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CHS INC（CHSCP）与联合太平洋（UNP）财务数据对比。点击上方公司名可切换其他公司
CHS INC的季度营收约是联合太平洋的1.4倍（$8.9B vs $6.2B），联合太平洋净利率更高（27.4% vs 2.9%，领先24.4%），联合太平洋同比增速更快（3.2% vs -4.6%），联合太平洋自由现金流更多（$631.0M vs $-453.8M），过去两年联合太平洋的营收复合增速更高（1.7% 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。
联合太平洋是美国一级货运铁路运营商，共运营8300台机车，线路总长超5.18万公里，覆盖芝加哥、新奥尔良以西的23个美国州，是全美规模仅次于BNSF的第二大铁路企业。
CHSCP vs UNP — 直观对比
营收规模更大
CHSCP
是对方的1.4倍
$6.2B
营收增速更快
UNP
高出7.8%
-4.6%
净利率更高
UNP
高出24.4%
2.9%
自由现金流更多
UNP
多$1.1B
$-453.8M
两年增速更快
UNP
近两年复合增速
-1.2%
损益表 — Q1 FY2026 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $8.9B | $6.2B |
| 净利润 | $260.5M | $1.7B |
| 毛利率 | 4.4% | — |
| 营业利润率 | 1.4% | 39.5% |
| 净利率 | 2.9% | 27.4% |
| 营收同比 | -4.6% | 3.2% |
| 净利润同比 | 6.4% | 4.6% |
| 每股收益（稀释后） | — | $2.87 |
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CHSCPUNP
| Q1 26 | — | $6.2B | ||
| Q4 25 | $8.9B | $6.1B | ||
| Q3 25 | $13.2B | $6.2B | ||
| Q2 25 | $9.8B | $6.2B | ||
| Q1 25 | $3.2B | $6.0B | ||
| Q4 24 | $9.3B | $6.1B | ||
| Q3 24 | $9.2B | $6.1B | ||
| Q2 24 | $9.6B | $6.0B |
净利润CHSCPUNP
| Q1 26 | — | $1.7B | ||
| Q4 25 | $260.5M | $1.8B | ||
| Q3 25 | $196.7M | $1.8B | ||
| Q2 25 | $232.2M | $1.9B | ||
| Q1 25 | $-75.8M | $1.6B | ||
| Q4 24 | $244.8M | $1.8B | ||
| Q3 24 | $111.8M | $1.7B | ||
| Q2 24 | $297.3M | $1.7B |
毛利率CHSCPUNP
| Q1 26 | — | — | ||
| Q4 25 | 4.4% | — | ||
| Q3 25 | 2.5% | — | ||
| Q2 25 | 3.4% | — | ||
| Q1 25 | 2.4% | — | ||
| Q4 24 | 4.3% | — | ||
| Q3 24 | 3.0% | — | ||
| Q2 24 | 4.9% | — |
营业利润率CHSCPUNP
| Q1 26 | — | 39.5% | ||
| Q4 25 | 1.4% | 39.5% | ||
| Q3 25 | 0.4% | 40.8% | ||
| Q2 25 | 0.7% | 41.0% | ||
| Q1 25 | -5.4% | 39.3% | ||
| Q4 24 | 1.5% | 41.3% | ||
| Q3 24 | -0.3% | 39.7% | ||
| Q2 24 | 1.6% | 40.0% |
净利率CHSCPUNP
| Q1 26 | — | 27.4% | ||
| Q4 25 | 2.9% | 30.4% | ||
| Q3 25 | 1.5% | 28.6% | ||
| Q2 25 | 2.4% | 30.5% | ||
| Q1 25 | -2.4% | 27.0% | ||
| Q4 24 | 2.6% | 28.8% | ||
| Q3 24 | 1.2% | 27.4% | ||
| Q2 24 | 3.1% | 27.9% |
每股收益（稀释后）CHSCPUNP
| Q1 26 | — | $2.87 | ||
| Q4 25 | — | $3.12 | ||
| Q3 25 | — | $3.01 | ||
| Q2 25 | — | $3.15 | ||
| Q1 25 | — | $2.70 | ||
| Q4 24 | — | $2.91 | ||
| Q3 24 | — | $2.75 | ||
| Q2 24 | — | $2.74 |
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 | $735.0M |
| 总债务越低越好 | $1.7B | — |
| 股东权益账面价值 | $11.2B | — |
| 总资产 | $20.7B | $69.6B |
| 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CHSCPUNP
| Q1 26 | — | $735.0M | ||
| Q4 25 | $374.7M | $1.3B | ||
| Q3 25 | $327.8M | $808.0M | ||
| Q2 25 | $323.9M | $1.1B | ||
| Q1 25 | $433.3M | $1.4B | ||
| Q4 24 | $795.6M | $1.0B | ||
