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CHS INC（CHSCP）与奥驰亚（MO）财务数据对比。点击上方公司名可切换其他公司
CHS INC的季度营收约是奥驰亚的1.5倍（$8.9B vs $5.8B）。奥驰亚净利率更高（19.1% vs 2.9%，领先16.2%）。奥驰亚同比增速更快（-2.1% vs -4.6%）。奥驰亚自由现金流更多（$3.2B vs $-453.8M）。过去两年奥驰亚的营收复合增速更高（2.4% vs -1.2%）
CHS Inc是美国顶尖农业合作社企业，跻身财富世界500强，总部位于明尼苏达州因弗格罗夫海茨，由美国本土农业合作社、农牧从业者及优先股股东共同所有。公司业务覆盖食品加工批发、农资供应、金融服务、零售等多个领域，在北美中西部共19个州分销Cenex品牌燃料，是北美大型连锁便利店运营商之一，同时合资持股植物油生产商文图拉食品。
奥驰亚集团是美国头部烟草企业，通过旗下子公司生产销售可燃烟草与口服类烟草相关产品，核心品牌包括万宝路香烟、Black & Mild雪茄及烟斗烟、哥本哈根、斯库尔等湿无烟烟草，以及on!口服尼古丁袋，产品主要供应批发商、分销商及大型零售客户。
CHSCP vs MO — 直观对比
营收规模更大
CHSCP
是对方的1.5倍
$5.8B
营收增速更快
MO
高出2.5%
-4.6%
净利率更高
MO
高出16.2%
2.9%
自由现金流更多
MO
多$3.6B
$-453.8M
两年增速更快
MO
近两年复合增速
-1.2%
损益表 — Q1 2026 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $8.9B | $5.8B |
| 净利润 | $260.5M | $1.1B |
| 毛利率 | 4.4% | 62.1% |
| 营业利润率 | 1.4% | 28.2% |
| 净利率 | 2.9% | 19.1% |
| 营收同比 | -4.6% | -2.1% |
| 净利润同比 | 6.4% | -63.2% |
| 每股收益（稀释后） | — | $0.67 |
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CHSCPMO
| Q4 25 | $8.9B | $5.8B | ||
| Q3 25 | $13.2B | $6.1B | ||
| Q2 25 | $9.8B | $6.1B | ||
| Q1 25 | $3.2B | $5.3B | ||
| Q4 24 | $9.3B | $6.0B | ||
| Q3 24 | $9.2B | $6.3B | ||
| Q2 24 | $9.6B | $6.2B | ||
| Q1 24 | $9.1B | $5.6B |
净利润CHSCPMO
| Q4 25 | $260.5M | $1.1B | ||
| Q3 25 | $196.7M | $2.4B | ||
| Q2 25 | $232.2M | $2.4B | ||
| Q1 25 | $-75.8M | $1.1B | ||
| Q4 24 | $244.8M | $3.0B | ||
| Q3 24 | $111.8M | $2.3B | ||
| Q2 24 | $297.3M | $3.8B | ||
| Q1 24 | $170.3M | $2.1B |
毛利率CHSCPMO
| Q4 25 | 4.4% | 62.1% | ||
| Q3 25 | 2.5% | 62.8% | ||
| Q2 25 | 3.4% | 63.1% | ||
| Q1 25 | 2.4% | 61.8% | ||
| Q4 24 | 4.3% | 60.3% | ||
| Q3 24 | 3.0% | 60.8% | ||
| Q2 24 | 4.9% | 59.2% | ||
| Q1 24 | 4.0% | 58.8% |
营业利润率CHSCPMO
| Q4 25 | 1.4% | 28.2% | ||
| Q3 25 | 0.4% | 53.2% | ||
| Q2 25 | 0.7% | 52.9% | ||
| Q1 25 | -5.4% | 34.0% | ||
| Q4 24 | 1.5% | 48.2% | ||
| Q3 24 | -0.3% | 50.4% | ||
| Q2 24 | 1.6% | 40.8% | ||
| Q1 24 | 0.7% | 48.0% |
净利率CHSCPMO
| Q4 25 | 2.9% | 19.1% | ||
| Q3 25 | 1.5% | 39.1% | ||
| Q2 25 | 2.4% | 39.0% | ||
| Q1 25 | -2.4% | 20.5% | ||
| Q4 24 | 2.6% | 50.9% | ||
| Q3 24 | 1.2% | 36.6% | ||
| Q2 24 | 3.1% | 61.2% | ||
| Q1 24 | 1.9% | 38.2% |
每股收益（稀释后）CHSCPMO
| Q4 25 | — | $0.67 | ||
| Q3 25 | — | $1.41 | ||
| Q2 25 | — | $1.41 | ||
| Q1 25 | — | $0.63 | ||
| Q4 24 | — | $1.78 | ||
| Q3 24 | — | $1.34 | ||
| Q2 24 | — | $2.21 | ||
| Q1 24 | — | $1.21 |
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 | $374.7M | $4.5B |
| 总债务越低越好 | $1.7B | $25.7B |
| 股东权益账面价值 | $11.2B | $-3.5B |
| 总资产 | $20.7B | $35.0B |
| 负债/权益比越低杠杆越低 | 0.16× | — |
8季度趋势，按日历期对齐
现金及短期投资CHSCPMO
| Q4 25 | $374.7M | $4.5B | ||
| Q3 25 | $327.8M | $3.5B | ||
| Q2 25 | $323.9M | $1.3B | ||
| Q1 25 | $433.3M | $4.7B | ||
| Q4 24 | $795.6M | $3.1B | ||
| Q3 24 | $1.3B | $1.9B | ||
| Q2 24 | $310.1M | $1.8B | ||
| Q1 24 | $633.3M | $3.6B |
总债务CHSCPMO
