vs
赫氏（HXL）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
盛思阳的季度营收约是赫氏的1.3倍（$662.6M vs $501.5M）。赫氏净利率更高（7.4% vs -37.9%，领先45.4%）。赫氏同比增速更快（9.9% vs -19.3%）。过去两年赫氏的营收复合增速更高（0.1% vs -14.4%）
赫氏是总部位于美国康涅狄格州斯坦福德的上市工业材料企业，专注于结构材料的研发与生产，由加州增强塑料公司、汽巴复合材料业务、赫克力士复合材料产品部门合并组建。其产品覆盖商用、军工、休闲等市场，广泛应用于军民飞机、航天运载火箭、卫星、风电叶片、运动器材等领域。
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。
HXL vs TSE — 直观对比
营收规模更大
TSE
是对方的1.3倍
$501.5M
营收增速更快
HXL
高出29.2%
-19.3%
净利率更高
HXL
高出45.4%
-37.9%
两年增速更快
HXL
近两年复合增速
-14.4%
损益表 — Q1 2026 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $501.5M | $662.6M |
| 净利润 | $37.2M | $-251.4M |
| 毛利率 | 26.9% | 4.2% |
| 营业利润率 | 11.5% | -24.7% |
| 净利率 | 7.4% | -37.9% |
| 营收同比 | 9.9% | -19.3% |
| 净利润同比 | 29.6% | -113.2% |
| 每股收益（稀释后） | $0.49 | $-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HXLTSE
| Q1 26 | $501.5M | — | ||
| Q4 25 | $491.3M | $662.6M | ||
| Q3 25 | $456.2M | $743.2M | ||
| Q2 25 | $489.9M | $784.3M | ||
| Q1 25 | $456.5M | $784.8M | ||
| Q4 24 | $473.8M | $821.5M | ||
| Q3 24 | $456.5M | $867.7M | ||
| Q2 24 | $500.4M | $920.0M |
净利润HXLTSE
| Q1 26 | $37.2M | — | ||
| Q4 25 | $46.4M | $-251.4M | ||
| Q3 25 | $20.6M | $-109.7M | ||
| Q2 25 | $13.5M | $-105.5M | ||
| Q1 25 | $28.9M | $-79.0M | ||
| Q4 24 | $5.8M | $-117.9M | ||
| Q3 24 | $39.8M | $-87.3M | ||
| Q2 24 | $50.0M | $-67.8M |
毛利率HXLTSE
| Q1 26 | 26.9% | — | ||
| Q4 25 | 24.6% | 4.2% | ||
| Q3 25 | 21.9% | 5.0% | ||
| Q2 25 | 22.8% | 4.7% | ||
| Q1 25 | 22.4% | 8.1% | ||
| Q4 24 | 25.0% | 6.8% | ||
| Q3 24 | 23.3% | 9.3% | ||
| Q2 24 | 25.3% | 7.4% |
营业利润率HXLTSE
| Q1 26 | 11.5% | — | ||
| Q4 25 | 12.5% | -24.7% | ||
| Q3 25 | 7.9% | -3.8% | ||
| Q2 25 | 6.1% | -4.2% | ||
| Q1 25 | 9.7% | -3.7% | ||
| Q4 24 | 1.9% | -5.4% | ||
| Q3 24 | 11.5% | -1.4% | ||
| Q2 24 | 14.3% | 1.5% |
净利率HXLTSE
| Q1 26 | 7.4% | — | ||
| Q4 25 | 9.4% | -37.9% | ||
| Q3 25 | 4.5% | -14.8% | ||
| Q2 25 | 2.8% | -13.5% | ||
| Q1 25 | 6.3% | -10.1% | ||
| Q4 24 | 1.2% | -14.4% | ||
| Q3 24 | 8.7% | -10.1% | ||
| Q2 24 | 10.0% | -7.4% |
每股收益（稀释后）HXLTSE
| Q1 26 | $0.49 | — | ||
| Q4 25 | — | $-7.02 | ||
| Q3 25 | — | $-3.05 | ||
| Q2 25 | — | $-2.95 | ||
| Q1 25 | — | $-2.22 | ||
| Q4 24 | — | $-3.33 | ||
| Q3 24 | — | $-2.47 | ||
| Q2 24 | — | $-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 | $54.1M | $146.7M |
| 总债务越低越好 | $998.1M | $2.5B |
| 股东权益账面价值 | $1.3B | $-1.1B |
| 总资产 | $2.7B | $2.3B |
| 负债/权益比越低杠杆越低 | 0.79× | — |
8季度趋势，按日历期对齐
