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艺康（ECL）与Kellanova（K）财务数据对比。点击上方公司名可切换其他公司
艺康的季度营收约是Kellanova的1.2倍（$4.1B vs $3.3B），艺康净利率更高（10.6% vs 9.5%，领先1.2%），艺康同比增速更快（10.0% vs 0.8%），过去两年艺康的营收复合增速更高（1.0% vs -9.0%）
艺康（Ecolab）总部位于美国明尼苏达州圣保罗市，是全球领先的水处理、清洁消毒与卫生防护产品提供商，核心客户群体覆盖各领域商业机构与工业企业，可助力客户提升运营效率、保障公共卫生安全、实现可持续发展。
Kellanova前身为知名食品企业家乐氏，是玛氏集团旗下的美国跨国食品制造公司，总部位于美国伊利诺伊州芝加哥。2023年10月2日公司正式启用现名，同步拆分北美谷物业务，独立成立WK Kellogg Co。
ECL vs K — 直观对比
营收规模更大
ECL
是对方的1.2倍
$3.3B
营收增速更快
ECL
高出9.2%
0.8%
净利率更高
ECL
高出1.2%
9.5%
两年增速更快
ECL
近两年复合增速
-9.0%
损益表 — Q2 FY2026 vs Q3 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $4.1B | $3.3B |
| 净利润 | $432.6M | $309.0M |
| 毛利率 | — | 33.3% |
| 营业利润率 | 15.3% | 13.9% |
| 净利率 | 10.6% | 9.5% |
| 营收同比 | 10.0% | 0.8% |
| 净利润同比 | 1.3% | -15.8% |
| 每股收益（稀释后） | $1.52 | $0.88 |
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ECLK
| Q2 26 | $4.1B | — | ||
| Q4 25 | $4.2B | — | ||
| Q3 25 | $4.2B | $3.3B | ||
| Q2 25 | $4.0B | $3.2B | ||
| Q1 25 | $3.7B | $3.1B | ||
| Q4 24 | $4.0B | $3.1B | ||
| Q3 24 | $4.0B | $3.2B | ||
| Q2 24 | $4.0B | $3.2B |
净利润ECLK
| Q2 26 | $432.6M | — | ||
| Q4 25 | $563.9M | — | ||
| Q3 25 | $585.0M | $309.0M | ||
| Q2 25 | $524.2M | $299.0M | ||
| Q1 25 | $402.5M | $304.0M | ||
| Q4 24 | $472.9M | $365.0M | ||
| Q3 24 | $736.5M | $367.0M | ||
| Q2 24 | $490.9M | $344.0M |
毛利率ECLK
| Q2 26 | — | — | ||
| Q4 25 | 44.0% | — | ||
| Q3 25 | 44.8% | 33.3% | ||
| Q2 25 | 44.8% | 34.0% | ||
| Q1 25 | 44.2% | 34.3% | ||
| Q4 24 | 43.3% | 37.7% | ||
| Q3 24 | 43.4% | 36.4% | ||
| Q2 24 | 43.8% | 36.4% |
营业利润率ECLK
| Q2 26 | 15.3% | — | ||
| Q4 25 | 17.0% | — | ||
| Q3 25 | 18.3% | 13.9% | ||
| Q2 25 | 17.6% | 13.7% | ||
| Q1 25 | 15.0% | 13.9% | ||
| Q4 24 | 14.6% | 17.0% | ||
| Q3 24 | 26.1% | 14.1% | ||
| Q2 24 | 16.5% | 15.4% |
净利率ECLK
| Q2 26 | 10.6% | — | ||
| Q4 25 | 13.4% | — | ||
| Q3 25 | 14.0% | 9.5% | ||
| Q2 25 | 13.0% | 9.3% | ||
| Q1 25 | 10.9% | 9.9% | ||
| Q4 24 | 11.8% | 11.7% | ||
| Q3 24 | 18.4% | 11.4% | ||
| Q2 24 | 12.3% | 10.8% |
每股收益（稀释后）ECLK
| Q2 26 | $1.52 | — | ||
| Q4 25 | $1.98 | — | ||
| Q3 25 | $2.05 | $0.88 | ||
| Q2 25 | $1.84 | $0.85 | ||
| Q1 25 | $1.41 | $0.87 | ||
| Q4 24 | $1.65 | $1.05 | ||
| Q3 24 | $2.58 | $1.05 | ||
| Q2 24 | $1.71 | $1.00 |
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 | $519.8K | $240.0M |
| 总债务越低越好 | $8.5M | $4.3B |
| 股东权益账面价值 | $10.0M | $4.2B |
| 总资产 | $25.0M | $15.6B |
| 负债/权益比越低杠杆越低 | 0.85× | 1.02× |
8季度趋势，按日历期对齐
现金及短期投资ECLK
| Q2 26 | $519.8K | — | ||
| Q4 25 | $646.2M | — | ||
| Q3 25 | $2.0B | $240.0M | ||
| Q2 25 | $1.9B | $354.0M | ||
| Q1 25 | $1.2B | $330.0M | ||
| Q4 24 | $1.3B | $694.0M | ||
| Q3 24 | $1.3B | $569.0M | ||
