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陶氏公司（DOW）与US Foods Holding Corp.（USFD）财务数据对比。点击上方公司名可切换其他公司
US Foods Holding Corp.的季度营收约是陶氏公司的1.0倍（$9.8B vs $9.5B），US Foods Holding Corp.同比增速更快（3.3% vs -9.3%），过去两年US Foods Holding Corp.的营收复合增速更高（4.6% 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。
US Foods Holding Corp.是美国第二大食品服务分销商，规模仅次于Sysco。公司服务覆盖独立餐厅、连锁餐饮、医疗保健、酒店、教育机构等共计25万个场点，为各类客户提供食品配送及相关供应链服务，业务覆盖场景十分多元。
DOW vs USFD — 直观对比
营收规模更大
USFD
是对方的1.0倍
$9.5B
营收增速更快
USFD
高出12.6%
-9.3%
两年增速更快
USFD
近两年复合增速
-6.9%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $9.5B | $9.8B |
| 净利润 | — | $184.0M |
| 毛利率 | 5.8% | 17.6% |
| 营业利润率 | — | 3.3% |
| 净利率 | — | 1.9% |
| 营收同比 | -9.3% | 3.3% |
| 净利润同比 | — | 178.8% |
| 每股收益（稀释后） | $-2.16 | $0.82 |
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DOWUSFD
| Q1 26 | $9.5B | — | ||
| Q4 25 | $9.5B | $9.8B | ||
| Q3 25 | $10.0B | $10.2B | ||
| Q2 25 | $10.1B | $10.1B | ||
| Q1 25 | $10.4B | $9.4B | ||
| Q4 24 | $10.4B | $9.5B | ||
| Q3 24 | $10.9B | $9.7B | ||
| Q2 24 | $10.9B | $9.7B |
净利润DOWUSFD
| Q1 26 | — | — | ||
| Q4 25 | $-1.5B | $184.0M | ||
| Q3 25 | $62.0M | $153.0M | ||
| Q2 25 | $-835.0M | $224.0M | ||
| Q1 25 | $-307.0M | $115.0M | ||
| Q4 24 | $-35.0M | $66.0M | ||
| Q3 24 | $214.0M | $148.0M | ||
| Q2 24 | $439.0M | $198.0M |
毛利率DOWUSFD
| Q1 26 | 5.8% | — | ||
| Q4 25 | 5.8% | 17.6% | ||
| Q3 25 | 7.3% | 17.2% | ||
| Q2 25 | 5.8% | 17.6% | ||
| Q1 25 | 6.4% | 17.3% | ||
| Q4 24 | 9.0% | 17.6% | ||
| Q3 24 | 9.8% | 17.1% | ||
| Q2 24 | 12.1% | 17.6% |
营业利润率DOWUSFD
| Q1 26 | — | — | ||
| Q4 25 | -16.4% | 3.3% | ||
| Q3 25 | 0.7% | 2.8% | ||
| Q2 25 | -6.5% | 3.7% | ||
| Q1 25 | -3.6% | 2.4% | ||
| Q4 24 | 2.1% | 3.2% | ||
| Q3 24 | 3.0% | 2.9% | ||
| Q2 24 | 5.6% | 3.6% |
净利率DOWUSFD
| Q1 26 | — | — | ||
| Q4 25 | -15.6% | 1.9% | ||
| Q3 25 | 0.6% | 1.5% | ||
| Q2 25 | -8.3% | 2.2% | ||
| Q1 25 | -2.9% | 1.2% | ||
| Q4 24 | -0.3% | 0.7% | ||
| Q3 24 | 2.0% | 1.5% | ||
| Q2 24 | 4.0% | 2.0% |
每股收益（稀释后）DOWUSFD
| Q1 26 | $-2.16 | — | ||
| Q4 25 | $-2.16 | $0.82 | ||
| Q3 25 | $0.08 | $0.67 | ||
| Q2 25 | $-1.18 | $0.96 | ||
| Q1 25 | $-0.44 | $0.49 | ||
| Q4 24 | $-0.08 | $0.28 | ||
| Q3 24 | $0.30 | $0.61 | ||
| Q2 24 | $0.62 | $0.80 |
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 | $41.0M |
| 总债务越低越好 | $17.8B | $5.1B |
| 股东权益账面价值 | $16.0B | $4.3B |
| 总资产 | $58.5B | $13.9B |
| 负债/权益比越低杠杆越低 | 1.12× | 1.18× |
8季度趋势，按日历期对齐
现金及短期投资DOWUSFD
| Q1 26 | $3.8B | — | ||
| Q4 25 | $3.8B | $41.0M | ||
| Q3 25 | $4.6B | $56.0M | ||
| Q2 25 | $2.4B | $61.0M | ||
| Q1 25 | $1.5B | $101.0M | ||
| Q4 24 | $2.2B | $59.0M | ||
| Q3 24 | $2.9B | $81.0M | ||
| Q2 24 | $3.3B | $405.0M |
总债务DOWUSFD
