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KADANT INC（KAI）与RAYONIER ADVANCED MATERIALS INC.（RYAM）财务数据对比。点击上方公司名可切换其他公司
RAYONIER ADVANCED MATERIALS INC.的季度营收约是KADANT INC的1.5倍（$417.5M vs $271.6M），KADANT INC净利率更高（10.2% vs -5.0%，领先15.3%），KADANT INC同比增速更快（-0.0% vs -1.2%），过去两年KADANT INC的营收复合增速更高（6.7% vs 3.8%）
Kadant Inc.创立于1991年，最初是Thermo Electron的子公司，部分股权私有、部分公开交易，2001年完成完全分拆并启用现名。公司服务于造纸、废纸回收、木材加工、物料搬运等多个加工领域，是业务覆盖亚洲、欧洲、北美、南美的跨国企业。
RYAM（原雷尼尔先进材料公司）是一家美国全球性纤维素技术企业，主打高纯度特种纤维素产品，所生产的天然聚合物广泛应用于过滤器生产、食品加工、医药制造及各类工业领域，同时也为造纸和包装行业供应相关产品，在纤维素技术领域拥有较高的行业认可度。
KAI vs RYAM — 直观对比
营收规模更大
RYAM
是对方的1.5倍
$271.6M
营收增速更快
KAI
高出1.2%
-1.2%
净利率更高
KAI
高出15.3%
-5.0%
两年增速更快
KAI
近两年复合增速
3.8%
损益表 — Q3 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $271.6M | $417.5M |
| 净利润 | $27.7M | $-21.1M |
| 毛利率 | 45.2% | 8.9% |
| 营业利润率 | 15.7% | 2.6% |
| 净利率 | 10.2% | -5.0% |
| 营收同比 | -0.0% | -1.2% |
| 净利润同比 | -12.2% | -31.9% |
| 每股收益（稀释后） | $2.35 | $-0.33 |
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KAIRYAM
| Q4 25 | — | $417.5M | ||
| Q3 25 | $271.6M | $352.8M | ||
| Q2 25 | $255.3M | $340.0M | ||
| Q1 25 | $239.2M | $356.0M | ||
| Q4 24 | $258.0M | $422.5M | ||
| Q3 24 | $271.6M | $401.1M | ||
| Q2 24 | $274.8M | $419.0M | ||
| Q1 24 | $249.0M | $387.7M |
净利润KAIRYAM
| Q4 25 | — | $-21.1M | ||
| Q3 25 | $27.7M | $-4.5M | ||
| Q2 25 | $26.2M | $-363.2M | ||
| Q1 25 | $24.1M | $-32.0M | ||
| Q4 24 | $24.0M | $-16.0M | ||
| Q3 24 | $31.6M | $-32.6M | ||
| Q2 24 | $31.3M | $11.4M | ||
| Q1 24 | $24.7M | $-1.6M |
毛利率KAIRYAM
| Q4 25 | — | 8.9% | ||
| Q3 25 | 45.2% | 9.7% | ||
| Q2 25 | 45.9% | 7.0% | ||
| Q1 25 | 46.1% | 6.8% | ||
| Q4 24 | 43.4% | 8.7% | ||
| Q3 24 | 44.7% | 10.9% | ||
| Q2 24 | 44.4% | 11.5% | ||
| Q1 24 | 44.6% | 9.5% |
营业利润率KAIRYAM
| Q4 25 | — | 2.6% | ||
| Q3 25 | 15.7% | 2.8% | ||
| Q2 25 | 15.4% | -0.4% | ||
| Q1 25 | 14.9% | -4.2% | ||
| Q4 24 | 14.3% | 2.6% | ||
| Q3 24 | 18.0% | -4.2% | ||
| Q2 24 | 17.6% | 6.7% | ||
| Q1 24 | 14.8% | 4.4% |
净利率KAIRYAM
| Q4 25 | — | -5.0% | ||
| Q3 25 | 10.2% | -1.3% | ||
| Q2 25 | 10.2% | -106.8% | ||
| Q1 25 | 10.1% | -9.0% | ||
| Q4 24 | 9.3% | -3.8% | ||
| Q3 24 | 11.6% | -8.1% | ||
| Q2 24 | 11.4% | 2.7% | ||
| Q1 24 | 9.9% | -0.4% |
每股收益（稀释后）KAIRYAM
| Q4 25 | — | $-0.33 | ||
| Q3 25 | $2.35 | $-0.07 | ||
| Q2 25 | $2.22 | $-5.44 | ||
| Q1 25 | $2.04 | $-0.49 | ||
| Q4 24 | $2.04 | $-0.25 | ||
| Q3 24 | $2.68 | $-0.49 | ||
| Q2 24 | $2.66 | $0.17 | ||
| Q1 24 | $2.10 | $-0.02 |
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 | $124.5M | $75.4M |
| 总债务越低越好 | $254.6M | $758.1M |
| 股东权益账面价值 | $949.8M | $316.6M |
| 总资产 | $1.5B | $1.8B |
| 负债/权益比越低杠杆越低 | 0.27× | 2.39× |
8季度趋势，按日历期对齐
现金及短期投资KAIRYAM
| Q4 25 | — | $75.4M | ||
| Q3 25 | $124.5M | $77.0M | ||
| Q2 25 | $95.3M | $70.7M | ||
| Q1 25 | $91.7M | $129.9M | ||
| Q4 24 | $94.7M | $125.2M | ||
