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亚什兰（ASH）与美世（MERC）财务数据对比。点击上方公司名可切换其他公司
美世的季度营收约是亚什兰的1.2倍（$449.5M vs $386.0M），亚什兰净利率更高（-3.1% vs -68.7%，领先65.6%），亚什兰同比增速更快（-4.7% vs -8.0%），亚什兰自由现金流更多（$111.0M vs $32.0M），过去两年美世的营收复合增速更高（-9.9% 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。
美世是1945年成立的美国咨询公司，为全球专业服务集团威达信的四大运营子公司之一，总部位于纽约，在43个国家设有办事处，业务覆盖130个国家，主要为客户提供人力资源与金融咨询服务。
ASH vs MERC — 直观对比
营收规模更大
MERC
是对方的1.2倍
$386.0M
营收增速更快
ASH
高出3.3%
-8.0%
净利率更高
ASH
高出65.6%
-68.7%
自由现金流更多
ASH
多$79.0M
$32.0M
两年增速更快
MERC
近两年复合增速
-18.1%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $386.0M | $449.5M |
| 净利润 | $-12.0M | $-308.7M |
| 毛利率 | 27.2% | — |
| 营业利润率 | -1.6% | -62.0% |
| 净利率 | -3.1% | -68.7% |
| 营收同比 | -4.7% | -8.0% |
| 净利润同比 | 92.7% | -1947.7% |
| 每股收益（稀释后） | $-0.26 | $-4.61 |
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ASHMERC
| Q4 25 | $386.0M | $449.5M | ||
| Q3 25 | $477.0M | $458.1M | ||
| Q2 25 | $463.0M | $453.5M | ||
| Q1 25 | $479.0M | $507.0M | ||
| Q4 24 | $405.0M | $488.4M | ||
| Q3 24 | $521.0M | $502.1M | ||
| Q2 24 | $544.0M | $499.4M | ||
| Q1 24 | $575.0M | $553.4M |
净利润ASHMERC
| Q4 25 | $-12.0M | $-308.7M | ||
| Q3 25 | $31.0M | $-80.8M | ||
| Q2 25 | $-742.0M | $-86.1M | ||
| Q1 25 | $31.0M | $-22.3M | ||
| Q4 24 | $-165.0M | $16.7M | ||
| Q3 24 | $17.0M | $-17.6M | ||
| Q2 24 | $6.0M | $-67.6M | ||
| Q1 24 | $120.0M | $-16.7M |
毛利率ASHMERC
| 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ASHMERC
| Q4 25 | -1.6% | -62.0% | ||
| Q3 25 | 12.8% | -14.8% | ||
| Q2 25 | -152.9% | -12.9% | ||
| Q1 25 | 10.6% | 1.3% | ||
| Q4 24 | -44.2% | 10.3% | ||
| Q3 24 | 6.1% | 1.8% | ||
| Q2 24 | -11.2% | -8.8% | ||
| Q1 24 | 3.7% | -0.1% |
净利率ASHMERC
| Q4 25 | -3.1% | -68.7% | ||
| Q3 25 | 6.5% | -17.6% | ||
| Q2 25 | -160.3% | -19.0% | ||
| Q1 25 | 6.5% | -4.4% | ||
| Q4 24 | -40.7% | 3.4% | ||
| Q3 24 | 3.3% | -3.5% | ||
| Q2 24 | 1.1% | -13.5% | ||
| Q1 24 | 20.9% | -3.0% |
每股收益（稀释后）ASHMERC
| Q4 25 | $-0.26 | $-4.61 | ||
| Q3 25 | $0.83 | $-1.21 | ||
| Q2 25 | $-16.21 | $-1.29 | ||
| Q1 25 | $0.65 | $-0.33 | ||
| Q4 24 | $-3.50 | $0.25 | ||
| Q3 24 | $0.34 | $-0.26 | ||
| Q2 24 | $0.12 | $-1.01 | ||
| Q1 24 | $2.39 | $-0.25 |
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 | $186.8M |
| 总债务越低越好 | $1.4B | $1.6B |
| 股东权益账面价值 | $1.9B | $68.1M |
| 总资产 | $4.5B | $2.0B |
| 负债/权益比越低杠杆越低 | 0.74× | 23.58× |
8季度趋势，按日历期对齐
现金及短期投资ASHMERC
| Q4 25 | $304.0M | $186.8M | ||
| Q3 25 | $215.0M | $98.1M | ||
| Q2 25 | $207.0M | $146.5M | ||
| Q1 25 | $168.0M | $181.5M | ||
| Q4 24 | $219.0M | $184.9M | ||
| Q3 24 | $300.0M | $239.0M | ||
| Q2 24 | $399.0M | $263.2M | ||
| Q1 24 | $439.0M | $274.3M |
