vs
西联汇款（AFG）与Kellanova（K）财务数据对比。点击上方公司名可切换其他公司
Kellanova的季度营收约是西联汇款的1.6倍（$3.3B vs $2.1B），西联汇款净利率更高（14.5% vs 9.5%，领先5.0%），Kellanova同比增速更快（0.8% vs -4.0%），过去两年西联汇款的营收复合增速更高（4.0% vs -9.0%）
西联汇款是总部位于美国科罗拉多州丹佛市的跨国金融服务企业，为全球个人及商业客户提供跨境汇款、支付等多元金融解决方案，在全球绝大多数国家和地区拥有覆盖广泛的服务网络。
Kellanova前身为知名食品企业家乐氏，是玛氏集团旗下的美国跨国食品制造公司，总部位于美国伊利诺伊州芝加哥。2023年10月2日公司正式启用现名，同步拆分北美谷物业务，独立成立WK Kellogg Co。
AFG vs K — 直观对比
营收规模更大
K
是对方的1.6倍
$2.1B
营收增速更快
K
高出4.8%
-4.0%
净利率更高
AFG
高出5.0%
9.5%
两年增速更快
AFG
近两年复合增速
-9.0%
损益表 — Q4 FY2025 vs Q3 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $2.1B | $3.3B |
| 净利润 | $299.0M | $309.0M |
| 毛利率 | — | 33.3% |
| 营业利润率 | 18.4% | 13.9% |
| 净利率 | 14.5% | 9.5% |
| 营收同比 | -4.0% | 0.8% |
| 净利润同比 | 17.3% | -15.8% |
| 每股收益（稀释后） | $3.59 | $0.88 |
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AFGK
| Q4 25 | $2.1B | — | ||
| Q3 25 | $2.3B | $3.3B | ||
| Q2 25 | $1.9B | $3.2B | ||
| Q1 25 | $1.9B | $3.1B | ||
| Q4 24 | $2.1B | $3.1B | ||
| Q3 24 | $2.4B | $3.2B | ||
| Q2 24 | $1.9B | $3.2B | ||
| Q1 24 | $1.9B | $3.2B |
净利润AFGK
| Q4 25 | $299.0M | — | ||
| Q3 25 | $215.0M | $309.0M | ||
| Q2 25 | $174.0M | $299.0M | ||
| Q1 25 | $154.0M | $304.0M | ||
| Q4 24 | $255.0M | $365.0M | ||
| Q3 24 | $181.0M | $367.0M | ||
| Q2 24 | $209.0M | $344.0M | ||
| Q1 24 | $242.0M | $267.0M |
毛利率AFGK
| Q4 25 | — | — | ||
| Q3 25 | — | 33.3% | ||
| Q2 25 | — | 34.0% | ||
| Q1 25 | — | 34.3% | ||
| Q4 24 | — | 37.7% | ||
| Q3 24 | — | 36.4% | ||
| Q2 24 | — | 36.4% | ||
| Q1 24 | — | 32.2% |
营业利润率AFGK
| Q4 25 | 18.4% | — | ||
| Q3 25 | 11.5% | 13.9% | ||
| Q2 25 | 11.9% | 13.7% | ||
| Q1 25 | 10.6% | 13.9% | ||
| Q4 24 | 14.9% | 17.0% | ||
| Q3 24 | 9.7% | 14.1% | ||
| Q2 24 | 14.3% | 15.4% | ||
| Q1 24 | 15.9% | 12.3% |
净利率AFGK
| Q4 25 | 14.5% | — | ||
| Q3 25 | 9.2% | 9.5% | ||
| Q2 25 | 9.0% | 9.3% | ||
| Q1 25 | 8.3% | 9.9% | ||
| Q4 24 | 11.9% | 11.7% | ||
| Q3 24 | 7.6% | 11.4% | ||
| Q2 24 | 11.0% | 10.8% | ||
| Q1 24 | 12.7% | 8.3% |
每股收益（稀释后）AFGK
| Q4 25 | $3.59 | — | ||
| Q3 25 | $2.58 | $0.88 | ||
| Q2 25 | $2.07 | $0.85 | ||
| Q1 25 | $1.84 | $0.87 | ||
| Q4 24 | $3.03 | $1.05 | ||
| Q3 24 | $2.16 | $1.05 | ||
| Q2 24 | $2.49 | $1.00 | ||
| Q1 24 | $2.89 | $0.78 |
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 | $1.7B | $240.0M |
| 总债务越低越好 | $1.8B | $4.3B |
| 股东权益账面价值 | $4.8B | $4.2B |
| 总资产 | $32.6B | $15.6B |
| 负债/权益比越低杠杆越低 | 0.38× | 1.02× |
8季度趋势，按日历期对齐
现金及短期投资AFGK
| Q4 25 | $1.7B | — | ||
| Q3 25 | $1.8B | $240.0M | ||
| Q2 25 | $1.3B | $354.0M | ||
| Q1 25 | $1.3B | $330.0M | ||
| Q4 24 | $1.4B | $694.0M | ||
| Q3 24 | $1.3B | $569.0M | ||
| Q2 24 | $1.1B | $272.0M | ||
