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特诺控股（TROX）与WEX Inc.（WEX）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WEX Inc.的1.1倍（$730.0M vs $673.8M），WEX Inc.净利率更高（11.5% vs -24.1%，领先35.6%），特诺控股同比增速更快（8.0% vs 5.8%），特诺控股自由现金流更多（$53.0M vs $49.5M），过去两年WEX Inc.的营收复合增速更高（18.7% 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。
WEX Inc.是专注服务于美国商业及政府车队领域的支付处理与信息管理服务提供商，总部位于美国缅因州波特兰市，业务范围覆盖美国、加拿大、南美、欧洲、亚洲及澳大利亚等多个全球区域。
TROX vs WEX — 直观对比
营收规模更大
TROX
是对方的1.1倍
$673.8M
营收增速更快
TROX
高出2.1%
5.8%
净利率更高
WEX
高出35.6%
-24.1%
自由现金流更多
TROX
多$3.5M
$49.5M
两年增速更快
WEX
近两年复合增速
-2.9%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $730.0M | $673.8M |
| 净利润 | $-176.0M | $77.7M |
| 毛利率 | 5.3% | — |
| 营业利润率 | -15.6% | 23.5% |
| 净利率 | -24.1% | 11.5% |
| 营收同比 | 8.0% | 5.8% |
| 净利润同比 | -486.7% | 8.7% |
| 每股收益（稀释后） | $-1.11 | $2.22 |
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TROXWEX
| Q1 26 | — | $673.8M | ||
| Q4 25 | $730.0M | $465.1M | ||
| Q3 25 | $699.0M | $481.6M | ||
| Q2 25 | $731.0M | $454.4M | ||
| Q1 25 | $738.0M | $444.3M | ||
| Q4 24 | $676.0M | $440.3M | ||
| Q3 24 | $804.0M | $479.0M | ||
| Q2 24 | $820.0M | $478.6M |
净利润TROXWEX
| Q1 26 | — | $77.7M | ||
| Q4 25 | $-176.0M | $84.2M | ||
| Q3 25 | $-99.0M | $80.3M | ||
| Q2 25 | $-84.0M | $68.1M | ||
| Q1 25 | $-111.0M | $71.5M | ||
| Q4 24 | $-30.0M | $63.9M | ||
| Q3 24 | $-25.0M | $102.9M | ||
| Q2 24 | $16.0M | $77.0M |
毛利率TROXWEX
| Q1 26 | — | — | ||
| Q4 25 | 5.3% | 39.0% | ||
| Q3 25 | 7.4% | 43.0% | ||
| Q2 25 | 10.8% | 40.0% | ||
| Q1 25 | 13.4% | 39.2% | ||
| Q4 24 | 17.3% | 41.5% | ||
| Q3 24 | 15.9% | 48.0% | ||
| Q2 24 | 18.3% | 44.9% |
营业利润率TROXWEX
| Q1 26 | — | 23.5% | ||
| Q4 25 | -15.6% | 35.7% | ||
| Q3 25 | -6.2% | 38.1% | ||
| Q2 25 | -4.8% | 34.5% | ||
| Q1 25 | -8.3% | 35.4% | ||
| Q4 24 | 7.1% | 35.7% | ||
| Q3 24 | 6.7% | 41.0% | ||
| Q2 24 | 9.3% | 35.1% |
净利率TROXWEX
| Q1 26 | — | 11.5% | ||
| Q4 25 | -24.1% | 18.1% | ||
| Q3 25 | -14.2% | 16.7% | ||
| Q2 25 | -11.5% | 15.0% | ||
| Q1 25 | -15.0% | 16.1% | ||
| Q4 24 | -4.4% | 14.5% | ||
| Q3 24 | -3.1% | 21.5% | ||
| Q2 24 | 2.0% | 16.1% |
每股收益（稀释后）TROXWEX
| Q1 26 | — | $2.22 | ||
| Q4 25 | $-1.11 | $2.38 | ||
| Q3 25 | $-0.63 | $2.30 | ||
| Q2 25 | $-0.53 | $1.98 | ||
| Q1 25 | $-0.70 | $1.81 | ||
| Q4 24 | $-0.19 | $1.60 | ||
| Q3 24 | $-0.16 | $2.52 | ||
| Q2 24 | $0.10 | $1.83 |
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 | $633.5M |
| 总债务越低越好 | $3.1B | — |
| 股东权益账面价值 | $1.4B | $1.3B |
| 总资产 | $6.2B | $15.4B |
| 负债/权益比越低杠杆越低 | 2.21× | — |
8季度趋势，按日历期对齐
现金及短期投资TROXWEX
| Q1 26 | — | $633.5M | ||
| Q4 25 | $199.0M | $5.2B | ||
| Q3 25 | $185.0M | $4.9B | ||
| Q2 25 | $132.0M | $4.9B | ||
