vs
塞拉尼斯（CE）与PVH CORP.（PVH）财务数据对比。点击上方公司名可切换其他公司
PVH CORP.的季度营收约是塞拉尼斯的1.0倍（$2.3B vs $2.2B），塞拉尼斯净利率更高（0.6% vs 0.2%，领先0.5%），PVH CORP.同比增速更快（1.7% vs -7.0%），塞拉尼斯自由现金流更多（$168.0M vs $-85.1M）
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。
PVH集团是源自美国的知名服饰企业，前身为Phillips-Van Heusen公司，旗下拥有Tommy Hilfiger、Calvin Klein等标志性时尚品牌，同时还获得Kenneth Cole New York、Michael Kors等品牌的授权经营许可，在全球服饰消费市场拥有广泛影响力。
CE vs PVH — 直观对比
营收规模更大
PVH
是对方的1.0倍
$2.2B
营收增速更快
PVH
高出8.7%
-7.0%
净利率更高
CE
高出0.5%
0.2%
自由现金流更多
CE
多$253.1M
$-85.1M
损益表 — Q4 FY2025 vs Q3 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $2.2B | $2.3B |
| 净利润 | $14.0M | $4.2M |
| 毛利率 | 19.1% | 56.3% |
| 营业利润率 | 4.0% | 7.9% |
| 净利率 | 0.6% | 0.2% |
| 营收同比 | -7.0% | 1.7% |
| 净利润同比 | 100.7% | -96.8% |
| 每股收益（稀释后） | $0.13 | $0.09 |
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CEPVH
| Q4 25 | $2.2B | $2.3B | ||
| Q3 25 | $2.4B | $2.2B | ||
| Q2 25 | $2.5B | $2.0B | ||
| Q1 25 | $2.4B | — | ||
| Q4 24 | $2.4B | — | ||
| Q3 24 | $2.6B | — | ||
| Q2 24 | $2.7B | — | ||
| Q1 24 | $2.6B | — |
净利润CEPVH
| Q4 25 | $14.0M | $4.2M | ||
| Q3 25 | $-1.4B | $224.2M | ||
| Q2 25 | $199.0M | $-44.8M | ||
| Q1 25 | $-21.0M | — | ||
| Q4 24 | $-1.9B | — | ||
| Q3 24 | $116.0M | — | ||
| Q2 24 | $155.0M | — | ||
| Q1 24 | $121.0M | — |
毛利率CEPVH
| Q4 25 | 19.1% | 56.3% | ||
| Q3 25 | 21.5% | 57.7% | ||
| Q2 25 | 21.1% | 58.6% | ||
| Q1 25 | 19.9% | — | ||
| Q4 24 | 22.7% | — | ||
| Q3 24 | 23.5% | — | ||
| Q2 24 | 24.2% | — | ||
| Q1 24 | 21.2% | — |
营业利润率CEPVH
| Q4 25 | 4.0% | 7.9% | ||
| Q3 25 | -52.7% | 6.1% | ||
| Q2 25 | 9.2% | -16.7% | ||
| Q1 25 | 7.0% | — | ||
| Q4 24 | -59.3% | — | ||
| Q3 24 | 9.4% | — | ||
| Q2 24 | 9.4% | — | ||
| Q1 24 | 8.0% | — |
净利率CEPVH
| Q4 25 | 0.6% | 0.2% | ||
| Q3 25 | -56.1% | 10.3% | ||
| Q2 25 | 7.9% | -2.3% | ||
| Q1 25 | -0.9% | — | ||
| Q4 24 | -80.8% | — | ||
| Q3 24 | 4.4% | — | ||
| Q2 24 | 5.8% | — | ||
| Q1 24 | 4.6% | — |
每股收益（稀释后）CEPVH
| Q4 25 | $0.13 | $0.09 | ||
| Q3 25 | $-12.39 | $4.63 | ||
| Q2 25 | $1.81 | $-0.88 | ||
| 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 | — | $158.2M |
| 总债务越低越好 | $11.4B | $2.3B |
| 股东权益账面价值 | $4.0B | $4.9B |
| 总资产 | $21.7B | $11.4B |
| 负债/权益比越低杠杆越低 | 2.81× | 0.46× |
8季度趋势，按日历期对齐
现金及短期投资CEPVH
| Q4 25 | — | $158.2M | ||
| Q3 25 | — | $248.8M | ||
| Q2 25 | — | $191.0M | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
总债务CEPVH
| Q4 25 | $11.4B | $2.3B | ||
| Q3 25 | $11.7B | $2.3B | ||
