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亚什兰（ASH）与INNOVATE Corp.（VATE）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INNOVATE Corp.的1.0倍（$386.0M vs $382.7M），INNOVATE Corp.净利率更高（-1.9% vs -3.1%，领先1.2%），INNOVATE Corp.同比增速更快（61.7% vs -4.7%），过去两年INNOVATE Corp.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。
创新公司（Innovate Corp.）是一家美国上市金融服务企业，创立于1994年，深耕金融服务领域，面向市场提供多元专业金融相关服务，是美国本土具备多年运营经验的公众金融服务机构。
ASH vs VATE — 直观对比
营收规模更大
ASH
是对方的1.0倍
$382.7M
营收增速更快
VATE
高出66.4%
-4.7%
净利率更高
VATE
高出1.2%
-3.1%
两年增速更快
VATE
近两年复合增速
-18.1%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $386.0M | $382.7M |
| 净利润 | $-12.0M | $-7.4M |
| 毛利率 | 27.2% | 15.4% |
| 营业利润率 | -1.6% | 3.7% |
| 净利率 | -3.1% | -1.9% |
| 营收同比 | -4.7% | 61.7% |
| 净利润同比 | 92.7% | 55.4% |
| 每股收益（稀释后） | $-0.26 | $-0.57 |
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ASHVATE
| Q4 25 | $386.0M | $382.7M | ||
| Q3 25 | $477.0M | $347.1M | ||
| Q2 25 | $463.0M | $242.0M | ||
| Q1 25 | $479.0M | $274.2M | ||
| Q4 24 | $405.0M | $236.6M | ||
| Q3 24 | $521.0M | $242.2M | ||
| Q2 24 | $544.0M | $313.1M | ||
| Q1 24 | $575.0M | $315.2M |
净利润ASHVATE
| Q4 25 | $-12.0M | $-7.4M | ||
| Q3 25 | $31.0M | $-8.9M | ||
| Q2 25 | $-742.0M | $-19.8M | ||
| Q1 25 | $31.0M | $-24.5M | ||
| Q4 24 | $-165.0M | $-16.6M | ||
| Q3 24 | $17.0M | $-15.0M | ||
| Q2 24 | $6.0M | $14.4M | ||
| Q1 24 | $120.0M | $-17.4M |
毛利率ASHVATE
| Q4 25 | 27.2% | 15.4% | ||
| Q3 25 | 33.3% | 14.3% | ||
| Q2 25 | 28.5% | 18.8% | ||
| Q1 25 | 30.7% | 16.6% | ||
| Q4 24 | 27.4% | 19.6% | ||
| Q3 24 | 33.2% | 19.9% | ||
| Q2 24 | 34.2% | 21.0% | ||
| Q1 24 | 28.0% | 15.4% |
营业利润率ASHVATE
| Q4 25 | -1.6% | 3.7% | ||
| Q3 25 | 12.8% | 1.8% | ||
| Q2 25 | -152.9% | 2.0% | ||
| Q1 25 | 10.6% | 1.2% | ||
| Q4 24 | -44.2% | 1.1% | ||
| Q3 24 | 6.1% | 2.4% | ||
| Q2 24 | -11.2% | 9.2% | ||
| Q1 24 | 3.7% | 0.9% |
净利率ASHVATE
| Q4 25 | -3.1% | -1.9% | ||
| Q3 25 | 6.5% | -2.6% | ||
| Q2 25 | -160.3% | -8.2% | ||
| Q1 25 | 6.5% | -8.9% | ||
| Q4 24 | -40.7% | -7.0% | ||
| Q3 24 | 3.3% | -6.2% | ||
| Q2 24 | 1.1% | 4.6% | ||
| Q1 24 | 20.9% | -5.5% |
每股收益（稀释后）ASHVATE
| Q4 25 | $-0.26 | $-0.57 | ||
| Q3 25 | $0.83 | $-0.71 | ||
| Q2 25 | $-16.21 | $-1.67 | ||
| Q1 25 | $0.65 | $-1.89 | ||
| Q4 24 | $-3.50 | $-0.72 | ||
| Q3 24 | $0.34 | $-1.18 | ||
| Q2 24 | $0.12 | $1.03 | ||
| Q1 24 | $2.39 | $-2.21 |
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 | $112.1M |
| 总债务越低越好 | $1.4B | $80.3M |
| 股东权益账面价值 | $1.9B | $-240.1M |
| 总资产 | $4.5B | $950.1M |
| 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ASHVATE
| Q4 25 | $304.0M | $112.1M | ||
| Q3 25 | $215.0M | $35.5M | ||
| Q2 25 | $207.0M | $33.4M | ||
| Q1 25 | $168.0M | $33.3M | ||
