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雅保（ALB）与盛思阳（TSE）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盛思阳的2.2倍（$1.4B vs $662.6M）。雅保净利率更高（-29.0% vs -37.9%，领先8.9%）。雅保同比增速更快（15.9% vs -19.3%）。雅保自由现金流更多（$233.1M vs $6.6M）。过去两年雅保的营收复合增速更高（2.4% vs -14.4%）
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。
盛思阳（Trinseo）是一家专注于塑料与乳胶粘合剂生产的材料企业。该公司原隶属于陶氏化学公司，2009年陶氏将其分拆待售，2010年相关资产以斯泰隆（Styron）之名作价16.3亿美元出售给贝恩资本。2016年贝恩清仓全部持股， Trinseo自此成为完全独立的公众上市公司。
ALB vs TSE — 直观对比
营收规模更大
ALB
是对方的2.2倍
$662.6M
营收增速更快
ALB
高出35.3%
-19.3%
净利率更高
ALB
高出8.9%
-37.9%
自由现金流更多
ALB
多$226.5M
$6.6M
两年增速更快
ALB
近两年复合增速
-14.4%
损益表 — Q4 2025 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $1.4B | $662.6M |
| 净利润 | $-414.2M | $-251.4M |
| 毛利率 | 13.9% | 4.2% |
| 营业利润率 | -15.2% | -24.7% |
| 净利率 | -29.0% | -37.9% |
| 营收同比 | 15.9% | -19.3% |
| 净利润同比 | -650.1% | -113.2% |
| 每股收益（稀释后） | $-3.88 | $-7.02 |
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ALBTSE
| Q4 25 | $1.4B | $662.6M | ||
| Q3 25 | $1.3B | $743.2M | ||
| Q2 25 | $1.3B | $784.3M | ||
| Q1 25 | $1.1B | $784.8M | ||
| Q4 24 | $1.2B | $821.5M | ||
| Q3 24 | $1.4B | $867.7M | ||
| Q2 24 | $1.4B | $920.0M | ||
| Q1 24 | $1.4B | $904.0M |
净利润ALBTSE
| Q4 25 | $-414.2M | $-251.4M | ||
| Q3 25 | $-160.7M | $-109.7M | ||
| Q2 25 | $22.9M | $-105.5M | ||
| Q1 25 | $41.3M | $-79.0M | ||
| Q4 24 | $75.3M | $-117.9M | ||
| Q3 24 | $-1.1B | $-87.3M | ||
| Q2 24 | $-188.2M | $-67.8M | ||
| Q1 24 | $2.4M | $-75.5M |
毛利率ALBTSE
| Q4 25 | 13.9% | 4.2% | ||
| Q3 25 | 9.0% | 5.0% | ||
| Q2 25 | 14.8% | 4.7% | ||
| Q1 25 | 14.5% | 8.1% | ||
| Q4 24 | 11.2% | 6.8% | ||
| Q3 24 | -7.7% | 9.3% | ||
| Q2 24 | -0.7% | 7.4% | ||
| Q1 24 | 2.9% | 6.7% |
营业利润率ALBTSE
| Q4 25 | -15.2% | -24.7% | ||
| Q3 25 | -16.6% | -3.8% | ||
| Q2 25 | 3.6% | -4.2% | ||
| Q1 25 | 1.8% | -3.7% | ||
| Q4 24 | 0.4% | -5.4% | ||
| Q3 24 | -81.9% | -1.4% | ||
| Q2 24 | -34.4% | 1.5% | ||
| Q1 24 | -13.2% | -0.4% |
净利率ALBTSE
| Q4 25 | -29.0% | -37.9% | ||
| Q3 25 | -12.3% | -14.8% | ||
| Q2 25 | 1.7% | -13.5% | ||
| Q1 25 | 3.8% | -10.1% | ||
| Q4 24 | 6.1% | -14.4% | ||
| Q3 24 | -78.9% | -10.1% | ||
| Q2 24 | -13.2% | -7.4% | ||
| Q1 24 | 0.2% | -8.4% |
每股收益（稀释后）ALBTSE
| Q4 25 | $-3.88 | $-7.02 | ||
| Q3 25 | $-1.72 | $-3.05 | ||
| Q2 25 | $-0.16 | $-2.95 | ||
| Q1 25 | $0.00 | $-2.22 | ||
| Q4 24 | $0.29 | $-3.33 | ||
| Q3 24 | $-9.45 | $-2.47 | ||
| Q2 24 | $-1.96 | $-1.92 | ||
| Q1 24 | $-0.08 | $-2.14 |
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 | — | $146.7M |
| 总债务越低越好 | $3.2B | $2.5B |
| 股东权益账面价值 | $9.5B | $-1.1B |
| 总资产 | $16.4B | $2.3B |
| 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ALBTSE
| Q4 25 | — | $146.7M | ||
| Q3 25 | $1.9B | $112.1M | ||
| Q2 25 | $1.8B | $137.0M | ||
