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礼蓝动物保健（ELAN）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
希悦尔的季度营收约是礼蓝动物保健的1.2倍（$1.4B vs $1.1B），希悦尔净利率更高（3.1% vs -24.1%，领先27.3%），礼蓝动物保健同比增速更快（12.2% vs 2.6%），希悦尔自由现金流更多（$257.7M vs $46.0M），过去两年希悦尔的营收复合增速更高（2.7% vs -2.6%）
礼蓝动物保健是一家美国动物保健制药企业，专注于生产宠物及家畜用药品与疫苗。该公司原为礼来公司旗下子公司，2019年完成分拆独立，目前是全球第三大动物保健企业。
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。
ELAN vs SEE — 直观对比
营收规模更大
SEE
是对方的1.2倍
$1.1B
营收增速更快
ELAN
高出9.5%
2.6%
净利率更高
SEE
高出27.3%
-24.1%
自由现金流更多
SEE
多$211.7M
$46.0M
两年增速更快
SEE
近两年复合增速
-2.6%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.1B | $1.4B |
| 净利润 | $-276.0M | $43.8M |
| 毛利率 | 51.5% | 28.6% |
| 营业利润率 | -22.6% | 11.4% |
| 净利率 | -24.1% | 3.1% |
| 营收同比 | 12.2% | 2.6% |
| 净利润同比 | -3350.0% | 700.0% |
| 每股收益（稀释后） | $-0.55 | $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ELANSEE
| Q4 25 | $1.1B | $1.4B | ||
| Q3 25 | $1.1B | $1.3B | ||
| Q2 25 | $1.2B | $1.3B | ||
| Q1 25 | $1.2B | $1.3B | ||
| Q4 24 | $1.0B | $1.4B | ||
| Q3 24 | $1.0B | $1.3B | ||
| Q2 24 | $1.2B | $1.3B | ||
| Q1 24 | $1.2B | $1.3B |
净利润ELANSEE
| Q4 25 | $-276.0M | $43.8M | ||
| Q3 25 | $-34.0M | $255.1M | ||
| Q2 25 | $11.0M | $93.1M | ||
| Q1 25 | $67.0M | $113.5M | ||
| Q4 24 | $-8.0M | $-7.3M | ||
| Q3 24 | $364.0M | $91.7M | ||
| Q2 24 | $-50.0M | $98.3M | ||
| Q1 24 | $32.0M | $82.0M |
毛利率ELANSEE
| Q4 25 | 51.5% | 28.6% | ||
| Q3 25 | 53.4% | 29.8% | ||
| Q2 25 | 57.5% | 30.7% | ||
| Q1 25 | 57.3% | 30.9% | ||
| Q4 24 | 50.9% | 30.0% | ||
| Q3 24 | 52.2% | 30.1% | ||
| Q2 24 | 58.2% | 31.2% | ||
| Q1 24 | 57.3% | 30.3% |
营业利润率ELANSEE
| Q4 25 | -22.6% | 11.4% | ||
| Q3 25 | -4.4% | 13.8% | ||
| Q2 25 | 2.0% | 15.0% | ||
| Q1 25 | 5.0% | 14.5% | ||
| Q4 24 | -5.0% | 11.7% | ||
| Q3 24 | 54.3% | 13.9% | ||
| Q2 24 | -2.7% | 15.4% | ||
| Q1 24 | 1.0% | 14.0% |
净利率ELANSEE
| Q4 25 | -24.1% | 3.1% | ||
| Q3 25 | -3.0% | 19.0% | ||
| Q2 25 | 0.9% | 7.0% | ||
| Q1 25 | 5.6% | 9.0% | ||
| Q4 24 | -0.8% | -0.5% | ||
| Q3 24 | 35.3% | 6.9% | ||
| Q2 24 | -4.2% | 7.4% | ||
| Q1 24 | 2.7% | 6.2% |
每股收益（稀释后）ELANSEE
| Q4 25 | $-0.55 | $0.30 | ||
| Q3 25 | $-0.07 | $1.73 | ||
| Q2 25 | $0.02 | $0.63 | ||
| Q1 25 | $0.13 | $0.77 | ||
| Q4 24 | $-0.01 | $-0.05 | ||
| Q3 24 | $0.73 | $0.63 | ||
| Q2 24 | $-0.10 | $0.67 | ||
| Q1 24 | $0.06 | $0.56 |
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 | $545.0M | $344.0M |
| 总债务越低越好 | $3.9B | $3.3B |
| 股东权益账面价值 | $6.5B | $1.2B |
| 总资产 | $13.4B | $7.0B |
| 负债/权益比越低杠杆越低 | 0.60× | 2.65× |
8季度趋势，按日历期对齐
现金及短期投资ELANSEE
| Q4 25 | $545.0M | $344.0M | ||
| Q3 25 | $505.0M | $282.5M | ||
| Q2 25 | $539.0M | $354.4M | ||
| Q1 25 | $487.0M | $335.2M | ||
| Q4 24 | $468.0M | $371.8M | ||
| Q3 24 | $490.0M | $386.0M | ||
| Q2 24 | $416.0M | $388.6M | ||
| Q1 24 | $345.0M | $352.8M |
