vs
特诺控股（TROX）与Frontier Group Holdings, Inc.（ULCC）财务数据对比。点击上方公司名可切换其他公司
Frontier Group Holdings, Inc.的季度营收约是特诺控股的1.4倍（$997.0M vs $730.0M），Frontier Group Holdings, Inc.净利率更高（5.3% vs -24.1%，领先29.4%），特诺控股同比增速更快（8.0% vs -0.5%），特诺控股自由现金流更多（$53.0M vs $-113.0M），过去两年Frontier Group Holdings, Inc.的营收复合增速更高（7.4% vs -2.9%）
特诺控股是一家业务遍及全球的美国化工企业，专注于钛制品领域，现有员工约6500名。在收购南非埃萨罗资源原有的矿砂业务后，特诺已成为全球规模最大的全产业链二氧化钛颜料供应商。二氧化钛颜料主要为涂料、塑料、纸张等产品增白增亮，特诺还拥有钛矿砂开采及加工业务。
前沿通信母公司（Frontier Communications Parent, Inc.）是一家美国电信企业，拥有自营光纤网络，提供云服务，目前隶属于威瑞森。公司此前曾先后以公民公用事业公司、公民通信公司、前沿通信公司为名开展运营。
TROX vs ULCC — 直观对比
营收规模更大
ULCC
是对方的1.4倍
$730.0M
营收增速更快
TROX
高出8.5%
-0.5%
净利率更高
ULCC
高出29.4%
-24.1%
自由现金流更多
TROX
多$166.0M
$-113.0M
两年增速更快
ULCC
近两年复合增速
-2.9%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $730.0M | $997.0M |
| 净利润 | $-176.0M | $53.0M |
| 毛利率 | 5.3% | — |
| 营业利润率 | -15.6% | 4.9% |
| 净利率 | -24.1% | 5.3% |
| 营收同比 | 8.0% | -0.5% |
| 净利润同比 | -486.7% | -1.9% |
| 每股收益（稀释后） | $-1.11 | $0.24 |
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TROXULCC
| Q4 25 | $730.0M | $997.0M | ||
| Q3 25 | $699.0M | $886.0M | ||
| Q2 25 | $731.0M | $929.0M | ||
| Q1 25 | $738.0M | $912.0M | ||
| Q4 24 | $676.0M | $1.0B | ||
| Q3 24 | $804.0M | $935.0M | ||
| Q2 24 | $820.0M | $973.0M | ||
| Q1 24 | $774.0M | $865.0M |
净利润TROXULCC
| Q4 25 | $-176.0M | $53.0M | ||
| Q3 25 | $-99.0M | $-77.0M | ||
| Q2 25 | $-84.0M | $-70.0M | ||
| Q1 25 | $-111.0M | $-43.0M | ||
| Q4 24 | $-30.0M | $54.0M | ||
| Q3 24 | $-25.0M | $26.0M | ||
| Q2 24 | $16.0M | $31.0M | ||
| Q1 24 | $-9.0M | $-26.0M |
毛利率TROXULCC
| Q4 25 | 5.3% | — | ||
| Q3 25 | 7.4% | — | ||
| Q2 25 | 10.8% | — | ||
| Q1 25 | 13.4% | — | ||
| Q4 24 | 17.3% | — | ||
| Q3 24 | 15.9% | — | ||
| Q2 24 | 18.3% | — | ||
| Q1 24 | 15.5% | — |
营业利润率TROXULCC
| Q4 25 | -15.6% | 4.9% | ||
| Q3 25 | -6.2% | -8.7% | ||
| Q2 25 | -4.8% | -8.1% | ||
| Q1 25 | -8.3% | -5.0% | ||
| Q4 24 | 7.1% | 4.5% | ||
| Q3 24 | 6.7% | 2.0% | ||
| Q2 24 | 9.3% | 2.6% | ||
| Q1 24 | 5.3% | -3.6% |
净利率TROXULCC
| Q4 25 | -24.1% | 5.3% | ||
| Q3 25 | -14.2% | -8.7% | ||
| Q2 25 | -11.5% | -7.5% | ||
| Q1 25 | -15.0% | -4.7% | ||
| Q4 24 | -4.4% | 5.4% | ||
| Q3 24 | -3.1% | 2.8% | ||
| Q2 24 | 2.0% | 3.2% | ||
| Q1 24 | -1.2% | -3.0% |
每股收益（稀释后）TROXULCC
| Q4 25 | $-1.11 | $0.24 | ||
| Q3 25 | $-0.63 | $-0.34 | ||
| Q2 25 | $-0.53 | $-0.31 | ||
| Q1 25 | $-0.70 | $-0.19 | ||
| Q4 24 | $-0.19 | $0.24 | ||
| Q3 24 | $-0.16 | $0.11 | ||
| Q2 24 | $0.10 | $0.14 | ||
| Q1 24 | $-0.06 | $-0.12 |
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 | $199.0M | $671.0M |
| 总债务越低越好 | $3.1B | $620.0M |
| 股东权益账面价值 | $1.4B | $491.0M |
| 总资产 | $6.2B | $7.2B |
| 负债/权益比越低杠杆越低 | 2.21× | 1.26× |
8季度趋势，按日历期对齐
现金及短期投资TROXULCC
| Q4 25 | $199.0M | $671.0M | ||
| Q3 25 | $185.0M | $566.0M | ||
| Q2 25 | $132.0M | $563.0M | ||
| Q1 25 | $138.0M | $686.0M | ||
| Q4 24 | $151.0M | $740.0M | ||
| Q3 24 | $167.0M | $576.0M | ||
| Q2 24 | $201.0M | $658.0M | ||
