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塞拉尼斯（CE）与希悦尔（SEE）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希悦尔的1.6倍（$2.2B vs $1.4B）。希悦尔净利率更高（3.1% vs 0.6%，领先2.5%）。希悦尔同比增速更快（2.6% vs -7.0%）。希悦尔自由现金流更多（$257.7M vs $168.0M）。过去两年希悦尔的营收复合增速更高（2.7% 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。
希悦尔是全球领先的包装与防护解决方案供应商，核心产品包括缓冲防护材料、食品保鲜包装、可持续减废包装系统，服务覆盖电商、零售、食品饮料、工业制造等多个海内外领域。
CE vs SEE — 直观对比
营收规模更大
CE
是对方的1.6倍
$1.4B
营收增速更快
SEE
高出9.6%
-7.0%
净利率更高
SEE
高出2.5%
0.6%
自由现金流更多
SEE
多$89.7M
$168.0M
两年增速更快
SEE
近两年复合增速
-8.1%
损益表 — Q4 2025 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $2.2B | $1.4B |
| 净利润 | $14.0M | $43.8M |
| 毛利率 | 19.1% | 28.6% |
| 营业利润率 | 4.0% | 11.4% |
| 净利率 | 0.6% | 3.1% |
| 营收同比 | -7.0% | 2.6% |
| 净利润同比 | 100.7% | 700.0% |
| 每股收益（稀释后） | $0.13 | $0.30 |
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CESEE
| Q4 25 | $2.2B | $1.4B | ||
| Q3 25 | $2.4B | $1.3B | ||
| Q2 25 | $2.5B | $1.3B | ||
| Q1 25 | $2.4B | $1.3B | ||
| Q4 24 | $2.4B | $1.4B | ||
| Q3 24 | $2.6B | $1.3B | ||
| Q2 24 | $2.7B | $1.3B | ||
| Q1 24 | $2.6B | $1.3B |
净利润CESEE
| Q4 25 | $14.0M | $43.8M | ||
| Q3 25 | $-1.4B | $255.1M | ||
| Q2 25 | $199.0M | $93.1M | ||
| Q1 25 | $-21.0M | $113.5M | ||
| Q4 24 | $-1.9B | $-7.3M | ||
| Q3 24 | $116.0M | $91.7M | ||
| Q2 24 | $155.0M | $98.3M | ||
| Q1 24 | $121.0M | $82.0M |
毛利率CESEE
| Q4 25 | 19.1% | 28.6% | ||
| Q3 25 | 21.5% | 29.8% | ||
| Q2 25 | 21.1% | 30.7% | ||
| Q1 25 | 19.9% | 30.9% | ||
| Q4 24 | 22.7% | 30.0% | ||
| Q3 24 | 23.5% | 30.1% | ||
| Q2 24 | 24.2% | 31.2% | ||
| Q1 24 | 21.2% | 30.3% |
营业利润率CESEE
| Q4 25 | 4.0% | 11.4% | ||
| Q3 25 | -52.7% | 13.8% | ||
| Q2 25 | 9.2% | 15.0% | ||
| Q1 25 | 7.0% | 14.5% | ||
| Q4 24 | -59.3% | 11.7% | ||
| Q3 24 | 9.4% | 13.9% | ||
| Q2 24 | 9.4% | 15.4% | ||
| Q1 24 | 8.0% | 14.0% |
净利率CESEE
| Q4 25 | 0.6% | 3.1% | ||
| Q3 25 | -56.1% | 19.0% | ||
| Q2 25 | 7.9% | 7.0% | ||
| Q1 25 | -0.9% | 9.0% | ||
| Q4 24 | -80.8% | -0.5% | ||
| Q3 24 | 4.4% | 6.9% | ||
| Q2 24 | 5.8% | 7.4% | ||
| Q1 24 | 4.6% | 6.2% |
每股收益（稀释后）CESEE
| Q4 25 | $0.13 | $0.30 | ||
| Q3 25 | $-12.39 | $1.73 | ||
| Q2 25 | $1.81 | $0.63 | ||
| Q1 25 | $-0.19 | $0.77 | ||
| Q4 24 | $-17.50 | $-0.05 | ||
| Q3 24 | $1.06 | $0.63 | ||
| Q2 24 | $1.41 | $0.67 | ||
| Q1 24 | $1.10 | $0.56 |
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 | — | $344.0M |
| 总债务越低越好 | $11.4B | $3.3B |
| 股东权益账面价值 | $4.0B | $1.2B |
| 总资产 | $21.7B | $7.0B |
| 负债/权益比越低杠杆越低 | 2.81× | 2.65× |
8季度趋势，按日历期对齐
现金及短期投资CESEE
| Q4 25 | — | $344.0M | ||
| Q3 25 | — | $282.5M | ||
| Q2 25 | — | $354.4M | ||
| Q1 25 | — | $335.2M | ||
| Q4 24 | — | $371.8M | ||
| Q3 24 | — | $386.0M | ||
