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博格华纳（BWA）与Kellanova（K）财务数据对比。点击上方公司名可切换其他公司
博格华纳的季度营收约是Kellanova的1.1倍（$3.6B vs $3.3B），Kellanova净利率更高（9.5% vs -7.3%，领先16.8%），博格华纳同比增速更快（3.9% vs 0.8%），博格华纳自由现金流更多（$457.0M vs $359.0M），过去两年博格华纳的营收复合增速更高（-0.3% vs -9.0%）
博格华纳是总部位于美国密歇根州奥本山的汽车及电动出行零部件供应商，位列全球前25大汽车供应商之列。截至2023年，公司在24个国家设有92处生产基地，年营收142亿美元，员工约3.99万人，2025年2月起由约瑟夫·法杜尔担任首席执行官。
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。
BWA vs K — 直观对比
营收规模更大
BWA
是对方的1.1倍
$3.3B
营收增速更快
BWA
高出3.0%
0.8%
净利率更高
K
高出16.8%
-7.3%
自由现金流更多
BWA
多$98.0M
$359.0M
两年增速更快
BWA
近两年复合增速
-9.0%
损益表 — Q4 FY2025 vs Q3 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $3.6B | $3.3B |
| 净利润 | $-262.0M | $309.0M |
| 毛利率 | 20.5% | 33.3% |
| 营业利润率 | -6.7% | 13.9% |
| 净利率 | -7.3% | 9.5% |
| 营收同比 | 3.9% | 0.8% |
| 净利润同比 | 35.3% | -15.8% |
| 每股收益（稀释后） | $-1.20 | $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BWAK
| Q4 25 | $3.6B | — | ||
| Q3 25 | $3.6B | $3.3B | ||
| Q2 25 | $3.6B | $3.2B | ||
| Q1 25 | $3.5B | $3.1B | ||
| Q4 24 | $3.4B | $3.1B | ||
| Q3 24 | $3.4B | $3.2B | ||
| Q2 24 | $3.6B | $3.2B | ||
| Q1 24 | $3.6B | $3.2B |
净利润BWAK
| Q4 25 | $-262.0M | — | ||
| Q3 25 | $158.0M | $309.0M | ||
| Q2 25 | $224.0M | $299.0M | ||
| Q1 25 | $157.0M | $304.0M | ||
| Q4 24 | $-405.0M | $365.0M | ||
| Q3 24 | $234.0M | $367.0M | ||
| Q2 24 | $303.0M | $344.0M | ||
| Q1 24 | $206.0M | $267.0M |
毛利率BWAK
| Q4 25 | 20.5% | — | ||
| Q3 25 | 18.5% | 33.3% | ||
| Q2 25 | 17.6% | 34.0% | ||
| Q1 25 | 18.2% | 34.3% | ||
| Q4 24 | 19.9% | 37.7% | ||
| Q3 24 | 18.4% | 36.4% | ||
| Q2 24 | 19.0% | 36.4% | ||
| Q1 24 | 17.9% | 32.2% |
营业利润率BWAK
| Q4 25 | -6.7% | — | ||
| Q3 25 | 6.9% | 13.9% | ||
| Q2 25 | 7.9% | 13.7% | ||
| Q1 25 | 6.7% | 13.9% | ||
| Q4 24 | -9.2% | 17.0% | ||
| Q3 24 | 7.8% | 14.1% | ||
| Q2 24 | 8.2% | 15.4% | ||
| Q1 24 | 8.2% | 12.3% |
净利率BWAK
| Q4 25 | -7.3% | — | ||
| Q3 25 | 4.4% | 9.5% | ||
| Q2 25 | 6.2% | 9.3% | ||
| Q1 25 | 4.5% | 9.9% | ||
| Q4 24 | -11.8% | 11.7% | ||
| Q3 24 | 6.8% | 11.4% | ||
| Q2 24 | 8.4% | 10.8% | ||
| Q1 24 | 5.7% | 8.3% |
每股收益（稀释后）BWAK
| Q4 25 | $-1.20 | — | ||
| Q3 25 | $0.73 | $0.88 | ||
| Q2 25 | $1.03 | $0.85 | ||
| Q1 25 | $0.72 | $0.87 | ||
| Q4 24 | $-1.78 | $1.05 | ||
| Q3 24 | $1.04 | $1.05 | ||
| Q2 24 | $1.34 | $1.00 | ||
| Q1 24 | $0.90 | $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 | — | $240.0M |
| 总债务越低越好 | $3.9B | $4.3B |
| 股东权益账面价值 | $5.4B | $4.2B |
| 总资产 | $13.8B | $15.6B |
| 负债/权益比越低杠杆越低 | 0.72× | 1.02× |
8季度趋势，按日历期对齐
现金及短期投资BWAK
| Q4 25 | — | — | ||
| Q3 25 | — | $240.0M | ||
| Q2 25 | — | $354.0M | ||
| Q1 25 | — | $330.0M | ||
| Q4 24 | — | $694.0M | ||
| Q3 24 | — | $569.0M | ||
| Q2 24 | — | $272.0M | ||
