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CHS INC（CHSCP）与卡夫亨氏（KHC）财务数据对比。点击上方公司名可切换其他公司
CHS INC的季度营收约是卡夫亨氏的1.4倍（$8.9B vs $6.4B），卡夫亨氏净利率更高（10.2% vs 2.9%，领先7.3%），卡夫亨氏同比增速更快（-3.4% vs -4.6%），卡夫亨氏自由现金流更多（$1.2B vs $-453.8M），过去两年卡夫亨氏的营收复合增速更高（-0.4% vs -1.2%）
CHS Inc是美国顶尖农业合作社企业，跻身财富世界500强，总部位于明尼苏达州因弗格罗夫海茨，由美国本土农业合作社、农牧从业者及优先股股东共同所有。公司业务覆盖食品加工批发、农资供应、金融服务、零售等多个领域，在北美中西部共19个州分销Cenex品牌燃料，是北美大型连锁便利店运营商之一，同时合资持股植物油生产商文图拉食品。
卡夫亨氏（股票代码：KHC）是美国大型跨国食品企业，由原卡夫食品集团与亨氏公司合并组建，在芝加哥与匹兹堡均设有总部，旗下拥有多款全球知名食品品牌，业务覆盖全球众多市场。
CHSCP vs KHC — 直观对比
营收规模更大
CHSCP
是对方的1.4倍
$6.4B
营收增速更快
KHC
高出1.3%
-4.6%
净利率更高
KHC
高出7.3%
2.9%
自由现金流更多
KHC
多$1.6B
$-453.8M
两年增速更快
KHC
近两年复合增速
-1.2%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $8.9B | $6.4B |
| 净利润 | $260.5M | $651.0M |
| 毛利率 | 4.4% | 32.6% |
| 营业利润率 | 1.4% | 17.1% |
| 净利率 | 2.9% | 10.2% |
| 营收同比 | -4.6% | -3.4% |
| 净利润同比 | 6.4% | -69.5% |
| 每股收益（稀释后） | — | $0.56 |
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CHSCPKHC
| Q4 25 | $8.9B | $6.4B | ||
| Q3 25 | $13.2B | $6.2B | ||
| Q2 25 | $9.8B | $6.4B | ||
| Q1 25 | $3.2B | $6.0B | ||
| Q4 24 | $9.3B | $6.6B | ||
| Q3 24 | $9.2B | $6.4B | ||
| Q2 24 | $9.6B | $6.5B | ||
| Q1 24 | $9.1B | $6.4B |
净利润CHSCPKHC
| Q4 25 | $260.5M | $651.0M | ||
| Q3 25 | $196.7M | $615.0M | ||
| Q2 25 | $232.2M | $-7.8B | ||
| Q1 25 | $-75.8M | $712.0M | ||
| Q4 24 | $244.8M | $2.1B | ||
| Q3 24 | $111.8M | $-290.0M | ||
| Q2 24 | $297.3M | $102.0M | ||
| Q1 24 | $170.3M | $801.0M |
毛利率CHSCPKHC
| Q4 25 | 4.4% | 32.6% | ||
| Q3 25 | 2.5% | 31.9% | ||
| Q2 25 | 3.4% | 34.4% | ||
| Q1 25 | 2.4% | 34.4% | ||
| Q4 24 | 4.3% | 34.1% | ||
| Q3 24 | 3.0% | 34.2% | ||
| Q2 24 | 4.9% | 35.4% | ||
| Q1 24 | 4.0% | 35.0% |
营业利润率CHSCPKHC
| Q4 25 | 1.4% | 17.1% | ||
| Q3 25 | 0.4% | 16.4% | ||
| Q2 25 | 0.7% | -125.5% | ||
| Q1 25 | -5.4% | 19.9% | ||
| Q4 24 | 1.5% | -0.6% | ||
| Q3 24 | -0.3% | -1.6% | ||
| Q2 24 | 1.6% | 8.1% | ||
| Q1 24 | 0.7% | 20.3% |
净利率CHSCPKHC
| Q4 25 | 2.9% | 10.2% | ||
| Q3 25 | 1.5% | 9.9% | ||
| Q2 25 | 2.4% | -123.2% | ||
| Q1 25 | -2.4% | 11.9% | ||
| Q4 24 | 2.6% | 32.4% | ||
| Q3 24 | 1.2% | -4.5% | ||
| Q2 24 | 3.1% | 1.6% | ||
| Q1 24 | 1.9% | 12.5% |
每股收益（稀释后）CHSCPKHC
| Q4 25 | — | $0.56 | ||
| Q3 25 | — | $0.52 | ||
| Q2 25 | — | $-6.60 | ||
| Q1 25 | — | $0.59 | ||
| Q4 24 | — | $1.76 | ||
| Q3 24 | — | $-0.24 | ||
| Q2 24 | — | $0.08 | ||
| Q1 24 | — | $0.66 |
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 | $374.7M | $2.6B |
| 总债务越低越好 | $1.7B | $19.3B |
| 股东权益账面价值 | $11.2B | $41.7B |
| 总资产 | $20.7B | $81.8B |
| 负债/权益比越低杠杆越低 | 0.16× | 0.46× |
8季度趋势，按日历期对齐
现金及短期投资CHSCPKHC
| Q4 25 | $374.7M | $2.6B | ||
| Q3 25 | $327.8M | $3.1B | ||
| Q2 25 | $323.9M | $2.6B | ||
| Q1 25 | $433.3M | $2.8B | ||
| Q4 24 | $795.6M | $1.3B | ||
| Q3 24 | $1.3B | $1.3B | ||
| Q2 24 | $310.1M | $900.0M | ||
| Q1 24 | $633.3M | $1.6B |
总债务CHSCPKHC
| Q4 25 | $1.7B | $19.3B | ||
| Q3 25 | $1.7B | $19.3B | ||
| Q2 25 | $1.8B | $19.3B | ||
| Q1 25 | $1.8B | $20.9B | ||
