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艾地盟（ADM）与ServiceNow（NOW）财务数据对比。点击上方公司名可切换其他公司
艾地盟的季度营收约是ServiceNow的1.6倍（$6.1B vs $3.8B），ServiceNow净利率更高（12.4% vs 7.5%，领先4.9%），艾地盟同比增速更快（123.5% vs 2.8%），ServiceNow自由现金流更多（$1.7B vs $-669.0M），过去两年ServiceNow的营收复合增速更高（19.8% 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。
ServiceNow是2003年由弗雷德·卢迪在美国加利福尼亚州圣克拉拉创立的软件企业，主打云计算平台产品，可支持企业搭建及管理自动化业务工作流。公司于纽交所上市，现为标普100及标普500指数成分股。
ADM vs NOW — 直观对比
营收规模更大
ADM
是对方的1.6倍
$3.8B
营收增速更快
ADM
高出120.8%
2.8%
净利率更高
NOW
高出4.9%
7.5%
自由现金流更多
NOW
多$2.3B
$-669.0M
两年增速更快
NOW
近两年复合增速
-47.4%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $6.1B | $3.8B |
| 净利润 | $456.0M | $469.0M |
| 毛利率 | 20.0% | 75.1% |
| 营业利润率 | 7.9% | 13.3% |
| 净利率 | 7.5% | 12.4% |
| 营收同比 | 123.5% | 2.8% |
| 净利润同比 | -19.6% | -53.7% |
| 每股收益（稀释后） | $0.95 | $1.04 |
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ADMNOW
| Q1 26 | — | $3.8B | ||
| Q4 25 | $6.1B | $3.6B | ||
| Q3 25 | $6.4B | $3.4B | ||
| Q2 25 | $6.3B | $3.2B | ||
| Q1 25 | $6.1B | $3.1B | ||
| Q4 24 | $-25.7B | $3.0B | ||
| Q3 24 | $6.0B | $2.8B | ||
| Q2 24 | $22.2B | $2.6B |
净利润ADMNOW
| Q1 26 | — | $469.0M | ||
| Q4 25 | $456.0M | $401.0M | ||
| Q3 25 | $108.0M | $502.0M | ||
| Q2 25 | $219.0M | $385.0M | ||
| Q1 25 | $295.0M | $460.0M | ||
| Q4 24 | $567.0M | $384.0M | ||
| Q3 24 | $18.0M | $432.0M | ||
| Q2 24 | $486.0M | $262.0M |
毛利率ADMNOW
| Q1 26 | — | 75.1% | ||
| Q4 25 | 20.0% | 76.6% | ||
| Q3 25 | 19.8% | 77.3% | ||
| Q2 25 | 21.6% | 77.5% | ||
| Q1 25 | 19.2% | 78.9% | ||
| Q4 24 | — | 78.7% | ||
| Q3 24 | 22.8% | 79.1% | ||
| Q2 24 | 6.3% | 79.0% |
营业利润率ADMNOW
| Q1 26 | — | 13.3% | ||
| Q4 25 | 7.9% | 12.4% | ||
| Q3 25 | 2.3% | 16.8% | ||
| Q2 25 | 4.4% | 11.1% | ||
| Q1 25 | 5.7% | 14.6% | ||
| Q4 24 | — | 12.6% | ||
| Q3 24 | 1.8% | 14.9% | ||
| Q2 24 | 2.7% | 9.1% |
净利率ADMNOW
| Q1 26 | — | 12.4% | ||
| Q4 25 | 7.5% | 11.2% | ||
| Q3 25 | 1.7% | 14.7% | ||
| Q2 25 | 3.5% | 12.0% | ||
| Q1 25 | 4.8% | 14.9% | ||
| Q4 24 | -2.2% | 13.0% | ||
| Q3 24 | 0.3% | 15.4% | ||
| Q2 24 | 2.2% | 10.0% |
每股收益（稀释后）ADMNOW
| Q1 26 | — | $1.04 | ||
| Q4 25 | $0.95 | $-4.77 | ||
| Q3 25 | $0.22 | $2.40 | ||
| Q2 25 | $0.45 | $1.84 | ||
| Q1 25 | $0.61 | $2.20 | ||
| Q4 24 | $1.21 | $1.84 | ||
| Q3 24 | $0.04 | $2.07 | ||
| Q2 24 | $0.98 | $1.26 |
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 | $2.7B |
| 总债务越低越好 | $7.6B | — |
| 股东权益账面价值 | $22.7B | $11.7B |
| 总资产 | $52.4B | $24.4B |
| 负债/权益比越低杠杆越低 | 0.33× | — |
8季度趋势，按日历期对齐
现金及短期投资ADMNOW
| Q1 26 | — | $2.7B | ||
| Q4 25 | $1.0B | $3.7B | ||
| Q3 25 | $1.2B | $2.7B | ||
| Q2 25 | $1.1B | $3.1B | ||
