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科迪华（CTVA）与美世（MERC）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美世的8.7倍（$3.9B vs $449.5M）。科迪华净利率更高（-14.1% vs -68.7%，领先54.6%）。科迪华同比增速更快（-1.7% vs -8.0%）。科迪华自由现金流更多（$4.2B vs $32.0M）。过去两年科迪华的营收复合增速更高（-6.7% vs -9.9%）
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。
美世是1945年成立的美国咨询公司，为全球专业服务集团威达信的四大运营子公司之一，总部位于纽约，在43个国家设有办事处，业务覆盖130个国家，主要为客户提供人力资源与金融咨询服务。
CTVA vs MERC — 直观对比
营收规模更大
CTVA
是对方的8.7倍
$449.5M
营收增速更快
CTVA
高出6.3%
-8.0%
净利率更高
CTVA
高出54.6%
-68.7%
自由现金流更多
CTVA
多$4.1B
$32.0M
两年增速更快
CTVA
近两年复合增速
-9.9%
损益表 — Q4 2025 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $3.9B | $449.5M |
| 净利润 | $-552.0M | $-308.7M |
| 毛利率 | 42.4% | — |
| 营业利润率 | -13.6% | -62.0% |
| 净利率 | -14.1% | -68.7% |
| 营收同比 | -1.7% | -8.0% |
| 净利润同比 | -1246.3% | -1947.7% |
| 每股收益（稀释后） | $-0.80 | $-4.61 |
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CTVAMERC
| Q4 25 | $3.9B | $449.5M | ||
| Q3 25 | $2.6B | $458.1M | ||
| Q2 25 | $6.5B | $453.5M | ||
| Q1 25 | $4.4B | $507.0M | ||
| Q4 24 | $4.0B | $488.4M | ||
| Q3 24 | $2.3B | $502.1M | ||
| Q2 24 | $6.1B | $499.4M | ||
| Q1 24 | $4.5B | $553.4M |
净利润CTVAMERC
| Q4 25 | $-552.0M | $-308.7M | ||
| Q3 25 | $-320.0M | $-80.8M | ||
| Q2 25 | $1.3B | $-86.1M | ||
| Q1 25 | $652.0M | $-22.3M | ||
| Q4 24 | $-41.0M | $16.7M | ||
| Q3 24 | $-524.0M | $-17.6M | ||
| Q2 24 | $1.1B | $-67.6M | ||
| Q1 24 | $419.0M | $-16.7M |
毛利率CTVAMERC
| Q4 25 | 42.4% | — | ||
| Q3 25 | 37.2% | — | ||
| Q2 25 | 54.6% | — | ||
| Q1 25 | 47.0% | — | ||
| Q4 24 | 37.3% | — | ||
| Q3 24 | 32.7% | — | ||
| Q2 24 | 52.3% | — | ||
| Q1 24 | 43.2% | — |
营业利润率CTVAMERC
| Q4 25 | -13.6% | -62.0% | ||
| Q3 25 | -14.1% | -14.8% | ||
| Q2 25 | 27.9% | -12.9% | ||
| Q1 25 | 17.7% | 1.3% | ||
| Q4 24 | 2.2% | 10.3% | ||
| Q3 24 | -27.2% | 1.8% | ||
| Q2 24 | 21.9% | -8.8% | ||
| Q1 24 | 10.7% | -0.1% |
净利率CTVAMERC
| Q4 25 | -14.1% | -68.7% | ||
| Q3 25 | -12.2% | -17.6% | ||
| Q2 25 | 20.4% | -19.0% | ||
| Q1 25 | 14.8% | -4.4% | ||
| Q4 24 | -1.0% | 3.4% | ||
| Q3 24 | -22.5% | -3.5% | ||
| Q2 24 | 17.2% | -13.5% | ||
| Q1 24 | 9.3% | -3.0% |
每股收益（稀释后）CTVAMERC
| Q4 25 | $-0.80 | $-4.61 | ||
| Q3 25 | $-0.47 | $-1.21 | ||
| Q2 25 | $1.92 | $-1.29 | ||
| Q1 25 | $0.95 | $-0.33 | ||
| Q4 24 | $-0.05 | $0.25 | ||
| Q3 24 | $-0.76 | $-0.26 | ||
| Q2 24 | $1.51 | $-1.01 | ||
| Q1 24 | $0.60 | $-0.25 |
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 | $186.8M |
| 总债务越低越好 | $1.7B | $1.6B |
| 股东权益账面价值 | $24.1B | $68.1M |
| 总资产 | $42.8B | $2.0B |
| 负债/权益比越低杠杆越低 | 0.07× | 23.58× |
8季度趋势，按日历期对齐
现金及短期投资CTVAMERC
| Q4 25 | $4.5B | $186.8M | ||
| Q3 25 | $2.6B | $98.1M | ||
| Q2 25 | $2.1B | $146.5M | ||
| Q1 25 | $2.0B | $181.5M | ||
| Q4 24 | $3.2B | $184.9M | ||
| Q3 24 | $2.5B | $239.0M | ||
