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特诺控股（TROX）与威世（VSH）财务数据对比。点击上方公司名可切换其他公司
威世的季度营收约是特诺控股的1.1倍（$800.9M vs $730.0M），威世净利率更高（0.1% vs -24.1%，领先24.2%），威世同比增速更快（12.1% vs 8.0%），威世自由现金流更多（$54.6M vs $53.0M），过去两年威世的营收复合增速更高（3.6% 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。
威世（Vishay Intertechnology）是美国知名的分立半导体与被动电子元器件制造商，由企业家菲利克斯·赞德曼创立。公司在以色列、亚洲、欧洲、美洲均设有生产基地，产品覆盖整流器、二极管、MOSFET、光电器件、精选集成电路、电阻器、电容器、电感器等品类，2024年营收达29亿美元，全球全职员工约2.27万人。
TROX vs VSH — 直观对比
营收规模更大
VSH
是对方的1.1倍
$730.0M
营收增速更快
VSH
高出4.1%
8.0%
净利率更高
VSH
高出24.2%
-24.1%
自由现金流更多
VSH
多$1.6M
$53.0M
两年增速更快
VSH
近两年复合增速
-2.9%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $730.0M | $800.9M |
| 净利润 | $-176.0M | $986.0K |
| 毛利率 | 5.3% | 19.6% |
| 营业利润率 | -15.6% | 1.8% |
| 净利率 | -24.1% | 0.1% |
| 营收同比 | 8.0% | 12.1% |
| 净利润同比 | -486.7% | 101.5% |
| 每股收益（稀释后） | $-1.11 | $0.01 |
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TROXVSH
| Q4 25 | $730.0M | $800.9M | ||
| Q3 25 | $699.0M | $790.6M | ||
| Q2 25 | $731.0M | $762.3M | ||
| Q1 25 | $738.0M | $715.2M | ||
| Q4 24 | $676.0M | $714.7M | ||
| Q3 24 | $804.0M | $735.4M | ||
| Q2 24 | $820.0M | $741.2M | ||
| Q1 24 | $774.0M | $746.3M |
净利润TROXVSH
| Q4 25 | $-176.0M | $986.0K | ||
| Q3 25 | $-99.0M | $-7.9M | ||
| Q2 25 | $-84.0M | $2.0M | ||
| Q1 25 | $-111.0M | $-4.1M | ||
| Q4 24 | $-30.0M | $-66.1M | ||
| Q3 24 | $-25.0M | $-19.3M | ||
| Q2 24 | $16.0M | $23.5M | ||
| Q1 24 | $-9.0M | $30.9M |
毛利率TROXVSH
| Q4 25 | 5.3% | 19.6% | ||
| Q3 25 | 7.4% | 19.5% | ||
| Q2 25 | 10.8% | 19.5% | ||
| Q1 25 | 13.4% | 19.0% | ||
| Q4 24 | 17.3% | 19.9% | ||
| Q3 24 | 15.9% | 20.5% | ||
| Q2 24 | 18.3% | 22.0% | ||
| Q1 24 | 15.5% | 22.8% |
营业利润率TROXVSH
| Q4 25 | -15.6% | 1.8% | ||
| Q3 25 | -6.2% | 2.4% | ||
| Q2 25 | -4.8% | 2.9% | ||
| Q1 25 | -8.3% | 0.1% | ||
| Q4 24 | 7.1% | -7.9% | ||
| Q3 24 | 6.7% | -2.5% | ||
| Q2 24 | 9.3% | 5.1% | ||
| Q1 24 | 5.3% | 5.7% |
净利率TROXVSH
| Q4 25 | -24.1% | 0.1% | ||
| Q3 25 | -14.2% | -1.0% | ||
| Q2 25 | -11.5% | 0.3% | ||
| Q1 25 | -15.0% | -0.6% | ||
| Q4 24 | -4.4% | -9.2% | ||
| Q3 24 | -3.1% | -2.6% | ||
| Q2 24 | 2.0% | 3.2% | ||
| Q1 24 | -1.2% | 4.1% |
每股收益（稀释后）TROXVSH
| Q4 25 | $-1.11 | $0.01 | ||
| Q3 25 | $-0.63 | $-0.06 | ||
| Q2 25 | $-0.53 | $0.01 | ||
| Q1 25 | $-0.70 | $-0.03 | ||
| Q4 24 | $-0.19 | $-0.48 | ||
| Q3 24 | $-0.16 | $-0.14 | ||
| Q2 24 | $0.10 | $0.17 | ||
| Q1 24 | $-0.06 | $0.22 |
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 | $515.0M |
| 总债务越低越好 | $3.1B | $950.9M |
| 股东权益账面价值 | $1.4B | $2.1B |
| 总资产 | $6.2B | $4.2B |
| 负债/权益比越低杠杆越低 | 2.21× | 0.46× |
8季度趋势，按日历期对齐
现金及短期投资TROXVSH
| Q4 25 | $199.0M | $515.0M | ||
| Q3 25 | $185.0M | $443.9M | ||
| Q2 25 | $132.0M | $473.9M | ||
| Q1 25 | $138.0M | $609.4M | ||
| Q4 24 | $151.0M | $590.3M | ||
| Q3 24 | $167.0M | $643.8M | ||