| Q4 24 | $219.0M | $48.8M | ||
| Q3 24 | $300.0M | $51.0M | ||
| Q2 24 | $399.0M | $80.2M | ||
| Q1 24 | $439.0M | $38.4M |
总债务ASHVATE
| Q4 25 | $1.4B | $80.3M | ||
| Q3 25 | $1.4B | $97.3M | ||
| Q2 25 | $1.4B | $160.1M | ||
| Q1 25 | $1.3B | $139.9M | ||
| Q4 24 | $1.3B | $500.6M | ||
| Q3 24 | $1.3B | $502.4M | ||
| Q2 24 | $1.3B | $638.3M | ||
| Q1 24 | $1.3B | $641.5M |
股东权益ASHVATE
| Q4 25 | $1.9B | $-240.1M | ||
| Q3 25 | $1.9B | $-233.3M | ||
| Q2 25 | $1.9B | $-224.8M | ||
| Q1 25 | $2.6B | $-204.2M | ||
| Q4 24 | $2.6B | $-180.4M | ||
| Q3 24 | $2.9B | $-163.1M | ||
| Q2 24 | $3.0B | $-149.0M | ||
| Q1 24 | $3.1B | $-184.4M |
总资产ASHVATE
| Q4 25 | $4.5B | $950.1M | ||
| Q3 25 | $4.6B | $913.2M | ||
| Q2 25 | $4.6B | $890.9M | ||
| Q1 25 | $5.2B | $868.0M | ||
| Q4 24 | $5.2B | $891.1M | ||
| Q3 24 | $5.6B | $897.2M | ||
| Q2 24 | $5.7B | $898.9M | ||
| Q1 24 | $5.9B | $943.5M |
负债/权益比ASHVATE
| 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 | $101.1M |
| 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 | — | — |
| 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ASHVATE
| Q4 25 | $125.0M | $101.1M | ||
| Q3 25 | $40.0M | $19.2M | ||
| Q2 25 | $115.0M | $40.4M | ||
| Q1 25 | $9.0M | $-14.1M | ||
| Q4 24 | $-30.0M | $41.4M | ||
| Q3 24 | $80.0M | $-28.4M | ||
| Q2 24 | $127.0M | $21.5M | ||
| Q1 24 | $54.0M | $-25.4M |
自由现金流ASHVATE
| Q4 25 | $111.0M | — | ||
| Q3 25 | $6.0M | $19.0M | ||
| Q2 25 | $95.0M | — | ||
| Q1 25 | $-12.0M | $-18.8M | ||
| Q4 24 | $-53.0M | $34.2M | ||
| Q3 24 | $42.0M | $-31.5M | ||
| Q2 24 | $98.0M | $18.4M | ||
| Q1 24 | $20.0M | $-31.0M |
自由现金流率ASHVATE
| Q4 25 | 28.8% | — | ||
| Q3 25 | 1.3% | 5.5% | ||
| Q2 25 | 20.5% | — | ||
| Q1 25 | -2.5% | -6.9% | ||
| Q4 24 | -13.1% | 14.5% | ||
| Q3 24 | 8.1% | -13.0% | ||
| Q2 24 | 18.0% | 5.9% | ||
| Q1 24 | 3.5% | -9.8% |
资本支出强度ASHVATE
| Q4 25 | 3.6% | — | ||
| Q3 25 | 7.1% | 0.1% | ||
| Q2 25 | 4.3% | — | ||
| Q1 25 | 4.4% | 1.7% | ||
| Q4 24 | 5.7% | 3.0% | ||
| Q3 24 | 7.3% | 1.3% | ||
| Q2 24 | 5.3% | 1.0% | ||
| Q1 24 | 5.9% | 1.8% |
现金转化率ASHVATE
| Q4 25 | — | — | ||
| Q3 25 | 1.29× | — | ||
| Q2 25 | — | — | ||
| Q1 25 | 0.29× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 4.71× | — | ||
| Q2 24 | 21.17× | 1.49× | ||
| 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% |
VATE
| Commercial Revenue | $126.1M | 33% |
| Industrial Revenue | $87.5M | 23% |
| Transportation Revenue | $58.4M | 15% |
| Healthcare Revenue | $48.4M | 13% |
| Government Revenue | $44.3M | 12% |
| Energy Revenue | $8.0M | 2% |
| Broadcast Station Revenue | $5.7M | 1% |
| Systems And Consumables Revenue | $3.1M | 1% |
| Leisure Revenue | $200.0K | 0% |
