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维谛技术（VRT）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.的季度营收约是维谛技术的1.8倍（$4.8B vs $2.6B），维谛技术净利率更高（14.7% vs 4.8%，领先9.9%），Vistra Corp.同比增速更快（31.2% vs 30.1%），维谛技术自由现金流更多（$652.8M vs $596.0M），过去两年Vistra Corp.的营收复合增速更高（23.3% vs 16.5%）
维谛技术（Vertiv）是一家美国跨国企业，专注于为数据中心、通信网络、商业及工业场景提供关键基础设施及配套服务，旗下方案可有效保障各行业客户关键业务系统的稳定高效运行。
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。
VRT vs VST — 直观对比
营收规模更大
VST
是对方的1.8倍
$2.6B
营收增速更快
VST
高出1.1%
30.1%
净利率更高
VRT
高出9.9%
4.8%
自由现金流更多
VRT
多$56.8M
$596.0M
两年增速更快
VST
近两年复合增速
16.5%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $2.6B | $4.8B |
| 净利润 | $390.1M | $233.0M |
| 毛利率 | 37.7% | — |
| 营业利润率 | — | 9.9% |
| 净利率 | 14.7% | 4.8% |
| 营收同比 | 30.1% | 31.2% |
| 净利润同比 | — | -47.2% |
| 每股收益（稀释后） | $0.99 | $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VRTVST
| Q1 26 | $2.6B | — | ||
| Q4 25 | $2.9B | $4.8B | ||
| Q3 25 | $2.7B | $4.8B | ||
| Q2 25 | $2.6B | $3.8B | ||
| Q1 25 | $2.0B | $4.3B | ||
| Q4 24 | $2.3B | $3.7B | ||
| Q3 24 | $2.1B | $4.3B | ||
| Q2 24 | $2.0B | $3.6B |
净利润VRTVST
| Q1 26 | $390.1M | — | ||
| Q4 25 | $445.6M | $233.0M | ||
| Q3 25 | $398.5M | $652.0M | ||
| Q2 25 | $324.2M | $327.0M | ||
| Q1 25 | $164.5M | $-268.0M | ||
| Q4 24 | $147.0M | $441.0M | ||
| Q3 24 | $176.6M | $1.9B | ||
| Q2 24 | $178.1M | $365.0M |
毛利率VRTVST
| Q1 26 | 37.7% | — | ||
| Q4 25 | 38.9% | — | ||
| Q3 25 | 37.8% | — | ||
| Q2 25 | 34.0% | — | ||
| Q1 25 | 33.7% | — | ||
| Q4 24 | 37.1% | — | ||
| Q3 24 | 36.5% | — | ||
| Q2 24 | 38.0% | — |
营业利润率VRTVST
| Q1 26 | — | — | ||
| Q4 25 | 20.1% | 9.9% | ||
| Q3 25 | 19.3% | 21.7% | ||
| Q2 25 | 16.8% | 13.7% | ||
| Q1 25 | 14.3% | -2.8% | ||
| Q4 24 | 19.5% | 16.4% | ||
| Q3 24 | 17.9% | 59.6% | ||
| Q2 24 | 17.2% | 22.5% |
净利率VRTVST
| Q1 26 | 14.7% | — | ||
| Q4 25 | 15.5% | 4.8% | ||
| Q3 25 | 14.9% | 13.6% | ||
| Q2 25 | 12.3% | 8.7% | ||
| Q1 25 | 8.1% | -6.3% | ||
| Q4 24 | 6.3% | 12.0% | ||
| Q3 24 | 8.5% | 43.5% | ||
| Q2 24 | 9.1% | 10.1% |
每股收益（稀释后）VRTVST
| Q1 26 | $0.99 | — | ||
| Q4 25 | $1.14 | $0.55 | ||
| Q3 25 | $1.02 | $1.75 | ||
| Q2 25 | $0.83 | $0.81 | ||
| Q1 25 | $0.42 | $-0.93 | ||
| Q4 24 | $0.38 | $1.09 | ||
| Q3 24 | $0.46 | $5.25 | ||
| Q2 24 | $0.46 | $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 | $2.5B | $785.0M |
| 总债务越低越好 | $0 | $15.8B |
| 股东权益账面价值 | $4.2B | $5.1B |
| 总资产 | $13.4B | $41.5B |
| 负债/权益比越低杠杆越低 | 0.00× | 3.11× |
8季度趋势，按日历期对齐
现金及短期投资VRTVST
| Q1 26 | $2.5B | — | ||
| Q4 25 | $1.7B | $785.0M | ||
| Q3 25 | $1.4B | $602.0M | ||
| Q2 25 | $1.6B | $458.0M | ||
