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亚什兰（ASH）与DROPBOX, INC.（DBX）财务数据对比。点击上方公司名可切换其他公司
DROPBOX, INC.的季度营收约是亚什兰的1.6倍（$636.2M vs $386.0M），DROPBOX, INC.净利率更高（17.1% vs -3.1%，领先20.2%），DROPBOX, INC.同比增速更快（-1.1% vs -4.7%），DROPBOX, INC.自由现金流更多（$224.9M vs $111.0M），过去两年DROPBOX, INC.的营收复合增速更高（0.4% 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。
Dropbox是总部位于美国加利福尼亚州旧金山的云服务企业，2007年由麻省理工学院学生德鲁·休斯顿与阿拉什·费尔多西创立，初创阶段获得创业孵化器Y Combinator的种子投资，核心业务包含云存储、文件同步、个人云及配套客户端软件等服务。
ASH vs DBX — 直观对比
营收规模更大
DBX
是对方的1.6倍
$386.0M
营收增速更快
DBX
高出3.5%
-4.7%
净利率更高
DBX
高出20.2%
-3.1%
自由现金流更多
DBX
多$113.9M
$111.0M
两年增速更快
DBX
近两年复合增速
-18.1%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $386.0M | $636.2M |
| 净利润 | $-12.0M | $108.7M |
| 毛利率 | 27.2% | 79.2% |
| 营业利润率 | -1.6% | 25.5% |
| 净利率 | -3.1% | 17.1% |
| 营收同比 | -4.7% | -1.1% |
| 净利润同比 | 92.7% | 5.7% |
| 每股收益（稀释后） | $-0.26 | $0.43 |
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ASHDBX
| Q4 25 | $386.0M | $636.2M | ||
| Q3 25 | $477.0M | $634.4M | ||
| Q2 25 | $463.0M | $625.7M | ||
| Q1 25 | $479.0M | $624.7M | ||
| Q4 24 | $405.0M | $643.6M | ||
| Q3 24 | $521.0M | $638.8M | ||
| Q2 24 | $544.0M | $634.5M | ||
| Q1 24 | $575.0M | $631.3M |
净利润ASHDBX
| Q4 25 | $-12.0M | $108.7M | ||
| Q3 25 | $31.0M | $123.8M | ||
| Q2 25 | $-742.0M | $125.6M | ||
| Q1 25 | $31.0M | $150.3M | ||
| Q4 24 | $-165.0M | $102.8M | ||
| Q3 24 | $17.0M | $106.7M | ||
| Q2 24 | $6.0M | $110.5M | ||
| Q1 24 | $120.0M | $132.3M |
毛利率ASHDBX
| Q4 25 | 27.2% | 79.2% | ||
| Q3 25 | 33.3% | 79.8% | ||
| Q2 25 | 28.5% | 80.2% | ||
| Q1 25 | 30.7% | 81.3% | ||
| Q4 24 | 27.4% | 81.2% | ||
| Q3 24 | 33.2% | 82.5% | ||
| Q2 24 | 34.2% | 83.1% | ||
| Q1 24 | 28.0% | 83.2% |
营业利润率ASHDBX
| Q4 25 | -1.6% | 25.5% | ||
| Q3 25 | 12.8% | 27.5% | ||
| Q2 25 | -152.9% | 26.9% | ||
| Q1 25 | 10.6% | 29.4% | ||
| Q4 24 | -44.2% | 13.7% | ||
| Q3 24 | 6.1% | 20.0% | ||
| Q2 24 | -11.2% | 20.0% | ||
| Q1 24 | 3.7% | 22.7% |
净利率ASHDBX
| Q4 25 | -3.1% | 17.1% | ||
| Q3 25 | 6.5% | 19.5% | ||
| Q2 25 | -160.3% | 20.1% | ||
| Q1 25 | 6.5% | 24.1% | ||
| Q4 24 | -40.7% | 16.0% | ||
| Q3 24 | 3.3% | 16.7% | ||
| Q2 24 | 1.1% | 17.4% | ||
| Q1 24 | 20.9% | 21.0% |
每股收益（稀释后）ASHDBX
| Q4 25 | $-0.26 | $0.43 | ||
| Q3 25 | $0.83 | $0.47 | ||
| Q2 25 | $-16.21 | $0.45 | ||
| Q1 25 | $0.65 | $0.51 | ||
| Q4 24 | $-3.50 | $0.33 | ||
| Q3 24 | $0.34 | $0.34 | ||
| Q2 24 | $0.12 | $0.34 | ||
| Q1 24 | $2.39 | $0.39 |
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 | $891.3M |
| 总债务越低越好 | $1.4B | — |
