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亚什兰（ASH）与鲍德温（BWIN）财务数据对比。点击上方公司名可切换其他公司
亚什兰的季度营收约是鲍德温的1.1倍（$386.0M vs $347.3M），亚什兰净利率更高（-3.1% vs -7.5%，领先4.4%），鲍德温同比增速更快（5.3% vs -4.7%），亚什兰自由现金流更多（$111.0M vs $-68.9M），过去两年鲍德温的营收复合增速更高（-4.4% vs -18.1%）
亚什兰是一家总部位于美国特拉华州威尔明顿的化工企业，1924年始创于肯塔基州亚什兰市，最初以炼油业务起家，1994年迁至现总部。公司拥有多个业务板块，覆盖化工中间体与溶剂、复合材料、工业特种化学品、个人及家居护理、制药、食品饮料以及农业相关领域，2017年之前曾是胜牌润滑油的主要生产商。
鲍德温钢琴是美国知名钢琴品牌，曾是美国最大的键盘乐器制造商，主打 slogan 为「美国人最喜爱的钢琴」。2001年起成为吉普森品牌旗下子公司，2008年12月停止美国本土生产，将钢琴制造生产线迁至中国。
ASH vs BWIN — 直观对比
营收规模更大
ASH
是对方的1.1倍
$347.3M
营收增速更快
BWIN
高出10.0%
-4.7%
净利率更高
ASH
高出4.4%
-7.5%
自由现金流更多
ASH
多$179.9M
$-68.9M
两年增速更快
BWIN
近两年复合增速
-18.1%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $386.0M | $347.3M |
| 净利润 | $-12.0M | $-25.9M |
| 毛利率 | 27.2% | — |
| 营业利润率 | -1.6% | -3.8% |
| 净利率 | -3.1% | -7.5% |
| 营收同比 | -4.7% | 5.3% |
| 净利润同比 | 92.7% | -28.3% |
| 每股收益（稀释后） | $-0.26 | $-0.38 |
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ASHBWIN
| Q4 25 | $386.0M | $347.3M | ||
| Q3 25 | $477.0M | $365.4M | ||
| Q2 25 | $463.0M | $378.8M | ||
| Q1 25 | $479.0M | $413.4M | ||
| Q4 24 | $405.0M | $329.9M | ||
| Q3 24 | $521.0M | $338.9M | ||
| Q2 24 | $544.0M | $339.8M | ||
| Q1 24 | $575.0M | $380.4M |
净利润ASHBWIN
| Q4 25 | $-12.0M | $-25.9M | ||
| Q3 25 | $31.0M | $-18.7M | ||
| Q2 25 | $-742.0M | $-3.2M | ||
| Q1 25 | $31.0M | $13.9M | ||
| Q4 24 | $-165.0M | $-20.2M | ||
| Q3 24 | $17.0M | $-8.4M | ||
| Q2 24 | $6.0M | $-17.6M | ||
| Q1 24 | $120.0M | $21.6M |
毛利率ASHBWIN
| Q4 25 | 27.2% | — | ||
| Q3 25 | 33.3% | — | ||
| Q2 25 | 28.5% | — | ||
| Q1 25 | 30.7% | — | ||
| Q4 24 | 27.4% | — | ||
| Q3 24 | 33.2% | — | ||
| Q2 24 | 34.2% | — | ||
| Q1 24 | 28.0% | — |
营业利润率ASHBWIN
| Q4 25 | -1.6% | -3.8% | ||
| Q3 25 | 12.8% | 0.9% | ||
| Q2 25 | -152.9% | 7.4% | ||
| Q1 25 | 10.6% | 13.6% | ||
| Q4 24 | -44.2% | -1.7% | ||
| Q3 24 | 6.1% | 4.5% | ||
| Q2 24 | -11.2% | 4.8% | ||
| Q1 24 | 3.7% | 9.0% |
净利率ASHBWIN
| Q4 25 | -3.1% | -7.5% | ||
| Q3 25 | 6.5% | -5.1% | ||
| Q2 25 | -160.3% | -0.8% | ||
| Q1 25 | 6.5% | 3.4% | ||
| Q4 24 | -40.7% | -6.2% | ||
| Q3 24 | 3.3% | -2.5% | ||
| Q2 24 | 1.1% | -5.2% | ||
| Q1 24 | 20.9% | 5.7% |
每股收益（稀释后）ASHBWIN
| Q4 25 | $-0.26 | $-0.38 | ||
| Q3 25 | $0.83 | $-0.27 | ||
| Q2 25 | $-16.21 | $-0.05 | ||
| Q1 25 | $0.65 | $0.20 | ||
| Q4 24 | $-3.50 | $-0.31 | ||
| Q3 24 | $0.34 | $-0.13 | ||
| Q2 24 | $0.12 | $-0.28 | ||
| Q1 24 | $2.39 | $0.33 |
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 | $304.0M | $123.7M |
| 总债务越低越好 | $1.4B | — |
| 股东权益账面价值 | $1.9B | $600.2M |
| 总资产 | $4.5B | $3.9B |
| 负债/权益比越低杠杆越低 | 0.74× | — |
8季度趋势，按日历期对齐
现金及短期投资ASHBWIN
| Q4 25 | $304.0M | $123.7M | ||
| Q3 25 | $215.0M | $89.7M | ||
| Q2 25 | $207.0M | $105.7M | ||
| Q1 25 | $168.0M | $81.8M | ||
| Q4 24 | $219.0M | $90.0M | ||
| Q3 24 | $300.0M | $181.8M | ||
| Q2 24 | $399.0M | $208.3M | ||
| Q1 24 | $439.0M | $112.1M |
总债务ASHBWIN
| Q4 25 | $1.4B | — | ||
| Q3 25 | $1.4B | — | ||
