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空气化工产品公司（APD）与特诺控股（TROX）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特诺控股的4.3倍（$3.1B vs $730.0M）。空气化工产品公司净利率更高（21.9% vs -24.1%，领先46.0%）。特诺控股同比增速更快（8.0% vs 5.8%）。特诺控股自由现金流更多（$53.0M 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 -2.9%）
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。
特诺控股是一家业务遍及全球的美国化工企业，专注于钛制品领域，现有员工约6500名。在收购南非埃萨罗资源原有的矿砂业务后，特诺已成为全球规模最大的全产业链二氧化钛颜料供应商。二氧化钛颜料主要为涂料、塑料、纸张等产品增白增亮，特诺还拥有钛矿砂开采及加工业务。
APD vs TROX — 直观对比
营收规模更大
APD
是对方的4.3倍
$730.0M
营收增速更快
TROX
高出2.2%
5.8%
净利率更高
APD
高出46.0%
-24.1%
自由现金流更多
TROX
多$403.5M
$-350.5M
两年增速更快
APD
近两年复合增速
-2.9%
损益表 — Q1 2026 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $3.1B | $730.0M |
| 净利润 | $678.2M | $-176.0M |
| 毛利率 | 32.1% | 5.3% |
| 营业利润率 | 23.7% | -15.6% |
| 净利率 | 21.9% | -24.1% |
| 营收同比 | 5.8% | 8.0% |
| 净利润同比 | 9.8% | -486.7% |
| 每股收益（稀释后） | $3.04 | $-1.11 |
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APDTROX
| Q4 25 | $3.1B | $730.0M | ||
| Q3 25 | $3.2B | $699.0M | ||
| Q2 25 | $3.0B | $731.0M | ||
| Q1 25 | $2.9B | $738.0M | ||
| Q4 24 | $2.9B | $676.0M | ||
| Q3 24 | $3.2B | $804.0M | ||
| Q2 24 | $3.0B | $820.0M | ||
| Q1 24 | $2.9B | $774.0M |
净利润APDTROX
| Q4 25 | $678.2M | $-176.0M | ||
| Q3 25 | $4.9M | $-99.0M | ||
| Q2 25 | $713.8M | $-84.0M | ||
| Q1 25 | $-1.7B | $-111.0M | ||
| Q4 24 | $617.4M | $-30.0M | ||
| Q3 24 | $1.9B | $-25.0M | ||
| Q2 24 | $696.6M | $16.0M | ||
| Q1 24 | $572.4M | $-9.0M |
毛利率APDTROX
| Q4 25 | 32.1% | 5.3% | ||
| Q3 25 | 32.3% | 7.4% | ||
| Q2 25 | 32.5% | 10.8% | ||
| Q1 25 | 29.6% | 13.4% | ||
| Q4 24 | 31.2% | 17.3% | ||
| Q3 24 | 34.0% | 15.9% | ||
| Q2 24 | 32.8% | 18.3% | ||
| Q1 24 | 32.0% | 15.5% |
营业利润率APDTROX
| Q4 25 | 23.7% | -15.6% | ||
| Q3 25 | 0.5% | -6.2% | ||
| Q2 25 | 26.2% | -4.8% | ||
| Q1 25 | -79.8% | -8.3% | ||
| Q4 24 | 22.0% | 7.1% | ||
| Q3 24 | 76.1% | 6.7% | ||
| Q2 24 | 24.7% | 9.3% | ||
| Q1 24 | 21.7% | 5.3% |
净利率APDTROX
| Q4 25 | 21.9% | -24.1% | ||
| Q3 25 | 0.2% | -14.2% | ||
| Q2 25 | 23.6% | -11.5% | ||
| Q1 25 | -59.3% | -15.0% | ||
| Q4 24 | 21.1% | -4.4% | ||
| Q3 24 | 61.2% | -3.1% | ||
| Q2 24 | 23.3% | 2.0% | ||
| Q1 24 | 19.5% | -1.2% |
每股收益（稀释后）APDTROX
| Q4 25 | $3.04 | $-1.11 | ||
| Q3 25 | $0.03 | $-0.63 | ||
| Q2 25 | $3.20 | $-0.53 | ||
| Q1 25 | $-7.77 | $-0.70 | ||
| Q4 24 | $2.77 | $-0.19 | ||
| Q3 24 | $8.75 | $-0.16 | ||
| Q2 24 | $3.13 | $0.10 | ||
| Q1 24 | $2.57 | $-0.06 |
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 | $199.0M |
| 总债务越低越好 | — | $3.1B |
| 股东权益账面价值 | $15.4B | $1.4B |
| 总资产 | $41.2B | $6.2B |
| 负债/权益比越低杠杆越低 | — | 2.21× |
8季度趋势，按日历期对齐
现金及短期投资APDTROX
| Q4 25 | $1.0B | $199.0M | ||
| Q3 25 | $1.9B | $185.0M | ||
| Q2 25 | $2.3B | $132.0M | ||
| Q1 25 | $1.6B | $138.0M | ||
