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嘉德诺（BTSG）与荷美尔食品（HRL）财务数据对比。点击上方公司名可切换其他公司
嘉德诺的季度营收约是荷美尔食品的1.1倍（$3.6B vs $3.2B），嘉德诺净利率更高（2.2% vs -1.8%，领先3.9%），嘉德诺同比增速更快（16.3% vs 1.5%），荷美尔食品自由现金流更多（$231.4M vs $193.9M），过去两年嘉德诺的营收复合增速更高（17.4% vs 3.1%）
嘉德诺是美国跨国医疗服务企业，位列美国企业营收榜第15位，总部位于俄亥俄州都柏林。公司主营药品与医疗产品分销，服务覆盖超10万个网点，同时生产手套、手术服、流体管理产品等医用外科用品，还运营着规模位居前列的放射性药物网络。
荷美尔食品是1891年于美国明尼苏达州奥斯汀成立的跨国食品加工企业，由乔治·A·荷美尔创立。品牌最初主营火腿、香肠等各类畜肉产品的包装与销售，1937年推出斯帕姆午餐肉，上世纪80年代起逐步拓展多元化包装及冷藏食品产品线。
BTSG vs HRL — 直观对比
营收规模更大
BTSG
是对方的1.1倍
$3.2B
营收增速更快
BTSG
高出14.8%
1.5%
净利率更高
BTSG
高出3.9%
-1.8%
自由现金流更多
HRL
多$37.6M
$193.9M
两年增速更快
BTSG
近两年复合增速
3.1%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $3.6B | $3.2B |
| 净利润 | $77.1M | $-56.1M |
| 毛利率 | 11.6% | 14.0% |
| 营业利润率 | 3.0% | 0.1% |
| 净利率 | 2.2% | -1.8% |
| 营收同比 | 16.3% | 1.5% |
| 净利润同比 | 381.8% | -125.5% |
| 每股收益（稀释后） | $0.34 | $-0.10 |
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BTSGHRL
| Q4 25 | $3.6B | $3.2B | ||
| Q3 25 | $3.3B | $3.0B | ||
| Q2 25 | $3.1B | $2.9B | ||
| Q1 25 | $2.9B | $3.0B | ||
| Q4 24 | $3.1B | $3.1B | ||
| Q3 24 | $2.9B | $2.9B | ||
| Q2 24 | $2.7B | $2.9B | ||
| Q1 24 | $2.6B | $3.0B |
净利润BTSGHRL
| Q4 25 | $77.1M | $-56.1M | ||
| Q3 25 | $55.8M | $183.7M | ||
| Q2 25 | $28.2M | $180.0M | ||
| Q1 25 | $29.5M | $170.6M | ||
| Q4 24 | $16.0M | $220.2M | ||
| Q3 24 | $-8.2M | $176.7M | ||
| Q2 24 | $19.9M | $189.3M | ||
| Q1 24 | $-45.8M | $218.9M |
毛利率BTSGHRL
| Q4 25 | 11.6% | 14.0% | ||
| Q3 25 | 11.8% | 16.1% | ||
| Q2 25 | 11.9% | 16.7% | ||
| Q1 25 | 11.8% | 15.9% | ||
| Q4 24 | 13.8% | 16.6% | ||
| Q3 24 | 14.0% | 16.8% | ||
| Q2 24 | 14.2% | 17.4% | ||
| Q1 24 | 14.3% | 17.0% |
营业利润率BTSGHRL
| Q4 25 | 3.0% | 0.1% | ||
| Q3 25 | 2.6% | 7.9% | ||
| Q2 25 | 1.5% | 8.6% | ||
| Q1 25 | 1.8% | 7.6% | ||
| Q4 24 | 2.6% | 9.4% | ||
| Q3 24 | 2.0% | 8.2% | ||
| Q2 24 | 2.3% | 8.7% | ||
| Q1 24 | 0.3% | 9.5% |
净利率BTSGHRL
| Q4 25 | 2.2% | -1.8% | ||
| Q3 25 | 1.7% | 6.1% | ||
| Q2 25 | 0.9% | 6.2% | ||
| Q1 25 | 1.0% | 5.7% | ||
| Q4 24 | 0.5% | 7.0% | ||
| Q3 24 | -0.3% | 6.1% | ||
| Q2 24 | 0.7% | 6.6% | ||
| Q1 24 | -1.8% | 7.3% |
每股收益（稀释后）BTSGHRL
| Q4 25 | $0.34 | $-0.10 | ||
| Q3 25 | $0.26 | $0.33 | ||
| Q2 25 | $0.13 | $0.33 | ||
| Q1 25 | $0.14 | $0.31 | ||
| Q4 24 | $0.11 | $0.41 | ||
| Q3 24 | $-0.04 | $0.32 | ||
| Q2 24 | $0.10 | $0.34 | ||
| Q1 24 | $-0.26 | $0.40 |
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 | $88.4M | $703.6M |
| 总债务越低越好 | $2.5B | $2.9B |
| 股东权益账面价值 | $1.9B | $7.9B |
| 总资产 | $6.4B | $13.4B |
| 负债/权益比越低杠杆越低 | 1.34× | 0.36× |
8季度趋势，按日历期对齐
现金及短期投资BTSGHRL
| Q4 25 | $88.4M | $703.6M | ||
| Q3 25 | $140.3M | $630.7M | ||
| Q2 25 | $70.1M | $699.0M | ||
| Q1 25 | $52.3M | $866.4M | ||
| Q4 24 | $61.3M | $766.6M | ||
| Q3 24 | $36.0M | $561.9M | ||
| Q2 24 | $25.0M | $1.5B | ||
| Q1 24 | $58.0M | $981.9M |
总债务BTSGHRL
| Q4 25 | $2.5B | $2.9B | ||
| Q3 25 | $2.5B | $2.9B | ||
