vs
北极星（PII）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
北极星的季度营收约是希悦尔的1.2倍（$1.7B vs $1.4B），希悦尔净利率更高（3.1% vs -2.8%，领先6.0%），北极星同比增速更快（8.0% vs 2.6%），希悦尔自由现金流更多（$257.7M vs $-342.5M），过去两年希悦尔的营收复合增速更高（2.7% vs -8.0%）
北极星公司（Polaris Inc.）是总部位于美国明尼苏达州麦地那的机动车制造企业，创立于明尼苏达州罗索，当地目前仍保留其工程研发与生产设施。公司曾通过胜利摩托子公司生产摩托车，2011年收购印第安摩托品牌后转由该子公司运营摩托业务，此前还曾生产私人水上摩托艇产品。
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。
PII vs SEE — 直观对比
营收规模更大
PII
是对方的1.2倍
$1.4B
营收增速更快
PII
高出5.4%
2.6%
净利率更高
SEE
高出6.0%
-2.8%
自由现金流更多
SEE
多$600.2M
$-342.5M
两年增速更快
SEE
近两年复合增速
-8.0%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.7B | $1.4B |
| 净利润 | $-47.2M | $43.8M |
| 毛利率 | 20.2% | 28.6% |
| 营业利润率 | — | 11.4% |
| 净利率 | -2.8% | 3.1% |
| 营收同比 | 8.0% | 2.6% |
| 净利润同比 | 29.2% | 700.0% |
| 每股收益（稀释后） | $-0.83 | $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PIISEE
| Q1 26 | $1.7B | — | ||
| Q4 25 | $1.9B | $1.4B | ||
| Q3 25 | $1.8B | $1.3B | ||
| Q2 25 | $1.9B | $1.3B | ||
| Q1 25 | $1.5B | $1.3B | ||
| Q4 24 | $1.8B | $1.4B | ||
| Q3 24 | $1.7B | $1.3B | ||
| Q2 24 | $2.0B | $1.3B |
净利润PIISEE
| Q1 26 | $-47.2M | — | ||
| Q4 25 | $-303.6M | $43.8M | ||
| Q3 25 | $-15.8M | $255.1M | ||
| Q2 25 | $-79.3M | $93.1M | ||
| Q1 25 | $-66.8M | $113.5M | ||
| Q4 24 | $10.6M | $-7.3M | ||
| Q3 24 | $27.7M | $91.7M | ||
| Q2 24 | $68.7M | $98.3M |
毛利率PIISEE
| Q1 26 | 20.2% | — | ||
| Q4 25 | 20.0% | 28.6% | ||
| Q3 25 | 20.7% | 29.8% | ||
| Q2 25 | 19.4% | 30.7% | ||
| Q1 25 | 16.0% | 30.9% | ||
| Q4 24 | 20.4% | 30.0% | ||
| Q3 24 | 20.6% | 30.1% | ||
| Q2 24 | 21.6% | 31.2% |
营业利润率PIISEE
| Q1 26 | — | — | ||
| Q4 25 | -16.7% | 11.4% | ||
| Q3 25 | 1.1% | 13.8% | ||
| Q2 25 | -0.7% | 15.0% | ||
| Q1 25 | -2.4% | 14.5% | ||
| Q4 24 | 3.7% | 11.7% | ||
| Q3 24 | 3.8% | 13.9% | ||
| Q2 24 | 6.1% | 15.4% |
净利率PIISEE
| Q1 26 | -2.8% | — | ||
| Q4 25 | -15.8% | 3.1% | ||
| Q3 25 | -0.9% | 19.0% | ||
| Q2 25 | -4.3% | 7.0% | ||
| Q1 25 | -4.3% | 9.0% | ||
| Q4 24 | 0.6% | -0.5% | ||
| Q3 24 | 1.6% | 6.9% | ||
| Q2 24 | 3.5% | 7.4% |
每股收益（稀释后）PIISEE
| Q1 26 | $-0.83 | — | ||
| Q4 25 | $-5.34 | $0.30 | ||
| Q3 25 | $-0.28 | $1.73 | ||
| Q2 25 | $-1.39 | $0.63 | ||
| Q1 25 | $-1.17 | $0.77 | ||
| Q4 24 | $0.18 | $-0.05 | ||
| Q3 24 | $0.49 | $0.63 | ||
| Q2 24 | $1.21 | $0.67 |
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 | $282.0M | $344.0M |
| 总债务越低越好 | — | $3.3B |
| 股东权益账面价值 | $750.4M | $1.2B |
| 总资产 | $5.2B | $7.0B |
| 负债/权益比越低杠杆越低 | — | 2.65× |
8季度趋势，按日历期对齐
现金及短期投资PIISEE
| Q1 26 | $282.0M | — | ||
| Q4 25 | $138.0M | $344.0M | ||
| Q3 25 | $335.5M | $282.5M | ||
| Q2 25 | $324.3M | $354.4M | ||
| Q1 25 | $291.7M | $335.2M | ||
