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艾仕得（AXTA）与希悦尔（SEE）财务数据对比。点击上方公司名可切换其他公司
希悦尔的季度营收约是艾仕得的1.1倍（$1.4B vs $1.3B），艾仕得净利率更高（4.8% vs 3.1%，领先1.6%），希悦尔同比增速更快（2.6% vs -3.7%），艾仕得自由现金流更多（$286.0M vs $257.7M），过去两年希悦尔的营收复合增速更高（2.7% vs -1.2%）
艾仕得是源自美国的专业涂料供应商，总部位于宾夕法尼亚州费城，注册地为百慕大。公司主营乘用车、商用车、工业场景及修补用途涂料的研发与生产，业务覆盖全球130个国家，拥有近1.3万名员工，服务超10万家客户。
希悦尔是全球领先的包装与防护解决方案供应商，核心产品包括缓冲防护材料、食品保鲜包装、可持续减废包装系统，服务覆盖电商、零售、食品饮料、工业制造等多个海内外领域。
AXTA vs SEE — 直观对比
营收规模更大
SEE
是对方的1.1倍
$1.3B
营收增速更快
SEE
高出6.4%
-3.7%
净利率更高
AXTA
高出1.6%
3.1%
自由现金流更多
AXTA
多$28.3M
$257.7M
两年增速更快
SEE
近两年复合增速
-1.2%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.3B | $1.4B |
| 净利润 | $60.0M | $43.8M |
| 毛利率 | 33.4% | 28.6% |
| 营业利润率 | 12.8% | 11.4% |
| 净利率 | 4.8% | 3.1% |
| 营收同比 | -3.7% | 2.6% |
| 净利润同比 | -56.2% | 700.0% |
| 每股收益（稀释后） | $0.28 | $0.30 |
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AXTASEE
| Q4 25 | $1.3B | $1.4B | ||
| Q3 25 | $1.3B | $1.3B | ||
| Q2 25 | $1.3B | $1.3B | ||
| Q1 25 | $1.3B | $1.3B | ||
| Q4 24 | $1.3B | $1.4B | ||
| Q3 24 | $1.3B | $1.3B | ||
| Q2 24 | $1.4B | $1.3B | ||
| Q1 24 | $1.3B | $1.3B |
净利润AXTASEE
| Q4 25 | $60.0M | $43.8M | ||
| Q3 25 | $110.0M | $255.1M | ||
| Q2 25 | $109.0M | $93.1M | ||
| Q1 25 | $99.0M | $113.5M | ||
| Q4 24 | $137.0M | $-7.3M | ||
| Q3 24 | $101.0M | $91.7M | ||
| Q2 24 | $112.0M | $98.3M | ||
| Q1 24 | $41.0M | $82.0M |
毛利率AXTASEE
| Q4 25 | 33.4% | 28.6% | ||
| Q3 25 | 34.9% | 29.8% | ||
| Q2 25 | 35.0% | 30.7% | ||
| Q1 25 | 34.3% | 30.9% | ||
| Q4 24 | 34.1% | 30.0% | ||
| Q3 24 | 35.0% | 30.1% | ||
| Q2 24 | 34.0% | 31.2% | ||
| Q1 24 | 33.2% | 30.3% |
营业利润率AXTASEE
| Q4 25 | 12.8% | 11.4% | ||
| Q3 25 | 15.8% | 13.8% | ||
| Q2 25 | 14.8% | 15.0% | ||
| Q1 25 | 13.9% | 14.5% | ||
| Q4 24 | 14.3% | 11.7% | ||
| Q3 24 | 14.6% | 13.9% | ||
| Q2 24 | 15.2% | 15.4% | ||
| Q1 24 | 9.4% | 14.0% |
净利率AXTASEE
| Q4 25 | 4.8% | 3.1% | ||
| Q3 25 | 8.5% | 19.0% | ||
| Q2 25 | 8.4% | 7.0% | ||
| Q1 25 | 7.8% | 9.0% | ||
| Q4 24 | 10.5% | -0.5% | ||
| Q3 24 | 7.7% | 6.9% | ||
| Q2 24 | 8.3% | 7.4% | ||
| Q1 24 | 3.2% | 6.2% |
每股收益（稀释后）AXTASEE
| Q4 25 | $0.28 | $0.30 | ||
| Q3 25 | $0.51 | $1.73 | ||
| Q2 25 | $0.50 | $0.63 | ||
| Q1 25 | $0.45 | $0.77 | ||
| Q4 24 | $0.63 | $-0.05 | ||
| Q3 24 | $0.46 | $0.63 | ||
| Q2 24 | $0.51 | $0.67 | ||
| Q1 24 | $0.18 | $0.56 |
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 | $657.0M | $344.0M |
| 总债务越低越好 | $3.2B | $3.3B |
| 股东权益账面价值 | $2.3B | $1.2B |
| 总资产 | $7.6B | $7.0B |
| 负债/权益比越低杠杆越低 | 1.36× | 2.65× |
8季度趋势，按日历期对齐
现金及短期投资AXTASEE
| Q4 25 | $657.0M | $344.0M | ||
| Q3 25 | $606.0M | $282.5M | ||
| Q2 25 | $625.0M | $354.4M | ||
| Q1 25 | $575.0M | $335.2M | ||
| Q4 24 | $593.0M | $371.8M | ||
| Q3 24 | $567.0M | $386.0M | ||
| Q2 24 | $840.0M | $388.6M | ||
| Q1 24 | $624.0M | $352.8M |
