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亚什兰（ASH）与盛思阳（TSE）财务数据对比。点击上方公司名可切换其他公司
盛思阳的季度营收约是亚什兰的1.7倍（$662.6M vs $386.0M），亚什兰净利率更高（-3.1% vs -37.9%，领先34.8%），亚什兰同比增速更快（-4.7% vs -19.3%），亚什兰自由现金流更多（$111.0M vs $6.6M），过去两年盛思阳的营收复合增速更高（-14.4% 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。
盛思阳（Trinseo）是一家专注于塑料与乳胶粘合剂生产的材料企业。该公司原隶属于陶氏化学公司，2009年陶氏将其分拆待售，2010年相关资产以斯泰隆（Styron）之名作价16.3亿美元出售给贝恩资本。2016年贝恩清仓全部持股， Trinseo自此成为完全独立的公众上市公司。
ASH vs TSE — 直观对比
营收规模更大
TSE
是对方的1.7倍
$386.0M
营收增速更快
ASH
高出14.7%
-19.3%
净利率更高
ASH
高出34.8%
-37.9%
自由现金流更多
ASH
多$104.4M
$6.6M
两年增速更快
TSE
近两年复合增速
-18.1%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $386.0M | $662.6M |
| 净利润 | $-12.0M | $-251.4M |
| 毛利率 | 27.2% | 4.2% |
| 营业利润率 | -1.6% | -24.7% |
| 净利率 | -3.1% | -37.9% |
| 营收同比 | -4.7% | -19.3% |
| 净利润同比 | 92.7% | -113.2% |
| 每股收益（稀释后） | $-0.26 | $-7.02 |
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ASHTSE
| Q4 25 | $386.0M | $662.6M | ||
| Q3 25 | $477.0M | $743.2M | ||
| Q2 25 | $463.0M | $784.3M | ||
| Q1 25 | $479.0M | $784.8M | ||
| Q4 24 | $405.0M | $821.5M | ||
| Q3 24 | $521.0M | $867.7M | ||
| Q2 24 | $544.0M | $920.0M | ||
| Q1 24 | $575.0M | $904.0M |
净利润ASHTSE
| Q4 25 | $-12.0M | $-251.4M | ||
| Q3 25 | $31.0M | $-109.7M | ||
| Q2 25 | $-742.0M | $-105.5M | ||
| Q1 25 | $31.0M | $-79.0M | ||
| Q4 24 | $-165.0M | $-117.9M | ||
| Q3 24 | $17.0M | $-87.3M | ||
| Q2 24 | $6.0M | $-67.8M | ||
| Q1 24 | $120.0M | $-75.5M |
毛利率ASHTSE
| Q4 25 | 27.2% | 4.2% | ||
| Q3 25 | 33.3% | 5.0% | ||
| Q2 25 | 28.5% | 4.7% | ||
| Q1 25 | 30.7% | 8.1% | ||
| Q4 24 | 27.4% | 6.8% | ||
| Q3 24 | 33.2% | 9.3% | ||
| Q2 24 | 34.2% | 7.4% | ||
| Q1 24 | 28.0% | 6.7% |
营业利润率ASHTSE
| Q4 25 | -1.6% | -24.7% | ||
| Q3 25 | 12.8% | -3.8% | ||
| Q2 25 | -152.9% | -4.2% | ||
| Q1 25 | 10.6% | -3.7% | ||
| Q4 24 | -44.2% | -5.4% | ||
| Q3 24 | 6.1% | -1.4% | ||
| Q2 24 | -11.2% | 1.5% | ||
| Q1 24 | 3.7% | -0.4% |
净利率ASHTSE
| Q4 25 | -3.1% | -37.9% | ||
| Q3 25 | 6.5% | -14.8% | ||
| Q2 25 | -160.3% | -13.5% | ||
| Q1 25 | 6.5% | -10.1% | ||
| Q4 24 | -40.7% | -14.4% | ||
| Q3 24 | 3.3% | -10.1% | ||
| Q2 24 | 1.1% | -7.4% | ||
| Q1 24 | 20.9% | -8.4% |
每股收益（稀释后）ASHTSE
| Q4 25 | $-0.26 | $-7.02 | ||
| Q3 25 | $0.83 | $-3.05 | ||
| Q2 25 | $-16.21 | $-2.95 | ||
| Q1 25 | $0.65 | $-2.22 | ||
| Q4 24 | $-3.50 | $-3.33 | ||
| Q3 24 | $0.34 | $-2.47 | ||
| Q2 24 | $0.12 | $-1.92 | ||
| Q1 24 | $2.39 | $-2.14 |
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 | $146.7M |
| 总债务越低越好 | $1.4B | $2.5B |
| 股东权益账面价值 | $1.9B | $-1.1B |
| 总资产 | $4.5B | $2.3B |
| 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ASHTSE
