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美国航空集团（AAL）与UNITED NATURAL FOODS INC（UNFI）财务数据对比。点击上方公司名可切换其他公司
美国航空集团的季度营收约是UNITED NATURAL FOODS INC的1.8倍（$14.0B vs $7.8B），美国航空集团净利率更高（0.7% vs -0.1%，领先0.8%），美国航空集团同比增速更快（2.5% vs -0.4%），UNITED NATURAL FOODS INC自由现金流更多（$-54.0M vs $-1.9B），过去两年美国航空集团的营收复合增速更高（5.5% vs 0.4%）
美国航空集团是美国头部航司，总部坐落于得克萨斯州沃斯堡的达拉斯-沃斯堡都会区，按客运量、日航班量计算为全球最大航司。集团旗下连同区域子公司及以American Eagle品牌运营的合作航司，每日运营近6800个航班，覆盖48个国家近350个目的地，拥有完善的国内外航线网络。
联合天然食品公司（UNFI）总部位于美国罗德岛州普罗维登斯，是北美知名的天然有机食品企业，也是美国和加拿大规模最大的上市健康及特色食品批发经销商，是全食超市的核心供应商，2018年来自全食的业务收入占其总营收的三分之一以上。
AAL vs UNFI — 直观对比
营收规模更大
AAL
是对方的1.8倍
$7.8B
营收增速更快
AAL
高出2.9%
-0.4%
净利率更高
AAL
高出0.8%
-0.1%
自由现金流更多
UNFI
多$1.9B
$-1.9B
两年增速更快
AAL
近两年复合增速
0.4%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $14.0B | $7.8B |
| 净利润 | $99.0M | $-4.0M |
| 毛利率 | — | 13.4% |
| 营业利润率 | 3.2% | 0.2% |
| 净利率 | 0.7% | -0.1% |
| 营收同比 | 2.5% | -0.4% |
| 净利润同比 | -83.2% | 81.0% |
| 每股收益（稀释后） | $0.15 | $-0.06 |
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AALUNFI
| Q4 25 | $14.0B | $7.8B | ||
| Q3 25 | $13.7B | $7.7B | ||
| Q2 25 | $14.4B | $8.1B | ||
| Q1 25 | $12.6B | $8.2B | ||
| Q4 24 | $13.7B | $7.9B | ||
| Q3 24 | $13.6B | $8.2B | ||
| Q2 24 | $14.3B | $7.5B | ||
| Q1 24 | $12.6B | $7.8B |
净利润AALUNFI
| Q4 25 | $99.0M | $-4.0M | ||
| Q3 25 | $-114.0M | $-87.0M | ||
| Q2 25 | $599.0M | $-7.0M | ||
| Q1 25 | $-473.0M | $-3.0M | ||
| Q4 24 | $590.0M | $-21.0M | ||
| Q3 24 | $-149.0M | $-37.0M | ||
| Q2 24 | $717.0M | $-21.0M | ||
| Q1 24 | $-312.0M | $-15.0M |
毛利率AALUNFI
| Q4 25 | — | 13.4% | ||
| Q3 25 | — | 13.4% | ||
| Q2 25 | — | 13.4% | ||
| Q1 25 | — | 13.1% | ||
| Q4 24 | — | 13.2% | ||
| Q3 24 | — | 13.7% | ||
| Q2 24 | — | 13.6% | ||
| Q1 24 | — | 13.3% |
营业利润率AALUNFI
| Q4 25 | 3.2% | 0.2% | ||
| Q3 25 | 1.1% | -1.0% | ||
| Q2 25 | 7.9% | 0.2% | ||
| Q1 25 | -2.2% | 0.3% | ||
| Q4 24 | 8.3% | 0.1% | ||
| Q3 24 | 0.7% | 0.0% | ||
| Q2 24 | 9.7% | 0.1% | ||
| Q1 24 | 0.1% | 0.2% |
净利率AALUNFI
| Q4 25 | 0.7% | -0.1% | ||
| Q3 25 | -0.8% | -1.1% | ||
| Q2 25 | 4.2% | -0.1% | ||
| Q1 25 | -3.8% | -0.0% | ||
| Q4 24 | 4.3% | -0.3% | ||
| Q3 24 | -1.1% | -0.5% | ||
| Q2 24 | 5.0% | -0.3% | ||
| Q1 24 | -2.5% | -0.2% |
每股收益（稀释后）AALUNFI
| Q4 25 | $0.15 | $-0.06 | ||
| Q3 25 | $-0.17 | $-1.43 | ||
| Q2 25 | $0.91 | $-0.12 | ||
| Q1 25 | $-0.72 | $-0.05 | ||
| Q4 24 | $0.94 | $-0.35 | ||
| Q3 24 | $-0.23 | $-0.63 | ||
| Q2 24 | $1.01 | $-0.34 | ||
| Q1 24 | $-0.48 | $-0.25 |
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 | — | $38.0M |
| 总债务越低越好 | $25.3B | $1.9B |
| 股东权益账面价值 | $-3.7B | $1.5B |
| 总资产 | $61.8B | $7.6B |
| 负债/权益比越低杠杆越低 | — | 1.24× |
8季度趋势，按日历期对齐
现金及短期投资AALUNFI
| Q4 25 | — | $38.0M | ||
| Q3 25 | — | $44.0M | ||
| Q2 25 | — | $52.0M | ||
| Q1 25 | — | $44.0M | ||
| Q4 24 | — | $37.0M | ||
| Q3 24 | — | $40.0M | ||
| Q2 24 | — | $39.0M | ||
