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塞拉尼斯（CE）与格罗方德（GFS）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格罗方德的1.3倍（$2.2B vs $1.7B），格罗方德净利率更高（14.8% vs 0.6%，领先14.1%），格罗方德同比增速更快（-2.9% vs -7.0%），过去两年格罗方德的营收复合增速更高（-4.3% 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。
格罗方德是跨国半导体代工及设计企业，注册地为开曼群岛，总部位于美国纽约州马耳他。公司2009年3月由AMD制造业务分拆成立，2021年10月完成首次公开募股，阿联酋主权财富基金穆巴达拉投资公司目前仍持有其82%的多数股权。
CE vs GFS — 直观对比
营收规模更大
CE
是对方的1.3倍
$1.7B
营收增速更快
GFS
高出4.1%
-7.0%
净利率更高
GFS
高出14.1%
0.6%
两年增速更快
GFS
近两年复合增速
-8.1%
损益表 — Q4 FY2025 vs Q3 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $2.2B | $1.7B |
| 净利润 | $14.0M | $249.0M |
| 毛利率 | 19.1% | 24.8% |
| 营业利润率 | 4.0% | 11.6% |
| 净利率 | 0.6% | 14.8% |
| 营收同比 | -7.0% | -2.9% |
| 净利润同比 | 100.7% | 39.9% |
| 每股收益（稀释后） | $0.13 | $0.44 |
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CEGFS
| Q4 25 | $2.2B | — | ||
| Q3 25 | $2.4B | $1.7B | ||
| Q2 25 | $2.5B | $1.7B | ||
| Q1 25 | $2.4B | $1.6B | ||
| Q4 24 | $2.4B | — | ||
| Q3 24 | $2.6B | $1.7B | ||
| Q2 24 | $2.7B | $1.6B | ||
| Q1 24 | $2.6B | $1.5B |
净利润CEGFS
| Q4 25 | $14.0M | — | ||
| Q3 25 | $-1.4B | $249.0M | ||
| Q2 25 | $199.0M | $228.0M | ||
| Q1 25 | $-21.0M | $211.0M | ||
| Q4 24 | $-1.9B | — | ||
| Q3 24 | $116.0M | $178.0M | ||
| Q2 24 | $155.0M | $155.0M | ||
| Q1 24 | $121.0M | $134.0M |
毛利率CEGFS
| Q4 25 | 19.1% | — | ||
| Q3 25 | 21.5% | 24.8% | ||
| Q2 25 | 21.1% | 24.2% | ||
| Q1 25 | 19.9% | 22.4% | ||
| Q4 24 | 22.7% | — | ||
| Q3 24 | 23.5% | 23.8% | ||
| Q2 24 | 24.2% | 24.2% | ||
| Q1 24 | 21.2% | 25.4% |
营业利润率CEGFS
| Q4 25 | 4.0% | — | ||
| Q3 25 | -52.7% | 11.6% | ||
| Q2 25 | 9.2% | 11.6% | ||
| Q1 25 | 7.0% | 9.5% | ||
| Q4 24 | -59.3% | — | ||
| Q3 24 | 9.4% | 10.6% | ||
| Q2 24 | 9.4% | 9.5% | ||
| Q1 24 | 8.0% | 9.5% |
净利率CEGFS
| Q4 25 | 0.6% | — | ||
| Q3 25 | -56.1% | 14.8% | ||
| Q2 25 | 7.9% | 13.5% | ||
| Q1 25 | -0.9% | 13.3% | ||
| Q4 24 | -80.8% | — | ||
| Q3 24 | 4.4% | 10.2% | ||
| Q2 24 | 5.8% | 9.5% | ||
| Q1 24 | 4.6% | 8.7% |
每股收益（稀释后）CEGFS
| Q4 25 | $0.13 | — | ||
| Q3 25 | $-12.39 | $0.44 | ||
| Q2 25 | $1.81 | $0.41 | ||
| Q1 25 | $-0.19 | $0.38 | ||
| Q4 24 | $-17.50 | — | ||
| Q3 24 | $1.06 | $0.32 | ||
| Q2 24 | $1.41 | $0.28 | ||
| Q1 24 | $1.10 | $0.24 |
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 | — | $2.0B |
| 总债务越低越好 | $11.4B | — |
| 股东权益账面价值 | $4.0B | $11.8B |
| 总资产 | $21.7B | $16.7B |
