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空气化工产品公司（APD）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
空气化工产品公司的季度营收约是盛思阳的4.7倍（$3.1B vs $662.6M）。空气化工产品公司净利率更高（21.9% vs -37.9%，领先59.8%）。空气化工产品公司同比增速更快（5.8% vs -19.3%）。盛思阳自由现金流更多（$6.6M 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 -14.4%）
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。
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。
APD vs TSE — 直观对比
营收规模更大
APD
是对方的4.7倍
$662.6M
营收增速更快
APD
高出25.2%
-19.3%
净利率更高
APD
高出59.8%
-37.9%
自由现金流更多
TSE
多$357.1M
$-350.5M
两年增速更快
APD
近两年复合增速
-14.4%
损益表 — Q1 2026 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $3.1B | $662.6M |
| 净利润 | $678.2M | $-251.4M |
| 毛利率 | 32.1% | 4.2% |
| 营业利润率 | 23.7% | -24.7% |
| 净利率 | 21.9% | -37.9% |
| 营收同比 | 5.8% | -19.3% |
| 净利润同比 | 9.8% | -113.2% |
| 每股收益（稀释后） | $3.04 | $-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APDTSE
| Q4 25 | $3.1B | $662.6M | ||
| Q3 25 | $3.2B | $743.2M | ||
| Q2 25 | $3.0B | $784.3M | ||
| Q1 25 | $2.9B | $784.8M | ||
| Q4 24 | $2.9B | $821.5M | ||
| Q3 24 | $3.2B | $867.7M | ||
| Q2 24 | $3.0B | $920.0M | ||
| Q1 24 | $2.9B | $904.0M |
净利润APDTSE
| Q4 25 | $678.2M | $-251.4M | ||
| Q3 25 | $4.9M | $-109.7M | ||
| Q2 25 | $713.8M | $-105.5M | ||
| Q1 25 | $-1.7B | $-79.0M | ||
| Q4 24 | $617.4M | $-117.9M | ||
| Q3 24 | $1.9B | $-87.3M | ||
| Q2 24 | $696.6M | $-67.8M | ||
| Q1 24 | $572.4M | $-75.5M |
毛利率APDTSE
| Q4 25 | 32.1% | 4.2% | ||
| Q3 25 | 32.3% | 5.0% | ||
| Q2 25 | 32.5% | 4.7% | ||
| Q1 25 | 29.6% | 8.1% | ||
| Q4 24 | 31.2% | 6.8% | ||
| Q3 24 | 34.0% | 9.3% | ||
| Q2 24 | 32.8% | 7.4% | ||
| Q1 24 | 32.0% | 6.7% |
营业利润率APDTSE
| Q4 25 | 23.7% | -24.7% | ||
| Q3 25 | 0.5% | -3.8% | ||
| Q2 25 | 26.2% | -4.2% | ||
| Q1 25 | -79.8% | -3.7% | ||
| Q4 24 | 22.0% | -5.4% | ||
| Q3 24 | 76.1% | -1.4% | ||
| Q2 24 | 24.7% | 1.5% | ||
| Q1 24 | 21.7% | -0.4% |
净利率APDTSE
| Q4 25 | 21.9% | -37.9% | ||
| Q3 25 | 0.2% | -14.8% | ||
| Q2 25 | 23.6% | -13.5% | ||
| Q1 25 | -59.3% | -10.1% | ||
| Q4 24 | 21.1% | -14.4% | ||
| Q3 24 | 61.2% | -10.1% | ||
| Q2 24 | 23.3% | -7.4% | ||
| Q1 24 | 19.5% | -8.4% |
每股收益（稀释后）APDTSE
| Q4 25 | $3.04 | $-7.02 | ||
| Q3 25 | $0.03 | $-3.05 | ||
| Q2 25 | $3.20 | $-2.95 | ||
| Q1 25 | $-7.77 | $-2.22 | ||
| Q4 24 | $2.77 | $-3.33 | ||
| Q3 24 | $8.75 | $-2.47 | ||
| Q2 24 | $3.13 | $-1.92 | ||
| Q1 24 | $2.57 | $-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 | $1.0B | $146.7M |
| 总债务越低越好 | — | $2.5B |
| 股东权益账面价值 | $15.4B | $-1.1B |
| 总资产 | $41.2B | $2.3B |
| 负债/权益比越低杠杆越低 | — | — |
8季度趋势，按日历期对齐
现金及短期投资APDTSE
| Q4 25 | $1.0B | $146.7M | ||
