vs
Constellation Energy（CEG）与陶氏公司（DOW）财务数据对比。点击上方公司名可切换其他公司
陶氏公司的季度营收约是Constellation Energy的1.7倍（$9.5B vs $5.7B），Constellation Energy同比增速更快（25.8% vs -9.3%），过去两年Constellation Energy的营收复合增速更高（4.0% vs -6.9%）
Constellation Energy是总部位于美国马里兰州巴尔的摩的大型能源企业，核心业务涵盖电力供应、天然气供应以及专业能源管理服务，业务范围覆盖美国本土全境，累计服务的个人及企业客户总量约200万。
陶氏化学是总部位于美国密歇根州米德兰的跨国化工企业，2021年位列全球前三大化工生产商，为特拉华州注册的上市控股公司陶氏公司旗下运营子公司，其产品与解决方案广泛服务于制造业、消费品、基础设施建设等全球多个核心产业领域。
CEG vs DOW — 直观对比
营收规模更大
DOW
是对方的1.7倍
$5.7B
营收增速更快
CEG
高出35.1%
-9.3%
两年增速更快
CEG
近两年复合增速
-6.9%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $5.7B | $9.5B |
| 净利润 | $432.0M | — |
| 毛利率 | — | 5.8% |
| 营业利润率 | 10.5% | — |
| 净利率 | 7.6% | — |
| 营收同比 | 25.8% | -9.3% |
| 净利润同比 | -49.3% | — |
| 每股收益（稀释后） | $1.38 | $-2.16 |
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CEGDOW
| Q1 26 | — | $9.5B | ||
| Q4 25 | $5.7B | $9.5B | ||
| Q3 25 | $5.7B | $10.0B | ||
| Q2 25 | $5.2B | $10.1B | ||
| Q1 25 | $6.1B | $10.4B | ||
| Q4 24 | $4.5B | $10.4B | ||
| Q3 24 | $4.8B | $10.9B | ||
| Q2 24 | $4.4B | $10.9B |
净利润CEGDOW
| Q1 26 | — | — | ||
| Q4 25 | $432.0M | $-1.5B | ||
| Q3 25 | $930.0M | $62.0M | ||
| Q2 25 | $839.0M | $-835.0M | ||
| Q1 25 | $118.0M | $-307.0M | ||
| Q4 24 | $852.0M | $-35.0M | ||
| Q3 24 | $1.2B | $214.0M | ||
| Q2 24 | $814.0M | $439.0M |
毛利率CEGDOW
| Q1 26 | — | 5.8% | ||
| Q4 25 | — | 5.8% | ||
| Q3 25 | — | 7.3% | ||
| Q2 25 | — | 5.8% | ||
| Q1 25 | — | 6.4% | ||
| Q4 24 | — | 9.0% | ||
| Q3 24 | — | 9.8% | ||
| Q2 24 | — | 12.1% |
营业利润率CEGDOW
| Q1 26 | — | — | ||
| Q4 25 | 10.5% | -16.4% | ||
| Q3 25 | 19.0% | 0.7% | ||
| Q2 25 | 18.4% | -6.5% | ||
| Q1 25 | 7.4% | -3.6% | ||
| Q4 24 | 21.5% | 2.1% | ||
| Q3 24 | 30.7% | 3.0% | ||
| Q2 24 | 25.0% | 5.6% |
净利率CEGDOW
| Q1 26 | — | — | ||
| Q4 25 | 7.6% | -15.6% | ||
| Q3 25 | 16.3% | 0.6% | ||
| Q2 25 | 16.3% | -8.3% | ||
| Q1 25 | 1.9% | -2.9% | ||
| Q4 24 | 18.8% | -0.3% | ||
| Q3 24 | 25.1% | 2.0% | ||
| Q2 24 | 18.5% | 4.0% |
每股收益（稀释后）CEGDOW
| Q1 26 | — | $-2.16 | ||
| Q4 25 | $1.38 | $-2.16 | ||
| Q3 25 | $2.97 | $0.08 | ||
| Q2 25 | $2.67 | $-1.18 | ||
| Q1 25 | $0.38 | $-0.44 | ||
| Q4 24 | $2.71 | $-0.08 | ||
| Q3 24 | $3.82 | $0.30 | ||
| Q2 24 | $2.58 | $0.62 |
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 | $3.6B | $3.8B |
| 总债务越低越好 | $7.4B | $17.8B |
| 股东权益账面价值 | $14.5B | $16.0B |
| 总资产 | $57.2B | $58.5B |
| 负债/权益比越低杠杆越低 | 0.51× | 1.12× |
8季度趋势，按日历期对齐
现金及短期投资CEGDOW
| Q1 26 | — | $3.8B | ||
| Q4 25 | $3.6B | $3.8B | ||
| Q3 25 | $4.0B | $4.6B | ||
| Q2 25 | $2.0B | $2.4B | ||
| Q1 25 | $1.8B | $1.5B | ||
| Q4 24 | $3.0B | $2.2B | ||
| Q3 24 | $1.8B | $2.9B | ||
| Q2 24 | $311.0M | $3.3B |
总债务CEGDOW
| Q1 26 | — | $17.8B | ||