| Q2 24 | $201.0M | $672.7M | ||
| Q1 24 | $152.0M | $796.5M |
总债务TROXVSH
| Q4 25 | $3.1B | $950.9M | ||
| Q3 25 | $3.1B | $919.7M | ||
| Q2 25 | $2.7B | $914.5M | ||
| Q1 25 | $2.8B | $988.2M | ||
| Q4 24 | $2.8B | $905.0M | ||
| Q3 24 | $2.8B | $820.8M | ||
| Q2 24 | $2.8B | $820.6M | ||
| Q1 24 | $2.8B | $819.4M |
股东权益TROXVSH
| Q4 25 | $1.4B | $2.1B | ||
| Q3 25 | $1.6B | $2.1B | ||
| Q2 25 | $1.6B | $2.1B | ||
| Q1 25 | $1.7B | $2.0B | ||
| Q4 24 | $1.8B | $2.0B | ||
| Q3 24 | $1.9B | $2.2B | ||
| Q2 24 | $1.9B | $2.2B | ||
| Q1 24 | $1.9B | $2.2B |
总资产TROXVSH
| Q4 25 | $6.2B | $4.2B | ||
| Q3 25 | $6.3B | $4.2B | ||
| Q2 25 | $6.2B | $4.2B | ||
| Q1 25 | $6.1B | $4.2B | ||
| Q4 24 | $6.0B | $4.1B | ||
| Q3 24 | $6.2B | $4.2B | ||
| Q2 24 | $6.1B | $4.2B | ||
| Q1 24 | $6.0B | $4.3B |
负债/权益比TROXVSH
| Q4 25 | 2.21× | 0.46× | ||
| Q3 25 | 2.01× | 0.44× | ||
| Q2 25 | 1.67× | 0.44× | ||
| Q1 25 | 1.64× | 0.49× | ||
| Q4 24 | 1.57× | 0.45× | ||
| Q3 24 | 1.45× | 0.38× | ||
| Q2 24 | 1.47× | 0.38× | ||
| Q1 24 | 1.48× | 0.38× |
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 | $149.4M |
| 自由现金流经营现金流 - 资本支出 | $53.0M | $54.6M |
| 自由现金流率自由现金流/营收 | 7.3% | 6.8% |
| 资本支出强度资本支出/营收 | 9.3% | 11.8% |
| 现金转化率经营现金流/净利润 | — | 151.48× |
| 过去12个月自由现金流最近4个季度 | $-281.0M | $-89.0M |
8季度趋势，按日历期对齐
经营现金流TROXVSH
| Q4 25 | $121.0M | $149.4M | ||
| Q3 25 | $-57.0M | $27.6M | ||
| Q2 25 | $28.0M | $-8.8M | ||
| Q1 25 | $-32.0M | $16.1M | ||
| Q4 24 | $82.0M | $67.7M | ||
| Q3 24 | $87.0M | $50.6M | ||
| Q2 24 | $160.0M | $-24.7M | ||
| Q1 24 | $-29.0M | $80.2M |
自由现金流TROXVSH
| Q4 25 | $53.0M | $54.6M | ||
| Q3 25 | $-137.0M | $-24.7M | ||
| Q2 25 | $-55.0M | $-73.4M | ||
| Q1 25 | $-142.0M | $-45.5M | ||
| Q4 24 | $-35.0M | $-77.2M | ||
| Q3 24 | $-14.0M | $-9.0M | ||
| Q2 24 | $84.0M | $-87.3M | ||
| Q1 24 | $-105.0M | $27.1M |
自由现金流率TROXVSH
| Q4 25 | 7.3% | 6.8% | ||
| Q3 25 | -19.6% | -3.1% | ||
| Q2 25 | -7.5% | -9.6% | ||
| Q1 25 | -19.2% | -6.4% | ||
| Q4 24 | -5.2% | -10.8% | ||
| Q3 24 | -1.7% | -1.2% | ||
| Q2 24 | 10.2% | -11.8% | ||
| Q1 24 | -13.6% | 3.6% |
资本支出强度TROXVSH
| Q4 25 | 9.3% | 11.8% | ||
| Q3 25 | 11.4% | 6.6% | ||
| Q2 25 | 11.4% | 8.5% | ||
| Q1 25 | 14.9% | 8.6% | ||
| Q4 24 | 17.3% | 20.3% | ||
| Q3 24 | 12.6% | 8.1% | ||
| Q2 24 | 9.3% | 8.4% | ||
| Q1 24 | 9.8% | 7.1% |
现金转化率TROXVSH
| Q4 25 | — | 151.48× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | -4.39× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | 10.00× | -1.05× | ||
| Q1 24 | — | 2.59× |
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% |
VSH
| Resistors Segment | $189.4M | 24% |
| Diodes Segment | $154.2M | 19% |
| Capacitors Segment | $136.5M | 17% |
| Other | $126.4M | 16% |
| Inductors Segment | $92.6M | 12% |
| Optoelectronic Components Segment | $55.7M | 7% |
| EMS Companies | $51.6M | 6% |