| Q4 24 | $1.8B | $19.2B | ||
| Q3 24 | $1.8B | $19.4B | ||
| Q2 24 | $1.7B | $19.3B | ||
| Q1 24 | $1.7B | $19.9B |
股东权益CHSCPKHC
| Q4 25 | $11.2B | $41.7B | ||
| Q3 25 | $11.1B | $41.5B | ||
| Q2 25 | $10.8B | $41.4B | ||
| Q1 25 | $10.7B | $49.5B | ||
| Q4 24 | $10.8B | $49.2B | ||
| Q3 24 | $10.8B | $48.3B | ||
| Q2 24 | $10.9B | $48.9B | ||
| Q1 24 | $10.8B | $49.5B |
总资产CHSCPKHC
| Q4 25 | $20.7B | $81.8B | ||
| Q3 25 | $18.9B | $81.7B | ||
| Q2 25 | $19.7B | $81.6B | ||
| Q1 25 | $20.1B | $90.3B | ||
| Q4 24 | $19.6B | $88.3B | ||
| Q3 24 | $18.7B | $88.6B | ||
| Q2 24 | $18.5B | $88.8B | ||
| Q1 24 | $19.2B | $90.3B |
负债/权益比CHSCPKHC
| Q4 25 | 0.16× | 0.46× | ||
| Q3 25 | 0.16× | 0.47× | ||
| Q2 25 | 0.17× | 0.47× | ||
| Q1 25 | 0.17× | 0.42× | ||
| Q4 24 | 0.17× | 0.39× | ||
| Q3 24 | 0.17× | 0.40× | ||
| Q2 24 | 0.15× | 0.39× | ||
| Q1 24 | 0.16× | 0.40× |
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 | $-337.8M | $1.4B |
| 自由现金流经营现金流 - 资本支出 | $-453.8M | $1.2B |
| 自由现金流率自由现金流/营收 | -5.1% | 18.4% |
| 资本支出强度资本支出/营收 | 1.3% | 3.2% |
| 现金转化率经营现金流/净利润 | -1.30× | 2.11× |
| 过去12个月自由现金流最近4个季度 | $-60.0M | $3.7B |
8季度趋势，按日历期对齐
经营现金流CHSCPKHC
| Q4 25 | $-337.8M | $1.4B | ||
| Q3 25 | $1.3B | $1.2B | ||
| Q2 25 | $696.6M | $1.2B | ||
| Q1 25 | $-1.0B | $720.0M | ||
| Q4 24 | $-294.0M | $1.4B | ||
| Q3 24 | $1.1B | $1.1B | ||
| Q2 24 | $556.9M | $942.0M | ||
| Q1 24 | $-249.6M | $771.0M |
自由现金流CHSCPKHC
| Q4 25 | $-453.8M | $1.2B | ||
| Q3 25 | $1.1B | $986.0M | ||
| Q2 25 | $520.6M | $1.0B | ||
| Q1 25 | $-1.2B | $482.0M | ||
| Q4 24 | $-486.6M | $1.1B | ||
| Q3 24 | $845.8M | $849.0M | ||
| Q2 24 | $361.6M | $693.0M | ||
| Q1 24 | $-453.3M | $477.0M |
自由现金流率CHSCPKHC
| Q4 25 | -5.1% | 18.4% | ||
| Q3 25 | 8.1% | 15.8% | ||
| Q2 25 | 5.3% | 16.1% | ||
| Q1 25 | -38.1% | 8.0% | ||
| Q4 24 | -5.2% | 17.4% | ||
| Q3 24 | 9.2% | 13.3% | ||
| Q2 24 | 3.8% | 10.7% | ||
| Q1 24 | -5.0% | 7.4% |
资本支出强度CHSCPKHC
| Q4 25 | 1.3% | 3.2% | ||
| Q3 25 | 1.5% | 2.7% | ||
| Q2 25 | 1.8% | 2.9% | ||
| Q1 25 | 5.2% | 4.0% | ||
| Q4 24 | 2.1% | 3.8% | ||
| Q3 24 | 2.9% | 3.7% | ||
| Q2 24 | 2.0% | 3.8% | ||
| Q1 24 | 2.2% | 4.6% |
现金转化率CHSCPKHC
| Q4 25 | -1.30× | 2.11× | ||
| Q3 25 | 6.46× | 1.88× | ||
| Q2 25 | 3.00× | — | ||
| Q1 25 | — | 1.01× | ||
| Q4 24 | -1.20× | 0.65× | ||
| Q3 24 | 9.96× | — | ||
| Q2 24 | 1.87× | 9.24× | ||
| Q1 24 | -1.47× | 0.96× |
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
CHSCP
| Grains | $5.2B | 59% |
| Agronomy | $1.2B | 14% |
| CF Nitrogen LLC | $1.1B | 12% |
| Ventura Foods Llc | $838.2M | 9% |
| Other | $283.9M | 3% |
| ASC Topic815 | $198.7M | 2% |
| West Central Ag Services | $18.0M | 0% |
| Other Guidance | $1.4M | 0% |
KHC
| Taste Elevation | $2.9B | 46% |
| Easy Ready Meals | $1.1B | 17% |
| Hydration | $471.0M | 7% |
| Cheese | $440.0M | 7% |
| Meats | $438.0M | 7% |
| Substantial Snacking | $351.0M | 6% |
| Desserts | $332.0M | 5% |
| Coffee | $221.0M | 3% |
| Other Platform | $127.0M | 2% |