总债务AXTASEE
| Q4 25 | $3.2B | $3.3B | ||
| Q3 25 | $3.4B | $4.0B | ||
| Q2 25 | $3.4B | $4.0B | ||
| Q1 25 | $3.4B | $4.2B | ||
| Q4 24 | $3.4B | $4.2B | ||
| Q3 24 | $3.5B | $4.3B | ||
| Q2 24 | $3.6B | $4.4B | ||
| Q1 24 | $3.4B | $4.5B |
股东权益AXTASEE
| Q4 25 | $2.3B | $1.2B | ||
| Q3 25 | $2.3B | $1.2B | ||
| Q2 25 | $2.3B | $953.1M | ||
| Q1 25 | $2.1B | $797.9M | ||
| Q4 24 | $1.9B | $624.5M | ||
| Q3 24 | $1.9B | $771.2M | ||
| Q2 24 | $1.8B | $650.1M | ||
| Q1 24 | $1.7B | $598.3M |
总资产AXTASEE
| Q4 25 | $7.6B | $7.0B | ||
| Q3 25 | $7.8B | $7.1B | ||
| Q2 25 | $7.8B | $7.2B | ||
| Q1 25 | $7.4B | $7.0B | ||
| Q4 24 | $7.2B | $7.0B | ||
| Q3 24 | $7.5B | $7.3B | ||
| Q2 24 | $7.3B | $7.3B | ||
| Q1 24 | $7.1B | $7.2B |
负债/权益比AXTASEE
| Q4 25 | 1.36× | 2.65× | ||
| Q3 25 | 1.48× | 3.34× | ||
| Q2 25 | 1.50× | 4.18× | ||
| Q1 25 | 1.64× | 5.26× | ||
| Q4 24 | 1.78× | 6.72× | ||
| Q3 24 | 1.84× | 5.62× | ||
| Q2 24 | 2.02× | 6.81× | ||
| Q1 24 | 1.97× | 7.49× |
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 | $344.0M | $293.6M |
| 自由现金流经营现金流 - 资本支出 | $286.0M | $257.7M |
| 自由现金流率自由现金流/营收 | 22.7% | 18.5% |
| 资本支出强度资本支出/营收 | 4.6% | 2.6% |
| 现金转化率经营现金流/净利润 | 5.73× | 6.70× |
| 过去12个月自由现金流最近4个季度 | $453.0M | $458.5M |
8季度趋势，按日历期对齐
经营现金流AXTASEE
| Q4 25 | $344.0M | $293.6M | ||
| Q3 25 | $137.0M | $165.9M | ||
| Q2 25 | $142.0M | $136.6M | ||
| Q1 25 | $26.0M | $31.9M | ||
| Q4 24 | $234.0M | $244.2M | ||
| Q3 24 | $194.0M | $170.5M | ||
| Q2 24 | $114.0M | $188.2M | ||
| Q1 24 | $34.0M | $125.1M |
自由现金流AXTASEE
| Q4 25 | $286.0M | $257.7M | ||
| Q3 25 | $87.0M | $119.6M | ||
| Q2 25 | $97.0M | $93.2M | ||
| Q1 25 | $-17.0M | $-12.0M | ||
| Q4 24 | $172.0M | $185.1M | ||
| Q3 24 | $161.0M | $115.2M | ||
| Q2 24 | $91.0M | $129.5M | ||
| Q1 24 | $12.0M | $78.0M |
自由现金流率AXTASEE
| Q4 25 | 22.7% | 18.5% | ||
| Q3 25 | 6.8% | 8.9% | ||
| Q2 25 | 7.4% | 7.0% | ||
| Q1 25 | -1.3% | -0.9% | ||
| Q4 24 | 13.1% | 13.6% | ||
| Q3 24 | 12.2% | 8.6% | ||
| Q2 24 | 6.7% | 9.7% | ||
| Q1 24 | 0.9% | 5.9% |
资本支出强度AXTASEE
| Q4 25 | 4.6% | 2.6% | ||
| Q3 25 | 3.9% | 3.4% | ||
| Q2 25 | 3.4% | 3.3% | ||
| Q1 25 | 3.4% | 3.5% | ||
| Q4 24 | 4.7% | 4.4% | ||
| Q3 24 | 2.5% | 4.1% | ||
| Q2 24 | 1.7% | 4.4% | ||
| Q1 24 | 1.7% | 3.6% |
现金转化率AXTASEE
| Q4 25 | 5.73× | 6.70× | ||
| Q3 25 | 1.25× | 0.65× | ||
| Q2 25 | 1.30× | 1.47× | ||
| Q1 25 | 0.26× | 0.28× | ||
| Q4 24 | 1.71× | — | ||
| Q3 24 | 1.92× | 1.86× | ||
| Q2 24 | 1.02× | 1.91× | ||
| Q1 24 | 0.83× | 1.53× |
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
AXTA
| Refinish | $509.0M | 40% |
| Light Vehicle | $372.0M | 29% |
| Industrial | $282.0M | 22% |
| Commercial Vehicle | $99.0M | 8% |
SEE
| Protective Segment | $1.1B | 78% |
| Other | $292.0M | 21% |
| Pension Plans Defined Benefit | $7.9M | 1% |