| Q4 25 | $7.4B | $17.8B | ||
| Q3 25 | — | $17.7B | ||
| Q2 25 | — | $16.2B | ||
| Q1 25 | — | $15.9B | ||
| Q4 24 | $8.5B | $15.7B | ||
| Q3 24 | — | $16.2B | ||
| Q2 24 | — | $16.0B |
股东权益CEGDOW
| Q1 26 | — | $16.0B | ||
| Q4 25 | $14.5B | $16.0B | ||
| Q3 25 | $14.3B | $17.5B | ||
| Q2 25 | $13.4B | $17.2B | ||
| Q1 25 | $13.0B | $16.8B | ||
| Q4 24 | $13.2B | $17.4B | ||
| Q3 24 | $12.6B | $18.3B | ||
| Q2 24 | $11.4B | $18.3B |
总资产CEGDOW
| Q1 26 | — | $58.5B | ||
| Q4 25 | $57.2B | $58.5B | ||
| Q3 25 | $56.2B | $61.0B | ||
| Q2 25 | $53.0B | $59.0B | ||
| Q1 25 | $52.3B | $57.5B | ||
| Q4 24 | $52.9B | $57.3B | ||
| Q3 24 | $51.8B | $59.4B | ||
| Q2 24 | $51.3B | $58.5B |
负债/权益比CEGDOW
| Q1 26 | — | 1.12× | ||
| Q4 25 | 0.51× | 1.12× | ||
| Q3 25 | — | 1.01× | ||
| Q2 25 | — | 0.94× | ||
| Q1 25 | — | 0.95× | ||
| Q4 24 | 0.64× | 0.91× | ||
| Q3 24 | — | 0.88× | ||
| Q2 24 | — | 0.87× |
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 | $805.0M | — |
| 自由现金流经营现金流 - 资本支出 | $-181.0M | — |
| 自由现金流率自由现金流/营收 | -3.2% | — |
| 资本支出强度资本支出/营收 | 17.3% | — |
| 现金转化率经营现金流/净利润 | 1.86× | — |
| 过去12个月自由现金流最近4个季度 | $1.3B | — |
8季度趋势，按日历期对齐
经营现金流CEGDOW
| Q1 26 | — | — | ||
| Q4 25 | $805.0M | $284.0M | ||
| Q3 25 | $1.8B | $1.1B | ||
| Q2 25 | $1.5B | $-470.0M | ||
| Q1 25 | $107.0M | $91.0M | ||
| Q4 24 | $-1.0B | $814.0M | ||
| Q3 24 | $-112.0M | $800.0M | ||
| Q2 24 | $-613.0M | $836.0M |
自由现金流CEGDOW
| Q1 26 | — | — | ||
| Q4 25 | $-181.0M | $-284.0M | ||
| Q3 25 | $1.5B | $563.0M | ||
| Q2 25 | $710.0M | $-1.1B | ||
| Q1 25 | $-699.0M | $-594.0M | ||
| Q4 24 | $-1.7B | $47.0M | ||
| Q3 24 | $-664.0M | $64.0M | ||
| Q2 24 | $-1.2B | $113.0M |
自由现金流率CEGDOW
| Q1 26 | — | — | ||
| Q4 25 | -3.2% | -3.0% | ||
| Q3 25 | 25.6% | 5.6% | ||
| Q2 25 | 13.8% | -11.2% | ||
| Q1 25 | -11.4% | -5.7% | ||
| Q4 24 | -38.6% | 0.5% | ||
| Q3 24 | -13.9% | 0.6% | ||
| Q2 24 | -26.3% | 1.0% |
资本支出强度CEGDOW
| Q1 26 | — | — | ||
| Q4 25 | 17.3% | 6.0% | ||
| Q3 25 | 6.8% | 5.7% | ||
| Q2 25 | 14.9% | 6.6% | ||
| Q1 25 | 13.2% | 6.6% | ||
| Q4 24 | 16.1% | 7.4% | ||
| Q3 24 | 11.6% | 6.8% | ||
| Q2 24 | 12.4% | 6.6% |
现金转化率CEGDOW
| Q1 26 | — | — | ||
| Q4 25 | 1.86× | — | ||
| Q3 25 | 1.99× | 18.18× | ||
| Q2 25 | 1.76× | — | ||
| Q1 25 | 0.91× | — | ||
| Q4 24 | -1.19× | — | ||
| Q3 24 | -0.09× | 3.74× | ||
| Q2 24 | -0.75× | 1.90× |
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
CEG
| Constellation Mid Atlantic | $1.6B | 29% |
| Constellation Midwest | $1.3B | 23% |
| Constellation Other Regions | $1.1B | 20% |
| Other | $660.0M | 12% |
| Constellation New York | $618.0M | 11% |
| Constellation ERCOT | $292.0M | 5% |
DOW
暂无分部数据
