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Vistra Corp.（VST）与Block, Inc.（XYZ）财务数据对比。点击上方公司名可切换其他公司
Block, Inc.的季度营收约是Vistra Corp.的1.3倍（$6.3B vs $4.8B），Vistra Corp.净利率更高（4.8% vs 1.9%，领先3.0%），Vistra Corp.同比增速更快（31.2% vs 3.6%），Vistra Corp.自由现金流更多（$596.0M vs $579.8M），过去两年Vistra Corp.的营收复合增速更高（23.3% vs 2.4%）
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。
Block, Inc.是美国科技企业，面向消费者与商户提供金融服务，由杰克·多尔西于2009年创立，是美国销售点系统领域的市场领导者。截至2024年，平台服务5700万用户及400万商户，年支付处理规模达2410亿美元。
VST vs XYZ — 直观对比
营收规模更大
XYZ
是对方的1.3倍
$4.8B
营收增速更快
VST
高出27.6%
3.6%
净利率更高
VST
高出3.0%
1.9%
自由现金流更多
VST
多$16.2M
$579.8M
两年增速更快
VST
近两年复合增速
2.4%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $4.8B | $6.3B |
| 净利润 | $233.0M | $115.8M |
| 毛利率 | — | 45.9% |
| 营业利润率 | 9.9% | 7.8% |
| 净利率 | 4.8% | 1.9% |
| 营收同比 | 31.2% | 3.6% |
| 净利润同比 | -47.2% | -94.1% |
| 每股收益（稀释后） | $0.55 | $0.19 |
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VSTXYZ
| Q4 25 | $4.8B | $6.3B | ||
| Q3 25 | $4.8B | $6.1B | ||
| Q2 25 | $3.8B | $6.1B | ||
| Q1 25 | $4.3B | $5.8B | ||
| Q4 24 | $3.7B | $6.0B | ||
| Q3 24 | $4.3B | $6.0B | ||
| Q2 24 | $3.6B | $6.2B | ||
| Q1 24 | $3.2B | $6.0B |
净利润VSTXYZ
| Q4 25 | $233.0M | $115.8M | ||
| Q3 25 | $652.0M | $461.5M | ||
| Q2 25 | $327.0M | $538.5M | ||
| Q1 25 | $-268.0M | $189.9M | ||
| Q4 24 | $441.0M | $1.9B | ||
| Q3 24 | $1.9B | $283.8M | ||
| Q2 24 | $365.0M | $195.3M | ||
| Q1 24 | $-35.0M | $472.0M |
毛利率VSTXYZ
| Q4 25 | — | 45.9% | ||
| Q3 25 | — | 43.5% | ||
| Q2 25 | — | 41.9% | ||
| Q1 25 | — | 39.7% | ||
| Q4 24 | — | 38.3% | ||
| Q3 24 | — | 37.6% | ||
| Q2 24 | — | 36.3% | ||
| Q1 24 | — | 35.2% |
营业利润率VSTXYZ
| Q4 25 | 9.9% | 7.8% | ||
| Q3 25 | 21.7% | 6.7% | ||
| Q2 25 | 13.7% | 8.0% | ||
| Q1 25 | -2.8% | 5.7% | ||
| Q4 24 | 16.4% | 0.2% | ||
| Q3 24 | 59.6% | 5.4% | ||
| Q2 24 | 22.5% | 5.0% | ||
| Q1 24 | 2.7% | 4.2% |
净利率VSTXYZ
| Q4 25 | 4.8% | 1.9% | ||
| Q3 25 | 13.6% | 7.5% | ||
| Q2 25 | 8.7% | 8.9% | ||
| Q1 25 | -6.3% | 3.3% | ||
| Q4 24 | 12.0% | 32.3% | ||
| Q3 24 | 43.5% | 4.7% | ||
| Q2 24 | 10.1% | 3.2% | ||
| Q1 24 | -1.1% | 7.9% |
每股收益（稀释后）VSTXYZ
| Q4 25 | $0.55 | $0.19 | ||
| Q3 25 | $1.75 | $0.74 | ||
| Q2 25 | $0.81 | $0.87 | ||
| Q1 25 | $-0.93 | $0.30 | ||
| Q4 24 | $1.09 | $3.06 | ||
| Q3 24 | $5.25 | $0.45 | ||
| Q2 24 | $0.90 | $0.31 | ||
| Q1 24 | $-0.24 | $0.74 |
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 | $785.0M | $6.6B |
| 总债务越低越好 | $15.8B | — |
| 股东权益账面价值 | $5.1B | $22.2B |
| 总资产 | $41.5B | $39.5B |
| 负债/权益比越低杠杆越低 | 3.11× | — |
8季度趋势，按日历期对齐
现金及短期投资VSTXYZ
| Q4 25 | $785.0M | $6.6B | ||
| Q3 25 | $602.0M | $8.3B | ||
| Q2 25 | $458.0M | $6.4B | ||
| Q1 25 | $561.0M | $7.1B | ||
| Q4 24 | $1.2B | $8.1B | ||
