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国际香精香料（IFF）与西湖化学（WLK）财务数据对比。点击上方公司名可切换其他公司
国际香精香料的季度营收约是西湖化学的1.0倍（$2.6B vs $2.5B）。国际香精香料净利率更高（0.2% vs -21.5%，领先21.7%）。国际香精香料同比增速更快（-6.6% vs -10.9%）。国际香精香料自由现金流更多（$130.0M vs $-16.0M）。过去两年国际香精香料的营收复合增速更高（-5.5% vs -7.7%）
国际香精香料（IFF）是美国知名企业，业务覆盖风味、质感、香氛、营养、酶制剂、菌种、大豆蛋白、益生菌等多品类产品研发，产品行销全球。公司总部位于纽约，在44个国家设有创意、销售及生产基地，是标普500指数成分股企业。
西湖化学是国际知名的石化产品、聚合物及装配式建筑产品生产商与供应商，产品广泛应用于各类消费及工业市场。公司1986年由赵廷箴创立，是美国最大的低密度聚乙烯生产商，位列福布斯全球2000强，业务分为烯烃和乙烯基两大板块，具备乙烯基产品下游一体化生产能力。
IFF vs WLK — 直观对比
营收规模更大
IFF
是对方的1.0倍
$2.5B
营收增速更快
IFF
高出4.3%
-10.9%
净利率更高
IFF
高出21.7%
-21.5%
自由现金流更多
IFF
多$146.0M
$-16.0M
两年增速更快
IFF
近两年复合增速
-7.7%
损益表 — Q4 2025 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $2.6B | $2.5B |
| 净利润 | $5.0M | $-544.0M |
| 毛利率 | 34.4% | 3.4% |
| 营业利润率 | 3.7% | -26.5% |
| 净利率 | 0.2% | -21.5% |
| 营收同比 | -6.6% | -10.9% |
| 净利润同比 | 110.9% | -7871.4% |
| 每股收益（稀释后） | $0.03 | $-4.22 |
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IFFWLK
| Q4 25 | $2.6B | $2.5B | ||
| Q3 25 | $2.7B | $2.8B | ||
| Q2 25 | $2.8B | $3.0B | ||
| Q1 25 | $2.8B | $2.8B | ||
| Q4 24 | $2.8B | $2.8B | ||
| Q3 24 | $2.9B | $3.1B | ||
| Q2 24 | $2.9B | $3.2B | ||
| Q1 24 | $2.9B | $3.0B |
净利润IFFWLK
| Q4 25 | $5.0M | $-544.0M | ||
| Q3 25 | $40.0M | $-782.0M | ||
| Q2 25 | $612.0M | $-142.0M | ||
| Q1 25 | $-1.0B | $-40.0M | ||
| Q4 24 | $-46.0M | $7.0M | ||
| Q3 24 | $59.0M | $108.0M | ||
| Q2 24 | $170.0M | $313.0M | ||
| Q1 24 | $60.0M | $174.0M |
毛利率IFFWLK
| Q4 25 | 34.4% | 3.4% | ||
| Q3 25 | 36.5% | 8.3% | ||
| Q2 25 | 37.3% | 8.7% | ||
| Q1 25 | 36.4% | 8.2% | ||
| Q4 24 | 35.4% | 11.5% | ||
| Q3 24 | 36.0% | 16.0% | ||
| Q2 24 | 37.0% | 20.7% | ||
| Q1 24 | 35.3% | 15.7% |
营业利润率IFFWLK
| Q4 25 | 3.7% | -26.5% | ||
| Q3 25 | 8.4% | -27.0% | ||
| Q2 25 | 7.2% | -3.7% | ||
| Q1 25 | -31.8% | -1.1% | ||
| Q4 24 | 4.6% | 2.3% | ||
| Q3 24 | 8.5% | 5.8% | ||
| Q2 24 | 6.6% | 12.7% | ||
| Q1 24 | 6.9% | 7.5% |
净利率IFFWLK
| Q4 25 | 0.2% | -21.5% | ||
| Q3 25 | 1.5% | -27.6% | ||
| Q2 25 | 22.1% | -4.8% | ||
| Q1 25 | -35.8% | -1.4% | ||
| Q4 24 | -1.7% | 0.2% | ||
| Q3 24 | 2.0% | 3.5% | ||
| Q2 24 | 5.9% | 9.8% | ||
| Q1 24 | 2.1% | 5.8% |
每股收益（稀释后）IFFWLK
| Q4 25 | $0.03 | $-4.22 | ||
| Q3 25 | $0.16 | $-6.06 | ||
| Q2 25 | $2.38 | $-1.11 | ||
| Q1 25 | $-3.98 | $-0.31 | ||
| Q4 24 | $-0.17 | $0.07 | ||
| Q3 24 | $0.23 | $0.83 | ||
| Q2 24 | $0.66 | $2.40 | ||
| Q1 24 | $0.23 | $1.34 |
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 | $590.0M | $2.7B |
| 总债务越低越好 | $5.6B | $5.6B |
| 股东权益账面价值 | $14.2B | $8.8B |
| 总资产 | $25.5B | $20.0B |
| 负债/权益比越低杠杆越低 | 0.40× | 0.64× |
8季度趋势，按日历期对齐
现金及短期投资IFFWLK
| Q4 25 | $590.0M | $2.7B | ||
| Q3 25 | $621.0M | $1.9B | ||
| Q2 25 | $816.0M | $2.1B | ||
| Q1 25 | $613.0M | $2.3B | ||
| Q4 24 | $469.0M | $2.9B | ||
| Q3 24 | $567.0M | $2.9B | ||
