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塞拉尼斯（CE）与Deckers Brands（DECK）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Deckers Brands的1.1倍（$2.2B vs $2.0B），Deckers Brands净利率更高（24.6% vs 0.6%，领先23.9%），Deckers Brands同比增速更快（7.1% vs -7.0%），Deckers Brands自由现金流更多（$1.0B vs $168.0M），过去两年Deckers Brands的营收复合增速更高（42.8% 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。
Deckers Brands是1973年成立的美国鞋履设计与分销企业，总部位于加利福尼亚州戈利塔，由道格·奥托与卡尔·F·洛普克共同创立。公司旗下拥有UGG、Teva、Hoka等全球知名鞋履品牌，产品覆盖休闲、户外等多个领域，销往世界多地。
CE vs DECK — 直观对比
营收规模更大
CE
是对方的1.1倍
$2.0B
营收增速更快
DECK
高出14.1%
-7.0%
净利率更高
DECK
高出23.9%
0.6%
自由现金流更多
DECK
多$852.3M
$168.0M
两年增速更快
DECK
近两年复合增速
-8.1%
损益表 — Q4 FY2025 vs Q3 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $2.2B | $2.0B |
| 净利润 | $14.0M | $481.1M |
| 毛利率 | 19.1% | 59.8% |
| 营业利润率 | 4.0% | 31.4% |
| 净利率 | 0.6% | 24.6% |
| 营收同比 | -7.0% | 7.1% |
| 净利润同比 | 100.7% | 5.3% |
| 每股收益（稀释后） | $0.13 | $3.33 |
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CEDECK
| Q4 25 | $2.2B | $2.0B | ||
| Q3 25 | $2.4B | $1.4B | ||
| Q2 25 | $2.5B | $964.5M | ||
| Q1 25 | $2.4B | $1.0B | ||
| Q4 24 | $2.4B | $1.8B | ||
| Q3 24 | $2.6B | $1.3B | ||
| Q2 24 | $2.7B | $825.3M | ||
| Q1 24 | $2.6B | $959.8M |
净利润CEDECK
| Q4 25 | $14.0M | $481.1M | ||
| Q3 25 | $-1.4B | $268.2M | ||
| Q2 25 | $199.0M | $139.2M | ||
| Q1 25 | $-21.0M | $151.4M | ||
| Q4 24 | $-1.9B | $456.7M | ||
| Q3 24 | $116.0M | $242.3M | ||
| Q2 24 | $155.0M | $115.6M | ||
| Q1 24 | $121.0M | $127.5M |
毛利率CEDECK
| Q4 25 | 19.1% | 59.8% | ||
| Q3 25 | 21.5% | 56.2% | ||
| Q2 25 | 21.1% | 55.8% | ||
| Q1 25 | 19.9% | 56.7% | ||
| Q4 24 | 22.7% | 60.3% | ||
| Q3 24 | 23.5% | 55.9% | ||
| Q2 24 | 24.2% | 56.9% | ||
| Q1 24 | 21.2% | 56.2% |
营业利润率CEDECK
| Q4 25 | 4.0% | 31.4% | ||
| Q3 25 | -52.7% | 22.8% | ||
| Q2 25 | 9.2% | 17.1% | ||
| Q1 25 | 7.0% | 17.0% | ||
| Q4 24 | -59.3% | 31.0% | ||
| Q3 24 | 9.4% | 23.3% | ||
| Q2 24 | 9.4% | 16.1% | ||
| Q1 24 | 8.0% | 15.0% |
净利率CEDECK
| Q4 25 | 0.6% | 24.6% | ||
| Q3 25 | -56.1% | 18.7% | ||
| Q2 25 | 7.9% | 14.4% | ||
| Q1 25 | -0.9% | 14.8% | ||
| Q4 24 | -80.8% | 25.0% | ||
| Q3 24 | 4.4% | 18.5% | ||
| Q2 24 | 5.8% | 14.0% | ||
| Q1 24 | 4.6% | 13.3% |
每股收益（稀释后）CEDECK
| Q4 25 | $0.13 | $3.33 | ||
| Q3 25 | $-12.39 | $1.82 | ||
| Q2 25 | $1.81 | $0.93 | ||
| Q1 25 | $-0.19 | $-2.78 | ||
| Q4 24 | $-17.50 | $3.00 | ||
| Q3 24 | $1.06 | $1.59 | ||
| Q2 24 | $1.41 | $4.52 | ||
| Q1 24 | $1.10 | $4.82 |
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 | — | $2.1B |
| 总债务越低越好 | $11.4B | — |
| 股东权益账面价值 | $4.0B | $2.6B |
| 总资产 | $21.7B | $4.1B |
| 负债/权益比越低杠杆越低 | 2.81× | — |
8季度趋势，按日历期对齐
现金及短期投资CEDECK
| Q4 25 | — | $2.1B | ||
