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开市客（COST）与宝洁（PG）财务数据对比。点击上方公司名可切换其他公司
开市客的季度营收约是宝洁的3.0倍（$67.3B vs $22.2B），宝洁净利率更高（19.4% vs 3.0%，领先16.5%），开市客同比增速更快（8.3% vs 1.5%），宝洁自由现金流更多（$3.8B vs $3.2B），过去两年开市客的营收复合增速更高（7.9% vs 4.9%）
开市客是起源于美国的跨国连锁会员制仓储量贩集团，为全球第三大零售企业。截至2024年8月，开市客是全球规模最大的牛肉、禽肉、有机农产品及葡萄酒零售商，约有近三分之一的美国消费者定期前往其线下门店消费。
宝洁是总部位于美国俄亥俄州辛辛那提的跨国消费品巨头，业务覆盖美容护理、家居清洁、个人护理、母婴护理等多个品类，旗下拥有大量知名消费品牌，产品行销全球绝大多数国家和地区，广受各地消费者的信赖与喜爱。
COST vs PG — 直观对比
营收规模更大
COST
是对方的3.0倍
$22.2B
营收增速更快
COST
高出6.8%
1.5%
净利率更高
PG
高出16.5%
3.0%
自由现金流更多
PG
多$643.0M
$3.2B
两年增速更快
COST
近两年复合增速
4.9%
损益表 — Q1 FY2026 vs Q2 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $67.3B | $22.2B |
| 净利润 | $2.0B | $4.3B |
| 毛利率 | 13.1% | 51.2% |
| 营业利润率 | 3.7% | 24.2% |
| 净利率 | 3.0% | 19.4% |
| 营收同比 | 8.3% | 1.5% |
| 净利润同比 | 11.3% | -6.7% |
| 每股收益（稀释后） | $4.50 | $1.78 |
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COSTPG
| Q4 25 | $67.3B | $22.2B | ||
| Q3 25 | $86.2B | $22.4B | ||
| Q2 25 | $63.2B | $20.9B | ||
| Q1 25 | $63.7B | $19.8B | ||
| Q4 24 | $62.2B | $21.9B | ||
| Q3 24 | — | $21.7B | ||
| Q2 24 | $58.5B | $20.5B | ||
| Q1 24 | $58.4B | $20.2B |
净利润COSTPG
| Q4 25 | $2.0B | $4.3B | ||
| Q3 25 | $2.6B | $4.8B | ||
| Q2 25 | $1.9B | $3.6B | ||
| Q1 25 | $1.8B | $3.8B | ||
| Q4 24 | $1.8B | $4.6B | ||
| Q3 24 | — | $4.0B | ||
| Q2 24 | $1.7B | $3.1B | ||
| Q1 24 | $1.7B | $3.8B |
毛利率COSTPG
| Q4 25 | 13.1% | 51.2% | ||
| Q3 25 | 12.9% | 51.4% | ||
| Q2 25 | 13.0% | 49.1% | ||
| Q1 25 | 12.5% | 51.0% | ||
| Q4 24 | 12.9% | 52.4% | ||
| Q3 24 | — | 52.1% | ||
| Q2 24 | 12.5% | 49.6% | ||
| Q1 24 | 12.5% | 51.2% |
营业利润率COSTPG
| Q4 25 | 3.7% | 24.2% | ||
| Q3 25 | 3.9% | 26.2% | ||
| Q2 25 | 4.0% | 20.8% | ||
| Q1 25 | 3.6% | 23.0% | ||
| Q4 24 | 3.5% | 26.2% | ||
| Q3 24 | — | 26.7% | ||
| Q2 24 | 3.8% | 18.9% | ||
| Q1 24 | 3.5% | 22.1% |
净利率COSTPG
| Q4 25 | 3.0% | 19.4% | ||
| Q3 25 | 3.0% | 21.2% | ||
| Q2 25 | 3.0% | 17.3% | ||
| Q1 25 | 2.8% | 19.1% | ||
| Q4 24 | 2.9% | 21.2% | ||
| Q3 24 | — | 18.2% | ||
| Q2 24 | 2.9% | 15.3% | ||
| Q1 24 | 3.0% | 18.6% |
每股收益（稀释后）COSTPG
| Q4 25 | $4.50 | $1.78 | ||
| Q3 25 | $5.87 | $1.95 | ||
| Q2 25 | $4.28 | $1.48 | ||
| Q1 25 | $4.02 | $1.54 | ||
| Q4 24 | $4.04 | $1.88 | ||
| Q3 24 | — | $1.61 | ||
| Q2 24 | $3.78 | $1.27 | ||
| Q1 24 | $3.92 | $1.52 |
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 | $17.2B | — |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $30.3B | $53.3B |
| 总资产 | $82.8B | $127.3B |
| 负债/权益比越低杠杆越低 | — | — |
8季度趋势，按日历期对齐
现金及短期投资COSTPG
