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标普全球（VG）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.的季度营收约是标普全球的1.1倍（$4.8B vs $4.4B），标普全球净利率更高（26.8% vs 4.8%，领先21.9%），标普全球同比增速更快（191.7% vs 31.2%），Vistra Corp.自由现金流更多（$596.0M vs $-1.5B），过去两年标普全球的营收复合增速更高（77.3% vs 23.3%）
标普全球是总部位于美国纽约曼哈顿的上市企业，核心业务涵盖金融信息与数据分析、能源及大宗商品情报服务，旗下拥有标普全球评级、标普全球能源、标普全球市场财智、印度信用评级机构CRISIL等子品牌，同时是标普道琼斯指数合资公司的控股股东。
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。
VG vs VST — 直观对比
营收规模更大
VST
是对方的1.1倍
$4.4B
营收增速更快
VG
高出160.5%
31.2%
净利率更高
VG
高出21.9%
4.8%
自由现金流更多
VST
多$2.1B
$-1.5B
两年增速更快
VG
近两年复合增速
23.3%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $4.4B | $4.8B |
| 净利润 | $1.2B | $233.0M |
| 毛利率 | — | — |
| 营业利润率 | 38.7% | 9.9% |
| 净利率 | 26.8% | 4.8% |
| 营收同比 | 191.7% | 31.2% |
| 净利润同比 | 20.3% | -47.2% |
| 每股收益（稀释后） | $0.41 | $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VGVST
| Q4 25 | $4.4B | $4.8B | ||
| Q3 25 | $3.3B | $4.8B | ||
| Q2 25 | $3.1B | $3.8B | ||
| Q1 25 | $2.9B | $4.3B | ||
| Q4 24 | $1.5B | $3.7B | ||
| Q3 24 | $926.0M | $4.3B | ||
| Q2 24 | $1.1B | $3.6B | ||
| Q1 24 | $1.4B | $3.2B |
净利润VGVST
| Q4 25 | $1.2B | $233.0M | ||
| Q3 25 | $550.0M | $652.0M | ||
| Q2 25 | $475.0M | $327.0M | ||
| Q1 25 | $517.0M | $-268.0M | ||
| Q4 24 | $990.0M | $441.0M | ||
| Q3 24 | $-294.0M | $1.9B | ||
| Q2 24 | $352.0M | $365.0M | ||
| Q1 24 | $698.0M | $-35.0M |
营业利润率VGVST
| Q4 25 | 38.7% | 9.9% | ||
| Q3 25 | 39.7% | 21.7% | ||
| Q2 25 | 33.5% | 13.7% | ||
| Q1 25 | 37.3% | -2.8% | ||
| Q4 24 | 39.0% | 16.4% | ||
| Q3 24 | 20.4% | 59.6% | ||
| Q2 24 | 32.8% | 22.5% | ||
| Q1 24 | 43.6% | 2.7% |
净利率VGVST
| Q4 25 | 26.8% | 4.8% | ||
| Q3 25 | 16.5% | 13.6% | ||
| Q2 25 | 15.3% | 8.7% | ||
| Q1 25 | 17.9% | -6.3% | ||
| Q4 24 | 65.0% | 12.0% | ||
| Q3 24 | -31.7% | 43.5% | ||
| Q2 24 | 31.8% | 10.1% | ||
| Q1 24 | 49.4% | -1.1% |
每股收益（稀释后）VGVST
| Q4 25 | $0.41 | $0.55 | ||
| Q3 25 | $0.16 | $1.75 | ||
| Q2 25 | $0.14 | $0.81 | ||
| Q1 25 | $0.15 | $-0.93 | ||
| Q4 24 | $0.35 | $1.09 | ||
| Q3 24 | $-0.15 | $5.25 | ||
| Q2 24 | $0.12 | $0.90 | ||
| Q1 24 | $0.25 | $-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 | $2.4B | $785.0M |
| 总债务越低越好 | $34.2B | $15.8B |
| 股东权益账面价值 | $6.7B | $5.1B |
| 总资产 | $53.4B | $41.5B |
| 负债/权益比越低杠杆越低 | 5.07× | 3.11× |
8季度趋势，按日历期对齐
现金及短期投资VGVST
| Q4 25 | $2.4B | $785.0M | ||
| Q3 25 | $1.9B | $602.0M | ||
| Q2 25 | $2.2B | $458.0M | ||
| Q1 25 | $3.6B | $561.0M | ||
| Q4 24 | $3.6B | $1.2B | ||
| Q3 24 | — | $905.0M | ||
| Q2 24 | — | $1.6B | ||
