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塞拉尼斯（CE）与C.H. Robinson（CHRW）财务数据对比。点击上方公司名可切换其他公司
C.H. Robinson的季度营收约是塞拉尼斯的1.8倍（$3.9B vs $2.2B），C.H. Robinson净利率更高（3.5% vs 0.6%，领先2.8%），C.H. Robinson同比增速更快（-6.5% vs -7.0%），C.H. Robinson自由现金流更多（$302.4M vs $168.0M），过去两年C.H. Robinson的营收复合增速更高（-5.8% vs -8.1%）
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。
C.H. Robinson是美国知名第三方物流与运输服务企业，业务涵盖货运代理、运输管理、中介经纪及仓储服务，可提供整车、零担、空运、多式联运、海运等多种运输解决方案，满足全球客户差异化物流需求。
CE vs CHRW — 直观对比
营收规模更大
CHRW
是对方的1.8倍
$2.2B
营收增速更快
CHRW
高出0.5%
-7.0%
净利率更高
CHRW
高出2.8%
0.6%
自由现金流更多
CHRW
多$134.4M
$168.0M
两年增速更快
CHRW
近两年复合增速
-8.1%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $2.2B | $3.9B |
| 净利润 | $14.0M | $136.3M |
| 毛利率 | 19.1% | — |
| 营业利润率 | 4.0% | 4.6% |
| 净利率 | 0.6% | 3.5% |
| 营收同比 | -7.0% | -6.5% |
| 净利润同比 | 100.7% | -8.7% |
| 每股收益（稀释后） | $0.13 | $1.12 |
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CECHRW
| Q4 25 | $2.2B | $3.9B | ||
| Q3 25 | $2.4B | $4.1B | ||
| Q2 25 | $2.5B | $4.1B | ||
| Q1 25 | $2.4B | $4.0B | ||
| Q4 24 | $2.4B | $4.2B | ||
| Q3 24 | $2.6B | $4.6B | ||
| Q2 24 | $2.7B | $4.5B | ||
| Q1 24 | $2.6B | $4.4B |
净利润CECHRW
| Q4 25 | $14.0M | $136.3M | ||
| Q3 25 | $-1.4B | $163.0M | ||
| Q2 25 | $199.0M | $152.5M | ||
| Q1 25 | $-21.0M | $135.3M | ||
| Q4 24 | $-1.9B | $149.3M | ||
| Q3 24 | $116.0M | $97.2M | ||
| Q2 24 | $155.0M | $126.3M | ||
| Q1 24 | $121.0M | $92.9M |
毛利率CECHRW
| Q4 25 | 19.1% | — | ||
| Q3 25 | 21.5% | — | ||
| Q2 25 | 21.1% | — | ||
| Q1 25 | 19.9% | — | ||
| Q4 24 | 22.7% | — | ||
| Q3 24 | 23.5% | — | ||
| Q2 24 | 24.2% | — | ||
| Q1 24 | 21.2% | — |
营业利润率CECHRW
| Q4 25 | 4.0% | 4.6% | ||
| Q3 25 | -52.7% | 5.3% | ||
| Q2 25 | 9.2% | 5.2% | ||
| Q1 25 | 7.0% | 4.4% | ||
| Q4 24 | -59.3% | 4.4% | ||
| Q3 24 | 9.4% | 3.9% | ||
| Q2 24 | 9.4% | 4.0% | ||
| Q1 24 | 8.0% | 2.9% |
净利率CECHRW
| Q4 25 | 0.6% | 3.5% | ||
| Q3 25 | -56.1% | 3.9% | ||
| Q2 25 | 7.9% | 3.7% | ||
| Q1 25 | -0.9% | 3.3% | ||
| Q4 24 | -80.8% | 3.6% | ||
| Q3 24 | 4.4% | 2.1% | ||
| Q2 24 | 5.8% | 2.8% | ||
| Q1 24 | 4.6% | 2.1% |
每股收益（稀释后）CECHRW
| Q4 25 | $0.13 | $1.12 | ||
| Q3 25 | $-12.39 | $1.34 | ||
| Q2 25 | $1.81 | $1.26 | ||
| Q1 25 | $-0.19 | $1.11 | ||
| Q4 24 | $-17.50 | $1.23 | ||
| Q3 24 | $1.06 | $0.80 | ||
| Q2 24 | $1.41 | $1.05 | ||
| Q1 24 | $1.10 | $0.78 |
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 | — | $160.9M |
| 总债务越低越好 | $11.4B | $1.1B |
| 股东权益账面价值 | $4.0B | $1.8B |
| 总资产 | $21.7B | $5.1B |
| 负债/权益比越低杠杆越低 | 2.81× | 0.59× |
8季度趋势，按日历期对齐
现金及短期投资CECHRW
| Q4 25 | — | $160.9M | ||
| Q3 25 | — | $136.8M | ||
| Q2 25 | — | $156.0M | ||
| Q1 25 | — | $129.9M | ||
| Q4 24 | — | $145.8M | ||
| Q3 24 | — | $131.7M | ||
| Q2 24 | — | $113.2M | ||
| Q1 24 | — | $121.8M |