| Q1 26 | $17.8B | — | ||
| Q4 25 | $17.8B | $5.1B | ||
| Q3 25 | $17.7B | $4.8B | ||
| Q2 25 | $16.2B | $4.7B | ||
| Q1 25 | $15.9B | $4.7B | ||
| Q4 24 | $15.7B | $4.8B | ||
| Q3 24 | $16.2B | $4.7B | ||
| Q2 24 | $16.0B | $4.6B |
股东权益DOWUSFD
| Q1 26 | $16.0B | — | ||
| Q4 25 | $16.0B | $4.3B | ||
| Q3 25 | $17.5B | $4.5B | ||
| Q2 25 | $17.2B | $4.6B | ||
| Q1 25 | $16.8B | $4.6B | ||
| Q4 24 | $17.4B | $4.5B | ||
| Q3 24 | $18.3B | $4.6B | ||
| Q2 24 | $18.3B | $5.0B |
总资产DOWUSFD
| Q1 26 | $58.5B | — | ||
| Q4 25 | $58.5B | $13.9B | ||
| Q3 25 | $61.0B | $14.0B | ||
| Q2 25 | $59.0B | $13.8B | ||
| Q1 25 | $57.5B | $13.7B | ||
| Q4 24 | $57.3B | $13.4B | ||
| Q3 24 | $59.4B | $13.5B | ||
| Q2 24 | $58.5B | $13.7B |
负债/权益比DOWUSFD
| Q1 26 | 1.12× | — | ||
| Q4 25 | 1.12× | 1.18× | ||
| Q3 25 | 1.01× | 1.08× | ||
| Q2 25 | 0.94× | 1.02× | ||
| Q1 25 | 0.95× | 1.02× | ||
| Q4 24 | 0.91× | 1.06× | ||
| Q3 24 | 0.88× | 1.01× | ||
| Q2 24 | 0.87× | 0.92× |
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 | — | $293.0M |
| 自由现金流经营现金流 - 资本支出 | — | $159.0M |
| 自由现金流率自由现金流/营收 | — | 1.6% |
| 资本支出强度资本支出/营收 | — | 1.4% |
| 现金转化率经营现金流/净利润 | — | 1.59× |
| 过去12个月自由现金流最近4个季度 | — | $959.0M |
8季度趋势，按日历期对齐
经营现金流DOWUSFD
| Q1 26 | — | — | ||
| Q4 25 | $284.0M | $293.0M | ||
| Q3 25 | $1.1B | $351.0M | ||
| Q2 25 | $-470.0M | $334.0M | ||
| Q1 25 | $91.0M | $391.0M | ||
| Q4 24 | $814.0M | $283.0M | ||
| Q3 24 | $800.0M | $270.0M | ||
| Q2 24 | $836.0M | $482.0M |
自由现金流DOWUSFD
| Q1 26 | — | — | ||
| Q4 25 | $-284.0M | $159.0M | ||
| Q3 25 | $563.0M | $236.0M | ||
| Q2 25 | $-1.1B | $257.0M | ||
| Q1 25 | $-594.0M | $307.0M | ||
| Q4 24 | $47.0M | $178.0M | ||
| Q3 24 | $64.0M | $190.0M | ||
| Q2 24 | $113.0M | $413.0M |
自由现金流率DOWUSFD
| Q1 26 | — | — | ||
| Q4 25 | -3.0% | 1.6% | ||
| Q3 25 | 5.6% | 2.3% | ||
| Q2 25 | -11.2% | 2.5% | ||
| Q1 25 | -5.7% | 3.3% | ||
| Q4 24 | 0.5% | 1.9% | ||
| Q3 24 | 0.6% | 2.0% | ||
| Q2 24 | 1.0% | 4.3% |
资本支出强度DOWUSFD
| Q1 26 | — | — | ||
| Q4 25 | 6.0% | 1.4% | ||
| Q3 25 | 5.7% | 1.1% | ||
| Q2 25 | 6.6% | 0.8% | ||
| Q1 25 | 6.6% | 0.9% | ||
| Q4 24 | 7.4% | 1.1% | ||
| Q3 24 | 6.8% | 0.8% | ||
| Q2 24 | 6.6% | 0.7% |
现金转化率DOWUSFD
| Q1 26 | — | — | ||
| Q4 25 | — | 1.59× | ||
| Q3 25 | 18.18× | 2.29× | ||
| Q2 25 | — | 1.49× | ||
| Q1 25 | — | 3.40× | ||
| Q4 24 | — | 4.29× | ||
| Q3 24 | 3.74× | 1.82× | ||
| Q2 24 | 1.90× | 2.43× |
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
USFD
| Product One | $3.5B | 36% |
| Product Two | $1.7B | 17% |
| Product Three | $1.7B | 17% |
| Product Four | $985.0M | 10% |
| Product Five | $901.0M | 9% |
| Product Six | $580.0M | 6% |
| Product Seven | $485.0M | 5% |
