vs
利安德巴塞尔（LYB）与标普全球（SPGI）财务数据对比。点击上方公司名可切换其他公司
利安德巴塞尔的季度营收约是标普全球的1.7倍（$7.1B vs $4.2B），标普全球净利率更高（36.1% vs -2.0%，领先38.0%），标普全球同比增速更快（10.0% vs -25.3%），利安德巴塞尔自由现金流更多（$1.1B vs $919.0M），过去两年标普全球的营收复合增速更高（8.4% vs -15.5%）
利安德巴塞尔是跨国化工巨头，注册地位于荷兰，美国业务总部设在得克萨斯州休斯敦，在英国伦敦设有办事处。作为全球最大的聚乙烯、聚丙烯技术授权商，公司还生产乙烯、丙烯、聚烯烃、氧化燃料等各类化工产品。
标普全球是总部位于美国纽约曼哈顿的上市企业，核心业务涵盖金融信息、数据分析、能源及大宗商品情报服务，旗下拥有标普全球评级、标普全球市场财智、标普全球能源、标普全球移动、印度信用评级机构CRISIL等业务板块，同时控股合资企业标普道琼斯指数。
LYB vs SPGI — 直观对比
营收规模更大
LYB
是对方的1.7倍
$4.2B
营收增速更快
SPGI
高出35.3%
-25.3%
净利率更高
SPGI
高出38.0%
-2.0%
自由现金流更多
LYB
多$138.0M
$919.0M
两年增速更快
SPGI
近两年复合增速
-15.5%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $7.1B | $4.2B |
| 净利润 | $-140.0M | $1.5B |
| 毛利率 | 4.7% | — |
| 营业利润率 | -1.2% | 48.0% |
| 净利率 | -2.0% | 36.1% |
| 营收同比 | -25.3% | 10.0% |
| 净利润同比 | 76.8% | 28.0% |
| 每股收益（稀释后） | $-0.45 | $4.69 |
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LYBSPGI
| Q1 26 | — | $4.2B | ||
| Q4 25 | $7.1B | $3.9B | ||
| Q3 25 | $7.7B | $3.9B | ||
| Q2 25 | $7.7B | $3.8B | ||
| Q1 25 | $7.7B | $3.8B | ||
| Q4 24 | $9.5B | $3.6B | ||
| Q3 24 | $10.3B | $3.6B | ||
| Q2 24 | $10.6B | $3.5B |
净利润LYBSPGI
| Q1 26 | — | $1.5B | ||
| Q4 25 | $-140.0M | $1.1B | ||
| Q3 25 | $-890.0M | $1.2B | ||
| Q2 25 | $115.0M | $1.1B | ||
| Q1 25 | $177.0M | $1.1B | ||
| Q4 24 | $-603.0M | $879.0M | ||
| Q3 24 | $573.0M | $971.0M | ||
| Q2 24 | $924.0M | $1.0B |
毛利率LYBSPGI
| Q1 26 | — | — | ||
| Q4 25 | 4.7% | 70.1% | ||
| Q3 25 | 11.7% | 71.2% | ||
| Q2 25 | 10.3% | 70.2% | ||
| Q1 25 | 7.2% | 69.5% | ||
| Q4 24 | 7.9% | 69.8% | ||
| Q3 24 | 12.0% | 70.0% | ||
| Q2 24 | 13.4% | 69.4% |
营业利润率LYBSPGI
| Q1 26 | — | 48.0% | ||
| Q4 25 | -1.2% | 42.7% | ||
| Q3 25 | -9.5% | 43.1% | ||
| Q2 25 | 3.7% | 41.3% | ||
| Q1 25 | 1.5% | 41.8% | ||
| Q4 24 | -6.9% | 36.4% | ||
| Q3 24 | 7.8% | 40.1% | ||
| Q2 24 | 9.2% | 40.9% |
净利率LYBSPGI
| Q1 26 | — | 36.1% | ||
| Q4 25 | -2.0% | 28.9% | ||
| Q3 25 | -11.5% | 30.2% | ||
| Q2 25 | 1.5% | 28.5% | ||
| Q1 25 | 2.3% | 28.9% | ||
| Q4 24 | -6.3% | 24.5% | ||
| Q3 24 | 5.6% | 27.2% | ||
| Q2 24 | 8.8% | 28.5% |
每股收益（稀释后）LYBSPGI
| Q1 26 | — | $4.69 | ||
| Q4 25 | $-0.45 | $3.76 | ||
| Q3 25 | $-2.77 | $3.86 | ||
| Q2 25 | $0.34 | $3.50 | ||
| Q1 25 | $0.54 | $3.54 | ||
| Q4 24 | $-1.86 | $2.85 | ||
| Q3 24 | $1.75 | $3.11 | ||
| Q2 24 | $2.82 | $3.23 |
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 | $5.5B | — |
| 总债务越低越好 | $12.1B | $13.3B |
| 股东权益账面价值 | $10.1B | $31.3B |
| 总资产 | $34.0B | $60.8B |
| 负债/权益比越低杠杆越低 | 1.20× | 0.43× |
8季度趋势，按日历期对齐
现金及短期投资LYBSPGI
| Q1 26 | — | — | ||
| Q4 25 | $5.5B | $1.8B | ||
| Q3 25 | $2.5B | $1.7B | ||
| Q2 25 | $2.5B | $1.8B | ||
| Q1 25 | $3.0B | $1.5B | ||
| Q4 24 | $6.0B | $1.7B | ||
| Q3 24 | $4.3B | $1.7B | ||
| Q2 24 | $4.7B | $2.0B |
总债务LYBSPGI
| Q1 26 | — | $13.3B | ||
| Q4 25 | $12.1B | $13.1B | ||
| Q3 25 | $10.6B | $11.4B | ||
| Q2 25 | $11.2B | $11.4B | ||
| Q1 25 | $10.6B | $11.4B | ||
| Q4 24 | $10.5B | $11.4B | ||
