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科迪华（CTVA）与PPL Corporation（PPL）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PPL Corporation的1.7倍（$3.9B vs $2.3B），PPL Corporation净利率更高（11.3% vs -14.1%，领先25.4%），PPL Corporation同比增速更快（7.2% vs -1.7%），科迪华自由现金流更多（$4.2B vs $-614.0M），过去两年PPL Corporation的营收复合增速更高（1.0% 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。
PPL公司是总部位于美国宾夕法尼亚州的能源公用事业控股企业，为宾州、肯塔基州、罗德岛州约350万居民及工商业用户提供电力与天然气供应服务，核心业务方向包括电网现代化升级、清洁能源转型、高可靠性可持续能源服务供给。
CTVA vs PPL — 直观对比
营收规模更大
CTVA
是对方的1.7倍
$2.3B
营收增速更快
PPL
高出8.9%
-1.7%
净利率更高
PPL
高出25.4%
-14.1%
自由现金流更多
CTVA
多$4.8B
$-614.0M
两年增速更快
PPL
近两年复合增速
-6.7%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $3.9B | $2.3B |
| 净利润 | $-552.0M | $266.0M |
| 毛利率 | 42.4% | — |
| 营业利润率 | -13.6% | 20.3% |
| 净利率 | -14.1% | 11.3% |
| 营收同比 | -1.7% | 7.2% |
| 净利润同比 | -1246.3% | 50.3% |
| 每股收益（稀释后） | $-0.80 | $0.35 |
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CTVAPPL
| Q4 25 | $3.9B | $2.3B | ||
| Q3 25 | $2.6B | $2.2B | ||
| Q2 25 | $6.5B | $2.0B | ||
| Q1 25 | $4.4B | $2.5B | ||
| Q4 24 | $4.0B | $2.2B | ||
| Q3 24 | $2.3B | $2.1B | ||
| Q2 24 | $6.1B | $1.9B | ||
| Q1 24 | $4.5B | $2.3B |
净利润CTVAPPL
| Q4 25 | $-552.0M | $266.0M | ||
| Q3 25 | $-320.0M | $318.0M | ||
| Q2 25 | $1.3B | $183.0M | ||
| Q1 25 | $652.0M | $414.0M | ||
| Q4 24 | $-41.0M | $177.0M | ||
| Q3 24 | $-524.0M | $214.0M | ||
| Q2 24 | $1.1B | $190.0M | ||
| Q1 24 | $419.0M | $307.0M |
毛利率CTVAPPL
| 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CTVAPPL
| Q4 25 | -13.6% | 20.3% | ||
| Q3 25 | -14.1% | 25.4% | ||
| Q2 25 | 27.9% | 19.9% | ||
| Q1 25 | 17.7% | 26.6% | ||
| Q4 24 | 2.2% | 17.2% | ||
| Q3 24 | -27.2% | 20.6% | ||
| Q2 24 | 21.9% | 20.8% | ||
| Q1 24 | 10.7% | 23.7% |
净利率CTVAPPL
| Q4 25 | -14.1% | 11.3% | ||
| Q3 25 | -12.2% | 14.2% | ||
| Q2 25 | 20.4% | 9.0% | ||
| Q1 25 | 14.8% | 16.3% | ||
| Q4 24 | -1.0% | 8.1% | ||
| Q3 24 | -22.5% | 10.3% | ||
| Q2 24 | 17.2% | 10.1% | ||
| Q1 24 | 9.3% | 13.3% |
每股收益（稀释后）CTVAPPL
| Q4 25 | $-0.80 | $0.35 | ||
| Q3 25 | $-0.47 | $0.43 | ||
| Q2 25 | $1.92 | $0.25 | ||
| Q1 25 | $0.95 | $0.56 | ||
| Q4 24 | $-0.05 | $0.23 | ||
| Q3 24 | $-0.76 | $0.29 | ||
| Q2 24 | $1.51 | $0.26 | ||
| Q1 24 | $0.60 | $0.42 |
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 | $1.1B |
| 总债务越低越好 | $1.7B | $18.9B |
| 股东权益账面价值 | $24.1B | $14.9B |
| 总资产 | $42.8B | $45.2B |
| 负债/权益比越低杠杆越低 | 0.07× | 1.27× |
8季度趋势，按日历期对齐
现金及短期投资CTVAPPL
| Q4 25 | $4.5B | $1.1B | ||
| Q3 25 | $2.6B | $1.1B | ||
| Q2 25 | $2.1B | $294.0M | ||
| Q1 25 | $2.0B | $312.0M | ||
| Q4 24 | $3.2B | $306.0M | ||
| Q3 24 | $2.5B | $542.0M | ||
| Q2 24 | $2.0B | $282.0M | ||
| Q1 24 | $1.7B | $276.0M |
总债务CTVAPPL
| Q4 25 | $1.7B | $18.9B | ||