| Q1 25 | $1.5B | $126.1M | ||
| Q4 24 | $1.2B | $209.8M | ||
| Q3 24 | $1.7B | $165.3M | ||
| Q2 24 | $1.8B | $105.6M | ||
| Q1 24 | $2.1B | $166.4M |
总债务ALBTSE
| Q4 25 | $3.2B | $2.5B | ||
| Q3 25 | $3.6B | $2.5B | ||
| Q2 25 | $3.6B | $2.5B | ||
| Q1 25 | $3.5B | $2.5B | ||
| Q4 24 | $3.5B | $2.4B | ||
| Q3 24 | $3.6B | $2.4B | ||
| Q2 24 | $3.5B | $2.3B | ||
| Q1 24 | $3.5B | $2.3B |
股东权益ALBTSE
| Q4 25 | $9.5B | $-1.1B | ||
| Q3 25 | $10.0B | $-861.6M | ||
| Q2 25 | $10.2B | $-750.3M | ||
| Q1 25 | $10.0B | $-679.2M | ||
| Q4 24 | $10.0B | $-619.9M | ||
| Q3 24 | $10.2B | $-480.0M | ||
| Q2 24 | $11.2B | $-413.8M | ||
| Q1 24 | $11.5B | $-348.0M |
总资产ALBTSE
| Q4 25 | $16.4B | $2.3B | ||
| Q3 25 | $17.1B | $2.5B | ||
| Q2 25 | $17.3B | $2.6B | ||
| Q1 25 | $17.0B | $2.7B | ||
| Q4 24 | $16.6B | $2.6B | ||
| Q3 24 | $17.5B | $2.9B | ||
| Q2 24 | $18.4B | $2.8B | ||
| Q1 24 | $19.0B | $3.0B |
负债/权益比ALBTSE
| Q4 25 | 0.33× | — | ||
| Q3 25 | 0.36× | — | ||
| Q2 25 | 0.35× | — | ||
| Q1 25 | 0.35× | — | ||
| Q4 24 | 0.35× | — | ||
| Q3 24 | 0.35× | — | ||
| Q2 24 | 0.31× | — | ||
| Q1 24 | 0.31× | — |
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 | $22.6M |
| 自由现金流经营现金流 - 资本支出 | $233.1M | $6.6M |
| 自由现金流率自由现金流/营收 | 16.3% | 1.0% |
| 资本支出强度资本支出/营收 | 10.9% | 2.4% |
| 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 | $-153.4M |
8季度趋势，按日历期对齐
经营现金流ALBTSE
| Q4 25 | $388.5M | $22.6M | ||
| Q3 25 | $355.6M | $-21.6M | ||
| Q2 25 | $-7.2M | $6.8M | ||
| Q1 25 | $545.4M | $-110.2M | ||
| Q4 24 | $674.0K | $85.1M | ||
| Q3 24 | $240.5M | $8.8M | ||
| Q2 24 | $362.9M | $-41.9M | ||
| Q1 24 | $98.0M | $-66.2M |
自由现金流ALBTSE
| Q4 25 | $233.1M | $6.6M | ||
| Q3 25 | $223.4M | $-38.1M | ||
| Q2 25 | $-126.8M | $-3.0M | ||
| Q1 25 | $362.8M | $-118.9M | ||
| Q4 24 | $-355.1M | $63.9M | ||
| Q3 24 | $-62.6M | $-3.4M | ||
| Q2 24 | $-84.7M | $-56.1M | ||
| Q1 24 | $-481.4M | $-81.9M |
自由现金流率ALBTSE
| Q4 25 | 16.3% | 1.0% | ||
| Q3 25 | 17.1% | -5.1% | ||
| Q2 25 | -9.5% | -0.4% | ||
| Q1 25 | 33.7% | -15.2% | ||
| Q4 24 | -28.8% | 7.8% | ||
| Q3 24 | -4.6% | -0.4% | ||
| Q2 24 | -5.9% | -6.1% | ||
| Q1 24 | -35.4% | -9.1% |
资本支出强度ALBTSE
| Q4 25 | 10.9% | 2.4% | ||
| Q3 25 | 10.1% | 2.2% | ||
| Q2 25 | 9.0% | 1.2% | ||
| Q1 25 | 17.0% | 1.1% | ||
| Q4 24 | 28.9% | 2.6% | ||
| Q3 24 | 22.4% | 1.4% | ||
| Q2 24 | 31.3% | 1.5% | ||
| Q1 24 | 42.6% | 1.7% |
现金转化率ALBTSE
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | -0.31× | — | ||
| Q1 25 | 13.19× | — | ||
| Q4 24 | 0.01× | — | ||
| 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% |
TSE
| Other | $325.2M | 49% |
| Asia Pacific | $142.2M | 21% |
| Engineered Materials | $105.0M | 16% |
| Latex | $59.9M | 9% |
| Polymer Solutions | $30.3M | 5% |