| Q1 24 | — | $242.0M |
总债务BWAK
| Q4 25 | $3.9B | — | ||
| Q3 25 | $3.9B | $4.3B | ||
| Q2 25 | $3.9B | $4.3B | ||
| Q1 25 | $3.8B | $5.0B | ||
| Q4 24 | $3.8B | $5.0B | ||
| Q3 24 | $4.2B | $5.1B | ||
| Q2 24 | $3.3B | $5.0B | ||
| Q1 24 | $3.3B | $4.4B |
股东权益BWAK
| Q4 25 | $5.4B | — | ||
| Q3 25 | $6.0B | $4.2B | ||
| Q2 25 | $5.9B | $4.1B | ||
| Q1 25 | $5.7B | $3.9B | ||
| Q4 24 | $5.5B | $3.8B | ||
| Q3 24 | $6.2B | $3.6B | ||
| Q2 24 | $6.1B | $3.3B | ||
| Q1 24 | $5.8B | $3.2B |
总资产BWAK
| Q4 25 | $13.8B | — | ||
| Q3 25 | $14.5B | $15.6B | ||
| Q2 25 | $14.4B | $15.9B | ||
| Q1 25 | $13.8B | $15.5B | ||
| Q4 24 | $14.0B | $15.6B | ||
| Q3 24 | $15.1B | $15.8B | ||
| Q2 24 | $14.1B | $15.3B | ||
| Q1 24 | $14.1B | $15.3B |
负债/权益比BWAK
| Q4 25 | 0.72× | — | ||
| Q3 25 | 0.65× | 1.02× | ||
| Q2 25 | 0.66× | 1.05× | ||
| Q1 25 | 0.66× | 1.28× | ||
| Q4 24 | 0.68× | 1.32× | ||
| Q3 24 | 0.68× | 1.40× | ||
| Q2 24 | 0.54× | 1.51× | ||
| Q1 24 | 0.56× | 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 | $619.0M | $503.0M |
| 自由现金流经营现金流 - 资本支出 | $457.0M | $359.0M |
| 自由现金流率自由现金流/营收 | 12.8% | 11.0% |
| 资本支出强度资本支出/营收 | 4.5% | 4.4% |
| 现金转化率经营现金流/净利润 | — | 1.63× |
| 过去12个月自由现金流最近4个季度 | $1.2B | $599.0M |
8季度趋势，按日历期对齐
经营现金流BWAK
| Q4 25 | $619.0M | — | ||
| Q3 25 | $368.0M | $503.0M | ||
| Q2 25 | $579.0M | $169.0M | ||
| Q1 25 | $82.0M | $116.0M | ||
| Q4 24 | $682.0M | $467.0M | ||
| Q3 24 | $356.0M | $553.0M | ||
| Q2 24 | $462.0M | $376.0M | ||
| Q1 24 | $-118.0M | $364.0M |
自由现金流BWAK
| Q4 25 | $457.0M | — | ||
| Q3 25 | $257.0M | $359.0M | ||
| Q2 25 | $502.0M | $21.0M | ||
| Q1 25 | $-37.0M | $-60.0M | ||
| Q4 24 | $521.0M | $279.0M | ||
| Q3 24 | $201.0M | $410.0M | ||
| Q2 24 | $297.0M | $234.0M | ||
| Q1 24 | $-308.0M | $209.0M |
自由现金流率BWAK
| Q4 25 | 12.8% | — | ||
| Q3 25 | 7.2% | 11.0% | ||
| Q2 25 | 13.8% | 0.7% | ||
| Q1 25 | -1.1% | -1.9% | ||
| Q4 24 | 15.1% | 8.9% | ||
| Q3 24 | 5.8% | 12.7% | ||
| Q2 24 | 8.2% | 7.3% | ||
| Q1 24 | -8.6% | 6.5% |
资本支出强度BWAK
| Q4 25 | 4.5% | — | ||
| Q3 25 | 3.1% | 4.4% | ||
| Q2 25 | 2.1% | 4.6% | ||
| Q1 25 | 3.4% | 5.7% | ||
| Q4 24 | 4.7% | 6.0% | ||
| Q3 24 | 4.5% | 4.4% | ||
| Q2 24 | 4.6% | 4.4% | ||
| Q1 24 | 5.3% | 4.8% |
现金转化率BWAK
| Q4 25 | — | — | ||
| Q3 25 | 2.33× | 1.63× | ||
| Q2 25 | 2.58× | 0.57× | ||
| Q1 25 | 0.52× | 0.38× | ||
| Q4 24 | — | 1.28× | ||
| Q3 24 | 1.52× | 1.51× | ||
| Q2 24 | 1.52× | 1.09× | ||
| Q1 24 | -0.57× | 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
BWA
| Foundational Products | $2.9B | 81% |
| Drivetrain Morse Systems | $506.0M | 14% |
| Power Drive Systems | $112.0M | 3% |
| Battery Charging Systems | $64.0M | 2% |
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% |