| Q4 24 | $287.8M | $371.8M | ||
| Q3 24 | $291.3M | $386.0M | ||
| Q2 24 | $322.7M | $388.6M |
总债务PIISEE
| Q1 26 | — | — | ||
| Q4 25 | $1.5B | $3.3B | ||
| Q3 25 | $1.3B | $4.0B | ||
| Q2 25 | $1.4B | $4.0B | ||
| Q1 25 | $1.6B | $4.2B | ||
| Q4 24 | $1.6B | $4.2B | ||
| Q3 24 | $1.7B | $4.3B | ||
| Q2 24 | $2.1B | $4.4B |
股东权益PIISEE
| Q1 26 | $750.4M | — | ||
| Q4 25 | $828.4M | $1.2B | ||
| Q3 25 | $1.1B | $1.2B | ||
| Q2 25 | $1.2B | $953.1M | ||
| Q1 25 | $1.2B | $797.9M | ||
| Q4 24 | $1.3B | $624.5M | ||
| Q3 24 | $1.3B | $771.2M | ||
| Q2 24 | $1.3B | $650.1M |
总资产PIISEE
| Q1 26 | $5.2B | — | ||
| Q4 25 | $4.9B | $7.0B | ||
| Q3 25 | $5.3B | $7.1B | ||
| Q2 25 | $5.4B | $7.2B | ||
| Q1 25 | $5.5B | $7.0B | ||
| Q4 24 | $5.5B | $7.0B | ||
| Q3 24 | $5.6B | $7.3B | ||
| Q2 24 | $5.7B | $7.3B |
负债/权益比PIISEE
| Q1 26 | — | — | ||
| Q4 25 | 1.82× | 2.65× | ||
| Q3 25 | 1.13× | 3.34× | ||
| Q2 25 | 1.17× | 4.18× | ||
| Q1 25 | 1.32× | 5.26× | ||
| Q4 24 | 1.27× | 6.72× | ||
| Q3 24 | 1.29× | 5.62× | ||
| Q2 24 | 1.56× | 6.81× |
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 | — | $293.6M |
| 自由现金流经营现金流 - 资本支出 | $-342.5M | $257.7M |
| 自由现金流率自由现金流/营收 | -20.6% | 18.5% |
| 资本支出强度资本支出/营收 | — | 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 | $168.0M | $458.5M |
8季度趋势，按日历期对齐
经营现金流PIISEE
| Q1 26 | — | — | ||
| Q4 25 | $178.7M | $293.6M | ||
| Q3 25 | $158.8M | $165.9M | ||
| Q2 25 | $320.3M | $136.6M | ||
| Q1 25 | $83.2M | $31.9M | ||
| Q4 24 | $206.3M | $244.2M | ||
| Q3 24 | $21.0M | $170.5M | ||
| Q2 24 | $146.3M | $188.2M |
自由现金流PIISEE
| Q1 26 | $-342.5M | — | ||
| Q4 25 | $114.0M | $257.7M | ||
| Q3 25 | $116.7M | $119.6M | ||
| Q2 25 | $279.8M | $93.2M | ||
| Q1 25 | $47.6M | $-12.0M | ||
| Q4 24 | $137.3M | $185.1M | ||
| Q3 24 | $-32.4M | $115.2M | ||
| Q2 24 | $79.1M | $129.5M |
自由现金流率PIISEE
| Q1 26 | -20.6% | — | ||
| Q4 25 | 5.9% | 18.5% | ||
| Q3 25 | 6.3% | 8.9% | ||
| Q2 25 | 15.1% | 7.0% | ||
| Q1 25 | 3.1% | -0.9% | ||
| Q4 24 | 7.8% | 13.6% | ||
| Q3 24 | -1.9% | 8.6% | ||
| Q2 24 | 4.0% | 9.7% |
资本支出强度PIISEE
| Q1 26 | — | — | ||
| Q4 25 | 3.4% | 2.6% | ||
| Q3 25 | 2.3% | 3.4% | ||
| Q2 25 | 2.2% | 3.3% | ||
| Q1 25 | 2.3% | 3.5% | ||
| Q4 24 | 3.9% | 4.4% | ||
| Q3 24 | 3.1% | 4.1% | ||
| Q2 24 | 3.4% | 4.4% |
现金转化率PIISEE
| Q1 26 | — | — | ||
| Q4 25 | — | 6.70× | ||
| Q3 25 | — | 0.65× | ||
| Q2 25 | — | 1.47× | ||
| Q1 25 | — | 0.28× | ||
| Q4 24 | 19.46× | — | ||
| Q3 24 | 0.76× | 1.86× | ||
| Q2 24 | 2.13× | 1.91× |
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
PII
暂无分部数据
SEE
| Protective Segment | $1.1B | 78% |
| Other | $292.0M | 21% |
| Pension Plans Defined Benefit | $7.9M | 1% |
