vs
塞拉尼斯（CE）与GRAPHIC PACKAGING HOLDING CO（GPK）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GRAPHIC PACKAGING HOLDING CO的1.1倍（$2.2B vs $2.1B），GRAPHIC PACKAGING HOLDING CO净利率更高（3.4% vs 0.6%，领先2.8%），GRAPHIC PACKAGING HOLDING CO同比增速更快（0.2% vs -7.0%），过去两年GRAPHIC PACKAGING HOLDING CO的营收复合增速更高（-3.5% 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。
Graphic Packaging Holding是总部位于美国佐治亚州亚特兰大的世界500强企业，专注于设计和生产商用产品包装解决方案，主营纸板及折叠纸盒业务，产品广泛应用于饮料、包装食品等各类热门消费品领域，在美国多州运营采用回收原料的纸板工厂。
CE vs GPK — 直观对比
营收规模更大
CE
是对方的1.1倍
$2.1B
营收增速更快
GPK
高出7.2%
-7.0%
净利率更高
GPK
高出2.8%
0.6%
两年增速更快
GPK
近两年复合增速
-8.1%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $2.2B | $2.1B |
| 净利润 | $14.0M | $71.0M |
| 毛利率 | 19.1% | 14.1% |
| 营业利润率 | 4.0% | 7.4% |
| 净利率 | 0.6% | 3.4% |
| 营收同比 | -7.0% | 0.2% |
| 净利润同比 | 100.7% | -48.6% |
| 每股收益（稀释后） | $0.13 | $0.24 |
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CEGPK
| Q4 25 | $2.2B | $2.1B | ||
| Q3 25 | $2.4B | $2.2B | ||
| Q2 25 | $2.5B | $2.2B | ||
| Q1 25 | $2.4B | $2.1B | ||
| Q4 24 | $2.4B | $2.1B | ||
| Q3 24 | $2.6B | $2.2B | ||
| Q2 24 | $2.7B | $2.2B | ||
| Q1 24 | $2.6B | $2.3B |
净利润CEGPK
| Q4 25 | $14.0M | $71.0M | ||
| Q3 25 | $-1.4B | $142.0M | ||
| Q2 25 | $199.0M | $104.0M | ||
| Q1 25 | $-21.0M | $127.0M | ||
| Q4 24 | $-1.9B | $138.0M | ||
| Q3 24 | $116.0M | $165.0M | ||
| Q2 24 | $155.0M | $190.0M | ||
| Q1 24 | $121.0M | $165.0M |
毛利率CEGPK
| Q4 25 | 19.1% | 14.1% | ||
| Q3 25 | 21.5% | 19.6% | ||
| Q2 25 | 21.1% | 18.7% | ||
| Q1 25 | 19.9% | 20.6% | ||
| Q4 24 | 22.7% | 21.4% | ||
| Q3 24 | 23.5% | 22.3% | ||
| Q2 24 | 24.2% | 21.2% | ||
| Q1 24 | 21.2% | 23.0% |
营业利润率CEGPK
| Q4 25 | 4.0% | 7.4% | ||
| Q3 25 | -52.7% | 10.7% | ||
| Q2 25 | 9.2% | 8.8% | ||
| Q1 25 | 7.0% | 10.5% | ||
| Q4 24 | -59.3% | 11.4% | ||
| Q3 24 | 9.4% | 12.6% | ||
| Q2 24 | 9.4% | 14.5% | ||
| Q1 24 | 8.0% | 12.4% |
净利率CEGPK
| Q4 25 | 0.6% | 3.4% | ||
| Q3 25 | -56.1% | 6.5% | ||
| Q2 25 | 7.9% | 4.7% | ||
| Q1 25 | -0.9% | 6.0% | ||
| Q4 24 | -80.8% | 6.6% | ||
| Q3 24 | 4.4% | 7.5% | ||
| Q2 24 | 5.8% | 8.5% | ||
| Q1 24 | 4.6% | 7.3% |
每股收益（稀释后）CEGPK
| Q4 25 | $0.13 | $0.24 | ||
| Q3 25 | $-12.39 | $0.48 | ||
| Q2 25 | $1.81 | $0.34 | ||
| Q1 25 | $-0.19 | $0.42 | ||
| Q4 24 | $-17.50 | $0.46 | ||
| Q3 24 | $1.06 | $0.55 | ||
| Q2 24 | $1.41 | $0.62 | ||
| Q1 24 | $1.10 | $0.53 |
