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先锋自然资源公司（PR）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
先锋自然资源公司的季度营收约是盛思阳的1.8倍（$1.2B vs $662.6M），先锋自然资源公司净利率更高（29.0% vs -37.9%，领先67.0%），先锋自然资源公司同比增速更快（-9.8% vs -19.3%），过去两年先锋自然资源公司的营收复合增速更高（-3.0% vs -14.4%）
先锋自然资源公司总部位于美国得克萨斯州欧文市，主要从事油气勘探业务，运营覆盖二叠纪盆地Spraberry产区的克莱恩页岩区块，是该区域最大的土地权益持有方，2024年5月被埃克森美孚收购。
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。
PR vs TSE — 直观对比
营收规模更大
PR
是对方的1.8倍
$662.6M
营收增速更快
PR
高出9.6%
-19.3%
净利率更高
PR
高出67.0%
-37.9%
两年增速更快
PR
近两年复合增速
-14.4%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.2B | $662.6M |
| 净利润 | $339.5M | $-251.4M |
| 毛利率 | — | 4.2% |
| 营业利润率 | 23.1% | -24.7% |
| 净利率 | 29.0% | -37.9% |
| 营收同比 | -9.8% | -19.3% |
| 净利润同比 | 56.7% | -113.2% |
| 每股收益（稀释后） | $0.48 | $-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PRTSE
| Q4 25 | $1.2B | $662.6M | ||
| Q3 25 | $1.3B | $743.2M | ||
| Q2 25 | $1.2B | $784.3M | ||
| Q1 25 | $1.4B | $784.8M | ||
| Q4 24 | $1.3B | $821.5M | ||
| Q3 24 | $1.2B | $867.7M | ||
| Q2 24 | $1.2B | $920.0M | ||
| Q1 24 | $1.2B | $904.0M |
净利润PRTSE
| Q4 25 | $339.5M | $-251.4M | ||
| Q3 25 | $59.2M | $-109.7M | ||
| Q2 25 | $207.1M | $-105.5M | ||
| Q1 25 | $329.3M | $-79.0M | ||
| Q4 24 | $216.7M | $-117.9M | ||
| Q3 24 | $386.4M | $-87.3M | ||
| Q2 24 | $235.1M | $-67.8M | ||
| Q1 24 | $146.6M | $-75.5M |
毛利率PRTSE
| Q4 25 | — | 4.2% | ||
| Q3 25 | — | 5.0% | ||
| Q2 25 | — | 4.7% | ||
| Q1 25 | — | 8.1% | ||
| Q4 24 | — | 6.8% | ||
| Q3 24 | — | 9.3% | ||
| Q2 24 | — | 7.4% | ||
| Q1 24 | — | 6.7% |
营业利润率PRTSE
| Q4 25 | 23.1% | -24.7% | ||
| Q3 25 | 29.6% | -3.8% | ||
| Q2 25 | 24.8% | -4.2% | ||
| Q1 25 | 36.6% | -3.7% | ||
| Q4 24 | 32.8% | -5.4% | ||
| Q3 24 | 32.5% | -1.4% | ||
| Q2 24 | 36.5% | 1.5% | ||
| Q1 24 | 37.7% | -0.4% |
净利率PRTSE
| Q4 25 | 29.0% | -37.9% | ||
| Q3 25 | 4.5% | -14.8% | ||
| Q2 25 | 17.3% | -13.5% | ||
| Q1 25 | 23.9% | -10.1% | ||
| Q4 24 | 16.7% | -14.4% | ||
| Q3 24 | 31.8% | -10.1% | ||
| Q2 24 | 18.9% | -7.4% | ||
| Q1 24 | 11.8% | -8.4% |
每股收益（稀释后）PRTSE
| Q4 25 | $0.48 | $-7.02 | ||
| Q3 25 | $0.08 | $-3.05 | ||
| Q2 25 | $0.28 | $-2.95 | ||
| Q1 25 | $0.44 | $-2.22 | ||
| Q4 24 | $0.31 | $-3.33 | ||
| Q3 24 | $0.53 | $-2.47 | ||
| Q2 24 | $0.36 | $-1.92 | ||
| Q1 24 | $0.25 | $-2.14 |
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 | $153.7M | $146.7M |
| 总债务越低越好 | $3.5B | $2.5B |
| 股东权益账面价值 | $10.3B | $-1.1B |
| 总资产 | $17.9B | $2.3B |
| 负债/权益比越低杠杆越低 | 0.34× | — |
8季度趋势，按日历期对齐
现金及短期投资PRTSE
| Q4 25 | $153.7M | $146.7M | ||
| Q3 25 | $111.8M | $112.1M | ||
| Q2 25 | $451.0M | $137.0M | ||
| Q1 25 | $702.2M | $126.1M | ||
| Q4 24 | $479.3M | $209.8M | ||
