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塞拉尼斯（CE）与WEC Energy Group（WEC）财务数据对比。点击上方公司名可切换其他公司
WEC Energy Group的季度营收约是塞拉尼斯的1.2倍（$2.5B vs $2.2B），WEC Energy Group净利率更高（12.5% vs 0.6%，领先11.9%），WEC Energy Group同比增速更快（11.1% vs -7.0%），过去两年WEC Energy Group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。
WEC能源集团是总部位于美国威斯康星州密尔沃基的知名能源企业，业务覆盖美国四个州，为总计440万用户提供可靠的电力及天然气供应服务，是北美地区颇具规模的区域性能源服务商。
CE vs WEC — 直观对比
营收规模更大
WEC
是对方的1.2倍
$2.2B
营收增速更快
WEC
高出18.1%
-7.0%
净利率更高
WEC
高出11.9%
0.6%
两年增速更快
WEC
近两年复合增速
-8.1%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $2.2B | $2.5B |
| 净利润 | $14.0M | $316.8M |
| 毛利率 | 19.1% | 63.7% |
| 营业利润率 | 4.0% | 17.9% |
| 净利率 | 0.6% | 12.5% |
| 营收同比 | -7.0% | 11.1% |
| 净利润同比 | 100.7% | -30.1% |
| 每股收益（稀释后） | $0.13 | — |
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CEWEC
| Q4 25 | $2.2B | $2.5B | ||
| Q3 25 | $2.4B | $2.1B | ||
| Q2 25 | $2.5B | $2.0B | ||
| Q1 25 | $2.4B | $3.1B | ||
| Q4 24 | $2.4B | $2.3B | ||
| Q3 24 | $2.6B | $1.9B | ||
| Q2 24 | $2.7B | $1.8B | ||
| Q1 24 | $2.6B | $2.7B |
净利润CEWEC
| Q4 25 | $14.0M | $316.8M | ||
| Q3 25 | $-1.4B | $270.2M | ||
| Q2 25 | $199.0M | $243.0M | ||
| Q1 25 | $-21.0M | $725.5M | ||
| Q4 24 | $-1.9B | $453.1M | ||
| Q3 24 | $116.0M | $238.6M | ||
| Q2 24 | $155.0M | $210.0M | ||
| Q1 24 | $121.0M | $622.6M |
毛利率CEWEC
| Q4 25 | 19.1% | 63.7% | ||
| Q3 25 | 21.5% | 71.1% | ||
| Q2 25 | 21.1% | 71.6% | ||
| Q1 25 | 19.9% | 63.0% | ||
| Q4 24 | 22.7% | 67.7% | ||
| Q3 24 | 23.5% | 72.1% | ||
| Q2 24 | 24.2% | 73.5% | ||
| Q1 24 | 21.2% | 65.4% |
营业利润率CEWEC
| Q4 25 | 4.0% | 17.9% | ||
| Q3 25 | -52.7% | 21.4% | ||
| Q2 25 | 9.2% | 20.1% | ||
| Q1 25 | 7.0% | 29.8% | ||
| Q4 24 | -59.3% | 25.9% | ||
| Q3 24 | 9.4% | 20.6% | ||
| Q2 24 | 9.4% | 20.6% | ||
| Q1 24 | 8.0% | 30.3% |
净利率CEWEC
| Q4 25 | 0.6% | 12.5% | ||
| Q3 25 | -56.1% | 12.8% | ||
| Q2 25 | 7.9% | 12.1% | ||
| Q1 25 | -0.9% | 23.0% | ||
| Q4 24 | -80.8% | 19.8% | ||
| Q3 24 | 4.4% | 12.8% | ||
| Q2 24 | 5.8% | 11.9% | ||
| Q1 24 | 4.6% | 23.2% |
每股收益（稀释后）CEWEC
| Q4 25 | $0.13 | — | ||
| Q3 25 | $-12.39 | — | ||
| Q2 25 | $1.81 | — | ||
| 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 | — | $27.6M |
| 总债务越低越好 | $11.4B | $20.0B |
| 股东权益账面价值 | $4.0B | $14.1B |
| 总资产 | $21.7B | $51.5B |
| 负债/权益比越低杠杆越低 | 2.81× | 1.42× |
8季度趋势，按日历期对齐
现金及短期投资CEWEC
| Q4 25 | — | $27.6M | ||
| Q3 25 | — | $51.1M | ||
| Q2 25 | — | $23.0M | ||
| Q1 25 | — | $82.2M | ||
| Q4 24 | — | $9.8M | ||
| Q3 24 | — | $322.5M | ||
| Q2 24 | — | $224.0M | ||
| Q1 24 | — | $38.9M |
总债务CEWEC
| Q4 25 | $11.4B | $20.0B | ||
| Q3 25 | $11.7B | — | ||