| Q4 25 | $17.2B | — | ||
| Q3 25 | $15.3B | — | ||
| Q2 25 | $14.8B | — | ||
| Q1 25 | $13.2B | — | ||
| Q4 24 | $11.8B | — | ||
| Q3 24 | — | — | ||
| Q2 24 | $11.5B | — | ||
| Q1 24 | $10.3B | — |
股东权益COSTPG
| Q4 25 | $30.3B | $53.3B | ||
| Q3 25 | $29.2B | $53.6B | ||
| Q2 25 | $27.1B | $52.3B | ||
| Q1 25 | $25.6B | $52.5B | ||
| Q4 24 | $24.5B | $51.4B | ||
| Q3 24 | — | $52.1B | ||
| Q2 24 | $21.8B | $50.6B | ||
| Q1 24 | $20.8B | $50.3B |
总资产COSTPG
| Q4 25 | $82.8B | $127.3B | ||
| Q3 25 | $77.1B | $127.6B | ||
| Q2 25 | $75.5B | $125.2B | ||
| Q1 25 | $73.2B | $123.0B | ||
| Q4 24 | $73.4B | $122.6B | ||
| Q3 24 | — | $126.5B | ||
| Q2 24 | $67.9B | $122.4B | ||
| Q1 24 | $66.3B | $119.6B |
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 | $4.7B | $5.0B |
| 自由现金流经营现金流 - 资本支出 | $3.2B | $3.8B |
| 自由现金流率自由现金流/营收 | 4.7% | 17.1% |
| 资本支出强度资本支出/营收 | 2.3% | 5.3% |
| 现金转化率经营现金流/净利润 | 2.34× | 1.15× |
| 过去12个月自由现金流最近4个季度 | $9.0B | $14.8B |
8季度趋势，按日历期对齐
经营现金流COSTPG
| Q4 25 | $4.7B | $5.0B | ||
| Q3 25 | $3.9B | $5.4B | ||
| Q2 25 | $3.5B | $5.0B | ||
| Q1 25 | $2.7B | $3.7B | ||
| Q4 24 | $3.3B | $4.8B | ||
| Q3 24 | — | $4.3B | ||
| Q2 24 | $3.0B | $5.8B | ||
| Q1 24 | $731.0M | $4.1B |
自由现金流COSTPG
| Q4 25 | $3.2B | $3.8B | ||
| Q3 25 | $1.9B | $4.2B | ||
| Q2 25 | $2.3B | $4.0B | ||
| Q1 25 | $1.6B | $2.8B | ||
| Q4 24 | $2.0B | $3.9B | ||
| Q3 24 | — | $3.3B | ||
| Q2 24 | $1.9B | $5.0B | ||
| Q1 24 | $-300.0M | $3.3B |
自由现金流率COSTPG
| Q4 25 | 4.7% | 17.1% | ||
| Q3 25 | 2.2% | 18.8% | ||
| Q2 25 | 3.7% | 19.1% | ||
| Q1 25 | 2.5% | 14.4% | ||
| Q4 24 | 3.2% | 17.8% | ||
| Q3 24 | — | 15.2% | ||
| Q2 24 | 3.3% | 24.2% | ||
| Q1 24 | -0.5% | 16.3% |
资本支出强度COSTPG
| Q4 25 | 2.3% | 5.3% | ||
| Q3 25 | 2.3% | 5.4% | ||
| Q2 25 | 1.8% | 4.8% | ||
| Q1 25 | 1.8% | 4.3% | ||
| Q4 24 | 2.0% | 4.2% | ||
| Q3 24 | — | 4.6% | ||
| Q2 24 | 1.8% | 3.8% | ||
| Q1 24 | 1.8% | 3.9% |
现金转化率COSTPG
| Q4 25 | 2.34× | 1.15× | ||
| Q3 25 | 1.48× | 1.14× | ||
| Q2 25 | 1.82× | 1.38× | ||
| Q1 25 | 1.54× | 0.98× | ||
| Q4 24 | 1.81× | 1.04× | ||
| Q3 24 | — | 1.09× | ||
| Q2 24 | 1.78× | 1.83× | ||
| Q1 24 | 0.42× | 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
COST
| Foods And Sundries | $27.1B | 40% |
| Non Foods | $19.2B | 28% |
| Other | $12.1B | 18% |
| Fresh Foods | $9.9B | 15% |
| Membership | $1.4B | 2% |
PG
| Fabric Home Care Segment | $7.7B | 35% |
| Baby Feminine Family Care Segment | $5.1B | 23% |
| Beauty Segment | $4.0B | 18% |
| Health Care Segment | $3.4B | 15% |
| Grooming Segment | $1.8B | 8% |
