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卡博特（CBT）与GENESIS ENERGY LP（GEL）财务数据对比。点击上方公司名可切换其他公司
卡博特的季度营收约是GENESIS ENERGY LP的1.9倍（$849.0M vs $440.8M），卡博特净利率更高（8.6% vs 4.5%，领先4.1%），GENESIS ENERGY LP同比增速更快（10.5% vs -11.1%），GENESIS ENERGY LP自由现金流更多（$87.0M vs $57.0M），过去两年GENESIS ENERGY LP的营收复合增速更高（0.7% vs -8.7%）
卡博特公司是总部位于美国马萨诸塞州波士顿的特种化学品和高性能材料企业，业务覆盖全球20多个国家，拥有36座生产工厂、8个研发中心及28个销售办事处，在特种材料领域具备全球领先的技术和服务能力。
Genesis Energy LP是一家总部位于美国的中游能源合伙企业，主营原油、天然气、成品油及特种工业原料的基础设施运营与物流服务，旗下资产涵盖管道、仓储码头、海运设施及铁路物流枢纽，为北美地区的炼油厂、工业客户及能源分销商提供服务。
CBT vs GEL — 直观对比
营收规模更大
CBT
是对方的1.9倍
$440.8M
营收增速更快
GEL
高出21.6%
-11.1%
净利率更高
CBT
高出4.1%
4.5%
自由现金流更多
GEL
多$30.0M
$57.0M
两年增速更快
GEL
近两年复合增速
-8.7%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $849.0M | $440.8M |
| 净利润 | $73.0M | $19.9M |
| 毛利率 | 24.9% | — |
| 营业利润率 | 15.2% | 20.4% |
| 净利率 | 8.6% | 4.5% |
| 营收同比 | -11.1% | 10.5% |
| 净利润同比 | -21.5% | 140.2% |
| 每股收益（稀释后） | $1.37 | $0.04 |
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CBTGEL
| Q4 25 | $849.0M | $440.8M | ||
| Q3 25 | $899.0M | $414.0M | ||
| Q2 25 | $923.0M | $377.3M | ||
| Q1 25 | $936.0M | $398.3M | ||
| Q4 24 | $955.0M | $398.9M | ||
| Q3 24 | $1.0B | $397.3M | ||
| Q2 24 | $1.0B | $430.2M | ||
| Q1 24 | $1.0B | $434.4M |
净利润CBTGEL
| Q4 25 | $73.0M | $19.9M | ||
| Q3 25 | $43.0M | $9.2M | ||
| Q2 25 | $101.0M | $-406.0K | ||
| Q1 25 | $94.0M | $-469.1M | ||
| Q4 24 | $93.0M | $-49.4M | ||
| Q3 24 | $137.0M | $-17.2M | ||
| Q2 24 | $109.0M | $-8.7M | ||
| Q1 24 | $84.0M | $11.4M |
毛利率CBTGEL
| Q4 25 | 24.9% | — | ||
| Q3 25 | 24.5% | — | ||
| Q2 25 | 26.4% | — | ||
| Q1 25 | 25.7% | — | ||
| Q4 24 | 24.6% | — | ||
| Q3 24 | 24.0% | — | ||
| Q2 24 | 25.2% | — | ||
| Q1 24 | 24.1% | — |
营业利润率CBTGEL
| Q4 25 | 15.2% | 20.4% | ||
| Q3 25 | 15.2% | 19.0% | ||
| Q2 25 | 18.1% | 17.9% | ||
| Q1 25 | 17.3% | 5.5% | ||
| Q4 24 | 16.2% | 3.4% | ||
| Q3 24 | 15.0% | 12.2% | ||
| Q2 24 | 16.9% | 11.6% | ||
| Q1 24 | 15.3% | 13.4% |
净利率CBTGEL
| Q4 25 | 8.6% | 4.5% | ||
| Q3 25 | 4.8% | 2.2% | ||
| Q2 25 | 10.9% | -0.1% | ||
| Q1 25 | 10.0% | -117.8% | ||
| Q4 24 | 9.7% | -12.4% | ||
| Q3 24 | 13.7% | -4.3% | ||
| Q2 24 | 10.7% | -2.0% | ||
| Q1 24 | 8.2% | 2.6% |
每股收益（稀释后）CBTGEL
| Q4 25 | $1.37 | $0.04 | ||
| Q3 25 | $0.80 | $-0.05 | ||
| Q2 25 | $1.86 | $-0.12 | ||
| Q1 25 | $1.69 | $-4.06 | ||
| Q4 24 | $1.67 | $-0.58 | ||
| Q3 24 | $2.41 | $-0.32 | ||
| Q2 24 | $1.94 | $-0.25 | ||
| Q1 24 | $1.49 | $-0.09 |
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 | $230.0M | $6.4M |
| 总债务越低越好 | — | $3.0B |
| 股东权益账面价值 | $1.6B | — |
| 总资产 | $3.8B | $4.9B |
| 负债/权益比越低杠杆越低 | — | — |
8季度趋势，按日历期对齐
现金及短期投资CBTGEL
| Q4 25 | $230.0M | $6.4M | ||
| Q3 25 | $258.0M | $4.9M | ||
| Q2 25 | $239.0M | $4.5M | ||
| Q1 25 | $213.0M | $377.4M | ||
| Q4 24 | $183.0M | $7.4M | ||
