vs
亚什兰（ASH）与IONIS PHARMACEUTICALS INC（IONS）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IONIS PHARMACEUTICALS INC的1.9倍（$386.0M vs $203.3M），亚什兰净利率更高（-3.1% vs -112.8%，领先109.7%），亚什兰同比增速更快（-4.7% vs -10.3%），亚什兰自由现金流更多（$111.0M vs $-159.0M），过去两年IONIS PHARMACEUTICALS INC的营收复合增速更高（30.4% 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。
IONIS制药是1989年成立的生物科技企业，总部位于美国加利福尼亚州卡尔斯巴德，专注于反义疗法、RNA干扰及CRISPR疗法的研发，2015年12月前曾以Isis制药的名称运营。
ASH vs IONS — 直观对比
营收规模更大
ASH
是对方的1.9倍
$203.3M
营收增速更快
ASH
高出5.6%
-10.3%
净利率更高
ASH
高出109.7%
-112.8%
自由现金流更多
ASH
多$270.0M
$-159.0M
两年增速更快
IONS
近两年复合增速
-18.1%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $386.0M | $203.3M |
| 净利润 | $-12.0M | $-229.4M |
| 毛利率 | 27.2% | 96.1% |
| 营业利润率 | -1.6% | -105.5% |
| 净利率 | -3.1% | -112.8% |
| 营收同比 | -4.7% | -10.3% |
| 净利润同比 | 92.7% | -119.8% |
| 每股收益（稀释后） | $-0.26 | $-1.35 |
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ASHIONS
| Q4 25 | $386.0M | $203.3M | ||
| Q3 25 | $477.0M | $156.7M | ||
| Q2 25 | $463.0M | $452.0M | ||
| Q1 25 | $479.0M | $131.6M | ||
| Q4 24 | $405.0M | $226.6M | ||
| Q3 24 | $521.0M | $133.8M | ||
| Q2 24 | $544.0M | $225.3M | ||
| Q1 24 | $575.0M | $119.5M |
净利润ASHIONS
| Q4 25 | $-12.0M | $-229.4M | ||
| Q3 25 | $31.0M | $-128.6M | ||
| Q2 25 | $-742.0M | $123.6M | ||
| Q1 25 | $31.0M | $-146.9M | ||
| Q4 24 | $-165.0M | $-104.3M | ||
| Q3 24 | $17.0M | $-140.5M | ||
| Q2 24 | $6.0M | $-66.3M | ||
| Q1 24 | $120.0M | $-142.8M |
毛利率ASHIONS
| Q4 25 | 27.2% | 96.1% | ||
| Q3 25 | 33.3% | 98.5% | ||
| Q2 25 | 28.5% | 99.1% | ||
| Q1 25 | 30.7% | 98.9% | ||
| Q4 24 | 27.4% | 98.3% | ||
| Q3 24 | 33.2% | 99.2% | ||
| Q2 24 | 34.2% | 98.2% | ||
| Q1 24 | 28.0% | 98.2% |
营业利润率ASHIONS
| Q4 25 | -1.6% | -105.5% | ||
| Q3 25 | 12.8% | -102.2% | ||
| Q2 25 | -152.9% | 30.9% | ||
| Q1 25 | 10.6% | -111.6% | ||
| Q4 24 | -44.2% | -48.9% | ||
| Q3 24 | 6.1% | -111.1% | ||
| Q2 24 | -11.2% | -29.3% | ||
| Q1 24 | 3.7% | -125.1% |
净利率ASHIONS
| Q4 25 | -3.1% | -112.8% | ||
| Q3 25 | 6.5% | -82.1% | ||
| Q2 25 | -160.3% | 27.3% | ||
| Q1 25 | 6.5% | -111.6% | ||
| Q4 24 | -40.7% | -46.1% | ||
| Q3 24 | 3.3% | -105.0% | ||
| Q2 24 | 1.1% | -29.4% | ||
| Q1 24 | 20.9% | -119.5% |
每股收益（稀释后）ASHIONS
| Q4 25 | $-0.26 | $-1.35 | ||
| Q3 25 | $0.83 | $-0.80 | ||
| Q2 25 | $-16.21 | $0.70 | ||
| Q1 25 | $0.65 | $-0.93 | ||
| Q4 24 | $-3.50 | $-0.66 | ||
| Q3 24 | $0.34 | $-0.95 | ||
| Q2 24 | $0.12 | $-0.45 | ||
| Q1 24 | $2.39 | $-0.98 |
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 | $2.7B |
| 总债务越低越好 | $1.4B | $1.8B |
| 股东权益账面价值 | $1.9B | $489.1M |
| 总资产 | $4.5B | $3.5B |
| 负债/权益比越低杠杆越低 | 0.74× | 3.71× |
8季度趋势，按日历期对齐
现金及短期投资ASHIONS
| Q4 25 | $304.0M | $2.7B | ||
| Q3 25 | $215.0M | $2.2B | ||
| Q2 25 | $207.0M | $2.3B | ||
| Q1 25 | $168.0M | $2.1B | ||
| Q4 24 | $219.0M | $2.3B | ||
