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塞拉尼斯（CE）与北极星（PII）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北极星的1.3倍（$2.2B vs $1.7B），塞拉尼斯净利率更高（0.6% vs -2.8%，领先3.5%），北极星同比增速更快（8.0% vs -7.0%），塞拉尼斯自由现金流更多（$168.0M vs $-342.5M），过去两年北极星的营收复合增速更高（-8.0% 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。
北极星公司（Polaris Inc.）是总部位于美国明尼苏达州麦地那的机动车制造企业，创立于明尼苏达州罗索，当地目前仍保留其工程研发与生产设施。公司曾通过胜利摩托子公司生产摩托车，2011年收购印第安摩托品牌后转由该子公司运营摩托业务，此前还曾生产私人水上摩托艇产品。
CE vs PII — 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
PII
高出15.0%
-7.0%
净利率更高
CE
高出3.5%
-2.8%
自由现金流更多
CE
多$510.5M
$-342.5M
两年增速更快
PII
近两年复合增速
-8.1%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $2.2B | $1.7B |
| 净利润 | $14.0M | $-47.2M |
| 毛利率 | 19.1% | 20.2% |
| 营业利润率 | 4.0% | 76.5% |
| 净利率 | 0.6% | -2.8% |
| 营收同比 | -7.0% | 8.0% |
| 净利润同比 | 100.7% | 29.0% |
| 每股收益（稀释后） | $0.13 | $-0.83 |
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CEPII
| Q1 26 | — | $1.7B | ||
| Q4 25 | $2.2B | $1.9B | ||
| Q3 25 | $2.4B | $1.8B | ||
| Q2 25 | $2.5B | $1.9B | ||
| Q1 25 | $2.4B | $1.5B | ||
| Q4 24 | $2.4B | $1.8B | ||
| Q3 24 | $2.6B | $1.7B | ||
| Q2 24 | $2.7B | $2.0B |
净利润CEPII
| Q1 26 | — | $-47.2M | ||
| Q4 25 | $14.0M | $-303.6M | ||
| Q3 25 | $-1.4B | $-15.8M | ||
| Q2 25 | $199.0M | $-79.3M | ||
| Q1 25 | $-21.0M | $-66.8M | ||
| Q4 24 | $-1.9B | $10.6M | ||
| Q3 24 | $116.0M | $27.7M | ||
| Q2 24 | $155.0M | $68.7M |
毛利率CEPII
| Q1 26 | — | 20.2% | ||
| Q4 25 | 19.1% | 20.0% | ||
| Q3 25 | 21.5% | 20.7% | ||
| Q2 25 | 21.1% | 19.4% | ||
| Q1 25 | 19.9% | 16.0% | ||
| Q4 24 | 22.7% | 20.4% | ||
| Q3 24 | 23.5% | 20.6% | ||
| Q2 24 | 24.2% | 21.6% |
营业利润率CEPII
| Q1 26 | — | 76.5% | ||
| Q4 25 | 4.0% | -16.7% | ||
| Q3 25 | -52.7% | 1.1% | ||
| Q2 25 | 9.2% | -0.7% | ||
| Q1 25 | 7.0% | -2.4% | ||
| Q4 24 | -59.3% | 3.7% | ||
| Q3 24 | 9.4% | 3.8% | ||
| Q2 24 | 9.4% | 6.1% |
净利率CEPII
| Q1 26 | — | -2.8% | ||
| Q4 25 | 0.6% | -15.8% | ||
| Q3 25 | -56.1% | -0.9% | ||
| Q2 25 | 7.9% | -4.3% | ||
| Q1 25 | -0.9% | -4.3% | ||
| Q4 24 | -80.8% | 0.6% | ||
| Q3 24 | 4.4% | 1.6% | ||
| Q2 24 | 5.8% | 3.5% |
每股收益（稀释后）CEPII
| Q1 26 | — | $-0.83 | ||
| Q4 25 | $0.13 | $-5.34 | ||
| Q3 25 | $-12.39 | $-0.28 | ||
| Q2 25 | $1.81 | $-1.39 | ||
| Q1 25 | $-0.19 | $-1.17 | ||
| Q4 24 | $-17.50 | $0.18 | ||
| Q3 24 | $1.06 | $0.49 | ||
| Q2 24 | $1.41 | $1.21 |
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 | — | $282.0M |
| 总债务越低越好 | $11.4B | — |
| 股东权益账面价值 | $4.0B | $750.4M |
| 总资产 | $21.7B | $5.2B |
| 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CEPII
| Q1 26 | — | $282.0M | ||
| Q4 25 | — | $138.0M | ||
