vs
塞拉尼斯（CE）与Kellanova（K）财务数据对比。点击上方公司名可切换其他公司
Kellanova的季度营收约是塞拉尼斯的1.5倍（$3.3B vs $2.2B），Kellanova净利率更高（9.5% vs 0.6%，领先8.8%），Kellanova同比增速更快（0.8% vs -7.0%），Kellanova自由现金流更多（$359.0M vs $168.0M），过去两年塞拉尼斯的营收复合增速更高（-8.1% vs -9.0%）
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。
Kellanova前身为知名食品企业家乐氏，是玛氏集团旗下的美国跨国食品制造公司，总部位于美国伊利诺伊州芝加哥。2023年10月2日公司正式启用现名，同步拆分北美谷物业务，独立成立WK Kellogg Co。
CE vs K — 直观对比
营收规模更大
K
是对方的1.5倍
$2.2B
营收增速更快
K
高出7.8%
-7.0%
净利率更高
K
高出8.8%
0.6%
自由现金流更多
K
多$191.0M
$168.0M
两年增速更快
CE
近两年复合增速
-9.0%
损益表 — Q4 FY2025 vs Q3 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $2.2B | $3.3B |
| 净利润 | $14.0M | $309.0M |
| 毛利率 | 19.1% | 33.3% |
| 营业利润率 | 4.0% | 13.9% |
| 净利率 | 0.6% | 9.5% |
| 营收同比 | -7.0% | 0.8% |
| 净利润同比 | 100.7% | -15.8% |
| 每股收益（稀释后） | $0.13 | $0.88 |
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CEK
| Q4 25 | $2.2B | — | ||
| Q3 25 | $2.4B | $3.3B | ||
| Q2 25 | $2.5B | $3.2B | ||
| Q1 25 | $2.4B | $3.1B | ||
| Q4 24 | $2.4B | $3.1B | ||
| Q3 24 | $2.6B | $3.2B | ||
| Q2 24 | $2.7B | $3.2B | ||
| Q1 24 | $2.6B | $3.2B |
净利润CEK
| Q4 25 | $14.0M | — | ||
| Q3 25 | $-1.4B | $309.0M | ||
| Q2 25 | $199.0M | $299.0M | ||
| Q1 25 | $-21.0M | $304.0M | ||
| Q4 24 | $-1.9B | $365.0M | ||
| Q3 24 | $116.0M | $367.0M | ||
| Q2 24 | $155.0M | $344.0M | ||
| Q1 24 | $121.0M | $267.0M |
毛利率CEK
| Q4 25 | 19.1% | — | ||
| Q3 25 | 21.5% | 33.3% | ||
| Q2 25 | 21.1% | 34.0% | ||
| Q1 25 | 19.9% | 34.3% | ||
| Q4 24 | 22.7% | 37.7% | ||
| Q3 24 | 23.5% | 36.4% | ||
| Q2 24 | 24.2% | 36.4% | ||
| Q1 24 | 21.2% | 32.2% |
营业利润率CEK
| Q4 25 | 4.0% | — | ||
| Q3 25 | -52.7% | 13.9% | ||
| Q2 25 | 9.2% | 13.7% | ||
| Q1 25 | 7.0% | 13.9% | ||
| Q4 24 | -59.3% | 17.0% | ||
| Q3 24 | 9.4% | 14.1% | ||
| Q2 24 | 9.4% | 15.4% | ||
| Q1 24 | 8.0% | 12.3% |
净利率CEK
| Q4 25 | 0.6% | — | ||
| Q3 25 | -56.1% | 9.5% | ||
| Q2 25 | 7.9% | 9.3% | ||
| Q1 25 | -0.9% | 9.9% | ||
| Q4 24 | -80.8% | 11.7% | ||
| Q3 24 | 4.4% | 11.4% | ||
| Q2 24 | 5.8% | 10.8% | ||
| Q1 24 | 4.6% | 8.3% |
每股收益（稀释后）CEK
| Q4 25 | $0.13 | — | ||
| Q3 25 | $-12.39 | $0.88 | ||
| Q2 25 | $1.81 | $0.85 | ||
| Q1 25 | $-0.19 | $0.87 | ||
| Q4 24 | $-17.50 | $1.05 | ||
| Q3 24 | $1.06 | $1.05 | ||
| Q2 24 | $1.41 | $1.00 | ||
| Q1 24 | $1.10 | $0.78 |
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 | — | $240.0M |
| 总债务越低越好 | $11.4B | $4.3B |
| 股东权益账面价值 | $4.0B | $4.2B |
| 总资产 | $21.7B | $15.6B |
| 负债/权益比越低杠杆越低 | 2.81× | 1.02× |
8季度趋势，按日历期对齐
现金及短期投资CEK
| Q4 25 | — | — | ||
| Q3 25 | — | $240.0M | ||
| Q2 25 | — | $354.0M | ||
| Q1 25 | — | $330.0M | ||
| Q4 24 | — | $694.0M | ||
| Q3 24 | — | $569.0M | ||
| Q2 24 | — | $272.0M | ||
