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亚什兰（ASH）与RAYONIER ADVANCED MATERIALS INC.（RYAM）财务数据对比。点击上方公司名可切换其他公司
RAYONIER ADVANCED MATERIALS INC.的季度营收约是亚什兰的1.1倍（$417.5M vs $386.0M），亚什兰净利率更高（-3.1% vs -5.0%，领先1.9%），RAYONIER ADVANCED MATERIALS INC.同比增速更快（-1.2% vs -4.7%），过去两年RAYONIER ADVANCED MATERIALS INC.的营收复合增速更高（3.8% 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。
RYAM（原雷尼尔先进材料公司）是一家美国全球性纤维素技术企业，主打高纯度特种纤维素产品，所生产的天然聚合物广泛应用于过滤器生产、食品加工、医药制造及各类工业领域，同时也为造纸和包装行业供应相关产品，在纤维素技术领域拥有较高的行业认可度。
ASH vs RYAM — 直观对比
营收规模更大
RYAM
是对方的1.1倍
$386.0M
营收增速更快
RYAM
高出3.5%
-4.7%
净利率更高
ASH
高出1.9%
-5.0%
两年增速更快
RYAM
近两年复合增速
-18.1%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $386.0M | $417.5M |
| 净利润 | $-12.0M | $-21.1M |
| 毛利率 | 27.2% | 8.9% |
| 营业利润率 | -1.6% | 2.6% |
| 净利率 | -3.1% | -5.0% |
| 营收同比 | -4.7% | -1.2% |
| 净利润同比 | 92.7% | -31.9% |
| 每股收益（稀释后） | $-0.26 | $-0.33 |
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ASHRYAM
| Q4 25 | $386.0M | $417.5M | ||
| Q3 25 | $477.0M | $352.8M | ||
| Q2 25 | $463.0M | $340.0M | ||
| Q1 25 | $479.0M | $356.0M | ||
| Q4 24 | $405.0M | $422.5M | ||
| Q3 24 | $521.0M | $401.1M | ||
| Q2 24 | $544.0M | $419.0M | ||
| Q1 24 | $575.0M | $387.7M |
净利润ASHRYAM
| Q4 25 | $-12.0M | $-21.1M | ||
| Q3 25 | $31.0M | $-4.5M | ||
| Q2 25 | $-742.0M | $-363.2M | ||
| Q1 25 | $31.0M | $-32.0M | ||
| Q4 24 | $-165.0M | $-16.0M | ||
| Q3 24 | $17.0M | $-32.6M | ||
| Q2 24 | $6.0M | $11.4M | ||
| Q1 24 | $120.0M | $-1.6M |
毛利率ASHRYAM
| Q4 25 | 27.2% | 8.9% | ||
| Q3 25 | 33.3% | 9.7% | ||
| Q2 25 | 28.5% | 7.0% | ||
| Q1 25 | 30.7% | 6.8% | ||
| Q4 24 | 27.4% | 8.7% | ||
| Q3 24 | 33.2% | 10.9% | ||
| Q2 24 | 34.2% | 11.5% | ||
| Q1 24 | 28.0% | 9.5% |
营业利润率ASHRYAM
| Q4 25 | -1.6% | 2.6% | ||
| Q3 25 | 12.8% | 2.8% | ||
| Q2 25 | -152.9% | -0.4% | ||
| Q1 25 | 10.6% | -4.2% | ||
| Q4 24 | -44.2% | 2.6% | ||
| Q3 24 | 6.1% | -4.2% | ||
| Q2 24 | -11.2% | 6.7% | ||
| Q1 24 | 3.7% | 4.4% |
净利率ASHRYAM
| Q4 25 | -3.1% | -5.0% | ||
| Q3 25 | 6.5% | -1.3% | ||
| Q2 25 | -160.3% | -106.8% | ||
| Q1 25 | 6.5% | -9.0% | ||
| Q4 24 | -40.7% | -3.8% | ||
| Q3 24 | 3.3% | -8.1% | ||
| Q2 24 | 1.1% | 2.7% | ||
| Q1 24 | 20.9% | -0.4% |
每股收益（稀释后）ASHRYAM
| Q4 25 | $-0.26 | $-0.33 | ||
| Q3 25 | $0.83 | $-0.07 | ||
| Q2 25 | $-16.21 | $-5.44 | ||
| Q1 25 | $0.65 | $-0.49 | ||
| Q4 24 | $-3.50 | $-0.25 | ||
| Q3 24 | $0.34 | $-0.49 | ||
| Q2 24 | $0.12 | $0.17 | ||
| Q1 24 | $2.39 | $-0.02 |
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 | $75.4M |
| 总债务越低越好 | $1.4B | $758.1M |
| 股东权益账面价值 | $1.9B | $316.6M |
| 总资产 | $4.5B | $1.8B |
| 负债/权益比越低杠杆越低 | 0.74× | 2.39× |
8季度趋势，按日历期对齐
现金及短期投资ASHRYAM
| Q4 25 | $304.0M | $75.4M | ||
| Q3 25 | $215.0M | $77.0M | ||
