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艾地盟（ADM）与Smurfit Westrock（SW）财务数据对比。点击上方公司名可切换其他公司
Smurfit Westrock的季度营收约是艾地盟的1.3倍（$7.6B vs $6.1B），艾地盟净利率更高（7.5% vs 1.3%，领先6.3%），艾地盟同比增速更快（123.5% vs 0.5%），Smurfit Westrock自由现金流更多（$612.0M vs $-669.0M），过去两年Smurfit Westrock的营收复合增速更高（60.8% 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。
Smurfit Westrock plc是总部位于爱尔兰都柏林的企业，核心业务为生产瓦楞包装及各类纸制包装产品，公司股票同时在纽约证券交易所和伦敦证券交易所挂牌上市。
ADM vs SW — 直观对比
营收规模更大
SW
是对方的1.3倍
$6.1B
营收增速更快
ADM
高出123.0%
0.5%
净利率更高
ADM
高出6.3%
1.3%
自由现金流更多
SW
多$1.3B
$-669.0M
两年增速更快
SW
近两年复合增速
-47.4%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $6.1B | $7.6B |
| 净利润 | $456.0M | $97.0M |
| 毛利率 | 20.0% | 18.2% |
| 营业利润率 | 7.9% | 5.1% |
| 净利率 | 7.5% | 1.3% |
| 营收同比 | 123.5% | 0.5% |
| 净利润同比 | -19.6% | -33.6% |
| 每股收益（稀释后） | $0.95 | $0.18 |
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ADMSW
| Q4 25 | $6.1B | $7.6B | ||
| Q3 25 | $6.4B | $8.0B | ||
| Q2 25 | $6.3B | $7.9B | ||
| Q1 25 | $6.1B | $7.7B | ||
| Q4 24 | $-25.7B | $7.5B | ||
| Q3 24 | $6.0B | $7.7B | ||
| Q2 24 | $22.2B | $3.0B | ||
| Q1 24 | $21.8B | $2.9B |
净利润ADMSW
| Q4 25 | $456.0M | $97.0M | ||
| Q3 25 | $108.0M | $246.0M | ||
| Q2 25 | $219.0M | $-28.0M | ||
| Q1 25 | $295.0M | $384.0M | ||
| Q4 24 | $567.0M | $146.0M | ||
| Q3 24 | $18.0M | $-150.0M | ||
| Q2 24 | $486.0M | $132.0M | ||
| Q1 24 | $729.0M | $191.0M |
毛利率ADMSW
| Q4 25 | 20.0% | 18.2% | ||
| Q3 25 | 19.8% | 19.6% | ||
| Q2 25 | 21.6% | 19.1% | ||
| Q1 25 | 19.2% | 20.6% | ||
| Q4 24 | — | 19.1% | ||
| Q3 24 | 22.8% | 17.6% | ||
| Q2 24 | 6.3% | 23.3% | ||
| Q1 24 | 7.6% | 24.2% |
营业利润率ADMSW
| Q4 25 | 7.9% | 5.1% | ||
| Q3 25 | 2.3% | 6.6% | ||
| Q2 25 | 4.4% | 3.2% | ||
| Q1 25 | 5.7% | 7.2% | ||
| Q4 24 | — | 5.3% | ||
| Q3 24 | 1.8% | 0.7% | ||
| Q2 24 | 2.7% | 8.2% | ||
| Q1 24 | 4.1% | 10.5% |
净利率ADMSW
| Q4 25 | 7.5% | 1.3% | ||
| Q3 25 | 1.7% | 3.1% | ||
| Q2 25 | 3.5% | -0.4% | ||
| Q1 25 | 4.8% | 5.0% | ||
| Q4 24 | -2.2% | 1.9% | ||
| Q3 24 | 0.3% | -2.0% | ||
| Q2 24 | 2.2% | 4.4% | ||
| Q1 24 | 3.3% | 6.5% |
每股收益（稀释后）ADMSW
| Q4 25 | $0.95 | $0.18 | ||
| Q3 25 | $0.22 | $0.47 | ||
| Q2 25 | $0.45 | $-0.05 | ||
| Q1 25 | $0.61 | $0.73 | ||
| Q4 24 | $1.21 | $-0.12 | ||
| Q3 24 | $0.04 | $-0.30 | ||
| Q2 24 | $0.98 | $0.51 | ||
| Q1 24 | $1.42 | $0.73 |
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 | $892.0M |
| 总债务越低越好 | $7.6B | $13.4B |
| 股东权益账面价值 | $22.7B | $18.3B |
| 总资产 | $52.4B | $45.2B |
| 负债/权益比越低杠杆越低 | 0.33× | 0.73× |
8季度趋势，按日历期对齐
现金及短期投资ADMSW
| Q4 25 | $1.0B | $892.0M | ||
| Q3 25 | $1.2B | $851.0M | ||
| Q2 25 | $1.1B | $778.0M | ||
| Q1 25 | $864.0M | $797.0M | ||
| Q4 24 | $611.0M | $855.0M | ||
