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陶氏公司（DOW）与美世（MERC）财务数据对比。点击上方公司名可切换其他公司
陶氏公司的季度营收约是美世的21.0倍（$9.5B vs $449.5M）。美世同比增速更快（-8.0% vs -9.3%）。过去两年陶氏公司的营收复合增速更高（-6.9% vs -9.9%）
陶氏化学是总部位于美国密歇根州米德兰的跨国化工企业，2021年位列全球前三大化工生产商，为特拉华州注册的上市控股公司陶氏公司旗下运营子公司，其产品与解决方案广泛服务于制造业、消费品、基础设施建设等全球多个核心产业领域。
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。
DOW vs MERC — 直观对比
营收规模更大
DOW
是对方的21.0倍
$449.5M
营收增速更快
MERC
高出1.3%
-9.3%
两年增速更快
DOW
近两年复合增速
-9.9%
损益表 — Q1 2026 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $9.5B | $449.5M |
| 净利润 | — | $-308.7M |
| 毛利率 | 5.8% | — |
| 营业利润率 | — | -62.0% |
| 净利率 | — | -68.7% |
| 营收同比 | -9.3% | -8.0% |
| 净利润同比 | — | -1947.7% |
| 每股收益（稀释后） | $-2.16 | $-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DOWMERC
| Q1 26 | $9.5B | — | ||
| Q4 25 | $9.5B | $449.5M | ||
| Q3 25 | $10.0B | $458.1M | ||
| Q2 25 | $10.1B | $453.5M | ||
| Q1 25 | $10.4B | $507.0M | ||
| Q4 24 | $10.4B | $488.4M | ||
| Q3 24 | $10.9B | $502.1M | ||
| Q2 24 | $10.9B | $499.4M |
净利润DOWMERC
| Q1 26 | — | — | ||
| Q4 25 | $-1.5B | $-308.7M | ||
| Q3 25 | $62.0M | $-80.8M | ||
| Q2 25 | $-835.0M | $-86.1M | ||
| Q1 25 | $-307.0M | $-22.3M | ||
| Q4 24 | $-35.0M | $16.7M | ||
| Q3 24 | $214.0M | $-17.6M | ||
| Q2 24 | $439.0M | $-67.6M |
毛利率DOWMERC
| Q1 26 | 5.8% | — | ||
| Q4 25 | 5.8% | — | ||
| Q3 25 | 7.3% | — | ||
| Q2 25 | 5.8% | — | ||
| Q1 25 | 6.4% | — | ||
| Q4 24 | 9.0% | — | ||
| Q3 24 | 9.8% | — | ||
| Q2 24 | 12.1% | — |
营业利润率DOWMERC
| Q1 26 | — | — | ||
| Q4 25 | -16.4% | -62.0% | ||
| Q3 25 | 0.7% | -14.8% | ||
| Q2 25 | -6.5% | -12.9% | ||
| Q1 25 | -3.6% | 1.3% | ||
| Q4 24 | 2.1% | 10.3% | ||
| Q3 24 | 3.0% | 1.8% | ||
| Q2 24 | 5.6% | -8.8% |
净利率DOWMERC
| Q1 26 | — | — | ||
| Q4 25 | -15.6% | -68.7% | ||
| Q3 25 | 0.6% | -17.6% | ||
| Q2 25 | -8.3% | -19.0% | ||
| Q1 25 | -2.9% | -4.4% | ||
| Q4 24 | -0.3% | 3.4% | ||
| Q3 24 | 2.0% | -3.5% | ||
| Q2 24 | 4.0% | -13.5% |
每股收益（稀释后）DOWMERC
| Q1 26 | $-2.16 | — | ||
| Q4 25 | $-2.16 | $-4.61 | ||
| Q3 25 | $0.08 | $-1.21 | ||
| Q2 25 | $-1.18 | $-1.29 | ||
| Q1 25 | $-0.44 | $-0.33 | ||
| Q4 24 | $-0.08 | $0.25 | ||
| Q3 24 | $0.30 | $-0.26 | ||
| Q2 24 | $0.62 | $-1.01 |
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 | $3.8B | $186.8M |
| 总债务越低越好 | $17.8B | $1.6B |
| 股东权益账面价值 | $16.0B | $68.1M |
| 总资产 | $58.5B | $2.0B |
| 负债/权益比越低杠杆越低 | 1.12× | 23.58× |
8季度趋势，按日历期对齐
现金及短期投资DOWMERC
| Q1 26 | $3.8B | — | ||
| Q4 25 | $3.8B | $186.8M | ||
| Q3 25 | $4.6B | $98.1M | ||
| Q2 25 | $2.4B | $146.5M | ||
| Q1 25 | $1.5B | $181.5M | ||
| Q4 24 | $2.2B | $184.9M | ||
