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亚什兰（ASH）与USA Compression Partners, LP（USAC）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USA Compression Partners, LP的1.5倍（$386.0M vs $252.5M），USA Compression Partners, LP净利率更高（11.0% vs -3.1%，领先14.1%），USA Compression Partners, LP同比增速更快（2.7% vs -4.7%），亚什兰自由现金流更多（$111.0M vs $87.7M），过去两年USA Compression Partners, LP的营收复合增速更高（4.9% 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。
USA Compression Partners, LP是一家总部位于美国的天然气压缩服务供应商，服务覆盖油气行业上游、中游及下游领域，提供定制化压缩系统、设备维护与运营支持，助力天然气生产、加工和运输环节高效运转。
ASH vs USAC — 直观对比
营收规模更大
ASH
是对方的1.5倍
$252.5M
营收增速更快
USAC
高出7.4%
-4.7%
净利率更高
USAC
高出14.1%
-3.1%
自由现金流更多
ASH
多$23.3M
$87.7M
两年增速更快
USAC
近两年复合增速
-18.1%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $386.0M | $252.5M |
| 净利润 | $-12.0M | $27.8M |
| 毛利率 | 27.2% | — |
| 营业利润率 | -1.6% | 30.3% |
| 净利率 | -3.1% | 11.0% |
| 营收同比 | -4.7% | 2.7% |
| 净利润同比 | 92.7% | 9.1% |
| 每股收益（稀释后） | $-0.26 | — |
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ASHUSAC
| Q4 25 | $386.0M | $252.5M | ||
| Q3 25 | $477.0M | $250.3M | ||
| Q2 25 | $463.0M | $250.1M | ||
| Q1 25 | $479.0M | $245.2M | ||
| Q4 24 | $405.0M | $245.9M | ||
| Q3 24 | $521.0M | $240.0M | ||
| Q2 24 | $544.0M | $235.3M | ||
| Q1 24 | $575.0M | $229.3M |
净利润ASHUSAC
| Q4 25 | $-12.0M | $27.8M | ||
| Q3 25 | $31.0M | $34.5M | ||
| Q2 25 | $-742.0M | $28.6M | ||
| Q1 25 | $31.0M | $20.5M | ||
| Q4 24 | $-165.0M | $25.4M | ||
| Q3 24 | $17.0M | $19.3M | ||
| Q2 24 | $6.0M | $31.2M | ||
| Q1 24 | $120.0M | $23.6M |
毛利率ASHUSAC
| 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ASHUSAC
| Q4 25 | -1.6% | 30.3% | ||
| Q3 25 | 12.8% | 33.5% | ||
| Q2 25 | -152.9% | 30.6% | ||
| Q1 25 | 10.6% | 28.3% | ||
| Q4 24 | -44.2% | 30.3% | ||
| Q3 24 | 6.1% | 31.5% | ||
| Q2 24 | -11.2% | 32.9% | ||
| Q1 24 | 3.7% | 29.2% |
净利率ASHUSAC
| Q4 25 | -3.1% | 11.0% | ||
| Q3 25 | 6.5% | 13.8% | ||
| Q2 25 | -160.3% | 11.4% | ||
| Q1 25 | 6.5% | 8.4% | ||
| Q4 24 | -40.7% | 10.3% | ||
| Q3 24 | 3.3% | 8.1% | ||
| Q2 24 | 1.1% | 13.3% | ||
| Q1 24 | 20.9% | 10.3% |
每股收益（稀释后）ASHUSAC
| Q4 25 | $-0.26 | — | ||
| Q3 25 | $0.83 | — | ||
| Q2 25 | $-16.21 | — | ||
| Q1 25 | $0.65 | — | ||
| Q4 24 | $-3.50 | — | ||
| Q3 24 | $0.34 | — | ||
| Q2 24 | $0.12 | — | ||
| Q1 24 | $2.39 | — |
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 | $8.6M |
| 总债务越低越好 | $1.4B | $2.5B |
| 股东权益账面价值 | $1.9B | — |
| 总资产 | $4.5B | $2.6B |
| 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ASHUSAC