| Q1 25 | $1.5B | $561.0M | ||
| Q4 24 | $1.2B | $1.2B | ||
| Q3 24 | $908.7M | $905.0M | ||
| Q2 24 | $579.7M | $1.6B |
总债务VRTVST
| Q1 26 | $0 | — | ||
| Q4 25 | $2.9B | $15.8B | ||
| Q3 25 | $2.9B | $15.8B | ||
| Q2 25 | $2.9B | $15.5B | ||
| Q1 25 | $2.9B | $15.4B | ||
| Q4 24 | $2.9B | $15.4B | ||
| Q3 24 | $2.9B | $13.9B | ||
| Q2 24 | $2.9B | $13.9B |
股东权益VRTVST
| Q1 26 | $4.2B | — | ||
| Q4 25 | $3.9B | $5.1B | ||
| Q3 25 | $3.5B | $5.2B | ||
| Q2 25 | $3.1B | $4.8B | ||
| Q1 25 | $2.7B | $4.8B | ||
| Q4 24 | $2.4B | $5.6B | ||
| Q3 24 | $1.8B | $5.4B | ||
| Q2 24 | $1.5B | $5.6B |
总资产VRTVST
| Q1 26 | $13.4B | — | ||
| Q4 25 | $12.2B | $41.5B | ||
| Q3 25 | $10.8B | $38.0B | ||
| Q2 25 | $10.4B | $38.1B | ||
| Q1 25 | $9.5B | $38.2B | ||
| Q4 24 | $9.1B | $37.8B | ||
| Q3 24 | $8.9B | $37.9B | ||
| Q2 24 | $8.1B | $39.1B |
负债/权益比VRTVST
| Q1 26 | 0.00× | — | ||
| Q4 25 | 0.74× | 3.11× | ||
| Q3 25 | 0.83× | 3.02× | ||
| Q2 25 | 0.93× | 3.22× | ||
| Q1 25 | 1.10× | 3.20× | ||
| Q4 24 | 1.20× | 2.77× | ||
| Q3 24 | 1.62× | 2.56× | ||
| Q2 24 | 1.91× | 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 | $652.8M | $596.0M |
| 自由现金流率自由现金流/营收 | 24.6% | 12.4% |
| 资本支出强度资本支出/营收 | 4.2% | 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 | $2.3B | $1.3B |
8季度趋势，按日历期对齐
经营现金流VRTVST
| Q1 26 | — | — | ||
| Q4 25 | $978.9M | $1.4B | ||
| Q3 25 | $508.7M | $1.5B | ||
| Q2 25 | $322.9M | $572.0M | ||
| Q1 25 | $303.3M | $599.0M | ||
| Q4 24 | $425.2M | $1.4B | ||
| Q3 24 | $378.2M | $1.7B | ||
| Q2 24 | $378.4M | $1.2B |
自由现金流VRTVST
| Q1 26 | $652.8M | — | ||
| Q4 25 | $885.6M | $596.0M | ||
| Q3 25 | $463.5M | $1.0B | ||
| Q2 25 | $277.9M | $-118.0M | ||
| Q1 25 | $266.8M | $-169.0M | ||
| Q4 24 | $364.5M | $923.0M | ||
| Q3 24 | $341.8M | $1.0B | ||
| Q2 24 | $344.3M | $698.0M |
自由现金流率VRTVST
| Q1 26 | 24.6% | — | ||
| Q4 25 | 30.8% | 12.4% | ||
| Q3 25 | 17.3% | 21.1% | ||
| Q2 25 | 10.5% | -3.1% | ||
| Q1 25 | 13.1% | -4.0% | ||
| Q4 24 | 15.5% | 25.2% | ||
| Q3 24 | 16.5% | 23.4% | ||
| Q2 24 | 17.6% | 19.4% |
资本支出强度VRTVST
| Q1 26 | 4.2% | — | ||
| Q4 25 | 3.2% | 17.4% | ||
| Q3 25 | 1.7% | 9.6% | ||
| Q2 25 | 1.7% | 18.4% | ||
| Q1 25 | 1.8% | 18.1% | ||
| Q4 24 | 2.6% | 11.7% | ||
| Q3 24 | 1.8% | 15.8% | ||
| Q2 24 | 1.7% | 13.8% |
现金转化率VRTVST
| Q1 26 | — | — | ||
| Q4 25 | 2.20× | 6.15× | ||
| Q3 25 | 1.28× | 2.25× | ||
| Q2 25 | 1.00× | 1.75× | ||
| Q1 25 | 1.84× | — | ||
| Q4 24 | 2.89× | 3.07× | ||
| Q3 24 | 2.14× | 0.90× | ||
| Q2 24 | 2.12× | 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
VRT
暂无分部数据
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% |
