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西湖化学（WLK）与施乐（XRX）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施乐的1.2倍（$2.5B vs $2.0B），施乐同比增速更快（25.7% vs -10.9%），施乐自由现金流更多（$192.0M vs $-16.0M），过去两年施乐的营收复合增速更高（16.2% 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。
施乐控股是源自美国的知名办公设备服务商，面向全球超160个国家提供打印机与数码文档相关产品及服务。1959年推出Xerox 914后，施乐成为静电复印市场的开创者，品牌名“xerox”甚至在英语中成为复印的代名词，公司总部现位于美国康涅狄格州诺沃克。
WLK vs XRX — 直观对比
营收规模更大
WLK
是对方的1.2倍
$2.0B
营收增速更快
XRX
高出36.6%
-10.9%
自由现金流更多
XRX
多$208.0M
$-16.0M
两年增速更快
XRX
近两年复合增速
-7.7%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $2.5B | $2.0B |
| 净利润 | $-544.0M | — |
| 毛利率 | 3.4% | — |
| 营业利润率 | -26.5% | — |
| 净利率 | -21.5% | — |
| 营收同比 | -10.9% | 25.7% |
| 净利润同比 | -7871.4% | — |
| 每股收益（稀释后） | $-4.22 | $-0.62 |
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WLKXRX
| Q4 25 | $2.5B | $2.0B | ||
| Q3 25 | $2.8B | $2.0B | ||
| Q2 25 | $3.0B | $1.6B | ||
| Q1 25 | $2.8B | $1.5B | ||
| Q4 24 | $2.8B | $1.6B | ||
| Q3 24 | $3.1B | $1.5B | ||
| Q2 24 | $3.2B | $1.6B | ||
| Q1 24 | $3.0B | $1.5B |
净利润WLKXRX
| Q4 25 | $-544.0M | — | ||
| Q3 25 | $-782.0M | $-760.0M | ||
| Q2 25 | $-142.0M | $-106.0M | ||
| Q1 25 | $-40.0M | $-90.0M | ||
| Q4 24 | $7.0M | — | ||
| Q3 24 | $108.0M | $-1.2B | ||
| Q2 24 | $313.0M | $18.0M | ||
| Q1 24 | $174.0M | $-113.0M |
毛利率WLKXRX
| Q4 25 | 3.4% | — | ||
| Q3 25 | 8.3% | — | ||
| Q2 25 | 8.7% | — | ||
| Q1 25 | 8.2% | — | ||
| Q4 24 | 11.5% | — | ||
| Q3 24 | 16.0% | — | ||
| Q2 24 | 20.7% | — | ||
| Q1 24 | 15.7% | — |
营业利润率WLKXRX
| Q4 25 | -26.5% | — | ||
| Q3 25 | -27.0% | — | ||
| Q2 25 | -3.7% | — | ||
| Q1 25 | -1.1% | — | ||
| Q4 24 | 2.3% | — | ||
| Q3 24 | 5.8% | — | ||
| Q2 24 | 12.7% | — | ||
| Q1 24 | 7.5% | — |
净利率WLKXRX
| Q4 25 | -21.5% | — | ||
| Q3 25 | -27.6% | -38.8% | ||
| Q2 25 | -4.8% | -6.7% | ||
| Q1 25 | -1.4% | -6.2% | ||
| Q4 24 | 0.2% | — | ||
| Q3 24 | 3.5% | -78.9% | ||
| Q2 24 | 9.8% | 1.1% | ||
| Q1 24 | 5.8% | -7.5% |
每股收益（稀释后）WLKXRX
| Q4 25 | $-4.22 | $-0.62 | ||
| Q3 25 | $-6.06 | $-6.01 | ||
| Q2 25 | $-1.11 | $-0.87 | ||
| Q1 25 | $-0.31 | $-0.75 | ||
| Q4 24 | $0.07 | $-0.21 | ||
| Q3 24 | $0.83 | $-9.71 | ||
| Q2 24 | $2.40 | $0.11 | ||
| Q1 24 | $1.34 | $-0.94 |
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 | $512.0M |
| 总债务越低越好 | $5.6B | $4.0B |
| 股东权益账面价值 | $8.8B | $444.0M |
| 总资产 | $20.0B | $9.8B |
| 负债/权益比越低杠杆越低 | 0.64× | 9.05× |
8季度趋势，按日历期对齐
现金及短期投资WLKXRX
| Q4 25 | $2.7B | $512.0M | ||
| Q3 25 | $1.9B | $479.0M | ||
| Q2 25 | $2.1B | $449.0M | ||
| Q1 25 | $2.3B | $336.0M | ||
| Q4 24 | $2.9B | $576.0M | ||
| Q3 24 | $2.9B | $521.0M | ||
| Q2 24 | $3.0B | $485.0M | ||
| Q1 24 | $3.1B | $685.0M |
总债务WLKXRX
| Q4 25 | $5.6B | $4.0B | ||