| 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CEGFS
| Q4 25 | — | — | ||
| Q3 25 | — | $2.0B | ||
| Q2 25 | — | $1.8B | ||
| Q1 25 | — | $1.6B | ||
| Q4 24 | — | — | ||
| Q3 24 | — | $2.3B | ||
| Q2 24 | — | $2.2B | ||
| Q1 24 | — | $2.2B |
总债务CEGFS
| 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CEGFS
| Q4 25 | $4.0B | — | ||
| Q3 25 | $4.0B | $11.8B | ||
| Q2 25 | $5.3B | $11.5B | ||
| Q1 25 | $5.2B | $11.1B | ||
| Q4 24 | $5.2B | — | ||
| Q3 24 | $7.3B | $11.6B | ||
| Q2 24 | $7.2B | $11.3B | ||
| Q1 24 | $7.1B | $11.3B |
总资产CEGFS
| Q4 25 | $21.7B | — | ||
| Q3 25 | $22.2B | $16.7B | ||
| Q2 25 | $23.7B | $16.8B | ||
| Q1 25 | $23.2B | $16.5B | ||
| Q4 24 | $22.9B | — | ||
| Q3 24 | $25.9B | $18.1B | ||
| Q2 24 | $25.8B | — | ||
| Q1 24 | $26.0B | — |
负债/权益比CEGFS
| 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 | $595.0M |
| 自由现金流经营现金流 - 资本支出 | $168.0M | — |
| 自由现金流率自由现金流/营收 | 7.6% | — |
| 资本支出强度资本支出/营收 | 3.8% | — |
| 现金转化率经营现金流/净利润 | 18.00× | 2.39× |
| 过去12个月自由现金流最近4个季度 | $803.0M | — |
8季度趋势，按日历期对齐
经营现金流CEGFS
| Q4 25 | $252.0M | — | ||
| Q3 25 | $447.0M | $595.0M | ||
| Q2 25 | $410.0M | $431.0M | ||
| Q1 25 | $37.0M | $331.0M | ||
| Q4 24 | $494.0M | — | ||
| Q3 24 | $79.0M | $375.0M | ||
| Q2 24 | $292.0M | $402.0M | ||
| Q1 24 | $101.0M | $488.0M |
自由现金流CEGFS
| Q4 25 | $168.0M | — | ||
| Q3 25 | $383.0M | — | ||
| Q2 25 | $317.0M | — | ||
| Q1 25 | $-65.0M | — | ||
| Q4 24 | $389.0M | — | ||
| Q3 24 | $-9.0M | — | ||
| Q2 24 | $187.0M | — | ||
| Q1 24 | $-36.0M | — |
自由现金流率CEGFS
| Q4 25 | 7.6% | — | ||
| Q3 25 | 15.8% | — | ||
| Q2 25 | 12.5% | — | ||
| Q1 25 | -2.7% | — | ||
| Q4 24 | 16.4% | — | ||
| Q3 24 | -0.3% | — | ||
| Q2 24 | 7.1% | — | ||
| Q1 24 | -1.4% | — |
资本支出强度CEGFS
| Q4 25 | 3.8% | — | ||
| Q3 25 | 2.6% | — | ||
| Q2 25 | 3.7% | — | ||
| Q1 25 | 4.3% | — | ||
| Q4 24 | 4.4% | — | ||
| Q3 24 | 3.3% | — | ||
| Q2 24 | 4.0% | — | ||
| Q1 24 | 5.2% | — |
现金转化率CEGFS
| Q4 25 | 18.00× | — | ||
| Q3 25 | — | 2.39× | ||
| Q2 25 | 2.06× | 1.89× | ||
| Q1 25 | — | 1.57× | ||
| Q4 24 | — | — | ||
| Q3 24 | 0.68× | 2.11× | ||
| Q2 24 | 1.88× | 2.59× | ||
| Q1 24 | 0.83× | 3.64× |
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% |
GFS
| Smart Mobile Devices | $752.0M | 45% |
| Automotive | $306.0M | 18% |
| Home And Industrial Io T | $258.0M | 15% |
| Goods Or Services Transferred Over Time | $198.0M | 12% |
| Communications Infrastructure Datacenter | $175.0M | 10% |
