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康明斯（CMI）与百事公司（PFGC）财务数据对比。点击上方公司名可切换其他公司
百事公司的季度营收约是康明斯的1.9倍（$16.4B vs $8.5B），康明斯净利率更高（7.3% vs 0.4%，领先6.9%），百事公司同比增速更快（5.2% vs 1.1%），康明斯自由现金流更多（$990.0M vs $487.8M），过去两年百事公司的营收复合增速更高（8.9% vs 0.8%）
康明斯是总部位于美国的跨国企业，专注于设计、制造及销售柴油发动机、电动汽车零部件、发电产品，同时提供发动机及相关配套设备的维保服务，业务覆盖燃油系统、空气处理系统、过滤设备、排放控制、发电系统及发动机控制单元等多个领域。
百事公司是总部位于美国纽约州珀彻斯的跨国食品饮料企业，1965年由百事可乐公司与菲多利合并成立。业务覆盖食品饮料全领域，负责旗下产品的生产、分销与市场营销，产品矩阵从最初的百事可乐扩展到了丰富多元的知名品牌组合。
CMI vs PFGC — 直观对比
营收规模更大
PFGC
是对方的1.9倍
$8.5B
营收增速更快
PFGC
高出4.1%
1.1%
净利率更高
CMI
高出6.9%
0.4%
自由现金流更多
CMI
多$502.2M
$487.8M
两年增速更快
PFGC
近两年复合增速
0.8%
损益表 — Q4 FY2025 vs Q2 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $8.5B | $16.4B |
| 净利润 | $620.0M | $61.7M |
| 毛利率 | 22.9% | 12.0% |
| 营业利润率 | 9.5% | 1.2% |
| 净利率 | 7.3% | 0.4% |
| 营收同比 | 1.1% | 5.2% |
| 净利润同比 | 39.3% | 45.5% |
| 每股收益（稀释后） | $4.25 | $0.39 |
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CMIPFGC
| Q4 25 | $8.5B | $16.4B | ||
| Q3 25 | $8.3B | $17.1B | ||
| Q2 25 | $8.6B | $16.9B | ||
| Q1 25 | $8.2B | $15.3B | ||
| Q4 24 | $8.4B | $15.6B | ||
| Q3 24 | $8.5B | $15.4B | ||
| Q2 24 | $8.8B | $15.2B | ||
| Q1 24 | $8.4B | $13.9B |
净利润CMIPFGC
| Q4 25 | $620.0M | $61.7M | ||
| Q3 25 | $559.0M | $93.6M | ||
| Q2 25 | $928.0M | $131.5M | ||
| Q1 25 | $850.0M | $58.3M | ||
| Q4 24 | $445.0M | $42.4M | ||
| Q3 24 | $843.0M | $108.0M | ||
| Q2 24 | $752.0M | $166.5M | ||
| Q1 24 | $2.0B | $70.4M |
毛利率CMIPFGC
| Q4 25 | 22.9% | 12.0% | ||
| Q3 25 | 25.6% | 11.8% | ||
| Q2 25 | 26.4% | 11.8% | ||
| Q1 25 | 26.4% | 11.9% | ||
| Q4 24 | 24.1% | 11.7% | ||
| Q3 24 | 25.7% | 11.4% | ||
| Q2 24 | 24.9% | 11.5% | ||
| Q1 24 | 24.3% | 11.3% |
营业利润率CMIPFGC
| Q4 25 | 9.5% | 1.2% | ||
| Q3 25 | 10.2% | 1.3% | ||
| Q2 25 | 14.2% | 1.6% | ||
| Q1 25 | 13.9% | 1.1% | ||
| Q4 24 | 8.7% | 1.0% | ||
| Q3 24 | 12.4% | 1.4% | ||
| Q2 24 | 11.9% | 1.9% | ||
| Q1 24 | 11.0% | 1.1% |
净利率CMIPFGC
| Q4 25 | 7.3% | 0.4% | ||
| Q3 25 | 6.7% | 0.5% | ||
| Q2 25 | 10.7% | 0.8% | ||
| Q1 25 | 10.4% | 0.4% | ||
| Q4 24 | 5.3% | 0.3% | ||
| Q3 24 | 10.0% | 0.7% | ||
| Q2 24 | 8.5% | 1.1% | ||
| Q1 24 | 24.1% | 0.5% |
每股收益（稀释后）CMIPFGC
| Q4 25 | $4.25 | $0.39 | ||
| Q3 25 | $3.86 | $0.60 | ||
| Q2 25 | $6.43 | $0.85 | ||
| Q1 25 | $5.96 | $0.37 | ||
| Q4 24 | $3.22 | $0.27 | ||
| Q3 24 | $5.86 | $0.69 | ||
| Q2 24 | $5.26 | $1.07 | ||
| Q1 24 | $14.03 | $0.45 |
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 | $4.4B | — |
| 总债务越低越好 | $6.8B | $5.3B |
| 股东权益账面价值 | $12.3B | $4.6B |
| 总资产 | $34.0B | $18.2B |
| 负债/权益比越低杠杆越低 | 0.55× | 1.13× |
8季度趋势，按日历期对齐
现金及短期投资CMIPFGC
| Q4 25 | $4.4B | — | ||
| Q3 25 | $3.2B | — | ||
| Q2 25 | $3.1B | — | ||
| Q1 25 | $2.2B | — | ||
| Q4 24 | $2.3B | — | ||
| Q3 24 | $2.3B | — | ||
| Q2 24 | $2.2B | — | ||
| Q1 24 | $3.1B | — |
总债务CMIPFGC
| Q4 25 | $6.8B | $5.3B | ||
| Q3 25 | $6.8B | $5.6B | ||
| Q2 25 | $6.8B | $5.4B | ||
| Q1 25 | $4.8B | $5.4B | ||
