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陶氏公司（DOW）与盛思阳（TSE）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盛思阳的14.3倍（$9.5B vs $662.6M）。陶氏公司同比增速更快（-9.3% vs -19.3%）。过去两年陶氏公司的营收复合增速更高（-6.9% vs -14.4%）
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。
盛思阳（Trinseo）是一家专注于塑料与乳胶粘合剂生产的材料企业。该公司原隶属于陶氏化学公司，2009年陶氏将其分拆待售，2010年相关资产以斯泰隆（Styron）之名作价16.3亿美元出售给贝恩资本。2016年贝恩清仓全部持股， Trinseo自此成为完全独立的公众上市公司。
DOW vs TSE — 直观对比
营收规模更大
DOW
是对方的14.3倍
$662.6M
营收增速更快
DOW
高出10.0%
-19.3%
两年增速更快
DOW
近两年复合增速
-14.4%
损益表 — Q1 2026 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $9.5B | $662.6M |
| 净利润 | — | $-251.4M |
| 毛利率 | 5.8% | 4.2% |
| 营业利润率 | — | -24.7% |
| 净利率 | — | -37.9% |
| 营收同比 | -9.3% | -19.3% |
| 净利润同比 | — | -113.2% |
| 每股收益（稀释后） | $-2.16 | $-7.02 |
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DOWTSE
| Q1 26 | $9.5B | — | ||
| Q4 25 | $9.5B | $662.6M | ||
| Q3 25 | $10.0B | $743.2M | ||
| Q2 25 | $10.1B | $784.3M | ||
| Q1 25 | $10.4B | $784.8M | ||
| Q4 24 | $10.4B | $821.5M | ||
| Q3 24 | $10.9B | $867.7M | ||
| Q2 24 | $10.9B | $920.0M |
净利润DOWTSE
| Q1 26 | — | — | ||
| Q4 25 | $-1.5B | $-251.4M | ||
| Q3 25 | $62.0M | $-109.7M | ||
| Q2 25 | $-835.0M | $-105.5M | ||
| Q1 25 | $-307.0M | $-79.0M | ||
| Q4 24 | $-35.0M | $-117.9M | ||
| Q3 24 | $214.0M | $-87.3M | ||
| Q2 24 | $439.0M | $-67.8M |
毛利率DOWTSE
| Q1 26 | 5.8% | — | ||
| Q4 25 | 5.8% | 4.2% | ||
| Q3 25 | 7.3% | 5.0% | ||
| Q2 25 | 5.8% | 4.7% | ||
| Q1 25 | 6.4% | 8.1% | ||
| Q4 24 | 9.0% | 6.8% | ||
| Q3 24 | 9.8% | 9.3% | ||
| Q2 24 | 12.1% | 7.4% |
营业利润率DOWTSE
| Q1 26 | — | — | ||
| Q4 25 | -16.4% | -24.7% | ||
| Q3 25 | 0.7% | -3.8% | ||
| Q2 25 | -6.5% | -4.2% | ||
| Q1 25 | -3.6% | -3.7% | ||
| Q4 24 | 2.1% | -5.4% | ||
| Q3 24 | 3.0% | -1.4% | ||
| Q2 24 | 5.6% | 1.5% |
净利率DOWTSE
| Q1 26 | — | — | ||
| Q4 25 | -15.6% | -37.9% | ||
| Q3 25 | 0.6% | -14.8% | ||
| Q2 25 | -8.3% | -13.5% | ||
| Q1 25 | -2.9% | -10.1% | ||
| Q4 24 | -0.3% | -14.4% | ||
| Q3 24 | 2.0% | -10.1% | ||
| Q2 24 | 4.0% | -7.4% |
每股收益（稀释后）DOWTSE
| Q1 26 | $-2.16 | — | ||
| Q4 25 | $-2.16 | $-7.02 | ||
| Q3 25 | $0.08 | $-3.05 | ||
| Q2 25 | $-1.18 | $-2.95 | ||
| Q1 25 | $-0.44 | $-2.22 | ||
| Q4 24 | $-0.08 | $-3.33 | ||
| Q3 24 | $0.30 | $-2.47 | ||
| Q2 24 | $0.62 | $-1.92 |
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 | $146.7M |
| 总债务越低越好 | $17.8B | $2.5B |
| 股东权益账面价值 | $16.0B | $-1.1B |
| 总资产 | $58.5B | $2.3B |
| 负债/权益比越低杠杆越低 | 1.12× | — |
8季度趋势，按日历期对齐
现金及短期投资DOWTSE
| Q1 26 | $3.8B | — | ||
| Q4 25 | $3.8B | $146.7M | ||
| Q3 25 | $4.6B | $112.1M | ||
| Q2 25 | $2.4B | $137.0M | ||
| Q1 25 | $1.5B | $126.1M | ||