| Q4 25 | $304.0M | $146.7M | ||
| Q3 25 | $215.0M | $112.1M | ||
| Q2 25 | $207.0M | $137.0M | ||
| Q1 25 | $168.0M | $126.1M | ||
| Q4 24 | $219.0M | $209.8M | ||
| Q3 24 | $300.0M | $165.3M | ||
| Q2 24 | $399.0M | $105.6M | ||
| Q1 24 | $439.0M | $166.4M |
总债务ASHTSE
| Q4 25 | $1.4B | $2.5B | ||
| Q3 25 | $1.4B | $2.5B | ||
| Q2 25 | $1.4B | $2.5B | ||
| Q1 25 | $1.3B | $2.5B | ||
| Q4 24 | $1.3B | $2.4B | ||
| Q3 24 | $1.3B | $2.4B | ||
| Q2 24 | $1.3B | $2.3B | ||
| Q1 24 | $1.3B | $2.3B |
股东权益ASHTSE
| Q4 25 | $1.9B | $-1.1B | ||
| Q3 25 | $1.9B | $-861.6M | ||
| Q2 25 | $1.9B | $-750.3M | ||
| Q1 25 | $2.6B | $-679.2M | ||
| Q4 24 | $2.6B | $-619.9M | ||
| Q3 24 | $2.9B | $-480.0M | ||
| Q2 24 | $3.0B | $-413.8M | ||
| Q1 24 | $3.1B | $-348.0M |
总资产ASHTSE
| Q4 25 | $4.5B | $2.3B | ||
| Q3 25 | $4.6B | $2.5B | ||
| Q2 25 | $4.6B | $2.6B | ||
| Q1 25 | $5.2B | $2.7B | ||
| Q4 24 | $5.2B | $2.6B | ||
| Q3 24 | $5.6B | $2.9B | ||
| Q2 24 | $5.7B | $2.8B | ||
| Q1 24 | $5.9B | $3.0B |
负债/权益比ASHTSE
| 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 | $22.6M |
| 自由现金流经营现金流 - 资本支出 | $111.0M | $6.6M |
| 自由现金流率自由现金流/营收 | 28.8% | 1.0% |
| 资本支出强度资本支出/营收 | 3.6% | 2.4% |
| 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 | $-153.4M |
8季度趋势，按日历期对齐
经营现金流ASHTSE
| Q4 25 | $125.0M | $22.6M | ||
| Q3 25 | $40.0M | $-21.6M | ||
| Q2 25 | $115.0M | $6.8M | ||
| Q1 25 | $9.0M | $-110.2M | ||
| Q4 24 | $-30.0M | $85.1M | ||
| Q3 24 | $80.0M | $8.8M | ||
| Q2 24 | $127.0M | $-41.9M | ||
| Q1 24 | $54.0M | $-66.2M |
自由现金流ASHTSE
| Q4 25 | $111.0M | $6.6M | ||
| Q3 25 | $6.0M | $-38.1M | ||
| Q2 25 | $95.0M | $-3.0M | ||
| Q1 25 | $-12.0M | $-118.9M | ||
| Q4 24 | $-53.0M | $63.9M | ||
| Q3 24 | $42.0M | $-3.4M | ||
| Q2 24 | $98.0M | $-56.1M | ||
| Q1 24 | $20.0M | $-81.9M |
自由现金流率ASHTSE
| Q4 25 | 28.8% | 1.0% | ||
| Q3 25 | 1.3% | -5.1% | ||
| Q2 25 | 20.5% | -0.4% | ||
| Q1 25 | -2.5% | -15.2% | ||
| Q4 24 | -13.1% | 7.8% | ||
| Q3 24 | 8.1% | -0.4% | ||
| Q2 24 | 18.0% | -6.1% | ||
| Q1 24 | 3.5% | -9.1% |
资本支出强度ASHTSE
| Q4 25 | 3.6% | 2.4% | ||
| Q3 25 | 7.1% | 2.2% | ||
| Q2 25 | 4.3% | 1.2% | ||
| Q1 25 | 4.4% | 1.1% | ||
| Q4 24 | 5.7% | 2.6% | ||
| Q3 24 | 7.3% | 1.4% | ||
| Q2 24 | 5.3% | 1.5% | ||
| Q1 24 | 5.9% | 1.7% |
现金转化率ASHTSE
| Q4 25 | — | — | ||
| Q3 25 | 1.29× | — | ||
| Q2 25 | — | — | ||
| Q1 25 | 0.29× | — | ||
| Q4 24 | — | — | ||
| 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% |
TSE
| Other | $325.2M | 49% |
| Asia Pacific | $142.2M | 21% |
| Engineered Materials | $105.0M | 16% |
| Latex | $59.9M | 9% |
| Polymer Solutions | $30.3M | 5% |
