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科迪华（CTVA）与GLOBAL PARTNERS LP（GLP）财务数据对比。点击上方公司名可切换其他公司
科迪华的季度营收约是GLOBAL PARTNERS LP的1.8倍（$3.9B vs $2.2B），GLOBAL PARTNERS LP净利率更高（1.1% vs -14.1%，领先15.3%），GLOBAL PARTNERS LP同比增速更快（7.0% vs -1.7%），科迪华自由现金流更多（$4.2B vs $62.2M），过去两年GLOBAL PARTNERS LP的营收复合增速更高（0.2% vs -6.7%）
科迪华是一家美国农业科技企业，主营种子与作物保护产品，涵盖除草剂、杀虫剂、杀菌剂及生物制剂，业务覆盖全球110个国家，总部位于印第安纳州印第安纳波利斯，旗下大部分种子产品以先锋良种国际品牌销售。
Global Partners LP是一家美国能源供应企业，2018年位列《财富》世界500强第361位，采用业主有限合伙制架构，核心业务为石油产品进口，深耕北美市场开展营销活动，批发的产品涵盖原油、柴油、汽油、取暖油及煤油等品类。
CTVA vs GLP — 直观对比
营收规模更大
CTVA
是对方的1.8倍
$2.2B
营收增速更快
GLP
高出8.7%
-1.7%
净利率更高
GLP
高出15.3%
-14.1%
自由现金流更多
CTVA
多$4.1B
$62.2M
两年增速更快
GLP
近两年复合增速
-6.7%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $3.9B | $2.2B |
| 净利润 | $-552.0M | $25.1M |
| 毛利率 | 42.4% | 11.9% |
| 营业利润率 | -13.6% | 2.6% |
| 净利率 | -14.1% | 1.1% |
| 营收同比 | -1.7% | 7.0% |
| 净利润同比 | -1246.3% | 5.0% |
| 每股收益（稀释后） | $-0.80 | — |
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CTVAGLP
| Q4 25 | $3.9B | $2.2B | ||
| Q3 25 | $2.6B | $2.2B | ||
| Q2 25 | $6.5B | $2.1B | ||
| Q1 25 | $4.4B | $2.2B | ||
| Q4 24 | $4.0B | $2.1B | ||
| Q3 24 | $2.3B | $2.1B | ||
| Q2 24 | $6.1B | $2.3B | ||
| Q1 24 | $4.5B | $2.2B |
净利润CTVAGLP
| Q4 25 | $-552.0M | $25.1M | ||
| Q3 25 | $-320.0M | $29.0M | ||
| Q2 25 | $1.3B | $25.2M | ||
| Q1 25 | $652.0M | $18.7M | ||
| Q4 24 | $-41.0M | $23.9M | ||
| Q3 24 | $-524.0M | $45.9M | ||
| Q2 24 | $1.1B | $46.1M | ||
| Q1 24 | $419.0M | $-5.6M |
毛利率CTVAGLP
| Q4 25 | 42.4% | 11.9% | ||
| Q3 25 | 37.2% | 12.1% | ||
| Q2 25 | 54.6% | 13.1% | ||
| Q1 25 | 47.0% | 11.7% | ||
| Q4 24 | 37.3% | 13.0% | ||
| Q3 24 | 32.7% | 13.4% | ||
| Q2 24 | 52.3% | 12.6% | ||
| Q1 24 | 43.2% | 9.8% |
营业利润率CTVAGLP
| Q4 25 | -13.6% | 2.6% | ||
| Q3 25 | -14.1% | 2.7% | ||
| Q2 25 | 27.9% | 2.9% | ||
| Q1 25 | 17.7% | 2.6% | ||
| Q4 24 | 2.2% | 2.8% | ||
| Q3 24 | -27.2% | 3.9% | ||
| Q2 24 | 21.9% | 3.7% | ||
| Q1 24 | 10.7% | 1.2% |
净利率CTVAGLP
| Q4 25 | -14.1% | 1.1% | ||
| Q3 25 | -12.2% | 1.3% | ||
| Q2 25 | 20.4% | 1.2% | ||
| Q1 25 | 14.8% | 0.9% | ||
| Q4 24 | -1.0% | 1.2% | ||
| Q3 24 | -22.5% | 2.1% | ||
| Q2 24 | 17.2% | 2.0% | ||
| Q1 24 | 9.3% | -0.3% |
每股收益（稀释后）CTVAGLP
| Q4 25 | $-0.80 | — | ||
| Q3 25 | $-0.47 | — | ||
| Q2 25 | $1.92 | — | ||
| Q1 25 | $0.95 | — | ||
| Q4 24 | $-0.05 | — | ||
| Q3 24 | $-0.76 | — | ||
| Q2 24 | $1.51 | — | ||
| Q1 24 | $0.60 | — |
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 | $4.5B | — |
| 总债务越低越好 | $1.7B | — |
| 股东权益账面价值 | $24.1B | — |
| 总资产 | $42.8B | $3.9B |
| 负债/权益比越低杠杆越低 | 0.07× | — |
8季度趋势，按日历期对齐
现金及短期投资CTVAGLP
| Q4 25 | $4.5B | — | ||
| Q3 25 | $2.6B | — | ||
| Q2 25 | $2.1B | — | ||
| Q1 25 | $2.0B | — | ||
| Q4 24 | $3.2B | — | ||
| Q3 24 | $2.5B | — | ||
| Q2 24 | $2.0B | — | ||
| Q1 24 | $1.7B | — |
总债务CTVAGLP
