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SEABOARD CORP（SEB）与Tennessee Valley Authority（TVE）财务数据对比。点击上方公司名可切换其他公司
Tennessee Valley Authority的季度营收约是SEABOARD CORP的1.3倍（$3.0B vs $2.4B），SEABOARD CORP净利率更高（10.6% vs 8.7%，领先1.9%），Tennessee Valley Authority同比增速更快（4.4% vs -2.9%），SEABOARD CORP自由现金流更多（$53.0M vs $-814.0M），过去两年SEABOARD CORP的营收复合增速更高（4.9% vs -1.7%）
Seaboard Corporation是一家多元化跨国农业综合及运输集团，业务覆盖多个垂直整合领域。美国本土核心业务包括生猪养殖加工与远洋运输，海外板块主营大宗商品贸易、谷物加工、食糖生产及发电，总部位于堪萨斯州梅里亚姆。
田纳西河流域管理局（TVA）是美国联邦政府所有的电力公用事业企业，服务范围覆盖田纳西州全境，以及阿拉巴马州、密西西比州、肯塔基州的部分区域，还涵盖佐治亚州、北卡罗来纳州、弗吉尼亚州的小块区域。该企业虽归属联邦政府，但不依赖纳税人资金运营，运营模式与私营盈利企业类似，总部位于田纳西州诺克斯维尔。
SEB vs TVE — 直观对比
营收规模更大
TVE
是对方的1.3倍
$2.4B
营收增速更快
TVE
高出7.3%
-2.9%
净利率更高
SEB
高出1.9%
8.7%
自由现金流更多
SEB
多$867.0M
$-814.0M
两年增速更快
SEB
近两年复合增速
-1.7%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $2.4B | $3.0B |
| 净利润 | $255.0M | $266.0M |
| 毛利率 | 7.9% | — |
| 营业利润率 | 2.7% | 18.1% |
| 净利率 | 10.6% | 8.7% |
| 营收同比 | -2.9% | 4.4% |
| 净利润同比 | 63.5% | 112.8% |
| 每股收益（稀释后） | $262.58 | — |
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SEBTVE
| Q4 25 | $2.4B | $3.0B | ||
| Q3 25 | $2.5B | $3.9B | ||
| Q2 25 | $2.5B | $3.3B | ||
| Q1 25 | $2.3B | $3.5B | ||
| Q4 24 | $2.5B | $2.9B | ||
| Q3 24 | $2.2B | $3.5B | ||
| Q2 24 | $2.2B | $2.9B | ||
| Q1 24 | $2.2B | $3.2B |
净利润SEBTVE
| Q4 25 | $255.0M | $266.0M | ||
| Q3 25 | $110.0M | $615.0M | ||
| Q2 25 | $104.0M | $212.0M | ||
| Q1 25 | $32.0M | $408.0M | ||
| Q4 24 | $156.0M | $125.0M | ||
| Q3 24 | $-149.0M | $520.0M | ||
| Q2 24 | $61.0M | $181.0M | ||
| Q1 24 | $22.0M | $307.0M |
毛利率SEBTVE
| Q4 25 | 7.9% | — | ||
| Q3 25 | 7.8% | — | ||
| Q2 25 | 6.5% | — | ||
| Q1 25 | 6.1% | — | ||
| Q4 24 | 9.0% | — | ||
| Q3 24 | 6.2% | — | ||
| Q2 24 | 5.8% | — | ||
| Q1 24 | 4.0% | — |
营业利润率SEBTVE
| Q4 25 | 2.7% | 18.1% | ||
| Q3 25 | 3.3% | 23.6% | ||
| Q2 25 | 2.1% | 15.6% | ||
| Q1 25 | 1.6% | 20.3% | ||
| Q4 24 | 4.6% | 14.1% | ||
| Q3 24 | 1.4% | 22.7% | ||
| Q2 24 | 1.4% | 15.9% | ||
| Q1 24 | -0.9% | 18.4% |
净利率SEBTVE
| Q4 25 | 10.6% | 8.7% | ||
| Q3 25 | 4.3% | 15.7% | ||
| Q2 25 | 4.2% | 6.4% | ||
| Q1 25 | 1.4% | 11.6% | ||
| Q4 24 | 6.3% | 4.3% | ||
| Q3 24 | -6.7% | 14.8% | ||
| Q2 24 | 2.8% | 6.3% | ||
| Q1 24 | 1.0% | 9.7% |
每股收益（稀释后）SEBTVE
| Q4 25 | $262.58 | — | ||
| Q3 25 | $113.71 | — | ||
| Q2 25 | $105.22 | — | ||
| Q1 25 | $32.95 | — | ||
| Q4 24 | $158.58 | — | ||
| Q3 24 | $-153.44 | — | ||
| Q2 24 | $62.82 | — | ||
| Q1 24 | $22.66 | — |
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 | $1.2B | $501.0M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $5.2B | — |
| 总资产 | $8.2B | $59.5B |
| 负债/权益比越低杠杆越低 | — | — |
8季度趋势，按日历期对齐
现金及短期投资SEBTVE
| Q4 25 | $1.2B | $501.0M | ||
| Q3 25 | $1.2B | $1.6B | ||
| Q2 25 | $1.1B | $501.0M | ||
| Q1 25 | $1.1B | $502.0M | ||