| Q4 24 | $4.8B | $5.7B | ||
| Q3 24 | $4.9B | $3.9B | ||
| Q2 24 | $5.4B | $3.2B | ||
| Q1 24 | $5.8B | $3.2B |
股东权益CMIPFGC
| Q4 25 | $12.3B | $4.6B | ||
| Q3 25 | $12.1B | $4.6B | ||
| Q2 25 | $11.8B | $4.5B | ||
| Q1 25 | $10.9B | $4.3B | ||
| Q4 24 | $10.3B | $4.3B | ||
| Q3 24 | $10.3B | $4.2B | ||
| Q2 24 | $9.6B | $4.1B | ||
| Q1 24 | $9.1B | $4.0B |
总资产CMIPFGC
| Q4 25 | $34.0B | $18.2B | ||
| Q3 25 | $33.6B | $18.4B | ||
| Q2 25 | $34.3B | $17.9B | ||
| Q1 25 | $32.5B | $17.1B | ||
| Q4 24 | $31.5B | $17.1B | ||
| Q3 24 | $32.1B | $14.4B | ||
| Q2 24 | $31.3B | $13.4B | ||
| Q1 24 | $31.8B | $12.9B |
负债/权益比CMIPFGC
| Q4 25 | 0.55× | 1.13× | ||
| Q3 25 | 0.57× | 1.23× | ||
| Q2 25 | 0.58× | 1.20× | ||
| Q1 25 | 0.44× | 1.25× | ||
| Q4 24 | 0.47× | 1.34× | ||
| Q3 24 | 0.47× | 0.93× | ||
| Q2 24 | 0.57× | 0.78× | ||
| Q1 24 | 0.64× | 0.81× |
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 | $1.5B | $601.2M |
| 自由现金流经营现金流 - 资本支出 | $990.0M | $487.8M |
| 自由现金流率自由现金流/营收 | 11.6% | 3.0% |
| 资本支出强度资本支出/营收 | 6.4% | 0.7% |
| 现金转化率经营现金流/净利润 | 2.47× | 9.74× |
| 过去12个月自由现金流最近4个季度 | $2.4B | $792.7M |
8季度趋势，按日历期对齐
经营现金流CMIPFGC
| Q4 25 | $1.5B | $601.2M | ||
| Q3 25 | $1.3B | $-145.2M | ||
| Q2 25 | $785.0M | $383.0M | ||
| Q1 25 | $-3.0M | $448.1M | ||
| Q4 24 | $1.4B | $325.5M | ||
| Q3 24 | $640.0M | $53.5M | ||
| Q2 24 | $-851.0M | $206.3M | ||
| Q1 24 | $276.0M | $402.7M |
自由现金流CMIPFGC
| Q4 25 | $990.0M | $487.8M | ||
| Q3 25 | $1.0B | $-224.1M | ||
| Q2 25 | $554.0M | $209.7M | ||
| Q1 25 | $-165.0M | $319.3M | ||
| Q4 24 | $882.0M | $218.1M | ||
| Q3 24 | $381.0M | $-43.0M | ||
| Q2 24 | $-1.1B | $55.1M | ||
| Q1 24 | $107.0M | $305.4M |
自由现金流率CMIPFGC
| Q4 25 | 11.6% | 3.0% | ||
| Q3 25 | 12.1% | -1.3% | ||
| Q2 25 | 6.4% | 1.2% | ||
| Q1 25 | -2.0% | 2.1% | ||
| Q4 24 | 10.4% | 1.4% | ||
| Q3 24 | 4.5% | -0.3% | ||
| Q2 24 | -12.4% | 0.4% | ||
| Q1 24 | 1.3% | 2.2% |
资本支出强度CMIPFGC
| Q4 25 | 6.4% | 0.7% | ||
| Q3 25 | 3.6% | 0.5% | ||
| Q2 25 | 2.7% | 1.0% | ||
| Q1 25 | 2.0% | 0.8% | ||
| Q4 24 | 6.4% | 0.7% | ||
| Q3 24 | 3.1% | 0.6% | ||
| Q2 24 | 2.7% | 1.0% | ||
| Q1 24 | 2.0% | 0.7% |
现金转化率CMIPFGC
| Q4 25 | 2.47× | 9.74× | ||
| Q3 25 | 2.33× | -1.55× | ||
| Q2 25 | 0.85× | 2.91× | ||
| Q1 25 | -0.00× | 7.69× | ||
| Q4 24 | 3.20× | 7.68× | ||
| Q3 24 | 0.76× | 0.50× | ||
| Q2 24 | -1.13× | 1.24× | ||
| Q1 24 | 0.14× | 5.72× |
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
CMI
| Other | $2.9B | 34% |
| Parts | $1.0B | 12% |
| Mediumdutytruckandbus | $638.0M | 7% |
| Heavydutytruck | $623.0M | 7% |
| Intersegmentsales | $620.0M | 7% |
| PSBU Power Generation | $577.0M | 7% |
| Related Party | $469.0M | 5% |
| Services | $449.0M | 5% |
| Lightdutyautomotive | $440.0M | 5% |
| Industrial | $333.0M | 4% |
| Offhighway | $279.0M | 3% |
| Generatortechnologies | $152.0M | 2% |
PFGC
| Foodservice | $8.8B | 54% |
| Convenience | $6.3B | 38% |
| Specialty | $1.3B | 8% |