| Q1 25 | $138.0M | $4.4B | ||
| Q4 24 | $151.0M | $4.4B | ||
| Q3 24 | $167.0M | $4.3B | ||
| Q2 24 | $201.0M | $4.0B |
总债务TROXWEX
| Q1 26 | — | — | ||
| Q4 25 | $3.1B | — | ||
| Q3 25 | $3.1B | — | ||
| Q2 25 | $2.7B | — | ||
| Q1 25 | $2.8B | — | ||
| Q4 24 | $2.8B | — | ||
| Q3 24 | $2.8B | — | ||
| Q2 24 | $2.8B | — |
股东权益TROXWEX
| Q1 26 | — | $1.3B | ||
| Q4 25 | $1.4B | $1.2B | ||
| Q3 25 | $1.6B | $1.1B | ||
| Q2 25 | $1.6B | $978.7M | ||
| Q1 25 | $1.7B | $810.4M | ||
| Q4 24 | $1.8B | $1.5B | ||
| Q3 24 | $1.9B | $1.7B | ||
| Q2 24 | $1.9B | $1.8B |
总资产TROXWEX
| Q1 26 | — | $15.4B | ||
| Q4 25 | $6.2B | $14.4B | ||
| Q3 25 | $6.3B | $14.4B | ||
| Q2 25 | $6.2B | $14.7B | ||
| Q1 25 | $6.1B | $14.0B | ||
| Q4 24 | $6.0B | $13.3B | ||
| Q3 24 | $6.2B | $14.0B | ||
| Q2 24 | $6.1B | $14.2B |
负债/权益比TROXWEX
| Q1 26 | — | — | ||
| Q4 25 | 2.21× | — | ||
| Q3 25 | 2.01× | — | ||
| Q2 25 | 1.67× | — | ||
| Q1 25 | 1.64× | — | ||
| Q4 24 | 1.57× | — | ||
| Q3 24 | 1.45× | — | ||
| Q2 24 | 1.47× | — |
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 | — |
| 自由现金流经营现金流 - 资本支出 | $53.0M | $49.5M |
| 自由现金流率自由现金流/营收 | 7.3% | 7.3% |
| 资本支出强度资本支出/营收 | 9.3% | 5.6% |
| 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 | $877.4M |
8季度趋势，按日历期对齐
经营现金流TROXWEX
| Q1 26 | — | — | ||
| Q4 25 | $121.0M | $294.7M | ||
| Q3 25 | $-57.0M | $376.6M | ||
| Q2 25 | $28.0M | $264.6M | ||
| Q1 25 | $-32.0M | $-481.6M | ||
| Q4 24 | $82.0M | $638.4M | ||
| Q3 24 | $87.0M | $3.3M | ||
| Q2 24 | $160.0M | $-7.0M |
自由现金流TROXWEX
| Q1 26 | — | $49.5M | ||
| Q4 25 | $53.0M | $256.3M | ||
| Q3 25 | $-137.0M | $341.6M | ||
| Q2 25 | $-55.0M | $230.0M | ||
| Q1 25 | $-142.0M | $-514.2M | ||
| Q4 24 | $-35.0M | $599.7M | ||
| Q3 24 | $-14.0M | $-31.7M | ||
| Q2 24 | $84.0M | $-46.6M |
自由现金流率TROXWEX
| Q1 26 | — | 7.3% | ||
| Q4 25 | 7.3% | 55.1% | ||
| Q3 25 | -19.6% | 70.9% | ||
| Q2 25 | -7.5% | 50.6% | ||
| Q1 25 | -19.2% | -115.7% | ||
| Q4 24 | -5.2% | 136.2% | ||
| Q3 24 | -1.7% | -6.6% | ||
| Q2 24 | 10.2% | -9.7% |
资本支出强度TROXWEX
| Q1 26 | — | 5.6% | ||
| Q4 25 | 9.3% | 8.3% | ||
| Q3 25 | 11.4% | 7.3% | ||
| Q2 25 | 11.4% | 7.6% | ||
| Q1 25 | 14.9% | 7.3% | ||
| Q4 24 | 17.3% | 8.8% | ||
| Q3 24 | 12.6% | 7.3% | ||
| Q2 24 | 9.3% | 8.3% |
现金转化率TROXWEX
| Q1 26 | — | — | ||
| Q4 25 | — | 3.50× | ||
| Q3 25 | — | 4.69× | ||
| Q2 25 | — | 3.89× | ||
| Q1 25 | — | -6.74× | ||
| Q4 24 | — | 9.99× | ||
| Q3 24 | — | 0.03× | ||
| Q2 24 | 10.00× | -0.09× |
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% |
WEX
| Payment processing revenue | $284.2M | 42% |
| Account servicing revenue | $182.5M | 27% |
| Other revenue | $127.0M | 19% |
| Finance fee revenue | $80.1M | 12% |