| Q3 24 | $272.0M | $165.3M | ||
| Q2 24 | $47.8M | $105.6M | ||
| Q1 24 | $12.7M | $166.4M |
总债务PRTSE
| Q4 25 | $3.5B | $2.5B | ||
| Q3 25 | $3.5B | $2.5B | ||
| Q2 25 | $4.0B | $2.5B | ||
| Q1 25 | $4.0B | $2.5B | ||
| Q4 24 | $4.2B | $2.4B | ||
| Q3 24 | $4.2B | $2.4B | ||
| Q2 24 | $3.9B | $2.3B | ||
| Q1 24 | $3.9B | $2.3B |
股东权益PRTSE
| Q4 25 | $10.3B | $-1.1B | ||
| Q3 25 | $10.0B | $-861.6M | ||
| Q2 25 | $9.5B | $-750.3M | ||
| Q1 25 | $9.4B | $-679.2M | ||
| Q4 24 | $9.1B | $-619.9M | ||
| Q3 24 | $9.0B | $-480.0M | ||
| Q2 24 | $8.3B | $-413.8M | ||
| Q1 24 | $7.0B | $-348.0M |
总资产PRTSE
| Q4 25 | $17.9B | $2.3B | ||
| Q3 25 | $17.3B | $2.5B | ||
| Q2 25 | $17.5B | $2.6B | ||
| Q1 25 | $17.1B | $2.7B | ||
| Q4 24 | $16.9B | $2.6B | ||
| Q3 24 | $16.6B | $2.9B | ||
| Q2 24 | $15.4B | $2.8B | ||
| Q1 24 | $15.1B | $3.0B |
负债/权益比PRTSE
| Q4 25 | 0.34× | — | ||
| Q3 25 | 0.35× | — | ||
| Q2 25 | 0.42× | — | ||
| Q1 25 | 0.43× | — | ||
| Q4 24 | 0.46× | — | ||
| Q3 24 | 0.47× | — | ||
| Q2 24 | 0.46× | — | ||
| Q1 24 | 0.56× | — |
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 | $904.3M | $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 | — | 2.4% |
| 现金转化率经营现金流/净利润 | 2.66× | — |
| 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PRTSE
| Q4 25 | $904.3M | $22.6M | ||
| Q3 25 | $766.5M | $-21.6M | ||
| Q2 25 | $1.0B | $6.8M | ||
| Q1 25 | $898.0M | $-110.2M | ||
| Q4 24 | $871.6M | $85.1M | ||
| Q3 24 | $954.4M | $8.8M | ||
| Q2 24 | $938.4M | $-41.9M | ||
| Q1 24 | $647.6M | $-66.2M |
自由现金流PRTSE
| Q4 25 | — | $6.6M | ||
| Q3 25 | — | $-38.1M | ||
| Q2 25 | — | $-3.0M | ||
| Q1 25 | — | $-118.9M | ||
| Q4 24 | — | $63.9M | ||
| Q3 24 | — | $-3.4M | ||
| Q2 24 | — | $-56.1M | ||
| Q1 24 | — | $-81.9M |
自由现金流率PRTSE
| Q4 25 | — | 1.0% | ||
| Q3 25 | — | -5.1% | ||
| Q2 25 | — | -0.4% | ||
| Q1 25 | — | -15.2% | ||
| Q4 24 | — | 7.8% | ||
| Q3 24 | — | -0.4% | ||
| Q2 24 | — | -6.1% | ||
| Q1 24 | — | -9.1% |
资本支出强度PRTSE
| Q4 25 | — | 2.4% | ||
| Q3 25 | — | 2.2% | ||
| Q2 25 | — | 1.2% | ||
| Q1 25 | — | 1.1% | ||
| Q4 24 | — | 2.6% | ||
| Q3 24 | — | 1.4% | ||
| Q2 24 | — | 1.5% | ||
| Q1 24 | — | 1.7% |
现金转化率PRTSE
| Q4 25 | 2.66× | — | ||
| Q3 25 | 12.94× | — | ||
| Q2 25 | 5.01× | — | ||
| Q1 25 | 2.73× | — | ||
| Q4 24 | 4.02× | — | ||
| Q3 24 | 2.47× | — | ||
| Q2 24 | 3.99× | — | ||
| Q1 24 | 4.42× | — |
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
PR
| Crude Oil | $1.0B | 87% |
| Natural Gas Liquids Reserves | $145.1M | 12% |
TSE
| Other | $325.2M | 49% |
| Asia Pacific | $142.2M | 21% |
| Engineered Materials | $105.0M | 16% |
| Latex | $59.9M | 9% |
| Polymer Solutions | $30.3M | 5% |
