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塞拉尼斯（CE）与Leidos（LDOS）财务数据对比。点击上方公司名可切换其他公司
Leidos的季度营收约是塞拉尼斯的1.9倍（$4.2B vs $2.2B），Leidos净利率更高（7.8% vs 0.6%，领先7.2%），Leidos同比增速更快（-3.5% vs -7.0%），Leidos自由现金流更多（$452.0M vs $168.0M），过去两年Leidos的营收复合增速更高（3.1% 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。
Leidos Holdings, Inc.是总部位于美国弗吉尼亚州雷斯顿的企业，业务覆盖国防、航空、信息技术、生物医学研究领域，提供科研、工程、系统集成及技术服务。其前身为科学应用国际公司（SAIC），2016年8月与洛克希德·马丁旗下IT业务板块合并，成为国防行业规模最大的IT服务提供商。
CE vs LDOS — 直观对比
营收规模更大
LDOS
是对方的1.9倍
$2.2B
营收增速更快
LDOS
高出3.5%
-7.0%
净利率更高
LDOS
高出7.2%
0.6%
自由现金流更多
LDOS
多$284.0M
$168.0M
两年增速更快
LDOS
近两年复合增速
-8.1%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $2.2B | $4.2B |
| 净利润 | $14.0M | $327.0M |
| 毛利率 | 19.1% | 17.4% |
| 营业利润率 | 4.0% | 11.3% |
| 净利率 | 0.6% | 7.8% |
| 营收同比 | -7.0% | -3.5% |
| 净利润同比 | 100.7% | 15.1% |
| 每股收益（稀释后） | $0.13 | $2.54 |
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CELDOS
| Q1 26 | — | $4.2B | ||
| Q4 25 | $2.2B | $4.4B | ||
| Q3 25 | $2.4B | $4.2B | ||
| Q2 25 | $2.5B | $4.2B | ||
| Q1 25 | $2.4B | $4.3B | ||
| Q4 24 | $2.4B | — | ||
| Q3 24 | $2.6B | $4.2B | ||
| Q2 24 | $2.7B | $4.1B |
净利润CELDOS
| Q1 26 | — | $327.0M | ||
| Q4 25 | $14.0M | $367.0M | ||
| Q3 25 | $-1.4B | $391.0M | ||
| Q2 25 | $199.0M | $363.0M | ||
| Q1 25 | $-21.0M | $284.0M | ||
| Q4 24 | $-1.9B | — | ||
| Q3 24 | $116.0M | $364.0M | ||
| Q2 24 | $155.0M | $322.0M |
毛利率CELDOS
| Q1 26 | — | 17.4% | ||
| Q4 25 | 19.1% | 18.0% | ||
| Q3 25 | 21.5% | 18.0% | ||
| Q2 25 | 21.1% | 17.5% | ||
| Q1 25 | 19.9% | 15.6% | ||
| Q4 24 | 22.7% | — | ||
| Q3 24 | 23.5% | 17.8% | ||
| Q2 24 | 24.2% | 16.6% |
营业利润率CELDOS
| Q1 26 | — | 11.3% | ||
| Q4 25 | 4.0% | 12.0% | ||
| Q3 25 | -52.7% | 13.5% | ||
| Q2 25 | 9.2% | 12.5% | ||
| Q1 25 | 7.0% | 9.7% | ||
| Q4 24 | -59.3% | — | ||
| Q3 24 | 9.4% | 12.4% | ||
| Q2 24 | 9.4% | 11.6% |
净利率CELDOS
| Q1 26 | — | 7.8% | ||
| Q4 25 | 0.6% | 8.2% | ||
| Q3 25 | -56.1% | 9.2% | ||
| Q2 25 | 7.9% | 8.6% | ||
| Q1 25 | -0.9% | 6.5% | ||
| Q4 24 | -80.8% | — | ||
| Q3 24 | 4.4% | 8.7% | ||
| Q2 24 | 5.8% | 7.8% |
每股收益（稀释后）CELDOS
| Q1 26 | — | $2.54 | ||
| Q4 25 | $0.13 | $2.82 | ||
| Q3 25 | $-12.39 | $3.01 | ||
| Q2 25 | $1.81 | $2.77 | ||
| Q1 25 | $-0.19 | $2.10 | ||
| Q4 24 | $-17.50 | — | ||
| Q3 24 | $1.06 | $2.68 | ||
| Q2 24 | $1.41 | $2.37 |
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 | — | $1.1B |
| 总债务越低越好 | $11.4B | $4.6B |
| 股东权益账面价值 | $4.0B | $4.9B |
| 总资产 | $21.7B | $13.5B |
| 负债/权益比越低杠杆越低 | 2.81× | 0.94× |
8季度趋势，按日历期对齐
现金及短期投资CELDOS
| Q1 26 | — | $1.1B | ||
| Q4 25 | — | $974.0M | ||
| Q3 25 | — | $930.0M | ||
| Q2 25 | — | $842.0M | ||
| Q1 25 | — | $943.0M | ||
| Q4 24 | — | — | ||
| Q3 24 | — | $1.2B | ||
| Q2 24 | — | $823.0M |
总债务CELDOS
| Q1 26 | — | $4.6B | ||
