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CARVANA CO.（CVNA）与卡夫亨氏（KHC）财务数据对比。点击上方公司名可切换其他公司
卡夫亨氏的季度营收约是CARVANA CO.的1.1倍（$6.4B vs $5.6B），CARVANA CO.净利率更高（15.3% vs 10.2%，领先5.0%），CARVANA CO.同比增速更快（58.0% vs -3.4%），卡夫亨氏自由现金流更多（$1.2B vs $379.0M），过去两年CARVANA CO.的营收复合增速更高（35.3% vs -0.4%）
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。
卡夫亨氏（股票代码：KHC）是美国大型跨国食品企业，由原卡夫食品集团与亨氏公司合并组建，在芝加哥与匹兹堡均设有总部，旗下拥有多款全球知名食品品牌，业务覆盖全球众多市场。
CVNA vs KHC — 直观对比
营收规模更大
KHC
是对方的1.1倍
$5.6B
营收增速更快
CVNA
高出61.3%
-3.4%
净利率更高
CVNA
高出5.0%
10.2%
自由现金流更多
KHC
多$792.0M
$379.0M
两年增速更快
CVNA
近两年复合增速
-0.4%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $5.6B | $6.4B |
| 净利润 | $857.0M | $651.0M |
| 毛利率 | 18.8% | 32.6% |
| 营业利润率 | 7.6% | 17.1% |
| 净利率 | 15.3% | 10.2% |
| 营收同比 | 58.0% | -3.4% |
| 净利润同比 | 984.8% | -69.5% |
| 每股收益（稀释后） | — | $0.56 |
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CVNAKHC
| Q4 25 | $5.6B | $6.4B | ||
| Q3 25 | $5.6B | $6.2B | ||
| Q2 25 | $4.8B | $6.4B | ||
| Q1 25 | $4.2B | $6.0B | ||
| Q4 24 | $3.5B | $6.6B | ||
| Q3 24 | $3.7B | $6.4B | ||
| Q2 24 | $3.4B | $6.5B | ||
| Q1 24 | $3.1B | $6.4B |
净利润CVNAKHC
| Q4 25 | $857.0M | $651.0M | ||
| Q3 25 | $151.0M | $615.0M | ||
| Q2 25 | $183.0M | $-7.8B | ||
| Q1 25 | $216.0M | $712.0M | ||
| Q4 24 | $79.0M | $2.1B | ||
| Q3 24 | $85.0M | $-290.0M | ||
| Q2 24 | $18.0M | $102.0M | ||
| Q1 24 | $28.0M | $801.0M |
毛利率CVNAKHC
| Q4 25 | 18.8% | 32.6% | ||
| Q3 25 | 20.3% | 31.9% | ||
| Q2 25 | 22.0% | 34.4% | ||
| Q1 25 | 22.0% | 34.4% | ||
| Q4 24 | 21.5% | 34.1% | ||
| Q3 24 | 22.1% | 34.2% | ||
| Q2 24 | 21.0% | 35.4% | ||
| Q1 24 | 19.3% | 35.0% |
营业利润率CVNAKHC
| Q4 25 | 7.6% | 17.1% | ||
| Q3 25 | 9.8% | 16.4% | ||
| Q2 25 | 10.6% | -125.5% | ||
| Q1 25 | 9.3% | 19.9% | ||
| Q4 24 | 7.3% | -0.6% | ||
| Q3 24 | 9.2% | -1.6% | ||
| Q2 24 | 7.6% | 8.1% | ||
| Q1 24 | 4.4% | 20.3% |
净利率CVNAKHC
| Q4 25 | 15.3% | 10.2% | ||
| Q3 25 | 2.7% | 9.9% | ||
| Q2 25 | 3.8% | -123.2% | ||
| Q1 25 | 5.1% | 11.9% | ||
| Q4 24 | 2.2% | 32.4% | ||
| Q3 24 | 2.3% | -4.5% | ||
| Q2 24 | 0.5% | 1.6% | ||
| Q1 24 | 0.9% | 12.5% |
每股收益（稀释后）CVNAKHC
| Q4 25 | — | $0.56 | ||
| Q3 25 | — | $0.52 | ||
| Q2 25 | — | $-6.60 | ||
| Q1 25 | — | $0.59 | ||
| Q4 24 | — | $1.76 | ||
| Q3 24 | — | $-0.24 | ||
| Q2 24 | — | $0.08 | ||
| Q1 24 | $0.24 | $0.66 |
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 | $2.6B |
| 总债务越低越好 | $4.9B | $19.3B |
| 股东权益账面价值 | $3.4B | $41.7B |
| 总资产 | $13.2B | $81.8B |
| 负债/权益比越低杠杆越低 | 1.43× | 0.46× |
8季度趋势，按日历期对齐
现金及短期投资CVNAKHC
| Q4 25 | $2.3B | $2.6B | ||
| Q3 25 | $2.1B | $3.1B | ||
| Q2 25 | $1.9B | $2.6B | ||
| Q1 25 | $1.9B | $2.8B | ||
| Q4 24 | $1.7B | $1.3B | ||
| Q3 24 | $871.0M | $1.3B | ||
| Q2 24 | $542.0M | $900.0M | ||
| Q1 24 | $252.0M | $1.6B |
