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开市客（COST）与泰森食品（TSN）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泰森食品的4.7倍（$67.3B vs $14.3B），开市客净利率更高（3.0% vs 0.6%，领先2.4%），开市客同比增速更快（8.3% vs 5.1%），开市客自由现金流更多（$3.2B vs $690.0M），过去两年开市客的营收复合增速更高（7.9% vs 4.6%）
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。
泰森食品是总部位于美国阿肯色州斯普林代尔的跨国食品企业，是仅次于JBS的全球第二大鸡肉、牛肉、猪肉加工销售商，同时是美国规模最大的肉类企业，常年位居美国牛肉出口占比首位，旗下运营泰森、Jimmy Dean、Hillshire Farm等多个知名食品品牌。
COST vs TSN — 直观对比
营收规模更大
COST
是对方的4.7倍
$14.3B
营收增速更快
COST
高出3.2%
5.1%
净利率更高
COST
高出2.4%
0.6%
自由现金流更多
COST
多$2.5B
$690.0M
两年增速更快
COST
近两年复合增速
4.6%
损益表 — Q1 FY2026 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $67.3B | $14.3B |
| 净利润 | $2.0B | $85.0M |
| 毛利率 | 13.1% | 5.6% |
| 营业利润率 | 3.7% | 2.1% |
| 净利率 | 3.0% | 0.6% |
| 营收同比 | 8.3% | 5.1% |
| 净利润同比 | 11.3% | -76.3% |
| 每股收益（稀释后） | $4.50 | $0.24 |
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COSTTSN
| Q4 25 | $67.3B | $14.3B | ||
| Q3 25 | $86.2B | $13.9B | ||
| Q2 25 | $63.2B | $13.9B | ||
| Q1 25 | $63.7B | $13.1B | ||
| Q4 24 | $62.2B | $13.6B | ||
| Q3 24 | — | $13.6B | ||
| Q2 24 | $58.5B | $13.4B | ||
| Q1 24 | $58.4B | $13.1B |
净利润COSTTSN
| Q4 25 | $2.0B | $85.0M | ||
| Q3 25 | $2.6B | $47.0M | ||
| Q2 25 | $1.9B | $61.0M | ||
| Q1 25 | $1.8B | $7.0M | ||
| Q4 24 | $1.8B | $359.0M | ||
| Q3 24 | — | $357.0M | ||
| Q2 24 | $1.7B | $191.0M | ||
| Q1 24 | $1.7B | $145.0M |
毛利率COSTTSN
| Q4 25 | 13.1% | 5.6% | ||
| Q3 25 | 12.9% | 5.2% | ||
| Q2 25 | 13.0% | 8.2% | ||
| Q1 25 | 12.5% | 4.6% | ||
| Q4 24 | 12.9% | 8.0% | ||
| Q3 24 | — | 7.8% | ||
| Q2 24 | 12.5% | 6.6% | ||
| Q1 24 | 12.5% | 6.6% |
营业利润率COSTTSN
| Q4 25 | 3.7% | 2.1% | ||
| Q3 25 | 3.9% | 1.1% | ||
| Q2 25 | 4.0% | 1.9% | ||
| Q1 25 | 3.6% | 0.8% | ||
| Q4 24 | 3.5% | 4.3% | ||
| Q3 24 | — | 3.9% | ||
| Q2 24 | 3.8% | 2.6% | ||
| Q1 24 | 3.5% | 2.4% |
净利率COSTTSN
| Q4 25 | 3.0% | 0.6% | ||
| Q3 25 | 3.0% | 0.3% | ||
| Q2 25 | 3.0% | 0.4% | ||
| Q1 25 | 2.8% | 0.1% | ||
| Q4 24 | 2.9% | 2.6% | ||
| Q3 24 | — | 2.6% | ||
| Q2 24 | 2.9% | 1.4% | ||
| Q1 24 | 3.0% | 1.1% |
每股收益（稀释后）COSTTSN
| Q4 25 | $4.50 | $0.24 | ||
| Q3 25 | $5.87 | $0.13 | ||
| Q2 25 | $4.28 | $0.17 | ||
| Q1 25 | $4.02 | $0.02 | ||
| Q4 24 | $4.04 | $1.01 | ||
| Q3 24 | — | $1.00 | ||
| Q2 24 | $3.78 | $0.54 | ||
| Q1 24 | $3.92 | $0.41 |
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 | $1.3B |
| 总债务越低越好 | — | $7.5B |
| 股东权益账面价值 | $30.3B | $18.0B |
| 总资产 | $82.8B | $36.0B |
| 负债/权益比越低杠杆越低 | — | 0.41× |
8季度趋势，按日历期对齐
现金及短期投资COSTTSN
| Q4 25 | $17.2B | $1.3B | ||
| Q3 25 | $15.3B | $1.2B | ||
| Q2 25 | $14.8B | $1.5B | ||
| Q1 25 | $13.2B | $992.0M | ||
| Q4 24 | $11.8B | $2.3B | ||
| Q3 24 | — | $1.7B | ||
| Q2 24 | $11.5B | $2.6B | ||
| Q1 24 | $10.3B | $2.2B |