| Q2 24 | $671.0M | $3.0B | ||
| Q1 24 | $732.0M | $3.1B |
总债务IFFWLK
| Q4 25 | $5.6B | $5.6B | ||
| Q3 25 | — | $4.7B | ||
| Q2 25 | — | $4.7B | ||
| Q1 25 | — | $4.6B | ||
| Q4 24 | $8.9B | $4.6B | ||
| Q3 24 | — | $4.6B | ||
| Q2 24 | — | $4.9B | ||
| Q1 24 | — | $4.9B |
股东权益IFFWLK
| Q4 25 | $14.2B | $8.8B | ||
| Q3 25 | $14.2B | $9.4B | ||
| Q2 25 | $14.4B | $10.3B | ||
| Q1 25 | $13.2B | $10.4B | ||
| Q4 24 | $13.9B | $10.5B | ||
| Q3 24 | $14.8B | $10.7B | ||
| Q2 24 | $14.3B | $10.6B | ||
| Q1 24 | $14.3B | $10.3B |
总资产IFFWLK
| Q4 25 | $25.5B | $20.0B | ||
| Q3 25 | $25.8B | $19.8B | ||
| Q2 25 | $26.1B | $20.8B | ||
| Q1 25 | $28.3B | $20.7B | ||
| Q4 24 | $28.7B | $20.8B | ||
| Q3 24 | $29.9B | $21.1B | ||
| Q2 24 | $29.5B | $21.1B | ||
| Q1 24 | $30.6B | $21.0B |
负债/权益比IFFWLK
| Q4 25 | 0.40× | 0.64× | ||
| Q3 25 | — | 0.49× | ||
| Q2 25 | — | 0.45× | ||
| Q1 25 | — | 0.44× | ||
| Q4 24 | 0.64× | 0.43× | ||
| Q3 24 | — | 0.43× | ||
| Q2 24 | — | 0.46× | ||
| Q1 24 | — | 0.47× |
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 | $318.0M | $225.0M |
| 自由现金流经营现金流 - 资本支出 | $130.0M | $-16.0M |
| 自由现金流率自由现金流/营收 | 5.0% | -0.6% |
| 资本支出强度资本支出/营收 | 7.3% | 9.5% |
| 现金转化率经营现金流/净利润 | 63.60× | — |
| 过去12个月自由现金流最近4个季度 | $256.0M | $-530.0M |
8季度趋势，按日历期对齐
经营现金流IFFWLK
| Q4 25 | $318.0M | $225.0M | ||
| Q3 25 | $164.0M | $182.0M | ||
| Q2 25 | $241.0M | $135.0M | ||
| Q1 25 | $127.0M | $-77.0M | ||
| Q4 24 | $368.0M | $434.0M | ||
| Q3 24 | $366.0M | $474.0M | ||
| Q2 24 | $237.0M | $237.0M | ||
| Q1 24 | $99.0M | $169.0M |
自由现金流IFFWLK
| Q4 25 | $130.0M | $-16.0M | ||
| Q3 25 | $32.0M | $-57.0M | ||
| Q2 25 | $146.0M | $-132.0M | ||
| Q1 25 | $-52.0M | $-325.0M | ||
| Q4 24 | $208.0M | $149.0M | ||
| Q3 24 | $263.0M | $254.0M | ||
| Q2 24 | $155.0M | $6.0M | ||
| Q1 24 | $-19.0M | $-103.0M |
自由现金流率IFFWLK
| Q4 25 | 5.0% | -0.6% | ||
| Q3 25 | 1.2% | -2.0% | ||
| Q2 25 | 5.3% | -4.5% | ||
| Q1 25 | -1.8% | -11.4% | ||
| Q4 24 | 7.5% | 5.2% | ||
| Q3 24 | 9.0% | 8.1% | ||
| Q2 24 | 5.4% | 0.2% | ||
| Q1 24 | -0.7% | -3.5% |
资本支出强度IFFWLK
| Q4 25 | 7.3% | 9.5% | ||
| Q3 25 | 4.9% | 8.4% | ||
| Q2 25 | 3.4% | 9.0% | ||
| Q1 25 | 6.3% | 8.7% | ||
| Q4 24 | 5.8% | 10.0% | ||
| Q3 24 | 3.5% | 7.1% | ||
| Q2 24 | 2.8% | 7.2% | ||
| Q1 24 | 4.1% | 9.1% |
现金转化率IFFWLK
| Q4 25 | 63.60× | — | ||
| Q3 25 | 4.10× | — | ||
| Q2 25 | 0.39× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 62.00× | ||
| Q3 24 | 6.20× | 4.39× | ||
| Q2 24 | 1.39× | 0.76× | ||
| Q1 24 | 1.65× | 0.97× |
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
IFF
| Food Ingredients | $802.0M | 31% |
| Scent | $610.0M | 24% |
| Other | $589.0M | 23% |
| Taste | $588.0M | 23% |
WLK
| Performance Materials | $930.0M | 37% |
| Housing Products | $767.0M | 30% |
| Essential Materials | $702.0M | 28% |
| Infrastructure Products | $134.0M | 5% |