| Q2 25 | $207.0M | $70.7M | ||
| Q1 25 | $168.0M | $129.9M | ||
| Q4 24 | $219.0M | $125.2M | ||
| Q3 24 | $300.0M | $136.1M | ||
| Q2 24 | $399.0M | $114.1M | ||
| Q1 24 | $439.0M | $54.6M |
总债务ASHRYAM
| Q4 25 | $1.4B | $758.1M | ||
| Q3 25 | $1.4B | $763.5M | ||
| Q2 25 | $1.4B | $720.4M | ||
| Q1 25 | $1.3B | $707.0M | ||
| Q4 24 | $1.3B | $706.4M | ||
| Q3 24 | $1.3B | $747.7M | ||
| Q2 24 | $1.3B | $752.8M | ||
| Q1 24 | $1.3B | $755.6M |
股东权益ASHRYAM
| Q4 25 | $1.9B | $316.6M | ||
| Q3 25 | $1.9B | $338.2M | ||
| Q2 25 | $1.9B | $342.3M | ||
| Q1 25 | $2.6B | $688.1M | ||
| Q4 24 | $2.6B | $713.9M | ||
| Q3 24 | $2.9B | $732.7M | ||
| Q2 24 | $3.0B | $755.1M | ||
| Q1 24 | $3.1B | $741.8M |
总资产ASHRYAM
| Q4 25 | $4.5B | $1.8B | ||
| Q3 25 | $4.6B | $1.8B | ||
| Q2 25 | $4.6B | $1.8B | ||
| Q1 25 | $5.2B | $2.1B | ||
| Q4 24 | $5.2B | $2.1B | ||
| Q3 24 | $5.6B | $2.2B | ||
| Q2 24 | $5.7B | $2.2B | ||
| Q1 24 | $5.9B | $2.1B |
负债/权益比ASHRYAM
| Q4 25 | 0.74× | 2.39× | ||
| Q3 25 | 0.73× | 2.26× | ||
| Q2 25 | 0.73× | 2.10× | ||
| Q1 25 | 0.52× | 1.03× | ||
| Q4 24 | 0.51× | 0.99× | ||
| Q3 24 | 0.47× | 1.02× | ||
| Q2 24 | 0.45× | 1.00× | ||
| Q1 24 | 0.42× | 1.02× |
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 | $32.3M |
| 自由现金流经营现金流 - 资本支出 | $111.0M | — |
| 自由现金流率自由现金流/营收 | 28.8% | — |
| 资本支出强度资本支出/营收 | 3.6% | — |
| 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 | — |
8季度趋势，按日历期对齐
经营现金流ASHRYAM
| Q4 25 | $125.0M | $32.3M | ||
| Q3 25 | $40.0M | $-17.8M | ||
| Q2 25 | $115.0M | $-30.2M | ||
| Q1 25 | $9.0M | $39.6M | ||
| Q4 24 | $-30.0M | $54.9M | ||
| Q3 24 | $80.0M | $49.8M | ||
| Q2 24 | $127.0M | $87.6M | ||
| Q1 24 | $54.0M | $11.3M |
自由现金流ASHRYAM
| Q4 25 | $111.0M | — | ||
| Q3 25 | $6.0M | — | ||
| Q2 25 | $95.0M | — | ||
| Q1 25 | $-12.0M | — | ||
| Q4 24 | $-53.0M | — | ||
| Q3 24 | $42.0M | — | ||
| Q2 24 | $98.0M | — | ||
| Q1 24 | $20.0M | — |
自由现金流率ASHRYAM
| Q4 25 | 28.8% | — | ||
| Q3 25 | 1.3% | — | ||
| Q2 25 | 20.5% | — | ||
| Q1 25 | -2.5% | — | ||
| Q4 24 | -13.1% | — | ||
| Q3 24 | 8.1% | — | ||
| Q2 24 | 18.0% | — | ||
| Q1 24 | 3.5% | — |
资本支出强度ASHRYAM
| Q4 25 | 3.6% | — | ||
| Q3 25 | 7.1% | — | ||
| Q2 25 | 4.3% | — | ||
| Q1 25 | 4.4% | — | ||
| Q4 24 | 5.7% | — | ||
| Q3 24 | 7.3% | — | ||
| Q2 24 | 5.3% | — | ||
| Q1 24 | 5.9% | — |
现金转化率ASHRYAM
| Q4 25 | — | — | ||
| Q3 25 | 1.29× | — | ||
| Q2 25 | — | — | ||
| Q1 25 | 0.29× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 4.71× | — | ||
| Q2 24 | 21.17× | 7.69× | ||
| 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% |
RYAM
| Cellulose Specialties | $249.6M | 60% |
| Other | $86.2M | 21% |
| Paperboard | $44.2M | 11% |
| High Yield Pulp | $28.3M | 7% |
| Biomaterials | $9.2M | 2% |
