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西湖化学（WLK）与Westlake Chemical Partners LP（WLKP）财务数据对比。点击上方公司名可切换其他公司
西湖化学的季度营收约是Westlake Chemical Partners LP的7.8倍（$2.5B vs $323.0M）。Westlake Chemical Partners LP净利率更高（4.5% vs -21.5%，领先26.0%）。Westlake Chemical Partners LP同比增速更快（11.4% vs -10.9%）。Westlake Chemical Partners LP自由现金流更多（$111.5M vs $-16.0M）。过去两年Westlake Chemical Partners LP的营收复合增速更高（6.5% vs -7.7%）
西湖化学是国际知名的石化产品、聚合物及装配式建筑产品生产商与供应商，产品广泛应用于各类消费及工业市场。公司1986年由赵廷箴创立，是美国最大的低密度聚乙烯生产商，位列福布斯全球2000强，业务分为烯烃和乙烯基两大板块，具备乙烯基产品下游一体化生产能力。
Westlake Chemical Partners LP是一家石化领域有限合伙企业，主营乙烯、聚乙烯、苯乙烯单体等基础石化产品的生产与销售，核心市场覆盖北美地区，服务包装、建材、消费品、工业制造等下游行业客户。
WLK vs WLKP — 直观对比
营收规模更大
WLK
是对方的7.8倍
$323.0M
营收增速更快
WLKP
高出22.3%
-10.9%
净利率更高
WLKP
高出26.0%
-21.5%
自由现金流更多
WLKP
多$127.5M
$-16.0M
两年增速更快
WLKP
近两年复合增速
-7.7%
损益表 — Q4 2025 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $2.5B | $323.0M |
| 净利润 | $-544.0M | $14.5M |
| 毛利率 | 3.4% | 30.0% |
| 营业利润率 | -26.5% | 27.8% |
| 净利率 | -21.5% | 4.5% |
| 营收同比 | -10.9% | 11.4% |
| 净利润同比 | -7871.4% | -3.0% |
| 每股收益（稀释后） | $-4.22 | — |
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WLKWLKP
| Q4 25 | $2.5B | $323.0M | ||
| Q3 25 | $2.8B | $308.9M | ||
| Q2 25 | $3.0B | $297.1M | ||
| Q1 25 | $2.8B | $237.6M | ||
| Q4 24 | $2.8B | $290.1M | ||
| Q3 24 | $3.1B | $277.0M | ||
| Q2 24 | $3.2B | $284.2M | ||
| Q1 24 | $3.0B | $284.7M |
净利润WLKWLKP
| Q4 25 | $-544.0M | $14.5M | ||
| Q3 25 | $-782.0M | $14.7M | ||
| Q2 25 | $-142.0M | $14.6M | ||
| Q1 25 | $-40.0M | $4.9M | ||
| Q4 24 | $7.0M | $15.0M | ||
| Q3 24 | $108.0M | $18.1M | ||
| Q2 24 | $313.0M | $14.4M | ||
| Q1 24 | $174.0M | $14.8M |
毛利率WLKWLKP
| Q4 25 | 3.4% | 30.0% | ||
| Q3 25 | 8.3% | 32.2% | ||
| Q2 25 | 8.7% | 32.8% | ||
| Q1 25 | 8.2% | 22.8% | ||
| Q4 24 | 11.5% | 34.0% | ||
| Q3 24 | 16.0% | 42.2% | ||
| Q2 24 | 20.7% | 35.6% | ||
| Q1 24 | 15.7% | 35.9% |
营业利润率WLKWLKP
| Q4 25 | -26.5% | 27.8% | ||
| Q3 25 | -27.0% | 29.8% | ||
| Q2 25 | -3.7% | 30.7% | ||
| Q1 25 | -1.1% | 19.6% | ||
| Q4 24 | 2.3% | 31.7% | ||
| Q3 24 | 5.8% | 39.6% | ||
| Q2 24 | 12.7% | 32.9% | ||
| Q1 24 | 7.5% | 33.4% |
净利率WLKWLKP
| Q4 25 | -21.5% | 4.5% | ||
| Q3 25 | -27.6% | 4.7% | ||
| Q2 25 | -4.8% | 4.9% | ||
| Q1 25 | -1.4% | 2.1% | ||
| Q4 24 | 0.2% | 5.2% | ||
| Q3 24 | 3.5% | 6.5% | ||
| Q2 24 | 9.8% | 5.1% | ||
| Q1 24 | 5.8% | 5.2% |
每股收益（稀释后）WLKWLKP
| Q4 25 | $-4.22 | — | ||
| Q3 25 | $-6.06 | — | ||
| Q2 25 | $-1.11 | — | ||
| Q1 25 | $-0.31 | — | ||
| Q4 24 | $0.07 | — | ||
| Q3 24 | $0.83 | — | ||
| Q2 24 | $2.40 | — | ||
| Q1 24 | $1.34 | — |
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 | $2.7B | $44.3M |
| 总债务越低越好 | $5.6B | — |
| 股东权益账面价值 | $8.8B | — |
| 总资产 | $20.0B | $1.3B |
| 负债/权益比越低杠杆越低 | 0.64× | — |
8季度趋势，按日历期对齐
现金及短期投资WLKWLKP
| Q4 25 | $2.7B | $44.3M | ||
| Q3 25 | $1.9B | $37.9M | ||
| Q2 25 | $2.1B | $36.6M | ||