| Q3 24 | $300.0M | $2.5B | ||
| Q2 24 | $399.0M | $2.1B | ||
| Q1 24 | $439.0M | $2.2B |
总债务ASHIONS
| Q4 25 | $1.4B | $1.8B | ||
| Q3 25 | $1.4B | — | ||
| Q2 25 | $1.4B | — | ||
| Q1 25 | $1.3B | — | ||
| Q4 24 | $1.3B | $1.3B | ||
| Q3 24 | $1.3B | — | ||
| Q2 24 | $1.3B | — | ||
| Q1 24 | $1.3B | — |
股东权益ASHIONS
| Q4 25 | $1.9B | $489.1M | ||
| Q3 25 | $1.9B | $618.0M | ||
| Q2 25 | $1.9B | $631.7M | ||
| Q1 25 | $2.6B | $475.7M | ||
| Q4 24 | $2.6B | $588.4M | ||
| Q3 24 | $2.9B | $662.5M | ||
| Q2 24 | $3.0B | $263.7M | ||
| Q1 24 | $3.1B | $296.5M |
总资产ASHIONS
| Q4 25 | $4.5B | $3.5B | ||
| Q3 25 | $4.6B | $3.0B | ||
| Q2 25 | $4.6B | $3.0B | ||
| Q1 25 | $5.2B | $2.8B | ||
| Q4 24 | $5.2B | $3.0B | ||
| Q3 24 | $5.6B | $3.1B | ||
| Q2 24 | $5.7B | $2.7B | ||
| Q1 24 | $5.9B | $2.8B |
负债/权益比ASHIONS
| Q4 25 | 0.74× | 3.71× | ||
| Q3 25 | 0.73× | — | ||
| Q2 25 | 0.73× | — | ||
| Q1 25 | 0.52× | — | ||
| Q4 24 | 0.51× | 2.13× | ||
| 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 | $-137.7M |
| 自由现金流经营现金流 - 资本支出 | $111.0M | $-159.0M |
| 自由现金流率自由现金流/营收 | 28.8% | -78.2% |
| 资本支出强度资本支出/营收 | 3.6% | 10.5% |
| 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 | $-320.0M |
8季度趋势，按日历期对齐
经营现金流ASHIONS
| Q4 25 | $125.0M | $-137.7M | ||
| Q3 25 | $40.0M | $-131.4M | ||
| Q2 25 | $115.0M | $151.3M | ||
| Q1 25 | $9.0M | $-150.8M | ||
| Q4 24 | $-30.0M | $-116.1M | ||
| Q3 24 | $80.0M | $-115.0M | ||
| Q2 24 | $127.0M | $-119.9M | ||
| Q1 24 | $54.0M | $-149.9M |
自由现金流ASHIONS
| Q4 25 | $111.0M | $-159.0M | ||
| Q3 25 | $6.0M | $-136.7M | ||
| Q2 25 | $95.0M | $139.0M | ||
| Q1 25 | $-12.0M | $-163.4M | ||
| Q4 24 | $-53.0M | $-141.6M | ||
| Q3 24 | $42.0M | $-124.0M | ||
| Q2 24 | $98.0M | $-126.1M | ||
| Q1 24 | $20.0M | $-154.4M |
自由现金流率ASHIONS
| Q4 25 | 28.8% | -78.2% | ||
| Q3 25 | 1.3% | -87.2% | ||
| Q2 25 | 20.5% | 30.8% | ||
| Q1 25 | -2.5% | -124.1% | ||
| Q4 24 | -13.1% | -62.5% | ||
| Q3 24 | 8.1% | -92.7% | ||
| Q2 24 | 18.0% | -56.0% | ||
| Q1 24 | 3.5% | -129.2% |
资本支出强度ASHIONS
| Q4 25 | 3.6% | 10.5% | ||
| Q3 25 | 7.1% | 3.4% | ||
| Q2 25 | 4.3% | 2.7% | ||
| Q1 25 | 4.4% | 9.6% | ||
| Q4 24 | 5.7% | 11.3% | ||
| Q3 24 | 7.3% | 6.8% | ||
| Q2 24 | 5.3% | 2.8% | ||
| Q1 24 | 5.9% | 3.8% |
现金转化率ASHIONS
| Q4 25 | — | — | ||
| Q3 25 | 1.29× | — | ||
| Q2 25 | — | 1.22× | ||
| Q1 25 | 0.29× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 4.71× | — | ||
| Q2 24 | 21.17× | — | ||
| Q1 24 | 0.45× | — |
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% |
IONS
| Products | $58.0M | 29% |
| Spinraza Royalties | $54.0M | 27% |
| Collaborative Agreement Revenue | $52.4M | 26% |
| Wainus Royalties | $16.0M | 8% |
| Wainua Joint Development Revenue | $9.6M | 5% |
| Other Commercial | $7.6M | 4% |
| Other Royalties | $5.7M | 3% |
