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特诺控股（TROX）与VALHI INC（VHI）财务数据对比。点击上方公司名可切换其他公司
特诺控股的季度营收约是VALHI INC的1.5倍（$730.0M vs $494.5M）。VALHI INC净利率更高（-10.8% vs -24.1%，领先13.4%）。特诺控股同比增速更快（8.0% vs 2.8%）。VALHI INC自由现金流更多（$89.8M vs $53.0M）。过去两年特诺控股的营收复合增速更高（-2.9% vs -3.5%）
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。
Valhi是一家美国控股公司，1987年由LLC公司与合并糖业公司合并成立，通过全资及控股子公司在多个不同行业开展业务。截至2014年12月，Contran公司持有其93%的普通股，2014年已跻身财富美国1000强企业之列。
TROX vs VHI — 直观对比
营收规模更大
TROX
是对方的1.5倍
$494.5M
营收增速更快
TROX
高出5.2%
2.8%
净利率更高
VHI
高出13.4%
-24.1%
自由现金流更多
VHI
多$36.8M
$53.0M
两年增速更快
TROX
近两年复合增速
-3.5%
损益表 — Q4 2025 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $730.0M | $494.5M |
| 净利润 | $-176.0M | $-53.2M |
| 毛利率 | 5.3% | 6.9% |
| 营业利润率 | -15.6% | -6.2% |
| 净利率 | -24.1% | -10.8% |
| 营收同比 | 8.0% | 2.8% |
| 净利润同比 | -486.7% | -333.3% |
| 每股收益（稀释后） | $-1.11 | $-1.86 |
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TROXVHI
| Q4 25 | $730.0M | $494.5M | ||
| Q3 25 | $699.0M | $503.5M | ||
| Q2 25 | $731.0M | $540.4M | ||
| Q1 25 | $738.0M | $538.6M | ||
| Q4 24 | $676.0M | $480.9M | ||
| Q3 24 | $804.0M | $533.6M | ||
| Q2 24 | $820.0M | $559.7M | ||
| Q1 24 | $774.0M | $530.6M |
净利润TROXVHI
| Q4 25 | $-176.0M | $-53.2M | ||
| Q3 25 | $-99.0M | $-22.2M | ||
| Q2 25 | $-84.0M | $900.0K | ||
| Q1 25 | $-111.0M | $16.9M | ||
| Q4 24 | $-30.0M | $22.8M | ||
| Q3 24 | $-25.0M | $57.5M | ||
| Q2 24 | $16.0M | $19.9M | ||
| Q1 24 | $-9.0M | $7.8M |
毛利率TROXVHI
| Q4 25 | 5.3% | 6.9% | ||
| Q3 25 | 7.4% | 12.0% | ||
| Q2 25 | 10.8% | 14.5% | ||
| Q1 25 | 13.4% | 22.7% | ||
| Q4 24 | 17.3% | 20.9% | ||
| Q3 24 | 15.9% | 21.8% | ||
| Q2 24 | 18.3% | 21.7% | ||
| Q1 24 | 15.5% | 16.3% |
营业利润率TROXVHI
| Q4 25 | -15.6% | -6.2% | ||
| Q3 25 | -6.2% | 1.7% | ||
| Q2 25 | -4.8% | 6.6% | ||
| Q1 25 | -8.3% | 9.3% | ||
| Q4 24 | 7.1% | 11.8% | ||
| Q3 24 | 6.7% | 12.7% | ||
| Q2 24 | 9.3% | 9.8% | ||
| Q1 24 | 5.3% | 5.9% |
净利率TROXVHI
| Q4 25 | -24.1% | -10.8% | ||
| Q3 25 | -14.2% | -4.4% | ||
| Q2 25 | -11.5% | 0.2% | ||
| Q1 25 | -15.0% | 3.1% | ||
| Q4 24 | -4.4% | 4.7% | ||
| Q3 24 | -3.1% | 10.8% | ||
| Q2 24 | 2.0% | 3.6% | ||
| Q1 24 | -1.2% | 1.5% |
每股收益（稀释后）TROXVHI
| Q4 25 | $-1.11 | $-1.86 | ||
| Q3 25 | $-0.63 | $-0.78 | ||
| Q2 25 | $-0.53 | $0.03 | ||
| Q1 25 | $-0.70 | $0.59 | ||
| Q4 24 | $-0.19 | $0.81 | ||
| Q3 24 | $-0.16 | $2.01 | ||
| Q2 24 | $0.10 | $0.70 | ||
| Q1 24 | $-0.06 | $0.27 |
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 | $216.9M |
| 总债务越低越好 | $3.1B | $590.9M |
| 股东权益账面价值 | $1.4B | $1.0B |
| 总资产 | $6.2B | $2.6B |
| 负债/权益比越低杠杆越低 | 2.21× | 0.58× |
8季度趋势，按日历期对齐
现金及短期投资TROXVHI
| Q4 25 | $199.0M | $216.9M | ||
| Q3 25 | $185.0M | $186.6M | ||
| Q2 25 | $132.0M | $190.9M | ||
| Q1 25 | $138.0M | $196.4M | ||
| Q4 24 | $151.0M | $350.2M | ||
