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空气化工产品公司（APD）与塞拉尼斯（CE）财务数据对比。点击上方公司名可切换其他公司
空气化工产品公司的季度营收约是塞拉尼斯的1.4倍（$3.1B vs $2.2B）。空气化工产品公司净利率更高（21.9% vs 0.6%，领先21.2%）。空气化工产品公司同比增速更快（5.8% vs -7.0%）。塞拉尼斯自由现金流更多（$168.0M vs $-350.5M）。过去两年空气化工产品公司的营收复合增速更高（2.9% vs -8.1%）
空气化工产品公司是全球知名的工业气体供应商，业务覆盖全球各地，主营大气气体、工艺气体、特种气体、相关设备及服务，产品涵盖氧气、氮气、氩气、氢气、氦气、二氧化碳、一氧化碳、合成气等，同时供应空分装置、非低温发生器等气体生产处理设备，服务炼油、化工、气化等多个行业领域。
塞拉尼斯是总部位于美国得克萨斯州欧文市的技术及特种材料企业，位列财富500强。公司是全球醋酸行业领军生产商，年产量约195万吨，占全球总产量的20%左右，同时也是全球最大的醋酸乙烯酯单体（VAM）供应商。
APD vs CE — 直观对比
营收规模更大
APD
是对方的1.4倍
$2.2B
营收增速更快
APD
高出12.8%
-7.0%
净利率更高
APD
高出21.2%
0.6%
自由现金流更多
CE
多$518.5M
$-350.5M
两年增速更快
APD
近两年复合增速
-8.1%
损益表 — Q1 2026 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $3.1B | $2.2B |
| 净利润 | $678.2M | $14.0M |
| 毛利率 | 32.1% | 19.1% |
| 营业利润率 | 23.7% | 4.0% |
| 净利率 | 21.9% | 0.6% |
| 营收同比 | 5.8% | -7.0% |
| 净利润同比 | 9.8% | 100.7% |
| 每股收益（稀释后） | $3.04 | $0.13 |
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APDCE
| Q4 25 | $3.1B | $2.2B | ||
| Q3 25 | $3.2B | $2.4B | ||
| Q2 25 | $3.0B | $2.5B | ||
| Q1 25 | $2.9B | $2.4B | ||
| Q4 24 | $2.9B | $2.4B | ||
| Q3 24 | $3.2B | $2.6B | ||
| Q2 24 | $3.0B | $2.7B | ||
| Q1 24 | $2.9B | $2.6B |
净利润APDCE
| Q4 25 | $678.2M | $14.0M | ||
| Q3 25 | $4.9M | $-1.4B | ||
| Q2 25 | $713.8M | $199.0M | ||
| Q1 25 | $-1.7B | $-21.0M | ||
| Q4 24 | $617.4M | $-1.9B | ||
| Q3 24 | $1.9B | $116.0M | ||
| Q2 24 | $696.6M | $155.0M | ||
| Q1 24 | $572.4M | $121.0M |
毛利率APDCE
| Q4 25 | 32.1% | 19.1% | ||
| Q3 25 | 32.3% | 21.5% | ||
| Q2 25 | 32.5% | 21.1% | ||
| Q1 25 | 29.6% | 19.9% | ||
| Q4 24 | 31.2% | 22.7% | ||
| Q3 24 | 34.0% | 23.5% | ||
| Q2 24 | 32.8% | 24.2% | ||
| Q1 24 | 32.0% | 21.2% |
营业利润率APDCE
| Q4 25 | 23.7% | 4.0% | ||
| Q3 25 | 0.5% | -52.7% | ||
| Q2 25 | 26.2% | 9.2% | ||
| Q1 25 | -79.8% | 7.0% | ||
| Q4 24 | 22.0% | -59.3% | ||
| Q3 24 | 76.1% | 9.4% | ||
| Q2 24 | 24.7% | 9.4% | ||
| Q1 24 | 21.7% | 8.0% |
净利率APDCE
| Q4 25 | 21.9% | 0.6% | ||
| Q3 25 | 0.2% | -56.1% | ||
| Q2 25 | 23.6% | 7.9% | ||
| Q1 25 | -59.3% | -0.9% | ||
| Q4 24 | 21.1% | -80.8% | ||
| Q3 24 | 61.2% | 4.4% | ||
| Q2 24 | 23.3% | 5.8% | ||
| Q1 24 | 19.5% | 4.6% |
每股收益（稀释后）APDCE
| Q4 25 | $3.04 | $0.13 | ||
| Q3 25 | $0.03 | $-12.39 | ||
| Q2 25 | $3.20 | $1.81 | ||
| Q1 25 | $-7.77 | $-0.19 | ||
| Q4 24 | $2.77 | $-17.50 | ||
| Q3 24 | $8.75 | $1.06 | ||
| Q2 24 | $3.13 | $1.41 | ||
| Q1 24 | $2.57 | $1.10 |
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 | — |
| 总债务越低越好 | — | $11.4B |
| 股东权益账面价值 | $15.4B | $4.0B |
| 总资产 | $41.2B | $21.7B |
| 负债/权益比越低杠杆越低 | — | 2.81× |
8季度趋势，按日历期对齐
现金及短期投资APDCE
| Q4 25 | $1.0B | — | ||
| Q3 25 | $1.9B | — | ||
| Q2 25 | $2.3B | — | ||
| Q1 25 | $1.6B | — | ||
