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亚什兰（ASH）与SPIRE INC（SR）财务数据对比。点击上方公司名可切换其他公司
SPIRE INC的季度营收约是亚什兰的2.0倍（$762.2M vs $386.0M），SPIRE INC净利率更高（12.5% vs -3.1%，领先15.6%），SPIRE INC同比增速更快（13.9% vs -4.7%），亚什兰自由现金流更多（$111.0M vs $-121.8M），过去两年SPIRE INC的营收复合增速更高（-17.8% 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。
Spire Inc是总部位于美国密苏里州圣路易斯的区域公用事业控股公司，核心业务为受监管的天然气供应服务，同时布局非监管类业务拓展商业机会。旗下主要子公司Laclede Gas Company是密苏里州最大的天然气分销公用事业企业，为圣路易斯市及密苏里州东部10个县的约63.1万户住宅、商业及工业客户提供服务。
ASH vs SR — 直观对比
营收规模更大
SR
是对方的2.0倍
$386.0M
营收增速更快
SR
高出18.6%
-4.7%
净利率更高
SR
高出15.6%
-3.1%
自由现金流更多
ASH
多$232.8M
$-121.8M
两年增速更快
SR
近两年复合增速
-18.1%
损益表 — Q1 FY2026 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $386.0M | $762.2M |
| 净利润 | $-12.0M | $95.0M |
| 毛利率 | 27.2% | 55.1% |
| 营业利润率 | -1.6% | 22.8% |
| 净利率 | -3.1% | 12.5% |
| 营收同比 | -4.7% | 13.9% |
| 净利润同比 | 92.7% | 16.9% |
| 每股收益（稀释后） | $-0.26 | $1.54 |
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ASHSR
| Q4 25 | $386.0M | $762.2M | ||
| Q3 25 | $477.0M | $334.1M | ||
| Q2 25 | $463.0M | $421.9M | ||
| Q1 25 | $479.0M | $1.1B | ||
| Q4 24 | $405.0M | $669.1M | ||
| Q3 24 | $521.0M | $293.8M | ||
| Q2 24 | $544.0M | $414.1M | ||
| Q1 24 | $575.0M | $1.1B |
净利润ASHSR
| Q4 25 | $-12.0M | $95.0M | ||
| Q3 25 | $31.0M | $-39.8M | ||
| Q2 25 | $-742.0M | $20.9M | ||
| Q1 25 | $31.0M | $209.3M | ||
| Q4 24 | $-165.0M | $81.3M | ||
| Q3 24 | $17.0M | $-25.9M | ||
| Q2 24 | $6.0M | $-12.6M | ||
| Q1 24 | $120.0M | $204.3M |
毛利率ASHSR
| Q4 25 | 27.2% | 55.1% | ||
| Q3 25 | 33.3% | — | ||
| Q2 25 | 28.5% | — | ||
| Q1 25 | 30.7% | — | ||
| Q4 24 | 27.4% | 55.6% | ||
| Q3 24 | 33.2% | — | ||
| Q2 24 | 34.2% | — | ||
| Q1 24 | 28.0% | — |
营业利润率ASHSR
| Q4 25 | -1.6% | 22.8% | ||
| Q3 25 | 12.8% | -0.1% | ||
| Q2 25 | -152.9% | 16.4% | ||
| Q1 25 | 10.6% | 29.1% | ||
| Q4 24 | -44.2% | 22.2% | ||
| Q3 24 | 6.1% | 6.7% | ||
| Q2 24 | -11.2% | 7.4% | ||
| Q1 24 | 3.7% | 26.5% |
净利率ASHSR
| Q4 25 | -3.1% | 12.5% | ||
| Q3 25 | 6.5% | -11.9% | ||
| Q2 25 | -160.3% | 5.0% | ||
| Q1 25 | 6.5% | 19.9% | ||
| Q4 24 | -40.7% | 12.2% | ||
| Q3 24 | 3.3% | -8.8% | ||
| Q2 24 | 1.1% | -3.0% | ||
| Q1 24 | 20.9% | 18.1% |
每股收益（稀释后）ASHSR
| Q4 25 | $-0.26 | $1.54 | ||
| Q3 25 | $0.83 | $-0.77 | ||
| Q2 25 | $-16.21 | $0.29 | ||
| Q1 25 | $0.65 | $3.51 | ||
| Q4 24 | $-3.50 | $1.34 | ||
| Q3 24 | $0.34 | $-0.63 | ||
| Q2 24 | $0.12 | $-0.28 | ||
| Q1 24 | $2.39 | $3.58 |
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 | $4.1M |
| 总债务越低越好 | $1.4B | — |
| 股东权益账面价值 | $1.9B | $3.4B |
| 总资产 | $4.5B | $11.9B |
| 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ASHSR
