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陶氏公司（DOW）与希悦尔（SEE）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希悦尔的6.8倍（$9.5B vs $1.4B）。希悦尔同比增速更快（2.6% vs -9.3%）。过去两年希悦尔的营收复合增速更高（2.7% vs -6.9%）
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。
希悦尔是全球领先的包装与防护解决方案供应商，核心产品包括缓冲防护材料、食品保鲜包装、可持续减废包装系统，服务覆盖电商、零售、食品饮料、工业制造等多个海内外领域。
DOW vs SEE — 直观对比
营收规模更大
DOW
是对方的6.8倍
$1.4B
营收增速更快
SEE
高出11.9%
-9.3%
两年增速更快
SEE
近两年复合增速
-6.9%
损益表 — Q1 2026 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $9.5B | $1.4B |
| 净利润 | — | $43.8M |
| 毛利率 | 5.8% | 28.6% |
| 营业利润率 | — | 11.4% |
| 净利率 | — | 3.1% |
| 营收同比 | -9.3% | 2.6% |
| 净利润同比 | — | 700.0% |
| 每股收益（稀释后） | $-2.16 | $0.30 |
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DOWSEE
| Q1 26 | $9.5B | — | ||
| Q4 25 | $9.5B | $1.4B | ||
| Q3 25 | $10.0B | $1.3B | ||
| Q2 25 | $10.1B | $1.3B | ||
| Q1 25 | $10.4B | $1.3B | ||
| Q4 24 | $10.4B | $1.4B | ||
| Q3 24 | $10.9B | $1.3B | ||
| Q2 24 | $10.9B | $1.3B |
净利润DOWSEE
| Q1 26 | — | — | ||
| Q4 25 | $-1.5B | $43.8M | ||
| Q3 25 | $62.0M | $255.1M | ||
| Q2 25 | $-835.0M | $93.1M | ||
| Q1 25 | $-307.0M | $113.5M | ||
| Q4 24 | $-35.0M | $-7.3M | ||
| Q3 24 | $214.0M | $91.7M | ||
| Q2 24 | $439.0M | $98.3M |
毛利率DOWSEE
| Q1 26 | 5.8% | — | ||
| Q4 25 | 5.8% | 28.6% | ||
| Q3 25 | 7.3% | 29.8% | ||
| Q2 25 | 5.8% | 30.7% | ||
| Q1 25 | 6.4% | 30.9% | ||
| Q4 24 | 9.0% | 30.0% | ||
| Q3 24 | 9.8% | 30.1% | ||
| Q2 24 | 12.1% | 31.2% |
营业利润率DOWSEE
| Q1 26 | — | — | ||
| Q4 25 | -16.4% | 11.4% | ||
| Q3 25 | 0.7% | 13.8% | ||
| Q2 25 | -6.5% | 15.0% | ||
| Q1 25 | -3.6% | 14.5% | ||
| Q4 24 | 2.1% | 11.7% | ||
| Q3 24 | 3.0% | 13.9% | ||
| Q2 24 | 5.6% | 15.4% |
净利率DOWSEE
| Q1 26 | — | — | ||
| Q4 25 | -15.6% | 3.1% | ||
| Q3 25 | 0.6% | 19.0% | ||
| Q2 25 | -8.3% | 7.0% | ||
| Q1 25 | -2.9% | 9.0% | ||
| Q4 24 | -0.3% | -0.5% | ||
| Q3 24 | 2.0% | 6.9% | ||
| Q2 24 | 4.0% | 7.4% |
每股收益（稀释后）DOWSEE
| Q1 26 | $-2.16 | — | ||
| Q4 25 | $-2.16 | $0.30 | ||
| Q3 25 | $0.08 | $1.73 | ||
| Q2 25 | $-1.18 | $0.63 | ||
| Q1 25 | $-0.44 | $0.77 | ||
| Q4 24 | $-0.08 | $-0.05 | ||
| Q3 24 | $0.30 | $0.63 | ||
| Q2 24 | $0.62 | $0.67 |
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 | $344.0M |
| 总债务越低越好 | $17.8B | $3.3B |
| 股东权益账面价值 | $16.0B | $1.2B |
| 总资产 | $58.5B | $7.0B |
| 负债/权益比越低杠杆越低 | 1.12× | 2.65× |
8季度趋势，按日历期对齐
现金及短期投资DOWSEE
| Q1 26 | $3.8B | — | ||
| Q4 25 | $3.8B | $344.0M | ||
| Q3 25 | $4.6B | $282.5M | ||
| Q2 25 | $2.4B | $354.4M | ||
| Q1 25 | $1.5B | $335.2M | ||
| Q4 24 | $2.2B | $371.8M | ||
| Q3 24 | $2.9B | $386.0M | ||