| Q4 25 | $1.7B | $25.7B | ||
| Q3 25 | $1.7B | $25.7B | ||
| Q2 25 | $1.8B | $24.7B | ||
| Q1 25 | $1.8B | $26.1B | ||
| Q4 24 | $1.8B | $24.9B | ||
| Q3 24 | $1.8B | $25.2B | ||
| Q2 24 | $1.7B | $25.0B | ||
| Q1 24 | $1.7B | $25.0B |
股东权益CHSCPMO
| Q4 25 | $11.2B | $-3.5B | ||
| Q3 25 | $11.1B | $-2.6B | ||
| Q2 25 | $10.8B | $-3.3B | ||
| Q1 25 | $10.7B | $-3.5B | ||
| Q4 24 | $10.8B | $-2.2B | ||
| Q3 24 | $10.8B | $-3.5B | ||
| Q2 24 | $10.9B | $-3.0B | ||
| Q1 24 | $10.8B | $-5.1B |
总资产CHSCPMO
| Q4 25 | $20.7B | $35.0B | ||
| Q3 25 | $18.9B | $35.0B | ||
| Q2 25 | $19.7B | $32.3B | ||
| Q1 25 | $20.1B | $35.8B | ||
| Q4 24 | $19.6B | $35.2B | ||
| Q3 24 | $18.7B | $34.2B | ||
| Q2 24 | $18.5B | $34.4B | ||
| Q1 24 | $19.2B | $36.5B |
负债/权益比CHSCPMO
| Q4 25 | 0.16× | — | ||
| Q3 25 | 0.16× | — | ||
| Q2 25 | 0.17× | — | ||
| Q1 25 | 0.17× | — | ||
| Q4 24 | 0.17× | — | ||
| Q3 24 | 0.17× | — | ||
| Q2 24 | 0.15× | — | ||
| Q1 24 | 0.16× | — |
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 | $-337.8M | $3.3B |
| 自由现金流经营现金流 - 资本支出 | $-453.8M | $3.2B |
| 自由现金流率自由现金流/营收 | -5.1% | 54.4% |
| 资本支出强度资本支出/营收 | 1.3% | 1.6% |
| 现金转化率经营现金流/净利润 | -1.30× | 2.93× |
| 过去12个月自由现金流最近4个季度 | $-60.0M | $9.1B |
8季度趋势，按日历期对齐
经营现金流CHSCPMO
| Q4 25 | $-337.8M | $3.3B | ||
| Q3 25 | $1.3B | $3.1B | ||
| Q2 25 | $696.6M | $205.0M | ||
| Q1 25 | $-1.0B | $2.7B | ||
| Q4 24 | $-294.0M | $3.3B | ||
| Q3 24 | $1.1B | $2.6B | ||
| Q2 24 | $556.9M | $-75.0M | ||
| Q1 24 | $-249.6M | $2.9B |
自由现金流CHSCPMO
| Q4 25 | $-453.8M | $3.2B | ||
| Q3 25 | $1.1B | $3.0B | ||
| Q2 25 | $520.6M | $173.0M | ||
| Q1 25 | $-1.2B | $2.7B | ||
| Q4 24 | $-486.6M | $3.3B | ||
| Q3 24 | $845.8M | $2.6B | ||
| Q2 24 | $361.6M | $-104.0M | ||
| Q1 24 | $-453.3M | $2.8B |
自由现金流率CHSCPMO
| Q4 25 | -5.1% | 54.4% | ||
| Q3 25 | 8.1% | 50.1% | ||
| Q2 25 | 5.3% | 2.8% | ||
| Q1 25 | -38.1% | 51.0% | ||
| Q4 24 | -5.2% | 55.1% | ||
| Q3 24 | 9.2% | 41.2% | ||
| Q2 24 | 3.8% | -1.7% | ||
| Q1 24 | -5.0% | 51.0% |
资本支出强度CHSCPMO
| Q4 25 | 1.3% | 1.6% | ||
| Q3 25 | 1.5% | 0.9% | ||
| Q2 25 | 1.8% | 0.5% | ||
| Q1 25 | 5.2% | 0.7% | ||
| Q4 24 | 2.1% | 0.8% | ||
| Q3 24 | 2.9% | 0.5% | ||
| Q2 24 | 2.0% | 0.5% | ||
| Q1 24 | 2.2% | 0.6% |
现金转化率CHSCPMO
| Q4 25 | -1.30× | 2.93× | ||
| Q3 25 | 6.46× | 1.30× | ||
| Q2 25 | 3.00× | 0.09× | ||
| Q1 25 | — | 2.53× | ||
| Q4 24 | -1.20× | 1.10× | ||
| Q3 24 | 9.96× | 1.14× | ||
| Q2 24 | 1.87× | -0.02× | ||
| Q1 24 | -1.47× | 1.35× |
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
CHSCP
| Grains | $5.2B | 59% |
| Agronomy | $1.2B | 14% |
| CF Nitrogen LLC | $1.1B | 12% |
| Ventura Foods Llc | $838.2M | 9% |
| Other | $283.9M | 3% |
| ASC Topic815 | $198.7M | 2% |
| West Central Ag Services | $18.0M | 0% |
| Other Guidance | $1.4M | 0% |
MO
| Smokeable Products Segment | $5.1B | 88% |
| Oral Tobacco Segment | $706.0M | 12% |
