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雅保（ALB）与美世（MERC）财务数据对比。点击上方公司名可切换其他公司
雅保的季度营收约是美世的3.2倍（$1.4B vs $449.5M）。雅保净利率更高（-29.0% vs -68.7%，领先39.7%）。雅保同比增速更快（15.9% vs -8.0%）。雅保自由现金流更多（$233.1M vs $32.0M）。过去两年雅保的营收复合增速更高（2.4% vs -9.9%）
雅保是全球知名的特种化学品企业，业务覆盖研发、生产与全球销售，下设锂、溴、催化剂三大板块。锂业务线供应碳酸锂、氢氧化锂、氯化锂等锂化合物及相关试剂，产品广泛应用于消费电子、电动汽车锂电池、高性能润滑脂、热塑性弹性体等领域。
美世是1945年成立的美国咨询公司，为全球专业服务集团威达信的四大运营子公司之一，总部位于纽约，在43个国家设有办事处，业务覆盖130个国家，主要为客户提供人力资源与金融咨询服务。
ALB vs MERC — 直观对比
营收规模更大
ALB
是对方的3.2倍
$449.5M
营收增速更快
ALB
高出23.9%
-8.0%
净利率更高
ALB
高出39.7%
-68.7%
自由现金流更多
ALB
多$201.1M
$32.0M
两年增速更快
ALB
近两年复合增速
-9.9%
损益表 — Q4 2025 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $1.4B | $449.5M |
| 净利润 | $-414.2M | $-308.7M |
| 毛利率 | 13.9% | — |
| 营业利润率 | -15.2% | -62.0% |
| 净利率 | -29.0% | -68.7% |
| 营收同比 | 15.9% | -8.0% |
| 净利润同比 | -650.1% | -1947.7% |
| 每股收益（稀释后） | $-3.88 | $-4.61 |
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ALBMERC
| Q4 25 | $1.4B | $449.5M | ||
| Q3 25 | $1.3B | $458.1M | ||
| Q2 25 | $1.3B | $453.5M | ||
| Q1 25 | $1.1B | $507.0M | ||
| Q4 24 | $1.2B | $488.4M | ||
| Q3 24 | $1.4B | $502.1M | ||
| Q2 24 | $1.4B | $499.4M | ||
| Q1 24 | $1.4B | $553.4M |
净利润ALBMERC
| Q4 25 | $-414.2M | $-308.7M | ||
| Q3 25 | $-160.7M | $-80.8M | ||
| Q2 25 | $22.9M | $-86.1M | ||
| Q1 25 | $41.3M | $-22.3M | ||
| Q4 24 | $75.3M | $16.7M | ||
| Q3 24 | $-1.1B | $-17.6M | ||
| Q2 24 | $-188.2M | $-67.6M | ||
| Q1 24 | $2.4M | $-16.7M |
毛利率ALBMERC
| Q4 25 | 13.9% | — | ||
| Q3 25 | 9.0% | — | ||
| Q2 25 | 14.8% | — | ||
| Q1 25 | 14.5% | — | ||
| Q4 24 | 11.2% | — | ||
| Q3 24 | -7.7% | — | ||
| Q2 24 | -0.7% | — | ||
| Q1 24 | 2.9% | — |
营业利润率ALBMERC
| Q4 25 | -15.2% | -62.0% | ||
| Q3 25 | -16.6% | -14.8% | ||
| Q2 25 | 3.6% | -12.9% | ||
| Q1 25 | 1.8% | 1.3% | ||
| Q4 24 | 0.4% | 10.3% | ||
| Q3 24 | -81.9% | 1.8% | ||
| Q2 24 | -34.4% | -8.8% | ||
| Q1 24 | -13.2% | -0.1% |
净利率ALBMERC
| Q4 25 | -29.0% | -68.7% | ||
| Q3 25 | -12.3% | -17.6% | ||
| Q2 25 | 1.7% | -19.0% | ||
| Q1 25 | 3.8% | -4.4% | ||
| Q4 24 | 6.1% | 3.4% | ||
| Q3 24 | -78.9% | -3.5% | ||
| Q2 24 | -13.2% | -13.5% | ||
| Q1 24 | 0.2% | -3.0% |
每股收益（稀释后）ALBMERC
| Q4 25 | $-3.88 | $-4.61 | ||
| Q3 25 | $-1.72 | $-1.21 | ||
| Q2 25 | $-0.16 | $-1.29 | ||
| Q1 25 | $0.00 | $-0.33 | ||
| Q4 24 | $0.29 | $0.25 | ||
| Q3 24 | $-9.45 | $-0.26 | ||
| Q2 24 | $-1.96 | $-1.01 | ||
| Q1 24 | $-0.08 | $-0.25 |
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 | — | $186.8M |
| 总债务越低越好 | $3.2B | $1.6B |
| 股东权益账面价值 | $9.5B | $68.1M |
| 总资产 | $16.4B | $2.0B |
| 负债/权益比越低杠杆越低 | 0.33× | 23.58× |
8季度趋势，按日历期对齐
现金及短期投资ALBMERC
| Q4 25 | — | $186.8M | ||
| Q3 25 | $1.9B | $98.1M | ||
| Q2 25 | $1.8B | $146.5M | ||
| Q1 25 | $1.5B | $181.5M | ||
| Q4 24 | $1.2B | $184.9M | ||
| Q3 24 | $1.7B | $239.0M | ||
| Q2 24 | $1.8B | $263.2M | ||
| Q1 24 | $2.1B | $274.3M |
总债务ALBMERC
