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艾地盟（ADM）与CHS INC（CHSCP）财务数据对比。点击上方公司名可切换其他公司
CHS INC的季度营收约是艾地盟的1.5倍（$8.9B vs $6.1B）。艾地盟净利率更高（7.5% vs 2.9%，领先4.6%）。艾地盟同比增速更快（123.5% vs -4.6%）。CHS INC自由现金流更多（$-453.8M vs $-669.0M）。过去两年CHS INC的营收复合增速更高（-1.2% vs -47.4%）
艾地盟（ADM）是美国跨国食品加工与大宗商品贸易企业，1902年成立，总部位于伊利诺伊州芝加哥。集团在全球布局270多家加工厂及420多个农作物采购站点，将谷物、油籽加工为食品、饮料、营养保健、工业生产及动物饲料领域的各类产品，供应全球市场。
CHS Inc是美国顶尖农业合作社企业，跻身财富世界500强，总部位于明尼苏达州因弗格罗夫海茨，由美国本土农业合作社、农牧从业者及优先股股东共同所有。公司业务覆盖食品加工批发、农资供应、金融服务、零售等多个领域，在北美中西部共19个州分销Cenex品牌燃料，是北美大型连锁便利店运营商之一，同时合资持股植物油生产商文图拉食品。
ADM vs CHSCP — 直观对比
营收规模更大
CHSCP
是对方的1.5倍
$6.1B
营收增速更快
ADM
高出128.2%
-4.6%
净利率更高
ADM
高出4.6%
2.9%
自由现金流更多
CHSCP
多$215.2M
$-669.0M
两年增速更快
CHSCP
近两年复合增速
-47.4%
损益表 — Q4 2025 vs Q1 2026
| 指标 | | |
|---|---|---|
| 营收 | $6.1B | $8.9B |
| 净利润 | $456.0M | $260.5M |
| 毛利率 | 20.0% | 4.4% |
| 营业利润率 | 7.9% | 1.4% |
| 净利率 | 7.5% | 2.9% |
| 营收同比 | 123.5% | -4.6% |
| 净利润同比 | -19.6% | 6.4% |
| 每股收益（稀释后） | $0.95 | — |
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ADMCHSCP
| Q4 25 | $6.1B | $8.9B | ||
| Q3 25 | $6.4B | $13.2B | ||
| Q2 25 | $6.3B | $9.8B | ||
| Q1 25 | $6.1B | $3.2B | ||
| Q4 24 | $-25.7B | $9.3B | ||
| Q3 24 | $6.0B | $9.2B | ||
| Q2 24 | $22.2B | $9.6B | ||
| Q1 24 | $21.8B | $9.1B |
净利润ADMCHSCP
| Q4 25 | $456.0M | $260.5M | ||
| Q3 25 | $108.0M | $196.7M | ||
| Q2 25 | $219.0M | $232.2M | ||
| Q1 25 | $295.0M | $-75.8M | ||
| Q4 24 | $567.0M | $244.8M | ||
| Q3 24 | $18.0M | $111.8M | ||
| Q2 24 | $486.0M | $297.3M | ||
| Q1 24 | $729.0M | $170.3M |
毛利率ADMCHSCP
| Q4 25 | 20.0% | 4.4% | ||
| Q3 25 | 19.8% | 2.5% | ||
| Q2 25 | 21.6% | 3.4% | ||
| Q1 25 | 19.2% | 2.4% | ||
| Q4 24 | — | 4.3% | ||
| Q3 24 | 22.8% | 3.0% | ||
| Q2 24 | 6.3% | 4.9% | ||
| Q1 24 | 7.6% | 4.0% |
营业利润率ADMCHSCP
| Q4 25 | 7.9% | 1.4% | ||
| Q3 25 | 2.3% | 0.4% | ||
| Q2 25 | 4.4% | 0.7% | ||
| Q1 25 | 5.7% | -5.4% | ||
| Q4 24 | — | 1.5% | ||
| Q3 24 | 1.8% | -0.3% | ||
| Q2 24 | 2.7% | 1.6% | ||
| Q1 24 | 4.1% | 0.7% |
净利率ADMCHSCP
| Q4 25 | 7.5% | 2.9% | ||
| Q3 25 | 1.7% | 1.5% | ||
| Q2 25 | 3.5% | 2.4% | ||
| Q1 25 | 4.8% | -2.4% | ||
| Q4 24 | -2.2% | 2.6% | ||
| Q3 24 | 0.3% | 1.2% | ||
| Q2 24 | 2.2% | 3.1% | ||
| Q1 24 | 3.3% | 1.9% |
每股收益（稀释后）ADMCHSCP
| Q4 25 | $0.95 | — | ||
| Q3 25 | $0.22 | — | ||
| Q2 25 | $0.45 | — | ||
| Q1 25 | $0.61 | — | ||
| Q4 24 | $1.21 | — | ||
| Q3 24 | $0.04 | — | ||
| Q2 24 | $0.98 | — | ||
| Q1 24 | $1.42 | — |
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 | $1.0B | $374.7M |
| 总债务越低越好 | $7.6B | $1.7B |
| 股东权益账面价值 | $22.7B | $11.2B |
| 总资产 | $52.4B | $20.7B |
| 负债/权益比越低杠杆越低 | 0.33× | 0.16× |
8季度趋势，按日历期对齐
现金及短期投资ADMCHSCP
| Q4 25 | $1.0B | $374.7M | ||
| Q3 25 | $1.2B | $327.8M | ||
| Q2 25 | $1.1B | $323.9M | ||
| Q1 25 | $864.0M | $433.3M | ||
| Q4 24 | $611.0M | $795.6M | ||
| Q3 24 | $784.0M | $1.3B | ||
| Q2 24 | $764.0M | $310.1M | ||
| Q1 24 | $830.0M | $633.3M |
总债务ADMCHSCP
| Q4 25 | $7.6B | $1.7B | ||
| Q3 25 | — | $1.7B | ||
| Q2 25 | — | $1.8B | ||
| Q1 25 | — | $1.8B | ||