| Q2 24 | $2.0B | $263.2M | ||
| Q1 24 | $1.7B | $274.3M |
总债务CTVAMERC
| Q4 25 | $1.7B | $1.6B | ||
| Q3 25 | $1.7B | $1.5B | ||
| Q2 25 | $1.7B | $1.5B | ||
| Q1 25 | $1.8B | $1.5B | ||
| Q4 24 | $2.0B | $1.5B | ||
| Q3 24 | $2.0B | $1.6B | ||
| Q2 24 | $2.5B | $1.6B | ||
| Q1 24 | $2.5B | $1.6B |
股东权益CTVAMERC
| Q4 25 | $24.1B | $68.1M | ||
| Q3 25 | $25.2B | $359.5M | ||
| Q2 25 | $25.9B | $446.5M | ||
| Q1 25 | $24.3B | $437.4M | ||
| Q4 24 | $23.8B | $429.8M | ||
| Q3 24 | $24.7B | $516.8M | ||
| Q2 24 | $25.2B | $487.7M | ||
| Q1 24 | $24.8B | $573.6M |
总资产CTVAMERC
| Q4 25 | $42.8B | $2.0B | ||
| Q3 25 | $42.2B | $2.3B | ||
| Q2 25 | $41.8B | $2.4B | ||
| Q1 25 | $42.1B | $2.3B | ||
| Q4 24 | $40.8B | $2.3B | ||
| Q3 24 | $41.9B | $2.5B | ||
| Q2 24 | $41.5B | $2.5B | ||
| Q1 24 | $43.6B | $2.6B |
负债/权益比CTVAMERC
| Q4 25 | 0.07× | 23.58× | ||
| Q3 25 | 0.07× | 4.30× | ||
| Q2 25 | 0.07× | 3.42× | ||
| Q1 25 | 0.07× | 3.44× | ||
| Q4 24 | 0.08× | 3.43× | ||
| Q3 24 | 0.08× | 3.09× | ||
| Q2 24 | 0.10× | 3.22× | ||
| Q1 24 | 0.10× | 2.82× |
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 | $46.2M |
| 自由现金流经营现金流 - 资本支出 | $4.2B | $32.0M |
| 自由现金流率自由现金流/营收 | 106.2% | 7.1% |
| 资本支出强度资本支出/营收 | 5.7% | 3.1% |
| 现金转化率经营现金流/净利润 | — | — |
| 过去12个月自由现金流最近4个季度 | $2.8B | $-80.0M |
8季度趋势，按日历期对齐
经营现金流CTVAMERC
| Q4 25 | $4.4B | $46.2M | ||
| Q3 25 | $193.0M | $-30.1M | ||
| Q2 25 | $947.0M | $-4.5M | ||
| Q1 25 | $-2.1B | $-3.0M | ||
| Q4 24 | $4.2B | $71.2M | ||
| Q3 24 | $130.0M | $-13.9M | ||
| Q2 24 | $451.0M | $62.2M | ||
| Q1 24 | $-2.6B | $-29.2M |
自由现金流CTVAMERC
| Q4 25 | $4.2B | $32.0M | ||
| Q3 25 | $36.0M | $-60.1M | ||
| Q2 25 | $829.0M | $-28.9M | ||
| Q1 25 | $-2.2B | $-23.1M | ||
| Q4 24 | $4.0B | $50.4M | ||
| Q3 24 | $-24.0M | $-41.2M | ||
| Q2 24 | $337.0M | $44.3M | ||
| Q1 24 | $-2.8B | $-47.7M |
自由现金流率CTVAMERC
| Q4 25 | 106.2% | 7.1% | ||
| Q3 25 | 1.4% | -13.1% | ||
| Q2 25 | 12.8% | -6.4% | ||
| Q1 25 | -49.9% | -4.6% | ||
| Q4 24 | 100.4% | 10.3% | ||
| Q3 24 | -1.0% | -8.2% | ||
| Q2 24 | 5.5% | 8.9% | ||
| Q1 24 | -61.4% | -8.6% |
资本支出强度CTVAMERC
| Q4 25 | 5.7% | 3.1% | ||
| Q3 25 | 6.0% | 6.6% | ||
| Q2 25 | 1.8% | 5.4% | ||
| Q1 25 | 2.1% | 4.0% | ||
| Q4 24 | 4.6% | 4.2% | ||
| Q3 24 | 6.6% | 5.4% | ||
| Q2 24 | 1.9% | 3.6% | ||
| Q1 24 | 3.3% | 3.3% |
现金转化率CTVAMERC
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | 0.72× | — | ||
| Q1 25 | -3.23× | — | ||
| Q4 24 | — | 4.26× | ||
| Q3 24 | — | — | ||
| Q2 24 | 0.43× | — | ||
| 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% |
MERC
| Other | $215.3M | 48% |
| Solid Wood | $110.2M | 25% |
| Lumber | $54.9M | 12% |
| Pallets | $23.7M | 5% |
| Energyandchemicals | $18.7M | 4% |
| Manufactured Products | $14.1M | 3% |
| Biofuels | $10.0M | 2% |
| Wood Residuals | $2.6M | 1% |
