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美乐棵（SMG）与CVR PARTNERS, LP（UAN）财务数据对比。点击上方公司名可切换其他公司
美乐棵的季度营收约是CVR PARTNERS, LP的2.7倍（$354.4M vs $131.1M）。CVR PARTNERS, LP净利率更高（-7.8% vs -35.3%，领先27.4%）。CVR PARTNERS, LP同比增速更快（-6.1% vs -15.0%）。CVR PARTNERS, LP自由现金流更多（$-45.2M vs $-390.4M）。过去两年CVR PARTNERS, LP的营收复合增速更高（1.3% vs -51.8%）
美乐棵公司是一家总部位于俄亥俄州马里斯维尔的美国跨国企业，其前身可追溯至1868年O.M.斯科特开始销售草种的业务。公司主营草坪养护、园艺种植、虫害防治类消费产品以及无土室内园艺设备，旗下拥有Scotts、Miracle-Gro、Ortho等知名品牌，同时在美国及中国等多个国际市场销售和分销除草剂Roundup。
CVR Partners LP是北美领先的氮肥生产商，核心产品包括尿素硝酸铵溶液和氨，主要服务美国与加拿大的农业、工业及商业客户，专注于为作物种植和各类工业应用提供高性价比的养分解决方案。
SMG vs UAN — 直观对比
营收规模更大
SMG
是对方的2.7倍
$131.1M
营收增速更快
UAN
高出8.9%
-15.0%
净利率更高
UAN
高出27.4%
-35.3%
自由现金流更多
UAN
多$345.2M
$-390.4M
两年增速更快
UAN
近两年复合增速
-51.8%
损益表 — Q1 2026 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $354.4M | $131.1M |
| 净利润 | $-125.0M | $-10.3M |
| 毛利率 | 25.0% | 4.4% |
| 营业利润率 | -6.2% | -2.2% |
| 净利率 | -35.3% | -7.8% |
| 营收同比 | -15.0% | -6.1% |
| 净利润同比 | -79.9% | -156.1% |
| 每股收益（稀释后） | $-2.16 | $-0.98 |
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SMGUAN
| Q4 25 | $354.4M | $131.1M | ||
| Q3 25 | $387.3M | $163.5M | ||
| Q2 25 | $1.2B | $168.6M | ||
| Q1 25 | $1.4B | $142.9M | ||
| Q4 24 | $416.8M | $139.6M | ||
| Q3 24 | $414.7M | $125.2M | ||
| Q2 24 | $1.2B | $132.9M | ||
| Q1 24 | $1.5B | $127.7M |
净利润SMGUAN
| Q4 25 | $-125.0M | $-10.3M | ||
| Q3 25 | — | $43.1M | ||
| Q2 25 | $149.1M | $38.8M | ||
| Q1 25 | $217.5M | $27.1M | ||
| Q4 24 | $-69.5M | $18.3M | ||
| Q3 24 | — | $3.8M | ||
| Q2 24 | $132.1M | $26.2M | ||
| Q1 24 | $157.5M | $12.6M |
毛利率SMGUAN
| Q4 25 | 25.0% | 4.4% | ||
| Q3 25 | 6.1% | 37.0% | ||
| Q2 25 | 31.8% | 32.4% | ||
| Q1 25 | 38.6% | 29.7% | ||
| Q4 24 | 22.7% | 23.8% | ||
| Q3 24 | -7.1% | 14.7% | ||
| Q2 24 | 29.5% | 30.0% | ||
| Q1 24 | 30.4% | 21.4% |
营业利润率SMGUAN
| Q4 25 | -6.2% | -2.2% | ||
| Q3 25 | -38.8% | 31.0% | ||
| Q2 25 | 18.1% | 27.5% | ||
| Q1 25 | 24.3% | 24.2% | ||
| Q4 24 | -12.2% | 18.4% | ||
| Q3 24 | -52.1% | 8.8% | ||
| Q2 24 | 16.6% | 25.3% | ||
| Q1 24 | 17.8% | 15.7% |
净利率SMGUAN
| Q4 25 | -35.3% | -7.8% | ||
| Q3 25 | — | 26.3% | ||
| Q2 25 | 12.6% | 23.0% | ||
| Q1 25 | 15.3% | 19.0% | ||
| Q4 24 | -16.7% | 13.1% | ||
| Q3 24 | — | 3.0% | ||
| Q2 24 | 11.0% | 19.7% | ||
| Q1 24 | 10.3% | 9.9% |
每股收益（稀释后）SMGUAN
| Q4 25 | $-2.16 | $-0.98 | ||
| Q3 25 | $-2.58 | $4.08 | ||
| Q2 25 | $2.54 | $3.67 | ||
| Q1 25 | $3.72 | $2.56 | ||
| Q4 24 | $-1.21 | $1.73 | ||
| Q3 24 | $-4.21 | $0.36 | ||
| Q2 24 | $2.28 | $2.48 | ||
| Q1 24 | $2.74 | $1.19 |
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 | $8.3M | $69.2M |
| 总债务越低越好 | — | $569.1M |
| 股东权益账面价值 | $-500.6M | — |
| 总资产 | $3.0B | $969.5M |
| 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SMGUAN
| Q4 25 | $8.3M | $69.2M | ||
| Q3 25 | $36.6M | $156.2M | ||
| Q2 25 | $51.1M | $114.4M | ||