| Q2 25 | $1.4B | — | ||
| Q1 25 | $1.3B | — | ||
| Q4 24 | $1.3B | — | ||
| Q3 24 | $1.3B | — | ||
| Q2 24 | $1.3B | — | ||
| Q1 24 | $1.3B | — |
股东权益ASHBWIN
| Q4 25 | $1.9B | $600.2M | ||
| Q3 25 | $1.9B | $619.7M | ||
| Q2 25 | $1.9B | $630.8M | ||
| Q1 25 | $2.6B | $619.6M | ||
| Q4 24 | $2.6B | $583.2M | ||
| Q3 24 | $2.9B | $595.4M | ||
| Q2 24 | $3.0B | $590.9M | ||
| Q1 24 | $3.1B | $597.9M |
总资产ASHBWIN
| Q4 25 | $4.5B | $3.9B | ||
| Q3 25 | $4.6B | $3.8B | ||
| Q2 25 | $4.6B | $3.7B | ||
| Q1 25 | $5.2B | $3.5B | ||
| Q4 24 | $5.2B | $3.5B | ||
| Q3 24 | $5.6B | $3.5B | ||
| Q2 24 | $5.7B | $3.7B | ||
| Q1 24 | $5.9B | $3.5B |
负债/权益比ASHBWIN
| Q4 25 | 0.74× | — | ||
| Q3 25 | 0.73× | — | ||
| Q2 25 | 0.73× | — | ||
| Q1 25 | 0.52× | — | ||
| Q4 24 | 0.51× | — | ||
| Q3 24 | 0.47× | — | ||
| Q2 24 | 0.45× | — | ||
| Q1 24 | 0.42× | — |
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 | $125.0M | $-29.4M |
| 自由现金流经营现金流 - 资本支出 | $111.0M | $-68.9M |
| 自由现金流率自由现金流/营收 | 28.8% | -19.9% |
| 资本支出强度资本支出/营收 | 3.6% | 11.4% |
| 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 | $200.0M | $-137.8M |
8季度趋势，按日历期对齐
经营现金流ASHBWIN
| Q4 25 | $125.0M | $-29.4M | ||
| Q3 25 | $40.0M | $41.0M | ||
| Q2 25 | $115.0M | $-16.7M | ||
| Q1 25 | $9.0M | $-64.0M | ||
| Q4 24 | $-30.0M | $51.5M | ||
| Q3 24 | $80.0M | $32.4M | ||
| Q2 24 | $127.0M | $18.3M | ||
| Q1 24 | $54.0M | $3.0M |
自由现金流ASHBWIN
| Q4 25 | $111.0M | $-68.9M | ||
| Q3 25 | $6.0M | $32.2M | ||
| Q2 25 | $95.0M | $-28.1M | ||
| Q1 25 | $-12.0M | $-72.9M | ||
| Q4 24 | $-53.0M | $10.4M | ||
| Q3 24 | $42.0M | $22.2M | ||
| Q2 24 | $98.0M | $7.8M | ||
| Q1 24 | $20.0M | $-5.1M |
自由现金流率ASHBWIN
| Q4 25 | 28.8% | -19.9% | ||
| Q3 25 | 1.3% | 8.8% | ||
| Q2 25 | 20.5% | -7.4% | ||
| Q1 25 | -2.5% | -17.6% | ||
| Q4 24 | -13.1% | 3.2% | ||
| Q3 24 | 8.1% | 6.6% | ||
| Q2 24 | 18.0% | 2.3% | ||
| Q1 24 | 3.5% | -1.4% |
资本支出强度ASHBWIN
| Q4 25 | 3.6% | 11.4% | ||
| Q3 25 | 7.1% | 2.4% | ||
| Q2 25 | 4.3% | 3.0% | ||
| Q1 25 | 4.4% | 2.2% | ||
| Q4 24 | 5.7% | 12.4% | ||
| Q3 24 | 7.3% | 3.0% | ||
| Q2 24 | 5.3% | 3.1% | ||
| Q1 24 | 5.9% | 2.1% |
现金转化率ASHBWIN
| Q4 25 | — | — | ||
| Q3 25 | 1.29× | — | ||
| Q2 25 | — | — | ||
| Q1 25 | 0.29× | -4.59× | ||
| Q4 24 | — | — | ||
| Q3 24 | 4.71× | — | ||
| Q2 24 | 21.17× | — | ||
| Q1 24 | 0.45× | 0.14× |
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
ASH
| Personal Care And Household | $123.0M | 32% |
| Other | $120.0M | 31% |
| Specialty Additives | $36.0M | 9% |
| Intermediates And Solvents | $31.0M | 8% |
| Personal Care | $30.0M | 8% |
| Life Sciences | $27.0M | 7% |
| Intermediates | $19.0M | 5% |
BWIN
| Insurance Advisory Solutions | $157.9M | 45% |
| Underwriting Capacity Technology Solutions | $129.5M | 37% |
| Consultingand Service Fee Revenue | $20.9M | 6% |
| Policy Feeand Installment Fee Revenue | $20.4M | 6% |
| Other | $7.3M | 2% |
| Earned Premium | $6.9M | 2% |
| Other Insurance Product Line | $4.4M | 1% |
