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科迪华（CTVA）与荷美尔食品（HRL）财务数据对比。点击上方公司名可切换其他公司
科迪华的季度营收约是荷美尔食品的1.2倍（$3.9B vs $3.2B），荷美尔食品净利率更高（-1.8% vs -14.1%，领先12.4%），荷美尔食品同比增速更快（1.5% vs -1.7%），科迪华自由现金流更多（$4.2B vs $231.4M），过去两年荷美尔食品的营收复合增速更高（3.1% vs -6.7%）
科迪华是一家美国农业科技企业，主营种子与作物保护产品，涵盖除草剂、杀虫剂、杀菌剂及生物制剂，业务覆盖全球110个国家，总部位于印第安纳州印第安纳波利斯，旗下大部分种子产品以先锋良种国际品牌销售。
荷美尔食品是1891年于美国明尼苏达州奥斯汀成立的跨国食品加工企业，由乔治·A·荷美尔创立。品牌最初主营火腿、香肠等各类畜肉产品的包装与销售，1937年推出斯帕姆午餐肉，上世纪80年代起逐步拓展多元化包装及冷藏食品产品线。
CTVA vs HRL — 直观对比
营收规模更大
CTVA
是对方的1.2倍
$3.2B
营收增速更快
HRL
高出3.2%
-1.7%
净利率更高
HRL
高出12.4%
-14.1%
自由现金流更多
CTVA
多$3.9B
$231.4M
两年增速更快
HRL
近两年复合增速
-6.7%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $3.9B | $3.2B |
| 净利润 | $-552.0M | $-56.1M |
| 毛利率 | 42.4% | 14.0% |
| 营业利润率 | -13.6% | 0.1% |
| 净利率 | -14.1% | -1.8% |
| 营收同比 | -1.7% | 1.5% |
| 净利润同比 | -1246.3% | -125.5% |
| 每股收益（稀释后） | $-0.80 | $-0.10 |
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CTVAHRL
| Q4 25 | $3.9B | $3.2B | ||
| Q3 25 | $2.6B | $3.0B | ||
| Q2 25 | $6.5B | $2.9B | ||
| Q1 25 | $4.4B | $3.0B | ||
| Q4 24 | $4.0B | $3.1B | ||
| Q3 24 | $2.3B | $2.9B | ||
| Q2 24 | $6.1B | $2.9B | ||
| Q1 24 | $4.5B | $3.0B |
净利润CTVAHRL
| Q4 25 | $-552.0M | $-56.1M | ||
| Q3 25 | $-320.0M | $183.7M | ||
| Q2 25 | $1.3B | $180.0M | ||
| Q1 25 | $652.0M | $170.6M | ||
| Q4 24 | $-41.0M | $220.2M | ||
| Q3 24 | $-524.0M | $176.7M | ||
| Q2 24 | $1.1B | $189.3M | ||
| Q1 24 | $419.0M | $218.9M |
毛利率CTVAHRL
| Q4 25 | 42.4% | 14.0% | ||
| Q3 25 | 37.2% | 16.1% | ||
| Q2 25 | 54.6% | 16.7% | ||
| Q1 25 | 47.0% | 15.9% | ||
| Q4 24 | 37.3% | 16.6% | ||
| Q3 24 | 32.7% | 16.8% | ||
| Q2 24 | 52.3% | 17.4% | ||
| Q1 24 | 43.2% | 17.0% |
营业利润率CTVAHRL
| Q4 25 | -13.6% | 0.1% | ||
| Q3 25 | -14.1% | 7.9% | ||
| Q2 25 | 27.9% | 8.6% | ||
| Q1 25 | 17.7% | 7.6% | ||
| Q4 24 | 2.2% | 9.4% | ||
| Q3 24 | -27.2% | 8.2% | ||
| Q2 24 | 21.9% | 8.7% | ||
| Q1 24 | 10.7% | 9.5% |
净利率CTVAHRL
| Q4 25 | -14.1% | -1.8% | ||
| Q3 25 | -12.2% | 6.1% | ||
| Q2 25 | 20.4% | 6.2% | ||
| Q1 25 | 14.8% | 5.7% | ||
| Q4 24 | -1.0% | 7.0% | ||
| Q3 24 | -22.5% | 6.1% | ||
| Q2 24 | 17.2% | 6.6% | ||
| Q1 24 | 9.3% | 7.3% |
每股收益（稀释后）CTVAHRL
| Q4 25 | $-0.80 | $-0.10 | ||
| Q3 25 | $-0.47 | $0.33 | ||
| Q2 25 | $1.92 | $0.33 | ||
| Q1 25 | $0.95 | $0.31 | ||
| Q4 24 | $-0.05 | $0.41 | ||
| Q3 24 | $-0.76 | $0.32 | ||
| Q2 24 | $1.51 | $0.34 | ||
| Q1 24 | $0.60 | $0.40 |
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 | $4.5B | $703.6M |
| 总债务越低越好 | $1.7B | $2.9B |
| 股东权益账面价值 | $24.1B | $7.9B |
| 总资产 | $42.8B | $13.4B |
| 负债/权益比越低杠杆越低 | 0.07× | 0.36× |
8季度趋势，按日历期对齐
现金及短期投资CTVAHRL
| Q4 25 | $4.5B | $703.6M | ||
| Q3 25 | $2.6B | $630.7M | ||
| Q2 25 | $2.1B | $699.0M | ||
| Q1 25 | $2.0B | $866.4M | ||
| Q4 24 | $3.2B | $766.6M | ||
| Q3 24 | $2.5B | $561.9M | ||
| Q2 24 | $2.0B | $1.5B | ||
| Q1 24 | $1.7B | $981.9M |