现金及短期投资HXLTSE
| Q1 26 | $54.1M | — | ||
| Q4 25 | $71.0M | $146.7M | ||
| Q3 25 | $90.5M | $112.1M | ||
| Q2 25 | $77.2M | $137.0M | ||
| Q1 25 | $89.2M | $126.1M | ||
| Q4 24 | $125.4M | $209.8M | ||
| Q3 24 | $98.2M | $165.3M | ||
| Q2 24 | $75.4M | $105.6M |
总债务HXLTSE
| Q1 26 | $998.1M | — | ||
| Q4 25 | — | $2.5B | ||
| Q3 25 | — | $2.5B | ||
| Q2 25 | — | $2.5B | ||
| Q1 25 | — | $2.5B | ||
| Q4 24 | — | $2.4B | ||
| Q3 24 | — | $2.4B | ||
| Q2 24 | — | $2.3B |
股东权益HXLTSE
| Q1 26 | $1.3B | — | ||
| Q4 25 | $1.3B | $-1.1B | ||
| Q3 25 | $1.6B | $-861.6M | ||
| Q2 25 | $1.6B | $-750.3M | ||
| Q1 25 | $1.5B | $-679.2M | ||
| Q4 24 | $1.5B | $-619.9M | ||
| Q3 24 | $1.6B | $-480.0M | ||
| Q2 24 | $1.6B | $-413.8M |
总资产HXLTSE
| Q1 26 | $2.7B | — | ||
| Q4 25 | $2.7B | $2.3B | ||
| Q3 25 | $2.8B | $2.5B | ||
| Q2 25 | $2.8B | $2.6B | ||
| Q1 25 | $2.8B | $2.7B | ||
| Q4 24 | $2.7B | $2.6B | ||
| Q3 24 | $2.9B | $2.9B | ||
| Q2 24 | $2.8B | $2.8B |
负债/权益比HXLTSE
| Q1 26 | 0.79× | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
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 | 3.2% | 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HXLTSE
| Q1 26 | — | — | ||
| Q4 25 | $125.5M | $22.6M | ||
| Q3 25 | $110.2M | $-21.6M | ||
| Q2 25 | $23.3M | $6.8M | ||
| Q1 25 | $-28.5M | $-110.2M | ||
| Q4 24 | $162.6M | $85.1M | ||
| Q3 24 | $90.1M | $8.8M | ||
| Q2 24 | $44.2M | $-41.9M |
自由现金流HXLTSE
| Q1 26 | — | — | ||
| Q4 25 | $107.3M | $6.6M | ||
| Q3 25 | $96.5M | $-38.1M | ||
| Q2 25 | $8.0M | $-3.0M | ||
| Q1 25 | $-54.6M | $-118.9M | ||
| Q4 24 | $144.0M | $63.9M | ||
| Q3 24 | $73.3M | $-3.4M | ||
| Q2 24 | $21.3M | $-56.1M |
自由现金流率HXLTSE
| Q1 26 | — | — | ||
| Q4 25 | 21.8% | 1.0% | ||
| Q3 25 | 21.2% | -5.1% | ||
| Q2 25 | 1.6% | -0.4% | ||
| Q1 25 | -12.0% | -15.2% | ||
| Q4 24 | 30.4% | 7.8% | ||
| Q3 24 | 16.1% | -0.4% | ||
| Q2 24 | 4.3% | -6.1% |
资本支出强度HXLTSE
| Q1 26 | 3.2% | — | ||
| Q4 25 | 3.7% | 2.4% | ||
| Q3 25 | 3.0% | 2.2% | ||
| Q2 25 | 3.1% | 1.2% | ||
| Q1 25 | 5.7% | 1.1% | ||
| Q4 24 | 3.9% | 2.6% | ||
| Q3 24 | 3.7% | 1.4% | ||
| Q2 24 | 4.6% | 1.5% |
现金转化率HXLTSE
| Q1 26 | — | — | ||
| Q4 25 | 2.70× | — | ||
| Q3 25 | 5.35× | — | ||
| Q2 25 | 1.73× | — | ||
| Q1 25 | -0.99× | — | ||
| Q4 24 | 28.03× | — | ||
| Q3 24 | 2.26× | — | ||
| Q2 24 | 0.88× | — |
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
HXL
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% |
