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CHS INC（CHSCP）与Smurfit Westrock（SW）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Smurfit Westrock的1.2倍（$8.9B vs $7.6B），CHS INC净利率更高（2.9% vs 1.3%，领先1.7%），Smurfit Westrock同比增速更快（0.5% vs -4.6%），Smurfit Westrock自由现金流更多（$612.0M vs $-453.8M），过去两年Smurfit Westrock的营收复合增速更高（60.8% 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。
Smurfit Westrock plc是总部位于爱尔兰都柏林的企业，核心业务为生产瓦楞包装及各类纸制包装产品，公司股票同时在纽约证券交易所和伦敦证券交易所挂牌上市。
CHSCP vs SW — 直观对比
营收规模更大
CHSCP
是对方的1.2倍
$7.6B
营收增速更快
SW
高出5.2%
-4.6%
净利率更高
CHSCP
高出1.7%
1.3%
自由现金流更多
SW
多$1.1B
$-453.8M
两年增速更快
SW
近两年复合增速
-1.2%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $8.9B | $7.6B |
| 净利润 | $260.5M | $97.0M |
| 毛利率 | 4.4% | 18.2% |
| 营业利润率 | 1.4% | 5.1% |
| 净利率 | 2.9% | 1.3% |
| 营收同比 | -4.6% | 0.5% |
| 净利润同比 | 6.4% | -33.6% |
| 每股收益（稀释后） | — | $0.18 |
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CHSCPSW
| Q4 25 | $8.9B | $7.6B | ||
| Q3 25 | $13.2B | $8.0B | ||
| Q2 25 | $9.8B | $7.9B | ||
| Q1 25 | $3.2B | $7.7B | ||
| Q4 24 | $9.3B | $7.5B | ||
| Q3 24 | $9.2B | $7.7B | ||
| Q2 24 | $9.6B | $3.0B | ||
| Q1 24 | $9.1B | $2.9B |
净利润CHSCPSW
| Q4 25 | $260.5M | $97.0M | ||
| Q3 25 | $196.7M | $246.0M | ||
| Q2 25 | $232.2M | $-28.0M | ||
| Q1 25 | $-75.8M | $384.0M | ||
| Q4 24 | $244.8M | $146.0M | ||
| Q3 24 | $111.8M | $-150.0M | ||
| Q2 24 | $297.3M | $132.0M | ||
| Q1 24 | $170.3M | $191.0M |
毛利率CHSCPSW
| Q4 25 | 4.4% | 18.2% | ||
| Q3 25 | 2.5% | 19.6% | ||
| Q2 25 | 3.4% | 19.1% | ||
| Q1 25 | 2.4% | 20.6% | ||
| Q4 24 | 4.3% | 19.1% | ||
| Q3 24 | 3.0% | 17.6% | ||
| Q2 24 | 4.9% | 23.3% | ||
| Q1 24 | 4.0% | 24.2% |
营业利润率CHSCPSW
| Q4 25 | 1.4% | 5.1% | ||
| Q3 25 | 0.4% | 6.6% | ||
| Q2 25 | 0.7% | 3.2% | ||
| Q1 25 | -5.4% | 7.2% | ||
| Q4 24 | 1.5% | 5.3% | ||
| Q3 24 | -0.3% | 0.7% | ||
| Q2 24 | 1.6% | 8.2% | ||
| Q1 24 | 0.7% | 10.5% |
净利率CHSCPSW
| Q4 25 | 2.9% | 1.3% | ||
| Q3 25 | 1.5% | 3.1% | ||
| Q2 25 | 2.4% | -0.4% | ||
| Q1 25 | -2.4% | 5.0% | ||
| Q4 24 | 2.6% | 1.9% | ||
| Q3 24 | 1.2% | -2.0% | ||
| Q2 24 | 3.1% | 4.4% | ||
| Q1 24 | 1.9% | 6.5% |
每股收益（稀释后）CHSCPSW
| Q4 25 | — | $0.18 | ||
| Q3 25 | — | $0.47 | ||
| Q2 25 | — | $-0.05 | ||
| Q1 25 | — | $0.73 | ||
| Q4 24 | — | $-0.12 | ||
| Q3 24 | — | $-0.30 | ||
| Q2 24 | — | $0.51 | ||
| Q1 24 | — | $0.73 |
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 | $892.0M |
| 总债务越低越好 | $1.7B | $13.4B |
| 股东权益账面价值 | $11.2B | $18.3B |
| 总资产 | $20.7B | $45.2B |
| 负债/权益比越低杠杆越低 | 0.16× | 0.73× |
8季度趋势，按日历期对齐
现金及短期投资CHSCPSW
| Q4 25 | $374.7M | $892.0M | ||
| Q3 25 | $327.8M | $851.0M | ||
| Q2 25 | $323.9M | $778.0M | ||
| Q1 25 | $433.3M | $797.0M | ||