| Q2 24 | $3.3B | $388.6M |
总债务DOWSEE
| Q1 26 | $17.8B | — | ||
| Q4 25 | $17.8B | $3.3B | ||
| Q3 25 | $17.7B | $4.0B | ||
| Q2 25 | $16.2B | $4.0B | ||
| Q1 25 | $15.9B | $4.2B | ||
| Q4 24 | $15.7B | $4.2B | ||
| Q3 24 | $16.2B | $4.3B | ||
| Q2 24 | $16.0B | $4.4B |
股东权益DOWSEE
| Q1 26 | $16.0B | — | ||
| Q4 25 | $16.0B | $1.2B | ||
| Q3 25 | $17.5B | $1.2B | ||
| Q2 25 | $17.2B | $953.1M | ||
| Q1 25 | $16.8B | $797.9M | ||
| Q4 24 | $17.4B | $624.5M | ||
| Q3 24 | $18.3B | $771.2M | ||
| Q2 24 | $18.3B | $650.1M |
总资产DOWSEE
| Q1 26 | $58.5B | — | ||
| Q4 25 | $58.5B | $7.0B | ||
| Q3 25 | $61.0B | $7.1B | ||
| Q2 25 | $59.0B | $7.2B | ||
| Q1 25 | $57.5B | $7.0B | ||
| Q4 24 | $57.3B | $7.0B | ||
| Q3 24 | $59.4B | $7.3B | ||
| Q2 24 | $58.5B | $7.3B |
负债/权益比DOWSEE
| Q1 26 | 1.12× | — | ||
| Q4 25 | 1.12× | 2.65× | ||
| Q3 25 | 1.01× | 3.34× | ||
| Q2 25 | 0.94× | 4.18× | ||
| Q1 25 | 0.95× | 5.26× | ||
| Q4 24 | 0.91× | 6.72× | ||
| Q3 24 | 0.88× | 5.62× | ||
| Q2 24 | 0.87× | 6.81× |
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 | — | $293.6M |
| 自由现金流经营现金流 - 资本支出 | — | $257.7M |
| 自由现金流率自由现金流/营收 | — | 18.5% |
| 资本支出强度资本支出/营收 | — | 2.6% |
| 现金转化率经营现金流/净利润 | — | 6.70× |
| 过去12个月自由现金流最近4个季度 | — | $458.5M |
8季度趋势，按日历期对齐
经营现金流DOWSEE
| Q1 26 | — | — | ||
| Q4 25 | $284.0M | $293.6M | ||
| Q3 25 | $1.1B | $165.9M | ||
| Q2 25 | $-470.0M | $136.6M | ||
| Q1 25 | $91.0M | $31.9M | ||
| Q4 24 | $814.0M | $244.2M | ||
| Q3 24 | $800.0M | $170.5M | ||
| Q2 24 | $836.0M | $188.2M |
自由现金流DOWSEE
| Q1 26 | — | — | ||
| Q4 25 | $-284.0M | $257.7M | ||
| Q3 25 | $563.0M | $119.6M | ||
| Q2 25 | $-1.1B | $93.2M | ||
| Q1 25 | $-594.0M | $-12.0M | ||
| Q4 24 | $47.0M | $185.1M | ||
| Q3 24 | $64.0M | $115.2M | ||
| Q2 24 | $113.0M | $129.5M |
自由现金流率DOWSEE
| Q1 26 | — | — | ||
| Q4 25 | -3.0% | 18.5% | ||
| Q3 25 | 5.6% | 8.9% | ||
| Q2 25 | -11.2% | 7.0% | ||
| Q1 25 | -5.7% | -0.9% | ||
| Q4 24 | 0.5% | 13.6% | ||
| Q3 24 | 0.6% | 8.6% | ||
| Q2 24 | 1.0% | 9.7% |
资本支出强度DOWSEE
| Q1 26 | — | — | ||
| Q4 25 | 6.0% | 2.6% | ||
| Q3 25 | 5.7% | 3.4% | ||
| Q2 25 | 6.6% | 3.3% | ||
| Q1 25 | 6.6% | 3.5% | ||
| Q4 24 | 7.4% | 4.4% | ||
| Q3 24 | 6.8% | 4.1% | ||
| Q2 24 | 6.6% | 4.4% |
现金转化率DOWSEE
| Q1 26 | — | — | ||
| Q4 25 | — | 6.70× | ||
| Q3 25 | 18.18× | 0.65× | ||
| Q2 25 | — | 1.47× | ||
| Q1 25 | — | 0.28× | ||
| Q4 24 | — | — | ||
| Q3 24 | 3.74× | 1.86× | ||
| Q2 24 | 1.90× | 1.91× |
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
SEE
| Protective Segment | $1.1B | 78% |
| Other | $292.0M | 21% |
| Pension Plans Defined Benefit | $7.9M | 1% |