| Q3 24 | $223.0M | $13.0M | ||
| Q2 24 | $197.0M | $13.7M | ||
| Q1 24 | $206.0M | $7.0M |
总债务CBTGEL
| Q4 25 | — | $3.0B | ||
| Q3 25 | $1.1B | $3.1B | ||
| Q2 25 | — | $3.1B | ||
| Q1 25 | — | $3.4B | ||
| Q4 24 | — | $3.7B | ||
| Q3 24 | $1.1B | $4.0B | ||
| Q2 24 | — | $3.9B | ||
| Q1 24 | — | $3.8B |
股东权益CBTGEL
| Q4 25 | $1.6B | — | ||
| Q3 25 | $1.6B | — | ||
| Q2 25 | $1.5B | — | ||
| Q1 25 | $1.4B | — | ||
| Q4 24 | $1.4B | — | ||
| Q3 24 | $1.4B | — | ||
| Q2 24 | $1.3B | — | ||
| Q1 24 | $1.4B | — |
总资产CBTGEL
| Q4 25 | $3.8B | $4.9B | ||
| Q3 25 | $3.8B | $4.9B | ||
| Q2 25 | $3.8B | $4.8B | ||
| Q1 25 | $3.8B | $5.2B | ||
| Q4 24 | $3.6B | $7.0B | ||
| Q3 24 | $3.7B | $7.1B | ||
| Q2 24 | $3.6B | $7.0B | ||
| Q1 24 | $3.6B | $6.9B |
负债/权益比CBTGEL
| Q4 25 | — | — | ||
| Q3 25 | 0.70× | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 0.75× | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
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 | $126.0M | $110.8M |
| 自由现金流经营现金流 - 资本支出 | $57.0M | $87.0M |
| 自由现金流率自由现金流/营收 | 6.7% | 19.7% |
| 资本支出强度资本支出/营收 | 8.1% | 5.4% |
| 现金转化率经营现金流/净利润 | 1.73× | 5.58× |
| 过去12个月自由现金流最近4个季度 | $401.0M | $65.9M |
8季度趋势，按日历期对齐
经营现金流CBTGEL
| Q4 25 | $126.0M | $110.8M | ||
| Q3 25 | $219.0M | $70.3M | ||
| Q2 25 | $249.0M | $47.0M | ||
| Q1 25 | $73.0M | $24.8M | ||
| Q4 24 | $124.0M | $74.0M | ||
| Q3 24 | $204.0M | $87.3M | ||
| Q2 24 | $207.0M | $104.7M | ||
| Q1 24 | $176.0M | $125.9M |
自由现金流CBTGEL
| Q4 25 | $57.0M | $87.0M | ||
| Q3 25 | $155.0M | $43.3M | ||
| Q2 25 | $188.0M | $-7.6M | ||
| Q1 25 | $1.0M | $-56.8M | ||
| Q4 24 | $47.0M | $-47.1M | ||
| Q3 24 | $112.0M | $-32.3M | ||
| Q2 24 | $155.0M | $-67.5M | ||
| Q1 24 | $133.0M | $-48.3M |
自由现金流率CBTGEL
| Q4 25 | 6.7% | 19.7% | ||
| Q3 25 | 17.2% | 10.5% | ||
| Q2 25 | 20.4% | -2.0% | ||
| Q1 25 | 0.1% | -14.3% | ||
| Q4 24 | 4.9% | -11.8% | ||
| Q3 24 | 11.2% | -8.1% | ||
| Q2 24 | 15.3% | -15.7% | ||
| Q1 24 | 13.1% | -11.1% |
资本支出强度CBTGEL
| Q4 25 | 8.1% | 5.4% | ||
| Q3 25 | 7.1% | 6.5% | ||
| Q2 25 | 6.6% | 14.5% | ||
| Q1 25 | 7.7% | 20.5% | ||
| Q4 24 | 8.1% | 30.3% | ||
| Q3 24 | 9.2% | 30.1% | ||
| Q2 24 | 5.1% | 40.0% | ||
| Q1 24 | 4.2% | 40.1% |
现金转化率CBTGEL
| Q4 25 | 1.73× | 5.58× | ||
| Q3 25 | 5.09× | 7.63× | ||
| Q2 25 | 2.47× | — | ||
| Q1 25 | 0.78× | — | ||
| Q4 24 | 1.33× | — | ||
| Q3 24 | 1.49× | — | ||
| Q2 24 | 1.90× | — | ||
| Q1 24 | 2.10× | 11.09× |
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
CBT
| Reinforcement Materials | $520.0M | 61% |
| Performance Chemicals | $300.0M | 35% |
| Shipping And Handling | $25.0M | 3% |
| Other Products And Services | $4.0M | 0% |
GEL
| Onshore Facilities And Transportation Revenue | $204.2M | 46% |
| Offshore Pipeline Transportation Revenue | $154.3M | 35% |
| Marine Transportation Revenue | $82.2M | 19% |
