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Cronos Group Inc.（CRON）与优莎娜（USNA）财务数据对比。点击上方公司名可切换其他公司
优莎娜的季度营收约是Cronos Group Inc.的4.8倍（$213.7M vs $44.5M）。优莎娜净利率更高（-3.1% vs -4.1%，领先1.0%）。Cronos Group Inc.同比增速更快（47.0% vs 6.7%）。Cronos Group Inc.自由现金流更多（$9.7M vs $-5.2M）。过去两年Cronos Group Inc.的营收复合增速更高（32.7% vs -1.7%）
Cronos集团是全球性大麻素企业，主营大麻种植、加工及相关衍生产品的分销业务，产品线覆盖健康补充剂、快消品及医用大麻品类，主要服务北美、欧洲、亚太地区的合规娱乐与医用消费市场，严格遵循各地监管要求保障产品品质。
USANA是总部位于美国犹他州盐湖城的多层次营销企业，以 revenue 计位列2021年全球第14大直销企业。公司主打营养产品、膳食补充剂与护肤产品，大部分产品在盐湖城自有工厂生产，产品通过独立经销商网络销往全球24个国家。
CRON vs USNA — 直观对比
营收规模更大
USNA
是对方的4.8倍
$44.5M
营收增速更快
CRON
高出40.2%
6.7%
净利率更高
USNA
高出1.0%
-4.1%
自由现金流更多
CRON
多$14.9M
$-5.2M
两年增速更快
CRON
近两年复合增速
-1.7%
损益表 — Q4 2025 vs Q3 2026
| 指标 | | |
|---|---|---|
| 营收 | $44.5M | $213.7M |
| 净利润 | $-1.8M | $-6.5M |
| 毛利率 | 36.4% | 77.2% |
| 营业利润率 | -16.8% | 0.6% |
| 净利率 | -4.1% | -3.1% |
| 营收同比 | 47.0% | 6.7% |
| 净利润同比 | -104.2% | -161.5% |
| 每股收益（稀释后） | $-0.01 | $-0.36 |
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CRONUSNA
| Q4 25 | $44.5M | — | ||
| Q3 25 | $36.3M | $213.7M | ||
| Q2 25 | $33.5M | $235.8M | ||
| Q1 25 | $32.3M | $249.5M | ||
| Q4 24 | $30.3M | $213.6M | ||
| Q3 24 | $34.3M | $200.2M | ||
| Q2 24 | $27.8M | $212.9M | ||
| Q1 24 | $25.3M | $227.8M |
净利润CRONUSNA
| Q4 25 | $-1.8M | — | ||
| Q3 25 | $26.0M | $-6.5M | ||
| Q2 25 | $-39.7M | $9.7M | ||
| Q1 25 | $6.1M | $9.4M | ||
| Q4 24 | $43.7M | $4.5M | ||
| Q3 24 | $8.3M | $10.6M | ||
| Q2 24 | $-8.8M | $10.4M | ||
| Q1 24 | $-2.2M | $16.5M |
毛利率CRONUSNA
| Q4 25 | 36.4% | — | ||
| Q3 25 | 50.4% | 77.2% | ||
| Q2 25 | 43.4% | 78.7% | ||
| Q1 25 | 42.6% | 79.0% | ||
| Q4 24 | 35.7% | 82.0% | ||
| Q3 24 | 10.5% | 80.4% | ||
| Q2 24 | 22.7% | 81.1% | ||
| Q1 24 | 17.7% | 81.1% |
营业利润率CRONUSNA
| Q4 25 | -16.8% | — | ||
| Q3 25 | -1.4% | 0.6% | ||
| Q2 25 | -15.9% | 7.1% | ||
| Q1 25 | -12.6% | 6.3% | ||
| Q4 24 | -37.5% | 3.8% | ||
| Q3 24 | -98.2% | 7.8% | ||
| Q2 24 | -56.1% | 8.4% | ||
| Q1 24 | -63.1% | 10.8% |
净利率CRONUSNA
| Q4 25 | -4.1% | — | ||
| Q3 25 | 71.4% | -3.1% | ||
| Q2 25 | -118.7% | 4.1% | ||
| Q1 25 | 19.0% | 3.8% | ||
| Q4 24 | 144.3% | 2.1% | ||
| Q3 24 | 24.4% | 5.3% | ||
| Q2 24 | -31.5% | 4.9% | ||
| Q1 24 | -8.9% | 7.3% |
每股收益（稀释后）CRONUSNA
| Q4 25 | $-0.01 | — | ||
| Q3 25 | $0.07 | $-0.36 | ||
| Q2 25 | $-0.10 | $0.52 | ||
| Q1 25 | $0.02 | $0.49 | ||
| Q4 24 | $0.12 | $0.23 | ||
| Q3 24 | $0.02 | $0.56 | ||
| Q2 24 | $-0.02 | $0.54 | ||
| Q1 24 | $-0.01 | $0.86 |
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 | $831.8M | $145.3M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $1.1B | $528.1M |