| Q1 25 | $16.9M | $121.8M | ||
| Q4 24 | $9.8M | $90.9M | ||
| Q3 24 | $71.6M | $110.5M | ||
| Q2 24 | $279.9M | $47.5M | ||
| Q1 24 | $65.1M | $64.6M |
总债务SMGUAN
| Q4 25 | — | $569.1M | ||
| Q3 25 | $2.1B | $569.1M | ||
| Q2 25 | — | $569.2M | ||
| Q1 25 | — | $569.3M | ||
| Q4 24 | — | $568.0M | ||
| Q3 24 | $2.2B | $547.7M | ||
| Q2 24 | — | $547.6M | ||
| Q1 24 | — | $547.4M |
股东权益SMGUAN
| Q4 25 | $-500.6M | — | ||
| Q3 25 | $-357.5M | — | ||
| Q2 25 | $-170.9M | — | ||
| Q1 25 | $-290.1M | — | ||
| Q4 24 | $-479.5M | — | ||
| Q3 24 | $-390.6M | — | ||
| Q2 24 | $-146.2M | — | ||
| Q1 24 | $-250.9M | — |
总资产SMGUAN
| Q4 25 | $3.0B | $969.5M | ||
| Q3 25 | $2.7B | $1.0B | ||
| Q2 25 | $3.1B | $998.0M | ||
| Q1 25 | $3.5B | $1.0B | ||
| Q4 24 | $3.2B | $1.0B | ||
| Q3 24 | $2.9B | $986.6M | ||
| Q2 24 | $3.5B | $959.4M | ||
| Q1 24 | $3.9B | $972.2M |
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 | $-370.4M | $-21.6M |
| 自由现金流经营现金流 - 资本支出 | $-390.4M | $-45.2M |
| 自由现金流率自由现金流/营收 | -110.2% | -34.5% |
| 资本支出强度资本支出/营收 | 5.6% | 18.0% |
| 现金转化率经营现金流/净利润 | — | — |
| 过去12个月自由现金流最近4个季度 | $358.1M | $98.8M |
8季度趋势，按日历期对齐
经营现金流SMGUAN
| Q4 25 | $-370.4M | $-21.6M | ||
| Q3 25 | $174.1M | $91.7M | ||
| Q2 25 | $454.4M | $24.1M | ||
| Q1 25 | $188.1M | $55.4M | ||
| Q4 24 | $-445.3M | $12.8M | ||
| Q3 24 | $118.5M | $86.7M | ||
| Q2 24 | $588.0M | $8.6M | ||
| Q1 24 | $304.2M | $42.4M |
自由现金流SMGUAN
| Q4 25 | $-390.4M | $-45.2M | ||
| Q3 25 | $131.2M | $80.1M | ||
| Q2 25 | $437.5M | $18.4M | ||
| Q1 25 | $179.8M | $45.5M | ||
| Q4 24 | $-474.6M | $-5.6M | ||
| Q3 24 | $101.9M | $82.3M | ||
| Q2 24 | $574.8M | $2.4M | ||
| Q1 24 | $287.9M | $34.3M |
自由现金流率SMGUAN
| Q4 25 | -110.2% | -34.5% | ||
| Q3 25 | 33.9% | 49.0% | ||
| Q2 25 | 36.8% | 10.9% | ||
| Q1 25 | 12.7% | 31.9% | ||
| Q4 24 | -113.9% | -4.0% | ||
| Q3 24 | 24.6% | 65.7% | ||
| Q2 24 | 47.8% | 1.8% | ||
| Q1 24 | 18.9% | 26.9% |
资本支出强度SMGUAN
| Q4 25 | 5.6% | 18.0% | ||
| Q3 25 | 11.1% | 7.1% | ||
| Q2 25 | 1.4% | 3.4% | ||
| Q1 25 | 0.6% | 6.9% | ||
| Q4 24 | 7.0% | 13.1% | ||
| Q3 24 | 4.0% | 3.6% | ||
| Q2 24 | 1.1% | 4.6% | ||
| Q1 24 | 1.1% | 6.3% |
现金转化率SMGUAN
| Q4 25 | — | — | ||
| Q3 25 | — | 2.13× | ||
| Q2 25 | 3.05× | 0.62× | ||
| Q1 25 | 0.86× | 2.04× | ||
| Q4 24 | — | 0.70× | ||
| Q3 24 | — | 22.78× | ||
| Q2 24 | 4.45× | 0.33× | ||
| Q1 24 | 1.93× | 3.37× |
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
SMG
| Growing Media And Mulch | $111.5M | 31% |
| Lawn Care | $109.5M | 31% |
| Controls | $59.8M | 17% |
| Other Products Primarily Gardening | $23.9M | 7% |
| Restated Marketing Agreement | $19.4M | 5% |
| Growingmedia | $12.6M | 4% |
| Otherprimarilygardeningandcontrols | $10.2M | 3% |
| Other | $7.5M | 2% |
UAN
| Product UAN | $64.7M | 49% |
| Product Ammonia | $50.5M | 39% |
| Products Other | $8.5M | 7% |
| Product Urea Products | $7.4M | 6% |
