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陶氏公司（DOW）与美国合众银行（USB）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国合众银行的1.3倍（$9.5B vs $7.4B），美国合众银行同比增速更快（5.1% vs -9.3%），过去两年美国合众银行的营收复合增速更高（4.7% 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。
美国合众银行是美国跨国银行机构，总部位于明尼苏达州明尼阿波利斯，在特拉华州注册成立。截至2025年为美国第五大银行，也是美国中西部规模最大的银行，被金融稳定委员会认定为系统重要性机构，旗下核心运营主体提供银行、投资、按揭等多元金融服务。
DOW vs USB — 直观对比
营收规模更大
DOW
是对方的1.3倍
$7.4B
营收增速更快
USB
高出14.4%
-9.3%
两年增速更快
USB
近两年复合增速
-6.9%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $9.5B | $7.4B |
| 净利润 | — | $2.0B |
| 毛利率 | 5.8% | — |
| 营业利润率 | — | 34.4% |
| 净利率 | — | 27.8% |
| 营收同比 | -9.3% | 5.1% |
| 净利润同比 | — | 23.0% |
| 每股收益（稀释后） | $-2.16 | $1.26 |
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DOWUSB
| Q1 26 | $9.5B | — | ||
| Q4 25 | $9.5B | $7.4B | ||
| Q3 25 | $10.0B | $7.3B | ||
| Q2 25 | $10.1B | $7.0B | ||
| Q1 25 | $10.4B | $7.0B | ||
| Q4 24 | $10.4B | $7.0B | ||
| Q3 24 | $10.9B | $6.9B | ||
| Q2 24 | $10.9B | $6.9B |
净利润DOWUSB
| Q1 26 | — | — | ||
| Q4 25 | $-1.5B | $2.0B | ||
| Q3 25 | $62.0M | $2.0B | ||
| Q2 25 | $-835.0M | $1.8B | ||
| Q1 25 | $-307.0M | $1.7B | ||
| Q4 24 | $-35.0M | $1.7B | ||
| Q3 24 | $214.0M | $1.7B | ||
| Q2 24 | $439.0M | $1.6B |
毛利率DOWUSB
| 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DOWUSB
| Q1 26 | — | — | ||
| Q4 25 | -16.4% | 34.4% | ||
| Q3 25 | 0.7% | 34.5% | ||
| Q2 25 | -6.5% | 32.7% | ||
| Q1 25 | -3.6% | 31.0% | ||
| Q4 24 | 2.1% | 30.1% | ||
| Q3 24 | 3.0% | 30.2% | ||
| Q2 24 | 5.6% | 29.9% |
净利率DOWUSB
| Q1 26 | — | — | ||
| Q4 25 | -15.6% | 27.8% | ||
| Q3 25 | 0.6% | 27.3% | ||
| Q2 25 | -8.3% | 25.9% | ||
| Q1 25 | -2.9% | 24.6% | ||
| Q4 24 | -0.3% | 23.7% | ||
| Q3 24 | 2.0% | 25.0% | ||
| Q2 24 | 4.0% | 23.3% |
每股收益（稀释后）DOWUSB
| Q1 26 | $-2.16 | — | ||
| Q4 25 | $-2.16 | $1.26 | ||
| Q3 25 | $0.08 | $1.22 | ||
| Q2 25 | $-1.18 | $1.11 | ||
| Q1 25 | $-0.44 | $1.03 | ||
| Q4 24 | $-0.08 | $1.01 | ||
| Q3 24 | $0.30 | $1.03 | ||
| Q2 24 | $0.62 | $0.97 |
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 | — |
| 总债务越低越好 | $17.8B | — |
| 股东权益账面价值 | $16.0B | $65.2B |
| 总资产 | $58.5B | $692.3B |
| 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DOWUSB
| Q1 26 | $3.8B | — | ||
| Q4 25 | $3.8B | — | ||