| Q1 24 | — | $242.0M |
总债务CEK
| Q4 25 | $11.4B | — | ||
| Q3 25 | $11.7B | $4.3B | ||
| Q2 25 | $12.7B | $4.3B | ||
| Q1 25 | $12.4B | $5.0B | ||
| Q4 24 | $11.1B | $5.0B | ||
| Q3 24 | $11.3B | $5.1B | ||
| Q2 24 | $11.1B | $5.0B | ||
| Q1 24 | $11.0B | $4.4B |
股东权益CEK
| Q4 25 | $4.0B | — | ||
| Q3 25 | $4.0B | $4.2B | ||
| Q2 25 | $5.3B | $4.1B | ||
| Q1 25 | $5.2B | $3.9B | ||
| Q4 24 | $5.2B | $3.8B | ||
| Q3 24 | $7.3B | $3.6B | ||
| Q2 24 | $7.2B | $3.3B | ||
| Q1 24 | $7.1B | $3.2B |
总资产CEK
| Q4 25 | $21.7B | — | ||
| Q3 25 | $22.2B | $15.6B | ||
| Q2 25 | $23.7B | $15.9B | ||
| Q1 25 | $23.2B | $15.5B | ||
| Q4 24 | $22.9B | $15.6B | ||
| Q3 24 | $25.9B | $15.8B | ||
| Q2 24 | $25.8B | $15.3B | ||
| Q1 24 | $26.0B | $15.3B |
负债/权益比CEK
| Q4 25 | 2.81× | — | ||
| Q3 25 | 2.95× | 1.02× | ||
| Q2 25 | 2.41× | 1.05× | ||
| Q1 25 | 2.39× | 1.28× | ||
| Q4 24 | 2.14× | 1.32× | ||
| Q3 24 | 1.56× | 1.40× | ||
| Q2 24 | 1.54× | 1.51× | ||
| Q1 24 | 1.56× | 1.40× |
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 | $503.0M |
| 自由现金流经营现金流 - 资本支出 | $168.0M | $359.0M |
| 自由现金流率自由现金流/营收 | 7.6% | 11.0% |
| 资本支出强度资本支出/营收 | 3.8% | 4.4% |
| 现金转化率经营现金流/净利润 | 18.00× | 1.63× |
| 过去12个月自由现金流最近4个季度 | $803.0M | $599.0M |
8季度趋势，按日历期对齐
经营现金流CEK
| Q4 25 | $252.0M | — | ||
| Q3 25 | $447.0M | $503.0M | ||
| Q2 25 | $410.0M | $169.0M | ||
| Q1 25 | $37.0M | $116.0M | ||
| Q4 24 | $494.0M | $467.0M | ||
| Q3 24 | $79.0M | $553.0M | ||
| Q2 24 | $292.0M | $376.0M | ||
| Q1 24 | $101.0M | $364.0M |
自由现金流CEK
| Q4 25 | $168.0M | — | ||
| Q3 25 | $383.0M | $359.0M | ||
| Q2 25 | $317.0M | $21.0M | ||
| Q1 25 | $-65.0M | $-60.0M | ||
| Q4 24 | $389.0M | $279.0M | ||
| Q3 24 | $-9.0M | $410.0M | ||
| Q2 24 | $187.0M | $234.0M | ||
| Q1 24 | $-36.0M | $209.0M |
自由现金流率CEK
| Q4 25 | 7.6% | — | ||
| Q3 25 | 15.8% | 11.0% | ||
| Q2 25 | 12.5% | 0.7% | ||
| Q1 25 | -2.7% | -1.9% | ||
| Q4 24 | 16.4% | 8.9% | ||
| Q3 24 | -0.3% | 12.7% | ||
| Q2 24 | 7.1% | 7.3% | ||
| Q1 24 | -1.4% | 6.5% |
资本支出强度CEK
| Q4 25 | 3.8% | — | ||
| Q3 25 | 2.6% | 4.4% | ||
| Q2 25 | 3.7% | 4.6% | ||
| Q1 25 | 4.3% | 5.7% | ||
| Q4 24 | 4.4% | 6.0% | ||
| Q3 24 | 3.3% | 4.4% | ||
| Q2 24 | 4.0% | 4.4% | ||
| Q1 24 | 5.2% | 4.8% |
现金转化率CEK
| Q4 25 | 18.00× | — | ||
| Q3 25 | — | 1.63× | ||
| Q2 25 | 2.06× | 0.57× | ||
| Q1 25 | — | 0.38× | ||
| Q4 24 | — | 1.28× | ||
| Q3 24 | 0.68× | 1.51× | ||
| Q2 24 | 1.88× | 1.09× | ||
| Q1 24 | 0.83× | 1.36× |
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% |
K
| Retail Channel Snacks | $2.0B | 62% |
| Retail Channel Cereal | $678.0M | 21% |
| Noodlesand Other | $280.0M | 9% |
| Frozen And Specialty Channels | $275.0M | 8% |