| Q4 24 | $8.3B | $1.8B | ||
| Q3 24 | $7.6B | $1.8B | ||
| Q2 24 | — | $1.7B | ||
| Q1 24 | — | $1.7B |
股东权益ADMCHSCP
| Q4 25 | $22.7B | $11.2B | ||
| Q3 25 | $22.5B | $11.1B | ||
| Q2 25 | $22.4B | $10.8B | ||
| Q1 25 | $22.1B | $10.7B | ||
| Q4 24 | $22.2B | $10.8B | ||
| Q3 24 | $22.0B | $10.8B | ||
| Q2 24 | $22.2B | $10.9B | ||
| Q1 24 | $23.2B | $10.8B |
总资产ADMCHSCP
| Q4 25 | $52.4B | $20.7B | ||
| Q3 25 | $51.9B | $18.9B | ||
| Q2 25 | $52.0B | $19.7B | ||
| Q1 25 | $53.4B | $20.1B | ||
| Q4 24 | $53.3B | $19.6B | ||
| Q3 24 | $52.2B | $18.7B | ||
| Q2 24 | $52.7B | $18.5B | ||
| Q1 24 | $54.8B | $19.2B |
负债/权益比ADMCHSCP
| Q4 25 | 0.33× | 0.16× | ||
| Q3 25 | — | 0.16× | ||
| Q2 25 | — | 0.17× | ||
| Q1 25 | — | 0.17× | ||
| Q4 24 | 0.37× | 0.17× | ||
| Q3 24 | 0.35× | 0.17× | ||
| Q2 24 | — | 0.15× | ||
| Q1 24 | — | 0.16× |
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 | $-313.0M | $-337.8M |
| 自由现金流经营现金流 - 资本支出 | $-669.0M | $-453.8M |
| 自由现金流率自由现金流/营收 | -11.1% | -5.1% |
| 资本支出强度资本支出/营收 | 5.9% | 1.3% |
| 现金转化率经营现金流/净利润 | -0.69× | -1.30× |
| 过去12个月自由现金流最近4个季度 | $4.2B | $-60.0M |
8季度趋势，按日历期对齐
经营现金流ADMCHSCP
| Q4 25 | $-313.0M | $-337.8M | ||
| Q3 25 | $1.8B | $1.3B | ||
| Q2 25 | $4.3B | $696.6M | ||
| Q1 25 | $-342.0M | $-1.0B | ||
| Q4 24 | $322.0M | $-294.0M | ||
| Q3 24 | $1.3B | $1.1B | ||
| Q2 24 | $468.0M | $556.9M | ||
| Q1 24 | $700.0M | $-249.6M |
自由现金流ADMCHSCP
| Q4 25 | $-669.0M | $-453.8M | ||
| Q3 25 | $1.5B | $1.1B | ||
| Q2 25 | $4.0B | $520.6M | ||
| Q1 25 | $-633.0M | $-1.2B | ||
| Q4 24 | $-170.0M | $-486.6M | ||
| Q3 24 | $919.0M | $845.8M | ||
| Q2 24 | $106.0M | $361.6M | ||
| Q1 24 | $372.0M | $-453.3M |
自由现金流率ADMCHSCP
| Q4 25 | -11.1% | -5.1% | ||
| Q3 25 | 23.6% | 8.1% | ||
| Q2 25 | 63.0% | 5.3% | ||
| Q1 25 | -10.3% | -38.1% | ||
| Q4 24 | 0.7% | -5.2% | ||
| Q3 24 | 15.3% | 9.2% | ||
| Q2 24 | 0.5% | 3.8% | ||
| Q1 24 | 1.7% | -5.0% |
资本支出强度ADMCHSCP
| Q4 25 | 5.9% | 1.3% | ||
| Q3 25 | 4.6% | 1.5% | ||
| Q2 25 | 4.8% | 1.8% | ||
| Q1 25 | 4.7% | 5.2% | ||
| Q4 24 | -1.9% | 2.1% | ||
| Q3 24 | 6.4% | 2.9% | ||
| Q2 24 | 1.6% | 2.0% | ||
| Q1 24 | 1.5% | 2.2% |
现金转化率ADMCHSCP
| Q4 25 | -0.69× | -1.30× | ||
| Q3 25 | 16.75× | 6.46× | ||
| Q2 25 | 19.63× | 3.00× | ||
| Q1 25 | -1.16× | — | ||
| Q4 24 | 0.57× | -1.20× | ||
| Q3 24 | 72.22× | 9.96× | ||
| Q2 24 | 0.96× | 1.87× | ||
| Q1 24 | 0.96× | -1.47× |
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
ADM
| Starchesandsweeteners | $1.4B | 23% |
| Ag Services | $1.1B | 18% |
| Human Nutrition | $961.0M | 16% |
| Refined Productsand Other | $924.0M | 15% |
| Animal Nutrition | $825.0M | 14% |
| Vantage Corn Processors | $700.0M | 12% |
| Transferred Over Time | $176.0M | 3% |
| Crushing | $59.0M | 1% |
CHSCP
| Grains | $5.2B | 59% |
| Agronomy | $1.2B | 14% |
| CF Nitrogen LLC | $1.1B | 12% |
| Ventura Foods Llc | $838.2M | 9% |
| Other | $283.9M | 3% |
| ASC Topic815 | $198.7M | 2% |
| West Central Ag Services | $18.0M | 0% |
| Other Guidance | $1.4M | 0% |
