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塞拉尼斯（CE）与Eversource Energy（ES）财务数据对比。点击上方公司名可切换其他公司
Eversource Energy的季度营收约是塞拉尼斯的1.5倍（$3.4B vs $2.2B），Eversource Energy净利率更高（12.6% vs 0.6%，领先11.9%），Eversource Energy同比增速更快（13.4% vs -7.0%），塞拉尼斯自由现金流更多（$168.0M vs $-67.3M），过去两年Eversource Energy的营收复合增速更高（0.6% 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。
Eversource Energy是位列财富500强的上市能源企业，总部位于美国马萨诸塞州斯普林菲尔德，在康涅狄格州哈特福德、马萨诸塞州波士顿均设有办公据点，旗下多家受监管子公司为康涅狄格、马萨诸塞、新罕布什尔三州约400万用户提供零售电力、天然气及供水服务。
CE vs ES — 直观对比
营收规模更大
ES
是对方的1.5倍
$2.2B
营收增速更快
ES
高出20.4%
-7.0%
净利率更高
ES
高出11.9%
0.6%
自由现金流更多
CE
多$235.3M
$-67.3M
两年增速更快
ES
近两年复合增速
-8.1%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $2.2B | $3.4B |
| 净利润 | $14.0M | $423.2M |
| 毛利率 | 19.1% | — |
| 营业利润率 | 4.0% | 21.1% |
| 净利率 | 0.6% | 12.6% |
| 营收同比 | -7.0% | 13.4% |
| 净利润同比 | 100.7% | 468.8% |
| 每股收益（稀释后） | $0.13 | $1.11 |
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CEES
| Q4 25 | $2.2B | $3.4B | ||
| Q3 25 | $2.4B | $3.2B | ||
| Q2 25 | $2.5B | $2.8B | ||
| Q1 25 | $2.4B | $4.1B | ||
| Q4 24 | $2.4B | $3.0B | ||
| Q3 24 | $2.6B | $3.1B | ||
| Q2 24 | $2.7B | $2.5B | ||
| Q1 24 | $2.6B | $3.3B |
净利润CEES
| Q4 25 | $14.0M | $423.2M | ||
| Q3 25 | $-1.4B | $369.4M | ||
| Q2 25 | $199.0M | $354.6M | ||
| Q1 25 | $-21.0M | $552.7M | ||
| Q4 24 | $-1.9B | $74.4M | ||
| Q3 24 | $116.0M | $-116.2M | ||
| Q2 24 | $155.0M | $337.2M | ||
| Q1 24 | $121.0M | $523.7M |
毛利率CEES
| 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CEES
| Q4 25 | 4.0% | 21.1% | ||
| Q3 25 | -52.7% | 21.4% | ||
| Q2 25 | 9.2% | 23.4% | ||
| Q1 25 | 7.0% | 22.5% | ||
| Q4 24 | -59.3% | 11.7% | ||
| Q3 24 | 9.4% | 20.0% | ||
| Q2 24 | 9.4% | 23.8% | ||
| Q1 24 | 8.0% | 25.4% |
净利率CEES
| Q4 25 | 0.6% | 12.6% | ||
| Q3 25 | -56.1% | 11.5% | ||
| Q2 25 | 7.9% | 12.5% | ||
| Q1 25 | -0.9% | 13.4% | ||
| Q4 24 | -80.8% | 2.5% | ||
| Q3 24 | 4.4% | -3.8% | ||
| Q2 24 | 5.8% | 13.3% | ||
| Q1 24 | 4.6% | 15.7% |
每股收益（稀释后）CEES
| Q4 25 | $0.13 | $1.11 | ||
| Q3 25 | $-12.39 | $0.99 | ||
| Q2 25 | $1.81 | $0.96 | ||
| Q1 25 | $-0.19 | $1.50 | ||
| Q4 24 | $-17.50 | $0.16 | ||
| Q3 24 | $1.06 | $-0.33 | ||
| Q2 24 | $1.41 | $0.95 | ||
| Q1 24 | $1.10 | $1.49 |
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 | — | $135.4M |
| 总债务越低越好 | $11.4B | — |
| 股东权益账面价值 | $4.0B | $16.2B |
| 总资产 | $21.7B | $63.8B |
| 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CEES
| Q4 25 | — | $135.4M | ||
| Q3 25 | — | $259.3M | ||
| Q2 25 | — | $343.7M | ||
| Q1 25 | — | $111.4M | ||
| Q4 24 | — | $26.7M | ||