| Q3 24 | $11.1B | $11.4B | ||
| Q2 24 | $11.0B | $11.4B |
股东权益LYBSPGI
| Q1 26 | — | $31.3B | ||
| Q4 25 | $10.1B | $31.1B | ||
| Q3 25 | $10.6B | $33.1B | ||
| Q2 25 | $11.9B | $33.4B | ||
| Q1 25 | $12.2B | $33.4B | ||
| Q4 24 | $12.5B | $33.2B | ||
| Q3 24 | $13.7B | $34.0B | ||
| Q2 24 | $13.4B | $34.9B |
总资产LYBSPGI
| Q1 26 | — | $60.8B | ||
| Q4 25 | $34.0B | $61.2B | ||
| Q3 25 | $33.8B | $59.7B | ||
| Q2 25 | $35.4B | $60.4B | ||
| Q1 25 | $35.2B | $59.9B | ||
| Q4 24 | $35.7B | $60.2B | ||
| Q3 24 | $37.3B | $60.4B | ||
| Q2 24 | $37.1B | $61.0B |
负债/权益比LYBSPGI
| Q1 26 | — | 0.43× | ||
| Q4 25 | 1.20× | 0.42× | ||
| Q3 25 | 1.00× | 0.34× | ||
| Q2 25 | 0.94× | 0.34× | ||
| Q1 25 | 0.87× | 0.34× | ||
| Q4 24 | 0.85× | 0.34× | ||
| Q3 24 | 0.81× | 0.34× | ||
| Q2 24 | 0.82× | 0.33× |
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 | $1.5B | — |
| 自由现金流经营现金流 - 资本支出 | $1.1B | $919.0M |
| 自由现金流率自由现金流/营收 | 14.9% | 22.0% |
| 资本支出强度资本支出/营收 | 6.3% | 0.6% |
| 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 | $384.0M | $5.5B |
8季度趋势，按日历期对齐
经营现金流LYBSPGI
| Q1 26 | — | — | ||
| Q4 25 | $1.5B | $1.7B | ||
| Q3 25 | $983.0M | $1.5B | ||
| Q2 25 | $351.0M | $1.4B | ||
| Q1 25 | $-579.0M | $953.0M | ||
| Q4 24 | $1.9B | $1.7B | ||
| Q3 24 | $670.0M | $1.4B | ||
| Q2 24 | $1.3B | $1.6B |
自由现金流LYBSPGI
| Q1 26 | — | $919.0M | ||
| Q4 25 | $1.1B | $1.7B | ||
| Q3 25 | $577.0M | $1.5B | ||
| Q2 25 | $-188.0M | $1.4B | ||
| Q1 25 | $-1.1B | $910.0M | ||
| Q4 24 | $1.4B | $1.7B | ||
| Q3 24 | $302.0M | $1.4B | ||
| Q2 24 | $864.0M | $1.5B |
自由现金流率LYBSPGI
| Q1 26 | — | 22.0% | ||
| Q4 25 | 14.9% | 43.5% | ||
| Q3 25 | 7.5% | 37.6% | ||
| Q2 25 | -2.5% | 36.9% | ||
| Q1 25 | -13.8% | 24.1% | ||
| Q4 24 | 14.9% | 47.5% | ||
| Q3 24 | 2.9% | 39.4% | ||
| Q2 24 | 8.2% | 42.9% |
资本支出强度LYBSPGI
| Q1 26 | — | 0.6% | ||
| Q4 25 | 6.3% | 1.2% | ||
| Q3 25 | 5.3% | 1.2% | ||
| Q2 25 | 7.0% | 1.6% | ||
| Q1 25 | 6.3% | 1.1% | ||
| Q4 24 | 5.3% | 0.9% | ||
| Q3 24 | 3.6% | 1.0% | ||
| Q2 24 | 4.6% | 0.9% |
现金转化率LYBSPGI
| Q1 26 | — | — | ||
| Q4 25 | — | 1.54× | ||
| Q3 25 | — | 1.28× | ||
| Q2 25 | 3.05× | 1.35× | ||
| Q1 25 | -3.27× | 0.87× | ||
| Q4 24 | — | 1.98× | ||
| Q3 24 | 1.17× | 1.49× | ||
| Q2 24 | 1.46× | 1.54× |
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
LYB
| Polypropylene | $1.3B | 18% |
| Oxyfuels And Related Products | $1.3B | 18% |
| Olefins And Co Products | $1.1B | 15% |
| Advanced Polymer Solutions | $774.0M | 11% |
| Po And Derivatives | $497.0M | 7% |
| Other | $492.0M | 7% |
| DE | $440.0M | 6% |
| MX | $353.0M | 5% |
| Intermediate Chemicals | $341.0M | 5% |
| Discontinued Operations Disposed Of By Means Other Than Sale | $265.0M | 4% |
| Other Products | $199.0M | 3% |
| Related Party | $126.0M | 2% |
SPGI
| Ratings | $1.3B | 31% |
| Market Intelligence | $1.3B | 31% |
| Energy | $652.0M | 16% |
| Indices | $519.0M | 12% |
| Mobility | $454.0M | 11% |
