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塞拉尼斯（CE）与Solventum（SOLV）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Solventum的1.1倍（$2.2B vs $2.0B），Solventum净利率更高（3.2% vs 0.6%，领先2.5%），Solventum同比增速更快（-3.7% vs -7.0%），塞拉尼斯自由现金流更多（$168.0M vs $32.0M），过去两年Solventum的营收复合增速更高（-0.4% 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。
Solventum是一家总部位于美国的医疗健康企业，于2024年4月1日正式从全球知名多元化工业集团3M分拆后独立运营，继承了原3M旗下医疗板块的技术积累与业务资源，面向全球市场提供专业医疗相关产品及服务。
CE vs SOLV — 直观对比
营收规模更大
CE
是对方的1.1倍
$2.0B
营收增速更快
SOLV
高出3.3%
-7.0%
净利率更高
SOLV
高出2.5%
0.6%
自由现金流更多
CE
多$136.0M
$32.0M
两年增速更快
SOLV
近两年复合增速
-8.1%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $2.2B | $2.0B |
| 净利润 | $14.0M | $63.0M |
| 毛利率 | 19.1% | 51.4% |
| 营业利润率 | 4.0% | 6.3% |
| 净利率 | 0.6% | 3.2% |
| 营收同比 | -7.0% | -3.7% |
| 净利润同比 | 100.7% | 103.2% |
| 每股收益（稀释后） | $0.13 | $0.37 |
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CESOLV
| Q4 25 | $2.2B | $2.0B | ||
| Q3 25 | $2.4B | $2.1B | ||
| Q2 25 | $2.5B | $2.2B | ||
| Q1 25 | $2.4B | $2.1B | ||
| Q4 24 | $2.4B | $2.1B | ||
| Q3 24 | $2.6B | $2.1B | ||
| Q2 24 | $2.7B | $2.1B | ||
| Q1 24 | $2.6B | $2.0B |
净利润CESOLV
| Q4 25 | $14.0M | $63.0M | ||
| Q3 25 | $-1.4B | $1.3B | ||
| Q2 25 | $199.0M | $90.0M | ||
| Q1 25 | $-21.0M | $137.0M | ||
| Q4 24 | $-1.9B | $31.0M | ||
| Q3 24 | $116.0M | $122.0M | ||
| Q2 24 | $155.0M | $89.0M | ||
| Q1 24 | $121.0M | $237.0M |
毛利率CESOLV
| Q4 25 | 19.1% | 51.4% | ||
| Q3 25 | 21.5% | 54.2% | ||
| Q2 25 | 21.1% | 54.4% | ||
| Q1 25 | 19.9% | 53.8% | ||
| Q4 24 | 22.7% | 53.9% | ||
| Q3 24 | 23.5% | 56.0% | ||
| Q2 24 | 24.2% | 54.6% | ||
| Q1 24 | 21.2% | 58.1% |
营业利润率CESOLV
| Q4 25 | 4.0% | 6.3% | ||
| Q3 25 | -52.7% | 80.6% | ||
| Q2 25 | 9.2% | 9.9% | ||
| Q1 25 | 7.0% | 7.3% | ||
| Q4 24 | -59.3% | 6.6% | ||
| Q3 24 | 9.4% | 13.2% | ||
| Q2 24 | 9.4% | 11.7% | ||
| Q1 24 | 8.0% | 18.9% |
净利率CESOLV
| Q4 25 | 0.6% | 3.2% | ||
| Q3 25 | -56.1% | 60.4% | ||
| Q2 25 | 7.9% | 4.2% | ||
| Q1 25 | -0.9% | 6.6% | ||
| Q4 24 | -80.8% | 1.5% | ||
| Q3 24 | 4.4% | 5.9% | ||
| Q2 24 | 5.8% | 4.3% | ||
| Q1 24 | 4.6% | 11.8% |
每股收益（稀释后）CESOLV
| Q4 25 | $0.13 | $0.37 | ||
| Q3 25 | $-12.39 | $7.22 | ||
| Q2 25 | $1.81 | $0.51 | ||
| Q1 25 | $-0.19 | $0.78 | ||
| Q4 24 | $-17.50 | $0.18 | ||
| Q3 24 | $1.06 | $0.70 | ||
| Q2 24 | $1.41 | $0.51 | ||
| Q1 24 | $1.10 | $1.37 |
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 | — | $878.0M |
| 总债务越低越好 | $11.4B | $5.0B |
| 股东权益账面价值 | $4.0B | $5.0B |
| 总资产 | $21.7B | $14.3B |
| 负债/权益比越低杠杆越低 | 2.81× | 1.00× |
8季度趋势，按日历期对齐
现金及短期投资CESOLV
| Q4 25 | — | $878.0M | ||
| Q3 25 | — | $1.6B | ||
| Q2 25 | — | $492.0M | ||
| Q1 25 | — | $534.0M | ||
| Q4 24 | — | $762.0M | ||
| Q3 24 | — | $772.0M | ||
| Q2 24 | — | $897.0M | ||
| Q1 24 | — | $996.0M |
总债务CESOLV