| 总资产 | $1.2B | $726.6M |
| 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CRONUSNA
| Q4 25 | $831.8M | — | ||
| Q3 25 | $824.2M | $145.3M | ||
| Q2 25 | $834.4M | $151.3M | ||
| Q1 25 | $837.8M | $179.6M | ||
| Q4 24 | $858.8M | $181.8M | ||
| Q3 24 | $862.0M | $364.9M | ||
| Q2 24 | $848.2M | $332.4M | ||
| Q1 24 | $855.1M | $328.3M |
股东权益CRONUSNA
| Q4 25 | $1.1B | — | ||
| Q3 25 | $1.1B | $528.1M | ||
| Q2 25 | $1.1B | $531.1M | ||
| Q1 25 | $1.1B | $529.8M | ||
| Q4 24 | $1.1B | $532.1M | ||
| Q3 24 | $1.1B | $533.1M | ||
| Q2 24 | $1.1B | $512.2M | ||
| Q1 24 | $1.1B | $500.0M |
总资产CRONUSNA
| Q4 25 | $1.2B | — | ||
| Q3 25 | $1.2B | $726.6M | ||
| Q2 25 | $1.2B | $734.5M | ||
| Q1 25 | $1.2B | $746.6M | ||
| Q4 24 | $1.2B | $748.2M | ||
| Q3 24 | $1.2B | $671.3M | ||
| Q2 24 | $1.1B | $631.4M | ||
| Q1 24 | $1.1B | $629.3M |
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 | $11.8M | $-2.0M |
| 自由现金流经营现金流 - 资本支出 | $9.7M | $-5.2M |
| 自由现金流率自由现金流/营收 | 21.8% | -2.4% |
| 资本支出强度资本支出/营收 | 4.8% | 1.5% |
| 现金转化率经营现金流/净利润 | — | — |
| 过去12个月自由现金流最近4个季度 | $149.0K | $18.7M |
8季度趋势，按日历期对齐
经营现金流CRONUSNA
| Q4 25 | $11.8M | — | ||
| Q3 25 | $13.3M | $-2.0M | ||
| Q2 25 | $2.8M | $12.2M | ||
| Q1 25 | $-2.1M | $15.5M | ||
| Q4 24 | $7.7M | $5.8M | ||
| Q3 24 | $11.6M | $29.5M | ||
| Q2 24 | $1.7M | $8.0M | ||
| Q1 24 | $-2.2M | $17.7M |
自由现金流CRONUSNA
| Q4 25 | $9.7M | — | ||
| Q3 25 | $8.8M | $-5.2M | ||
| Q2 25 | $-1.0M | $7.2M | ||
| Q1 25 | $-17.4M | $12.7M | ||
| Q4 24 | $4.2M | $4.0M | ||
| Q3 24 | $5.2M | $27.1M | ||
| Q2 24 | $1.0M | $5.3M | ||
| Q1 24 | $-3.9M | $14.5M |
自由现金流率CRONUSNA
| Q4 25 | 21.8% | — | ||
| Q3 25 | 24.3% | -2.4% | ||
| Q2 25 | -3.0% | 3.0% | ||
| Q1 25 | -53.8% | 5.1% | ||
| Q4 24 | 13.8% | 1.9% | ||
| Q3 24 | 15.1% | 13.6% | ||
| Q2 24 | 3.7% | 2.5% | ||
| Q1 24 | -15.5% | 6.4% |
资本支出强度CRONUSNA
| Q4 25 | 4.8% | — | ||
| Q3 25 | 12.3% | 1.5% | ||
| Q2 25 | 11.5% | 2.1% | ||
| Q1 25 | 47.3% | 1.1% | ||
| Q4 24 | 11.7% | 0.8% | ||
| Q3 24 | 18.7% | 1.2% | ||
| Q2 24 | 2.6% | 1.3% | ||
| Q1 24 | 6.8% | 1.4% |
现金转化率CRONUSNA
| Q4 25 | — | — | ||
| Q3 25 | 0.51× | — | ||
| Q2 25 | — | 1.27× | ||
| Q1 25 | -0.34× | 1.65× | ||
| Q4 24 | 0.18× | 1.29× | ||
| Q3 24 | 1.39× | 2.78× | ||
| Q2 24 | — | 0.77× | ||
| Q1 24 | — | 1.07× |
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
CRON
| Cannabis Flower | $33.7M | 76% |
| Cannabis Extracts | $10.8M | 24% |
USNA
| Direct Selling | $175.8M | 82% |
| Hiya | $30.8M | 14% |
| All Other | $7.0M | 3% |