| Q1 24 | — | $34.0M |
总债务AALUNFI
| Q4 25 | $25.3B | $1.9B | ||
| Q3 25 | $25.1B | $1.9B | ||
| Q2 25 | $25.3B | $2.0B | ||
| Q1 25 | $24.7B | $2.1B | ||
| Q4 24 | $25.2B | $2.2B | ||
| Q3 24 | $26.3B | $2.1B | ||
| Q2 24 | $27.6B | $2.1B | ||
| Q1 24 | $28.2B | $2.2B |
股东权益AALUNFI
| Q4 25 | $-3.7B | $1.5B | ||
| Q3 25 | $-4.0B | $1.6B | ||
| Q2 25 | $-3.9B | $1.6B | ||
| Q1 25 | $-4.5B | $1.6B | ||
| Q4 24 | $-4.0B | $1.6B | ||
| Q3 24 | $-4.9B | $1.6B | ||
| Q2 24 | $-4.7B | $1.7B | ||
| Q1 24 | $-5.5B | $1.7B |
总资产AALUNFI
| Q4 25 | $61.8B | $7.6B | ||
| Q3 25 | $62.1B | $7.6B | ||
| Q2 25 | $63.7B | $7.6B | ||
| Q1 25 | $62.6B | $7.7B | ||
| Q4 24 | $61.8B | $8.0B | ||
| Q3 24 | $63.5B | $7.5B | ||
| Q2 24 | $64.1B | $7.6B | ||
| Q1 24 | $64.4B | $7.7B |
负债/权益比AALUNFI
| Q4 25 | — | 1.24× | ||
| Q3 25 | — | 1.20× | ||
| Q2 25 | — | 1.21× | ||
| Q1 25 | — | 1.27× | ||
| Q4 24 | — | 1.38× | ||
| Q3 24 | — | 1.27× | ||
| Q2 24 | — | 1.28× | ||
| Q1 24 | — | 1.29× |
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 | $-274.0M | $-38.0M |
| 自由现金流经营现金流 - 资本支出 | $-1.9B | $-54.0M |
| 自由现金流率自由现金流/营收 | -13.6% | -0.7% |
| 资本支出强度资本支出/营收 | 11.6% | 0.2% |
| 现金转化率经营现金流/净利润 | -2.77× | — |
| 过去12个月自由现金流最近4个季度 | $-680.0M | $344.0M |
8季度趋势，按日历期对齐
经营现金流AALUNFI
| Q4 25 | $-274.0M | $-38.0M | ||
| Q3 25 | $-46.0M | $160.0M | ||
| Q2 25 | $963.0M | $173.0M | ||
| Q1 25 | $2.5B | $247.0M | ||
| Q4 24 | $398.0M | $-110.0M | ||
| Q3 24 | $277.0M | $199.0M | ||
| Q2 24 | $1.1B | $125.0M | ||
| Q1 24 | $2.2B | $183.0M |
自由现金流AALUNFI
| Q4 25 | $-1.9B | $-54.0M | ||
| Q3 25 | $-872.0M | $86.0M | ||
| Q2 25 | $464.0M | $119.0M | ||
| Q1 25 | $1.6B | $193.0M | ||
| Q4 24 | $-342.0M | $-159.0M | ||
| Q3 24 | $-191.0M | $71.0M | ||
| Q2 24 | $477.0M | $49.0M | ||
| Q1 24 | $1.4B | $116.0M |
自由现金流率AALUNFI
| Q4 25 | -13.6% | -0.7% | ||
| Q3 25 | -6.4% | 1.1% | ||
| Q2 25 | 3.2% | 1.5% | ||
| Q1 25 | 13.0% | 2.4% | ||
| Q4 24 | -2.5% | -2.0% | ||
| Q3 24 | -1.4% | 0.9% | ||
| Q2 24 | 3.3% | 0.7% | ||
| Q1 24 | 10.8% | 1.5% |
资本支出强度AALUNFI
| Q4 25 | 11.6% | 0.2% | ||
| Q3 25 | 6.0% | 1.0% | ||
| Q2 25 | 3.5% | 0.7% | ||
| Q1 25 | 6.6% | 0.7% | ||
| Q4 24 | 5.4% | 0.6% | ||
| Q3 24 | 3.4% | 1.6% | ||
| Q2 24 | 4.5% | 1.0% | ||
| Q1 24 | 6.6% | 0.9% |
现金转化率AALUNFI
| Q4 25 | -2.77× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | 1.61× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 0.67× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | 1.57× | — | ||
| Q1 24 | — | — |
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
AAL
| Passenger Travel | $11.6B | 83% |
| Loyalty Program Travel Redemptions | $1.1B | 8% |
| Loyalty Program Marketing Services | $945.0M | 7% |
| Cargo And Freight | $227.0M | 2% |
| Other Revenue | $169.0M | 1% |
UNFI
| Natural Segment | $4.3B | 55% |
| Conventional Segment | $3.1B | 40% |
| Retail Segment | $560.0M | 7% |
