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CARVANA CO.（CVNA）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
CARVANA CO.的季度营收约是荷美尔食品的1.8倍（$5.6B vs $3.2B），CARVANA CO.净利率更高（15.3% vs -1.8%，领先17.1%），CARVANA CO.同比增速更快（58.0% vs 1.5%），CARVANA CO.自由现金流更多（$379.0M vs $231.4M），过去两年CARVANA CO.的营收复合增速更高（35.3% vs 3.1%）
Carvana Co.是总部位于美国亚利桑那州坦佩市的线上二手车零售企业，主打线上一站式购车服务，2021年成功入选《财富》500强榜单，是该榜单有史以来最年轻的上榜企业之一。
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。
CVNA vs HRL — 直观对比
营收规模更大
CVNA
是对方的1.8倍
$3.2B
营收增速更快
CVNA
高出56.4%
1.5%
净利率更高
CVNA
高出17.1%
-1.8%
自由现金流更多
CVNA
多$147.6M
$231.4M
两年增速更快
CVNA
近两年复合增速
3.1%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $5.6B | $3.2B |
| 净利润 | $857.0M | $-56.1M |
| 毛利率 | 18.8% | 14.0% |
| 营业利润率 | 7.6% | 0.1% |
| 净利率 | 15.3% | -1.8% |
| 营收同比 | 58.0% | 1.5% |
| 净利润同比 | 984.8% | -125.5% |
| 每股收益（稀释后） | — | $-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CVNAHRL
| Q4 25 | $5.6B | $3.2B | ||
| Q3 25 | $5.6B | $3.0B | ||
| Q2 25 | $4.8B | $2.9B | ||
| Q1 25 | $4.2B | $3.0B | ||
| Q4 24 | $3.5B | $3.1B | ||
| Q3 24 | $3.7B | $2.9B | ||
| Q2 24 | $3.4B | $2.9B | ||
| Q1 24 | $3.1B | $3.0B |
净利润CVNAHRL
| Q4 25 | $857.0M | $-56.1M | ||
| Q3 25 | $151.0M | $183.7M | ||
| Q2 25 | $183.0M | $180.0M | ||
| Q1 25 | $216.0M | $170.6M | ||
| Q4 24 | $79.0M | $220.2M | ||
| Q3 24 | $85.0M | $176.7M | ||
| Q2 24 | $18.0M | $189.3M | ||
| Q1 24 | $28.0M | $218.9M |
毛利率CVNAHRL
| Q4 25 | 18.8% | 14.0% | ||
| Q3 25 | 20.3% | 16.1% | ||
| Q2 25 | 22.0% | 16.7% | ||
| Q1 25 | 22.0% | 15.9% | ||
| Q4 24 | 21.5% | 16.6% | ||
| Q3 24 | 22.1% | 16.8% | ||
| Q2 24 | 21.0% | 17.4% | ||
| Q1 24 | 19.3% | 17.0% |
营业利润率CVNAHRL
| Q4 25 | 7.6% | 0.1% | ||
| Q3 25 | 9.8% | 7.9% | ||
| Q2 25 | 10.6% | 8.6% | ||
| Q1 25 | 9.3% | 7.6% | ||
| Q4 24 | 7.3% | 9.4% | ||
| Q3 24 | 9.2% | 8.2% | ||
| Q2 24 | 7.6% | 8.7% | ||
| Q1 24 | 4.4% | 9.5% |
净利率CVNAHRL
| Q4 25 | 15.3% | -1.8% | ||
| Q3 25 | 2.7% | 6.1% | ||
| Q2 25 | 3.8% | 6.2% | ||
| Q1 25 | 5.1% | 5.7% | ||
| Q4 24 | 2.2% | 7.0% | ||
| Q3 24 | 2.3% | 6.1% | ||
| Q2 24 | 0.5% | 6.6% | ||
| Q1 24 | 0.9% | 7.3% |
每股收益（稀释后）CVNAHRL
| Q4 25 | — | $-0.10 | ||
| Q3 25 | — | $0.33 | ||
| Q2 25 | — | $0.33 | ||
| Q1 25 | — | $0.31 | ||
| Q4 24 | — | $0.41 | ||
| Q3 24 | — | $0.32 | ||
| Q2 24 | — | $0.34 | ||
| Q1 24 | $0.24 | $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 | $2.3B | $703.6M |
| 总债务越低越好 | $4.9B | $2.9B |
| 股东权益账面价值 | $3.4B | $7.9B |
| 总资产 | $13.2B | $13.4B |
| 负债/权益比越低杠杆越低 | 1.43× | 0.36× |
8季度趋势，按日历期对齐
现金及短期投资CVNAHRL
| Q4 25 | $2.3B | $703.6M | ||
| Q3 25 | $2.1B | $630.7M | ||
| Q2 25 | $1.9B | $699.0M | ||
| Q1 25 | $1.9B | $866.4M | ||
| Q4 24 | $1.7B | $766.6M | ||
| Q3 24 | $871.0M | $561.9M | ||