| Q3 25 | — | $1.4B | ||
| Q2 25 | — | $1.7B | ||
| Q1 25 | — | $1.9B | ||
| Q4 24 | — | $2.2B | ||
| Q3 24 | — | $1.2B | ||
| Q2 24 | — | $1.4B | ||
| Q1 24 | — | $1.5B |
总债务CEDECK
| Q4 25 | $11.4B | — | ||
| Q3 25 | $11.7B | — | ||
| Q2 25 | $12.7B | — | ||
| Q1 25 | $12.4B | — | ||
| Q4 24 | $11.1B | — | ||
| Q3 24 | $11.3B | — | ||
| Q2 24 | $11.1B | — | ||
| Q1 24 | $11.0B | — |
股东权益CEDECK
| Q4 25 | $4.0B | $2.6B | ||
| Q3 25 | $4.0B | $2.5B | ||
| Q2 25 | $5.3B | $2.5B | ||
| Q1 25 | $5.2B | $2.5B | ||
| Q4 24 | $5.2B | $2.6B | ||
| Q3 24 | $7.3B | $2.2B | ||
| Q2 24 | $7.2B | $2.1B | ||
| Q1 24 | $7.1B | $2.1B |
总资产CEDECK
| Q4 25 | $21.7B | $4.1B | ||
| Q3 25 | $22.2B | $3.8B | ||
| Q2 25 | $23.7B | $3.8B | ||
| Q1 25 | $23.2B | $3.6B | ||
| Q4 24 | $22.9B | $4.0B | ||
| Q3 24 | $25.9B | $3.4B | ||
| Q2 24 | $25.8B | $3.3B | ||
| Q1 24 | $26.0B | $3.1B |
负债/权益比CEDECK
| Q4 25 | 2.81× | — | ||
| Q3 25 | 2.95× | — | ||
| Q2 25 | 2.41× | — | ||
| Q1 25 | 2.39× | — | ||
| Q4 24 | 2.14× | — | ||
| 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 | $1.0B |
| 自由现金流经营现金流 - 资本支出 | $168.0M | $1.0B |
| 自由现金流率自由现金流/营收 | 7.6% | 52.1% |
| 资本支出强度资本支出/营收 | 3.8% | 1.1% |
| 现金转化率经营现金流/净利润 | 18.00× | 2.17× |
| 过去12个月自由现金流最近4个季度 | $803.0M | $929.1M |
8季度趋势，按日历期对齐
经营现金流CEDECK
| Q4 25 | $252.0M | $1.0B | ||
| Q3 25 | $447.0M | $8.1M | ||
| Q2 25 | $410.0M | $36.1M | ||
| Q1 25 | $37.0M | $-73.0M | ||
| Q4 24 | $494.0M | $1.1B | ||
| Q3 24 | $79.0M | $-90.5M | ||
| Q2 24 | $292.0M | $112.7M | ||
| Q1 24 | $101.0M | $-28.7M |
自由现金流CEDECK
| Q4 25 | $168.0M | $1.0B | ||
| Q3 25 | $383.0M | $-13.9M | ||
| Q2 25 | $317.0M | $12.2M | ||
| Q1 25 | $-65.0M | $-89.4M | ||
| Q4 24 | $389.0M | $1.1B | ||
| Q3 24 | $-9.0M | $-113.4M | ||
| Q2 24 | $187.0M | $90.1M | ||
| Q1 24 | $-36.0M | $-44.0M |
自由现金流率CEDECK
| Q4 25 | 7.6% | 52.1% | ||
| Q3 25 | 15.8% | -1.0% | ||
| Q2 25 | 12.5% | 1.3% | ||
| Q1 25 | -2.7% | -8.8% | ||
| Q4 24 | 16.4% | 58.6% | ||
| Q3 24 | -0.3% | -8.6% | ||
| Q2 24 | 7.1% | 10.9% | ||
| Q1 24 | -1.4% | -4.6% |
资本支出强度CEDECK
| Q4 25 | 3.8% | 1.1% | ||
| Q3 25 | 2.6% | 1.5% | ||
| Q2 25 | 3.7% | 2.5% | ||
| Q1 25 | 4.3% | 1.6% | ||
| Q4 24 | 4.4% | 1.3% | ||
| Q3 24 | 3.3% | 1.7% | ||
| Q2 24 | 4.0% | 2.7% | ||
| Q1 24 | 5.2% | 1.6% |
现金转化率CEDECK
| Q4 25 | 18.00× | 2.17× | ||
| Q3 25 | — | 0.03× | ||
| Q2 25 | 2.06× | 0.26× | ||
| Q1 25 | — | -0.48× | ||
| Q4 24 | — | 2.40× | ||
| Q3 24 | 0.68× | -0.37× | ||
| Q2 24 | 1.88× | 0.97× | ||
| Q1 24 | 0.83× | -0.22× |
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% |
DECK
| UGG Brand Segment | $1.3B | 67% |
| Hoka Brand Segment | $628.9M | 32% |
| Other Brands Segment | $23.2M | 1% |