| Q4 24 | $2.0B | — | ||
| Q3 24 | $3.0B | — | ||
| Q2 24 | $2.4B | — | ||
| Q1 24 | $2.6B | — |
总债务APDCE
| Q4 25 | — | $11.4B | ||
| Q3 25 | — | $11.7B | ||
| Q2 25 | — | $12.7B | ||
| Q1 25 | — | $12.4B | ||
| Q4 24 | — | $11.1B | ||
| Q3 24 | — | $11.3B | ||
| Q2 24 | — | $11.1B | ||
| Q1 24 | — | $11.0B |
股东权益APDCE
| Q4 25 | $15.4B | $4.0B | ||
| Q3 25 | $15.0B | $4.0B | ||
| Q2 25 | $15.5B | $5.3B | ||
| Q1 25 | $14.7B | $5.2B | ||
| Q4 24 | $16.7B | $5.2B | ||
| Q3 24 | $17.0B | $7.3B | ||
| Q2 24 | $15.1B | $7.2B | ||
| Q1 24 | $14.9B | $7.1B |
总资产APDCE
| Q4 25 | $41.2B | $21.7B | ||
| Q3 25 | $41.1B | $22.2B | ||
| Q2 25 | $41.7B | $23.7B | ||
| Q1 25 | $38.9B | $23.2B | ||
| Q4 24 | $40.0B | $22.9B | ||
| Q3 24 | $39.6B | $25.9B | ||
| Q2 24 | $37.0B | $25.8B | ||
| Q1 24 | $35.9B | $26.0B |
负债/权益比APDCE
| Q4 25 | — | 2.81× | ||
| Q3 25 | — | 2.95× | ||
| Q2 25 | — | 2.41× | ||
| Q1 25 | — | 2.39× | ||
| Q4 24 | — | 2.14× | ||
| Q3 24 | — | 1.56× | ||
| Q2 24 | — | 1.54× | ||
| Q1 24 | — | 1.56× |
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 | $900.7M | $252.0M |
| 自由现金流经营现金流 - 资本支出 | $-350.5M | $168.0M |
| 自由现金流率自由现金流/营收 | -11.3% | 7.6% |
| 资本支出强度资本支出/营收 | 40.3% | 3.8% |
| 现金转化率经营现金流/净利润 | 1.33× | 18.00× |
| 过去12个月自由现金流最近4个季度 | — | $803.0M |
8季度趋势，按日历期对齐
经营现金流APDCE
| Q4 25 | $900.7M | $252.0M | ||
| Q3 25 | — | $447.0M | ||
| Q2 25 | $855.8M | $410.0M | ||
| Q1 25 | $328.1M | $37.0M | ||
| Q4 24 | $811.7M | $494.0M | ||
| Q3 24 | — | $79.0M | ||
| Q2 24 | $1.3B | $292.0M | ||
| Q1 24 | $801.7M | $101.0M |
自由现金流APDCE
| Q4 25 | $-350.5M | $168.0M | ||
| Q3 25 | — | $383.0M | ||
| Q2 25 | $-640.0M | $317.0M | ||
| Q1 25 | $-1.6B | $-65.0M | ||
| Q4 24 | $-1.3B | $389.0M | ||
| Q3 24 | — | $-9.0M | ||
| Q2 24 | $-345.2M | $187.0M | ||
| Q1 24 | $-867.7M | $-36.0M |
自由现金流率APDCE
| Q4 25 | -11.3% | 7.6% | ||
| Q3 25 | — | 15.8% | ||
| Q2 25 | -21.2% | 12.5% | ||
| Q1 25 | -53.6% | -2.7% | ||
| Q4 24 | -44.5% | 16.4% | ||
| Q3 24 | — | -0.3% | ||
| Q2 24 | -11.6% | 7.1% | ||
| Q1 24 | -29.6% | -1.4% |
资本支出强度APDCE
| Q4 25 | 40.3% | 3.8% | ||
| Q3 25 | 47.9% | 2.6% | ||
| Q2 25 | 49.5% | 3.7% | ||
| Q1 25 | 64.9% | 4.3% | ||
| Q4 24 | 72.2% | 4.4% | ||
| Q3 24 | 65.1% | 3.3% | ||
| Q2 24 | 53.8% | 4.0% | ||
| Q1 24 | 57.0% | 5.2% |
现金转化率APDCE
| Q4 25 | 1.33× | 18.00× | ||
| Q3 25 | — | — | ||
| Q2 25 | 1.20× | 2.06× | ||
| Q1 25 | — | — | ||
| Q4 24 | 1.31× | — | ||
| Q3 24 | — | 0.68× | ||
| Q2 24 | 1.81× | 1.88× | ||
| Q1 24 | 1.40× | 0.83× |
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
APD
| Other | $1.6B | 53% |
| Onsite | $783.9M | 25% |
| Merchant | $557.8M | 18% |
| Saleof Equipment | $117.0M | 4% |
CE
| Engineered Materials | $1.3B | 58% |
| Acetyl Chain | $940.0M | 43% |