总债务ASHMERC
| Q4 25 | $1.4B | $1.6B | ||
| Q3 25 | $1.4B | $1.5B | ||
| Q2 25 | $1.4B | $1.5B | ||
| Q1 25 | $1.3B | $1.5B | ||
| Q4 24 | $1.3B | $1.5B | ||
| Q3 24 | $1.3B | $1.6B | ||
| Q2 24 | $1.3B | $1.6B | ||
| Q1 24 | $1.3B | $1.6B |
股东权益ASHMERC
| Q4 25 | $1.9B | $68.1M | ||
| Q3 25 | $1.9B | $359.5M | ||
| Q2 25 | $1.9B | $446.5M | ||
| Q1 25 | $2.6B | $437.4M | ||
| Q4 24 | $2.6B | $429.8M | ||
| Q3 24 | $2.9B | $516.8M | ||
| Q2 24 | $3.0B | $487.7M | ||
| Q1 24 | $3.1B | $573.6M |
总资产ASHMERC
| Q4 25 | $4.5B | $2.0B | ||
| Q3 25 | $4.6B | $2.3B | ||
| Q2 25 | $4.6B | $2.4B | ||
| Q1 25 | $5.2B | $2.3B | ||
| Q4 24 | $5.2B | $2.3B | ||
| Q3 24 | $5.6B | $2.5B | ||
| Q2 24 | $5.7B | $2.5B | ||
| Q1 24 | $5.9B | $2.6B |
负债/权益比ASHMERC
| Q4 25 | 0.74× | 23.58× | ||
| Q3 25 | 0.73× | 4.30× | ||
| Q2 25 | 0.73× | 3.42× | ||
| Q1 25 | 0.52× | 3.44× | ||
| Q4 24 | 0.51× | 3.43× | ||
| Q3 24 | 0.47× | 3.09× | ||
| Q2 24 | 0.45× | 3.22× | ||
| Q1 24 | 0.42× | 2.82× |
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 | $46.2M |
| 自由现金流经营现金流 - 资本支出 | $111.0M | $32.0M |
| 自由现金流率自由现金流/营收 | 28.8% | 7.1% |
| 资本支出强度资本支出/营收 | 3.6% | 3.1% |
| 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 | $-80.0M |
8季度趋势，按日历期对齐
经营现金流ASHMERC
| Q4 25 | $125.0M | $46.2M | ||
| Q3 25 | $40.0M | $-30.1M | ||
| Q2 25 | $115.0M | $-4.5M | ||
| Q1 25 | $9.0M | $-3.0M | ||
| Q4 24 | $-30.0M | $71.2M | ||
| Q3 24 | $80.0M | $-13.9M | ||
| Q2 24 | $127.0M | $62.2M | ||
| Q1 24 | $54.0M | $-29.2M |
自由现金流ASHMERC
| Q4 25 | $111.0M | $32.0M | ||
| Q3 25 | $6.0M | $-60.1M | ||
| Q2 25 | $95.0M | $-28.9M | ||
| Q1 25 | $-12.0M | $-23.1M | ||
| Q4 24 | $-53.0M | $50.4M | ||
| Q3 24 | $42.0M | $-41.2M | ||
| Q2 24 | $98.0M | $44.3M | ||
| Q1 24 | $20.0M | $-47.7M |
自由现金流率ASHMERC
| Q4 25 | 28.8% | 7.1% | ||
| Q3 25 | 1.3% | -13.1% | ||
| Q2 25 | 20.5% | -6.4% | ||
| Q1 25 | -2.5% | -4.6% | ||
| Q4 24 | -13.1% | 10.3% | ||
| Q3 24 | 8.1% | -8.2% | ||
| Q2 24 | 18.0% | 8.9% | ||
| Q1 24 | 3.5% | -8.6% |
资本支出强度ASHMERC
| Q4 25 | 3.6% | 3.1% | ||
| Q3 25 | 7.1% | 6.6% | ||
| Q2 25 | 4.3% | 5.4% | ||
| Q1 25 | 4.4% | 4.0% | ||
| Q4 24 | 5.7% | 4.2% | ||
| Q3 24 | 7.3% | 5.4% | ||
| Q2 24 | 5.3% | 3.6% | ||
| Q1 24 | 5.9% | 3.3% |
现金转化率ASHMERC
| Q4 25 | — | — | ||
| Q3 25 | 1.29× | — | ||
| Q2 25 | — | — | ||
| Q1 25 | 0.29× | — | ||
| Q4 24 | — | 4.26× | ||
| 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% |
MERC
| Other | $215.3M | 48% |
| Solid Wood | $110.2M | 25% |
| Lumber | $54.9M | 12% |
| Pallets | $23.7M | 5% |
| Energyandchemicals | $18.7M | 4% |
| Manufactured Products | $14.1M | 3% |
| Biofuels | $10.0M | 2% |
| Wood Residuals | $2.6M | 1% |
