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亚什兰（ASH）与SUBURBAN PROPANE PARTNERS LP（SPH）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SUBURBAN PROPANE PARTNERS LP的1.0倍（$386.0M vs $370.4M），SUBURBAN PROPANE PARTNERS LP净利率更高（12.4% vs -3.1%，领先15.5%），SUBURBAN PROPANE PARTNERS LP同比增速更快（-0.8% vs -4.7%），亚什兰自由现金流更多（$111.0M vs $-67.5M），过去两年SUBURBAN PROPANE PARTNERS LP的营收复合增速更高（-13.8% 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。
Suburban Propane Partners LP是美国领先的丙烷、天然气、取暖油及相关能源产品分销商，服务覆盖住宅、商业、工业、农业等各类客户，同时提供暖通空调系统的安装、维护与维修服务，业务范围遍布全美。
ASH vs SPH — 直观对比
营收规模更大
ASH
是对方的1.0倍
$370.4M
营收增速更快
SPH
高出3.9%
-4.7%
净利率更高
SPH
高出15.5%
-3.1%
自由现金流更多
ASH
多$178.5M
$-67.5M
两年增速更快
SPH
近两年复合增速
-18.1%
损益表 — Q1 FY2026 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $386.0M | $370.4M |
| 净利润 | $-12.0M | $45.8M |
| 毛利率 | 27.2% | 64.7% |
| 营业利润率 | -1.6% | 18.3% |
| 净利率 | -3.1% | 12.4% |
| 营收同比 | -4.7% | -0.8% |
| 净利润同比 | 92.7% | 135.7% |
| 每股收益（稀释后） | $-0.26 | $0.69 |
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ASHSPH
| Q4 25 | $386.0M | $370.4M | ||
| Q3 25 | $477.0M | $211.4M | ||
| Q2 25 | $463.0M | $260.1M | ||
| Q1 25 | $479.0M | $587.7M | ||
| Q4 24 | $405.0M | $373.3M | ||
| Q3 24 | $521.0M | $208.6M | ||
| Q2 24 | $544.0M | $254.6M | ||
| Q1 24 | $575.0M | $498.1M |
净利润ASHSPH
| Q4 25 | $-12.0M | $45.8M | ||
| Q3 25 | $31.0M | $-35.1M | ||
| Q2 25 | $-742.0M | $-14.8M | ||
| Q1 25 | $31.0M | $137.1M | ||
| Q4 24 | $-165.0M | $19.4M | ||
| Q3 24 | $17.0M | $-44.6M | ||
| Q2 24 | $6.0M | $-17.2M | ||
| Q1 24 | $120.0M | $111.5M |
毛利率ASHSPH
| Q4 25 | 27.2% | 64.7% | ||
| Q3 25 | 33.3% | 64.7% | ||
| Q2 25 | 28.5% | 61.7% | ||
| Q1 25 | 30.7% | 58.8% | ||
| Q4 24 | 27.4% | 60.6% | ||
| Q3 24 | 33.2% | 59.4% | ||
| Q2 24 | 34.2% | 62.9% | ||
| Q1 24 | 28.0% | 61.8% |
营业利润率ASHSPH
| Q4 25 | -1.6% | 18.3% | ||
| Q3 25 | 12.8% | -7.9% | ||
| Q2 25 | -152.9% | 2.1% | ||
| Q1 25 | 10.6% | 27.0% | ||
| Q4 24 | -44.2% | 15.8% | ||
| Q3 24 | 6.1% | -10.8% | ||
| Q2 24 | -11.2% | 3.2% | ||
| Q1 24 | 3.7% | 27.5% |
净利率ASHSPH
| Q4 25 | -3.1% | 12.4% | ||
| Q3 25 | 6.5% | -16.6% | ||
| Q2 25 | -160.3% | -5.7% | ||
| Q1 25 | 6.5% | 23.3% | ||
| Q4 24 | -40.7% | 5.2% | ||
| Q3 24 | 3.3% | -21.4% | ||
| Q2 24 | 1.1% | -6.8% | ||
| Q1 24 | 20.9% | 22.4% |
每股收益（稀释后）ASHSPH
| Q4 25 | $-0.26 | $0.69 | ||
| Q3 25 | $0.83 | $-0.55 | ||
| Q2 25 | $-16.21 | $-0.23 | ||
| Q1 25 | $0.65 | $2.10 | ||
| Q4 24 | $-3.50 | $0.30 | ||
| Q3 24 | $0.34 | $-0.69 | ||
| Q2 24 | $0.12 | $-0.27 | ||
| Q1 24 | $2.39 | $1.72 |
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 | $1.3M |
| 总债务越低越好 | $1.4B | $1.3B |
| 股东权益账面价值 | $1.9B | — |
| 总资产 | $4.5B | $2.4B |