| Q4 24 | $2.0B | $151.0M | ||
| Q3 24 | $3.0B | $167.0M | ||
| Q2 24 | $2.4B | $201.0M | ||
| Q1 24 | $2.6B | $152.0M |
总债务APDTROX
| Q4 25 | — | $3.1B | ||
| Q3 25 | — | $3.1B | ||
| Q2 25 | — | $2.7B | ||
| Q1 25 | — | $2.8B | ||
| Q4 24 | — | $2.8B | ||
| Q3 24 | — | $2.8B | ||
| Q2 24 | — | $2.8B | ||
| Q1 24 | — | $2.8B |
股东权益APDTROX
| Q4 25 | $15.4B | $1.4B | ||
| Q3 25 | $15.0B | $1.6B | ||
| Q2 25 | $15.5B | $1.6B | ||
| Q1 25 | $14.7B | $1.7B | ||
| Q4 24 | $16.7B | $1.8B | ||
| Q3 24 | $17.0B | $1.9B | ||
| Q2 24 | $15.1B | $1.9B | ||
| Q1 24 | $14.9B | $1.9B |
总资产APDTROX
| Q4 25 | $41.2B | $6.2B | ||
| Q3 25 | $41.1B | $6.3B | ||
| Q2 25 | $41.7B | $6.2B | ||
| Q1 25 | $38.9B | $6.1B | ||
| Q4 24 | $40.0B | $6.0B | ||
| Q3 24 | $39.6B | $6.2B | ||
| Q2 24 | $37.0B | $6.1B | ||
| Q1 24 | $35.9B | $6.0B |
负债/权益比APDTROX
| Q4 25 | — | 2.21× | ||
| Q3 25 | — | 2.01× | ||
| Q2 25 | — | 1.67× | ||
| Q1 25 | — | 1.64× | ||
| Q4 24 | — | 1.57× | ||
| Q3 24 | — | 1.45× | ||
| Q2 24 | — | 1.47× | ||
| Q1 24 | — | 1.48× |
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 | $121.0M |
| 自由现金流经营现金流 - 资本支出 | $-350.5M | $53.0M |
| 自由现金流率自由现金流/营收 | -11.3% | 7.3% |
| 资本支出强度资本支出/营收 | 40.3% | 9.3% |
| 现金转化率经营现金流/净利润 | 1.33× | — |
| 过去12个月自由现金流最近4个季度 | — | $-281.0M |
8季度趋势，按日历期对齐
经营现金流APDTROX
| Q4 25 | $900.7M | $121.0M | ||
| Q3 25 | — | $-57.0M | ||
| Q2 25 | $855.8M | $28.0M | ||
| Q1 25 | $328.1M | $-32.0M | ||
| Q4 24 | $811.7M | $82.0M | ||
| Q3 24 | — | $87.0M | ||
| Q2 24 | $1.3B | $160.0M | ||
| Q1 24 | $801.7M | $-29.0M |
自由现金流APDTROX
| Q4 25 | $-350.5M | $53.0M | ||
| Q3 25 | — | $-137.0M | ||
| Q2 25 | $-640.0M | $-55.0M | ||
| Q1 25 | $-1.6B | $-142.0M | ||
| Q4 24 | $-1.3B | $-35.0M | ||
| Q3 24 | — | $-14.0M | ||
| Q2 24 | $-345.2M | $84.0M | ||
| Q1 24 | $-867.7M | $-105.0M |
自由现金流率APDTROX
| Q4 25 | -11.3% | 7.3% | ||
| Q3 25 | — | -19.6% | ||
| Q2 25 | -21.2% | -7.5% | ||
| Q1 25 | -53.6% | -19.2% | ||
| Q4 24 | -44.5% | -5.2% | ||
| Q3 24 | — | -1.7% | ||
| Q2 24 | -11.6% | 10.2% | ||
| Q1 24 | -29.6% | -13.6% |
资本支出强度APDTROX
| Q4 25 | 40.3% | 9.3% | ||
| Q3 25 | 47.9% | 11.4% | ||
| Q2 25 | 49.5% | 11.4% | ||
| Q1 25 | 64.9% | 14.9% | ||
| Q4 24 | 72.2% | 17.3% | ||
| Q3 24 | 65.1% | 12.6% | ||
| Q2 24 | 53.8% | 9.3% | ||
| Q1 24 | 57.0% | 9.8% |
现金转化率APDTROX
| Q4 25 | 1.33× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | 1.20× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 1.31× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | 1.81× | 10.00× | ||
| Q1 24 | 1.40× | — |
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% |
TROX
| Ti O2 | $577.0M | 79% |
| Zircon | $78.0M | 11% |
| Idle Facility And Lower Of Cost Or Net Realizable Value Charges | $42.0M | 6% |
| Other | $20.0M | 3% |
| MGT | $13.0M | 2% |