| Q4 25 | $1.7B | — | ||
| Q3 25 | $1.7B | — | ||
| Q2 25 | $1.7B | — | ||
| Q1 25 | $1.8B | — | ||
| Q4 24 | $2.0B | — | ||
| Q3 24 | $2.0B | — | ||
| Q2 24 | $2.5B | — | ||
| Q1 24 | $2.5B | — |
股东权益CTVAGLP
| Q4 25 | $24.1B | — | ||
| Q3 25 | $25.2B | — | ||
| Q2 25 | $25.9B | — | ||
| Q1 25 | $24.3B | — | ||
| Q4 24 | $23.8B | — | ||
| Q3 24 | $24.7B | — | ||
| Q2 24 | $25.2B | — | ||
| Q1 24 | $24.8B | — |
总资产CTVAGLP
| Q4 25 | $42.8B | $3.9B | ||
| Q3 25 | $42.2B | $3.7B | ||
| Q2 25 | $41.8B | $3.8B | ||
| Q1 25 | $42.1B | $3.8B | ||
| Q4 24 | $40.8B | $3.8B | ||
| Q3 24 | $41.9B | $3.7B | ||
| Q2 24 | $41.5B | $3.8B | ||
| Q1 24 | $43.6B | $3.5B |
负债/权益比CTVAGLP
| Q4 25 | 0.07× | — | ||
| Q3 25 | 0.07× | — | ||
| Q2 25 | 0.07× | — | ||
| Q1 25 | 0.07× | — | ||
| Q4 24 | 0.08× | — | ||
| Q3 24 | 0.08× | — | ||
| Q2 24 | 0.10× | — | ||
| Q1 24 | 0.10× | — |
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 | $4.4B | $101.0M |
| 自由现金流经营现金流 - 资本支出 | $4.2B | $62.2M |
| 自由现金流率自由现金流/营收 | 106.2% | 2.8% |
| 资本支出强度资本支出/营收 | 5.7% | 1.8% |
| 现金转化率经营现金流/净利润 | — | 4.03× |
| 过去12个月自由现金流最近4个季度 | $2.8B | $193.3M |
8季度趋势，按日历期对齐
经营现金流CTVAGLP
| Q4 25 | $4.4B | $101.0M | ||
| Q3 25 | $193.0M | $19.0M | ||
| Q2 25 | $947.0M | $216.3M | ||
| Q1 25 | $-2.1B | $-51.6M | ||
| Q4 24 | $4.2B | $67.2M | ||
| Q3 24 | $130.0M | $122.7M | ||
| Q2 24 | $451.0M | $24.3M | ||
| Q1 24 | $-2.6B | $-182.7M |
自由现金流CTVAGLP
| Q4 25 | $4.2B | $62.2M | ||
| Q3 25 | $36.0M | $-678.0K | ||
| Q2 25 | $829.0M | $201.3M | ||
| Q1 25 | $-2.2B | $-69.5M | ||
| Q4 24 | $4.0B | $20.4M | ||
| Q3 24 | $-24.0M | $98.4M | ||
| Q2 24 | $337.0M | $8.7M | ||
| Q1 24 | $-2.8B | $-199.3M |
自由现金流率CTVAGLP
| Q4 25 | 106.2% | 2.8% | ||
| Q3 25 | 1.4% | -0.0% | ||
| Q2 25 | 12.8% | 9.7% | ||
| Q1 25 | -49.9% | -3.2% | ||
| Q4 24 | 100.4% | 1.0% | ||
| Q3 24 | -1.0% | 4.6% | ||
| Q2 24 | 5.5% | 0.4% | ||
| Q1 24 | -61.4% | -9.0% |
资本支出强度CTVAGLP
| Q4 25 | 5.7% | 1.8% | ||
| Q3 25 | 6.0% | 0.9% | ||
| Q2 25 | 1.8% | 0.7% | ||
| Q1 25 | 2.1% | 0.8% | ||
| Q4 24 | 4.6% | 2.3% | ||
| Q3 24 | 6.6% | 1.1% | ||
| Q2 24 | 1.9% | 0.7% | ||
| Q1 24 | 3.3% | 0.8% |
现金转化率CTVAGLP
| Q4 25 | — | 4.03× | ||
| Q3 25 | — | 0.66× | ||
| Q2 25 | 0.72× | 8.58× | ||
| Q1 25 | -3.23× | -2.76× | ||
| Q4 24 | — | 2.82× | ||
| Q3 24 | — | 2.67× | ||
| Q2 24 | 0.43× | 0.53× | ||
| Q1 24 | -6.23× | — |
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
CTVA
| Corn | $1.4B | 35% |
| Herbicides | $1.1B | 27% |
| Insecticides | $488.0M | 12% |
| Fungicides | $272.0M | 7% |
| Biologicals | $191.0M | 5% |
| Soybean | $164.0M | 4% |
| Other | $160.0M | 4% |
| Otheroilseeds | $94.0M | 2% |
GLP
| Gasoline | $1.0B | 46% |
| Refined Petroleum Products Renewable Fuels Crude Oil And Propane | $884.7M | 40% |
| Commercial Segment | $187.6M | 8% |
| Station Operations | $110.5M | 5% |
