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塞拉尼斯（CE）与美泰（MAT）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美泰的2.6倍（$2.2B vs $862.2M），美泰净利率更高（7.1% vs 0.6%，领先6.4%），美泰同比增速更快（4.3% vs -7.0%），塞拉尼斯自由现金流更多（$168.0M vs $-88.1M），过去两年塞拉尼斯的营收复合增速更高（-8.1% vs -10.6%）
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。
美泰是美国知名玩具及娱乐企业，旗下影视制作部门美泰影业运营时间为2018年9月6日至2025年6月2日。其前身为2013年10月16日成立的美泰Playground Productions，更早可追溯至美泰娱乐、美泰工作室等集团原有娱乐业务品牌。
CE vs MAT — 直观对比
营收规模更大
CE
是对方的2.6倍
$862.2M
营收增速更快
MAT
高出11.3%
-7.0%
净利率更高
MAT
高出6.4%
0.6%
自由现金流更多
CE
多$256.1M
$-88.1M
两年增速更快
CE
近两年复合增速
-10.6%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $2.2B | $862.2M |
| 净利润 | $14.0M | $61.0M |
| 毛利率 | 19.1% | 44.9% |
| 营业利润率 | 4.0% | — |
| 净利率 | 0.6% | 7.1% |
| 营收同比 | -7.0% | 4.3% |
| 净利润同比 | 100.7% | 251.4% |
| 每股收益（稀释后） | $0.13 | $0.20 |
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CEMAT
| Q1 26 | — | $862.2M | ||
| Q4 25 | $2.2B | $1.8B | ||
| Q3 25 | $2.4B | $1.7B | ||
| Q2 25 | $2.5B | $1.0B | ||
| Q1 25 | $2.4B | $826.6M | ||
| Q4 24 | $2.4B | $1.6B | ||
| Q3 24 | $2.6B | $1.8B | ||
| Q2 24 | $2.7B | $1.1B |
净利润CEMAT
| Q1 26 | — | $61.0M | ||
| Q4 25 | $14.0M | $106.2M | ||
| Q3 25 | $-1.4B | $278.4M | ||
| Q2 25 | $199.0M | $53.4M | ||
| Q1 25 | $-21.0M | $-40.3M | ||
| Q4 24 | $-1.9B | $140.9M | ||
| Q3 24 | $116.0M | $372.4M | ||
| Q2 24 | $155.0M | $56.9M |
毛利率CEMAT
| Q1 26 | — | 44.9% | ||
| Q4 25 | 19.1% | 45.9% | ||
| Q3 25 | 21.5% | 50.0% | ||
| Q2 25 | 21.1% | 50.9% | ||
| Q1 25 | 19.9% | 49.4% | ||
| Q4 24 | 22.7% | 50.7% | ||
| Q3 24 | 23.5% | 53.1% | ||
| Q2 24 | 24.2% | 49.2% |
营业利润率CEMAT
| Q1 26 | — | — | ||
| Q4 25 | 4.0% | 8.0% | ||
| Q3 25 | -52.7% | 21.9% | ||
| Q2 25 | 9.2% | 7.7% | ||
| Q1 25 | 7.0% | -6.4% | ||
| Q4 24 | -59.3% | 9.6% | ||
| Q3 24 | 9.4% | 26.5% | ||
| Q2 24 | 9.4% | 7.7% |
净利率CEMAT
| Q1 26 | — | 7.1% | ||
| Q4 25 | 0.6% | 6.0% | ||
| Q3 25 | -56.1% | 16.0% | ||
| Q2 25 | 7.9% | 5.2% | ||
| Q1 25 | -0.9% | -4.9% | ||
| Q4 24 | -80.8% | 8.6% | ||
| Q3 24 | 4.4% | 20.2% | ||
| Q2 24 | 5.8% | 5.3% |
每股收益（稀释后）CEMAT
| Q1 26 | — | $0.20 | ||
| Q4 25 | $0.13 | $0.32 | ||
| Q3 25 | $-12.39 | $0.88 | ||
| Q2 25 | $1.81 | $0.16 | ||
| Q1 25 | $-0.19 | $-0.12 | ||
| Q4 24 | $-17.50 | $0.40 | ||
| Q3 24 | $1.06 | $1.09 | ||
| Q2 24 | $1.41 | $0.17 |
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 | — | $866.0M |
