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Antero Midstream Corp（AM）与RAYONIER ADVANCED MATERIALS INC.（RYAM）财务数据对比。点击上方公司名可切换其他公司
RAYONIER ADVANCED MATERIALS INC.的季度营收约是Antero Midstream Corp的1.4倍（$417.5M vs $291.1M），Antero Midstream Corp净利率更高（41.5% vs -5.0%，领先46.5%），RAYONIER ADVANCED MATERIALS INC.同比增速更快（-1.2% vs -7.3%），过去两年Antero Midstream Corp的营收复合增速更高（3.9% vs 3.8%）
Antero Midstream Corp是美国能源企业，注册地为特拉华州，总部设于科罗拉多州丹佛市。公司全部油气储量均位于阿巴拉契亚盆地，采用水力压裂技术开采，核心业务涵盖油气勘探开发相关领域。
RYAM（原雷尼尔先进材料公司）是一家美国全球性纤维素技术企业，主打高纯度特种纤维素产品，所生产的天然聚合物广泛应用于过滤器生产、食品加工、医药制造及各类工业领域，同时也为造纸和包装行业供应相关产品，在纤维素技术领域拥有较高的行业认可度。
AM vs RYAM — 直观对比
营收规模更大
RYAM
是对方的1.4倍
$291.1M
营收增速更快
RYAM
高出6.2%
-7.3%
净利率更高
AM
高出46.5%
-5.0%
两年增速更快
AM
近两年复合增速
3.8%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $291.1M | $417.5M |
| 净利润 | $120.7M | $-21.1M |
| 毛利率 | — | 8.9% |
| 营业利润率 | 60.9% | 2.6% |
| 净利率 | 41.5% | -5.0% |
| 营收同比 | -7.3% | -1.2% |
| 净利润同比 | 2.1% | -31.9% |
| 每股收益（稀释后） | $0.25 | $-0.33 |
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AMRYAM
| Q1 26 | $291.1M | — | ||
| Q4 25 | $297.0M | $417.5M | ||
| Q3 25 | $294.8M | $352.8M | ||
| Q2 25 | $305.5M | $340.0M | ||
| Q1 25 | $291.1M | $356.0M | ||
| Q4 24 | $287.5M | $422.5M | ||
| Q3 24 | $269.9M | $401.1M | ||
| Q2 24 | $269.8M | $419.0M |
净利润AMRYAM
| Q1 26 | $120.7M | — | ||
| Q4 25 | $51.9M | $-21.1M | ||
| Q3 25 | $116.0M | $-4.5M | ||
| Q2 25 | $124.5M | $-363.2M | ||
| Q1 25 | $120.7M | $-32.0M | ||
| Q4 24 | $111.2M | $-16.0M | ||
| Q3 24 | $99.7M | $-32.6M | ||
| Q2 24 | $86.0M | $11.4M |
毛利率AMRYAM
| Q1 26 | — | — | ||
| Q4 25 | — | 8.9% | ||
| Q3 25 | — | 9.7% | ||
| Q2 25 | — | 7.0% | ||
| Q1 25 | — | 6.8% | ||
| Q4 24 | — | 8.7% | ||
| Q3 24 | — | 10.9% | ||
| Q2 24 | — | 11.5% |
营业利润率AMRYAM
| Q1 26 | 60.9% | — | ||
| Q4 25 | 33.8% | 2.6% | ||
| Q3 25 | 61.2% | 2.8% | ||
| Q2 25 | 61.0% | -0.4% | ||
| Q1 25 | 60.9% | -4.2% | ||
| Q4 24 | 61.8% | 2.6% | ||
| Q3 24 | 60.2% | -4.2% | ||
| Q2 24 | 56.6% | 6.7% |
净利率AMRYAM
| Q1 26 | 41.5% | — | ||
| Q4 25 | 17.5% | -5.0% | ||
| Q3 25 | 39.3% | -1.3% | ||
| Q2 25 | 40.8% | -106.8% | ||
| Q1 25 | 41.5% | -9.0% | ||
| Q4 24 | 38.7% | -3.8% | ||
| Q3 24 | 37.0% | -8.1% | ||
| Q2 24 | 31.9% | 2.7% |
每股收益（稀释后）AMRYAM
| Q1 26 | $0.25 | — | ||
| Q4 25 | $0.11 | $-0.33 | ||
| Q3 25 | $0.24 | $-0.07 | ||
| Q2 25 | $0.26 | $-5.44 | ||
| Q1 25 | $0.25 | $-0.49 | ||
| Q4 24 | $0.23 | $-0.25 | ||
| Q3 24 | $0.21 | $-0.49 | ||
| Q2 24 | $0.18 | $0.17 |
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 | $180.4M | $75.4M |
| 总债务越低越好 | $3.2B | $758.1M |
| 股东权益账面价值 | $2.0B | $316.6M |
| 总资产 | $5.9B | $1.8B |
| 负债/权益比越低杠杆越低 | 1.63× | 2.39× |
8季度趋势，按日历期对齐
现金及短期投资AMRYAM
| Q1 26 | $180.4M | — | ||