| 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ASHSPH
| Q4 25 | $304.0M | $1.3M | ||
| Q3 25 | $215.0M | $405.0K | ||
| Q2 25 | $207.0M | $1.3M | ||
| Q1 25 | $168.0M | $3.9M | ||
| Q4 24 | $219.0M | $4.4M | ||
| Q3 24 | $300.0M | $3.2M | ||
| Q2 24 | $399.0M | $4.9M | ||
| Q1 24 | $439.0M | $4.4M |
总债务ASHSPH
| Q4 25 | $1.4B | $1.3B | ||
| Q3 25 | $1.4B | $1.2B | ||
| Q2 25 | $1.4B | $1.2B | ||
| Q1 25 | $1.3B | $1.3B | ||
| Q4 24 | $1.3B | $1.3B | ||
| Q3 24 | $1.3B | $1.2B | ||
| Q2 24 | $1.3B | $1.2B | ||
| Q1 24 | $1.3B | $1.2B |
股东权益ASHSPH
| Q4 25 | $1.9B | — | ||
| Q3 25 | $1.9B | — | ||
| Q2 25 | $1.9B | — | ||
| Q1 25 | $2.6B | — | ||
| Q4 24 | $2.6B | — | ||
| Q3 24 | $2.9B | — | ||
| Q2 24 | $3.0B | — | ||
| Q1 24 | $3.1B | — |
总资产ASHSPH
| Q4 25 | $4.5B | $2.4B | ||
| Q3 25 | $4.6B | $2.3B | ||
| Q2 25 | $4.6B | $2.3B | ||
| Q1 25 | $5.2B | $2.4B | ||
| Q4 24 | $5.2B | $2.4B | ||
| Q3 24 | $5.6B | $2.3B | ||
| Q2 24 | $5.7B | $2.3B | ||
| Q1 24 | $5.9B | $2.3B |
负债/权益比ASHSPH
| 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 | $-47.7M |
| 自由现金流经营现金流 - 资本支出 | $111.0M | $-67.5M |
| 自由现金流率自由现金流/营收 | 28.8% | -18.2% |
| 资本支出强度资本支出/营收 | 3.6% | 5.3% |
| 现金转化率经营现金流/净利润 | — | -1.04× |
| 过去12个月自由现金流最近4个季度 | $200.0M | $61.9M |
8季度趋势，按日历期对齐
经营现金流ASHSPH
| Q4 25 | $125.0M | $-47.7M | ||
| Q3 25 | $40.0M | $41.8M | ||
| Q2 25 | $115.0M | $95.5M | ||
| Q1 25 | $9.0M | $40.1M | ||
| Q4 24 | $-30.0M | $8.8M | ||
| Q3 24 | $80.0M | $36.8M | ||
| Q2 24 | $127.0M | $61.4M | ||
| Q1 24 | $54.0M | $75.1M |
自由现金流ASHSPH
| Q4 25 | $111.0M | $-67.5M | ||
| Q3 25 | $6.0M | $27.7M | ||
| Q2 25 | $95.0M | $80.9M | ||
| Q1 25 | $-12.0M | $20.8M | ||
| Q4 24 | $-53.0M | $-15.1M | ||
| Q3 24 | $42.0M | $17.7M | ||
| Q2 24 | $98.0M | $46.8M | ||
| Q1 24 | $20.0M | $60.6M |
自由现金流率ASHSPH
| Q4 25 | 28.8% | -18.2% | ||
| Q3 25 | 1.3% | 13.1% | ||
| Q2 25 | 20.5% | 31.1% | ||
| Q1 25 | -2.5% | 3.5% | ||
| Q4 24 | -13.1% | -4.0% | ||
| Q3 24 | 8.1% | 8.5% | ||
| Q2 24 | 18.0% | 18.4% | ||
| Q1 24 | 3.5% | 12.2% |
资本支出强度ASHSPH
| Q4 25 | 3.6% | 5.3% | ||
| Q3 25 | 7.1% | 6.7% | ||
| Q2 25 | 4.3% | 5.6% | ||
| Q1 25 | 4.4% | 3.3% | ||
| Q4 24 | 5.7% | 6.4% | ||
| Q3 24 | 7.3% | 9.1% | ||
| Q2 24 | 5.3% | 5.8% | ||
| Q1 24 | 5.9% | 2.9% |
现金转化率ASHSPH
| Q4 25 | — | -1.04× | ||
| Q3 25 | 1.29× | — | ||
| Q2 25 | — | — | ||
| Q1 25 | 0.29× | 0.29× | ||
| Q4 24 | — | 0.45× | ||
| Q3 24 | 4.71× | — | ||
| Q2 24 | 21.17× | — | ||
| Q1 24 | 0.45× | 0.67× |
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% |
SPH
| Propane | $326.4M | 88% |
| Other Sales Revenue Net | $19.9M | 5% |
| Fuel Oil And Refined Fuels | $18.2M | 5% |
| Natural Gas And Electricity | $5.9M | 2% |
| Wholesale | $4.1M | 1% |
