | $10.5B |
总资产TVEWAB
| Q1 26 | — | $23.2B | ||
| Q4 25 | $59.5B | $22.1B | ||
| Q3 25 | $60.9B | $21.5B | ||
| Q2 25 | $59.9B | $20.4B | ||
| Q1 25 | $59.3B | $19.1B | ||
| Q4 24 | $58.4B | $18.7B | ||
| Q3 24 | $57.7B | $18.6B | ||
| Q2 24 | $56.2B | $18.9B |
负债/权益比TVEWAB
| Q1 26 | — | 0.42× | ||
| Q4 25 | — | 0.50× | ||
| Q3 25 | — | 0.48× | ||
| Q2 25 | — | 0.44× | ||
| Q1 25 | — | 0.39× | ||
| Q4 24 | — | 0.39× | ||
| Q3 24 | — | 0.39× | ||
| Q2 24 | — | 0.38× |
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 | $199.0M |
| 自由现金流经营现金流 - 资本支出 | $-814.0M | — |
| 自由现金流率自由现金流/营收 | -26.7% | — |
| 资本支出强度资本支出/营收 | 37.5% | — |
| 现金转化率经营现金流/净利润 | 1.24× | 0.55× |
| 过去12个月自由现金流最近4个季度 | $-1.2B | — |
8季度趋势，按日历期对齐
经营现金流TVEWAB
| Q1 26 | — | $199.0M | ||
| Q4 25 | $330.0M | $992.0M | ||
| Q3 25 | $1.2B | $367.0M | ||
| Q2 25 | $615.0M | $209.0M | ||
| Q1 25 | $1.0B | $191.0M | ||
| Q4 24 | $450.0M | $723.0M | ||
| Q3 24 | $1.1B | $542.0M | ||
| Q2 24 | $508.0M | $235.0M |
自由现金流TVEWAB
| Q1 26 | — | — | ||
| Q4 25 | $-814.0M | $870.0M | ||
| Q3 25 | $233.0M | $312.0M | ||
| Q2 25 | $-431.0M | $170.0M | ||
| Q1 25 | $-176.0M | $147.0M | ||
| Q4 24 | $-759.0M | $639.0M | ||
| Q3 24 | $164.0M | $496.0M | ||
| Q2 24 | $-248.0M | $189.0M |
自由现金流率TVEWAB
| Q1 26 | — | — | ||
| Q4 25 | -26.7% | 29.3% | ||
| Q3 25 | 6.0% | 10.8% | ||
| Q2 25 | -13.0% | 6.3% | ||
| Q1 25 | -5.0% | 5.6% | ||
| Q4 24 | -26.0% | 24.7% | ||
| Q3 24 | 4.7% | 18.6% | ||
| Q2 24 | -8.6% | 7.1% |
资本支出强度TVEWAB
| Q1 26 | — | — | ||
| Q4 25 | 37.5% | 4.1% | ||
| Q3 25 | 25.9% | 1.9% | ||
| Q2 25 | 31.6% | 1.4% | ||
| Q1 25 | 33.6% | 1.7% | ||
| Q4 24 | 41.4% | 3.3% | ||
| Q3 24 | 25.6% | 1.7% | ||
| Q2 24 | 26.3% | 1.7% |
现金转化率TVEWAB
| Q1 26 | — | 0.55× | ||
| Q4 25 | 1.24× | 4.91× | ||
| Q3 25 | 2.03× | 1.18× | ||
| Q2 25 | 2.90× | 0.62× | ||
| Q1 25 | 2.48× | 0.59× | ||
| Q4 24 | 3.60× | 3.41× | ||
| Q3 24 | 2.05× | 1.92× | ||
| Q2 24 | 2.81× | 0.81× |
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% |
WAB
暂无分部数据