| Q1 25 | $2.3B | $49.6M | ||
| Q4 24 | $2.9B | $58.3M | ||
| Q3 24 | $2.9B | $60.2M | ||
| Q2 24 | $3.0B | $66.0M | ||
| Q1 24 | $3.1B | $55.8M |
总债务WLKWLKP
| Q4 25 | $5.6B | — | ||
| Q3 25 | $4.7B | — | ||
| Q2 25 | $4.7B | — | ||
| Q1 25 | $4.6B | — | ||
| Q4 24 | $4.6B | — | ||
| Q3 24 | $4.6B | — | ||
| Q2 24 | $4.9B | — | ||
| Q1 24 | $4.9B | — |
股东权益WLKWLKP
| Q4 25 | $8.8B | — | ||
| Q3 25 | $9.4B | — | ||
| Q2 25 | $10.3B | — | ||
| Q1 25 | $10.4B | — | ||
| Q4 24 | $10.5B | — | ||
| Q3 24 | $10.7B | — | ||
| Q2 24 | $10.6B | — | ||
| Q1 24 | $10.3B | — |
总资产WLKWLKP
| Q4 25 | $20.0B | $1.3B | ||
| Q3 25 | $19.8B | $1.3B | ||
| Q2 25 | $20.8B | $1.3B | ||
| Q1 25 | $20.7B | $1.4B | ||
| Q4 24 | $20.8B | $1.3B | ||
| Q3 24 | $21.1B | $1.3B | ||
| Q2 24 | $21.1B | $1.3B | ||
| Q1 24 | $21.0B | $1.3B |
负债/权益比WLKWLKP
| Q4 25 | 0.64× | — | ||
| Q3 25 | 0.49× | — | ||
| Q2 25 | 0.45× | — | ||
| Q1 25 | 0.44× | — | ||
| Q4 24 | 0.43× | — | ||
| Q3 24 | 0.43× | — | ||
| Q2 24 | 0.46× | — | ||
| Q1 24 | 0.47× | — |
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 | $225.0M | $120.4M |
| 自由现金流经营现金流 - 资本支出 | $-16.0M | $111.5M |
| 自由现金流率自由现金流/营收 | -0.6% | 34.5% |
| 资本支出强度资本支出/营收 | 9.5% | 2.7% |
| 现金转化率经营现金流/净利润 | — | 8.28× |
| 过去12个月自由现金流最近4个季度 | $-530.0M | $201.7M |
8季度趋势，按日历期对齐
经营现金流WLKWLKP
| Q4 25 | $225.0M | $120.4M | ||
| Q3 25 | $182.0M | $105.2M | ||
| Q2 25 | $135.0M | $9.1M | ||
| Q1 25 | $-77.0M | $45.8M | ||
| Q4 24 | $434.0M | $132.5M | ||
| Q3 24 | $474.0M | $126.1M | ||
| Q2 24 | $237.0M | $121.9M | ||
| Q1 24 | $169.0M | $104.6M |
自由现金流WLKWLKP
| Q4 25 | $-16.0M | $111.5M | ||
| Q3 25 | $-57.0M | $75.6M | ||
| Q2 25 | $-132.0M | $-15.3M | ||
| Q1 25 | $-325.0M | $29.8M | ||
| Q4 24 | $149.0M | $119.0M | ||
| Q3 24 | $254.0M | $110.5M | ||
| Q2 24 | $6.0M | $111.7M | ||
| Q1 24 | $-103.0M | $94.8M |
自由现金流率WLKWLKP
| Q4 25 | -0.6% | 34.5% | ||
| Q3 25 | -2.0% | 24.5% | ||
| Q2 25 | -4.5% | -5.2% | ||
| Q1 25 | -11.4% | 12.6% | ||
| Q4 24 | 5.2% | 41.0% | ||
| Q3 24 | 8.1% | 39.9% | ||
| Q2 24 | 0.2% | 39.3% | ||
| Q1 24 | -3.5% | 33.3% |
资本支出强度WLKWLKP
| Q4 25 | 9.5% | 2.7% | ||
| Q3 25 | 8.4% | 9.6% | ||
| Q2 25 | 9.0% | 8.2% | ||
| Q1 25 | 8.7% | 6.7% | ||
| Q4 24 | 10.0% | 4.6% | ||
| Q3 24 | 7.1% | 5.6% | ||
| Q2 24 | 7.2% | 3.6% | ||
| Q1 24 | 9.1% | 3.4% |
现金转化率WLKWLKP
| Q4 25 | — | 8.28× | ||
| Q3 25 | — | 7.18× | ||
| Q2 25 | — | 0.62× | ||
| Q1 25 | — | 9.25× | ||
| Q4 24 | 62.00× | 8.83× | ||
| Q3 24 | 4.39× | 6.95× | ||
| Q2 24 | 0.76× | 8.45× | ||
| Q1 24 | 0.97× | 7.05× |
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
WLK
| Performance Materials | $930.0M | 37% |
| Housing Products | $767.0M | 30% |
| Essential Materials | $702.0M | 28% |
| Infrastructure Products | $134.0M | 5% |
WLKP
| Affiliated Entity | $296.9M | 92% |
| Nonrelated Party | $26.2M | 8% |
