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塞拉尼斯（CE）与豪士科（OSK）财务数据对比。点击上方公司名可切换其他公司
豪士科的季度营收约是塞拉尼斯的1.2倍（$2.7B vs $2.2B），豪士科净利率更高（5.0% vs 0.6%，领先4.3%），豪士科同比增速更快（3.5% vs -7.0%），豪士科自由现金流更多（$540.3M vs $168.0M），过去两年豪士科的营收复合增速更高（2.8% 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。
豪士科（原称豪士科卡车）是美国知名工业企业，主营特种卡车、军用车辆、机场消防设备、高空作业设备等产品的设计与制造。旗下拥有威斯康星州的消防车制造商Pierce Manufacturing，以及生产各类升降作业设备的JLG工业公司。
CE vs OSK — 直观对比
营收规模更大
OSK
是对方的1.2倍
$2.2B
营收增速更快
OSK
高出10.5%
-7.0%
净利率更高
OSK
高出4.3%
0.6%
自由现金流更多
OSK
多$372.3M
$168.0M
两年增速更快
OSK
近两年复合增速
-8.1%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $2.2B | $2.7B |
| 净利润 | $14.0M | $133.8M |
| 毛利率 | 19.1% | 15.8% |
| 营业利润率 | 4.0% | 7.9% |
| 净利率 | 0.6% | 5.0% |
| 营收同比 | -7.0% | 3.5% |
| 净利润同比 | 100.7% | -12.6% |
| 每股收益（稀释后） | $0.13 | — |
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CEOSK
| Q4 25 | $2.2B | $2.7B | ||
| Q3 25 | $2.4B | $2.7B | ||
| Q2 25 | $2.5B | $2.7B | ||
| Q1 25 | $2.4B | $2.3B | ||
| Q4 24 | $2.4B | $2.6B | ||
| Q3 24 | $2.6B | $2.7B | ||
| Q2 24 | $2.7B | $2.8B | ||
| Q1 24 | $2.6B | $2.5B |
净利润CEOSK
| Q4 25 | $14.0M | $133.8M | ||
| Q3 25 | $-1.4B | $196.2M | ||
| Q2 25 | $199.0M | $204.8M | ||
| Q1 25 | $-21.0M | $112.2M | ||
| Q4 24 | $-1.9B | $153.1M | ||
| Q3 24 | $116.0M | $180.3M | ||
| Q2 24 | $155.0M | $168.6M | ||
| Q1 24 | $121.0M | $179.4M |
毛利率CEOSK
| Q4 25 | 19.1% | 15.8% | ||
| Q3 25 | 21.5% | 17.5% | ||
| Q2 25 | 21.1% | 19.2% | ||
| Q1 25 | 19.9% | 17.3% | ||
| Q4 24 | 22.7% | 17.2% | ||
| Q3 24 | 23.5% | 18.5% | ||
| Q2 24 | 24.2% | 19.2% | ||
| Q1 24 | 21.2% | 18.5% |
营业利润率CEOSK
| Q4 25 | 4.0% | 7.9% | ||
| Q3 25 | -52.7% | 9.7% | ||
| Q2 25 | 9.2% | 10.7% | ||
| Q1 25 | 7.0% | 7.6% | ||
| Q4 24 | -59.3% | 8.6% | ||
| Q3 24 | 9.4% | 9.7% | ||
| Q2 24 | 9.4% | 9.2% | ||
| Q1 24 | 8.0% | 10.2% |
净利率CEOSK
| Q4 25 | 0.6% | 5.0% | ||
| Q3 25 | -56.1% | 7.3% | ||
| Q2 25 | 7.9% | 7.5% | ||
| Q1 25 | -0.9% | 4.9% | ||
| Q4 24 | -80.8% | 5.9% | ||
| Q3 24 | 4.4% | 6.6% | ||
| Q2 24 | 5.8% | 5.9% | ||
| Q1 24 | 4.6% | 7.1% |
每股收益（稀释后）CEOSK
| Q4 25 | $0.13 | — | ||
| Q3 25 | $-12.39 | — | ||
| Q2 25 | $1.81 | — | ||
| Q1 25 | $-0.19 | — | ||
| Q4 24 | $-17.50 | — | ||
| Q3 24 | $1.06 | — | ||
| Q2 24 | $1.41 | — | ||
| Q1 24 | $1.10 | — |
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 | — | $479.8M |
| 总债务越低越好 | $11.4B | — |
| 股东权益账面价值 | $4.0B | $4.5B |
| 总资产 | $21.7B | $10.1B |
| 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CEOSK
| Q4 25 | — | $479.8M | ||
| Q3 25 | — | $211.8M | ||
| Q2 25 | — | $191.7M | ||
| Q1 25 | — | $210.3M | ||
| Q4 24 | — | $204.9M | ||
| Q3 24 | — | $160.9M | ||
| Q2 24 | — | $141.4M | ||
| Q1 24 | — | $69.9M |
总债务CEOSK
| Q4 25 | $11.4B | — | ||
| Q3 25 | $11.7B | — | ||