| Q2 25 | $12.7B | $2.2B | ||
| Q1 25 | $12.4B | — | ||
| Q4 24 | $11.1B | — | ||
| Q3 24 | $11.3B | — | ||
| Q2 24 | $11.1B | — | ||
| Q1 24 | $11.0B | — |
股东权益CEPVH
| Q4 25 | $4.0B | $4.9B | ||
| Q3 25 | $4.0B | $4.9B | ||
| Q2 25 | $5.3B | $4.6B | ||
| Q1 25 | $5.2B | — | ||
| Q4 24 | $5.2B | — | ||
| Q3 24 | $7.3B | — | ||
| Q2 24 | $7.2B | — | ||
| Q1 24 | $7.1B | — |
总资产CEPVH
| Q4 25 | $21.7B | $11.4B | ||
| Q3 25 | $22.2B | $11.6B | ||
| Q2 25 | $23.7B | $10.7B | ||
| Q1 25 | $23.2B | — | ||
| Q4 24 | $22.9B | — | ||
| Q3 24 | $25.9B | — | ||
| Q2 24 | $25.8B | — | ||
| Q1 24 | $26.0B | — |
负债/权益比CEPVH
| Q4 25 | 2.81× | 0.46× | ||
| Q3 25 | 2.95× | 0.47× | ||
| Q2 25 | 2.41× | 0.48× | ||
| 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 | $-44.5M |
| 自由现金流经营现金流 - 资本支出 | $168.0M | $-85.1M |
| 自由现金流率自由现金流/营收 | 7.6% | -3.7% |
| 资本支出强度资本支出/营收 | 3.8% | 1.8% |
| 现金转化率经营现金流/净利润 | 18.00× | -10.60× |
| 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CEPVH
| Q4 25 | $252.0M | $-44.5M | ||
| Q3 25 | $447.0M | $213.1M | ||
| Q2 25 | $410.0M | $-71.4M | ||
| Q1 25 | $37.0M | — | ||
| Q4 24 | $494.0M | — | ||
| Q3 24 | $79.0M | — | ||
| Q2 24 | $292.0M | — | ||
| Q1 24 | $101.0M | — |
自由现金流CEPVH
| Q4 25 | $168.0M | $-85.1M | ||
| Q3 25 | $383.0M | $181.9M | ||
| Q2 25 | $317.0M | $-98.1M | ||
| Q1 25 | $-65.0M | — | ||
| Q4 24 | $389.0M | — | ||
| Q3 24 | $-9.0M | — | ||
| Q2 24 | $187.0M | — | ||
| Q1 24 | $-36.0M | — |
自由现金流率CEPVH
| Q4 25 | 7.6% | -3.7% | ||
| Q3 25 | 15.8% | 8.4% | ||
| Q2 25 | 12.5% | -4.9% | ||
| Q1 25 | -2.7% | — | ||
| Q4 24 | 16.4% | — | ||
| Q3 24 | -0.3% | — | ||
| Q2 24 | 7.1% | — | ||
| Q1 24 | -1.4% | — |
资本支出强度CEPVH
| Q4 25 | 3.8% | 1.8% | ||
| Q3 25 | 2.6% | 1.4% | ||
| Q2 25 | 3.7% | 1.3% | ||
| Q1 25 | 4.3% | — | ||
| Q4 24 | 4.4% | — | ||
| Q3 24 | 3.3% | — | ||
| Q2 24 | 4.0% | — | ||
| Q1 24 | 5.2% | — |
现金转化率CEPVH
| Q4 25 | 18.00× | -10.60× | ||
| Q3 25 | — | 0.95× | ||
| Q2 25 | 2.06× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 0.68× | — | ||
| Q2 24 | 1.88× | — | ||
| Q1 24 | 0.83× | — |
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% |
PVH
| Sales Channel Salesto Wholesale Customers | $1.0B | 44% |
| Sales Channel Sales To Owned And Operated Retail Customers | $868.0M | 38% |
| Sales Channel Sales To Owned And Operated Digital Retail Customers | $186.6M | 8% |
| Licensing | $99.5M | 4% |
| Other | $75.8M | 3% |
| Heritage Brands | $51.3M | 2% |
