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塞拉尼斯（CE）与ServiceNow（NOW）财务数据对比。点击上方公司名可切换其他公司
ServiceNow的季度营收约是塞拉尼斯的1.7倍（$3.8B vs $2.2B），ServiceNow净利率更高（12.4% vs 0.6%，领先11.8%），ServiceNow同比增速更快（2.8% vs -7.0%），ServiceNow自由现金流更多（$1.7B vs $168.0M），过去两年ServiceNow的营收复合增速更高（19.8% 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。
ServiceNow是2003年由弗雷德·卢迪在美国加利福尼亚州圣克拉拉创立的软件企业，主打云计算平台产品，可支持企业搭建及管理自动化业务工作流。公司于纽交所上市，现为标普100及标普500指数成分股。
CE vs NOW — 直观对比
营收规模更大
NOW
是对方的1.7倍
$2.2B
营收增速更快
NOW
高出9.8%
-7.0%
净利率更高
NOW
高出11.8%
0.6%
自由现金流更多
NOW
多$1.5B
$168.0M
两年增速更快
NOW
近两年复合增速
-8.1%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $2.2B | $3.8B |
| 净利润 | $14.0M | $469.0M |
| 毛利率 | 19.1% | 75.1% |
| 营业利润率 | 4.0% | 13.3% |
| 净利率 | 0.6% | 12.4% |
| 营收同比 | -7.0% | 2.8% |
| 净利润同比 | 100.7% | -53.7% |
| 每股收益（稀释后） | $0.13 | $1.04 |
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CENOW
| Q1 26 | — | $3.8B | ||
| Q4 25 | $2.2B | $3.6B | ||
| Q3 25 | $2.4B | $3.4B | ||
| Q2 25 | $2.5B | $3.2B | ||
| Q1 25 | $2.4B | $3.1B | ||
| Q4 24 | $2.4B | $3.0B | ||
| Q3 24 | $2.6B | $2.8B | ||
| Q2 24 | $2.7B | $2.6B |
净利润CENOW
| Q1 26 | — | $469.0M | ||
| Q4 25 | $14.0M | $401.0M | ||
| Q3 25 | $-1.4B | $502.0M | ||
| Q2 25 | $199.0M | $385.0M | ||
| Q1 25 | $-21.0M | $460.0M | ||
| Q4 24 | $-1.9B | $384.0M | ||
| Q3 24 | $116.0M | $432.0M | ||
| Q2 24 | $155.0M | $262.0M |
毛利率CENOW
| Q1 26 | — | 75.1% | ||
| Q4 25 | 19.1% | 76.6% | ||
| Q3 25 | 21.5% | 77.3% | ||
| Q2 25 | 21.1% | 77.5% | ||
| Q1 25 | 19.9% | 78.9% | ||
| Q4 24 | 22.7% | 78.7% | ||
| Q3 24 | 23.5% | 79.1% | ||
| Q2 24 | 24.2% | 79.0% |
营业利润率CENOW
| Q1 26 | — | 13.3% | ||
| Q4 25 | 4.0% | 12.4% | ||
| Q3 25 | -52.7% | 16.8% | ||
| Q2 25 | 9.2% | 11.1% | ||
| Q1 25 | 7.0% | 14.6% | ||
| Q4 24 | -59.3% | 12.6% | ||
| Q3 24 | 9.4% | 14.9% | ||
| Q2 24 | 9.4% | 9.1% |
净利率CENOW
| Q1 26 | — | 12.4% | ||
| Q4 25 | 0.6% | 11.2% | ||
| Q3 25 | -56.1% | 14.7% | ||
| Q2 25 | 7.9% | 12.0% | ||
| Q1 25 | -0.9% | 14.9% | ||
| Q4 24 | -80.8% | 13.0% | ||
| Q3 24 | 4.4% | 15.4% | ||
| Q2 24 | 5.8% | 10.0% |
每股收益（稀释后）CENOW
| Q1 26 | — | $1.04 | ||
| Q4 25 | $0.13 | $-4.77 | ||
| Q3 25 | $-12.39 | $2.40 | ||
| Q2 25 | $1.81 | $1.84 | ||
| Q1 25 | $-0.19 | $2.20 | ||
| Q4 24 | $-17.50 | $1.84 | ||
| Q3 24 | $1.06 | $2.07 | ||
| Q2 24 | $1.41 | $1.26 |
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 | — | $2.7B |
| 总债务越低越好 | $11.4B | — |
| 股东权益账面价值 | $4.0B | $11.7B |
| 总资产 | $21.7B | $24.4B |
| 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CENOW