| Q2 25 | $2.5B | $2.9B | ||
| Q1 25 | $2.5B | $2.9B | ||
| Q4 24 | $2.6B | $2.9B | ||
| Q3 24 | $2.7B | $2.9B | ||
| Q2 24 | $2.6B | $2.9B | ||
| Q1 24 | $2.6B | $2.4B |
股东权益BTSGHRL
| Q4 25 | $1.9B | $7.9B | ||
| Q3 25 | $1.8B | $8.1B | ||
| Q2 25 | $1.7B | $8.0B | ||
| Q1 25 | $1.7B | $8.0B | ||
| Q4 24 | $1.6B | $8.0B | ||
| Q3 24 | $1.6B | $7.9B | ||
| Q2 24 | $1.6B | $7.9B | ||
| Q1 24 | $1.6B | $7.8B |
总资产BTSGHRL
| Q4 25 | $6.4B | $13.4B | ||
| Q3 25 | $6.0B | $13.5B | ||
| Q2 25 | $5.9B | $13.4B | ||
| Q1 25 | $5.8B | $13.4B | ||
| Q4 24 | $5.9B | $13.4B | ||
| Q3 24 | $5.8B | $13.1B | ||
| Q2 24 | $5.6B | $14.1B | ||
| Q1 24 | $5.7B | $13.5B |
负债/权益比BTSGHRL
| Q4 25 | 1.34× | 0.36× | ||
| Q3 25 | 1.38× | 0.35× | ||
| Q2 25 | 1.45× | 0.35× | ||
| Q1 25 | 1.50× | 0.36× | ||
| Q4 24 | 1.58× | 0.36× | ||
| Q3 24 | 1.65× | 0.36× | ||
| Q2 24 | 1.63× | 0.36× | ||
| Q1 24 | 1.64× | 0.30× |
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 | $231.6M | $322.9M |
| 自由现金流经营现金流 - 资本支出 | $193.9M | $231.4M |
| 自由现金流率自由现金流/营收 | 5.5% | 7.3% |
| 资本支出强度资本支出/营收 | 1.1% | 2.9% |
| 现金转化率经营现金流/净利润 | 3.00× | — |
| 过去12个月自由现金流最近4个季度 | $394.7M | $534.3M |
8季度趋势，按日历期对齐
经营现金流BTSGHRL
| Q4 25 | $231.6M | $322.9M | ||
| Q3 25 | $107.9M | $156.7M | ||
| Q2 25 | $49.1M | $56.4M | ||
| Q1 25 | $101.6M | $309.2M | ||
| Q4 24 | $90.6M | $408.6M | ||
| Q3 24 | $27.2M | $218.0M | ||
| Q2 24 | $-15.2M | $236.1M | ||
| Q1 24 | $-78.9M | $404.0M |
自由现金流BTSGHRL
| Q4 25 | $193.9M | $231.4M | ||
| Q3 25 | $92.2M | $84.5M | ||
| Q2 25 | $24.7M | $-18.6M | ||
| Q1 25 | $84.0M | $237.0M | ||
| Q4 24 | $75.3M | $324.8M | ||
| Q3 24 | $7.2M | $152.5M | ||
| Q2 24 | $-39.0M | $176.2M | ||
| Q1 24 | $-100.7M | $356.8M |
自由现金流率BTSGHRL
| Q4 25 | 5.5% | 7.3% | ||
| Q3 25 | 2.8% | 2.8% | ||
| Q2 25 | 0.8% | -0.6% | ||
| Q1 25 | 2.9% | 7.9% | ||
| Q4 24 | 2.5% | 10.4% | ||
| Q3 24 | 0.2% | 5.3% | ||
| Q2 24 | -1.4% | 6.1% | ||
| Q1 24 | -3.9% | 11.9% |
资本支出强度BTSGHRL
| Q4 25 | 1.1% | 2.9% | ||
| Q3 25 | 0.5% | 2.4% | ||
| Q2 25 | 0.8% | 2.6% | ||
| Q1 25 | 0.6% | 2.4% | ||
| Q4 24 | 0.5% | 2.7% | ||
| Q3 24 | 0.7% | 2.3% | ||
| Q2 24 | 0.9% | 2.1% | ||
| Q1 24 | 0.8% | 1.6% |
现金转化率BTSGHRL
| Q4 25 | 3.00× | — | ||
| Q3 25 | 1.93× | 0.85× | ||
| Q2 25 | 1.74× | 0.31× | ||
| Q1 25 | 3.44× | 1.81× | ||
| Q4 24 | 5.66× | 1.86× | ||
| Q3 24 | — | 1.23× | ||
| Q2 24 | -0.76× | 1.25× | ||
| Q1 24 | — | 1.85× |
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
BTSG
| Medicare D | $1.1B | 32% |
| Commercial Insurance | $879.8M | 25% |
| Medicare C | $641.2M | 18% |
| Provider Services | $394.2M | 11% |
| Medicaid | $301.4M | 8% |
| Medicare A | $150.5M | 4% |
| Private And Other | $44.0M | 1% |
| Medicare B | $19.5M | 1% |
| Pharmacy Solutions And Provider Services Segments | $19.0M | 1% |
HRL
| Retail Segment | $1.9B | 60% |
| Foodservice Segment | $1.1B | 34% |
| Other | $174.7M | 5% |
