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Conagra Brands（CAG）与好时（HSY）财务数据对比。点击上方公司名可切换其他公司
好时的季度营收约是Conagra Brands的1.0倍（$3.1B vs $3.0B），好时净利率更高（10.4% vs -22.3%，领先32.6%），好时同比增速更快（7.0% vs -6.8%），好时自由现金流更多（$788.5M vs $138.8M），过去两年Conagra Brands的营收复合增速更高（-0.9% vs -2.5%）
Conagra Brands是美国包装消费品控股企业，1919年于内布拉斯加州成立，总部设在伊利诺伊州芝加哥。公司旗下拥有多个食品品牌，产品覆盖超市、餐厅及各类餐饮服务场所，2022年位列《财富》美国500强第331位。
好时公司是总部位于美国宾夕法尼亚州好时镇的跨国糖果企业，也是全球最大的巧克力生产商之一，由米尔顿·S·好时于1894年创立。公司除核心巧克力产品外，还生产饼干、蛋糕等烘焙食品，同时销售奶昔等多类饮品，产品覆盖多个食品品类。
CAG vs HSY — 直观对比
营收规模更大
HSY
是对方的1.0倍
$3.0B
营收增速更快
HSY
高出13.8%
-6.8%
净利率更高
HSY
高出32.6%
-22.3%
自由现金流更多
HSY
多$649.7M
$138.8M
两年增速更快
CAG
近两年复合增速
-2.5%
损益表 — Q2 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $3.0B | $3.1B |
| 净利润 | $-663.6M | $320.0M |
| 毛利率 | 23.4% | 37.0% |
| 营业利润率 | -20.1% | 14.4% |
| 净利率 | -22.3% | 10.4% |
| 营收同比 | -6.8% | 7.0% |
| 净利润同比 | -333.3% | -59.8% |
| 每股收益（稀释后） | $-1.39 | — |
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CAGHSY
| Q4 25 | $3.0B | $3.1B | ||
| Q3 25 | $2.6B | $3.2B | ||
| Q2 25 | $2.8B | $2.6B | ||
| Q1 25 | $2.8B | $2.8B | ||
| Q4 24 | $3.2B | $2.9B | ||
| Q3 24 | $2.8B | $3.0B | ||
| Q2 24 | $2.9B | $2.1B | ||
| Q1 24 | $3.0B | $3.3B |
净利润CAGHSY
| Q4 25 | $-663.6M | $320.0M | ||
| Q3 25 | $164.5M | $276.3M | ||
| Q2 25 | $256.0M | $62.7M | ||
| Q1 25 | $145.1M | $224.2M | ||
| Q4 24 | $284.5M | $796.6M | ||
| Q3 24 | $466.8M | $446.3M | ||
| Q2 24 | $-567.3M | $180.9M | ||
| Q1 24 | $308.6M | $797.5M |
毛利率CAGHSY
| Q4 25 | 23.4% | 37.0% | ||
| Q3 25 | 24.3% | 32.6% | ||
| Q2 25 | 25.4% | 30.5% | ||
| Q1 25 | 25.0% | 33.7% | ||
| Q4 24 | 26.5% | 54.0% | ||
| Q3 24 | 26.5% | 41.3% | ||
| Q2 24 | 27.7% | 40.2% | ||
| Q1 24 | 28.3% | 51.5% |
营业利润率CAGHSY
| Q4 25 | -20.1% | 14.4% | ||
| Q3 25 | 13.2% | 13.7% | ||
| Q2 25 | 0.1% | 7.4% | ||
| Q1 25 | 13.9% | 13.2% | ||
| Q4 24 | 14.8% | 32.5% | ||
| Q3 24 | 17.7% | 20.5% | ||
| Q2 24 | -16.3% | 13.9% | ||
| Q1 24 | 19.1% | 32.5% |
净利率CAGHSY
| Q4 25 | -22.3% | 10.4% | ||
| Q3 25 | 6.2% | 8.7% | ||
| Q2 25 | 9.2% | 2.4% | ||
| Q1 25 | 5.1% | 8.0% | ||
| Q4 24 | 8.9% | 27.6% | ||
| Q3 24 | 16.7% | 14.9% | ||
| Q2 24 | -19.5% | 8.7% | ||
| Q1 24 | 10.2% | 24.5% |
每股收益（稀释后）CAGHSY
| Q4 25 | $-1.39 | — | ||
| Q3 25 | $0.34 | — | ||
| Q2 25 | $0.54 | — | ||
| Q1 25 | $0.30 | — | ||
| Q4 24 | $0.59 | — | ||
| Q3 24 | $0.97 | — | ||
| Q2 24 | $-1.19 | — | ||
| Q1 24 | $0.64 | — |
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 | $46.6M | — |
| 总债务越低越好 | $7.2B | $4.7B |
| 股东权益账面价值 | $8.1B | $4.6B |
| 总资产 | $19.5B | $13.7B |
| 负债/权益比越低杠杆越低 | 0.89× | 1.01× |
8季度趋势，按日历期对齐
现金及短期投资CAGHSY
| Q4 25 | $46.6M | — | ||
| Q3 25 | $698.1M | — | ||
| Q2 25 | $68.0M | — | ||
| Q1 25 | $49.4M | — | ||
| Q4 24 | $37.4M | — | ||
| Q3 24 | $128.7M | — | ||
| Q2 24 | $77.7M | — | ||
| Q1 24 | $78.5M | — |
