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希悦尔（SEE）与VinFast Auto Ltd.（VFS）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VinFast Auto Ltd.的1.9倍（$1.4B vs $718.6M），希悦尔净利率更高（3.1% vs -2.8%，领先5.9%）
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。
VinFast Auto Ltd.是越南跨国汽车企业，由越南最大私营综合企业集团之一Vingroup创立。Vingroup由越南知名企业家潘日旺创办，业务覆盖地产、零售、医疗、科技等多个领域，是越南本土头部企业集团。
SEE vs VFS — 直观对比
营收规模更大
SEE
是对方的1.9倍
$718.6M
净利率更高
SEE
高出5.9%
-2.8%
损益表 — Q4 FY2025 vs Q3 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.4B | $718.6M |
| 净利润 | $43.8M | $-20.0M |
| 毛利率 | 28.6% | — |
| 营业利润率 | 11.4% | -96.1% |
| 净利率 | 3.1% | -2.8% |
| 营收同比 | 2.6% | — |
| 净利润同比 | 700.0% | — |
| 每股收益（稀释后） | $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SEEVFS
| Q4 25 | $1.4B | — | ||
| Q3 25 | $1.3B | $718.6M | ||
| Q2 25 | $1.3B | $663.0M | ||
| Q1 25 | $1.3B | $656.5M | ||
| Q4 24 | $1.4B | — | ||
| Q3 24 | $1.3B | $511.6M | ||
| Q2 24 | $1.3B | — | ||
| Q1 24 | $1.3B | $302.6M |
净利润SEEVFS
| Q4 25 | $43.8M | — | ||
| Q3 25 | $255.1M | $-20.0M | ||
| Q2 25 | $93.1M | $-51.8M | ||
| Q1 25 | $113.5M | $-26.1M | ||
| Q4 24 | $-7.3M | — | ||
| Q3 24 | $91.7M | $-10.4M | ||
| Q2 24 | $98.3M | — | ||
| Q1 24 | $82.0M | $-618.3M |
毛利率SEEVFS
| Q4 25 | 28.6% | — | ||
| Q3 25 | 29.8% | — | ||
| Q2 25 | 30.7% | — | ||
| Q1 25 | 30.9% | — | ||
| Q4 24 | 30.0% | — | ||
| Q3 24 | 30.1% | — | ||
| Q2 24 | 31.2% | — | ||
| Q1 24 | 30.3% | — |
营业利润率SEEVFS
| Q4 25 | 11.4% | — | ||
| Q3 25 | 13.8% | -96.1% | ||
| Q2 25 | 15.0% | -79.0% | ||
| Q1 25 | 14.5% | -74.0% | ||
| Q4 24 | 11.7% | — | ||
| Q3 24 | 13.9% | -65.9% | ||
| Q2 24 | 15.4% | — | ||
| Q1 24 | 14.0% | -139.4% |
净利率SEEVFS
| Q4 25 | 3.1% | — | ||
| Q3 25 | 19.0% | -2.8% | ||
| Q2 25 | 7.0% | -7.8% | ||
| Q1 25 | 9.0% | -4.0% | ||
| Q4 24 | -0.5% | — | ||
| Q3 24 | 6.9% | -2.0% | ||
| Q2 24 | 7.4% | — | ||
| Q1 24 | 6.2% | -204.3% |
每股收益（稀释后）SEEVFS
| Q4 25 | $0.30 | — | ||
| Q3 25 | $1.73 | — | ||
| Q2 25 | $0.63 | — | ||
| Q1 25 | $0.77 | — | ||
| Q4 24 | $-0.05 | — | ||
| Q3 24 | $0.63 | — | ||
| Q2 24 | $0.67 | — | ||
| Q1 24 | $0.56 | — |
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 | $8.8M |
| 总债务越低越好 | $3.3B | — |
| 股东权益账面价值 | $1.2B | — |
| 总资产 | $7.0B | $183.2M |
| 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SEEVFS
| Q4 25 | $344.0M | — | ||
| Q3 25 | $282.5M | $8.8M | ||
| Q2 25 | $354.4M | $650.0M | ||
| Q1 25 | $335.2M | $2.4M | ||
| Q4 24 | $371.8M | — | ||