| Q4 25 | $180.4M | $75.4M | ||
| Q3 25 | — | $77.0M | ||
| Q2 25 | — | $70.7M | ||
| Q1 25 | — | $129.9M | ||
| Q4 24 | — | $125.2M | ||
| Q3 24 | — | $136.1M | ||
| Q2 24 | — | $114.1M |
总债务AMRYAM
| Q1 26 | $3.2B | — | ||
| Q4 25 | $3.2B | $758.1M | ||
| Q3 25 | $3.0B | $763.5M | ||
| Q2 25 | $3.0B | $720.4M | ||
| Q1 25 | $3.1B | $707.0M | ||
| Q4 24 | $3.1B | $706.4M | ||
| Q3 24 | $3.2B | $747.7M | ||
| Q2 24 | $3.2B | $752.8M |
股东权益AMRYAM
| Q1 26 | $2.0B | — | ||
| Q4 25 | $2.0B | $316.6M | ||
| Q3 25 | $2.1B | $338.2M | ||
| Q2 25 | $2.1B | $342.3M | ||
| Q1 25 | $2.1B | $688.1M | ||
| Q4 24 | $2.1B | $713.9M | ||
| Q3 24 | $2.1B | $732.7M | ||
| Q2 24 | $2.1B | $755.1M |
总资产AMRYAM
| Q1 26 | $5.9B | — | ||
| Q4 25 | $5.9B | $1.8B | ||
| Q3 25 | $5.7B | $1.8B | ||
| Q2 25 | $5.7B | $1.8B | ||
| Q1 25 | $5.8B | $2.1B | ||
| Q4 24 | $5.8B | $2.1B | ||
| Q3 24 | $5.8B | $2.2B | ||
| Q2 24 | $5.8B | $2.2B |
负债/权益比AMRYAM
| Q1 26 | 1.63× | — | ||
| Q4 25 | 1.63× | 2.39× | ||
| Q3 25 | 1.46× | 2.26× | ||
| Q2 25 | 1.45× | 2.10× | ||
| Q1 25 | 1.49× | 1.03× | ||
| Q4 24 | 1.47× | 0.99× | ||
| Q3 24 | 1.49× | 1.02× | ||
| Q2 24 | 1.50× | 1.00× |
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 | $198.9M | $32.3M |
| 自由现金流经营现金流 - 资本支出 | $186.9M | — |
| 自由现金流率自由现金流/营收 | 64.2% | — |
| 资本支出强度资本支出/营收 | 11.1% | — |
| 现金转化率经营现金流/净利润 | 1.65× | — |
| 过去12个月自由现金流最近4个季度 | — | — |
8季度趋势，按日历期对齐
经营现金流AMRYAM
| Q1 26 | $198.9M | — | ||
| Q4 25 | $255.5M | $32.3M | ||
| Q3 25 | $212.8M | $-17.8M | ||
| Q2 25 | $265.2M | $-30.2M | ||
| Q1 25 | $198.9M | $39.6M | ||
| Q4 24 | $232.7M | $54.9M | ||
| Q3 24 | $184.9M | $49.8M | ||
| Q2 24 | $215.8M | $87.6M |
自由现金流AMRYAM
| Q1 26 | $186.9M | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | $184.3M | — | ||
| Q2 24 | $147.2M | — |
自由现金流率AMRYAM
| Q1 26 | 64.2% | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 68.3% | — | ||
| Q2 24 | 54.6% | — |
资本支出强度AMRYAM
| Q1 26 | 11.1% | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 0.0% | — | ||
| Q3 24 | 0.2% | — | ||
| Q2 24 | 25.4% | — |
现金转化率AMRYAM
| Q1 26 | 1.65× | — | ||
| Q4 25 | 4.92× | — | ||
| Q3 25 | 1.84× | — | ||
| Q2 25 | 2.13× | — | ||
| Q1 25 | 1.65× | — | ||
| Q4 24 | 2.09× | — | ||
| Q3 24 | 1.85× | — | ||
| Q2 24 | 2.51× | 7.69× |
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
AM
| Gathering and compression–Antero Resources | $238.0M | 82% |
| Other | $52.3M | 18% |
| Water handling–third party | $505.0K | 0% |
| Gathering and compression–third party | $295.0K | 0% |
RYAM
| Cellulose Specialties | $249.6M | 60% |
| Other | $86.2M | 21% |
| Paperboard | $44.2M | 11% |
| High Yield Pulp | $28.3M | 7% |
| Biomaterials | $9.2M | 2% |