总债务CAGHSY
| Q4 25 | $7.2B | $4.7B | ||
| Q3 25 | $8.2B | $4.7B | ||
| Q2 25 | $7.3B | $5.2B | ||
| Q1 25 | $7.3B | $5.2B | ||
| Q4 24 | $7.3B | $3.2B | ||
| Q3 24 | $7.5B | $3.2B | ||
| Q2 24 | $7.5B | $3.5B | ||
| Q1 24 | $8.5B | $3.8B |
股东权益CAGHSY
| Q4 25 | $8.1B | $4.6B | ||
| Q3 25 | $8.9B | $4.6B | ||
| Q2 25 | $8.9B | $4.5B | ||
| Q1 25 | $8.8B | $4.7B | ||
| Q4 24 | $8.8B | $4.7B | ||
| Q3 24 | $8.7B | $4.2B | ||
| Q2 24 | $8.4B | $4.0B | ||
| Q1 24 | $9.2B | $4.1B |
总资产CAGHSY
| Q4 25 | $19.5B | $13.7B | ||
| Q3 25 | $21.2B | $13.6B | ||
| Q2 25 | $20.9B | $13.6B | ||
| Q1 25 | $20.7B | $14.0B | ||
| Q4 24 | $21.0B | $12.9B | ||
| Q3 24 | $21.2B | $12.6B | ||
| Q2 24 | $20.9B | $12.4B | ||
| Q1 24 | $21.9B | $12.4B |
负债/权益比CAGHSY
| Q4 25 | 0.89× | 1.01× | ||
| Q3 25 | 0.92× | 1.02× | ||
| Q2 25 | 0.81× | 1.15× | ||
| Q1 25 | 0.83× | 1.11× | ||
| Q4 24 | 0.83× | 0.68× | ||
| Q3 24 | 0.86× | 0.76× | ||
| Q2 24 | 0.89× | 0.87× | ||
| Q1 24 | 0.93× | 0.92× |
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 | $210.6M | $926.6M |
| 自由现金流经营现金流 - 资本支出 | $138.8M | $788.5M |
| 自由现金流率自由现金流/营收 | 4.7% | 25.5% |
| 资本支出强度资本支出/营收 | 2.4% | 4.5% |
| 现金转化率经营现金流/净利润 | — | 2.90× |
| 过去12个月自由现金流最近4个季度 | $876.4M | $1.8B |
8季度趋势，按日历期对齐
经营现金流CAGHSY
| Q4 25 | $210.6M | $926.6M | ||
| Q3 25 | $120.6M | $841.9M | ||
| Q2 25 | $345.7M | $112.2M | ||
| Q1 25 | $592.0M | $396.7M | ||
| Q4 24 | $485.6M | $941.6M | ||
| Q3 24 | $268.6M | $695.3M | ||
| Q2 24 | $484.3M | $325.6M | ||
| Q1 24 | $676.7M | $569.1M |
自由现金流CAGHSY
| Q4 25 | $138.8M | $788.5M | ||
| Q3 25 | $-26.2M | $756.0M | ||
| Q2 25 | $260.6M | $27.1M | ||
| Q1 25 | $503.2M | $251.2M | ||
| Q4 24 | $403.2M | $807.1M | ||
| Q3 24 | $135.6M | $567.3M | ||
| Q2 24 | $405.8M | $195.5M | ||
| Q1 24 | $581.1M | $355.8M |
自由现金流率CAGHSY
| Q4 25 | 4.7% | 25.5% | ||
| Q3 25 | -1.0% | 23.8% | ||
| Q2 25 | 9.4% | 1.0% | ||
| Q1 25 | 17.7% | 9.0% | ||
| Q4 24 | 12.6% | 28.0% | ||
| Q3 24 | 4.9% | 19.0% | ||
| Q2 24 | 14.0% | 9.4% | ||
| Q1 24 | 19.2% | 10.9% |
资本支出强度CAGHSY
| Q4 25 | 2.4% | 4.5% | ||
| Q3 25 | 5.6% | 2.7% | ||
| Q2 25 | 3.1% | 3.3% | ||
| Q1 25 | 3.1% | 5.2% | ||
| Q4 24 | 2.6% | 4.7% | ||
| Q3 24 | 4.8% | 4.3% | ||
| Q2 24 | 2.7% | 6.3% | ||
| Q1 24 | 3.2% | 6.6% |
现金转化率CAGHSY
| Q4 25 | — | 2.90× | ||
| Q3 25 | 0.73× | 3.05× | ||
| Q2 25 | 1.35× | 1.79× | ||
| Q1 25 | 4.08× | 1.77× | ||
| Q4 24 | 1.71× | 1.18× | ||
| Q3 24 | 0.58× | 1.56× | ||
| Q2 24 | — | 1.80× | ||
| Q1 24 | 2.19× | 0.71× |
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
CAG
| Frozen | $1.1B | 35% |
| Other Shelf Stable | $625.2M | 21% |
| Snacks | $583.9M | 20% |
| Foodservice | $288.4M | 10% |
| Other | $230.4M | 8% |
| Refrigerated | $196.0M | 7% |
HSY
| Other | $1.8B | 59% |
| North America Salty Snacks Segment | $1.3B | 41% |
