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芝商所（CME）与Kellanova（K）财务数据对比。点击上方公司名可切换其他公司
Kellanova的季度营收约是芝商所的1.7倍（$3.3B vs $1.9B），Kellanova净利率更高（9.5% vs 0.1%，领先9.4%），芝商所同比增速更快（14.5% vs 0.8%），过去两年芝商所的营收复合增速更高（10.8% vs -9.0%）
芝商所是总部位于美国伊利诺伊州芝加哥的金融服务企业，为全球规模最大的金融衍生品交易所运营商，旗下拥有芝加哥商品交易所、芝加哥期货交易所、纽约商业交易所、纽约商品交易所等交易平台，覆盖农产品、货币、能源等品类交易，同时持有标普道琼斯指数27%的股权。
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。
CME vs K — 直观对比
营收规模更大
K
是对方的1.7倍
$1.9B
营收增速更快
CME
高出13.6%
0.8%
净利率更高
K
高出9.4%
0.1%
两年增速更快
CME
近两年复合增速
-9.0%
损益表 — Q1 FY2026 vs Q3 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.9B | $3.3B |
| 净利润 | $1.2M | $309.0M |
| 毛利率 | — | 33.3% |
| 营业利润率 | 0.1% | 13.9% |
| 净利率 | 0.1% | 9.5% |
| 营收同比 | 14.5% | 0.8% |
| 净利润同比 | 20.7% | -15.8% |
| 每股收益（稀释后） | — | $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CMEK
| Q1 26 | $1.9B | — | ||
| Q4 25 | $1.6B | — | ||
| Q3 25 | $1.5B | $3.3B | ||
| Q2 25 | $1.7B | $3.2B | ||
| Q1 25 | $1.6B | $3.1B | ||
| Q4 24 | $1.5B | $3.1B | ||
| Q3 24 | $1.6B | $3.2B | ||
| Q2 24 | $1.5B | $3.2B |
净利润CMEK
| Q1 26 | $1.2M | — | ||
| Q4 25 | $1.2B | — | ||
| Q3 25 | $908.0M | $309.0M | ||
| Q2 25 | $1.0B | $299.0M | ||
| Q1 25 | $956.2M | $304.0M | ||
| Q4 24 | $874.6M | $365.0M | ||
| Q3 24 | $912.8M | $367.0M | ||
| Q2 24 | $883.2M | $344.0M |
毛利率CMEK
| Q1 26 | — | — | ||
| 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% |
营业利润率CMEK
| Q1 26 | 0.1% | — | ||
| Q4 25 | 61.8% | — | ||
| Q3 25 | 63.3% | 13.9% | ||
| Q2 25 | 66.7% | 13.7% | ||
| Q1 25 | 67.5% | 13.9% | ||
| Q4 24 | 62.1% | 17.0% | ||
| Q3 24 | 64.6% | 14.1% | ||
| Q2 24 | 65.3% | 15.4% |
净利率CMEK
| Q1 26 | 0.1% | — | ||
| Q4 25 | 71.7% | — | ||
| Q3 25 | 59.1% | 9.5% | ||
| Q2 25 | 60.6% | 9.3% | ||
| Q1 25 | 58.2% | 9.9% | ||
| Q4 24 | 57.3% | 11.7% | ||
| Q3 24 | 57.6% | 11.4% | ||
| Q2 24 | 57.6% | 10.8% |
每股收益（稀释后）CMEK
| Q1 26 | — | — | ||
| Q4 25 | $3.24 | — | ||
| Q3 25 | $2.49 | $0.88 | ||
| Q2 25 | $2.81 | $0.85 | ||
| Q1 25 | $2.62 | $0.87 | ||
| Q4 24 | $2.40 | $1.05 | ||
| Q3 24 | $2.50 | $1.05 | ||
| Q2 24 | $2.42 | $1.00 |
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 | $2.4B | $240.0M |
| 总债务越低越好 | $3.4B | $4.3B |
| 股东权益账面价值 | — | $4.2B |
| 总资产 | $202.0B | $15.6B |
| 负债/权益比越低杠杆越低 | — | 1.02× |
8季度趋势，按日历期对齐
现金及短期投资CMEK
| Q1 26 | $2.4B | — | ||
| Q4 25 | $4.5B | — | ||
| Q3 25 | $2.6B | $240.0M | ||
| Q2 25 | $2.1B | $354.0M | ||
| Q1 25 | $1.5B | $330.0M | ||