总债务CVNAKHC
| Q4 25 | $4.9B | $19.3B | ||
| Q3 25 | — | $19.3B | ||
| Q2 25 | — | $19.3B | ||
| Q1 25 | — | $20.9B | ||
| Q4 24 | $5.3B | $19.2B | ||
| Q3 24 | — | $19.4B | ||
| Q2 24 | — | $19.3B | ||
| Q1 24 | — | $19.9B |
股东权益CVNAKHC
| Q4 25 | $3.4B | $41.7B | ||
| Q3 25 | $2.3B | $41.5B | ||
| Q2 25 | $1.7B | $41.4B | ||
| Q1 25 | $1.5B | $49.5B | ||
| Q4 24 | $1.3B | $49.2B | ||
| Q3 24 | $611.0M | $48.3B | ||
| Q2 24 | $526.0M | $48.9B | ||
| Q1 24 | $289.0M | $49.5B |
总资产CVNAKHC
| Q4 25 | $13.2B | $81.8B | ||
| Q3 25 | $9.9B | $81.7B | ||
| Q2 25 | $9.4B | $81.6B | ||
| Q1 25 | $8.9B | $90.3B | ||
| Q4 24 | $8.5B | $88.3B | ||
| Q3 24 | $7.4B | $88.6B | ||
| Q2 24 | $7.2B | $88.8B | ||
| Q1 24 | $7.0B | $90.3B |
负债/权益比CVNAKHC
| Q4 25 | 1.43× | 0.46× | ||
| Q3 25 | — | 0.47× | ||
| Q2 25 | — | 0.47× | ||
| Q1 25 | — | 0.42× | ||
| Q4 24 | 4.20× | 0.39× | ||
| Q3 24 | — | 0.40× | ||
| Q2 24 | — | 0.39× | ||
| Q1 24 | — | 0.40× |
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 | $1.4B |
| 自由现金流经营现金流 - 资本支出 | $379.0M | $1.2B |
| 自由现金流率自由现金流/营收 | 6.8% | 18.4% |
| 资本支出强度资本支出/营收 | 0.9% | 3.2% |
| 现金转化率经营现金流/净利润 | 0.50× | 2.11× |
| 过去12个月自由现金流最近4个季度 | $889.0M | $3.7B |
8季度趋势，按日历期对齐
经营现金流CVNAKHC
| Q4 25 | $430.0M | $1.4B | ||
| Q3 25 | $345.0M | $1.2B | ||
| Q2 25 | $29.0M | $1.2B | ||
| Q1 25 | $232.0M | $720.0M | ||
| Q4 24 | $60.0M | $1.4B | ||
| Q3 24 | $403.0M | $1.1B | ||
| Q2 24 | $354.0M | $942.0M | ||
| Q1 24 | $101.0M | $771.0M |
自由现金流CVNAKHC
| Q4 25 | $379.0M | $1.2B | ||
| Q3 25 | $307.0M | $986.0M | ||
| Q2 25 | $-2.0M | $1.0B | ||
| Q1 25 | $205.0M | $482.0M | ||
| Q4 24 | $36.0M | $1.1B | ||
| Q3 24 | $376.0M | $849.0M | ||
| Q2 24 | $332.0M | $693.0M | ||
| Q1 24 | $83.0M | $477.0M |
自由现金流率CVNAKHC
| Q4 25 | 6.8% | 18.4% | ||
| Q3 25 | 5.4% | 15.8% | ||
| Q2 25 | -0.0% | 16.1% | ||
| Q1 25 | 4.8% | 8.0% | ||
| Q4 24 | 1.0% | 17.4% | ||
| Q3 24 | 10.3% | 13.3% | ||
| Q2 24 | 9.7% | 10.7% | ||
| Q1 24 | 2.7% | 7.4% |
资本支出强度CVNAKHC
| Q4 25 | 0.9% | 3.2% | ||
| Q3 25 | 0.7% | 2.7% | ||
| Q2 25 | 0.6% | 2.9% | ||
| Q1 25 | 0.6% | 4.0% | ||
| Q4 24 | 0.7% | 3.8% | ||
| Q3 24 | 0.7% | 3.7% | ||
| Q2 24 | 0.6% | 3.8% | ||
| Q1 24 | 0.6% | 4.6% |
现金转化率CVNAKHC
| Q4 25 | 0.50× | 2.11× | ||
| Q3 25 | 2.28× | 1.88× | ||
| Q2 25 | 0.16× | — | ||
| Q1 25 | 1.07× | 1.01× | ||
| Q4 24 | 0.76× | 0.65× | ||
| Q3 24 | 4.74× | — | ||
| Q2 24 | 19.67× | 9.24× | ||
| Q1 24 | 3.61× | 0.96× |
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% |
KHC
| Taste Elevation | $2.9B | 46% |
| Easy Ready Meals | $1.1B | 17% |
| Hydration | $471.0M | 7% |
| Cheese | $440.0M | 7% |
| Meats | $438.0M | 7% |
| Substantial Snacking | $351.0M | 6% |
| Desserts | $332.0M | 5% |
| Coffee | $221.0M | 3% |
| Other Platform | $127.0M | 2% |