| Q4 25 | $11.4B | $4.6B | ||
| Q3 25 | $11.7B | $5.0B | ||
| Q2 25 | $12.7B | $5.0B | ||
| Q1 25 | $12.4B | $4.1B | ||
| Q4 24 | $11.1B | — | ||
| Q3 24 | $11.3B | $4.1B | ||
| Q2 24 | $11.1B | $4.1B |
股东权益CELDOS
| Q1 26 | — | $4.9B | ||
| Q4 25 | $4.0B | $4.9B | ||
| Q3 25 | $4.0B | $4.7B | ||
| Q2 25 | $5.3B | $4.3B | ||
| Q1 25 | $5.2B | $4.4B | ||
| Q4 24 | $5.2B | — | ||
| Q3 24 | $7.3B | $4.6B | ||
| Q2 24 | $7.2B | $4.5B |
总资产CELDOS
| Q1 26 | — | $13.5B | ||
| Q4 25 | $21.7B | $13.5B | ||
| Q3 25 | $22.2B | $13.5B | ||
| Q2 25 | $23.7B | $13.2B | ||
| Q1 25 | $23.2B | $13.1B | ||
| Q4 24 | $22.9B | — | ||
| Q3 24 | $25.9B | $13.3B | ||
| Q2 24 | $25.8B | $12.9B |
负债/权益比CELDOS
| Q1 26 | — | 0.94× | ||
| Q4 25 | 2.81× | 0.94× | ||
| Q3 25 | 2.95× | 1.07× | ||
| Q2 25 | 2.41× | 1.18× | ||
| Q1 25 | 2.39× | 0.92× | ||
| Q4 24 | 2.14× | — | ||
| Q3 24 | 1.56× | 0.88× | ||
| Q2 24 | 1.54× | 0.92× |
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 | $495.0M |
| 自由现金流经营现金流 - 资本支出 | $168.0M | $452.0M |
| 自由现金流率自由现金流/营收 | 7.6% | 10.8% |
| 资本支出强度资本支出/营收 | 3.8% | 1.0% |
| 现金转化率经营现金流/净利润 | 18.00× | 1.51× |
| 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CELDOS
| Q1 26 | — | $495.0M | ||
| Q4 25 | $252.0M | — | ||
| Q3 25 | $447.0M | $711.0M | ||
| Q2 25 | $410.0M | $58.0M | ||
| Q1 25 | $37.0M | $299.0M | ||
| Q4 24 | $494.0M | — | ||
| Q3 24 | $79.0M | $656.0M | ||
| Q2 24 | $292.0M | $374.0M |
自由现金流CELDOS
| Q1 26 | — | $452.0M | ||
| Q4 25 | $168.0M | — | ||
| Q3 25 | $383.0M | $680.0M | ||
| Q2 25 | $317.0M | $36.0M | ||
| Q1 25 | $-65.0M | $213.0M | ||
| Q4 24 | $389.0M | — | ||
| Q3 24 | $-9.0M | $633.0M | ||
| Q2 24 | $187.0M | $351.0M |
自由现金流率CELDOS
| Q1 26 | — | 10.8% | ||
| Q4 25 | 7.6% | — | ||
| Q3 25 | 15.8% | 16.1% | ||
| Q2 25 | 12.5% | 0.9% | ||
| Q1 25 | -2.7% | 4.9% | ||
| Q4 24 | 16.4% | — | ||
| Q3 24 | -0.3% | 15.2% | ||
| Q2 24 | 7.1% | 8.5% |
资本支出强度CELDOS
| Q1 26 | — | 1.0% | ||
| Q4 25 | 3.8% | — | ||
| Q3 25 | 2.6% | 0.7% | ||
| Q2 25 | 3.7% | 0.5% | ||
| Q1 25 | 4.3% | 2.0% | ||
| Q4 24 | 4.4% | — | ||
| Q3 24 | 3.3% | 0.6% | ||
| Q2 24 | 4.0% | 0.6% |
现金转化率CELDOS
| Q1 26 | — | 1.51× | ||
| Q4 25 | 18.00× | — | ||
| Q3 25 | — | 1.82× | ||
| Q2 25 | 2.06× | 0.16× | ||
| Q1 25 | — | 1.05× | ||
| Q4 24 | — | — | ||
| Q3 24 | 0.68× | 1.80× | ||
| Q2 24 | 1.88× | 1.16× |
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% |
LDOS
| US Do D And US Intelligence Community | $1.4B | 32% |
| Cost Reimbursement And Fixed Price Incentive Fee | $1.0B | 24% |
| Commercial And International Segment | $609.0M | 15% |
| Defense Systems Segment | $546.0M | 13% |
| Other | $358.0M | 9% |
| Time And Materials And Fixed Price Level Of Effort | $295.0M | 7% |
| Commercial And Non US Customers | $38.0M | 1% |