| Q2 24 | $542.0M | $1.5B | ||
| Q1 24 | $252.0M | $981.9M |
总债务CVNAHRL
| Q4 25 | $4.9B | $2.9B | ||
| Q3 25 | — | $2.9B | ||
| Q2 25 | — | $2.9B | ||
| Q1 25 | — | $2.9B | ||
| Q4 24 | $5.3B | $2.9B | ||
| Q3 24 | — | $2.9B | ||
| Q2 24 | — | $2.9B | ||
| Q1 24 | — | $2.4B |
股东权益CVNAHRL
| Q4 25 | $3.4B | $7.9B | ||
| Q3 25 | $2.3B | $8.1B | ||
| Q2 25 | $1.7B | $8.0B | ||
| Q1 25 | $1.5B | $8.0B | ||
| Q4 24 | $1.3B | $8.0B | ||
| Q3 24 | $611.0M | $7.9B | ||
| Q2 24 | $526.0M | $7.9B | ||
| Q1 24 | $289.0M | $7.8B |
总资产CVNAHRL
| Q4 25 | $13.2B | $13.4B | ||
| Q3 25 | $9.9B | $13.5B | ||
| Q2 25 | $9.4B | $13.4B | ||
| Q1 25 | $8.9B | $13.4B | ||
| Q4 24 | $8.5B | $13.4B | ||
| Q3 24 | $7.4B | $13.1B | ||
| Q2 24 | $7.2B | $14.1B | ||
| Q1 24 | $7.0B | $13.5B |
负债/权益比CVNAHRL
| Q4 25 | 1.43× | 0.36× | ||
| Q3 25 | — | 0.35× | ||
| Q2 25 | — | 0.35× | ||
| Q1 25 | — | 0.36× | ||
| Q4 24 | 4.20× | 0.36× | ||
| Q3 24 | — | 0.36× | ||
| Q2 24 | — | 0.36× | ||
| Q1 24 | — | 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 | $430.0M | $322.9M |
| 自由现金流经营现金流 - 资本支出 | $379.0M | $231.4M |
| 自由现金流率自由现金流/营收 | 6.8% | 7.3% |
| 资本支出强度资本支出/营收 | 0.9% | 2.9% |
| 现金转化率经营现金流/净利润 | 0.50× | — |
| 过去12个月自由现金流最近4个季度 | $889.0M | $534.3M |
8季度趋势，按日历期对齐
经营现金流CVNAHRL
| Q4 25 | $430.0M | $322.9M | ||
| Q3 25 | $345.0M | $156.7M | ||
| Q2 25 | $29.0M | $56.4M | ||
| Q1 25 | $232.0M | $309.2M | ||
| Q4 24 | $60.0M | $408.6M | ||
| Q3 24 | $403.0M | $218.0M | ||
| Q2 24 | $354.0M | $236.1M | ||
| Q1 24 | $101.0M | $404.0M |
自由现金流CVNAHRL
| Q4 25 | $379.0M | $231.4M | ||
| Q3 25 | $307.0M | $84.5M | ||
| Q2 25 | $-2.0M | $-18.6M | ||
| Q1 25 | $205.0M | $237.0M | ||
| Q4 24 | $36.0M | $324.8M | ||
| Q3 24 | $376.0M | $152.5M | ||
| Q2 24 | $332.0M | $176.2M | ||
| Q1 24 | $83.0M | $356.8M |
自由现金流率CVNAHRL
| Q4 25 | 6.8% | 7.3% | ||
| Q3 25 | 5.4% | 2.8% | ||
| Q2 25 | -0.0% | -0.6% | ||
| Q1 25 | 4.8% | 7.9% | ||
| Q4 24 | 1.0% | 10.4% | ||
| Q3 24 | 10.3% | 5.3% | ||
| Q2 24 | 9.7% | 6.1% | ||
| Q1 24 | 2.7% | 11.9% |
资本支出强度CVNAHRL
| Q4 25 | 0.9% | 2.9% | ||
| Q3 25 | 0.7% | 2.4% | ||
| Q2 25 | 0.6% | 2.6% | ||
| Q1 25 | 0.6% | 2.4% | ||
| Q4 24 | 0.7% | 2.7% | ||
| Q3 24 | 0.7% | 2.3% | ||
| Q2 24 | 0.6% | 2.1% | ||
| Q1 24 | 0.6% | 1.6% |
现金转化率CVNAHRL
| Q4 25 | 0.50× | — | ||
| Q3 25 | 2.28× | 0.85× | ||
| Q2 25 | 0.16× | 0.31× | ||
| Q1 25 | 1.07× | 1.81× | ||
| Q4 24 | 0.76× | 1.86× | ||
| Q3 24 | 4.74× | 1.23× | ||
| Q2 24 | 19.67× | 1.25× | ||
| Q1 24 | 3.61× | 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
CVNA
| Used Vehicle Sales | $4.2B | 74% |
| Wholesale Sales And Revenues | $988.0M | 18% |
| Other | $459.0M | 8% |
HRL
| Retail Segment | $1.9B | 60% |
| Foodservice Segment | $1.1B | 34% |
| Other | $174.7M | 5% |
