vs
TopBuild Corp（BLD）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TopBuild Corp的1.5倍（$2.2B vs $1.5B），TopBuild Corp净利率更高（7.0% vs 0.6%，领先6.4%），TopBuild Corp同比增速更快（13.2% vs -7.0%），塞拉尼斯自由现金流更多（$168.0M vs $159.4M），过去两年TopBuild Corp的营收复合增速更高（7.8% vs -8.1%）
HashiCorp是总部位于美国加利福尼亚州旧金山的软件企业，2012年由米切尔·桥本与阿蒙·达德加创立，采用免费增值商业模式，为开发、运维及安全从业人员提供云基础设施配置、防护、运行与连接相关的工具及产品。
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。
BLD vs CE — 直观对比
营收规模更大
CE
是对方的1.5倍
$1.5B
营收增速更快
BLD
高出20.2%
-7.0%
净利率更高
BLD
高出6.4%
0.6%
自由现金流更多
CE
多$8.6M
$159.4M
两年增速更快
BLD
近两年复合增速
-8.1%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.5B | $2.2B |
| 净利润 | $104.5M | $14.0M |
| 毛利率 | 27.2% | 19.1% |
| 营业利润率 | 12.1% | 4.0% |
| 净利率 | 7.0% | 0.6% |
| 营收同比 | 13.2% | -7.0% |
| 净利润同比 | -30.6% | 100.7% |
| 每股收益（稀释后） | $3.69 | $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BLDCE
| Q4 25 | $1.5B | $2.2B | ||
| Q3 25 | $1.4B | $2.4B | ||
| Q2 25 | $1.3B | $2.5B | ||
| Q1 25 | $1.2B | $2.4B | ||
| Q4 24 | $1.3B | $2.4B | ||
| Q3 24 | $1.4B | $2.6B | ||
| Q2 24 | $1.4B | $2.7B | ||
| Q1 24 | $1.3B | $2.6B |
净利润BLDCE
| Q4 25 | $104.5M | $14.0M | ||
| Q3 25 | $142.2M | $-1.4B | ||
| Q2 25 | $151.6M | $199.0M | ||
| Q1 25 | $123.4M | $-21.0M | ||
| Q4 24 | $150.5M | $-1.9B | ||
| Q3 24 | $169.0M | $116.0M | ||
| Q2 24 | $150.7M | $155.0M | ||
| Q1 24 | $152.4M | $121.0M |
毛利率BLDCE
| Q4 25 | 27.2% | 19.1% | ||
| Q3 25 | 30.1% | 21.5% | ||
| Q2 25 | 30.4% | 21.1% | ||
| Q1 25 | 28.5% | 19.9% | ||
| Q4 24 | 29.9% | 22.7% | ||
| Q3 24 | 30.7% | 23.5% | ||
| Q2 24 | 31.0% | 24.2% | ||
| Q1 24 | 30.3% | 21.2% |
营业利润率BLDCE
| Q4 25 | 12.1% | 4.0% | ||
| Q3 25 | 15.4% | -52.7% | ||
| Q2 25 | 16.9% | 9.2% | ||
| Q1 25 | 14.4% | 7.0% | ||
| Q4 24 | 16.6% | -59.3% | ||
| Q3 24 | 17.8% | 9.4% | ||
| Q2 24 | 15.4% | 9.4% | ||
| Q1 24 | 16.8% | 8.0% |
净利率BLDCE
| Q4 25 | 7.0% | 0.6% | ||
| Q3 25 | 10.2% | -56.1% | ||
| Q2 25 | 11.7% | 7.9% | ||
| Q1 25 | 10.0% | -0.9% | ||
| Q4 24 | 11.5% | -80.8% | ||
| Q3 24 | 12.3% | 4.4% | ||
| Q2 24 | 11.0% | 5.8% | ||
| Q1 24 | 11.9% | 4.6% |
每股收益（稀释后）BLDCE
| Q4 25 | $3.69 | $0.13 | ||
| Q3 25 | $5.04 | $-12.39 | ||
| Q2 25 | $5.32 | $1.81 | ||
| Q1 25 | $4.23 | $-0.19 | ||
| Q4 24 | $5.07 | $-17.50 | ||
| Q3 24 | $5.65 | $1.06 | ||
| Q2 24 | $4.78 | $1.41 | ||
| Q1 24 | $4.79 | $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 | $184.7M | — |
| 总债务越低越好 | $2.8B | $11.4B |
| 股东权益账面价值 | $2.3B | $4.0B |
| 总资产 | $6.6B | $21.7B |
| 负债/权益比越低杠杆越低 | 1.23× | 2.81× |
8季度趋势，按日历期对齐
现金及短期投资BLDCE
| Q4 25 | $184.7M | — | ||
| Q3 25 | $1.1B | — | ||
| Q2 25 | $842.5M | — | ||
| Q1 25 | $308.8M | — | ||
| Q4 24 | $400.3M | — | ||
| Q3 24 | $257.3M | — | ||
| Q2 24 | $463.2M | — | ||
| Q1 24 | $968.8M | — |
总债务BLDCE
