vs
塞拉尼斯（CE）与科迪华（CTVA）财务数据对比。点击上方公司名可切换其他公司
科迪华的季度营收约是塞拉尼斯的1.8倍（$3.9B vs $2.2B）。塞拉尼斯净利率更高（0.6% vs -14.1%，领先14.8%）。科迪华同比增速更快（-1.7% vs -7.0%）。科迪华自由现金流更多（$4.2B vs $168.0M）。过去两年科迪华的营收复合增速更高（-6.7% 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。
科迪华是一家美国农业科技企业，主营种子与作物保护产品，涵盖除草剂、杀虫剂、杀菌剂及生物制剂，业务覆盖全球110个国家，总部位于印第安纳州印第安纳波利斯，旗下大部分种子产品以先锋良种国际品牌销售。
CE vs CTVA — 直观对比
营收规模更大
CTVA
是对方的1.8倍
$2.2B
营收增速更快
CTVA
高出5.3%
-7.0%
净利率更高
CE
高出14.8%
-14.1%
自由现金流更多
CTVA
多$4.0B
$168.0M
两年增速更快
CTVA
近两年复合增速
-8.1%
损益表 — Q4 2025 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $2.2B | $3.9B |
| 净利润 | $14.0M | $-552.0M |
| 毛利率 | 19.1% | 42.4% |
| 营业利润率 | 4.0% | -13.6% |
| 净利率 | 0.6% | -14.1% |
| 营收同比 | -7.0% | -1.7% |
| 净利润同比 | 100.7% | -1246.3% |
| 每股收益（稀释后） | $0.13 | $-0.80 |
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CECTVA
| Q4 25 | $2.2B | $3.9B | ||
| Q3 25 | $2.4B | $2.6B | ||
| Q2 25 | $2.5B | $6.5B | ||
| Q1 25 | $2.4B | $4.4B | ||
| Q4 24 | $2.4B | $4.0B | ||
| Q3 24 | $2.6B | $2.3B | ||
| Q2 24 | $2.7B | $6.1B | ||
| Q1 24 | $2.6B | $4.5B |
净利润CECTVA
| Q4 25 | $14.0M | $-552.0M | ||
| Q3 25 | $-1.4B | $-320.0M | ||
| Q2 25 | $199.0M | $1.3B | ||
| Q1 25 | $-21.0M | $652.0M | ||
| Q4 24 | $-1.9B | $-41.0M | ||
| Q3 24 | $116.0M | $-524.0M | ||
| Q2 24 | $155.0M | $1.1B | ||
| Q1 24 | $121.0M | $419.0M |
毛利率CECTVA
| Q4 25 | 19.1% | 42.4% | ||
| Q3 25 | 21.5% | 37.2% | ||
| Q2 25 | 21.1% | 54.6% | ||
| Q1 25 | 19.9% | 47.0% | ||
| Q4 24 | 22.7% | 37.3% | ||
| Q3 24 | 23.5% | 32.7% | ||
| Q2 24 | 24.2% | 52.3% | ||
| Q1 24 | 21.2% | 43.2% |
营业利润率CECTVA
| Q4 25 | 4.0% | -13.6% | ||
| Q3 25 | -52.7% | -14.1% | ||
| Q2 25 | 9.2% | 27.9% | ||
| Q1 25 | 7.0% | 17.7% | ||
| Q4 24 | -59.3% | 2.2% | ||
| Q3 24 | 9.4% | -27.2% | ||
| Q2 24 | 9.4% | 21.9% | ||
| Q1 24 | 8.0% | 10.7% |
净利率CECTVA
| Q4 25 | 0.6% | -14.1% | ||
| Q3 25 | -56.1% | -12.2% | ||
| Q2 25 | 7.9% | 20.4% | ||
| Q1 25 | -0.9% | 14.8% | ||
| Q4 24 | -80.8% | -1.0% | ||
| Q3 24 | 4.4% | -22.5% | ||
| Q2 24 | 5.8% | 17.2% | ||
| Q1 24 | 4.6% | 9.3% |
每股收益（稀释后）CECTVA
| Q4 25 | $0.13 | $-0.80 | ||
| Q3 25 | $-12.39 | $-0.47 | ||
| Q2 25 | $1.81 | $1.92 | ||
| Q1 25 | $-0.19 | $0.95 | ||
| Q4 24 | $-17.50 | $-0.05 | ||
| Q3 24 | $1.06 | $-0.76 | ||
| Q2 24 | $1.41 | $1.51 | ||
| Q1 24 | $1.10 | $0.60 |
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 | — | $4.5B |
| 总债务越低越好 | $11.4B | $1.7B |
| 股东权益账面价值 | $4.0B | $24.1B |
| 总资产 | $21.7B | $42.8B |
| 负债/权益比越低杠杆越低 | 2.81× | 0.07× |
8季度趋势，按日历期对齐
现金及短期投资CECTVA
| Q4 25 | — | $4.5B | ||
| Q3 25 | — | $2.6B | ||
| Q2 25 | — | $2.1B | ||
| Q1 25 | — | $2.0B | ||
| Q4 24 | — | $3.2B | ||
| Q3 24 | — | $2.5B | ||
| Q2 24 | — | $2.0B | ||
| Q1 24 | — | $1.7B |
总债务CECTVA
| Q4 25 | $11.4B | $1.7B | ||