| 总债务越低越好 | $11.4B | $2.3B |
| 股东权益账面价值 | $4.0B | $2.1B |
| 总资产 | $21.7B | $6.3B |
| 负债/权益比越低杠杆越低 | 2.81× | 1.11× |
8季度趋势，按日历期对齐
现金及短期投资CEMAT
| Q1 26 | — | $866.0M | ||
| Q4 25 | — | $1.2B | ||
| Q3 25 | — | $691.9M | ||
| Q2 25 | — | $870.5M | ||
| Q1 25 | — | $1.2B | ||
| Q4 24 | — | $1.4B | ||
| Q3 24 | — | $723.5M | ||
| Q2 24 | — | $722.4M |
总债务CEMAT
| Q1 26 | — | $2.3B | ||
| Q4 25 | $11.4B | $2.3B | ||
| Q3 25 | $11.7B | $2.3B | ||
| Q2 25 | $12.7B | $2.3B | ||
| Q1 25 | $12.4B | $2.3B | ||
| Q4 24 | $11.1B | $2.3B | ||
| Q3 24 | $11.3B | $2.3B | ||
| Q2 24 | $11.1B | $2.3B |
股东权益CEMAT
| Q1 26 | — | $2.1B | ||
| Q4 25 | $4.0B | $2.2B | ||
| Q3 25 | $4.0B | $2.3B | ||
| Q2 25 | $5.3B | $2.2B | ||
| Q1 25 | $5.2B | $2.1B | ||
| Q4 24 | $5.2B | $2.3B | ||
| Q3 24 | $7.3B | $2.3B | ||
| Q2 24 | $7.2B | $2.0B |
总资产CEMAT
| Q1 26 | — | $6.3B | ||
| Q4 25 | $21.7B | $6.6B | ||
| Q3 25 | $22.2B | $6.6B | ||
| Q2 25 | $23.7B | $6.2B | ||
| Q1 25 | $23.2B | $6.2B | ||
| Q4 24 | $22.9B | $6.5B | ||
| Q3 24 | $25.9B | $6.5B | ||
| Q2 24 | $25.8B | $5.9B |
负债/权益比CEMAT
| Q1 26 | — | 1.11× | ||
| Q4 25 | 2.81× | 1.04× | ||
| Q3 25 | 2.95× | 1.03× | ||
| Q2 25 | 2.41× | 1.08× | ||
| Q1 25 | 2.39× | 1.10× | ||
| Q4 24 | 2.14× | 1.03× | ||
| Q3 24 | 1.56× | 1.01× | ||
| Q2 24 | 1.54× | 1.18× |
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 | — |
| 自由现金流经营现金流 - 资本支出 | $168.0M | $-88.1M |
| 自由现金流率自由现金流/营收 | 7.6% | -10.2% |
| 资本支出强度资本支出/营收 | 3.8% | 7.6% |
| 现金转化率经营现金流/净利润 | 18.00× | — |
| 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CEMAT
| Q1 26 | — | — | ||
| Q4 25 | $252.0M | $796.6M | ||
| Q3 25 | $447.0M | $72.0M | ||
| Q2 25 | $410.0M | $-300.1M | ||
| Q1 25 | $37.0M | $24.8M | ||
| Q4 24 | $494.0M | $862.1M | ||
| Q3 24 | $79.0M | $155.8M | ||
| Q2 24 | $292.0M | $-252.9M |
自由现金流CEMAT
| Q1 26 | — | $-88.1M | ||
| 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 | — |
自由现金流率CEMAT
| Q1 26 | — | -10.2% | ||
| 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% | — |
资本支出强度CEMAT
| Q1 26 | — | 7.6% | ||
| 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% | — |
现金转化率CEMAT
| Q1 26 | — | — | ||
| Q4 25 | 18.00× | 7.50× | ||
| Q3 25 | — | 0.26× | ||
| Q2 25 | 2.06× | -5.62× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 6.12× | ||
| Q3 24 | 0.68× | 0.42× | ||
| Q2 24 | 1.88× | -4.45× |
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% |
MAT
暂无分部数据
