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塞拉尼斯（CE）与Chipotle Mexican Grill（CMG）财务数据对比。点击上方公司名可切换其他公司
Chipotle Mexican Grill的季度营收约是塞拉尼斯的1.4倍（$3.0B vs $2.2B），Chipotle Mexican Grill净利率更高（11.1% vs 0.6%，领先10.5%），Chipotle Mexican Grill同比增速更快（4.9% vs -7.0%），Chipotle Mexican Grill自由现金流更多（$228.4M vs $168.0M），过去两年Chipotle Mexican Grill的营收复合增速更高（5.1% 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。
Chipotle Mexican Grill（常简称为Chipotle）是源自美国的跨国休闲快餐连锁品牌，主营现点现做的碗餐、塔可、墨西哥卷饼等风味餐食，餐品制作过程全程向顾客公开。截至2025年12月，品牌全球门店数量已达4000家，品牌名来源于纳瓦特尔语中烟熏干哈拉佩尼奥辣椒的称谓。
CE vs CMG — 直观对比
营收规模更大
CMG
是对方的1.4倍
$2.2B
营收增速更快
CMG
高出11.9%
-7.0%
净利率更高
CMG
高出10.5%
0.6%
自由现金流更多
CMG
多$60.4M
$168.0M
两年增速更快
CMG
近两年复合增速
-8.1%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $2.2B | $3.0B |
| 净利润 | $14.0M | $330.9M |
| 毛利率 | 19.1% | — |
| 营业利润率 | 4.0% | 14.1% |
| 净利率 | 0.6% | 11.1% |
| 营收同比 | -7.0% | 4.9% |
| 净利润同比 | 100.7% | -0.3% |
| 每股收益（稀释后） | $0.13 | $0.25 |
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CECMG
| Q4 25 | $2.2B | $3.0B | ||
| Q3 25 | $2.4B | $3.0B | ||
| Q2 25 | $2.5B | $3.1B | ||
| Q1 25 | $2.4B | $2.9B | ||
| Q4 24 | $2.4B | $2.8B | ||
| Q3 24 | $2.6B | $2.8B | ||
| Q2 24 | $2.7B | $3.0B | ||
| Q1 24 | $2.6B | $2.7B |
净利润CECMG
| Q4 25 | $14.0M | $330.9M | ||
| Q3 25 | $-1.4B | $382.1M | ||
| Q2 25 | $199.0M | $436.1M | ||
| Q1 25 | $-21.0M | $386.6M | ||
| Q4 24 | $-1.9B | $331.8M | ||
| Q3 24 | $116.0M | $387.4M | ||
| Q2 24 | $155.0M | $455.7M | ||
| Q1 24 | $121.0M | $359.3M |
毛利率CECMG
| 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CECMG
| Q4 25 | 4.0% | 14.1% | ||
| Q3 25 | -52.7% | 15.9% | ||
| Q2 25 | 9.2% | 18.2% | ||
| Q1 25 | 7.0% | 16.7% | ||
| Q4 24 | -59.3% | 14.6% | ||
| Q3 24 | 9.4% | 16.9% | ||
| Q2 24 | 9.4% | 19.7% | ||
| Q1 24 | 8.0% | 16.3% |
净利率CECMG
| Q4 25 | 0.6% | 11.1% | ||
| Q3 25 | -56.1% | 12.7% | ||
| Q2 25 | 7.9% | 14.2% | ||
| Q1 25 | -0.9% | 13.4% | ||
| Q4 24 | -80.8% | 11.7% | ||
| Q3 24 | 4.4% | 13.9% | ||
| Q2 24 | 5.8% | 15.3% | ||
| Q1 24 | 4.6% | 13.3% |
每股收益（稀释后）CECMG
| Q4 25 | $0.13 | $0.25 | ||
| Q3 25 | $-12.39 | $0.29 | ||
| Q2 25 | $1.81 | $0.32 | ||
| Q1 25 | $-0.19 | $0.28 | ||
| Q4 24 | $-17.50 | $-12.51 | ||
| Q3 24 | $1.06 | $0.28 | ||
| Q2 24 | $1.41 | $0.33 | ||
| Q1 24 | $1.10 | $13.01 |
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 | — | $1.0B |
| 总债务越低越好 | $11.4B | $0 |
| 股东权益账面价值 | $4.0B | $2.8B |
| 总资产 | $21.7B | $9.0B |
| 负债/权益比越低杠杆越低 | 2.81× | 0.00× |
8季度趋势，按日历期对齐
现金及短期投资CECMG
| Q4 25 | — | $1.0B | ||
| Q3 25 | — | $1.4B | ||
| Q2 25 | — | $1.5B | ||
| Q1 25 | — | $1.4B | ||
| Q4 24 | — | $1.4B | ||
| Q3 24 | — | $1.4B | ||