| Q1 26 | — | $2.7B | ||
| Q4 25 | — | $3.7B | ||
| Q3 25 | — | $2.7B | ||
| Q2 25 | — | $3.1B | ||
| Q1 25 | — | $3.4B | ||
| Q4 24 | — | $2.3B | ||
| Q3 24 | — | $1.9B | ||
| Q2 24 | — | $2.2B |
总债务CENOW
| Q1 26 | — | — | ||
| 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 | — |
股东权益CENOW
| Q1 26 | — | $11.7B | ||
| Q4 25 | $4.0B | $13.0B | ||
| Q3 25 | $4.0B | $11.3B | ||
| Q2 25 | $5.3B | $10.9B | ||
| Q1 25 | $5.2B | $10.1B | ||
| Q4 24 | $5.2B | $9.6B | ||
| Q3 24 | $7.3B | $9.3B | ||
| Q2 24 | $7.2B | $8.7B |
总资产CENOW
| Q1 26 | — | $24.4B | ||
| Q4 25 | $21.7B | $26.0B | ||
| Q3 25 | $22.2B | $21.8B | ||
| Q2 25 | $23.7B | $22.1B | ||
| Q1 25 | $23.2B | $21.0B | ||
| Q4 24 | $22.9B | $20.4B | ||
| Q3 24 | $25.9B | $18.4B | ||
| Q2 24 | $25.8B | $18.2B |
负债/权益比CENOW
| Q1 26 | — | — | ||
| 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× | — |
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 | $1.7B |
| 自由现金流经营现金流 - 资本支出 | $168.0M | $1.7B |
| 自由现金流率自由现金流/营收 | 7.6% | 44.2% |
| 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× | 3.56× |
| 过去12个月自由现金流最近4个季度 | $803.0M | $4.8B |
8季度趋势，按日历期对齐
经营现金流CENOW
| Q1 26 | — | $1.7B | ||
| Q4 25 | $252.0M | $2.2B | ||
| Q3 25 | $447.0M | $813.0M | ||
| Q2 25 | $410.0M | $716.0M | ||
| Q1 25 | $37.0M | $1.7B | ||
| Q4 24 | $494.0M | $1.6B | ||
| Q3 24 | $79.0M | $671.0M | ||
| Q2 24 | $292.0M | $620.0M |
自由现金流CENOW
| Q1 26 | — | $1.7B | ||
| Q4 25 | $168.0M | $2.0B | ||
| Q3 25 | $383.0M | $578.0M | ||
| Q2 25 | $317.0M | $526.0M | ||
| Q1 25 | $-65.0M | $1.5B | ||
| Q4 24 | $389.0M | $1.4B | ||
| Q3 24 | $-9.0M | $469.0M | ||
| Q2 24 | $187.0M | $358.0M |
自由现金流率CENOW
| Q1 26 | — | 44.2% | ||
| Q4 25 | 7.6% | 56.1% | ||
| Q3 25 | 15.8% | 17.0% | ||
| Q2 25 | 12.5% | 16.4% | ||
| Q1 25 | -2.7% | 47.7% | ||
| Q4 24 | 16.4% | 46.7% | ||
| Q3 24 | -0.3% | 16.8% | ||
| Q2 24 | 7.1% | 13.6% |
资本支出强度CENOW
| Q1 26 | — | — | ||
| Q4 25 | 3.8% | 6.7% | ||
| Q3 25 | 2.6% | 6.9% | ||
| Q2 25 | 3.7% | 5.9% | ||
| Q1 25 | 4.3% | 6.6% | ||
| Q4 24 | 4.4% | 8.6% | ||
| Q3 24 | 3.3% | 7.2% | ||
| Q2 24 | 4.0% | 10.0% |
现金转化率CENOW
| Q1 26 | — | 3.56× | ||
| Q4 25 | 18.00× | 5.58× | ||
| Q3 25 | — | 1.62× | ||
| Q2 25 | 2.06× | 1.86× | ||
| Q1 25 | — | 3.65× | ||
| Q4 24 | — | 4.26× | ||
| Q3 24 | 0.68× | 1.55× | ||
| Q2 24 | 1.88× | 2.37× |
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% |
NOW
| Subscription revenues | $3.7B | 97% |
| Other | $80.5M | 2% |
| Professional services and other revenues | $18.5M | 0% |
