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塞拉尼斯（CE）与INSPERITY, INC.（NSP）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INSPERITY, INC.的1.3倍（$2.2B vs $1.7B），INSPERITY, INC.同比增速更快（3.4% vs -7.0%），INSPERITY, INC.自由现金流更多（$246.0M vs $168.0M），过去两年INSPERITY, INC.的营收复合增速更高（-3.8% 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。
Insperity（前身为Administaff）是总部位于美国得克萨斯州休斯顿金伍德区的专业雇主组织（PEO），专注为中小微企业提供人力资源及行政事务外包等相关服务。自2004年起，该企业长期担任冠军巡回赛职业高尔夫赛事的冠名赞助商。
CE vs NSP — 直观对比
营收规模更大
CE
是对方的1.3倍
$1.7B
营收增速更快
NSP
高出10.4%
-7.0%
自由现金流更多
NSP
多$78.0M
$168.0M
两年增速更快
NSP
近两年复合增速
-8.1%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $2.2B | $1.7B |
| 净利润 | $14.0M | — |
| 毛利率 | 19.1% | 10.3% |
| 营业利润率 | 4.0% | -2.8% |
| 净利率 | 0.6% | — |
| 营收同比 | -7.0% | 3.4% |
| 净利润同比 | 100.7% | — |
| 每股收益（稀释后） | $0.13 | $-0.87 |
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CENSP
| Q4 25 | $2.2B | $1.7B | ||
| Q3 25 | $2.4B | $1.6B | ||
| Q2 25 | $2.5B | $1.7B | ||
| Q1 25 | $2.4B | $1.9B | ||
| Q4 24 | $2.4B | $1.6B | ||
| Q3 24 | $2.6B | $1.6B | ||
| Q2 24 | $2.7B | $1.6B | ||
| Q1 24 | $2.6B | $1.8B |
净利润CENSP
| Q4 25 | $14.0M | — | ||
| Q3 25 | $-1.4B | $-20.0M | ||
| Q2 25 | $199.0M | $-5.0M | ||
| Q1 25 | $-21.0M | $51.0M | ||
| Q4 24 | $-1.9B | — | ||
| Q3 24 | $116.0M | $3.0M | ||
| Q2 24 | $155.0M | $18.0M | ||
| Q1 24 | $121.0M | $79.0M |
毛利率CENSP
| Q4 25 | 19.1% | 10.3% | ||
| Q3 25 | 21.5% | 12.0% | ||
| Q2 25 | 21.1% | 13.4% | ||
| Q1 25 | 19.9% | 16.6% | ||
| Q4 24 | 22.7% | 13.5% | ||
| Q3 24 | 23.5% | 14.7% | ||
| Q2 24 | 24.2% | 16.2% | ||
| Q1 24 | 21.2% | 19.1% |
营业利润率CENSP
| Q4 25 | 4.0% | -2.8% | ||
| Q3 25 | -52.7% | -1.5% | ||
| Q2 25 | 9.2% | -0.4% | ||
| Q1 25 | 7.0% | 3.7% | ||
| Q4 24 | -59.3% | -0.9% | ||
| Q3 24 | 9.4% | 0.1% | ||
| Q2 24 | 9.4% | 1.4% | ||
| Q1 24 | 8.0% | 6.0% |
净利率CENSP
| Q4 25 | 0.6% | — | ||
| Q3 25 | -56.1% | -1.2% | ||
| Q2 25 | 7.9% | -0.3% | ||
| Q1 25 | -0.9% | 2.7% | ||
| Q4 24 | -80.8% | — | ||
| Q3 24 | 4.4% | 0.2% | ||
| Q2 24 | 5.8% | 1.1% | ||
| Q1 24 | 4.6% | 4.4% |
每股收益（稀释后）CENSP
| Q4 25 | $0.13 | $-0.87 | ||
| Q3 25 | $-12.39 | $-0.53 | ||
| Q2 25 | $1.81 | $-0.14 | ||
| Q1 25 | $-0.19 | $1.35 | ||
| Q4 24 | $-17.50 | $-0.21 | ||
| Q3 24 | $1.06 | $0.07 | ||
| Q2 24 | $1.41 | $0.48 | ||
| Q1 24 | $1.10 | $2.08 |
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 | — | $682.0M |
| 总债务越低越好 | $11.4B | — |
| 股东权益账面价值 | $4.0B | $46.0M |
| 总资产 | $21.7B | $2.2B |
| 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CENSP
| Q4 25 | — | $682.0M | ||
| Q3 25 | — | $521.0M | ||