总债务CECHRW
| Q4 25 | $11.4B | $1.1B | ||
| Q3 25 | $11.7B | $1.2B | ||
| Q2 25 | $12.7B | $1.4B | ||
| Q1 25 | $12.4B | $1.4B | ||
| Q4 24 | $11.1B | $1.4B | ||
| Q3 24 | $11.3B | $1.6B | ||
| Q2 24 | $11.1B | $1.6B | ||
| Q1 24 | $11.0B | $1.7B |
股东权益CECHRW
| Q4 25 | $4.0B | $1.8B | ||
| Q3 25 | $4.0B | $1.9B | ||
| Q2 25 | $5.3B | $1.8B | ||
| Q1 25 | $5.2B | $1.7B | ||
| Q4 24 | $5.2B | $1.7B | ||
| Q3 24 | $7.3B | $1.6B | ||
| Q2 24 | $7.2B | $1.5B | ||
| Q1 24 | $7.1B | $1.4B |
总资产CECHRW
| Q4 25 | $21.7B | $5.1B | ||
| Q3 25 | $22.2B | $5.2B | ||
| Q2 25 | $23.7B | $5.3B | ||
| Q1 25 | $23.2B | $5.2B | ||
| Q4 24 | $22.9B | $5.3B | ||
| Q3 24 | $25.9B | $5.6B | ||
| Q2 24 | $25.8B | $5.5B | ||
| Q1 24 | $26.0B | $5.5B |
负债/权益比CECHRW
| Q4 25 | 2.81× | 0.59× | ||
| Q3 25 | 2.95× | 0.64× | ||
| Q2 25 | 2.41× | 0.76× | ||
| Q1 25 | 2.39× | 0.80× | ||
| Q4 24 | 2.14× | 0.80× | ||
| Q3 24 | 1.56× | 0.95× | ||
| Q2 24 | 1.54× | 1.07× | ||
| Q1 24 | 1.56× | 1.19× |
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 | $252.0M | $305.4M |
| 自由现金流经营现金流 - 资本支出 | $168.0M | $302.4M |
| 自由现金流率自由现金流/营收 | 7.6% | 7.7% |
| 资本支出强度资本支出/营收 | 3.8% | 0.1% |
| 现金转化率经营现金流/净利润 | 18.00× | 2.24× |
| 过去12个月自由现金流最近4个季度 | $803.0M | $894.9M |
8季度趋势，按日历期对齐
经营现金流CECHRW
| Q4 25 | $252.0M | $305.4M | ||
| Q3 25 | $447.0M | $275.4M | ||
| Q2 25 | $410.0M | $227.1M | ||
| Q1 25 | $37.0M | $106.5M | ||
| Q4 24 | $494.0M | $267.9M | ||
| Q3 24 | $79.0M | $108.1M | ||
| Q2 24 | $292.0M | $166.4M | ||
| Q1 24 | $101.0M | $-33.3M |
自由现金流CECHRW
| Q4 25 | $168.0M | $302.4M | ||
| Q3 25 | $383.0M | $269.5M | ||
| Q2 25 | $317.0M | $219.8M | ||
| Q1 25 | $-65.0M | $103.2M | ||
| Q4 24 | $389.0M | $265.3M | ||
| Q3 24 | $-9.0M | $103.3M | ||
| Q2 24 | $187.0M | $159.8M | ||
| Q1 24 | $-36.0M | $-41.9M |
自由现金流率CECHRW
| Q4 25 | 7.6% | 7.7% | ||
| Q3 25 | 15.8% | 6.5% | ||
| Q2 25 | 12.5% | 5.3% | ||
| Q1 25 | -2.7% | 2.5% | ||
| Q4 24 | 16.4% | 6.3% | ||
| Q3 24 | -0.3% | 2.2% | ||
| Q2 24 | 7.1% | 3.6% | ||
| Q1 24 | -1.4% | -1.0% |
资本支出强度CECHRW
| Q4 25 | 3.8% | 0.1% | ||
| Q3 25 | 2.6% | 0.1% | ||
| Q2 25 | 3.7% | 0.2% | ||
| Q1 25 | 4.3% | 0.1% | ||
| Q4 24 | 4.4% | 0.1% | ||
| Q3 24 | 3.3% | 0.1% | ||
| Q2 24 | 4.0% | 0.1% | ||
| Q1 24 | 5.2% | 0.2% |
现金转化率CECHRW
| Q4 25 | 18.00× | 2.24× | ||
| Q3 25 | — | 1.69× | ||
| Q2 25 | 2.06× | 1.49× | ||
| Q1 25 | — | 0.79× | ||
| Q4 24 | — | 1.79× | ||
| Q3 24 | 0.68× | 1.11× | ||
| Q2 24 | 1.88× | 1.32× | ||
| Q1 24 | 0.83× | -0.36× |
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
CE
| Engineered Materials | $1.3B | 58% |
| Acetyl Chain | $940.0M | 43% |
CHRW
| North American Service Transportation NAST | $2.8B | 72% |
| Global Forwarding | $731.0M | 19% |
| Sourcing | $340.9M | 9% |