| Q3 24 | $88.4M | $136.1M | ||
| Q2 24 | $73.8M | $114.1M | ||
| Q1 24 | $81.4M | $54.6M |
总债务KAIRYAM
| Q4 25 | — | $758.1M | ||
| Q3 25 | $254.6M | $763.5M | ||
| Q2 25 | $245.7M | $720.4M | ||
| Q1 25 | $273.5M | $707.0M | ||
| Q4 24 | $285.2M | $706.4M | ||
| Q3 24 | $323.2M | $747.7M | ||
| Q2 24 | $342.0M | $752.8M | ||
| Q1 24 | $306.8M | $755.6M |
股东权益KAIRYAM
| Q4 25 | — | $316.6M | ||
| Q3 25 | $949.8M | $338.2M | ||
| Q2 25 | $926.0M | $342.3M | ||
| Q1 25 | $876.0M | $688.1M | ||
| Q4 24 | $847.1M | $713.9M | ||
| Q3 24 | $851.7M | $732.7M | ||
| Q2 24 | $807.7M | $755.1M | ||
| Q1 24 | $782.7M | $741.8M |
总资产KAIRYAM
| Q4 25 | — | $1.8B | ||
| Q3 25 | $1.5B | $1.8B | ||
| Q2 25 | $1.5B | $1.8B | ||
| Q1 25 | $1.4B | $2.1B | ||
| Q4 24 | $1.4B | $2.1B | ||
| Q3 24 | $1.5B | $2.2B | ||
| Q2 24 | $1.5B | $2.2B | ||
| Q1 24 | $1.4B | $2.1B |
负债/权益比KAIRYAM
| Q4 25 | — | 2.39× | ||
| Q3 25 | 0.27× | 2.26× | ||
| Q2 25 | 0.27× | 2.10× | ||
| Q1 25 | 0.31× | 1.03× | ||
| Q4 24 | 0.34× | 0.99× | ||
| Q3 24 | 0.38× | 1.02× | ||
| Q2 24 | 0.42× | 1.00× | ||
| Q1 24 | 0.39× | 1.02× |
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 | $47.3M | $32.3M |
| 自由现金流经营现金流 - 资本支出 | $44.1M | — |
| 自由现金流率自由现金流/营收 | 16.2% | — |
| 资本支出强度资本支出/营收 | 1.2% | — |
| 现金转化率经营现金流/净利润 | 1.70× | — |
| 过去12个月自由现金流最近4个季度 | $145.9M | — |
8季度趋势，按日历期对齐
经营现金流KAIRYAM
| Q4 25 | — | $32.3M | ||
| Q3 25 | $47.3M | $-17.8M | ||
| Q2 25 | $40.5M | $-30.2M | ||
| Q1 25 | $22.8M | $39.6M | ||
| Q4 24 | $51.9M | $54.9M | ||
| Q3 24 | $52.5M | $49.8M | ||
| Q2 24 | $28.1M | $87.6M | ||
| Q1 24 | $22.8M | $11.3M |
自由现金流KAIRYAM
| Q4 25 | — | — | ||
| Q3 25 | $44.1M | — | ||
| Q2 25 | $36.5M | — | ||
| Q1 25 | $19.0M | — | ||
| Q4 24 | $46.3M | — | ||
| Q3 24 | $48.3M | — | ||
| Q2 24 | $23.1M | — | ||
| Q1 24 | $16.6M | — |
自由现金流率KAIRYAM
| Q4 25 | — | — | ||
| Q3 25 | 16.2% | — | ||
| Q2 25 | 14.3% | — | ||
| Q1 25 | 7.9% | — | ||
| Q4 24 | 17.9% | — | ||
| Q3 24 | 17.8% | — | ||
| Q2 24 | 8.4% | — | ||
| Q1 24 | 6.7% | — |
资本支出强度KAIRYAM
| Q4 25 | — | — | ||
| Q3 25 | 1.2% | — | ||
| Q2 25 | 1.6% | — | ||
| Q1 25 | 1.6% | — | ||
| Q4 24 | 2.2% | — | ||
| Q3 24 | 1.5% | — | ||
| Q2 24 | 1.8% | — | ||
| Q1 24 | 2.5% | — |
现金转化率KAIRYAM
| Q4 25 | — | — | ||
| Q3 25 | 1.70× | — | ||
| Q2 25 | 1.55× | — | ||
| Q1 25 | 0.95× | — | ||
| Q4 24 | 2.16× | — | ||
| Q3 24 | 1.66× | — | ||
| Q2 24 | 0.90× | 7.69× | ||
| Q1 24 | 0.92× | — |
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
KAI
| Flow Control | $94.8M | 35% |
| Capital | $83.2M | 31% |
| Material Handling Systems | $70.3M | 26% |
| Transferred Over Time | $17.1M | 6% |
| Other | $6.1M | 2% |
RYAM
| Cellulose Specialties | $249.6M | 60% |
| Other | $86.2M | 21% |
| Paperboard | $44.2M | 11% |
| High Yield Pulp | $28.3M | 7% |
| Biomaterials | $9.2M | 2% |