总债务ELANSEE
| Q4 25 | $3.9B | $3.3B | ||
| Q3 25 | $4.0B | $4.0B | ||
| Q2 25 | $4.1B | $4.0B | ||
| Q1 25 | $4.4B | $4.2B | ||
| Q4 24 | $4.3B | $4.2B | ||
| Q3 24 | $4.4B | $4.3B | ||
| Q2 24 | $5.7B | $4.4B | ||
| Q1 24 | $5.8B | $4.5B |
股东权益ELANSEE
| Q4 25 | $6.5B | $1.2B | ||
| Q3 25 | $6.7B | $1.2B | ||
| Q2 25 | $6.8B | $953.1M | ||
| Q1 25 | $6.4B | $797.9M | ||
| Q4 24 | $6.1B | $624.5M | ||
| Q3 24 | $6.5B | $771.2M | ||
| Q2 24 | $5.9B | $650.1M | ||
| Q1 24 | $6.1B | $598.3M |
总资产ELANSEE
| Q4 25 | $13.4B | $7.0B | ||
| Q3 25 | $13.6B | $7.1B | ||
| Q2 25 | $13.7B | $7.2B | ||
| Q1 25 | $12.9B | $7.0B | ||
| Q4 24 | $12.6B | $7.0B | ||
| Q3 24 | $13.3B | $7.3B | ||
| Q2 24 | $13.8B | $7.3B | ||
| Q1 24 | $14.0B | $7.2B |
负债/权益比ELANSEE
| Q4 25 | 0.60× | 2.65× | ||
| Q3 25 | 0.59× | 3.34× | ||
| Q2 25 | 0.61× | 4.18× | ||
| Q1 25 | 0.69× | 5.26× | ||
| Q4 24 | 0.70× | 6.72× | ||
| Q3 24 | 0.67× | 5.62× | ||
| Q2 24 | 0.96× | 6.81× | ||
| Q1 24 | 0.95× | 7.49× |
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 | $108.0M | $293.6M |
| 自由现金流经营现金流 - 资本支出 | $46.0M | $257.7M |
| 自由现金流率自由现金流/营收 | 4.0% | 18.5% |
| 资本支出强度资本支出/营收 | 5.4% | 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 | $284.0M | $458.5M |
8季度趋势，按日历期对齐
经营现金流ELANSEE
| Q4 25 | $108.0M | $293.6M | ||
| Q3 25 | $219.0M | $165.9M | ||
| Q2 25 | $237.0M | $136.6M | ||
| Q1 25 | $-4.0M | $31.9M | ||
| Q4 24 | $177.0M | $244.2M | ||
| Q3 24 | $162.0M | $170.5M | ||
| Q2 24 | $200.0M | $188.2M | ||
| Q1 24 | $2.0M | $125.1M |
自由现金流ELANSEE
| Q4 25 | $46.0M | $257.7M | ||
| Q3 25 | $127.0M | $119.6M | ||
| Q2 25 | $180.0M | $93.2M | ||
| Q1 25 | $-69.0M | $-12.0M | ||
| Q4 24 | $130.0M | $185.1M | ||
| Q3 24 | $120.0M | $115.2M | ||
| Q2 24 | $166.0M | $129.5M | ||
| Q1 24 | $-22.0M | $78.0M |
自由现金流率ELANSEE
| Q4 25 | 4.0% | 18.5% | ||
| Q3 25 | 11.2% | 8.9% | ||
| Q2 25 | 14.5% | 7.0% | ||
| Q1 25 | -5.8% | -0.9% | ||
| Q4 24 | 12.7% | 13.6% | ||
| Q3 24 | 11.7% | 8.6% | ||
| Q2 24 | 14.0% | 9.7% | ||
| Q1 24 | -1.8% | 5.9% |
资本支出强度ELANSEE
| Q4 25 | 5.4% | 2.6% | ||
| Q3 25 | 8.1% | 3.4% | ||
| Q2 25 | 4.6% | 3.3% | ||
| Q1 25 | 5.4% | 3.5% | ||
| Q4 24 | 4.6% | 4.4% | ||
| Q3 24 | 4.1% | 4.1% | ||
| Q2 24 | 2.9% | 4.4% | ||
| Q1 24 | 2.0% | 3.6% |
现金转化率ELANSEE
| Q4 25 | — | 6.70× | ||
| Q3 25 | — | 0.65× | ||
| Q2 25 | 21.55× | 1.47× | ||
| Q1 25 | -0.06× | 0.28× | ||
| Q4 24 | — | — | ||
| Q3 24 | 0.45× | 1.86× | ||
| Q2 24 | — | 1.91× | ||
| Q1 24 | 0.06× | 1.53× |
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
ELAN
| Pet Health | $489.0M | 43% |
| Cattle | $296.0M | 26% |
| Poultry | $237.0M | 21% |
| Swine | $107.0M | 9% |
| Contract Manufacturing | $15.0M | 1% |
SEE
| Protective Segment | $1.1B | 78% |
| Other | $292.0M | 21% |
| Pension Plans Defined Benefit | $7.9M | 1% |