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 | — | $261.0M |
| 总债务越低越好 | $11.4B | $5.0B |
| 股东权益账面价值 | $4.0B | $3.3B |
| 总资产 | $21.7B | $11.8B |
| 负债/权益比越低杠杆越低 | 2.81× | 1.51× |
8季度趋势，按日历期对齐
现金及短期投资CEGPK
| Q4 25 | — | $261.0M | ||
| Q3 25 | — | $120.0M | ||
| Q2 25 | — | $120.0M | ||
| Q1 25 | — | $129.0M | ||
| Q4 24 | — | $157.0M | ||
| Q3 24 | — | $126.0M | ||
| Q2 24 | — | $125.0M | ||
| Q1 24 | — | $136.0M |
总债务CEGPK
| Q4 25 | $11.4B | $5.0B | ||
| Q3 25 | $11.7B | $5.5B | ||
| Q2 25 | $12.7B | $5.4B | ||
| Q1 25 | $12.4B | $5.7B | ||
| Q4 24 | $11.1B | $5.1B | ||
| Q3 24 | $11.3B | $5.4B | ||
| Q2 24 | $11.1B | $4.9B | ||
| Q1 24 | $11.0B | $4.9B |
股东权益CEGPK
| Q4 25 | $4.0B | $3.3B | ||
| Q3 25 | $4.0B | $3.3B | ||
| Q2 25 | $5.3B | $3.2B | ||
| Q1 25 | $5.2B | $3.2B | ||
| Q4 24 | $5.2B | $3.0B | ||
| Q3 24 | $7.3B | $3.0B | ||
| Q2 24 | $7.2B | $2.8B | ||
| Q1 24 | $7.1B | $2.9B |
总资产CEGPK
| Q4 25 | $21.7B | $11.8B | ||
| Q3 25 | $22.2B | $11.9B | ||
| Q2 25 | $23.7B | $11.8B | ||
| Q1 25 | $23.2B | $11.5B | ||
| Q4 24 | $22.9B | $11.1B | ||
| Q3 24 | $25.9B | $11.2B | ||
| Q2 24 | $25.8B | $10.8B | ||
| Q1 24 | $26.0B | $11.3B |
负债/权益比CEGPK
| Q4 25 | 2.81× | 1.51× | ||
| Q3 25 | 2.95× | 1.67× | ||
| Q2 25 | 2.41× | 1.68× | ||
| Q1 25 | 2.39× | 1.80× | ||
| Q4 24 | 2.14× | 1.71× | ||
| Q3 24 | 1.56× | 1.79× | ||
| Q2 24 | 1.54× | 1.75× | ||
| Q1 24 | 1.56× | 1.73× |
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 | $521.0M |
| 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× | 7.34× |
| 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CEGPK
| Q4 25 | $252.0M | $521.0M | ||
| Q3 25 | $447.0M | $227.0M | ||
| Q2 25 | $410.0M | $267.0M | ||
| Q1 25 | $37.0M | $-174.0M | ||
| Q4 24 | $494.0M | $489.0M | ||
| Q3 24 | $79.0M | $187.0M | ||
| Q2 24 | $292.0M | $161.0M | ||
| Q1 24 | $101.0M | $3.0M |
自由现金流CEGPK
| 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CEGPK
| 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CEGPK
| 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CEGPK
| Q4 25 | 18.00× | 7.34× | ||
| Q3 25 | — | 1.60× | ||
| Q2 25 | 2.06× | 2.57× | ||
| Q1 25 | — | -1.37× | ||
| Q4 24 | — | 3.54× | ||
| Q3 24 | 0.68× | 1.13× | ||
| Q2 24 | 1.88× | 0.85× | ||
| Q1 24 | 0.83× | 0.02× |
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% |
GPK
| Americas Paperboard Packaging | $1.4B | 68% |
| Other | $667.0M | 32% |