| Q4 25 | $11.4B | $5.0B | ||
| Q3 25 | $11.7B | $5.1B | ||
| Q2 25 | $12.7B | $7.8B | ||
| Q1 25 | $12.4B | $7.9B | ||
| Q4 24 | $11.1B | $8.0B | ||
| Q3 24 | $11.3B | $8.1B | ||
| Q2 24 | $11.1B | $8.3B | ||
| Q1 24 | $11.0B | $8.3B |
股东权益CESOLV
| Q4 25 | $4.0B | $5.0B | ||
| Q3 25 | $4.0B | $5.0B | ||
| Q2 25 | $5.3B | $3.6B | ||
| Q1 25 | $5.2B | $3.3B | ||
| Q4 24 | $5.2B | $3.0B | ||
| Q3 24 | $7.3B | $3.2B | ||
| Q2 24 | $7.2B | $2.9B | ||
| Q1 24 | $7.1B | $3.9B |
总资产CESOLV
| Q4 25 | $21.7B | $14.3B | ||
| Q3 25 | $22.2B | $14.0B | ||
| Q2 25 | $23.7B | $15.1B | ||
| Q1 25 | $23.2B | $14.5B | ||
| Q4 24 | $22.9B | $14.5B | ||
| Q3 24 | $25.9B | $14.7B | ||
| Q2 24 | $25.8B | $14.6B | ||
| Q1 24 | $26.0B | $14.7B |
负债/权益比CESOLV
| Q4 25 | 2.81× | 1.00× | ||
| Q3 25 | 2.95× | 1.03× | ||
| Q2 25 | 2.41× | 2.14× | ||
| Q1 25 | 2.39× | 2.43× | ||
| Q4 24 | 2.14× | 2.71× | ||
| Q3 24 | 1.56× | 2.54× | ||
| Q2 24 | 1.54× | 2.90× | ||
| Q1 24 | 1.56× | 2.16× |
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 | $95.0M |
| 自由现金流经营现金流 - 资本支出 | $168.0M | $32.0M |
| 自由现金流率自由现金流/营收 | 7.6% | 1.6% |
| 资本支出强度资本支出/营收 | 3.8% | 3.2% |
| 现金转化率经营现金流/净利润 | 18.00× | 1.51× |
| 过去12个月自由现金流最近4个季度 | $803.0M | $-10.0M |
8季度趋势，按日历期对齐
经营现金流CESOLV
| Q4 25 | $252.0M | $95.0M | ||
| Q3 25 | $447.0M | $76.0M | ||
| Q2 25 | $410.0M | $169.0M | ||
| Q1 25 | $37.0M | $29.0M | ||
| Q4 24 | $494.0M | $219.0M | ||
| Q3 24 | $79.0M | $169.0M | ||
| Q2 24 | $292.0M | $355.0M | ||
| Q1 24 | $101.0M | $442.0M |
自由现金流CESOLV
| Q4 25 | $168.0M | $32.0M | ||
| Q3 25 | $383.0M | $-21.0M | ||
| Q2 25 | $317.0M | $59.0M | ||
| Q1 25 | $-65.0M | $-80.0M | ||
| Q4 24 | $389.0M | $92.0M | ||
| Q3 24 | $-9.0M | $76.0M | ||
| Q2 24 | $187.0M | $297.0M | ||
| Q1 24 | $-36.0M | $340.0M |
自由现金流率CESOLV
| Q4 25 | 7.6% | 1.6% | ||
| Q3 25 | 15.8% | -1.0% | ||
| Q2 25 | 12.5% | 2.7% | ||
| Q1 25 | -2.7% | -3.9% | ||
| Q4 24 | 16.4% | 4.4% | ||
| Q3 24 | -0.3% | 3.7% | ||
| Q2 24 | 7.1% | 14.3% | ||
| Q1 24 | -1.4% | 16.9% |
资本支出强度CESOLV
| Q4 25 | 3.8% | 3.2% | ||
| Q3 25 | 2.6% | 4.6% | ||
| Q2 25 | 3.7% | 5.1% | ||
| Q1 25 | 4.3% | 5.3% | ||
| Q4 24 | 4.4% | 6.1% | ||
| Q3 24 | 3.3% | 4.5% | ||
| Q2 24 | 4.0% | 2.8% | ||
| Q1 24 | 5.2% | 5.1% |
现金转化率CESOLV
| Q4 25 | 18.00× | 1.51× | ||
| Q3 25 | — | 0.06× | ||
| Q2 25 | 2.06× | 1.88× | ||
| Q1 25 | — | 0.21× | ||
| Q4 24 | — | 7.06× | ||
| Q3 24 | 0.68× | 1.39× | ||
| Q2 24 | 1.88× | 3.99× | ||
| Q1 24 | 0.83× | 1.86× |
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% |
SOLV
| Infection Prevention And Surgical Solutions | $752.0M | 38% |
| Cost Of Software And Rentals | $508.0M | 25% |
| Health Information Systems Segment | $347.0M | 17% |
| Dental Solutions Segment | $343.0M | 17% |
| Related Party | $14.0M | 1% |