| Q1 24 | $152.0M | $622.0M |
总债务TROXULCC
| Q4 25 | $3.1B | $620.0M | ||
| Q3 25 | $3.1B | $673.0M | ||
| Q2 25 | $2.7B | $565.0M | ||
| Q1 25 | $2.8B | $512.0M | ||
| Q4 24 | $2.8B | $507.0M | ||
| Q3 24 | $2.8B | $474.0M | ||
| Q2 24 | $2.8B | $455.0M | ||
| Q1 24 | $2.8B | $469.0M |
股东权益TROXULCC
| Q4 25 | $1.4B | $491.0M | ||
| Q3 25 | $1.6B | $434.0M | ||
| Q2 25 | $1.6B | $506.0M | ||
| Q1 25 | $1.7B | $570.0M | ||
| Q4 24 | $1.8B | $604.0M | ||
| Q3 24 | $1.9B | $549.0M | ||
| Q2 24 | $1.9B | $520.0M | ||
| Q1 24 | $1.9B | $484.0M |
总资产TROXULCC
| Q4 25 | $6.2B | $7.2B | ||
| Q3 25 | $6.3B | $6.7B | ||
| Q2 25 | $6.2B | $6.5B | ||
| Q1 25 | $6.1B | $6.5B | ||
| Q4 24 | $6.0B | $6.2B | ||
| Q3 24 | $6.2B | $5.8B | ||
| Q2 24 | $6.1B | $5.7B | ||
| Q1 24 | $6.0B | $5.2B |
负债/权益比TROXULCC
| Q4 25 | 2.21× | 1.26× | ||
| Q3 25 | 2.01× | 1.55× | ||
| Q2 25 | 1.67× | 1.12× | ||
| Q1 25 | 1.64× | 0.90× | ||
| Q4 24 | 1.57× | 0.84× | ||
| Q3 24 | 1.45× | 0.86× | ||
| Q2 24 | 1.47× | 0.88× | ||
| Q1 24 | 1.48× | 0.97× |
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 | $121.0M | $-91.0M |
| 自由现金流经营现金流 - 资本支出 | $53.0M | $-113.0M |
| 自由现金流率自由现金流/营收 | 7.3% | -11.3% |
| 资本支出强度资本支出/营收 | 9.3% | 2.2% |
| 现金转化率经营现金流/净利润 | — | -1.72× |
| 过去12个月自由现金流最近4个季度 | $-281.0M | $-600.0M |
8季度趋势，按日历期对齐
经营现金流TROXULCC
| Q4 25 | $121.0M | $-91.0M | ||
| Q3 25 | $-57.0M | $-215.0M | ||
| Q2 25 | $28.0M | $-133.0M | ||
| Q1 25 | $-32.0M | $-86.0M | ||
| Q4 24 | $82.0M | $87.0M | ||
| Q3 24 | $87.0M | $-156.0M | ||
| Q2 24 | $160.0M | $9.0M | ||
| Q1 24 | $-29.0M | $-22.0M |
自由现金流TROXULCC
| Q4 25 | $53.0M | $-113.0M | ||
| Q3 25 | $-137.0M | $-217.0M | ||
| Q2 25 | $-55.0M | $-166.0M | ||
| Q1 25 | $-142.0M | $-104.0M | ||
| Q4 24 | $-35.0M | $73.0M | ||
| Q3 24 | $-14.0M | $-170.0M | ||
| Q2 24 | $84.0M | $-22.0M | ||
| Q1 24 | $-105.0M | $-39.0M |
自由现金流率TROXULCC
| Q4 25 | 7.3% | -11.3% | ||
| Q3 25 | -19.6% | -24.5% | ||
| Q2 25 | -7.5% | -17.9% | ||
| Q1 25 | -19.2% | -11.4% | ||
| Q4 24 | -5.2% | 7.3% | ||
| Q3 24 | -1.7% | -18.2% | ||
| Q2 24 | 10.2% | -2.3% | ||
| Q1 24 | -13.6% | -4.5% |
资本支出强度TROXULCC
| Q4 25 | 9.3% | 2.2% | ||
| Q3 25 | 11.4% | 0.2% | ||
| Q2 25 | 11.4% | 3.6% | ||
| Q1 25 | 14.9% | 2.0% | ||
| Q4 24 | 17.3% | 1.4% | ||
| Q3 24 | 12.6% | 1.5% | ||
| Q2 24 | 9.3% | 3.2% | ||
| Q1 24 | 9.8% | 2.0% |
现金转化率TROXULCC
| Q4 25 | — | -1.72× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 1.61× | ||
| Q3 24 | — | -6.00× | ||
| Q2 24 | 10.00× | 0.29× | ||
| Q1 24 | — | — |
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
TROX
| Ti O2 | $577.0M | 79% |
| Zircon | $78.0M | 11% |
| Idle Facility And Lower Of Cost Or Net Realizable Value Charges | $42.0M | 6% |
| Other | $20.0M | 3% |
| MGT | $13.0M | 2% |
ULCC
| Aircraft Fare | $453.0M | 45% |
| Passenger Service Fees | $227.0M | 23% |
| Passenger Baggage | $177.0M | 18% |
| Passenger Seat Selection | $69.0M | 7% |
| Other Passenger Revenue | $36.0M | 4% |
| Other | $35.0M | 4% |