| Q4 24 | $3.0B | $694.0M | ||
| Q3 24 | $2.4B | $569.0M | ||
| Q2 24 | $1.9B | $272.0M |
总债务CMEK
| Q1 26 | $3.4B | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | $4.3B | ||
| Q2 25 | — | $4.3B | ||
| Q1 25 | — | $5.0B | ||
| Q4 24 | — | $5.0B | ||
| Q3 24 | — | $5.1B | ||
| Q2 24 | — | $5.0B |
股东权益CMEK
| Q1 26 | — | — | ||
| Q4 25 | $28.7B | — | ||
| Q3 25 | $28.2B | $4.2B | ||
| Q2 25 | $27.7B | $4.1B | ||
| Q1 25 | $27.0B | $3.9B | ||
| Q4 24 | $26.5B | $3.8B | ||
| Q3 24 | $28.2B | $3.6B | ||
| Q2 24 | $27.6B | $3.3B |
总资产CMEK
| Q1 26 | $202.0B | — | ||
| Q4 25 | $198.4B | — | ||
| Q3 25 | $187.1B | $15.6B | ||
| Q2 25 | $179.9B | $15.9B | ||
| Q1 25 | $157.8B | $15.5B | ||
| Q4 24 | $137.4B | $15.6B | ||
| Q3 24 | $137.8B | $15.8B | ||
| Q2 24 | $123.4B | $15.3B |
负债/权益比CMEK
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | 1.02× | ||
| Q2 25 | — | 1.05× | ||
| Q1 25 | — | 1.28× | ||
| Q4 24 | — | 1.32× | ||
| Q3 24 | — | 1.40× | ||
| Q2 24 | — | 1.51× |
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 | — | $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 | — | 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CMEK
| Q1 26 | — | — | ||
| Q4 25 | $1.1B | — | ||
| Q3 25 | $968.1M | $503.0M | ||
| Q2 25 | $1.1B | $169.0M | ||
| Q1 25 | $1.1B | $116.0M | ||
| Q4 24 | $1.0B | $467.0M | ||
| Q3 24 | $1.0B | $553.0M | ||
| Q2 24 | $776.9M | $376.0M |
自由现金流CMEK
| Q1 26 | — | — | ||
| Q4 25 | $1.1B | — | ||
| Q3 25 | $949.7M | $359.0M | ||
| Q2 25 | $1.0B | $21.0M | ||
| Q1 25 | $1.1B | $-60.0M | ||
| Q4 24 | $991.7M | $279.0M | ||
| Q3 24 | $973.2M | $410.0M | ||
| Q2 24 | $758.7M | $234.0M |
自由现金流率CMEK
| Q1 26 | — | — | ||
| Q4 25 | 66.8% | — | ||
| Q3 25 | 61.8% | 11.0% | ||
| Q2 25 | 61.5% | 0.7% | ||
| Q1 25 | 67.1% | -1.9% | ||
| Q4 24 | 65.0% | 8.9% | ||
| Q3 24 | 61.4% | 12.7% | ||
| Q2 24 | 49.5% | 7.3% |
资本支出强度CMEK
| Q1 26 | — | — | ||
| Q4 25 | 2.0% | — | ||
| Q3 25 | 1.2% | 4.4% | ||
| Q2 25 | 1.1% | 4.6% | ||
| Q1 25 | 0.9% | 5.7% | ||
| Q4 24 | 1.7% | 6.0% | ||
| Q3 24 | 1.9% | 4.4% | ||
| Q2 24 | 1.2% | 4.4% |
现金转化率CMEK
| Q1 26 | — | — | ||
| Q4 25 | 0.96× | — | ||
| Q3 25 | 1.07× | 1.63× | ||
| Q2 25 | 1.03× | 0.57× | ||
| Q1 25 | 1.17× | 0.38× | ||
| Q4 24 | 1.16× | 1.28× | ||
| Q3 24 | 1.10× | 1.51× | ||
| Q2 24 | 0.88× | 1.09× |
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
CME
暂无分部数据
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% |