| Q3 25 | — | $335.5M | ||
| Q2 25 | — | $324.3M | ||
| Q1 25 | — | $291.7M | ||
| Q4 24 | — | $287.8M | ||
| Q3 24 | — | $291.3M | ||
| Q2 24 | — | $322.7M |
总债务CEPII
| Q1 26 | — | — | ||
| Q4 25 | $11.4B | $1.5B | ||
| Q3 25 | $11.7B | $1.3B | ||
| Q2 25 | $12.7B | $1.4B | ||
| Q1 25 | $12.4B | $1.6B | ||
| Q4 24 | $11.1B | $1.6B | ||
| Q3 24 | $11.3B | $1.7B | ||
| Q2 24 | $11.1B | $2.1B |
股东权益CEPII
| Q1 26 | — | $750.4M | ||
| Q4 25 | $4.0B | $828.4M | ||
| Q3 25 | $4.0B | $1.1B | ||
| Q2 25 | $5.3B | $1.2B | ||
| Q1 25 | $5.2B | $1.2B | ||
| Q4 24 | $5.2B | $1.3B | ||
| Q3 24 | $7.3B | $1.3B | ||
| Q2 24 | $7.2B | $1.3B |
总资产CEPII
| Q1 26 | — | $5.2B | ||
| Q4 25 | $21.7B | $4.9B | ||
| Q3 25 | $22.2B | $5.3B | ||
| Q2 25 | $23.7B | $5.4B | ||
| Q1 25 | $23.2B | $5.5B | ||
| Q4 24 | $22.9B | $5.5B | ||
| Q3 24 | $25.9B | $5.6B | ||
| Q2 24 | $25.8B | $5.7B |
负债/权益比CEPII
| Q1 26 | — | — | ||
| Q4 25 | 2.81× | 1.82× | ||
| Q3 25 | 2.95× | 1.13× | ||
| Q2 25 | 2.41× | 1.17× | ||
| Q1 25 | 2.39× | 1.32× | ||
| Q4 24 | 2.14× | 1.27× | ||
| Q3 24 | 1.56× | 1.29× | ||
| Q2 24 | 1.54× | 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 | — |
| 自由现金流经营现金流 - 资本支出 | $168.0M | $-342.5M |
| 自由现金流率自由现金流/营收 | 7.6% | -20.6% |
| 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× | — |
| 过去12个月自由现金流最近4个季度 | $803.0M | $168.0M |
8季度趋势，按日历期对齐
经营现金流CEPII
| Q1 26 | — | — | ||
| Q4 25 | $252.0M | $178.7M | ||
| Q3 25 | $447.0M | $158.8M | ||
| Q2 25 | $410.0M | $320.3M | ||
| Q1 25 | $37.0M | $83.2M | ||
| Q4 24 | $494.0M | $206.3M | ||
| Q3 24 | $79.0M | $21.0M | ||
| Q2 24 | $292.0M | $146.3M |
自由现金流CEPII
| Q1 26 | — | $-342.5M | ||
| Q4 25 | $168.0M | $114.0M | ||
| Q3 25 | $383.0M | $116.7M | ||
| Q2 25 | $317.0M | $279.8M | ||
| Q1 25 | $-65.0M | $47.6M | ||
| Q4 24 | $389.0M | $137.3M | ||
| Q3 24 | $-9.0M | $-32.4M | ||
| Q2 24 | $187.0M | $79.1M |
自由现金流率CEPII
| Q1 26 | — | -20.6% | ||
| Q4 25 | 7.6% | 5.9% | ||
| Q3 25 | 15.8% | 6.3% | ||
| Q2 25 | 12.5% | 15.1% | ||
| Q1 25 | -2.7% | 3.1% | ||
| Q4 24 | 16.4% | 7.8% | ||
| Q3 24 | -0.3% | -1.9% | ||
| Q2 24 | 7.1% | 4.0% |
资本支出强度CEPII
| Q1 26 | — | — | ||
| Q4 25 | 3.8% | 3.4% | ||
| Q3 25 | 2.6% | 2.3% | ||
| Q2 25 | 3.7% | 2.2% | ||
| Q1 25 | 4.3% | 2.3% | ||
| Q4 24 | 4.4% | 3.9% | ||
| Q3 24 | 3.3% | 3.1% | ||
| Q2 24 | 4.0% | 3.4% |
现金转化率CEPII
| Q1 26 | — | — | ||
| Q4 25 | 18.00× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | 2.06× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 19.46× | ||
| Q3 24 | 0.68× | 0.76× | ||
| Q2 24 | 1.88× | 2.13× |
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% |
PII
暂无分部数据