| Q2 25 | $12.7B | — | ||
| Q1 25 | $12.4B | — | ||
| Q4 24 | $11.1B | — | ||
| Q3 24 | $11.3B | $602.3M | ||
| Q2 24 | $11.1B | $599.1M | ||
| Q1 24 | $11.0B | $598.9M |
股东权益CEOSK
| Q4 25 | $4.0B | $4.5B | ||
| Q3 25 | $4.0B | $4.5B | ||
| Q2 25 | $5.3B | $4.5B | ||
| Q1 25 | $5.2B | $4.2B | ||
| Q4 24 | $5.2B | $4.2B | ||
| Q3 24 | $7.3B | $4.1B | ||
| Q2 24 | $7.2B | $3.9B | ||
| Q1 24 | $7.1B | $3.8B |
总资产CEOSK
| Q4 25 | $21.7B | $10.1B | ||
| Q3 25 | $22.2B | $9.8B | ||
| Q2 25 | $23.7B | $10.0B | ||
| Q1 25 | $23.2B | $9.8B | ||
| Q4 24 | $22.9B | $9.4B | ||
| Q3 24 | $25.9B | $9.9B | ||
| Q2 24 | $25.8B | $9.7B | ||
| Q1 24 | $26.0B | $9.5B |
负债/权益比CEOSK
| Q4 25 | 2.81× | — | ||
| Q3 25 | 2.95× | — | ||
| Q2 25 | 2.41× | — | ||
| Q1 25 | 2.39× | — | ||
| Q4 24 | 2.14× | — | ||
| Q3 24 | 1.56× | 0.15× | ||
| Q2 24 | 1.54× | 0.15× | ||
| Q1 24 | 1.56× | 0.16× |
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 | $600.1M |
| 自由现金流经营现金流 - 资本支出 | $168.0M | $540.3M |
| 自由现金流率自由现金流/营收 | 7.6% | 20.1% |
| 资本支出强度资本支出/营收 | 3.8% | 2.2% |
| 现金转化率经营现金流/净利润 | 18.00× | 4.49× |
| 过去12个月自由现金流最近4个季度 | $803.0M | $618.0M |
8季度趋势，按日历期对齐
经营现金流CEOSK
| Q4 25 | $252.0M | $600.1M | ||
| Q3 25 | $447.0M | $489.0M | ||
| Q2 25 | $410.0M | $89.2M | ||
| Q1 25 | $37.0M | $-394.9M | ||
| Q4 24 | $494.0M | $790.8M | ||
| Q3 24 | $79.0M | $326.1M | ||
| Q2 24 | $292.0M | $-211.0M | ||
| Q1 24 | $101.0M | $-355.8M |
自由现金流CEOSK
| Q4 25 | $168.0M | $540.3M | ||
| Q3 25 | $383.0M | $464.3M | ||
| Q2 25 | $317.0M | $48.6M | ||
| Q1 25 | $-65.0M | $-435.2M | ||
| Q4 24 | $389.0M | $703.3M | ||
| Q3 24 | $-9.0M | $272.2M | ||
| Q2 24 | $187.0M | $-250.5M | ||
| Q1 24 | $-36.0M | $-455.9M |
自由现金流率CEOSK
| Q4 25 | 7.6% | 20.1% | ||
| Q3 25 | 15.8% | 17.3% | ||
| Q2 25 | 12.5% | 1.8% | ||
| Q1 25 | -2.7% | -18.8% | ||
| Q4 24 | 16.4% | 27.1% | ||
| Q3 24 | -0.3% | 9.9% | ||
| Q2 24 | 7.1% | -8.8% | ||
| Q1 24 | -1.4% | -17.9% |
资本支出强度CEOSK
| Q4 25 | 3.8% | 2.2% | ||
| Q3 25 | 2.6% | 0.9% | ||
| Q2 25 | 3.7% | 1.5% | ||
| Q1 25 | 4.3% | 1.7% | ||
| Q4 24 | 4.4% | 3.4% | ||
| Q3 24 | 3.3% | 2.0% | ||
| Q2 24 | 4.0% | 1.4% | ||
| Q1 24 | 5.2% | 3.9% |
现金转化率CEOSK
| Q4 25 | 18.00× | 4.49× | ||
| Q3 25 | — | 2.49× | ||
| Q2 25 | 2.06× | 0.44× | ||
| Q1 25 | — | -3.52× | ||
| Q4 24 | — | 5.17× | ||
| Q3 24 | 0.68× | 1.81× | ||
| Q2 24 | 1.88× | -1.25× | ||
| Q1 24 | 0.83× | -1.98× |
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% |
OSK
| Vocational Segment | $922.4M | 34% |
| Aerial Works Platforms | $548.6M | 20% |
| Other Access Equipment | $311.8M | 12% |
| Telehandlers | $311.2M | 12% |
| Airport Products | $252.7M | 9% |
| Delivery Vehicles | $165.0M | 6% |
| Other Vocational | $130.7M | 5% |
| Transferred Over Time | $23.5M | 1% |