| Q3 25 | $1.7B | — | ||
| Q2 25 | $1.7B | — | ||
| Q1 25 | $1.8B | — | ||
| Q4 24 | $2.0B | $16.5B | ||
| Q3 24 | $2.0B | — | ||
| Q2 24 | $2.5B | — | ||
| Q1 24 | $2.5B | — |
股东权益CTVAPPL
| Q4 25 | $24.1B | $14.9B | ||
| Q3 25 | $25.2B | $14.4B | ||
| Q2 25 | $25.9B | $14.3B | ||
| Q1 25 | $24.3B | $14.3B | ||
| Q4 24 | $23.8B | $14.1B | ||
| Q3 24 | $24.7B | $14.1B | ||
| Q2 24 | $25.2B | $14.1B | ||
| Q1 24 | $24.8B | $14.1B |
总资产CTVAPPL
| Q4 25 | $42.8B | $45.2B | ||
| Q3 25 | $42.2B | $43.9B | ||
| Q2 25 | $41.8B | $42.4B | ||
| Q1 25 | $42.1B | $41.8B | ||
| Q4 24 | $40.8B | $41.1B | ||
| Q3 24 | $41.9B | $40.5B | ||
| Q2 24 | $41.5B | $39.8B | ||
| Q1 24 | $43.6B | $39.6B |
负债/权益比CTVAPPL
| Q4 25 | 0.07× | 1.27× | ||
| Q3 25 | 0.07× | — | ||
| Q2 25 | 0.07× | — | ||
| Q1 25 | 0.07× | — | ||
| Q4 24 | 0.08× | 1.17× | ||
| 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 | $548.0M |
| 自由现金流经营现金流 - 资本支出 | $4.2B | $-614.0M |
| 自由现金流率自由现金流/营收 | 106.2% | -26.1% |
| 资本支出强度资本支出/营收 | 5.7% | 49.5% |
| 现金转化率经营现金流/净利润 | — | 2.06× |
| 过去12个月自由现金流最近4个季度 | $2.8B | $-1.4B |
8季度趋势，按日历期对齐
经营现金流CTVAPPL
| Q4 25 | $4.4B | $548.0M | ||
| Q3 25 | $193.0M | $966.0M | ||
| Q2 25 | $947.0M | $602.0M | ||
| Q1 25 | $-2.1B | $513.0M | ||
| Q4 24 | $4.2B | $511.0M | ||
| Q3 24 | $130.0M | $781.0M | ||
| Q2 24 | $451.0M | $766.0M | ||
| Q1 24 | $-2.6B | $282.0M |
自由现金流CTVAPPL
| Q4 25 | $4.2B | $-614.0M | ||
| Q3 25 | $36.0M | $-179.0M | ||
| Q2 25 | $829.0M | $-328.0M | ||
| Q1 25 | $-2.2B | $-280.0M | ||
| Q4 24 | $4.0B | $-349.0M | ||
| Q3 24 | $-24.0M | $102.0M | ||
| Q2 24 | $337.0M | $96.0M | ||
| Q1 24 | $-2.8B | $-314.0M |
自由现金流率CTVAPPL
| Q4 25 | 106.2% | -26.1% | ||
| Q3 25 | 1.4% | -8.0% | ||
| Q2 25 | 12.8% | -16.1% | ||
| Q1 25 | -49.9% | -11.0% | ||
| Q4 24 | 100.4% | -15.9% | ||
| Q3 24 | -1.0% | 4.9% | ||
| Q2 24 | 5.5% | 5.1% | ||
| Q1 24 | -61.4% | -13.6% |
资本支出强度CTVAPPL
| Q4 25 | 5.7% | 49.5% | ||
| Q3 25 | 6.0% | 51.2% | ||
| Q2 25 | 1.8% | 45.6% | ||
| Q1 25 | 2.1% | 31.2% | ||
| Q4 24 | 4.6% | 39.3% | ||
| Q3 24 | 6.6% | 32.7% | ||
| Q2 24 | 1.9% | 35.8% | ||
| Q1 24 | 3.3% | 25.9% |
现金转化率CTVAPPL
| Q4 25 | — | 2.06× | ||
| Q3 25 | — | 3.04× | ||
| Q2 25 | 0.72× | 3.29× | ||
| Q1 25 | -3.23× | 1.24× | ||
| Q4 24 | — | 2.89× | ||
| Q3 24 | — | 3.65× | ||
| Q2 24 | 0.43× | 4.03× | ||
| Q1 24 | -6.23× | 0.92× |
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% |
PPL
| Rhode Island Regulated | $539.0M | 23% |
| Other | $532.0M | 23% |
| Residential | $451.0M | 19% |
| Nonrelated Party | $425.0M | 18% |
| Transmission | $228.0M | 10% |
| Commercial | $117.0M | 5% |
| Wholesale Other | $23.0M | 1% |
| Industrial | $14.0M | 1% |
| Related Party | $13.0M | 1% |
| Wholesale Municipal | $6.0M | 0% |