总债务CTVAHRL
| Q4 25 | $1.7B | $2.9B | ||
| Q3 25 | $1.7B | $2.9B | ||
| Q2 25 | $1.7B | $2.9B | ||
| Q1 25 | $1.8B | $2.9B | ||
| Q4 24 | $2.0B | $2.9B | ||
| Q3 24 | $2.0B | $2.9B | ||
| Q2 24 | $2.5B | $2.9B | ||
| Q1 24 | $2.5B | $2.4B |
股东权益CTVAHRL
| Q4 25 | $24.1B | $7.9B | ||
| Q3 25 | $25.2B | $8.1B | ||
| Q2 25 | $25.9B | $8.0B | ||
| Q1 25 | $24.3B | $8.0B | ||
| Q4 24 | $23.8B | $8.0B | ||
| Q3 24 | $24.7B | $7.9B | ||
| Q2 24 | $25.2B | $7.9B | ||
| Q1 24 | $24.8B | $7.8B |
总资产CTVAHRL
| Q4 25 | $42.8B | $13.4B | ||
| Q3 25 | $42.2B | $13.5B | ||
| Q2 25 | $41.8B | $13.4B | ||
| Q1 25 | $42.1B | $13.4B | ||
| Q4 24 | $40.8B | $13.4B | ||
| Q3 24 | $41.9B | $13.1B | ||
| Q2 24 | $41.5B | $14.1B | ||
| Q1 24 | $43.6B | $13.5B |
负债/权益比CTVAHRL
| Q4 25 | 0.07× | 0.36× | ||
| Q3 25 | 0.07× | 0.35× | ||
| Q2 25 | 0.07× | 0.35× | ||
| Q1 25 | 0.07× | 0.36× | ||
| Q4 24 | 0.08× | 0.36× | ||
| Q3 24 | 0.08× | 0.36× | ||
| Q2 24 | 0.10× | 0.36× | ||
| Q1 24 | 0.10× | 0.30× |
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 | $4.4B | $322.9M |
| 自由现金流经营现金流 - 资本支出 | $4.2B | $231.4M |
| 自由现金流率自由现金流/营收 | 106.2% | 7.3% |
| 资本支出强度资本支出/营收 | 5.7% | 2.9% |
| 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 | $2.8B | $534.3M |
8季度趋势，按日历期对齐
经营现金流CTVAHRL
| Q4 25 | $4.4B | $322.9M | ||
| Q3 25 | $193.0M | $156.7M | ||
| Q2 25 | $947.0M | $56.4M | ||
| Q1 25 | $-2.1B | $309.2M | ||
| Q4 24 | $4.2B | $408.6M | ||
| Q3 24 | $130.0M | $218.0M | ||
| Q2 24 | $451.0M | $236.1M | ||
| Q1 24 | $-2.6B | $404.0M |
自由现金流CTVAHRL
| Q4 25 | $4.2B | $231.4M | ||
| Q3 25 | $36.0M | $84.5M | ||
| Q2 25 | $829.0M | $-18.6M | ||
| Q1 25 | $-2.2B | $237.0M | ||
| Q4 24 | $4.0B | $324.8M | ||
| Q3 24 | $-24.0M | $152.5M | ||
| Q2 24 | $337.0M | $176.2M | ||
| Q1 24 | $-2.8B | $356.8M |
自由现金流率CTVAHRL
| Q4 25 | 106.2% | 7.3% | ||
| Q3 25 | 1.4% | 2.8% | ||
| Q2 25 | 12.8% | -0.6% | ||
| Q1 25 | -49.9% | 7.9% | ||
| Q4 24 | 100.4% | 10.4% | ||
| Q3 24 | -1.0% | 5.3% | ||
| Q2 24 | 5.5% | 6.1% | ||
| Q1 24 | -61.4% | 11.9% |
资本支出强度CTVAHRL
| Q4 25 | 5.7% | 2.9% | ||
| Q3 25 | 6.0% | 2.4% | ||
| Q2 25 | 1.8% | 2.6% | ||
| Q1 25 | 2.1% | 2.4% | ||
| Q4 24 | 4.6% | 2.7% | ||
| Q3 24 | 6.6% | 2.3% | ||
| Q2 24 | 1.9% | 2.1% | ||
| Q1 24 | 3.3% | 1.6% |
现金转化率CTVAHRL
| Q4 25 | — | — | ||
| Q3 25 | — | 0.85× | ||
| Q2 25 | 0.72× | 0.31× | ||
| Q1 25 | -3.23× | 1.81× | ||
| Q4 24 | — | 1.86× | ||
| Q3 24 | — | 1.23× | ||
| Q2 24 | 0.43× | 1.25× | ||
| Q1 24 | -6.23× | 1.85× |
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
CTVA
| Corn | $1.4B | 35% |
| Herbicides | $1.1B | 27% |
| Insecticides | $488.0M | 12% |
| Fungicides | $272.0M | 7% |
| Biologicals | $191.0M | 5% |
| Soybean | $164.0M | 4% |
| Other | $160.0M | 4% |
| Otheroilseeds | $94.0M | 2% |
HRL
| Retail Segment | $1.9B | 60% |
| Foodservice Segment | $1.1B | 34% |
| Other | $174.7M | 5% |