| Q3 24 | $905.0M | $8.3B | ||
| Q2 24 | $1.6B | $7.8B | ||
| Q1 24 | $1.1B | $5.8B |
总债务VSTXYZ
| Q4 25 | $15.8B | — | ||
| Q3 25 | $15.8B | $7.3B | ||
| Q2 25 | $15.5B | $5.1B | ||
| Q1 25 | $15.4B | $5.1B | ||
| Q4 24 | $15.4B | $6.1B | ||
| Q3 24 | $13.9B | $6.1B | ||
| Q2 24 | $13.9B | $6.1B | ||
| Q1 24 | $14.7B | $4.1B |
股东权益VSTXYZ
| Q4 25 | $5.1B | $22.2B | ||
| Q3 25 | $5.2B | $22.5B | ||
| Q2 25 | $4.8B | $22.2B | ||
| Q1 25 | $4.8B | $21.5B | ||
| Q4 24 | $5.6B | $21.3B | ||
| Q3 24 | $5.4B | $19.9B | ||
| Q2 24 | $5.6B | $19.3B | ||
| Q1 24 | $5.7B | $19.0B |
总资产VSTXYZ
| Q4 25 | $41.5B | $39.5B | ||
| Q3 25 | $38.0B | $39.2B | ||
| Q2 25 | $38.1B | $36.9B | ||
| Q1 25 | $38.2B | $36.4B | ||
| Q4 24 | $37.8B | $36.8B | ||
| Q3 24 | $37.9B | $36.4B | ||
| Q2 24 | $39.1B | $37.5B | ||
| Q1 24 | $38.2B | $35.6B |
负债/权益比VSTXYZ
| Q4 25 | 3.11× | — | ||
| Q3 25 | 3.02× | 0.32× | ||
| Q2 25 | 3.22× | 0.23× | ||
| Q1 25 | 3.20× | 0.24× | ||
| Q4 24 | 2.77× | 0.29× | ||
| Q3 24 | 2.56× | 0.31× | ||
| Q2 24 | 2.49× | 0.32× | ||
| Q1 24 | 2.60× | 0.22× |
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 | $621.0M |
| 自由现金流经营现金流 - 资本支出 | $596.0M | $579.8M |
| 自由现金流率自由现金流/营收 | 12.4% | 9.3% |
| 资本支出强度资本支出/营收 | 17.4% | 0.7% |
| 现金转化率经营现金流/净利润 | 6.15× | 5.36× |
| 过去12个月自由现金流最近4个季度 | $1.3B | $2.4B |
8季度趋势，按日历期对齐
经营现金流VSTXYZ
| Q4 25 | $1.4B | $621.0M | ||
| Q3 25 | $1.5B | $1.5B | ||
| Q2 25 | $572.0M | $374.3M | ||
| Q1 25 | $599.0M | $133.3M | ||
| Q4 24 | $1.4B | $13.8M | ||
| Q3 24 | $1.7B | $684.8M | ||
| Q2 24 | $1.2B | $519.4M | ||
| Q1 24 | $312.0M | $489.4M |
自由现金流VSTXYZ
| Q4 25 | $596.0M | $579.8M | ||
| Q3 25 | $1.0B | $1.4B | ||
| Q2 25 | $-118.0M | $343.0M | ||
| Q1 25 | $-169.0M | $101.5M | ||
| Q4 24 | $923.0M | $-13.2M | ||
| Q3 24 | $1.0B | $628.2M | ||
| Q2 24 | $698.0M | $481.0M | ||
| Q1 24 | $-153.0M | $457.4M |
自由现金流率VSTXYZ
| Q4 25 | 12.4% | 9.3% | ||
| Q3 25 | 21.1% | 22.9% | ||
| Q2 25 | -3.1% | 5.7% | ||
| Q1 25 | -4.0% | 1.8% | ||
| Q4 24 | 25.2% | -0.2% | ||
| Q3 24 | 23.4% | 10.5% | ||
| Q2 24 | 19.4% | 7.8% | ||
| Q1 24 | -4.8% | 7.7% |
资本支出强度VSTXYZ
| Q4 25 | 17.4% | 0.7% | ||
| Q3 25 | 9.6% | 0.8% | ||
| Q2 25 | 18.4% | 0.5% | ||
| Q1 25 | 18.1% | 0.6% | ||
| Q4 24 | 11.7% | 0.4% | ||
| Q3 24 | 15.8% | 0.9% | ||
| Q2 24 | 13.8% | 0.6% | ||
| Q1 24 | 14.7% | 0.5% |
现金转化率VSTXYZ
| Q4 25 | 6.15× | 5.36× | ||
| Q3 25 | 2.25× | 3.14× | ||
| Q2 25 | 1.75× | 0.70× | ||
| Q1 25 | — | 0.70× | ||
| Q4 24 | 3.07× | 0.01× | ||
| Q3 24 | 0.90× | 2.41× | ||
| Q2 24 | 3.28× | 2.66× | ||
| Q1 24 | — | 1.04× |
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
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% |
XYZ
| US | $5.7B | 91% |
| Non Us | $560.9M | 9% |
