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艾地盟（ADM）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.的季度营收约是艾地盟的1.0倍（$6.3B vs $6.1B），艾地盟净利率更高（7.5% vs 1.9%，领先5.7%），艾地盟同比增速更快（123.5% vs 3.6%），Block, Inc.自由现金流更多（$579.8M vs $-669.0M），过去两年Block, Inc.的营收复合增速更高（2.4% 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。
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。
ADM vs XYZ — 直观对比
营收规模更大
XYZ
是对方的1.0倍
$6.1B
营收增速更快
ADM
高出119.9%
3.6%
净利率更高
ADM
高出5.7%
1.9%
自由现金流更多
XYZ
多$1.2B
$-669.0M
两年增速更快
XYZ
近两年复合增速
-47.4%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $6.1B | $6.3B |
| 净利润 | $456.0M | $115.8M |
| 毛利率 | 20.0% | 45.9% |
| 营业利润率 | 7.9% | 7.8% |
| 净利率 | 7.5% | 1.9% |
| 营收同比 | 123.5% | 3.6% |
| 净利润同比 | -19.6% | -94.1% |
| 每股收益（稀释后） | $0.95 | $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ADMXYZ
| Q4 25 | $6.1B | $6.3B | ||
| Q3 25 | $6.4B | $6.1B | ||
| Q2 25 | $6.3B | $6.1B | ||
| Q1 25 | $6.1B | $5.8B | ||
| Q4 24 | $-25.7B | $6.0B | ||
| Q3 24 | $6.0B | $6.0B | ||
| Q2 24 | $22.2B | $6.2B | ||
| Q1 24 | $21.8B | $6.0B |
净利润ADMXYZ
| Q4 25 | $456.0M | $115.8M | ||
| Q3 25 | $108.0M | $461.5M | ||
| Q2 25 | $219.0M | $538.5M | ||
| Q1 25 | $295.0M | $189.9M | ||
| Q4 24 | $567.0M | $1.9B | ||
| Q3 24 | $18.0M | $283.8M | ||
| Q2 24 | $486.0M | $195.3M | ||
| Q1 24 | $729.0M | $472.0M |
毛利率ADMXYZ
| Q4 25 | 20.0% | 45.9% | ||
| Q3 25 | 19.8% | 43.5% | ||
| Q2 25 | 21.6% | 41.9% | ||
| Q1 25 | 19.2% | 39.7% | ||
| Q4 24 | — | 38.3% | ||
| Q3 24 | 22.8% | 37.6% | ||
| Q2 24 | 6.3% | 36.3% | ||
| Q1 24 | 7.6% | 35.2% |
营业利润率ADMXYZ
| Q4 25 | 7.9% | 7.8% | ||
| Q3 25 | 2.3% | 6.7% | ||
| Q2 25 | 4.4% | 8.0% | ||
| Q1 25 | 5.7% | 5.7% | ||
| Q4 24 | — | 0.2% | ||
| Q3 24 | 1.8% | 5.4% | ||
| Q2 24 | 2.7% | 5.0% | ||
| Q1 24 | 4.1% | 4.2% |
净利率ADMXYZ
| Q4 25 | 7.5% | 1.9% | ||
| Q3 25 | 1.7% | 7.5% | ||
| Q2 25 | 3.5% | 8.9% | ||
| Q1 25 | 4.8% | 3.3% | ||
| Q4 24 | -2.2% | 32.3% | ||
| Q3 24 | 0.3% | 4.7% | ||
| Q2 24 | 2.2% | 3.2% | ||
| Q1 24 | 3.3% | 7.9% |
每股收益（稀释后）ADMXYZ
| Q4 25 | $0.95 | $0.19 | ||
| Q3 25 | $0.22 | $0.74 | ||
| Q2 25 | $0.45 | $0.87 | ||
| Q1 25 | $0.61 | $0.30 | ||
| Q4 24 | $1.21 | $3.06 | ||
| Q3 24 | $0.04 | $0.45 | ||
| Q2 24 | $0.98 | $0.31 | ||
| Q1 24 | $1.42 | $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 | $1.0B | $6.6B |
| 总债务越低越好 | $7.6B | — |
| 股东权益账面价值 | $22.7B | $22.2B |
| 总资产 | $52.4B | $39.5B |
| 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ADMXYZ
| Q4 25 | $1.0B | $6.6B | ||
| Q3 25 | $1.2B | $8.3B | ||
| Q2 25 | $1.1B | $6.4B | ||
| Q1 25 | $864.0M | $7.1B | ||
| Q4 24 | $611.0M | $8.1B | ||
| Q3 24 | $784.0M | $8.3B | ||
