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AMERICAN AXLE & MANUFACTURING HOLDINGS INC（AXL）与塞拉尼斯（CE）财务数据对比。点击上方公司名可切换其他公司
塞拉尼斯的季度营收约是AMERICAN AXLE & MANUFACTURING HOLDINGS INC的1.6倍（$2.2B vs $1.4B），塞拉尼斯净利率更高（0.6% vs -5.4%，领先6.1%），AMERICAN AXLE & MANUFACTURING HOLDINGS INC同比增速更快（0.2% vs -7.0%），塞拉尼斯自由现金流更多（$168.0M vs $54.7M），过去两年AMERICAN AXLE & MANUFACTURING HOLDINGS INC的营收复合增速更高（-7.2% vs -8.1%）
美国车桥制造控股有限公司总部位于密歇根州底特律，是一家美国汽车传动轴与动力传动系统零部件及系统制造商，在汽车传动领域拥有成熟的技术与产能，为全球多家车企供应相关核心配件。
塞拉尼斯是总部位于美国得克萨斯州欧文市的技术及特种材料企业，位列财富500强。公司是全球醋酸行业领军生产商，年产量约195万吨，占全球总产量的20%左右，同时也是全球最大的醋酸乙烯酯单体（VAM）供应商。
AXL vs CE — 直观对比
营收规模更大
CE
是对方的1.6倍
$1.4B
营收增速更快
AXL
高出7.2%
-7.0%
净利率更高
CE
高出6.1%
-5.4%
自由现金流更多
CE
多$113.3M
$54.7M
两年增速更快
AXL
近两年复合增速
-8.1%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.4B | $2.2B |
| 净利润 | $-75.3M | $14.0M |
| 毛利率 | 10.2% | 19.1% |
| 营业利润率 | -2.4% | 4.0% |
| 净利率 | -5.4% | 0.6% |
| 营收同比 | 0.2% | -7.0% |
| 净利润同比 | -449.6% | 100.7% |
| 每股收益（稀释后） | $-0.62 | $0.13 |
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AXLCE
| Q4 25 | $1.4B | $2.2B | ||
| Q3 25 | $1.5B | $2.4B | ||
| Q2 25 | $1.5B | $2.5B | ||
| Q1 25 | $1.4B | $2.4B | ||
| Q4 24 | $1.4B | $2.4B | ||
| Q3 24 | $1.5B | $2.6B | ||
| Q2 24 | $1.6B | $2.7B | ||
| Q1 24 | $1.6B | $2.6B |
净利润AXLCE
| Q4 25 | $-75.3M | $14.0M | ||
| Q3 25 | $9.2M | $-1.4B | ||
| Q2 25 | $39.3M | $199.0M | ||
| Q1 25 | $7.1M | $-21.0M | ||
| Q4 24 | $-13.7M | $-1.9B | ||
| Q3 24 | $10.0M | $116.0M | ||
| Q2 24 | $18.2M | $155.0M | ||
| Q1 24 | $20.5M | $121.0M |
毛利率AXLCE
| Q4 25 | 10.2% | 19.1% | ||
| Q3 25 | 12.6% | 21.5% | ||
| Q2 25 | 13.1% | 21.1% | ||
| Q1 25 | 12.3% | 19.9% | ||
| Q4 24 | 11.2% | 22.7% | ||
| Q3 24 | 11.4% | 23.5% | ||
| Q2 24 | 13.3% | 24.2% | ||
| Q1 24 | 12.4% | 21.2% |
营业利润率AXLCE
| Q4 25 | -2.4% | 4.0% | ||
| Q3 25 | 3.2% | -52.7% | ||
| Q2 25 | 3.6% | 9.2% | ||
| Q1 25 | 3.0% | 7.0% | ||
| Q4 24 | 2.6% | -59.3% | ||
| Q3 24 | 2.8% | 9.4% | ||
| Q2 24 | 5.3% | 9.4% | ||
| Q1 24 | 4.8% | 8.0% |
净利率AXLCE
| Q4 25 | -5.4% | 0.6% | ||
| Q3 25 | 0.6% | -56.1% | ||
| Q2 25 | 2.6% | 7.9% | ||
| Q1 25 | 0.5% | -0.9% | ||
| Q4 24 | -1.0% | -80.8% | ||
| Q3 24 | 0.7% | 4.4% | ||
| Q2 24 | 1.1% | 5.8% | ||
| Q1 24 | 1.3% | 4.6% |
每股收益（稀释后）AXLCE
| Q4 25 | $-0.62 | $0.13 | ||
| Q3 25 | $0.07 | $-12.39 | ||
| Q2 25 | $0.32 | $1.81 | ||
| Q1 25 | $0.06 | $-0.19 | ||
| Q4 24 | $-0.11 | $-17.50 | ||
| Q3 24 | $0.08 | $1.06 | ||
| Q2 24 | $0.15 | $1.41 | ||
| Q1 24 | $0.17 | $1.10 |
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 | $708.9M | — |
| 总债务越低越好 | $4.0B | $11.4B |
| 股东权益账面价值 | $640.0M | $4.0B |
| 总资产 | $6.7B | $21.7B |
| 负债/权益比越低杠杆越低 | 6.31× | 2.81× |
8季度趋势，按日历期对齐
现金及短期投资AXLCE
| Q4 25 | $708.9M | — | ||
| Q3 25 | $714.1M | — | ||
| Q2 25 | $586.5M | — | ||
| Q1 25 | $549.2M | — | ||