| Q4 25 | $304.0M | $4.1M | ||
| Q3 25 | $215.0M | $5.7M | ||
| Q2 25 | $207.0M | $13.1M | ||
| Q1 25 | $168.0M | $15.2M | ||
| Q4 24 | $219.0M | $11.5M | ||
| Q3 24 | $300.0M | $4.5M | ||
| Q2 24 | $399.0M | $7.4M | ||
| Q1 24 | $439.0M | $25.6M |
总债务ASHSR
| 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ASHSR
| Q4 25 | $1.9B | $3.4B | ||
| Q3 25 | $1.9B | $3.4B | ||
| Q2 25 | $1.9B | $3.5B | ||
| Q1 25 | $2.6B | $3.5B | ||
| Q4 24 | $2.6B | $3.3B | ||
| Q3 24 | $2.9B | $3.2B | ||
| Q2 24 | $3.0B | $3.3B | ||
| Q1 24 | $3.1B | $3.4B |
总资产ASHSR
| Q4 25 | $4.5B | $11.9B | ||
| Q3 25 | $4.6B | $11.6B | ||
| Q2 25 | $4.6B | $11.4B | ||
| Q1 25 | $5.2B | $11.3B | ||
| Q4 24 | $5.2B | $11.3B | ||
| Q3 24 | $5.6B | $10.9B | ||
| Q2 24 | $5.7B | $10.7B | ||
| Q1 24 | $5.9B | $10.7B |
负债/权益比ASHSR
| 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 | $81.0M |
| 自由现金流经营现金流 - 资本支出 | $111.0M | $-121.8M |
| 自由现金流率自由现金流/营收 | 28.8% | -16.0% |
| 资本支出强度资本支出/营收 | 3.6% | 26.6% |
| 现金转化率经营现金流/净利润 | — | 0.85× |
| 过去12个月自由现金流最近4个季度 | $200.0M | $-286.7M |
8季度趋势，按日历期对齐
经营现金流ASHSR
| Q4 25 | $125.0M | $81.0M | ||
| Q3 25 | $40.0M | $-4.9M | ||
| Q2 25 | $115.0M | $129.1M | ||
| Q1 25 | $9.0M | $372.7M | ||
| Q4 24 | $-30.0M | $81.1M | ||
| Q3 24 | $80.0M | $82.9M | ||
| Q2 24 | $127.0M | $270.1M | ||
| Q1 24 | $54.0M | $489.4M |
自由现金流ASHSR
| Q4 25 | $111.0M | $-121.8M | ||
| Q3 25 | $6.0M | $-227.6M | ||
| Q2 25 | $95.0M | $-91.4M | ||
| Q1 25 | $-12.0M | $154.1M | ||
| Q4 24 | $-53.0M | $-179.5M | ||
| Q3 24 | $42.0M | $-146.9M | ||
| Q2 24 | $98.0M | $47.9M | ||
| Q1 24 | $20.0M | $306.6M |
自由现金流率ASHSR
| Q4 25 | 28.8% | -16.0% | ||
| Q3 25 | 1.3% | -68.1% | ||
| Q2 25 | 20.5% | -21.7% | ||
| Q1 25 | -2.5% | 14.7% | ||
| Q4 24 | -13.1% | -26.8% | ||
| Q3 24 | 8.1% | -50.0% | ||
| Q2 24 | 18.0% | 11.6% | ||
| Q1 24 | 3.5% | 27.2% |
资本支出强度ASHSR
| Q4 25 | 3.6% | 26.6% | ||
| Q3 25 | 7.1% | 66.7% | ||
| Q2 25 | 4.3% | 52.3% | ||
| Q1 25 | 4.4% | 20.8% | ||
| Q4 24 | 5.7% | 38.9% | ||
| Q3 24 | 7.3% | 78.2% | ||
| Q2 24 | 5.3% | 53.7% | ||
| Q1 24 | 5.9% | 16.2% |
现金转化率ASHSR
| Q4 25 | — | 0.85× | ||
| Q3 25 | 1.29× | — | ||
| Q2 25 | — | 6.18× | ||
| Q1 25 | 0.29× | 1.78× | ||
| Q4 24 | — | 1.00× | ||
| Q3 24 | 4.71× | — | ||
| Q2 24 | 21.17× | — | ||
| Q1 24 | 0.45× | 2.40× |
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% |
SR
| Residential | $474.9M | 62% |
| Commercial And Industrial | $148.4M | 19% |
| Gas Marketing | $41.1M | 5% |
| Midstream | $39.0M | 5% |
| Transportation | $37.1M | 5% |
| Offsystem And Other Inventive | $19.7M | 3% |
| Other Customer Revenue | $4.6M | 1% |