| Q1 25 | $864.0M | $3.4B | ||
| Q4 24 | $611.0M | $2.3B | ||
| Q3 24 | $784.0M | $1.9B | ||
| Q2 24 | $764.0M | $2.2B |
总债务ADMNOW
| Q1 26 | — | — | ||
| Q4 25 | $7.6B | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $8.3B | — | ||
| Q3 24 | $7.6B | — | ||
| Q2 24 | — | — |
股东权益ADMNOW
| Q1 26 | — | $11.7B | ||
| Q4 25 | $22.7B | $13.0B | ||
| Q3 25 | $22.5B | $11.3B | ||
| Q2 25 | $22.4B | $10.9B | ||
| Q1 25 | $22.1B | $10.1B | ||
| Q4 24 | $22.2B | $9.6B | ||
| Q3 24 | $22.0B | $9.3B | ||
| Q2 24 | $22.2B | $8.7B |
总资产ADMNOW
| Q1 26 | — | $24.4B | ||
| Q4 25 | $52.4B | $26.0B | ||
| Q3 25 | $51.9B | $21.8B | ||
| Q2 25 | $52.0B | $22.1B | ||
| Q1 25 | $53.4B | $21.0B | ||
| Q4 24 | $53.3B | $20.4B | ||
| Q3 24 | $52.2B | $18.4B | ||
| Q2 24 | $52.7B | $18.2B |
负债/权益比ADMNOW
| Q1 26 | — | — | ||
| Q4 25 | 0.33× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 0.37× | — | ||
| Q3 24 | 0.35× | — | ||
| Q2 24 | — | — |
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 | $1.7B |
| 自由现金流经营现金流 - 资本支出 | $-669.0M | $1.7B |
| 自由现金流率自由现金流/营收 | -11.1% | 44.2% |
| 资本支出强度资本支出/营收 | 5.9% | — |
| 现金转化率经营现金流/净利润 | -0.69× | 3.56× |
| 过去12个月自由现金流最近4个季度 | $4.2B | $4.8B |
8季度趋势，按日历期对齐
经营现金流ADMNOW
| Q1 26 | — | $1.7B | ||
| Q4 25 | $-313.0M | $2.2B | ||
| Q3 25 | $1.8B | $813.0M | ||
| Q2 25 | $4.3B | $716.0M | ||
| Q1 25 | $-342.0M | $1.7B | ||
| Q4 24 | $322.0M | $1.6B | ||
| Q3 24 | $1.3B | $671.0M | ||
| Q2 24 | $468.0M | $620.0M |
自由现金流ADMNOW
| Q1 26 | — | $1.7B | ||
| Q4 25 | $-669.0M | $2.0B | ||
| Q3 25 | $1.5B | $578.0M | ||
| Q2 25 | $4.0B | $526.0M | ||
| Q1 25 | $-633.0M | $1.5B | ||
| Q4 24 | $-170.0M | $1.4B | ||
| Q3 24 | $919.0M | $469.0M | ||
| Q2 24 | $106.0M | $358.0M |
自由现金流率ADMNOW
| Q1 26 | — | 44.2% | ||
| Q4 25 | -11.1% | 56.1% | ||
| Q3 25 | 23.6% | 17.0% | ||
| Q2 25 | 63.0% | 16.4% | ||
| Q1 25 | -10.3% | 47.7% | ||
| Q4 24 | 0.7% | 46.7% | ||
| Q3 24 | 15.3% | 16.8% | ||
| Q2 24 | 0.5% | 13.6% |
资本支出强度ADMNOW
| Q1 26 | — | — | ||
| Q4 25 | 5.9% | 6.7% | ||
| Q3 25 | 4.6% | 6.9% | ||
| Q2 25 | 4.8% | 5.9% | ||
| Q1 25 | 4.7% | 6.6% | ||
| Q4 24 | -1.9% | 8.6% | ||
| Q3 24 | 6.4% | 7.2% | ||
| Q2 24 | 1.6% | 10.0% |
现金转化率ADMNOW
| Q1 26 | — | 3.56× | ||
| Q4 25 | -0.69× | 5.58× | ||
| Q3 25 | 16.75× | 1.62× | ||
| Q2 25 | 19.63× | 1.86× | ||
| Q1 25 | -1.16× | 3.65× | ||
| Q4 24 | 0.57× | 4.26× | ||
| Q3 24 | 72.22× | 1.55× | ||
| Q2 24 | 0.96× | 2.37× |
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% |
NOW
| Subscription revenues | $3.7B | 97% |
| Other | $80.5M | 2% |
| Professional services and other revenues | $18.5M | 0% |
