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亚什兰（ASH）与Texas Pacific Land Corporation（TPL）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Texas Pacific Land Corporation的1.8倍（$386.0M vs $211.6M），Texas Pacific Land Corporation净利率更高（58.3% vs -3.1%，领先61.4%），Texas Pacific Land Corporation同比增速更快（13.9% vs -4.7%），过去两年Texas Pacific Land Corporation的营收复合增速更高（10.2% 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。
Texas Pacific Land Corporation（简称TPL）是一家公开上市的不动产运营企业，行政总部位于美国得克萨斯州达拉斯市。公司在得州西部20个郡拥有逾88万英亩（约3600平方公里）土地，是得州规模最大的私人土地所有者之一，前身为得克萨斯太平洋土地信托。
ASH vs TPL — 直观对比
营收规模更大
ASH
是对方的1.8倍
$211.6M
营收增速更快
TPL
高出18.6%
-4.7%
净利率更高
TPL
高出61.4%
-3.1%
两年增速更快
TPL
近两年复合增速
-18.1%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $386.0M | $211.6M |
| 净利润 | $-12.0M | $123.3M |
| 毛利率 | 27.2% | — |
| 营业利润率 | -1.6% | 70.5% |
| 净利率 | -3.1% | 58.3% |
| 营收同比 | -4.7% | 13.9% |
| 净利润同比 | 92.7% | 4.2% |
| 每股收益（稀释后） | $-0.26 | $-8.59 |
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ASHTPL
| Q4 25 | $386.0M | $211.6M | ||
| Q3 25 | $477.0M | $203.1M | ||
| Q2 25 | $463.0M | $187.5M | ||
| Q1 25 | $479.0M | $196.0M | ||
| Q4 24 | $405.0M | $185.8M | ||
| Q3 24 | $521.0M | $173.6M | ||
| Q2 24 | $544.0M | $172.3M | ||
| Q1 24 | $575.0M | $174.1M |
净利润ASHTPL
| Q4 25 | $-12.0M | $123.3M | ||
| Q3 25 | $31.0M | $121.2M | ||
| Q2 25 | $-742.0M | $116.1M | ||
| Q1 25 | $31.0M | $120.7M | ||
| Q4 24 | $-165.0M | $118.4M | ||
| Q3 24 | $17.0M | $106.6M | ||
| Q2 24 | $6.0M | $114.6M | ||
| Q1 24 | $120.0M | $114.4M |
毛利率ASHTPL
| 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ASHTPL
| Q4 25 | -1.6% | 70.5% | ||
| Q3 25 | 12.8% | 73.4% | ||
| Q2 25 | -152.9% | 76.6% | ||
| Q1 25 | 10.6% | 76.6% | ||
| Q4 24 | -44.2% | 76.7% | ||
| Q3 24 | 6.1% | 73.4% | ||
| Q2 24 | -11.2% | 77.3% | ||
| Q1 24 | 3.7% | 78.1% |
净利率ASHTPL
| Q4 25 | -3.1% | 58.3% | ||
| Q3 25 | 6.5% | 59.7% | ||
| Q2 25 | -160.3% | 61.9% | ||
| Q1 25 | 6.5% | 61.6% | ||
| Q4 24 | -40.7% | 63.7% | ||
| Q3 24 | 3.3% | 61.4% | ||
| Q2 24 | 1.1% | 66.5% | ||
| Q1 24 | 20.9% | 65.7% |
每股收益（稀释后）ASHTPL
| Q4 25 | $-0.26 | $-8.59 | ||
| Q3 25 | $0.83 | $5.27 | ||
| Q2 25 | $-16.21 | $5.05 | ||
| Q1 25 | $0.65 | $5.24 | ||
| Q4 24 | $-3.50 | $5.14 | ||
| Q3 24 | $0.34 | $4.63 | ||
| Q2 24 | $0.12 | $4.98 | ||
| Q1 24 | $2.39 | $4.97 |
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 | $144.8M |
| 总债务越低越好 | $1.4B | — |
| 股东权益账面价值 | $1.9B | $1.5B |
| 总资产 | $4.5B | $1.6B |
| 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ASHTPL
| Q4 25 | $304.0M | $144.8M | ||
| Q3 25 | $215.0M | $531.8M | ||
| Q2 25 | $207.0M | $543.9M | ||
| Q1 25 | $168.0M | $460.4M | ||
| Q4 24 | $219.0M | $369.8M | ||
| Q3 24 | $300.0M | $533.9M | ||
| Q2 24 | $399.0M | $894.7M | ||
| Q1 24 | $439.0M | $837.1M |
总债务ASHTPL
| 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ASHTPL
| Q4 25 | $1.9B | $1.5B | ||
| Q3 25 | $1.9B | $1.4B | ||
| Q2 25 | $1.9B | $1.3B | ||
| Q1 25 | $2.6B | $1.2B | ||
| Q4 24 | $2.6B | $1.1B | ||
| Q3 24 | $2.9B | $1.1B | ||
| Q2 24 | $3.0B | $1.2B | ||
| Q1 24 | $3.1B | $1.1B |
总资产ASHTPL
| Q4 25 | $4.5B | $1.6B | ||
| Q3 25 | $4.6B | $1.5B | ||
| Q2 25 | $4.6B | $1.4B | ||
| Q1 25 | $5.2B | $1.4B | ||
| Q4 24 | $5.2B | $1.2B | ||
| Q3 24 | $5.6B | $1.2B | ||
| Q2 24 | $5.7B | $1.3B | ||
| Q1 24 | $5.9B | $1.3B |
负债/权益比ASHTPL
| 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 | $113.7M |
| 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 | — | 0.92× |
| 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ASHTPL
| Q4 25 | $125.0M | $113.7M | ||
| Q3 25 | $40.0M | $154.6M | ||
| Q2 25 | $115.0M | $120.9M | ||
| Q1 25 | $9.0M | $156.7M | ||
| Q4 24 | $-30.0M | $126.6M | ||
| Q3 24 | $80.0M | $118.6M | ||
| Q2 24 | $127.0M | $98.3M | ||
| Q1 24 | $54.0M | $147.2M |
自由现金流ASHTPL
| 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ASHTPL
| 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ASHTPL
| 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ASHTPL
| Q4 25 | — | 0.92× | ||
| Q3 25 | 1.29× | 1.28× | ||
| Q2 25 | — | 1.04× | ||
| Q1 25 | 0.29× | 1.30× | ||
| Q4 24 | — | 1.07× | ||
| Q3 24 | 4.71× | 1.11× | ||
| Q2 24 | 21.17× | 0.86× | ||
| Q1 24 | 0.45× | 1.29× |
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% |
TPL
| Water Serviceand Operations Segment | $98.2M | 46% |
| Water Sales And Royalties | $60.7M | 29% |
| Produced Water Royalties | $33.5M | 16% |
| Easementand Sundry | $20.6M | 10% |