| Q3 24 | $784.0M | — | ||
| Q2 24 | $764.0M | $26.8K | ||
| Q1 24 | $830.0M | $108 |
总债务ADMSW
| Q4 25 | $7.6B | $13.4B | ||
| Q3 25 | — | $13.3B | ||
| Q2 25 | — | $13.3B | ||
| Q1 25 | — | $12.9B | ||
| Q4 24 | $8.3B | $12.5B | ||
| Q3 24 | $7.6B | $13.2B | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
股东权益ADMSW
| Q4 25 | $22.7B | $18.3B | ||
| Q3 25 | $22.5B | $18.4B | ||
| Q2 25 | $22.4B | $18.3B | ||
| Q1 25 | $22.1B | $17.9B | ||
| Q4 24 | $22.2B | $17.4B | ||
| Q3 24 | $22.0B | $18.0B | ||
| Q2 24 | $22.2B | $14.5K | ||
| Q1 24 | $23.2B | $108 |
总资产ADMSW
| Q4 25 | $52.4B | $45.2B | ||
| Q3 25 | $51.9B | $45.6B | ||
| Q2 25 | $52.0B | $45.7B | ||
| Q1 25 | $53.4B | $44.6B | ||
| Q4 24 | $53.3B | $43.8B | ||
| Q3 24 | $52.2B | $45.0B | ||
| Q2 24 | $52.7B | $26.8K | ||
| Q1 24 | $54.8B | $108 |
负债/权益比ADMSW
| Q4 25 | 0.33× | 0.73× | ||
| Q3 25 | — | 0.72× | ||
| Q2 25 | — | 0.73× | ||
| Q1 25 | — | 0.72× | ||
| Q4 24 | 0.37× | 0.72× | ||
| Q3 24 | 0.35× | 0.73× | ||
| Q2 24 | — | — | ||
| Q1 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 | $1.2B |
| 自由现金流经营现金流 - 资本支出 | $-669.0M | $612.0M |
| 自由现金流率自由现金流/营收 | -11.1% | 8.1% |
| 资本支出强度资本支出/营收 | 5.9% | 7.7% |
| 现金转化率经营现金流/净利润 | -0.69× | 12.32× |
| 过去12个月自由现金流最近4个季度 | $4.2B | $1.2B |
8季度趋势，按日历期对齐
经营现金流ADMSW
| Q4 25 | $-313.0M | $1.2B | ||
| Q3 25 | $1.8B | $1.1B | ||
| Q2 25 | $4.3B | $829.0M | ||
| Q1 25 | $-342.0M | $235.0M | ||
| Q4 24 | $322.0M | $781.0M | ||
| Q3 24 | $1.3B | $320.0M | ||
| Q2 24 | $468.0M | $340.0M | ||
| Q1 24 | $700.0M | $42.0M |
自由现金流ADMSW
| Q4 25 | $-669.0M | $612.0M | ||
| Q3 25 | $1.5B | $523.0M | ||
| Q2 25 | $4.0B | $307.0M | ||
| Q1 25 | $-633.0M | $-242.0M | ||
| Q4 24 | $-170.0M | $212.0M | ||
| Q3 24 | $919.0M | $-192.0M | ||
| Q2 24 | $106.0M | $163.0M | ||
| Q1 24 | $372.0M | $-166.0M |
自由现金流率ADMSW
| Q4 25 | -11.1% | 8.1% | ||
| Q3 25 | 23.6% | 6.5% | ||
| Q2 25 | 63.0% | 3.9% | ||
| Q1 25 | -10.3% | -3.2% | ||
| Q4 24 | 0.7% | 2.8% | ||
| Q3 24 | 15.3% | -2.5% | ||
| Q2 24 | 0.5% | 5.5% | ||
| Q1 24 | 1.7% | -5.7% |
资本支出强度ADMSW
| Q4 25 | 5.9% | 7.7% | ||
| Q3 25 | 4.6% | 7.6% | ||
| Q2 25 | 4.8% | 6.6% | ||
| Q1 25 | 4.7% | 6.2% | ||
| Q4 24 | -1.9% | 7.5% | ||
| Q3 24 | 6.4% | 6.7% | ||
| Q2 24 | 1.6% | 6.0% | ||
| Q1 24 | 1.5% | 7.1% |
现金转化率ADMSW
| Q4 25 | -0.69× | 12.32× | ||
| Q3 25 | 16.75× | 4.61× | ||
| Q2 25 | 19.63× | — | ||
| Q1 25 | -1.16× | 0.61× | ||
| Q4 24 | 0.57× | 5.35× | ||
| Q3 24 | 72.22× | — | ||
| Q2 24 | 0.96× | 2.58× | ||
| Q1 24 | 0.96× | 0.22× |
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% |
SW
| Packaging | $3.3B | 43% |
| Other | $3.2B | 43% |
| Paper | $1.1B | 14% |