| Q4 24 | $2.2B | $209.8M | ||
| Q3 24 | $2.9B | $165.3M | ||
| Q2 24 | $3.3B | $105.6M |
总债务DOWTSE
| Q1 26 | $17.8B | — | ||
| Q4 25 | $17.8B | $2.5B | ||
| Q3 25 | $17.7B | $2.5B | ||
| Q2 25 | $16.2B | $2.5B | ||
| Q1 25 | $15.9B | $2.5B | ||
| Q4 24 | $15.7B | $2.4B | ||
| Q3 24 | $16.2B | $2.4B | ||
| Q2 24 | $16.0B | $2.3B |
股东权益DOWTSE
| Q1 26 | $16.0B | — | ||
| Q4 25 | $16.0B | $-1.1B | ||
| Q3 25 | $17.5B | $-861.6M | ||
| Q2 25 | $17.2B | $-750.3M | ||
| Q1 25 | $16.8B | $-679.2M | ||
| Q4 24 | $17.4B | $-619.9M | ||
| Q3 24 | $18.3B | $-480.0M | ||
| Q2 24 | $18.3B | $-413.8M |
总资产DOWTSE
| Q1 26 | $58.5B | — | ||
| Q4 25 | $58.5B | $2.3B | ||
| Q3 25 | $61.0B | $2.5B | ||
| Q2 25 | $59.0B | $2.6B | ||
| Q1 25 | $57.5B | $2.7B | ||
| Q4 24 | $57.3B | $2.6B | ||
| Q3 24 | $59.4B | $2.9B | ||
| Q2 24 | $58.5B | $2.8B |
负债/权益比DOWTSE
| Q1 26 | 1.12× | — | ||
| Q4 25 | 1.12× | — | ||
| Q3 25 | 1.01× | — | ||
| Q2 25 | 0.94× | — | ||
| Q1 25 | 0.95× | — | ||
| Q4 24 | 0.91× | — | ||
| Q3 24 | 0.88× | — | ||
| Q2 24 | 0.87× | — |
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 | — | $22.6M |
| 自由现金流经营现金流 - 资本支出 | — | $6.6M |
| 自由现金流率自由现金流/营收 | — | 1.0% |
| 资本支出强度资本支出/营收 | — | 2.4% |
| 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 | — | $-153.4M |
8季度趋势，按日历期对齐
经营现金流DOWTSE
| Q1 26 | — | — | ||
| Q4 25 | $284.0M | $22.6M | ||
| Q3 25 | $1.1B | $-21.6M | ||
| Q2 25 | $-470.0M | $6.8M | ||
| Q1 25 | $91.0M | $-110.2M | ||
| Q4 24 | $814.0M | $85.1M | ||
| Q3 24 | $800.0M | $8.8M | ||
| Q2 24 | $836.0M | $-41.9M |
自由现金流DOWTSE
| Q1 26 | — | — | ||
| Q4 25 | $-284.0M | $6.6M | ||
| Q3 25 | $563.0M | $-38.1M | ||
| Q2 25 | $-1.1B | $-3.0M | ||
| Q1 25 | $-594.0M | $-118.9M | ||
| Q4 24 | $47.0M | $63.9M | ||
| Q3 24 | $64.0M | $-3.4M | ||
| Q2 24 | $113.0M | $-56.1M |
自由现金流率DOWTSE
| Q1 26 | — | — | ||
| Q4 25 | -3.0% | 1.0% | ||
| Q3 25 | 5.6% | -5.1% | ||
| Q2 25 | -11.2% | -0.4% | ||
| Q1 25 | -5.7% | -15.2% | ||
| Q4 24 | 0.5% | 7.8% | ||
| Q3 24 | 0.6% | -0.4% | ||
| Q2 24 | 1.0% | -6.1% |
资本支出强度DOWTSE
| Q1 26 | — | — | ||
| Q4 25 | 6.0% | 2.4% | ||
| Q3 25 | 5.7% | 2.2% | ||
| Q2 25 | 6.6% | 1.2% | ||
| Q1 25 | 6.6% | 1.1% | ||
| Q4 24 | 7.4% | 2.6% | ||
| Q3 24 | 6.8% | 1.4% | ||
| Q2 24 | 6.6% | 1.5% |
现金转化率DOWTSE
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | 18.18× | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| 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
TSE
| Other | $325.2M | 49% |
| Asia Pacific | $142.2M | 21% |
| Engineered Materials | $105.0M | 16% |
| Latex | $59.9M | 9% |
| Polymer Solutions | $30.3M | 5% |