| Q4 24 | $1.2B | $507.0M | ||
| Q3 24 | $1.2B | $502.0M | ||
| Q2 24 | $1.2B | $501.0M | ||
| Q1 24 | $1.2B | $508.0M |
总债务SEBTVE
| Q4 25 | — | — | ||
| Q3 25 | — | $22.1B | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | $19.1B | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
股东权益SEBTVE
| Q4 25 | $5.2B | — | ||
| Q3 25 | $5.0B | — | ||
| Q2 25 | $4.8B | — | ||
| Q1 25 | $4.7B | — | ||
| Q4 24 | $4.7B | — | ||
| Q3 24 | $4.5B | — | ||
| Q2 24 | $4.7B | — | ||
| Q1 24 | $4.6B | — |
总资产SEBTVE
| Q4 25 | $8.2B | $59.5B | ||
| Q3 25 | $8.0B | $60.9B | ||
| Q2 25 | $7.9B | $59.9B | ||
| Q1 25 | $7.6B | $59.3B | ||
| Q4 24 | $7.7B | $58.4B | ||
| Q3 24 | $7.5B | $57.7B | ||
| Q2 24 | $7.7B | $56.2B | ||
| Q1 24 | $7.6B | $52.3B |
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 | $188.0M | $330.0M |
| 自由现金流经营现金流 - 资本支出 | $53.0M | $-814.0M |
| 自由现金流率自由现金流/营收 | 2.2% | -26.7% |
| 资本支出强度资本支出/营收 | 5.6% | 37.5% |
| 现金转化率经营现金流/净利润 | 0.74× | 1.24× |
| 过去12个月自由现金流最近4个季度 | $6.0M | $-1.2B |
8季度趋势，按日历期对齐
经营现金流SEBTVE
| Q4 25 | $188.0M | $330.0M | ||
| Q3 25 | $319.0M | $1.2B | ||
| Q2 25 | $81.0M | $615.0M | ||
| Q1 25 | $-20.0M | $1.0B | ||
| Q4 24 | $300.0M | $450.0M | ||
| Q3 24 | $194.0M | $1.1B | ||
| Q2 24 | $6.0M | $508.0M | ||
| Q1 24 | $19.0M | $1.0B |
自由现金流SEBTVE
| Q4 25 | $53.0M | $-814.0M | ||
| Q3 25 | $152.0M | $233.0M | ||
| Q2 25 | $-70.0M | $-431.0M | ||
| Q1 25 | $-129.0M | $-176.0M | ||
| Q4 24 | $162.0M | $-759.0M | ||
| Q3 24 | $58.0M | $164.0M | ||
| Q2 24 | $-127.0M | $-248.0M | ||
| Q1 24 | $-85.0M | $276.0M |
自由现金流率SEBTVE
| Q4 25 | 2.2% | -26.7% | ||
| Q3 25 | 6.0% | 6.0% | ||
| Q2 25 | -2.8% | -13.0% | ||
| Q1 25 | -5.6% | -5.0% | ||
| Q4 24 | 6.5% | -26.0% | ||
| Q3 24 | 2.6% | 4.7% | ||
| Q2 24 | -5.7% | -8.6% | ||
| Q1 24 | -3.9% | 8.8% |
资本支出强度SEBTVE
| Q4 25 | 5.6% | 37.5% | ||
| Q3 25 | 6.6% | 25.9% | ||
| Q2 25 | 6.1% | 31.6% | ||
| Q1 25 | 4.7% | 33.6% | ||
| Q4 24 | 5.6% | 41.4% | ||
| Q3 24 | 6.1% | 25.6% | ||
| Q2 24 | 6.0% | 26.3% | ||
| Q1 24 | 4.7% | 24.2% |
现金转化率SEBTVE
| Q4 25 | 0.74× | 1.24× | ||
| Q3 25 | 2.90× | 2.03× | ||
| Q2 25 | 0.78× | 2.90× | ||
| Q1 25 | -0.63× | 2.48× | ||
| Q4 24 | 1.92× | 3.60× | ||
| Q3 24 | — | 2.05× | ||
| Q2 24 | 0.10× | 2.81× | ||
| Q1 24 | 0.86× | 3.38× |
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
SEB
| Commodity Trading And Milling | $1.3B | 52% |
| Pork Segment | $469.0M | 19% |
| Marine | $444.0M | 18% |
| Other | $108.0M | 4% |
| Energy Service | $56.0M | 2% |
| Product And Service Other Services | $15.0M | 1% |
| Transportation | $6.0M | 0% |
TVE
| TN | $2.0B | 65% |
| AL | $449.0M | 15% |
| MS | $266.0M | 9% |
| KY | $193.0M | 6% |
| GA | $75.0M | 2% |
| Federal Agencies And Other | $29.0M | 1% |
| NC | $23.0M | 1% |
| VA | $12.0M | 0% |
| Off System Sales Member | $2.0M | 0% |