| Q4 25 | $2.8B | $11.4B | ||
| Q3 25 | $2.9B | $11.7B | ||
| Q2 25 | $1.9B | $12.7B | ||
| Q1 25 | $1.4B | $12.4B | ||
| Q4 24 | $1.4B | $11.1B | ||
| Q3 24 | $1.4B | $11.3B | ||
| Q2 24 | $1.4B | $11.1B | ||
| Q1 24 | $1.4B | $11.0B |
股东权益BLDCE
| Q4 25 | $2.3B | $4.0B | ||
| Q3 25 | $2.2B | $4.0B | ||
| Q2 25 | $2.1B | $5.3B | ||
| Q1 25 | $2.1B | $5.2B | ||
| Q4 24 | $2.2B | $5.2B | ||
| Q3 24 | $2.1B | $7.3B | ||
| Q2 24 | $2.4B | $7.2B | ||
| Q1 24 | $2.7B | $7.1B |
总资产BLDCE
| Q4 25 | $6.6B | $21.7B | ||
| Q3 25 | $6.4B | $22.2B | ||
| Q2 25 | $5.1B | $23.7B | ||
| Q1 25 | $4.6B | $23.2B | ||
| Q4 24 | $4.7B | $22.9B | ||
| Q3 24 | $4.7B | $25.9B | ||
| Q2 24 | $4.9B | $25.8B | ||
| Q1 24 | $5.3B | $26.0B |
负债/权益比BLDCE
| Q4 25 | 1.23× | 2.81× | ||
| Q3 25 | 1.29× | 2.95× | ||
| Q2 25 | 0.88× | 2.41× | ||
| Q1 25 | 0.65× | 2.39× | ||
| Q4 24 | 0.62× | 2.14× | ||
| Q3 24 | 0.66× | 1.56× | ||
| Q2 24 | 0.59× | 1.54× | ||
| Q1 24 | 0.52× | 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 | $176.7M | $252.0M |
| 自由现金流经营现金流 - 资本支出 | $159.4M | $168.0M |
| 自由现金流率自由现金流/营收 | 10.7% | 7.6% |
| 资本支出强度资本支出/营收 | 1.2% | 3.8% |
| 现金转化率经营现金流/净利润 | 1.69× | 18.00× |
| 过去12个月自由现金流最近4个季度 | $696.9M | $803.0M |
8季度趋势，按日历期对齐
经营现金流BLDCE
| Q4 25 | $176.7M | $252.0M | ||
| Q3 25 | $233.3M | $447.0M | ||
| Q2 25 | $193.7M | $410.0M | ||
| Q1 25 | $152.6M | $37.0M | ||
| Q4 24 | $266.2M | $494.0M | ||
| Q3 24 | $240.7M | $79.0M | ||
| Q2 24 | $90.4M | $292.0M | ||
| Q1 24 | $178.8M | $101.0M |
自由现金流BLDCE
| Q4 25 | $159.4M | $168.0M | ||
| Q3 25 | $216.2M | $383.0M | ||
| Q2 25 | $182.2M | $317.0M | ||
| Q1 25 | $139.2M | $-65.0M | ||
| Q4 24 | $253.7M | $389.0M | ||
| Q3 24 | $219.8M | $-9.0M | ||
| Q2 24 | $74.3M | $187.0M | ||
| Q1 24 | $158.9M | $-36.0M |
自由现金流率BLDCE
| Q4 25 | 10.7% | 7.6% | ||
| Q3 25 | 15.5% | 15.8% | ||
| Q2 25 | 14.0% | 12.5% | ||
| Q1 25 | 11.3% | -2.7% | ||
| Q4 24 | 19.3% | 16.4% | ||
| Q3 24 | 16.0% | -0.3% | ||
| Q2 24 | 5.4% | 7.1% | ||
| Q1 24 | 12.4% | -1.4% |
资本支出强度BLDCE
| Q4 25 | 1.2% | 3.8% | ||
| Q3 25 | 1.2% | 2.6% | ||
| Q2 25 | 0.9% | 3.7% | ||
| Q1 25 | 1.1% | 4.3% | ||
| Q4 24 | 1.0% | 4.4% | ||
| Q3 24 | 1.5% | 3.3% | ||
| Q2 24 | 1.2% | 4.0% | ||
| Q1 24 | 1.6% | 5.2% |
现金转化率BLDCE
| Q4 25 | 1.69× | 18.00× | ||
| Q3 25 | 1.64× | — | ||
| Q2 25 | 1.28× | 2.06× | ||
| Q1 25 | 1.24× | — | ||
| Q4 24 | 1.77× | — | ||
| Q3 24 | 1.42× | 0.68× | ||
| Q2 24 | 0.60× | 1.88× | ||
| Q1 24 | 1.17× | 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
BLD
| Distribution Segment | $755.4M | 51% |
| Residential | $557.9M | 38% |
| All Other Products | $91.9M | 6% |
| Glass And Windows | $51.5M | 3% |
| Rain Gutters | $27.1M | 2% |
CE
| Engineered Materials | $1.3B | 58% |
| Acetyl Chain | $940.0M | 43% |