| Q2 25 | — | $511.0M | ||
| Q1 25 | — | $684.0M | ||
| Q4 24 | — | $1.2B | ||
| Q3 24 | — | $596.0M | ||
| Q2 24 | — | $850.0M | ||
| Q1 24 | — | $801.0M |
总债务CENSP
| 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 | — | ||
| Q1 24 | $11.0B | — |
股东权益CENSP
| Q4 25 | $4.0B | $46.0M | ||
| Q3 25 | $4.0B | $87.0M | ||
| Q2 25 | $5.3B | $112.0M | ||
| Q1 25 | $5.2B | $119.0M | ||
| Q4 24 | $5.2B | $97.0M | ||
| Q3 24 | $7.3B | $125.0M | ||
| Q2 24 | $7.2B | $142.0M | ||
| Q1 24 | $7.1B | $140.0M |
总资产CENSP
| Q4 25 | $21.7B | $2.2B | ||
| Q3 25 | $22.2B | $2.0B | ||
| Q2 25 | $23.7B | $2.0B | ||
| Q1 25 | $23.2B | $2.1B | ||
| Q4 24 | $22.9B | $2.6B | ||
| Q3 24 | $25.9B | $1.9B | ||
| Q2 24 | $25.8B | $2.1B | ||
| Q1 24 | $26.0B | $2.1B |
负债/权益比CENSP
| 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× | — | ||
| Q1 24 | 1.56× | — |
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 | $255.0M |
| 自由现金流经营现金流 - 资本支出 | $168.0M | $246.0M |
| 自由现金流率自由现金流/营收 | 7.6% | 14.7% |
| 资本支出强度资本支出/营收 | 3.8% | 0.5% |
| 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 | $-309.0M |
8季度趋势，按日历期对齐
经营现金流CENSP
| Q4 25 | $252.0M | $255.0M | ||
| Q3 25 | $447.0M | $-11.0M | ||
| Q2 25 | $410.0M | $-79.0M | ||
| Q1 25 | $37.0M | $-443.0M | ||
| Q4 24 | $494.0M | $619.0M | ||
| Q3 24 | $79.0M | $-150.0M | ||
| Q2 24 | $292.0M | $20.0M | ||
| Q1 24 | $101.0M | $31.0M |
自由现金流CENSP
| Q4 25 | $168.0M | $246.0M | ||
| Q3 25 | $383.0M | $-20.0M | ||
| Q2 25 | $317.0M | $-86.0M | ||
| Q1 25 | $-65.0M | $-449.0M | ||
| Q4 24 | $389.0M | $606.0M | ||
| Q3 24 | $-9.0M | $-164.0M | ||
| Q2 24 | $187.0M | $14.0M | ||
| Q1 24 | $-36.0M | $26.0M |
自由现金流率CENSP
| Q4 25 | 7.6% | 14.7% | ||
| Q3 25 | 15.8% | -1.2% | ||
| Q2 25 | 12.5% | -5.2% | ||
| Q1 25 | -2.7% | -24.1% | ||
| Q4 24 | 16.4% | 37.6% | ||
| Q3 24 | -0.3% | -10.5% | ||
| Q2 24 | 7.1% | 0.9% | ||
| Q1 24 | -1.4% | 1.4% |
资本支出强度CENSP
| Q4 25 | 3.8% | 0.5% | ||
| Q3 25 | 2.6% | 0.6% | ||
| Q2 25 | 3.7% | 0.4% | ||
| Q1 25 | 4.3% | 0.3% | ||
| Q4 24 | 4.4% | 0.8% | ||
| Q3 24 | 3.3% | 0.9% | ||
| Q2 24 | 4.0% | 0.4% | ||
| Q1 24 | 5.2% | 0.3% |
现金转化率CENSP
| Q4 25 | 18.00× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | 2.06× | — | ||
| Q1 25 | — | -8.69× | ||
| Q4 24 | — | — | ||
| Q3 24 | 0.68× | -50.00× | ||
| Q2 24 | 1.88× | 1.11× | ||
| Q1 24 | 0.83× | 0.39× |
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% |
NSP
| Northeast | $455.0M | 27% |
| West | $339.0M | 20% |
| Southwest | $317.0M | 19% |
| Central | $299.0M | 18% |
| Southeast | $241.0M | 14% |
| Other Revenues | $17.0M | 1% |