| Q2 24 | — | $388.6M | ||
| Q1 24 | — | $352.8M |
总债务CESEE
| Q4 25 | $11.4B | $3.3B | ||
| Q3 25 | $11.7B | $4.0B | ||
| Q2 25 | $12.7B | $4.0B | ||
| Q1 25 | $12.4B | $4.2B | ||
| Q4 24 | $11.1B | $4.2B | ||
| Q3 24 | $11.3B | $4.3B | ||
| Q2 24 | $11.1B | $4.4B | ||
| Q1 24 | $11.0B | $4.5B |
股东权益CESEE
| Q4 25 | $4.0B | $1.2B | ||
| Q3 25 | $4.0B | $1.2B | ||
| Q2 25 | $5.3B | $953.1M | ||
| Q1 25 | $5.2B | $797.9M | ||
| Q4 24 | $5.2B | $624.5M | ||
| Q3 24 | $7.3B | $771.2M | ||
| Q2 24 | $7.2B | $650.1M | ||
| Q1 24 | $7.1B | $598.3M |
总资产CESEE
| Q4 25 | $21.7B | $7.0B | ||
| Q3 25 | $22.2B | $7.1B | ||
| Q2 25 | $23.7B | $7.2B | ||
| Q1 25 | $23.2B | $7.0B | ||
| Q4 24 | $22.9B | $7.0B | ||
| Q3 24 | $25.9B | $7.3B | ||
| Q2 24 | $25.8B | $7.3B | ||
| Q1 24 | $26.0B | $7.2B |
负债/权益比CESEE
| Q4 25 | 2.81× | 2.65× | ||
| Q3 25 | 2.95× | 3.34× | ||
| Q2 25 | 2.41× | 4.18× | ||
| Q1 25 | 2.39× | 5.26× | ||
| Q4 24 | 2.14× | 6.72× | ||
| Q3 24 | 1.56× | 5.62× | ||
| Q2 24 | 1.54× | 6.81× | ||
| Q1 24 | 1.56× | 7.49× |
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 | $293.6M |
| 自由现金流经营现金流 - 资本支出 | $168.0M | $257.7M |
| 自由现金流率自由现金流/营收 | 7.6% | 18.5% |
| 资本支出强度资本支出/营收 | 3.8% | 2.6% |
| 现金转化率经营现金流/净利润 | 18.00× | 6.70× |
| 过去12个月自由现金流最近4个季度 | $803.0M | $458.5M |
8季度趋势，按日历期对齐
经营现金流CESEE
| Q4 25 | $252.0M | $293.6M | ||
| Q3 25 | $447.0M | $165.9M | ||
| Q2 25 | $410.0M | $136.6M | ||
| Q1 25 | $37.0M | $31.9M | ||
| Q4 24 | $494.0M | $244.2M | ||
| Q3 24 | $79.0M | $170.5M | ||
| Q2 24 | $292.0M | $188.2M | ||
| Q1 24 | $101.0M | $125.1M |
自由现金流CESEE
| Q4 25 | $168.0M | $257.7M | ||
| Q3 25 | $383.0M | $119.6M | ||
| Q2 25 | $317.0M | $93.2M | ||
| Q1 25 | $-65.0M | $-12.0M | ||
| Q4 24 | $389.0M | $185.1M | ||
| Q3 24 | $-9.0M | $115.2M | ||
| Q2 24 | $187.0M | $129.5M | ||
| Q1 24 | $-36.0M | $78.0M |
自由现金流率CESEE
| Q4 25 | 7.6% | 18.5% | ||
| Q3 25 | 15.8% | 8.9% | ||
| Q2 25 | 12.5% | 7.0% | ||
| Q1 25 | -2.7% | -0.9% | ||
| Q4 24 | 16.4% | 13.6% | ||
| Q3 24 | -0.3% | 8.6% | ||
| Q2 24 | 7.1% | 9.7% | ||
| Q1 24 | -1.4% | 5.9% |
资本支出强度CESEE
| Q4 25 | 3.8% | 2.6% | ||
| Q3 25 | 2.6% | 3.4% | ||
| Q2 25 | 3.7% | 3.3% | ||
| Q1 25 | 4.3% | 3.5% | ||
| Q4 24 | 4.4% | 4.4% | ||
| Q3 24 | 3.3% | 4.1% | ||
| Q2 24 | 4.0% | 4.4% | ||
| Q1 24 | 5.2% | 3.6% |
现金转化率CESEE
| Q4 25 | 18.00× | 6.70× | ||
| Q3 25 | — | 0.65× | ||
| Q2 25 | 2.06× | 1.47× | ||
| Q1 25 | — | 0.28× | ||
| Q4 24 | — | — | ||
| Q3 24 | 0.68× | 1.86× | ||
| Q2 24 | 1.88× | 1.91× | ||
| Q1 24 | 0.83× | 1.53× |
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% |
SEE
| Protective Segment | $1.1B | 78% |
| Other | $292.0M | 21% |
| Pension Plans Defined Benefit | $7.9M | 1% |