| Q3 24 | $2.9B | $239.0M | ||
| Q2 24 | $3.3B | $263.2M |
总债务DOWMERC
| Q1 26 | $17.8B | — | ||
| Q4 25 | $17.8B | $1.6B | ||
| Q3 25 | $17.7B | $1.5B | ||
| Q2 25 | $16.2B | $1.5B | ||
| Q1 25 | $15.9B | $1.5B | ||
| Q4 24 | $15.7B | $1.5B | ||
| Q3 24 | $16.2B | $1.6B | ||
| Q2 24 | $16.0B | $1.6B |
股东权益DOWMERC
| Q1 26 | $16.0B | — | ||
| Q4 25 | $16.0B | $68.1M | ||
| Q3 25 | $17.5B | $359.5M | ||
| Q2 25 | $17.2B | $446.5M | ||
| Q1 25 | $16.8B | $437.4M | ||
| Q4 24 | $17.4B | $429.8M | ||
| Q3 24 | $18.3B | $516.8M | ||
| Q2 24 | $18.3B | $487.7M |
总资产DOWMERC
| Q1 26 | $58.5B | — | ||
| Q4 25 | $58.5B | $2.0B | ||
| Q3 25 | $61.0B | $2.3B | ||
| Q2 25 | $59.0B | $2.4B | ||
| Q1 25 | $57.5B | $2.3B | ||
| Q4 24 | $57.3B | $2.3B | ||
| Q3 24 | $59.4B | $2.5B | ||
| Q2 24 | $58.5B | $2.5B |
负债/权益比DOWMERC
| Q1 26 | 1.12× | — | ||
| Q4 25 | 1.12× | 23.58× | ||
| Q3 25 | 1.01× | 4.30× | ||
| Q2 25 | 0.94× | 3.42× | ||
| Q1 25 | 0.95× | 3.44× | ||
| Q4 24 | 0.91× | 3.43× | ||
| Q3 24 | 0.88× | 3.09× | ||
| Q2 24 | 0.87× | 3.22× |
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 | — | $46.2M |
| 自由现金流经营现金流 - 资本支出 | — | $32.0M |
| 自由现金流率自由现金流/营收 | — | 7.1% |
| 资本支出强度资本支出/营收 | — | 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 | — | $-80.0M |
8季度趋势，按日历期对齐
经营现金流DOWMERC
| Q1 26 | — | — | ||
| Q4 25 | $284.0M | $46.2M | ||
| Q3 25 | $1.1B | $-30.1M | ||
| Q2 25 | $-470.0M | $-4.5M | ||
| Q1 25 | $91.0M | $-3.0M | ||
| Q4 24 | $814.0M | $71.2M | ||
| Q3 24 | $800.0M | $-13.9M | ||
| Q2 24 | $836.0M | $62.2M |
自由现金流DOWMERC
| Q1 26 | — | — | ||
| Q4 25 | $-284.0M | $32.0M | ||
| Q3 25 | $563.0M | $-60.1M | ||
| Q2 25 | $-1.1B | $-28.9M | ||
| Q1 25 | $-594.0M | $-23.1M | ||
| Q4 24 | $47.0M | $50.4M | ||
| Q3 24 | $64.0M | $-41.2M | ||
| Q2 24 | $113.0M | $44.3M |
自由现金流率DOWMERC
| Q1 26 | — | — | ||
| Q4 25 | -3.0% | 7.1% | ||
| Q3 25 | 5.6% | -13.1% | ||
| Q2 25 | -11.2% | -6.4% | ||
| Q1 25 | -5.7% | -4.6% | ||
| Q4 24 | 0.5% | 10.3% | ||
| Q3 24 | 0.6% | -8.2% | ||
| Q2 24 | 1.0% | 8.9% |
资本支出强度DOWMERC
| Q1 26 | — | — | ||
| Q4 25 | 6.0% | 3.1% | ||
| Q3 25 | 5.7% | 6.6% | ||
| Q2 25 | 6.6% | 5.4% | ||
| Q1 25 | 6.6% | 4.0% | ||
| Q4 24 | 7.4% | 4.2% | ||
| Q3 24 | 6.8% | 5.4% | ||
| Q2 24 | 6.6% | 3.6% |
现金转化率DOWMERC
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | 18.18× | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 4.26× | ||
| Q3 24 | 3.74× | — | ||
| Q2 24 | 1.90× | — |
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
DOW
暂无分部数据
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% |