| Q1 24 | $1.1B | $242.0M |
总债务AFGK
| Q4 25 | $1.8B | — | ||
| Q3 25 | $1.8B | $4.3B | ||
| Q2 25 | $1.5B | $4.3B | ||
| Q1 25 | $1.5B | $5.0B | ||
| Q4 24 | $1.5B | $5.0B | ||
| Q3 24 | $1.5B | $5.1B | ||
| Q2 24 | $1.5B | $5.0B | ||
| Q1 24 | $1.5B | $4.4B |
股东权益AFGK
| Q4 25 | $4.8B | — | ||
| Q3 25 | $4.7B | $4.2B | ||
| Q2 25 | $4.5B | $4.1B | ||
| Q1 25 | $4.4B | $3.9B | ||
| Q4 24 | $4.5B | $3.8B | ||
| Q3 24 | $4.7B | $3.6B | ||
| Q2 24 | $4.4B | $3.3B | ||
| Q1 24 | $4.2B | $3.2B |
总资产AFGK
| Q4 25 | $32.6B | — | ||
| Q3 25 | $33.8B | $15.6B | ||
| Q2 25 | $30.7B | $15.9B | ||
| Q1 25 | $30.3B | $15.5B | ||
| Q4 24 | $30.8B | $15.6B | ||
| Q3 24 | $32.6B | $15.8B | ||
| Q2 24 | $29.9B | $15.3B | ||
| Q1 24 | $30.0B | $15.3B |
负债/权益比AFGK
| Q4 25 | 0.38× | — | ||
| Q3 25 | 0.38× | 1.02× | ||
| Q2 25 | 0.33× | 1.05× | ||
| Q1 25 | 0.34× | 1.28× | ||
| Q4 24 | 0.33× | 1.32× | ||
| Q3 24 | 0.31× | 1.40× | ||
| Q2 24 | 0.34× | 1.51× | ||
| Q1 24 | 0.35× | 1.40× |
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 | $784.0M | $503.0M |
| 自由现金流经营现金流 - 资本支出 | — | $359.0M |
| 自由现金流率自由现金流/营收 | — | 11.0% |
| 资本支出强度资本支出/营收 | — | 4.4% |
| 现金转化率经营现金流/净利润 | 2.62× | 1.63× |
| 过去12个月自由现金流最近4个季度 | — | $599.0M |
8季度趋势，按日历期对齐
经营现金流AFGK
| Q4 25 | $784.0M | — | ||
| Q3 25 | $216.0M | $503.0M | ||
| Q2 25 | $191.0M | $169.0M | ||
| Q1 25 | $342.0M | $116.0M | ||
| Q4 24 | $674.0M | $467.0M | ||
| Q3 24 | $459.0M | $553.0M | ||
| Q2 24 | $-88.0M | $376.0M | ||
| Q1 24 | $107.0M | $364.0M |
自由现金流AFGK
| Q4 25 | — | — | ||
| Q3 25 | — | $359.0M | ||
| Q2 25 | — | $21.0M | ||
| Q1 25 | — | $-60.0M | ||
| Q4 24 | — | $279.0M | ||
| Q3 24 | — | $410.0M | ||
| Q2 24 | — | $234.0M | ||
| Q1 24 | — | $209.0M |
自由现金流率AFGK
| Q4 25 | — | — | ||
| Q3 25 | — | 11.0% | ||
| Q2 25 | — | 0.7% | ||
| Q1 25 | — | -1.9% | ||
| Q4 24 | — | 8.9% | ||
| Q3 24 | — | 12.7% | ||
| Q2 24 | — | 7.3% | ||
| Q1 24 | — | 6.5% |
资本支出强度AFGK
| Q4 25 | — | — | ||
| Q3 25 | — | 4.4% | ||
| Q2 25 | — | 4.6% | ||
| Q1 25 | — | 5.7% | ||
| Q4 24 | — | 6.0% | ||
| Q3 24 | — | 4.4% | ||
| Q2 24 | — | 4.4% | ||
| Q1 24 | — | 4.8% |
现金转化率AFGK
| Q4 25 | 2.62× | — | ||
| Q3 25 | 1.00× | 1.63× | ||
| Q2 25 | 1.10× | 0.57× | ||
| Q1 25 | 2.22× | 0.38× | ||
| Q4 24 | 2.64× | 1.28× | ||
| Q3 24 | 2.54× | 1.51× | ||
| Q2 24 | -0.42× | 1.09× | ||
| Q1 24 | 0.44× | 1.36× |
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
AFG
| Property And Casualty Insurance | $2.0B | 96% |
| Other | $83.0M | 4% |
K
| Retail Channel Snacks | $2.0B | 62% |
| Retail Channel Cereal | $678.0M | 21% |
| Noodlesand Other | $280.0M | 9% |
| Frozen And Specialty Channels | $275.0M | 8% |
