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希悦尔（SEE）与UL Solutions Inc.（ULS）财务数据对比。点击上方公司名可切换其他公司
希悦尔的季度营收约是UL Solutions Inc.的1.8倍（$1.4B vs $789.0M），UL Solutions Inc.净利率更高（8.5% vs 3.1%，领先5.3%），UL Solutions Inc.同比增速更快（6.8% vs 2.6%），希悦尔自由现金流更多（$257.7M vs $86.0M），过去两年UL Solutions Inc.的营收复合增速更高（8.5% vs 2.7%）
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。
UL是总部位于美国伊利诺伊州诺斯布鲁克的全球私营安全领域企业，旗下设有三大机构：UL研究院、UL标准与倡议部门以及UL Solutions，为全球各行业客户提供标准制定、检测认证、风险管控等专业安全服务，保障产品与运营的合规性与安全性，助力企业可持续发展。
SEE vs ULS — 直观对比
营收规模更大
SEE
是对方的1.8倍
$789.0M
营收增速更快
ULS
高出4.2%
2.6%
净利率更高
ULS
高出5.3%
3.1%
自由现金流更多
SEE
多$171.7M
$86.0M
两年增速更快
ULS
近两年复合增速
2.7%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.4B | $789.0M |
| 净利润 | $43.8M | $67.0M |
| 毛利率 | 28.6% | 49.7% |
| 营业利润率 | 11.4% | 15.0% |
| 净利率 | 3.1% | 8.5% |
| 营收同比 | 2.6% | 6.8% |
| 净利润同比 | 700.0% | -17.3% |
| 每股收益（稀释后） | $0.30 | $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SEEULS
| Q4 25 | $1.4B | $789.0M | ||
| Q3 25 | $1.3B | $783.0M | ||
| Q2 25 | $1.3B | $776.0M | ||
| Q1 25 | $1.3B | $705.0M | ||
| Q4 24 | $1.4B | $739.0M | ||
| Q3 24 | $1.3B | $731.0M | ||
| Q2 24 | $1.3B | $730.0M | ||
| Q1 24 | $1.3B | $670.0M |
净利润SEEULS
| Q4 25 | $43.8M | $67.0M | ||
| Q3 25 | $255.1M | $100.0M | ||
| Q2 25 | $93.1M | $91.0M | ||
| Q1 25 | $113.5M | $67.0M | ||
| Q4 24 | $-7.3M | $81.0M | ||
| Q3 24 | $91.7M | $88.0M | ||
| Q2 24 | $98.3M | $101.0M | ||
| Q1 24 | $82.0M | $56.0M |
毛利率SEEULS
| Q4 25 | 28.6% | 49.7% | ||
| Q3 25 | 29.8% | 50.3% | ||
| Q2 25 | 30.7% | 49.4% | ||
| Q1 25 | 30.9% | 48.4% | ||
| Q4 24 | 30.0% | 47.4% | ||
| Q3 24 | 30.1% | 49.0% | ||
| Q2 24 | 31.2% | 50.1% | ||
| Q1 24 | 30.3% | 47.6% |
营业利润率SEEULS
| Q4 25 | 11.4% | 15.0% | ||
| Q3 25 | 13.8% | 19.9% | ||
| Q2 25 | 15.0% | 17.9% | ||
| Q1 25 | 14.5% | 15.5% | ||
| Q4 24 | 11.7% | 15.6% | ||
| Q3 24 | 13.9% | 17.8% | ||
| Q2 24 | 15.4% | 17.3% | ||
| Q1 24 | 14.0% | 13.6% |
净利率SEEULS
| Q4 25 | 3.1% | 8.5% | ||
| Q3 25 | 19.0% | 12.8% | ||
| Q2 25 | 7.0% | 11.7% | ||
| Q1 25 | 9.0% | 9.5% | ||
| Q4 24 | -0.5% | 11.0% | ||
| Q3 24 | 6.9% | 12.0% | ||
| Q2 24 | 7.4% | 13.8% | ||
| Q1 24 | 6.2% | 8.4% |
每股收益（稀释后）SEEULS
| Q4 25 | $0.30 | $0.33 | ||
| Q3 25 | $1.73 | $0.49 | ||
| Q2 25 | $0.63 | $0.45 | ||
| Q1 25 | $0.77 | $0.33 | ||
| Q4 24 | $-0.05 | $0.40 | ||
| Q3 24 | $0.63 | $0.44 | ||
| Q2 24 | $0.67 | $0.50 | ||
| Q1 24 | $0.56 | $0.28 |
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 | $344.0M | $295.0M |
| 总债务越低越好 | $3.3B | $491.0M |
| 股东权益账面价值 | $1.2B | $1.3B |
| 总资产 | $7.0B | $2.9B |
| 负债/权益比越低杠杆越低 | 2.65× | 0.39× |
8季度趋势，按日历期对齐
现金及短期投资SEEULS
| Q4 25 | $344.0M | $295.0M | ||
| Q3 25 | $282.5M | $255.0M | ||
| Q2 25 | $354.4M | $272.0M | ||
| Q1 25 | $335.2M | $267.0M | ||
| Q4 24 | $371.8M | $298.0M | ||
| Q3 24 | $386.0M | $327.0M | ||
| Q2 24 | $388.6M | $295.0M | ||