| Q3 24 | $1.3B | $947.0M | ||
| Q2 24 | $310.1M | $1.1B |
总债务CHSCPUNP
| Q1 26 | — | — | ||
| Q4 25 | $1.7B | $30.3B | ||
| Q3 25 | $1.7B | $30.3B | ||
| Q2 25 | $1.8B | $30.3B | ||
| Q1 25 | $1.8B | $30.6B | ||
| Q4 24 | $1.8B | $29.8B | ||
| Q3 24 | $1.8B | $29.8B | ||
| Q2 24 | $1.7B | $31.2B |
股东权益CHSCPUNP
| Q1 26 | — | — | ||
| Q4 25 | $11.2B | $18.5B | ||
| Q3 25 | $11.1B | $17.3B | ||
| Q2 25 | $10.8B | $16.3B | ||
| Q1 25 | $10.7B | $16.0B | ||
| Q4 24 | $10.8B | $16.9B | ||
| Q3 24 | $10.8B | $16.6B | ||
| Q2 24 | $10.9B | $16.5B |
总资产CHSCPUNP
| Q1 26 | — | $69.6B | ||
| Q4 25 | $20.7B | $69.7B | ||
| Q3 25 | $18.9B | $68.6B | ||
| Q2 25 | $19.7B | $68.6B | ||
| Q1 25 | $20.1B | $68.5B | ||
| Q4 24 | $19.6B | $67.7B | ||
| Q3 24 | $18.7B | $67.6B | ||
| Q2 24 | $18.5B | $67.8B |
负债/权益比CHSCPUNP
| Q1 26 | — | — | ||
| Q4 25 | 0.16× | 1.64× | ||
| Q3 25 | 0.16× | 1.75× | ||
| Q2 25 | 0.17× | 1.86× | ||
| Q1 25 | 0.17× | 1.91× | ||
| Q4 24 | 0.17× | 1.76× | ||
| Q3 24 | 0.17× | 1.79× | ||
| Q2 24 | 0.15× | 1.89× |
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 | — |
| 自由现金流经营现金流 - 资本支出 | $-453.8M | $631.0M |
| 自由现金流率自由现金流/营收 | -5.1% | 10.1% |
| 资本支出强度资本支出/营收 | 1.3% | — |
| 现金转化率经营现金流/净利润 | -1.30× | — |
| 过去12个月自由现金流最近4个季度 | $-60.0M | $4.8B |
8季度趋势，按日历期对齐
经营现金流CHSCPUNP
| Q1 26 | — | — | ||
| Q4 25 | $-337.8M | $2.2B | ||
| Q3 25 | $1.3B | $2.5B | ||
| Q2 25 | $696.6M | $2.3B | ||
| Q1 25 | $-1.0B | $2.2B | ||
| Q4 24 | $-294.0M | $2.7B | ||
| Q3 24 | $1.1B | $2.7B | ||
| Q2 24 | $556.9M | $1.9B |
自由现金流CHSCPUNP
| Q1 26 | — | $631.0M | ||
| Q4 25 | $-453.8M | $1.2B | ||
| Q3 25 | $1.1B | $1.6B | ||
| Q2 25 | $520.6M | $1.4B | ||
| Q1 25 | $-1.2B | $1.3B | ||
| Q4 24 | $-486.6M | $1.7B | ||
| Q3 24 | $845.8M | $1.8B | ||
| Q2 24 | $361.6M | $1.0B |
自由现金流率CHSCPUNP
| Q1 26 | — | 10.1% | ||
| Q4 25 | -5.1% | 20.1% | ||
| Q3 25 | 8.1% | 25.2% | ||
| Q2 25 | 5.3% | 22.7% | ||
| Q1 25 | -38.1% | 21.6% | ||
| Q4 24 | -5.2% | 28.4% | ||
| Q3 24 | 9.2% | 29.9% | ||
| Q2 24 | 3.8% | 16.8% |
资本支出强度CHSCPUNP
| Q1 26 | — | — | ||
| Q4 25 | 1.3% | 16.4% | ||
| Q3 25 | 1.5% | 15.2% | ||
| Q2 25 | 1.8% | 15.2% | ||
| Q1 25 | 5.2% | 15.0% | ||
| Q4 24 | 2.1% | 15.1% | ||
| Q3 24 | 2.9% | 13.6% | ||
| Q2 24 | 2.0% | 15.0% |
现金转化率CHSCPUNP
| Q1 26 | — | — | ||
| Q4 25 | -1.30× | 1.20× | ||
| Q3 25 | 6.46× | 1.41× | ||
| Q2 25 | 3.00× | 1.24× | ||
| Q1 25 | — | 1.36× | ||
| Q4 24 | -1.20× | 1.51× | ||
| Q3 24 | 9.96× | 1.59× | ||
| Q2 24 | 1.87× | 1.14× |
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% |
UNP
| Freight revenues | $5.9B | 95% |
| Other revenues | $324.0M | 5% |
