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塞拉尼斯（CE）与利氏兄弟拍卖行（RBA）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利氏兄弟拍卖行的1.8倍（$2.2B vs $1.2B），利氏兄弟拍卖行净利率更高（9.1% vs 0.6%，领先8.5%），利氏兄弟拍卖行同比增速更快（5.4% vs -7.0%），利氏兄弟拍卖行自由现金流更多（$186.5M vs $168.0M），过去两年利氏兄弟拍卖行的营收复合增速更高（6.3% 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。
利氏兄弟拍卖行（股票代码RBA）是全球知名的工业资产拍卖服务商，注册地位于加拿大，属公开上市企业，总部设在美国伊利诺伊州韦斯特切斯特，普通股同时在多伦多证券交易所与纽约证券交易所挂牌交易。
CE vs RBA — 直观对比
营收规模更大
CE
是对方的1.8倍
$1.2B
营收增速更快
RBA
高出12.4%
-7.0%
净利率更高
RBA
高出8.5%
0.6%
自由现金流更多
RBA
多$18.5M
$168.0M
两年增速更快
RBA
近两年复合增速
-8.1%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $2.2B | $1.2B |
| 净利润 | $14.0M | $109.7M |
| 毛利率 | 19.1% | — |
| 营业利润率 | 4.0% | 14.7% |
| 净利率 | 0.6% | 9.1% |
| 营收同比 | -7.0% | 5.4% |
| 净利润同比 | 100.7% | -7.4% |
| 每股收益（稀释后） | $0.13 | $0.53 |
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CERBA
| Q4 25 | $2.2B | $1.2B | ||
| Q3 25 | $2.4B | $1.1B | ||
| Q2 25 | $2.5B | $1.2B | ||
| Q1 25 | $2.4B | $1.1B | ||
| Q4 24 | $2.4B | $1.1B | ||
| Q3 24 | $2.6B | $981.8M | ||
| Q2 24 | $2.7B | $1.1B | ||
| Q1 24 | $2.6B | $1.1B |
净利润CERBA
| Q4 25 | $14.0M | $109.7M | ||
| Q3 25 | $-1.4B | $95.5M | ||
| Q2 25 | $199.0M | $109.8M | ||
| Q1 25 | $-21.0M | $113.4M | ||
| Q4 24 | $-1.9B | $118.5M | ||
| Q3 24 | $116.0M | $76.1M | ||
| Q2 24 | $155.0M | $111.1M | ||
| Q1 24 | $121.0M | $107.4M |
毛利率CERBA
| Q4 25 | 19.1% | — | ||
| Q3 25 | 21.5% | — | ||
| Q2 25 | 21.1% | — | ||
| 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CERBA
| Q4 25 | 4.0% | 14.7% | ||
| Q3 25 | -52.7% | 14.5% | ||
| Q2 25 | 9.2% | 15.9% | ||
| Q1 25 | 7.0% | 17.1% | ||
| Q4 24 | -59.3% | 18.1% | ||
| Q3 24 | 9.4% | 15.6% | ||
| Q2 24 | 9.4% | 18.4% | ||
| Q1 24 | 8.0% | 18.7% |
净利率CERBA
| Q4 25 | 0.6% | 9.1% | ||
| Q3 25 | -56.1% | 8.7% | ||
| Q2 25 | 7.9% | 9.3% | ||
| Q1 25 | -0.9% | 10.2% | ||
| Q4 24 | -80.8% | 10.4% | ||
| Q3 24 | 4.4% | 7.8% | ||
| Q2 24 | 5.8% | 10.1% | ||
| Q1 24 | 4.6% | 10.1% |
每股收益（稀释后）CERBA
| Q4 25 | $0.13 | $0.53 | ||
| Q3 25 | $-12.39 | $0.43 | ||
| Q2 25 | $1.81 | $0.53 | ||
| Q1 25 | $-0.19 | $0.55 | ||
| Q4 24 | $-17.50 | $0.58 | ||
| Q3 24 | $1.06 | $0.36 | ||
| Q2 24 | $1.41 | $0.54 | ||
| Q1 24 | $1.10 | $0.53 |
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 | — | $531.5M |
| 总债务越低越好 | $11.4B | $2.3B |
| 股东权益账面价值 | $4.0B | $5.6B |
| 总资产 | $21.7B | $12.1B |
| 负债/权益比越低杠杆越低 | 2.81× | 0.42× |
8季度趋势，按日历期对齐
现金及短期投资CERBA
| Q4 25 | — | $531.5M | ||
| Q3 25 | — | $674.7M | ||
| Q2 25 | — | $710.2M | ||
| Q1 25 | — | $578.1M | ||
| Q4 24 | — | $533.9M | ||
| Q3 24 | — | $650.7M | ||
| Q2 24 | — | $599.5M | ||
| Q1 24 | — | $462.8M |
总债务CERBA