| Q3 25 | $11.7B | $1.7B | ||
| Q2 25 | $12.7B | $1.7B | ||
| Q1 25 | $12.4B | $1.8B | ||
| Q4 24 | $11.1B | $2.0B | ||
| Q3 24 | $11.3B | $2.0B | ||
| Q2 24 | $11.1B | $2.5B | ||
| Q1 24 | $11.0B | $2.5B |
股东权益CECTVA
| Q4 25 | $4.0B | $24.1B | ||
| Q3 25 | $4.0B | $25.2B | ||
| Q2 25 | $5.3B | $25.9B | ||
| Q1 25 | $5.2B | $24.3B | ||
| Q4 24 | $5.2B | $23.8B | ||
| Q3 24 | $7.3B | $24.7B | ||
| Q2 24 | $7.2B | $25.2B | ||
| Q1 24 | $7.1B | $24.8B |
总资产CECTVA
| Q4 25 | $21.7B | $42.8B | ||
| Q3 25 | $22.2B | $42.2B | ||
| Q2 25 | $23.7B | $41.8B | ||
| Q1 25 | $23.2B | $42.1B | ||
| Q4 24 | $22.9B | $40.8B | ||
| Q3 24 | $25.9B | $41.9B | ||
| Q2 24 | $25.8B | $41.5B | ||
| Q1 24 | $26.0B | $43.6B |
负债/权益比CECTVA
| Q4 25 | 2.81× | 0.07× | ||
| Q3 25 | 2.95× | 0.07× | ||
| Q2 25 | 2.41× | 0.07× | ||
| Q1 25 | 2.39× | 0.07× | ||
| Q4 24 | 2.14× | 0.08× | ||
| Q3 24 | 1.56× | 0.08× | ||
| Q2 24 | 1.54× | 0.10× | ||
| Q1 24 | 1.56× | 0.10× |
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 | $4.4B |
| 自由现金流经营现金流 - 资本支出 | $168.0M | $4.2B |
| 自由现金流率自由现金流/营收 | 7.6% | 106.2% |
| 资本支出强度资本支出/营收 | 3.8% | 5.7% |
| 现金转化率经营现金流/净利润 | 18.00× | — |
| 过去12个月自由现金流最近4个季度 | $803.0M | $2.8B |
8季度趋势，按日历期对齐
经营现金流CECTVA
| Q4 25 | $252.0M | $4.4B | ||
| Q3 25 | $447.0M | $193.0M | ||
| Q2 25 | $410.0M | $947.0M | ||
| Q1 25 | $37.0M | $-2.1B | ||
| Q4 24 | $494.0M | $4.2B | ||
| Q3 24 | $79.0M | $130.0M | ||
| Q2 24 | $292.0M | $451.0M | ||
| Q1 24 | $101.0M | $-2.6B |
自由现金流CECTVA
| Q4 25 | $168.0M | $4.2B | ||
| Q3 25 | $383.0M | $36.0M | ||
| Q2 25 | $317.0M | $829.0M | ||
| Q1 25 | $-65.0M | $-2.2B | ||
| Q4 24 | $389.0M | $4.0B | ||
| Q3 24 | $-9.0M | $-24.0M | ||
| Q2 24 | $187.0M | $337.0M | ||
| Q1 24 | $-36.0M | $-2.8B |
自由现金流率CECTVA
| Q4 25 | 7.6% | 106.2% | ||
| Q3 25 | 15.8% | 1.4% | ||
| Q2 25 | 12.5% | 12.8% | ||
| Q1 25 | -2.7% | -49.9% | ||
| Q4 24 | 16.4% | 100.4% | ||
| Q3 24 | -0.3% | -1.0% | ||
| Q2 24 | 7.1% | 5.5% | ||
| Q1 24 | -1.4% | -61.4% |
资本支出强度CECTVA
| Q4 25 | 3.8% | 5.7% | ||
| Q3 25 | 2.6% | 6.0% | ||
| Q2 25 | 3.7% | 1.8% | ||
| Q1 25 | 4.3% | 2.1% | ||
| Q4 24 | 4.4% | 4.6% | ||
| Q3 24 | 3.3% | 6.6% | ||
| Q2 24 | 4.0% | 1.9% | ||
| Q1 24 | 5.2% | 3.3% |
现金转化率CECTVA
| Q4 25 | 18.00× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | 2.06× | 0.72× | ||
| Q1 25 | — | -3.23× | ||
| Q4 24 | — | — | ||
| Q3 24 | 0.68× | — | ||
| Q2 24 | 1.88× | 0.43× | ||
| Q1 24 | 0.83× | -6.23× |
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% |
CTVA
| Corn | $1.4B | 35% |
| Herbicides | $1.1B | 27% |
| Insecticides | $488.0M | 12% |
| Fungicides | $272.0M | 7% |
| Biologicals | $191.0M | 5% |
| Soybean | $164.0M | 4% |
| Other | $160.0M | 4% |
| Otheroilseeds | $94.0M | 2% |