| Q4 24 | $552.9M | — | ||
| Q3 24 | $542.5M | — | ||
| Q2 24 | $519.9M | — | ||
| Q1 24 | $469.8M | — |
总债务AXLCE
| Q4 25 | $4.0B | $11.4B | ||
| Q3 25 | $2.6B | $11.7B | ||
| Q2 25 | $2.6B | $12.7B | ||
| Q1 25 | $2.6B | $12.4B | ||
| Q4 24 | $2.6B | $11.1B | ||
| Q3 24 | $2.6B | $11.3B | ||
| Q2 24 | $2.7B | $11.1B | ||
| Q1 24 | $2.7B | $11.0B |
股东权益AXLCE
| Q4 25 | $640.0M | $4.0B | ||
| Q3 25 | $718.4M | $4.0B | ||
| Q2 25 | $673.0M | $5.3B | ||
| Q1 25 | $596.3M | $5.2B | ||
| Q4 24 | $562.8M | $5.2B | ||
| Q3 24 | $616.3M | $7.3B | ||
| Q2 24 | $609.6M | $7.2B | ||
| Q1 24 | $621.4M | $7.1B |
总资产AXLCE
| Q4 25 | $6.7B | $21.7B | ||
| Q3 25 | $5.3B | $22.2B | ||
| Q2 25 | $5.3B | $23.7B | ||
| Q1 25 | $5.1B | $23.2B | ||
| Q4 24 | $5.1B | $22.9B | ||
| Q3 24 | $5.3B | $25.9B | ||
| Q2 24 | $5.3B | $25.8B | ||
| Q1 24 | $5.4B | $26.0B |
负债/权益比AXLCE
| Q4 25 | 6.31× | 2.81× | ||
| Q3 25 | 3.61× | 2.95× | ||
| Q2 25 | 3.86× | 2.41× | ||
| Q1 25 | 4.38× | 2.39× | ||
| Q4 24 | 4.58× | 2.14× | ||
| Q3 24 | 4.28× | 1.56× | ||
| Q2 24 | 4.42× | 1.54× | ||
| Q1 24 | 4.40× | 1.56× |
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 | $120.5M | $252.0M |
| 自由现金流经营现金流 - 资本支出 | $54.7M | $168.0M |
| 自由现金流率自由现金流/营收 | 4.0% | 7.6% |
| 资本支出强度资本支出/营收 | 4.8% | 3.8% |
| 现金转化率经营现金流/净利润 | — | 18.00× |
| 过去12个月自由现金流最近4个季度 | $155.1M | $803.0M |
8季度趋势，按日历期对齐
经营现金流AXLCE
| Q4 25 | $120.5M | $252.0M | ||
| Q3 25 | $143.3M | $447.0M | ||
| Q2 25 | $91.9M | $410.0M | ||
| Q1 25 | $55.9M | $37.0M | ||
| Q4 24 | $151.2M | $494.0M | ||
| Q3 24 | $143.6M | $79.0M | ||
| Q2 24 | $142.8M | $292.0M | ||
| Q1 24 | $17.8M | $101.0M |
自由现金流AXLCE
| Q4 25 | $54.7M | $168.0M | ||
| Q3 25 | $79.2M | $383.0M | ||
| Q2 25 | $34.6M | $317.0M | ||
| Q1 25 | $-13.4M | $-65.0M | ||
| Q4 24 | $73.2M | $389.0M | ||
| Q3 24 | $70.4M | $-9.0M | ||
| Q2 24 | $94.0M | $187.0M | ||
| Q1 24 | $-30.2M | $-36.0M |
自由现金流率AXLCE
| Q4 25 | 4.0% | 7.6% | ||
| Q3 25 | 5.3% | 15.8% | ||
| Q2 25 | 2.3% | 12.5% | ||
| Q1 25 | -0.9% | -2.7% | ||
| Q4 24 | 5.3% | 16.4% | ||
| Q3 24 | 4.7% | -0.3% | ||
| Q2 24 | 5.8% | 7.1% | ||
| Q1 24 | -1.9% | -1.4% |
资本支出强度AXLCE
| Q4 25 | 4.8% | 3.8% | ||
| Q3 25 | 4.3% | 2.6% | ||
| Q2 25 | 3.7% | 3.7% | ||
| Q1 25 | 4.9% | 4.3% | ||
| Q4 24 | 5.6% | 4.4% | ||
| Q3 24 | 4.9% | 3.3% | ||
| Q2 24 | 3.0% | 4.0% | ||
| Q1 24 | 3.0% | 5.2% |
现金转化率AXLCE
| Q4 25 | — | 18.00× | ||
| Q3 25 | 15.58× | — | ||
| Q2 25 | 2.34× | 2.06× | ||
| Q1 25 | 7.87× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 14.36× | 0.68× | ||
| Q2 24 | 7.85× | 1.88× | ||
| Q1 24 | 0.87× | 0.83× |
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
AXL
| Driveline | $748.4M | 54% |
| Other | $345.7M | 25% |
| Metal Forming | $289.8M | 21% |
CE
| Engineered Materials | $1.3B | 58% |
| Acetyl Chain | $940.0M | 43% |