| 股东权益账面价值 | $1.9B | $-1.8B |
| 总资产 | $4.5B | $2.8B |
| 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ASHDBX
| Q4 25 | $304.0M | $891.3M | ||
| Q3 25 | $215.0M | $730.7M | ||
| Q2 25 | $207.0M | $736.3M | ||
| Q1 25 | $168.0M | $942.2M | ||
| Q4 24 | $219.0M | $1.3B | ||
| Q3 24 | $300.0M | $517.6M | ||
| Q2 24 | $399.0M | $515.1M | ||
| Q1 24 | $439.0M | $548.9M |
总债务ASHDBX
| 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ASHDBX
| Q4 25 | $1.9B | $-1.8B | ||
| Q3 25 | $1.9B | $-1.5B | ||
| Q2 25 | $1.9B | $-1.3B | ||
| Q1 25 | $2.6B | $-1.1B | ||
| Q4 24 | $2.6B | $-752.4M | ||
| Q3 24 | $2.9B | $-546.1M | ||
| Q2 24 | $3.0B | $-371.3M | ||
| Q1 24 | $3.1B | $-277.2M |
总资产ASHDBX
| Q4 25 | $4.5B | $2.8B | ||
| Q3 25 | $4.6B | $2.8B | ||
| Q2 25 | $4.6B | $2.8B | ||
| Q1 25 | $5.2B | $3.0B | ||
| Q4 24 | $5.2B | $3.3B | ||
| Q3 24 | $5.6B | $2.6B | ||
| Q2 24 | $5.7B | $2.7B | ||
| Q1 24 | $5.9B | $2.8B |
负债/权益比ASHDBX
| 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 | $235.4M |
| 自由现金流经营现金流 - 资本支出 | $111.0M | $224.9M |
| 自由现金流率自由现金流/营收 | 28.8% | 35.4% |
| 资本支出强度资本支出/营收 | 3.6% | 1.7% |
| 现金转化率经营现金流/净利润 | — | 2.17× |
| 过去12个月自由现金流最近4个季度 | $200.0M | $930.8M |
8季度趋势，按日历期对齐
经营现金流ASHDBX
| Q4 25 | $125.0M | $235.4M | ||
| Q3 25 | $40.0M | $302.1M | ||
| Q2 25 | $115.0M | $260.5M | ||
| Q1 25 | $9.0M | $153.8M | ||
| Q4 24 | $-30.0M | $213.8M | ||
| Q3 24 | $80.0M | $274.2M | ||
| Q2 24 | $127.0M | $230.6M | ||
| Q1 24 | $54.0M | $175.5M |
自由现金流ASHDBX
| Q4 25 | $111.0M | $224.9M | ||
| Q3 25 | $6.0M | $293.7M | ||
| Q2 25 | $95.0M | $258.5M | ||
| Q1 25 | $-12.0M | $153.7M | ||
| Q4 24 | $-53.0M | $210.5M | ||
| Q3 24 | $42.0M | $270.1M | ||
| Q2 24 | $98.0M | $224.7M | ||
| Q1 24 | $20.0M | $166.3M |
自由现金流率ASHDBX
| Q4 25 | 28.8% | 35.4% | ||
| Q3 25 | 1.3% | 46.3% | ||
| Q2 25 | 20.5% | 41.3% | ||
| Q1 25 | -2.5% | 24.6% | ||
| Q4 24 | -13.1% | 32.7% | ||
| Q3 24 | 8.1% | 42.3% | ||
| Q2 24 | 18.0% | 35.4% | ||
| Q1 24 | 3.5% | 26.3% |
资本支出强度ASHDBX
| Q4 25 | 3.6% | 1.7% | ||
| Q3 25 | 7.1% | 1.3% | ||
| Q2 25 | 4.3% | 0.3% | ||
| Q1 25 | 4.4% | 0.0% | ||
| Q4 24 | 5.7% | 0.5% | ||
| Q3 24 | 7.3% | 0.6% | ||
| Q2 24 | 5.3% | 0.9% | ||
| Q1 24 | 5.9% | 1.5% |
现金转化率ASHDBX
| Q4 25 | — | 2.17× | ||
| Q3 25 | 1.29× | 2.44× | ||
| Q2 25 | — | 2.07× | ||
| Q1 25 | 0.29× | 1.02× | ||
| Q4 24 | — | 2.08× | ||
| Q3 24 | 4.71× | 2.57× | ||
| Q2 24 | 21.17× | 2.09× | ||
| Q1 24 | 0.45× | 1.33× |
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% |
DBX
| US | $355.3M | 56% |
| Non Us | $280.9M | 44% |