| Q2 24 | $764.0M | $7.8B | ||
| Q1 24 | $830.0M | $5.8B |
总债务ADMXYZ
| Q4 25 | $7.6B | — | ||
| Q3 25 | — | $7.3B | ||
| Q2 25 | — | $5.1B | ||
| Q1 25 | — | $5.1B | ||
| Q4 24 | $8.3B | $6.1B | ||
| Q3 24 | $7.6B | $6.1B | ||
| Q2 24 | — | $6.1B | ||
| Q1 24 | — | $4.1B |
股东权益ADMXYZ
| Q4 25 | $22.7B | $22.2B | ||
| Q3 25 | $22.5B | $22.5B | ||
| Q2 25 | $22.4B | $22.2B | ||
| Q1 25 | $22.1B | $21.5B | ||
| Q4 24 | $22.2B | $21.3B | ||
| Q3 24 | $22.0B | $19.9B | ||
| Q2 24 | $22.2B | $19.3B | ||
| Q1 24 | $23.2B | $19.0B |
总资产ADMXYZ
| Q4 25 | $52.4B | $39.5B | ||
| Q3 25 | $51.9B | $39.2B | ||
| Q2 25 | $52.0B | $36.9B | ||
| Q1 25 | $53.4B | $36.4B | ||
| Q4 24 | $53.3B | $36.8B | ||
| Q3 24 | $52.2B | $36.4B | ||
| Q2 24 | $52.7B | $37.5B | ||
| Q1 24 | $54.8B | $35.6B |
负债/权益比ADMXYZ
| Q4 25 | 0.33× | — | ||
| Q3 25 | — | 0.32× | ||
| Q2 25 | — | 0.23× | ||
| Q1 25 | — | 0.24× | ||
| Q4 24 | 0.37× | 0.29× | ||
| Q3 24 | 0.35× | 0.31× | ||
| Q2 24 | — | 0.32× | ||
| Q1 24 | — | 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 | $-313.0M | $621.0M |
| 自由现金流经营现金流 - 资本支出 | $-669.0M | $579.8M |
| 自由现金流率自由现金流/营收 | -11.1% | 9.3% |
| 资本支出强度资本支出/营收 | 5.9% | 0.7% |
| 现金转化率经营现金流/净利润 | -0.69× | 5.36× |
| 过去12个月自由现金流最近4个季度 | $4.2B | $2.4B |
8季度趋势，按日历期对齐
经营现金流ADMXYZ
| Q4 25 | $-313.0M | $621.0M | ||
| Q3 25 | $1.8B | $1.5B | ||
| Q2 25 | $4.3B | $374.3M | ||
| Q1 25 | $-342.0M | $133.3M | ||
| Q4 24 | $322.0M | $13.8M | ||
| Q3 24 | $1.3B | $684.8M | ||
| Q2 24 | $468.0M | $519.4M | ||
| Q1 24 | $700.0M | $489.4M |
自由现金流ADMXYZ
| Q4 25 | $-669.0M | $579.8M | ||
| Q3 25 | $1.5B | $1.4B | ||
| Q2 25 | $4.0B | $343.0M | ||
| Q1 25 | $-633.0M | $101.5M | ||
| Q4 24 | $-170.0M | $-13.2M | ||
| Q3 24 | $919.0M | $628.2M | ||
| Q2 24 | $106.0M | $481.0M | ||
| Q1 24 | $372.0M | $457.4M |
自由现金流率ADMXYZ
| Q4 25 | -11.1% | 9.3% | ||
| Q3 25 | 23.6% | 22.9% | ||
| Q2 25 | 63.0% | 5.7% | ||
| Q1 25 | -10.3% | 1.8% | ||
| Q4 24 | 0.7% | -0.2% | ||
| Q3 24 | 15.3% | 10.5% | ||
| Q2 24 | 0.5% | 7.8% | ||
| Q1 24 | 1.7% | 7.7% |
资本支出强度ADMXYZ
| Q4 25 | 5.9% | 0.7% | ||
| Q3 25 | 4.6% | 0.8% | ||
| Q2 25 | 4.8% | 0.5% | ||
| Q1 25 | 4.7% | 0.6% | ||
| Q4 24 | -1.9% | 0.4% | ||
| Q3 24 | 6.4% | 0.9% | ||
| Q2 24 | 1.6% | 0.6% | ||
| Q1 24 | 1.5% | 0.5% |
现金转化率ADMXYZ
| Q4 25 | -0.69× | 5.36× | ||
| Q3 25 | 16.75× | 3.14× | ||
| Q2 25 | 19.63× | 0.70× | ||
| Q1 25 | -1.16× | 0.70× | ||
| Q4 24 | 0.57× | 0.01× | ||
| Q3 24 | 72.22× | 2.41× | ||
| Q2 24 | 0.96× | 2.66× | ||
| Q1 24 | 0.96× | 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
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% |
XYZ
| US | $5.7B | 91% |
| Non Us | $560.9M | 9% |