| Q3 24 | $386.0M | $1.9M | ||
| Q2 24 | $388.6M | — | ||
| Q1 24 | $352.8M | $3.0M |
总债务SEEVFS
| Q4 25 | $3.3B | — | ||
| Q3 25 | $4.0B | — | ||
| Q2 25 | $4.0B | — | ||
| Q1 25 | $4.2B | — | ||
| Q4 24 | $4.2B | — | ||
| Q3 24 | $4.3B | — | ||
| Q2 24 | $4.4B | — | ||
| Q1 24 | $4.5B | — |
股东权益SEEVFS
| Q4 25 | $1.2B | — | ||
| Q3 25 | $1.2B | — | ||
| Q2 25 | $953.1M | $-7.2B | ||
| Q1 25 | $797.9M | — | ||
| Q4 24 | $624.5M | — | ||
| Q3 24 | $771.2M | — | ||
| Q2 24 | $650.1M | — | ||
| Q1 24 | $598.3M | — |
总资产SEEVFS
| Q4 25 | $7.0B | — | ||
| Q3 25 | $7.1B | $183.2M | ||
| Q2 25 | $7.2B | $7.2B | ||
| Q1 25 | $7.0B | $158.2M | ||
| Q4 24 | $7.0B | — | ||
| Q3 24 | $7.3B | $151.8M | ||
| Q2 24 | $7.3B | — | ||
| Q1 24 | $7.2B | $145.6M |
负债/权益比SEEVFS
| Q4 25 | 2.65× | — | ||
| Q3 25 | 3.34× | — | ||
| Q2 25 | 4.18× | — | ||
| Q1 25 | 5.26× | — | ||
| Q4 24 | 6.72× | — | ||
| Q3 24 | 5.62× | — | ||
| Q2 24 | 6.81× | — | ||
| Q1 24 | 7.49× | — |
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 | $257.7M | — |
| 自由现金流率自由现金流/营收 | 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 | $458.5M | — |
8季度趋势，按日历期对齐
经营现金流SEEVFS
| Q4 25 | $293.6M | — | ||
| Q3 25 | $165.9M | — | ||
| Q2 25 | $136.6M | — | ||
| Q1 25 | $31.9M | — | ||
| Q4 24 | $244.2M | — | ||
| Q3 24 | $170.5M | — | ||
| Q2 24 | $188.2M | — | ||
| Q1 24 | $125.1M | — |
自由现金流SEEVFS
| Q4 25 | $257.7M | — | ||
| Q3 25 | $119.6M | — | ||
| Q2 25 | $93.2M | — | ||
| Q1 25 | $-12.0M | — | ||
| Q4 24 | $185.1M | — | ||
| Q3 24 | $115.2M | — | ||
| Q2 24 | $129.5M | — | ||
| Q1 24 | $78.0M | — |
自由现金流率SEEVFS
| Q4 25 | 18.5% | — | ||
| Q3 25 | 8.9% | — | ||
| Q2 25 | 7.0% | — | ||
| Q1 25 | -0.9% | — | ||
| Q4 24 | 13.6% | — | ||
| Q3 24 | 8.6% | — | ||
| Q2 24 | 9.7% | — | ||
| Q1 24 | 5.9% | — |
资本支出强度SEEVFS
| Q4 25 | 2.6% | — | ||
| Q3 25 | 3.4% | — | ||
| Q2 25 | 3.3% | — | ||
| Q1 25 | 3.5% | — | ||
| Q4 24 | 4.4% | — | ||
| Q3 24 | 4.1% | — | ||
| Q2 24 | 4.4% | — | ||
| Q1 24 | 3.6% | — |
现金转化率SEEVFS
| Q4 25 | 6.70× | — | ||
| Q3 25 | 0.65× | — | ||
| Q2 25 | 1.47× | — | ||
| Q1 25 | 0.28× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 1.86× | — | ||
| Q2 24 | 1.91× | — | ||
| Q1 24 | 1.53× | — |
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% |
VFS
| Sales of vehicles | $662.9M | 92% |
| Sales of spare parts and components | $41.3M | 6% |
| Revenue from leasing activities | $12.3M | 2% |
| Finance income | $2.4M | 0% |
| Rendering of services | $1.2M | 0% |