| Q2 24 | — | $1.5B | ||
| Q1 24 | — | $1.4B |
总债务CECMG
| Q4 25 | $11.4B | $0 | ||
| Q3 25 | $11.7B | — | ||
| Q2 25 | $12.7B | — | ||
| Q1 25 | $12.4B | — | ||
| Q4 24 | $11.1B | $0 | ||
| Q3 24 | $11.3B | — | ||
| Q2 24 | $11.1B | — | ||
| Q1 24 | $11.0B | — |
股东权益CECMG
| Q4 25 | $4.0B | $2.8B | ||
| Q3 25 | $4.0B | $3.2B | ||
| Q2 25 | $5.3B | $3.5B | ||
| Q1 25 | $5.2B | $3.5B | ||
| Q4 24 | $5.2B | $3.7B | ||
| Q3 24 | $7.3B | $3.6B | ||
| Q2 24 | $7.2B | $3.7B | ||
| Q1 24 | $7.1B | $3.4B |
总资产CECMG
| Q4 25 | $21.7B | $9.0B | ||
| Q3 25 | $22.2B | $9.3B | ||
| Q2 25 | $23.7B | $9.3B | ||
| Q1 25 | $23.2B | $9.0B | ||
| Q4 24 | $22.9B | $9.2B | ||
| Q3 24 | $25.9B | $9.0B | ||
| Q2 24 | $25.8B | $8.9B | ||
| Q1 24 | $26.0B | $8.4B |
负债/权益比CECMG
| Q4 25 | 2.81× | 0.00× | ||
| Q3 25 | 2.95× | — | ||
| Q2 25 | 2.41× | — | ||
| Q1 25 | 2.39× | — | ||
| Q4 24 | 2.14× | 0.00× | ||
| Q3 24 | 1.56× | — | ||
| Q2 24 | 1.54× | — | ||
| Q1 24 | 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 | $252.0M | $425.8M |
| 自由现金流经营现金流 - 资本支出 | $168.0M | $228.4M |
| 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% | 6.6% |
| 现金转化率经营现金流/净利润 | 18.00× | 1.29× |
| 过去12个月自由现金流最近4个季度 | $803.0M | $1.4B |
8季度趋势，按日历期对齐
经营现金流CECMG
| Q4 25 | $252.0M | $425.8M | ||
| Q3 25 | $447.0M | $569.7M | ||
| Q2 25 | $410.0M | $561.3M | ||
| Q1 25 | $37.0M | $557.1M | ||
| Q4 24 | $494.0M | $526.8M | ||
| Q3 24 | $79.0M | $446.5M | ||
| Q2 24 | $292.0M | $562.6M | ||
| Q1 24 | $101.0M | $569.2M |
自由现金流CECMG
| Q4 25 | $168.0M | $228.4M | ||
| Q3 25 | $383.0M | $406.2M | ||
| Q2 25 | $317.0M | $400.7M | ||
| Q1 25 | $-65.0M | $412.3M | ||
| Q4 24 | $389.0M | $353.9M | ||
| Q3 24 | $-9.0M | $299.0M | ||
| Q2 24 | $187.0M | $422.1M | ||
| Q1 24 | $-36.0M | $436.5M |
自由现金流率CECMG
| Q4 25 | 7.6% | 7.7% | ||
| Q3 25 | 15.8% | 13.5% | ||
| Q2 25 | 12.5% | 13.1% | ||
| Q1 25 | -2.7% | 14.3% | ||
| Q4 24 | 16.4% | 12.4% | ||
| Q3 24 | -0.3% | 10.7% | ||
| Q2 24 | 7.1% | 14.2% | ||
| Q1 24 | -1.4% | 16.2% |
资本支出强度CECMG
| Q4 25 | 3.8% | 6.6% | ||
| Q3 25 | 2.6% | 5.4% | ||
| Q2 25 | 3.7% | 5.2% | ||
| Q1 25 | 4.3% | 5.0% | ||
| Q4 24 | 4.4% | 6.1% | ||
| Q3 24 | 3.3% | 5.3% | ||
| Q2 24 | 4.0% | 4.7% | ||
| Q1 24 | 5.2% | 4.9% |
现金转化率CECMG
| Q4 25 | 18.00× | 1.29× | ||
| Q3 25 | — | 1.49× | ||
| Q2 25 | 2.06× | 1.29× | ||
| Q1 25 | — | 1.44× | ||
| Q4 24 | — | 1.59× | ||
| Q3 24 | 0.68× | 1.15× | ||
| Q2 24 | 1.88× | 1.23× | ||
| Q1 24 | 0.83× | 1.58× |
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% |
CMG
| U.S.Segment | $2.9B | 98% |
| Chipotle Rewards | $46.1M | 2% |
| Delivery Service | $14.3M | 0% |