| Q1 24 | $352.8M | $344.0M |
总债务SEEULS
| Q4 25 | $3.3B | $491.0M | ||
| Q3 25 | $4.0B | $544.0M | ||
| Q2 25 | $4.0B | $608.0M | ||
| Q1 25 | $4.2B | $653.0M | ||
| Q4 24 | $4.2B | $742.0M | ||
| Q3 24 | $4.3B | $797.0M | ||
| Q2 24 | $4.4B | $810.0M | ||
| Q1 24 | $4.5B | $879.0M |
股东权益SEEULS
| Q4 25 | $1.2B | $1.3B | ||
| Q3 25 | $1.2B | $1.2B | ||
| Q2 25 | $953.1M | $1.1B | ||
| Q1 25 | $797.9M | $970.0M | ||
| Q4 24 | $624.5M | $904.0M | ||
| Q3 24 | $771.2M | $872.0M | ||
| Q2 24 | $650.1M | $769.0M | ||
| Q1 24 | $598.3M | $671.0M |
总资产SEEULS
| Q4 25 | $7.0B | $2.9B | ||
| Q3 25 | $7.1B | $2.9B | ||
| Q2 25 | $7.2B | $2.9B | ||
| Q1 25 | $7.0B | $2.9B | ||
| Q4 24 | $7.0B | $2.8B | ||
| Q3 24 | $7.3B | $2.9B | ||
| Q2 24 | $7.3B | $2.7B | ||
| Q1 24 | $7.2B | $2.8B |
负债/权益比SEEULS
| Q4 25 | 2.65× | 0.39× | ||
| Q3 25 | 3.34× | 0.46× | ||
| Q2 25 | 4.18× | 0.56× | ||
| Q1 25 | 5.26× | 0.67× | ||
| Q4 24 | 6.72× | 0.82× | ||
| Q3 24 | 5.62× | 0.91× | ||
| Q2 24 | 6.81× | 1.05× | ||
| Q1 24 | 7.49× | 1.31× |
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 | $144.0M |
| 自由现金流经营现金流 - 资本支出 | $257.7M | $86.0M |
| 自由现金流率自由现金流/营收 | 18.5% | 10.9% |
| 资本支出强度资本支出/营收 | 2.6% | 7.4% |
| 现金转化率经营现金流/净利润 | 6.70× | 2.15× |
| 过去12个月自由现金流最近4个季度 | $458.5M | $403.0M |
8季度趋势，按日历期对齐
经营现金流SEEULS
| Q4 25 | $293.6M | $144.0M | ||
| Q3 25 | $165.9M | $155.0M | ||
| Q2 25 | $136.6M | $147.0M | ||
| Q1 25 | $31.9M | $154.0M | ||
| Q4 24 | $244.2M | $130.0M | ||
| Q3 24 | $170.5M | $150.0M | ||
| Q2 24 | $188.2M | $103.0M | ||
| Q1 24 | $125.1M | $141.0M |
自由现金流SEEULS
| Q4 25 | $257.7M | $86.0M | ||
| Q3 25 | $119.6M | $109.0M | ||
| Q2 25 | $93.2M | $105.0M | ||
| Q1 25 | $-12.0M | $103.0M | ||
| Q4 24 | $185.1M | $72.0M | ||
| Q3 24 | $115.2M | $84.0M | ||
| Q2 24 | $129.5M | $47.0M | ||
| Q1 24 | $78.0M | $84.0M |
自由现金流率SEEULS
| Q4 25 | 18.5% | 10.9% | ||
| Q3 25 | 8.9% | 13.9% | ||
| Q2 25 | 7.0% | 13.5% | ||
| Q1 25 | -0.9% | 14.6% | ||
| Q4 24 | 13.6% | 9.7% | ||
| Q3 24 | 8.6% | 11.5% | ||
| Q2 24 | 9.7% | 6.4% | ||
| Q1 24 | 5.9% | 12.5% |
资本支出强度SEEULS
| Q4 25 | 2.6% | 7.4% | ||
| Q3 25 | 3.4% | 5.9% | ||
| Q2 25 | 3.3% | 5.4% | ||
| Q1 25 | 3.5% | 7.2% | ||
| Q4 24 | 4.4% | 7.8% | ||
| Q3 24 | 4.1% | 9.0% | ||
| Q2 24 | 4.4% | 7.7% | ||
| Q1 24 | 3.6% | 8.5% |
现金转化率SEEULS
| Q4 25 | 6.70× | 2.15× | ||
| Q3 25 | 0.65× | 1.55× | ||
| Q2 25 | 1.47× | 1.62× | ||
| Q1 25 | 0.28× | 2.30× | ||
| Q4 24 | — | 1.60× | ||
| Q3 24 | 1.86× | 1.70× | ||
| Q2 24 | 1.91× | 1.02× | ||
| Q1 24 | 1.53× | 2.52× |
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
SEE
| Protective Segment | $1.1B | 78% |
| Other | $292.0M | 21% |
| Pension Plans Defined Benefit | $7.9M | 1% |
ULS
| Industrial | $352.0M | 45% |
| Ongoing Certification Services | $259.0M | 33% |
| Software And Advisory | $102.0M | 13% |
| Software | $75.0M | 10% |