| Q3 25 | $1.9B | $112.1M | ||
| Q2 25 | $2.3B | $137.0M | ||
| Q1 25 | $1.6B | $126.1M | ||
| Q4 24 | $2.0B | $209.8M | ||
| Q3 24 | $3.0B | $165.3M | ||
| Q2 24 | $2.4B | $105.6M | ||
| Q1 24 | $2.6B | $166.4M |
总债务APDTSE
| Q4 25 | — | $2.5B | ||
| Q3 25 | — | $2.5B | ||
| Q2 25 | — | $2.5B | ||
| Q1 25 | — | $2.5B | ||
| Q4 24 | — | $2.4B | ||
| Q3 24 | — | $2.4B | ||
| Q2 24 | — | $2.3B | ||
| Q1 24 | — | $2.3B |
股东权益APDTSE
| Q4 25 | $15.4B | $-1.1B | ||
| Q3 25 | $15.0B | $-861.6M | ||
| Q2 25 | $15.5B | $-750.3M | ||
| Q1 25 | $14.7B | $-679.2M | ||
| Q4 24 | $16.7B | $-619.9M | ||
| Q3 24 | $17.0B | $-480.0M | ||
| Q2 24 | $15.1B | $-413.8M | ||
| Q1 24 | $14.9B | $-348.0M |
总资产APDTSE
| Q4 25 | $41.2B | $2.3B | ||
| Q3 25 | $41.1B | $2.5B | ||
| Q2 25 | $41.7B | $2.6B | ||
| Q1 25 | $38.9B | $2.7B | ||
| Q4 24 | $40.0B | $2.6B | ||
| Q3 24 | $39.6B | $2.9B | ||
| Q2 24 | $37.0B | $2.8B | ||
| Q1 24 | $35.9B | $3.0B |
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 | $22.6M |
| 自由现金流经营现金流 - 资本支出 | $-350.5M | $6.6M |
| 自由现金流率自由现金流/营收 | -11.3% | 1.0% |
| 资本支出强度资本支出/营收 | 40.3% | 2.4% |
| 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 | — | $-153.4M |
8季度趋势，按日历期对齐
经营现金流APDTSE
| Q4 25 | $900.7M | $22.6M | ||
| Q3 25 | — | $-21.6M | ||
| Q2 25 | $855.8M | $6.8M | ||
| Q1 25 | $328.1M | $-110.2M | ||
| Q4 24 | $811.7M | $85.1M | ||
| Q3 24 | — | $8.8M | ||
| Q2 24 | $1.3B | $-41.9M | ||
| Q1 24 | $801.7M | $-66.2M |
自由现金流APDTSE
| Q4 25 | $-350.5M | $6.6M | ||
| Q3 25 | — | $-38.1M | ||
| Q2 25 | $-640.0M | $-3.0M | ||
| Q1 25 | $-1.6B | $-118.9M | ||
| Q4 24 | $-1.3B | $63.9M | ||
| Q3 24 | — | $-3.4M | ||
| Q2 24 | $-345.2M | $-56.1M | ||
| Q1 24 | $-867.7M | $-81.9M |
自由现金流率APDTSE
| Q4 25 | -11.3% | 1.0% | ||
| Q3 25 | — | -5.1% | ||
| Q2 25 | -21.2% | -0.4% | ||
| Q1 25 | -53.6% | -15.2% | ||
| Q4 24 | -44.5% | 7.8% | ||
| Q3 24 | — | -0.4% | ||
| Q2 24 | -11.6% | -6.1% | ||
| Q1 24 | -29.6% | -9.1% |
资本支出强度APDTSE
| Q4 25 | 40.3% | 2.4% | ||
| Q3 25 | 47.9% | 2.2% | ||
| Q2 25 | 49.5% | 1.2% | ||
| Q1 25 | 64.9% | 1.1% | ||
| Q4 24 | 72.2% | 2.6% | ||
| Q3 24 | 65.1% | 1.4% | ||
| Q2 24 | 53.8% | 1.5% | ||
| Q1 24 | 57.0% | 1.7% |
现金转化率APDTSE
| Q4 25 | 1.33× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | 1.20× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 1.31× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | 1.81× | — | ||
| 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% |
TSE
| Other | $325.2M | 49% |
| Asia Pacific | $142.2M | 21% |
| Engineered Materials | $105.0M | 16% |
| Latex | $59.9M | 9% |
| Polymer Solutions | $30.3M | 5% |
