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塞拉尼斯（CE）与Snap Inc（SNAP）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Snap Inc的1.3倍（$2.2B vs $1.7B），Snap Inc净利率更高（2.6% vs 0.6%，领先2.0%），Snap Inc同比增速更快（10.2% vs -7.0%），Snap Inc自由现金流更多（$205.6M vs $168.0M），过去两年Snap Inc的营收复合增速更高（19.9% 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。
Snap Inc.是一家美国科技企业，2011年9月16日由埃文·斯皮格尔、鲍比·墨菲和雷吉·布朗联合创立，总部位于加利福尼亚州圣莫尼卡。公司核心产品包括社交应用Snapchat、智能眼镜Spectacles、虚拟形象工具Bitmoji以及营销推广解决方案SnapBoost，2016年9月24日由原Snapchat Inc.更名为现名，覆盖社交、智能硬件等多元业务领域。
CE vs SNAP — 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
SNAP
高出17.2%
-7.0%
净利率更高
SNAP
高出2.0%
0.6%
自由现金流更多
SNAP
多$37.6M
$168.0M
两年增速更快
SNAP
近两年复合增速
-8.1%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $2.2B | $1.7B |
| 净利润 | $14.0M | $45.2M |
| 毛利率 | 19.1% | 59.1% |
| 营业利润率 | 4.0% | 2.9% |
| 净利率 | 0.6% | 2.6% |
| 营收同比 | -7.0% | 10.2% |
| 净利润同比 | 100.7% | 396.7% |
| 每股收益（稀释后） | $0.13 | $0.03 |
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CESNAP
| Q4 25 | $2.2B | $1.7B | ||
| Q3 25 | $2.4B | $1.5B | ||
| Q2 25 | $2.5B | $1.3B | ||
| Q1 25 | $2.4B | $1.4B | ||
| Q4 24 | $2.4B | $1.6B | ||
| Q3 24 | $2.6B | $1.4B | ||
| Q2 24 | $2.7B | $1.2B | ||
| Q1 24 | $2.6B | $1.2B |
净利润CESNAP
| Q4 25 | $14.0M | $45.2M | ||
| Q3 25 | $-1.4B | $-103.5M | ||
| Q2 25 | $199.0M | $-262.6M | ||
| Q1 25 | $-21.0M | $-139.6M | ||
| Q4 24 | $-1.9B | $9.1M | ||
| Q3 24 | $116.0M | $-153.2M | ||
| Q2 24 | $155.0M | $-248.6M | ||
| Q1 24 | $121.0M | $-305.1M |
毛利率CESNAP
| Q4 25 | 19.1% | 59.1% | ||
| Q3 25 | 21.5% | 55.3% | ||
| Q2 25 | 21.1% | 51.4% | ||
| Q1 25 | 19.9% | 53.1% | ||
| Q4 24 | 22.7% | 56.9% | ||
| Q3 24 | 23.5% | 53.5% | ||
| Q2 24 | 24.2% | 52.4% | ||
| Q1 24 | 21.2% | 51.9% |
营业利润率CESNAP
| Q4 25 | 4.0% | 2.9% | ||
| Q3 25 | -52.7% | -8.5% | ||
| Q2 25 | 9.2% | -19.3% | ||
| Q1 25 | 7.0% | -14.2% | ||
| Q4 24 | -59.3% | -1.7% | ||
| Q3 24 | 9.4% | -12.6% | ||
| Q2 24 | 9.4% | -20.5% | ||
| Q1 24 | 8.0% | -27.9% |
净利率CESNAP
| Q4 25 | 0.6% | 2.6% | ||
| Q3 25 | -56.1% | -6.9% | ||
| Q2 25 | 7.9% | -19.5% | ||
| Q1 25 | -0.9% | -10.2% | ||
| Q4 24 | -80.8% | 0.6% | ||
| Q3 24 | 4.4% | -11.2% | ||
| Q2 24 | 5.8% | -20.1% | ||
| Q1 24 | 4.6% | -25.5% |
每股收益（稀释后）CESNAP
| Q4 25 | $0.13 | $0.03 | ||
| Q3 25 | $-12.39 | $-0.06 | ||
| Q2 25 | $1.81 | $-0.16 | ||
| Q1 25 | $-0.19 | $-0.08 | ||
| Q4 24 | $-17.50 | $0.01 | ||
| Q3 24 | $1.06 | $-0.09 | ||
| Q2 24 | $1.41 | $-0.15 | ||
| Q1 24 | $1.10 | $-0.19 |
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 | — | $2.9B |
| 总债务越低越好 | $11.4B | $3.5B |
| 股东权益账面价值 | $4.0B | $2.3B |
| 总资产 | $21.7B | $7.7B |
| 负债/权益比越低杠杆越低 | 2.81× | 1.55× |
8季度趋势，按日历期对齐
现金及短期投资CESNAP
| Q4 25 | — | $2.9B | ||