| Q4 25 | $11.4B | $2.3B | ||
| Q3 25 | $11.7B | $2.6B | ||
| Q2 25 | $12.7B | $2.6B | ||
| Q1 25 | $12.4B | $2.6B | ||
| Q4 24 | $11.1B | $2.6B | ||
| Q3 24 | $11.3B | $2.7B | ||
| Q2 24 | $11.1B | $2.8B | ||
| Q1 24 | $11.0B | $2.9B |
股东权益CERBA
| Q4 25 | $4.0B | $5.6B | ||
| Q3 25 | $4.0B | $5.5B | ||
| Q2 25 | $5.3B | $5.5B | ||
| Q1 25 | $5.2B | $5.3B | ||
| Q4 24 | $5.2B | $5.2B | ||
| Q3 24 | $7.3B | $5.2B | ||
| Q2 24 | $7.2B | $5.2B | ||
| Q1 24 | $7.1B | $5.1B |
总资产CERBA
| Q4 25 | $21.7B | $12.1B | ||
| Q3 25 | $22.2B | $12.2B | ||
| Q2 25 | $23.7B | $12.2B | ||
| Q1 25 | $23.2B | $11.9B | ||
| Q4 24 | $22.9B | $11.8B | ||
| Q3 24 | $25.9B | $11.9B | ||
| Q2 24 | $25.8B | $12.1B | ||
| Q1 24 | $26.0B | $12.0B |
负债/权益比CERBA
| Q4 25 | 2.81× | 0.42× | ||
| Q3 25 | 2.95× | 0.47× | ||
| Q2 25 | 2.41× | 0.47× | ||
| Q1 25 | 2.39× | 0.50× | ||
| Q4 24 | 2.14× | 0.50× | ||
| Q3 24 | 1.56× | 0.52× | ||
| Q2 24 | 1.54× | 0.55× | ||
| Q1 24 | 1.56× | 0.58× |
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 | $255.2M |
| 自由现金流经营现金流 - 资本支出 | $168.0M | $186.5M |
| 自由现金流率自由现金流/营收 | 7.6% | 15.5% |
| 资本支出强度资本支出/营收 | 3.8% | 5.7% |
| 现金转化率经营现金流/净利润 | 18.00× | 2.33× |
| 过去12个月自由现金流最近4个季度 | $803.0M | $719.2M |
8季度趋势，按日历期对齐
经营现金流CERBA
| Q4 25 | $252.0M | $255.2M | ||
| Q3 25 | $447.0M | $239.7M | ||
| Q2 25 | $410.0M | $326.5M | ||
| Q1 25 | $37.0M | $156.8M | ||
| Q4 24 | $494.0M | $184.5M | ||
| Q3 24 | $79.0M | $285.4M | ||
| Q2 24 | $292.0M | $337.3M | ||
| Q1 24 | $101.0M | $124.8M |
自由现金流CERBA
| Q4 25 | $168.0M | $186.5M | ||
| Q3 25 | $383.0M | $188.5M | ||
| Q2 25 | $317.0M | $241.7M | ||
| Q1 25 | $-65.0M | $102.5M | ||
| Q4 24 | $389.0M | $127.9M | ||
| Q3 24 | $-9.0M | $248.5M | ||
| Q2 24 | $187.0M | $308.6M | ||
| Q1 24 | $-36.0M | $79.6M |
自由现金流率CERBA
| Q4 25 | 7.6% | 15.5% | ||
| Q3 25 | 15.8% | 17.3% | ||
| Q2 25 | 12.5% | 20.4% | ||
| Q1 25 | -2.7% | 9.2% | ||
| Q4 24 | 16.4% | 11.2% | ||
| Q3 24 | -0.3% | 25.3% | ||
| Q2 24 | 7.1% | 28.2% | ||
| Q1 24 | -1.4% | 7.5% |
资本支出强度CERBA
| Q4 25 | 3.8% | 5.7% | ||
| Q3 25 | 2.6% | 4.7% | ||
| Q2 25 | 3.7% | 7.2% | ||
| Q1 25 | 4.3% | 4.9% | ||
| Q4 24 | 4.4% | 5.0% | ||
| Q3 24 | 3.3% | 3.8% | ||
| Q2 24 | 4.0% | 2.6% | ||
| Q1 24 | 5.2% | 4.2% |
现金转化率CERBA
| Q4 25 | 18.00× | 2.33× | ||
| Q3 25 | — | 2.51× | ||
| Q2 25 | 2.06× | 2.97× | ||
| Q1 25 | — | 1.38× | ||
| Q4 24 | — | 1.56× | ||
| Q3 24 | 0.68× | 3.75× | ||
| Q2 24 | 1.88× | 3.04× | ||
| Q1 24 | 0.83× | 1.16× |
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% |
RBA
| Buyer Revenue | $577.2M | 48% |
| Seller Revenue | $255.2M | 21% |
| CA | $199.0M | 17% |
| Other | $124.7M | 10% |
| AU | $47.3M | 4% |