| Q4 25 | $3.2B | $1.6B | ||
| Q3 25 | $3.6B | $1.5B | ||
| Q2 25 | $3.6B | $1.5B | ||
| Q1 25 | $3.5B | $1.5B | ||
| Q4 24 | $3.5B | $1.5B | ||
| Q3 24 | $3.6B | $1.6B | ||
| Q2 24 | $3.5B | $1.6B | ||
| Q1 24 | $3.5B | $1.6B |
股东权益ALBMERC
| Q4 25 | $9.5B | $68.1M | ||
| Q3 25 | $10.0B | $359.5M | ||
| Q2 25 | $10.2B | $446.5M | ||
| Q1 25 | $10.0B | $437.4M | ||
| Q4 24 | $10.0B | $429.8M | ||
| Q3 24 | $10.2B | $516.8M | ||
| Q2 24 | $11.2B | $487.7M | ||
| Q1 24 | $11.5B | $573.6M |
总资产ALBMERC
| Q4 25 | $16.4B | $2.0B | ||
| Q3 25 | $17.1B | $2.3B | ||
| Q2 25 | $17.3B | $2.4B | ||
| Q1 25 | $17.0B | $2.3B | ||
| Q4 24 | $16.6B | $2.3B | ||
| Q3 24 | $17.5B | $2.5B | ||
| Q2 24 | $18.4B | $2.5B | ||
| Q1 24 | $19.0B | $2.6B |
负债/权益比ALBMERC
| Q4 25 | 0.33× | 23.58× | ||
| Q3 25 | 0.36× | 4.30× | ||
| Q2 25 | 0.35× | 3.42× | ||
| Q1 25 | 0.35× | 3.44× | ||
| Q4 24 | 0.35× | 3.43× | ||
| Q3 24 | 0.35× | 3.09× | ||
| Q2 24 | 0.31× | 3.22× | ||
| Q1 24 | 0.31× | 2.82× |
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 | $388.5M | $46.2M |
| 自由现金流经营现金流 - 资本支出 | $233.1M | $32.0M |
| 自由现金流率自由现金流/营收 | 16.3% | 7.1% |
| 资本支出强度资本支出/营收 | 10.9% | 3.1% |
| 现金转化率经营现金流/净利润 | — | — |
| 过去12个月自由现金流最近4个季度 | $692.5M | $-80.0M |
8季度趋势，按日历期对齐
经营现金流ALBMERC
| Q4 25 | $388.5M | $46.2M | ||
| Q3 25 | $355.6M | $-30.1M | ||
| Q2 25 | $-7.2M | $-4.5M | ||
| Q1 25 | $545.4M | $-3.0M | ||
| Q4 24 | $674.0K | $71.2M | ||
| Q3 24 | $240.5M | $-13.9M | ||
| Q2 24 | $362.9M | $62.2M | ||
| Q1 24 | $98.0M | $-29.2M |
自由现金流ALBMERC
| Q4 25 | $233.1M | $32.0M | ||
| Q3 25 | $223.4M | $-60.1M | ||
| Q2 25 | $-126.8M | $-28.9M | ||
| Q1 25 | $362.8M | $-23.1M | ||
| Q4 24 | $-355.1M | $50.4M | ||
| Q3 24 | $-62.6M | $-41.2M | ||
| Q2 24 | $-84.7M | $44.3M | ||
| Q1 24 | $-481.4M | $-47.7M |
自由现金流率ALBMERC
| Q4 25 | 16.3% | 7.1% | ||
| Q3 25 | 17.1% | -13.1% | ||
| Q2 25 | -9.5% | -6.4% | ||
| Q1 25 | 33.7% | -4.6% | ||
| Q4 24 | -28.8% | 10.3% | ||
| Q3 24 | -4.6% | -8.2% | ||
| Q2 24 | -5.9% | 8.9% | ||
| Q1 24 | -35.4% | -8.6% |
资本支出强度ALBMERC
| Q4 25 | 10.9% | 3.1% | ||
| Q3 25 | 10.1% | 6.6% | ||
| Q2 25 | 9.0% | 5.4% | ||
| Q1 25 | 17.0% | 4.0% | ||
| Q4 24 | 28.9% | 4.2% | ||
| Q3 24 | 22.4% | 5.4% | ||
| Q2 24 | 31.3% | 3.6% | ||
| Q1 24 | 42.6% | 3.3% |
现金转化率ALBMERC
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | -0.31× | — | ||
| Q1 25 | 13.19× | — | ||
| Q4 24 | 0.01× | 4.26× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | 40.01× | — |
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
ALB
| Energy Storage | $759.1M | 53% |
| Specialties | $348.9M | 24% |
| Ketjen | $320.1M | 22% |
MERC
| Other | $215.3M | 48% |
| Solid Wood | $110.2M | 25% |
| Lumber | $54.9M | 12% |
| Pallets | $23.7M | 5% |
| Energyandchemicals | $18.7M | 4% |
| Manufactured Products | $14.1M | 3% |
| Biofuels | $10.0M | 2% |
| Wood Residuals | $2.6M | 1% |