| Q3 25 | — | $3.0B | ||
| Q2 25 | — | $2.9B | ||
| Q1 25 | — | $3.2B | ||
| Q4 24 | — | $3.4B | ||
| Q3 24 | — | $3.2B | ||
| Q2 24 | — | $3.1B | ||
| Q1 24 | — | $2.9B |
总债务CESNAP
| Q4 25 | $11.4B | $3.5B | ||
| Q3 25 | $11.7B | $3.5B | ||
| Q2 25 | $12.7B | $3.6B | ||
| Q1 25 | $12.4B | $3.6B | ||
| Q4 24 | $11.1B | $3.6B | ||
| Q3 24 | $11.3B | $3.6B | ||
| Q2 24 | $11.1B | $3.6B | ||
| Q1 24 | $11.0B | $3.3B |
股东权益CESNAP
| Q4 25 | $4.0B | $2.3B | ||
| Q3 25 | $4.0B | $2.2B | ||
| Q2 25 | $5.3B | $2.1B | ||
| Q1 25 | $5.2B | $2.3B | ||
| Q4 24 | $5.2B | $2.5B | ||
| Q3 24 | $7.3B | $2.2B | ||
| Q2 24 | $7.2B | $2.1B | ||
| Q1 24 | $7.1B | $2.1B |
总资产CESNAP
| Q4 25 | $21.7B | $7.7B | ||
| Q3 25 | $22.2B | $7.6B | ||
| Q2 25 | $23.7B | $7.4B | ||
| Q1 25 | $23.2B | $7.6B | ||
| Q4 24 | $22.9B | $7.9B | ||
| Q3 24 | $25.9B | $7.6B | ||
| Q2 24 | $25.8B | $7.4B | ||
| Q1 24 | $26.0B | $7.2B |
负债/权益比CESNAP
| Q4 25 | 2.81× | 1.55× | ||
| Q3 25 | 2.95× | 1.59× | ||
| Q2 25 | 2.41× | 1.73× | ||
| Q1 25 | 2.39× | 1.56× | ||
| Q4 24 | 2.14× | 1.49× | ||
| Q3 24 | 1.56× | 1.65× | ||
| Q2 24 | 1.54× | 1.76× | ||
| Q1 24 | 1.56× | 1.55× |
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 | $269.6M |
| 自由现金流经营现金流 - 资本支出 | $168.0M | $205.6M |
| 自由现金流率自由现金流/营收 | 7.6% | 12.0% |
| 资本支出强度资本支出/营收 | 3.8% | 3.7% |
| 现金转化率经营现金流/净利润 | 18.00× | 5.96× |
| 过去12个月自由现金流最近4个季度 | $803.0M | $437.2M |
8季度趋势，按日历期对齐
经营现金流CESNAP
| Q4 25 | $252.0M | $269.6M | ||
| Q3 25 | $447.0M | $146.5M | ||
| Q2 25 | $410.0M | $88.5M | ||
| Q1 25 | $37.0M | $151.6M | ||
| Q4 24 | $494.0M | $230.6M | ||
| Q3 24 | $79.0M | $115.9M | ||
| Q2 24 | $292.0M | $-21.4M | ||
| Q1 24 | $101.0M | $88.4M |
自由现金流CESNAP
| Q4 25 | $168.0M | $205.6M | ||
| Q3 25 | $383.0M | $93.4M | ||
| Q2 25 | $317.0M | $23.8M | ||
| Q1 25 | $-65.0M | $114.4M | ||
| Q4 24 | $389.0M | $182.4M | ||
| Q3 24 | $-9.0M | $71.8M | ||
| Q2 24 | $187.0M | $-73.4M | ||
| Q1 24 | $-36.0M | $37.9M |
自由现金流率CESNAP
| Q4 25 | 7.6% | 12.0% | ||
| Q3 25 | 15.8% | 6.2% | ||
| Q2 25 | 12.5% | 1.8% | ||
| Q1 25 | -2.7% | 8.4% | ||
| Q4 24 | 16.4% | 11.7% | ||
| Q3 24 | -0.3% | 5.2% | ||
| Q2 24 | 7.1% | -5.9% | ||
| Q1 24 | -1.4% | 3.2% |
资本支出强度CESNAP
| Q4 25 | 3.8% | 3.7% | ||
| Q3 25 | 2.6% | 3.5% | ||
| Q2 25 | 3.7% | 4.8% | ||
| Q1 25 | 4.3% | 2.7% | ||
| Q4 24 | 4.4% | 3.1% | ||
| Q3 24 | 3.3% | 3.2% | ||
| Q2 24 | 4.0% | 4.2% | ||
| Q1 24 | 5.2% | 4.2% |
现金转化率CESNAP
| Q4 25 | 18.00× | 5.96× | ||
| Q3 25 | — | — | ||
| Q2 25 | 2.06× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 25.34× | ||
| 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% |
SNAP
| Advertising Revenue | $1.5B | 86% |
| Other Revenue | $231.9M | 14% |