| Q4 25 | $304.0M | $8.6M | ||
| Q3 25 | $215.0M | — | ||
| Q2 25 | $207.0M | $2.0K | ||
| Q1 25 | $168.0M | $2.0K | ||
| Q4 24 | $219.0M | $14.0K | ||
| Q3 24 | $300.0M | $79.0K | ||
| Q2 24 | $399.0M | $9.0K | ||
| Q1 24 | $439.0M | $8.0K |
总债务ASHUSAC
| 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 | $2.5B | ||
| Q3 24 | $1.3B | $2.5B | ||
| Q2 24 | $1.3B | $2.5B | ||
| Q1 24 | $1.3B | $2.5B |
股东权益ASHUSAC
| 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ASHUSAC
| Q4 25 | $4.5B | $2.6B | ||
| Q3 25 | $4.6B | $2.7B | ||
| Q2 25 | $4.6B | $2.7B | ||
| Q1 25 | $5.2B | $2.7B | ||
| Q4 24 | $5.2B | $2.7B | ||
| Q3 24 | $5.6B | $2.8B | ||
| Q2 24 | $5.7B | $2.8B | ||
| Q1 24 | $5.9B | $2.8B |
负债/权益比ASHUSAC
| 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 | $139.5M |
| 自由现金流经营现金流 - 资本支出 | $111.0M | $87.7M |
| 自由现金流率自由现金流/营收 | 28.8% | 34.8% |
| 资本支出强度资本支出/营收 | 3.6% | 20.5% |
| 现金转化率经营现金流/净利润 | — | 5.02× |
| 过去12个月自由现金流最近4个季度 | $200.0M | $277.0M |
8季度趋势，按日历期对齐
经营现金流ASHUSAC
| Q4 25 | $125.0M | $139.5M | ||
| Q3 25 | $40.0M | $75.9M | ||
| Q2 25 | $115.0M | $124.2M | ||
| Q1 25 | $9.0M | $54.7M | ||
| Q4 24 | $-30.0M | $130.2M | ||
| Q3 24 | $80.0M | $48.5M | ||
| Q2 24 | $127.0M | $96.7M | ||
| Q1 24 | $54.0M | $65.9M |
自由现金流ASHUSAC
| Q4 25 | $111.0M | $87.7M | ||
| Q3 25 | $6.0M | $51.9M | ||
| Q2 25 | $95.0M | $101.1M | ||
| Q1 25 | $-12.0M | $36.3M | ||
| Q4 24 | $-53.0M | $101.2M | ||
| Q3 24 | $42.0M | $19.8M | ||
| Q2 24 | $98.0M | $48.2M | ||
| Q1 24 | $20.0M | $-32.7M |
自由现金流率ASHUSAC
| Q4 25 | 28.8% | 34.8% | ||
| Q3 25 | 1.3% | 20.7% | ||
| Q2 25 | 20.5% | 40.4% | ||
| Q1 25 | -2.5% | 14.8% | ||
| Q4 24 | -13.1% | 41.1% | ||
| Q3 24 | 8.1% | 8.2% | ||
| Q2 24 | 18.0% | 20.5% | ||
| Q1 24 | 3.5% | -14.3% |
资本支出强度ASHUSAC
| Q4 25 | 3.6% | 20.5% | ||
| Q3 25 | 7.1% | 9.6% | ||
| Q2 25 | 4.3% | 9.3% | ||
| Q1 25 | 4.4% | 7.5% | ||
| Q4 24 | 5.7% | 11.8% | ||
| Q3 24 | 7.3% | 12.0% | ||
| Q2 24 | 5.3% | 20.6% | ||
| Q1 24 | 5.9% | 43.0% |
现金转化率ASHUSAC
| Q4 25 | — | 5.02× | ||
| Q3 25 | 1.29× | 2.20× | ||
| Q2 25 | — | 4.35× | ||
| Q1 25 | 0.29× | 2.66× | ||
| Q4 24 | — | 5.12× | ||
| Q3 24 | 4.71× | 2.51× | ||
| Q2 24 | 21.17× | 3.10× | ||
| Q1 24 | 0.45× | 2.80× |
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% |
USAC
| Revenue From Contract Operations Excluding Revenue From Related Party | $231.7M | 92% |
| Entities Affiliated With Energy Transfer LP | $16.6M | 7% |
| Transferred At Point In Time | $5.4M | 2% |