| Q3 25 | $4.6B | — | ||
| Q2 25 | $2.4B | — | ||
| Q1 25 | $1.5B | — | ||
| Q4 24 | $2.2B | — | ||
| Q3 24 | $2.9B | — | ||
| Q2 24 | $3.3B | — |
总债务DOWUSB
| Q1 26 | $17.8B | — | ||
| Q4 25 | $17.8B | — | ||
| Q3 25 | $17.7B | — | ||
| Q2 25 | $16.2B | — | ||
| Q1 25 | $15.9B | — | ||
| Q4 24 | $15.7B | — | ||
| Q3 24 | $16.2B | — | ||
| Q2 24 | $16.0B | — |
股东权益DOWUSB
| Q1 26 | $16.0B | — | ||
| Q4 25 | $16.0B | $65.2B | ||
| Q3 25 | $17.5B | $63.3B | ||
| Q2 25 | $17.2B | $61.4B | ||
| Q1 25 | $16.8B | $60.1B | ||
| Q4 24 | $17.4B | $58.6B | ||
| Q3 24 | $18.3B | $58.9B | ||
| Q2 24 | $18.3B | $56.4B |
总资产DOWUSB
| Q1 26 | $58.5B | — | ||
| Q4 25 | $58.5B | $692.3B | ||
| Q3 25 | $61.0B | $695.4B | ||
| Q2 25 | $59.0B | $686.4B | ||
| Q1 25 | $57.5B | $676.5B | ||
| Q4 24 | $57.3B | $678.3B | ||
| Q3 24 | $59.4B | $686.5B | ||
| Q2 24 | $58.5B | $680.1B |
负债/权益比DOWUSB
| 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 | — | $2.8B |
| 自由现金流经营现金流 - 资本支出 | — | — |
| 自由现金流率自由现金流/营收 | — | — |
| 资本支出强度资本支出/营收 | — | — |
| 现金转化率经营现金流/净利润 | — | 1.39× |
| 过去12个月自由现金流最近4个季度 | — | — |
8季度趋势，按日历期对齐
经营现金流DOWUSB
| Q1 26 | — | — | ||
| Q4 25 | $284.0M | $2.8B | ||
| Q3 25 | $1.1B | $3.4B | ||
| Q2 25 | $-470.0M | $2.0B | ||
| Q1 25 | $91.0M | $-285.0M | ||
| Q4 24 | $814.0M | $4.8B | ||
| Q3 24 | $800.0M | $972.0M | ||
| Q2 24 | $836.0M | $2.9B |
自由现金流DOWUSB
| Q1 26 | — | — | ||
| Q4 25 | $-284.0M | — | ||
| Q3 25 | $563.0M | — | ||
| Q2 25 | $-1.1B | — | ||
| Q1 25 | $-594.0M | — | ||
| Q4 24 | $47.0M | — | ||
| Q3 24 | $64.0M | — | ||
| Q2 24 | $113.0M | — |
自由现金流率DOWUSB
| Q1 26 | — | — | ||
| Q4 25 | -3.0% | — | ||
| Q3 25 | 5.6% | — | ||
| Q2 25 | -11.2% | — | ||
| Q1 25 | -5.7% | — | ||
| Q4 24 | 0.5% | — | ||
| Q3 24 | 0.6% | — | ||
| Q2 24 | 1.0% | — |
资本支出强度DOWUSB
| Q1 26 | — | — | ||
| Q4 25 | 6.0% | — | ||
| Q3 25 | 5.7% | — | ||
| Q2 25 | 6.6% | — | ||
| Q1 25 | 6.6% | — | ||
| Q4 24 | 7.4% | — | ||
| Q3 24 | 6.8% | — | ||
| Q2 24 | 6.6% | — |
现金转化率DOWUSB
| Q1 26 | — | — | ||
| Q4 25 | — | 1.39× | ||
| Q3 25 | 18.18× | 1.69× | ||
| Q2 25 | — | 1.12× | ||
| Q1 25 | — | -0.17× | ||
| Q4 24 | — | 2.87× | ||
| Q3 24 | 3.74× | 0.57× | ||
| Q2 24 | 1.90× | 1.79× |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