| Q1 24 | — | $1.1B |
总债务VGVST
| Q4 25 | $34.2B | $15.8B | ||
| Q3 25 | $32.6B | $15.8B | ||
| Q2 25 | $30.0B | $15.5B | ||
| Q1 25 | $29.3B | $15.4B | ||
| Q4 24 | $29.3B | $15.4B | ||
| Q3 24 | — | $13.9B | ||
| Q2 24 | — | $13.9B | ||
| Q1 24 | — | $14.7B |
股东权益VGVST
| Q4 25 | $6.7B | $5.1B | ||
| Q3 25 | $5.7B | $5.2B | ||
| Q2 25 | $5.3B | $4.8B | ||
| Q1 25 | $4.9B | $4.8B | ||
| Q4 24 | $2.9B | $5.6B | ||
| Q3 24 | — | $5.4B | ||
| Q2 24 | — | $5.6B | ||
| Q1 24 | — | $5.7B |
总资产VGVST
| Q4 25 | $53.4B | $41.5B | ||
| Q3 25 | $50.1B | $38.0B | ||
| Q2 25 | $46.5B | $38.1B | ||
| Q1 25 | $45.1B | $38.2B | ||
| Q4 24 | $43.5B | $37.8B | ||
| Q3 24 | — | $37.9B | ||
| Q2 24 | — | $39.1B | ||
| Q1 24 | — | $38.2B |
负债/权益比VGVST
| Q4 25 | 5.07× | 3.11× | ||
| Q3 25 | 5.73× | 3.02× | ||
| Q2 25 | 5.69× | 3.22× | ||
| Q1 25 | 6.01× | 3.20× | ||
| Q4 24 | 10.11× | 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 | $2.1B | $1.4B |
| 自由现金流经营现金流 - 资本支出 | $-1.5B | $596.0M |
| 自由现金流率自由现金流/营收 | -34.1% | 12.4% |
| 资本支出强度资本支出/营收 | 81.6% | 17.4% |
| 现金转化率经营现金流/净利润 | 1.77× | 6.15× |
| 过去12个月自由现金流最近4个季度 | $-6.8B | $1.3B |
8季度趋势，按日历期对齐
经营现金流VGVST
| Q4 25 | $2.1B | $1.4B | ||
| Q3 25 | $1.9B | $1.5B | ||
| Q2 25 | $1.5B | $572.0M | ||
| Q1 25 | $1.1B | $599.0M | ||
| Q4 24 | — | $1.4B | ||
| Q3 24 | — | $1.7B | ||
| Q2 24 | — | $1.2B | ||
| Q1 24 | $638.0M | $312.0M |
自由现金流VGVST
| Q4 25 | $-1.5B | $596.0M | ||
| Q3 25 | $-1.4B | $1.0B | ||
| Q2 25 | $-1.5B | $-118.0M | ||
| Q1 25 | $-2.4B | $-169.0M | ||
| Q4 24 | — | $923.0M | ||
| Q3 24 | — | $1.0B | ||
| Q2 24 | — | $698.0M | ||
| Q1 24 | $-2.4B | $-153.0M |
自由现金流率VGVST
| Q4 25 | -34.1% | 12.4% | ||
| Q3 25 | -42.4% | 21.1% | ||
| Q2 25 | -49.1% | -3.1% | ||
| Q1 25 | -81.3% | -4.0% | ||
| Q4 24 | — | 25.2% | ||
| Q3 24 | — | 23.4% | ||
| Q2 24 | — | 19.4% | ||
| Q1 24 | -167.3% | -4.8% |
资本支出强度VGVST
| Q4 25 | 81.6% | 17.4% | ||
| Q3 25 | 98.9% | 9.6% | ||
| Q2 25 | 96.1% | 18.4% | ||
| Q1 25 | 119.8% | 18.1% | ||
| Q4 24 | — | 11.7% | ||
| Q3 24 | — | 15.8% | ||
| Q2 24 | — | 13.8% | ||
| Q1 24 | 212.4% | 14.7% |
现金转化率VGVST
| Q4 25 | 1.77× | 6.15× | ||
| Q3 25 | 3.42× | 2.25× | ||
| Q2 25 | 3.07× | 1.75× | ||
| Q1 25 | 2.15× | — | ||
| Q4 24 | — | 3.07× | ||
| Q3 24 | — | 0.90× | ||
| Q2 24 | — | 3.28× | ||
| Q1 24 | 0.91× | — |
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
VG
| Plaquemines Project Segment | $3.4B | 76% |
| Calcasieu Project Segment | $841.0M | 19% |
| Other | $208.0M | 5% |
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% |