总债务COSTTSN
| Q4 25 | — | $7.5B | ||
| Q3 25 | — | $7.9B | ||
| Q2 25 | — | $8.2B | ||
| Q1 25 | — | $8.2B | ||
| Q4 24 | — | $9.7B | ||
| Q3 24 | — | $9.7B | ||
| Q2 24 | — | $9.7B | ||
| Q1 24 | — | $9.6B |
股东权益COSTTSN
| Q4 25 | $30.3B | $18.0B | ||
| Q3 25 | $29.2B | $18.1B | ||
| Q2 25 | $27.1B | $18.3B | ||
| Q1 25 | $25.6B | $18.4B | ||
| Q4 24 | $24.5B | $18.5B | ||
| Q3 24 | — | $18.4B | ||
| Q2 24 | $21.8B | $18.1B | ||
| Q1 24 | $20.8B | $18.1B |
总资产COSTTSN
| Q4 25 | $82.8B | $36.0B | ||
| Q3 25 | $77.1B | $36.7B | ||
| Q2 25 | $75.5B | $36.5B | ||
| Q1 25 | $73.2B | $36.3B | ||
| Q4 24 | $73.4B | $37.3B | ||
| Q3 24 | — | $37.1B | ||
| Q2 24 | $67.9B | $37.7B | ||
| Q1 24 | $66.3B | $37.5B |
负债/权益比COSTTSN
| Q4 25 | — | 0.41× | ||
| Q3 25 | — | 0.44× | ||
| Q2 25 | — | 0.45× | ||
| Q1 25 | — | 0.44× | ||
| Q4 24 | — | 0.52× | ||
| Q3 24 | — | 0.53× | ||
| Q2 24 | — | 0.54× | ||
| Q1 24 | — | 0.53× |
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 | $942.0M |
| 自由现金流经营现金流 - 资本支出 | $3.2B | $690.0M |
| 自由现金流率自由现金流/营收 | 4.7% | 4.8% |
| 资本支出强度资本支出/营收 | 2.3% | 1.8% |
| 现金转化率经营现金流/净利润 | 2.34× | 11.08× |
| 过去12个月自由现金流最近4个季度 | $9.0B | $1.1B |
8季度趋势，按日历期对齐
经营现金流COSTTSN
| Q4 25 | $4.7B | $942.0M | ||
| Q3 25 | $3.9B | $535.0M | ||
| Q2 25 | $3.5B | $774.0M | ||
| Q1 25 | $2.7B | $-185.0M | ||
| Q4 24 | $3.3B | $1.0B | ||
| Q3 24 | — | $617.0M | ||
| Q2 24 | $3.0B | $796.0M | ||
| Q1 24 | $731.0M | $-123.0M |
自由现金流COSTTSN
| Q4 25 | $3.2B | $690.0M | ||
| Q3 25 | $1.9B | $248.0M | ||
| Q2 25 | $2.3B | $547.0M | ||
| Q1 25 | $1.6B | $-378.0M | ||
| Q4 24 | $2.0B | $760.0M | ||
| Q3 24 | — | $369.0M | ||
| Q2 24 | $1.9B | $533.0M | ||
| Q1 24 | $-300.0M | $-390.0M |
自由现金流率COSTTSN
| Q4 25 | 4.7% | 4.8% | ||
| Q3 25 | 2.2% | 1.8% | ||
| Q2 25 | 3.7% | 3.9% | ||
| Q1 25 | 2.5% | -2.9% | ||
| Q4 24 | 3.2% | 5.6% | ||
| Q3 24 | — | 2.7% | ||
| Q2 24 | 3.3% | 4.0% | ||
| Q1 24 | -0.5% | -3.0% |
资本支出强度COSTTSN
| Q4 25 | 2.3% | 1.8% | ||
| Q3 25 | 2.3% | 2.1% | ||
| Q2 25 | 1.8% | 1.6% | ||
| Q1 25 | 1.8% | 1.5% | ||
| Q4 24 | 2.0% | 2.0% | ||
| Q3 24 | — | 1.8% | ||
| Q2 24 | 1.8% | 2.0% | ||
| Q1 24 | 1.8% | 2.0% |
现金转化率COSTTSN
| Q4 25 | 2.34× | 11.08× | ||
| Q3 25 | 1.48× | 11.38× | ||
| Q2 25 | 1.82× | 12.69× | ||
| Q1 25 | 1.54× | -26.43× | ||
| Q4 24 | 1.81× | 2.87× | ||
| Q3 24 | — | 1.73× | ||
| Q2 24 | 1.78× | 4.17× | ||
| Q1 24 | 0.42× | -0.85× |
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% |
TSN
| Beef | $5.8B | 40% |
| Retail Sales Channel | $2.9B | 20% |
| Pork | $1.6B | 11% |
| Foodservice Sales Channel | $1.6B | 11% |
| Other | $776.0M | 5% |
| Industrialand Other Sales Channel | $575.0M | 4% |
| International Sales Channel | $542.0M | 4% |
| Intersegment Revenues | $534.0M | 4% |