| Q4 24 | $795.6M | $855.0M | ||
| Q3 24 | $1.3B | — | ||
| Q2 24 | $310.1M | $26.8K | ||
| Q1 24 | $633.3M | $108 |
总债务CHSCPSW
| Q4 25 | $1.7B | $13.4B | ||
| Q3 25 | $1.7B | $13.3B | ||
| Q2 25 | $1.8B | $13.3B | ||
| Q1 25 | $1.8B | $12.9B | ||
| Q4 24 | $1.8B | $12.5B | ||
| Q3 24 | $1.8B | $13.2B | ||
| Q2 24 | $1.7B | — | ||
| Q1 24 | $1.7B | — |
股东权益CHSCPSW
| Q4 25 | $11.2B | $18.3B | ||
| Q3 25 | $11.1B | $18.4B | ||
| Q2 25 | $10.8B | $18.3B | ||
| Q1 25 | $10.7B | $17.9B | ||
| Q4 24 | $10.8B | $17.4B | ||
| Q3 24 | $10.8B | $18.0B | ||
| Q2 24 | $10.9B | $14.5K | ||
| Q1 24 | $10.8B | $108 |
总资产CHSCPSW
| Q4 25 | $20.7B | $45.2B | ||
| Q3 25 | $18.9B | $45.6B | ||
| Q2 25 | $19.7B | $45.7B | ||
| Q1 25 | $20.1B | $44.6B | ||
| Q4 24 | $19.6B | $43.8B | ||
| Q3 24 | $18.7B | $45.0B | ||
| Q2 24 | $18.5B | $26.8K | ||
| Q1 24 | $19.2B | $108 |
负债/权益比CHSCPSW
| Q4 25 | 0.16× | 0.73× | ||
| Q3 25 | 0.16× | 0.72× | ||
| Q2 25 | 0.17× | 0.73× | ||
| Q1 25 | 0.17× | 0.72× | ||
| Q4 24 | 0.17× | 0.72× | ||
| Q3 24 | 0.17× | 0.73× | ||
| 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 | $1.2B |
| 自由现金流经营现金流 - 资本支出 | $-453.8M | $612.0M |
| 自由现金流率自由现金流/营收 | -5.1% | 8.1% |
| 资本支出强度资本支出/营收 | 1.3% | 7.7% |
| 现金转化率经营现金流/净利润 | -1.30× | 12.32× |
| 过去12个月自由现金流最近4个季度 | $-60.0M | $1.2B |
8季度趋势，按日历期对齐
经营现金流CHSCPSW
| Q4 25 | $-337.8M | $1.2B | ||
| Q3 25 | $1.3B | $1.1B | ||
| Q2 25 | $696.6M | $829.0M | ||
| Q1 25 | $-1.0B | $235.0M | ||
| Q4 24 | $-294.0M | $781.0M | ||
| Q3 24 | $1.1B | $320.0M | ||
| Q2 24 | $556.9M | $340.0M | ||
| Q1 24 | $-249.6M | $42.0M |
自由现金流CHSCPSW
| Q4 25 | $-453.8M | $612.0M | ||
| Q3 25 | $1.1B | $523.0M | ||
| Q2 25 | $520.6M | $307.0M | ||
| Q1 25 | $-1.2B | $-242.0M | ||
| Q4 24 | $-486.6M | $212.0M | ||
| Q3 24 | $845.8M | $-192.0M | ||
| Q2 24 | $361.6M | $163.0M | ||
| Q1 24 | $-453.3M | $-166.0M |
自由现金流率CHSCPSW
| Q4 25 | -5.1% | 8.1% | ||
| Q3 25 | 8.1% | 6.5% | ||
| Q2 25 | 5.3% | 3.9% | ||
| Q1 25 | -38.1% | -3.2% | ||
| Q4 24 | -5.2% | 2.8% | ||
| Q3 24 | 9.2% | -2.5% | ||
| Q2 24 | 3.8% | 5.5% | ||
| Q1 24 | -5.0% | -5.7% |
资本支出强度CHSCPSW
| Q4 25 | 1.3% | 7.7% | ||
| Q3 25 | 1.5% | 7.6% | ||
| Q2 25 | 1.8% | 6.6% | ||
| Q1 25 | 5.2% | 6.2% | ||
| Q4 24 | 2.1% | 7.5% | ||
| Q3 24 | 2.9% | 6.7% | ||
| Q2 24 | 2.0% | 6.0% | ||
| Q1 24 | 2.2% | 7.1% |
现金转化率CHSCPSW
| Q4 25 | -1.30× | 12.32× | ||
| Q3 25 | 6.46× | 4.61× | ||
| Q2 25 | 3.00× | — | ||
| Q1 25 | — | 0.61× | ||
| Q4 24 | -1.20× | 5.35× | ||
| Q3 24 | 9.96× | — | ||
| Q2 24 | 1.87× | 2.58× | ||
| Q1 24 | -1.47× | 0.22× |
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% |
SW
| Packaging | $3.3B | 43% |
| Other | $3.2B | 43% |
| Paper | $1.1B | 14% |