| Q2 25 | $12.7B | — | ||
| Q1 25 | $12.4B | — | ||
| Q4 24 | $11.1B | $18.9B | ||
| Q3 24 | $11.3B | $16.9B | ||
| Q2 24 | $11.1B | $16.9B | ||
| Q1 24 | $11.0B | $15.4B |
股东权益CEWEC
| Q4 25 | $4.0B | $14.1B | ||
| Q3 25 | $4.0B | $14.0B | ||
| Q2 25 | $5.3B | $13.7B | ||
| Q1 25 | $5.2B | $13.4B | ||
| Q4 24 | $5.2B | $12.8B | ||
| Q3 24 | $7.3B | $12.4B | ||
| Q2 24 | $7.2B | $12.4B | ||
| Q1 24 | $7.1B | $12.4B |
总资产CEWEC
| Q4 25 | $21.7B | $51.5B | ||
| Q3 25 | $22.2B | $49.8B | ||
| Q2 25 | $23.7B | $48.5B | ||
| Q1 25 | $23.2B | $48.2B | ||
| Q4 24 | $22.9B | $47.4B | ||
| Q3 24 | $25.9B | $45.2B | ||
| Q2 24 | $25.8B | $44.6B | ||
| Q1 24 | $26.0B | $43.9B |
负债/权益比CEWEC
| Q4 25 | 2.81× | 1.42× | ||
| Q3 25 | 2.95× | — | ||
| Q2 25 | 2.41× | — | ||
| Q1 25 | 2.39× | — | ||
| Q4 24 | 2.14× | 1.48× | ||
| Q3 24 | 1.56× | 1.36× | ||
| Q2 24 | 1.54× | 1.36× | ||
| Q1 24 | 1.56× | 1.24× |
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 | $424.6M |
| 自由现金流经营现金流 - 资本支出 | $168.0M | — |
| 自由现金流率自由现金流/营收 | 7.6% | — |
| 资本支出强度资本支出/营收 | 3.8% | — |
| 现金转化率经营现金流/净利润 | 18.00× | 1.34× |
| 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CEWEC
| Q4 25 | $252.0M | $424.6M | ||
| Q3 25 | $447.0M | $938.9M | ||
| Q2 25 | $410.0M | $853.3M | ||
| Q1 25 | $37.0M | $1.2B | ||
| Q4 24 | $494.0M | $581.8M | ||
| Q3 24 | $79.0M | $729.0M | ||
| Q2 24 | $292.0M | $1.0B | ||
| Q1 24 | $101.0M | $863.6M |
自由现金流CEWEC
| Q4 25 | $168.0M | — | ||
| Q3 25 | $383.0M | $-625.7M | ||
| Q2 25 | $317.0M | $23.9M | ||
| Q1 25 | $-65.0M | $461.5M | ||
| Q4 24 | $389.0M | — | ||
| Q3 24 | $-9.0M | $-67.3M | ||
| Q2 24 | $187.0M | $343.5M | ||
| Q1 24 | $-36.0M | $419.1M |
自由现金流率CEWEC
| Q4 25 | 7.6% | — | ||
| Q3 25 | 15.8% | -29.7% | ||
| Q2 25 | 12.5% | 1.2% | ||
| Q1 25 | -2.7% | 14.7% | ||
| Q4 24 | 16.4% | — | ||
| Q3 24 | -0.3% | -3.6% | ||
| Q2 24 | 7.1% | 19.4% | ||
| Q1 24 | -1.4% | 15.6% |
资本支出强度CEWEC
| Q4 25 | 3.8% | — | ||
| Q3 25 | 2.6% | 74.4% | ||
| Q2 25 | 3.7% | 41.3% | ||
| Q1 25 | 4.3% | 22.3% | ||
| Q4 24 | 4.4% | — | ||
| Q3 24 | 3.3% | 42.7% | ||
| Q2 24 | 4.0% | 39.2% | ||
| Q1 24 | 5.2% | 16.6% |
现金转化率CEWEC
| Q4 25 | 18.00× | 1.34× | ||
| Q3 25 | — | 3.47× | ||
| Q2 25 | 2.06× | 3.51× | ||
| Q1 25 | — | 1.60× | ||
| Q4 24 | — | 1.28× | ||
| Q3 24 | 0.68× | 3.06× | ||
| Q2 24 | 1.88× | 4.94× | ||
| Q1 24 | 0.83× | 1.39× |
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% |
WEC
| Wisconsin | $1.9B | 73% |
| Illinois | $441.2M | 17% |
| Other States | $165.1M | 7% |
| External Revenues | $74.0M | 3% |
| Otheroperatingrevenues | $8.0M | 0% |