| Q2 24 | $384.0M | $272.0M |
总债务ECLK
| Q2 26 | $8.5M | — | ||
| Q4 25 | $7.4B | — | ||
| Q3 25 | $8.1B | $4.3B | ||
| Q2 25 | $7.5B | $4.3B | ||
| Q1 25 | $7.0B | $5.0B | ||
| Q4 24 | $6.9B | $5.0B | ||
| Q3 24 | $7.0B | $5.1B | ||
| Q2 24 | $7.5B | $5.0B |
股东权益ECLK
| Q2 26 | $10.0M | — | ||
| Q4 25 | $9.8B | — | ||
| Q3 25 | $9.7B | $4.2B | ||
| Q2 25 | $9.3B | $4.1B | ||
| Q1 25 | $8.9B | $3.9B | ||
| Q4 24 | $8.8B | $3.8B | ||
| Q3 24 | $8.5B | $3.6B | ||
| Q2 24 | $8.3B | $3.3B |
总资产ECLK
| Q2 26 | $25.0M | — | ||
| Q4 25 | $24.7B | — | ||
| Q3 25 | $23.9B | $15.6B | ||
| Q2 25 | $23.7B | $15.9B | ||
| Q1 25 | $22.4B | $15.5B | ||
| Q4 24 | $22.4B | $15.6B | ||
| Q3 24 | $22.1B | $15.8B | ||
| Q2 24 | $21.5B | $15.3B |
负债/权益比ECLK
| Q2 26 | 0.85× | — | ||
| Q4 25 | 0.75× | — | ||
| Q3 25 | 0.83× | 1.02× | ||
| Q2 25 | 0.81× | 1.05× | ||
| Q1 25 | 0.79× | 1.28× | ||
| Q4 24 | 0.79× | 1.32× | ||
| Q3 24 | 0.82× | 1.40× | ||
| Q2 24 | 0.91× | 1.51× |
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 | — | $503.0M |
| 自由现金流经营现金流 - 资本支出 | — | $359.0M |
| 自由现金流率自由现金流/营收 | — | 11.0% |
| 资本支出强度资本支出/营收 | — | 4.4% |
| 现金转化率经营现金流/净利润 | — | 1.63× |
| 过去12个月自由现金流最近4个季度 | — | $599.0M |
8季度趋势，按日历期对齐
经营现金流ECLK
| Q2 26 | — | — | ||
| Q4 25 | $1.1B | — | ||
| Q3 25 | $791.3M | $503.0M | ||
| Q2 25 | $701.8M | $169.0M | ||
| Q1 25 | $369.4M | $116.0M | ||
| Q4 24 | $766.7M | $467.0M | ||
| Q3 24 | $786.7M | $553.0M | ||
| Q2 24 | $611.1M | $376.0M |
自由现金流ECLK
| Q2 26 | — | — | ||
| Q4 25 | $758.0M | — | ||
| Q3 25 | $529.7M | $359.0M | ||
| Q2 25 | $485.1M | $21.0M | ||
| Q1 25 | $131.5M | $-60.0M | ||
| Q4 24 | $407.0M | $279.0M | ||
| Q3 24 | $550.3M | $410.0M | ||
| Q2 24 | $414.2M | $234.0M |
自由现金流率ECLK
| Q2 26 | — | — | ||
| Q4 25 | 18.1% | — | ||
| Q3 25 | 12.7% | 11.0% | ||
| Q2 25 | 12.1% | 0.7% | ||
| Q1 25 | 3.6% | -1.9% | ||
| Q4 24 | 10.2% | 8.9% | ||
| Q3 24 | 13.8% | 12.7% | ||
| Q2 24 | 10.4% | 7.3% |
资本支出强度ECLK
| Q2 26 | — | — | ||
| Q4 25 | 7.9% | — | ||
| Q3 25 | 6.3% | 4.4% | ||
| Q2 25 | 5.4% | 4.6% | ||
| Q1 25 | 6.4% | 5.7% | ||
| Q4 24 | 9.0% | 6.0% | ||
| Q3 24 | 5.9% | 4.4% | ||
| Q2 24 | 4.9% | 4.4% |
现金转化率ECLK
| Q2 26 | — | — | ||
| Q4 25 | 1.93× | — | ||
| Q3 25 | 1.35× | 1.63× | ||
| Q2 25 | 1.34× | 0.57× | ||
| Q1 25 | 0.92× | 0.38× | ||
| Q4 24 | 1.62× | 1.28× | ||
| Q3 24 | 1.07× | 1.51× | ||
| Q2 24 | 1.24× | 1.09× |
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
ECL
| Product and equipment sales | $3.2B | 78% |
| Service and lease sales | $891.5M | 22% |
K
| Retail Channel Snacks | $2.0B | 62% |
| Retail Channel Cereal | $678.0M | 21% |
| Noodlesand Other | $280.0M | 9% |
| Frozen And Specialty Channels | $275.0M | 8% |