| Q3 24 | — | $97.9M | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
总债务CEES
| 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CEES
| Q4 25 | $4.0B | $16.2B | ||
| Q3 25 | $4.0B | $16.0B | ||
| Q2 25 | $5.3B | $15.7B | ||
| Q1 25 | $5.2B | $15.3B | ||
| Q4 24 | $5.2B | $15.0B | ||
| Q3 24 | $7.3B | $15.0B | ||
| Q2 24 | $7.2B | $14.8B | ||
| Q1 24 | $7.1B | $14.5B |
总资产CEES
| Q4 25 | $21.7B | $63.8B | ||
| Q3 25 | $22.2B | $61.7B | ||
| Q2 25 | $23.7B | $61.0B | ||
| Q1 25 | $23.2B | $60.2B | ||
| Q4 24 | $22.9B | $59.6B | ||
| Q3 24 | $25.9B | $58.6B | ||
| Q2 24 | $25.8B | $58.4B | ||
| Q1 24 | $26.0B | $57.3B |
负债/权益比CEES
| 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 | $916.1M |
| 自由现金流经营现金流 - 资本支出 | $168.0M | $-67.3M |
| 自由现金流率自由现金流/营收 | 7.6% | -2.0% |
| 资本支出强度资本支出/营收 | 3.8% | 29.2% |
| 现金转化率经营现金流/净利润 | 18.00× | 2.16× |
| 过去12个月自由现金流最近4个季度 | $803.0M | $-45.1M |
8季度趋势，按日历期对齐
经营现金流CEES
| Q4 25 | $252.0M | $916.1M | ||
| Q3 25 | $447.0M | $1.1B | ||
| Q2 25 | $410.0M | $1.1B | ||
| Q1 25 | $37.0M | $1.0B | ||
| Q4 24 | $494.0M | $642.1M | ||
| Q3 24 | $79.0M | $555.6M | ||
| Q2 24 | $292.0M | $670.7M | ||
| Q1 24 | $101.0M | $291.3M |
自由现金流CEES
| Q4 25 | $168.0M | $-67.3M | ||
| Q3 25 | $383.0M | $-26.3M | ||
| Q2 25 | $317.0M | $15.3M | ||
| Q1 25 | $-65.0M | $33.2M | ||
| Q4 24 | $389.0M | $-546.5M | ||
| Q3 24 | $-9.0M | $-515.4M | ||
| Q2 24 | $187.0M | $-400.8M | ||
| Q1 24 | $-36.0M | $-858.1M |
自由现金流率CEES
| Q4 25 | 7.6% | -2.0% | ||
| Q3 25 | 15.8% | -0.8% | ||
| Q2 25 | 12.5% | 0.5% | ||
| Q1 25 | -2.7% | 0.8% | ||
| Q4 24 | 16.4% | -18.4% | ||
| Q3 24 | -0.3% | -16.8% | ||
| Q2 24 | 7.1% | -15.8% | ||
| Q1 24 | -1.4% | -25.7% |
资本支出强度CEES
| Q4 25 | 3.8% | 29.2% | ||
| Q3 25 | 2.6% | 35.0% | ||
| Q2 25 | 3.7% | 36.7% | ||
| Q1 25 | 4.3% | 24.5% | ||
| Q4 24 | 4.4% | 40.0% | ||
| Q3 24 | 3.3% | 35.0% | ||
| Q2 24 | 4.0% | 42.3% | ||
| Q1 24 | 5.2% | 34.5% |
现金转化率CEES
| Q4 25 | 18.00× | 2.16× | ||
| Q3 25 | — | 2.98× | ||
| Q2 25 | 2.06× | 2.98× | ||
| Q1 25 | — | 1.88× | ||
| Q4 24 | — | 8.63× | ||
| Q3 24 | 0.68× | — | ||
| Q2 24 | 1.88× | 1.99× | ||
| Q1 24 | 0.83× | 0.56× |
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% |
ES
| Residential | $1.2B | 35% |
| Commercial | $789.0M | 23% |
| Eversource Electric Transmission | $573.8M | 17% |
| Wholesale Transmission Revenue | $570.0M | 17% |
| Industrial | $102.6M | 3% |
| Water Distribution Segment | $58.4M | 2% |
| Eversource Water | $56.3M | 2% |
| Other Revenue Adjustmentsfrom Contractswith Customers | $25.9M | 1% |