| Q3 24 | $167.0M | $316.7M | ||
| Q2 24 | $201.0M | $386.9M | ||
| Q1 24 | $152.0M | $372.7M |
总债务TROXVHI
| Q4 25 | $3.1B | $590.9M | ||
| Q3 25 | $3.1B | $661.5M | ||
| Q2 25 | $2.7B | $544.8M | ||
| Q1 25 | $2.8B | $525.9M | ||
| Q4 24 | $2.8B | $484.4M | ||
| Q3 24 | $2.8B | $526.6M | ||
| Q2 24 | $2.8B | $497.4M | ||
| Q1 24 | $2.8B | $511.2M |
股东权益TROXVHI
| Q4 25 | $1.4B | $1.0B | ||
| Q3 25 | $1.6B | $1.0B | ||
| Q2 25 | $1.6B | $1.1B | ||
| Q1 25 | $1.7B | $1.1B | ||
| Q4 24 | $1.8B | $1.0B | ||
| Q3 24 | $1.9B | $1.0B | ||
| Q2 24 | $1.9B | $962.6M | ||
| Q1 24 | $1.9B | $928.2M |
总资产TROXVHI
| Q4 25 | $6.2B | $2.6B | ||
| Q3 25 | $6.3B | $2.7B | ||
| Q2 25 | $6.2B | $2.8B | ||
| Q1 25 | $6.1B | $2.8B | ||
| Q4 24 | $6.0B | $2.8B | ||
| Q3 24 | $6.2B | $2.8B | ||
| Q2 24 | $6.1B | $2.5B | ||
| Q1 24 | $6.0B | $2.6B |
负债/权益比TROXVHI
| Q4 25 | 2.21× | 0.58× | ||
| Q3 25 | 2.01× | 0.63× | ||
| Q2 25 | 1.67× | 0.51× | ||
| Q1 25 | 1.64× | 0.49× | ||
| Q4 24 | 1.57× | 0.47× | ||
| Q3 24 | 1.45× | 0.52× | ||
| Q2 24 | 1.47× | 0.52× | ||
| Q1 24 | 1.48× | 0.55× |
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 | $100.6M |
| 自由现金流经营现金流 - 资本支出 | $53.0M | $89.8M |
| 自由现金流率自由现金流/营收 | 7.3% | 18.2% |
| 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 | — | — |
| 过去12个月自由现金流最近4个季度 | $-281.0M | $-82.1M |
8季度趋势，按日历期对齐
经营现金流TROXVHI
| Q4 25 | $121.0M | $100.6M | ||
| Q3 25 | $-57.0M | $-1.9M | ||
| Q2 25 | $28.0M | $21.7M | ||
| Q1 25 | $-32.0M | $-155.9M | ||
| Q4 24 | $82.0M | $45.8M | ||
| Q3 24 | $87.0M | $13.5M | ||
| Q2 24 | $160.0M | $33.5M | ||
| Q1 24 | $-29.0M | $-48.8M |
自由现金流TROXVHI
| Q4 25 | $53.0M | $89.8M | ||
| Q3 25 | $-137.0M | $-12.3M | ||
| Q2 25 | $-55.0M | $9.1M | ||
| Q1 25 | $-142.0M | $-168.7M | ||
| Q4 24 | $-35.0M | $33.3M | ||
| Q3 24 | $-14.0M | $3.9M | ||
| Q2 24 | $84.0M | $29.7M | ||
| Q1 24 | $-105.0M | $-53.8M |
自由现金流率TROXVHI
| Q4 25 | 7.3% | 18.2% | ||
| Q3 25 | -19.6% | -2.4% | ||
| Q2 25 | -7.5% | 1.7% | ||
| Q1 25 | -19.2% | -31.3% | ||
| Q4 24 | -5.2% | 6.9% | ||
| Q3 24 | -1.7% | 0.7% | ||
| Q2 24 | 10.2% | 5.3% | ||
| Q1 24 | -13.6% | -10.1% |
资本支出强度TROXVHI
| Q4 25 | 9.3% | 2.2% | ||
| Q3 25 | 11.4% | 2.1% | ||
| Q2 25 | 11.4% | 2.3% | ||
| Q1 25 | 14.9% | 2.4% | ||
| Q4 24 | 17.3% | 2.6% | ||
| Q3 24 | 12.6% | 1.8% | ||
| Q2 24 | 9.3% | 0.7% | ||
| Q1 24 | 9.8% | 0.9% |
现金转化率TROXVHI
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | 24.11× | ||
| Q1 25 | — | -9.22× | ||
| Q4 24 | — | 2.01× | ||
| Q3 24 | — | 0.23× | ||
| Q2 24 | 10.00× | 1.68× | ||
| Q1 24 | — | -6.26× |
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% |
VHI
| Chemicals | $418.3M | 85% |
| Real Estate Management And Development | $38.5M | 8% |
| Security Products | $29.5M | 6% |
| Marine Components | $8.2M | 2% |