| Q3 25 | $4.7B | $4.1B | ||
| Q2 25 | $4.7B | $3.5B | ||
| Q1 25 | $4.6B | $2.7B | ||
| Q4 24 | $4.6B | $2.8B | ||
| Q3 24 | $4.6B | $2.8B | ||
| Q2 24 | $4.9B | $3.2B | ||
| Q1 24 | $4.9B | $3.2B |
股东权益WLKXRX
| Q4 25 | $8.8B | $444.0M | ||
| Q3 25 | $9.4B | $365.0M | ||
| Q2 25 | $10.3B | $1.1B | ||
| Q1 25 | $10.4B | $1.1B | ||
| Q4 24 | $10.5B | $1.1B | ||
| Q3 24 | $10.7B | $1.3B | ||
| Q2 24 | $10.6B | $2.4B | ||
| Q1 24 | $10.3B | $2.4B |
总资产WLKXRX
| Q4 25 | $20.0B | $9.8B | ||
| Q3 25 | $19.8B | $10.1B | ||
| Q2 25 | $20.8B | $8.9B | ||
| Q1 25 | $20.7B | $8.2B | ||
| Q4 24 | $20.8B | $8.4B | ||
| Q3 24 | $21.1B | $8.3B | ||
| Q2 24 | $21.1B | $9.5B | ||
| Q1 24 | $21.0B | $9.9B |
负债/权益比WLKXRX
| Q4 25 | 0.64× | 9.05× | ||
| Q3 25 | 0.49× | 11.10× | ||
| Q2 25 | 0.45× | 3.11× | ||
| Q1 25 | 0.44× | 2.56× | ||
| Q4 24 | 0.43× | 2.62× | ||
| Q3 24 | 0.43× | 2.11× | ||
| Q2 24 | 0.46× | 1.34× | ||
| Q1 24 | 0.47× | 1.35× |
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 | $208.0M |
| 自由现金流经营现金流 - 资本支出 | $-16.0M | $192.0M |
| 自由现金流率自由现金流/营收 | -0.6% | 9.5% |
| 资本支出强度资本支出/营收 | 9.5% | 0.8% |
| 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 | $-530.0M | $187.0M |
8季度趋势，按日历期对齐
经营现金流WLKXRX
| Q4 25 | $225.0M | $208.0M | ||
| Q3 25 | $182.0M | $116.0M | ||
| Q2 25 | $135.0M | $-11.0M | ||
| Q1 25 | $-77.0M | $-89.0M | ||
| Q4 24 | $434.0M | $351.0M | ||
| Q3 24 | $474.0M | $116.0M | ||
| Q2 24 | $237.0M | $123.0M | ||
| Q1 24 | $169.0M | $-79.0M |
自由现金流WLKXRX
| Q4 25 | $-16.0M | $192.0M | ||
| Q3 25 | $-57.0M | $104.0M | ||
| Q2 25 | $-132.0M | $-15.0M | ||
| Q1 25 | $-325.0M | $-94.0M | ||
| Q4 24 | $149.0M | $346.0M | ||
| Q3 24 | $254.0M | $108.0M | ||
| Q2 24 | $6.0M | $117.0M | ||
| Q1 24 | $-103.0M | $-87.0M |
自由现金流率WLKXRX
| Q4 25 | -0.6% | 9.5% | ||
| Q3 25 | -2.0% | 5.3% | ||
| Q2 25 | -4.5% | -1.0% | ||
| Q1 25 | -11.4% | -6.5% | ||
| Q4 24 | 5.2% | 21.5% | ||
| Q3 24 | 8.1% | 7.1% | ||
| Q2 24 | 0.2% | 7.4% | ||
| Q1 24 | -3.5% | -5.8% |
资本支出强度WLKXRX
| Q4 25 | 9.5% | 0.8% | ||
| Q3 25 | 8.4% | 0.6% | ||
| Q2 25 | 9.0% | 0.3% | ||
| Q1 25 | 8.7% | 0.3% | ||
| Q4 24 | 10.0% | 0.3% | ||
| Q3 24 | 7.1% | 0.5% | ||
| Q2 24 | 7.2% | 0.4% | ||
| Q1 24 | 9.1% | 0.5% |
现金转化率WLKXRX
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 62.00× | — | ||
| Q3 24 | 4.39× | — | ||
| Q2 24 | 0.76× | 6.83× | ||
| Q1 24 | 0.97× | — |
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% |
XRX
| Other | $596.0M | 29% |
| Manufactured Product Other | $485.0M | 24% |
| Supplies Paper And Other Sales | $483.0M | 24% |
| IT Solutions Segment | $155.0M | 8% |
| CA | $128.0M | 6% |
| IT Products | $100.0M | 5% |
| Rental And Other | $52.0M | 3% |
| Financial Service | $29.0M | 1% |
