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艾默生（EMR）与Constellation Brands（STZ）财务数据对比。点击上方公司名可切换其他公司
艾默生的季度营收约是Constellation Brands的2.0倍（$4.3B vs $2.2B），Constellation Brands净利率更高（22.6% vs 13.9%，领先8.7%），艾默生同比增速更快（4.1% vs -9.8%），艾默生自由现金流更多（$602.0M vs $370.9M），过去两年Constellation Brands的营收复合增速更高（1.9% vs -0.3%）
艾默生是总部位于美国密苏里州圣路易斯的世界500强跨国企业，业务涵盖工业自动化设备、暖通控制系统、精密测量仪器的研发制造，同时面向工业、商业、消费级市场提供工程服务及对应软件工程解决方案。
Constellation Brands, Inc.是总部位于美国纽约州罗切斯特的《财富》500强企业，主营啤酒、葡萄酒及烈酒的生产与营销，按销售额计算是美国最大的啤酒进口商，在全美主要啤酒供应商中市场份额位列第三。公司还通过与Canopy Growth合作在医用及娱乐大麻领域有大额投资，现有约40处设施、近9000名员工。
EMR vs STZ — 直观对比
营收规模更大
EMR
是对方的2.0倍
$2.2B
营收增速更快
EMR
高出13.9%
-9.8%
净利率更高
STZ
高出8.7%
13.9%
自由现金流更多
EMR
多$231.1M
$370.9M
两年增速更快
STZ
近两年复合增速
-0.3%
损益表 — Q1 FY2026 vs Q3 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $4.3B | $2.2B |
| 净利润 | $605.0M | $502.8M |
| 毛利率 | 53.2% | 53.2% |
| 营业利润率 | 17.8% | 31.1% |
| 净利率 | 13.9% | 22.6% |
| 营收同比 | 4.1% | -9.8% |
| 净利润同比 | 3.4% | -18.4% |
| 每股收益（稀释后） | $1.07 | — |
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EMRSTZ
| Q4 25 | $4.3B | $2.2B | ||
| Q3 25 | $4.9B | $2.5B | ||
| Q2 25 | $4.6B | $2.5B | ||
| Q1 25 | $4.4B | $2.2B | ||
| Q4 24 | $4.2B | $2.5B | ||
| Q3 24 | $4.6B | $2.9B | ||
| Q2 24 | $4.4B | $2.7B | ||
| Q1 24 | $4.4B | $2.1B |
净利润EMRSTZ
| Q4 25 | $605.0M | $502.8M | ||
| Q3 25 | $637.0M | $466.0M | ||
| Q2 25 | $586.0M | $516.1M | ||
| Q1 25 | $485.0M | $-375.3M | ||
| Q4 24 | $585.0M | $615.9M | ||
| Q3 24 | $996.0M | $-1.2B | ||
| Q2 24 | $329.0M | $877.0M | ||
| Q1 24 | $501.0M | $392.4M |
毛利率EMRSTZ
| Q4 25 | 53.2% | 53.2% | ||
| Q3 25 | 51.9% | 52.8% | ||
| Q2 25 | 52.6% | 50.4% | ||
| Q1 25 | 53.5% | 51.5% | ||
| Q4 24 | 53.5% | 52.1% | ||
| Q3 24 | 51.3% | 51.8% | ||
| Q2 24 | 52.8% | 52.7% | ||
| Q1 24 | 52.2% | 48.6% |
营业利润率EMRSTZ
| Q4 25 | 17.8% | 31.1% | ||
| Q3 25 | 16.4% | 35.2% | ||
| Q2 25 | 16.1% | 28.4% | ||
| Q1 25 | 14.2% | -6.9% | ||
| Q4 24 | 18.6% | 32.2% | ||
| Q3 24 | 14.7% | -42.1% | ||
| Q2 24 | 10.4% | 35.4% | ||
| Q1 24 | 16.2% | 29.4% |
净利率EMRSTZ
| Q4 25 | 13.9% | 22.6% | ||
| Q3 25 | 13.1% | 18.8% | ||
| Q2 25 | 12.9% | 20.5% | ||
| Q1 25 | 10.9% | -17.3% | ||
| Q4 24 | 14.0% | 25.0% | ||
| Q3 24 | 21.6% | -41.1% | ||
| Q2 24 | 7.5% | 32.9% | ||
| Q1 24 | 11.4% | 18.3% |
每股收益（稀释后）EMRSTZ
| Q4 25 | $1.07 | — | ||
| Q3 25 | $1.12 | — | ||
| Q2 25 | $1.04 | — | ||
| Q1 25 | $0.86 | — | ||
| Q4 24 | $1.02 | — | ||
| Q3 24 | $1.74 | — | ||
| Q2 24 | $0.57 | — | ||
| Q1 24 | $0.87 | — |
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 | — | $152.4M |
| 总债务越低越好 | $7.6B | $10.3B |
| 股东权益账面价值 | $20.3B | $7.7B |
| 总资产 | $41.9B | $21.7B |
| 负债/权益比越低杠杆越低 | 0.37× | 1.33× |
8季度趋势，按日历期对齐
现金及短期投资EMRSTZ
| Q4 25 | — | $152.4M | ||
| Q3 25 | — | $72.0M | ||
| Q2 25 | — | $73.9M | ||
| Q1 25 | — | $68.1M | ||
| Q4 24 | — | $73.7M | ||
| Q3 24 | — | $64.6M | ||
| Q2 24 | — | $73.8M | ||
| Q1 24 | — | $152.4M |
总债务EMRSTZ
| Q4 25 | $7.6B | $10.3B | ||
| Q3 25 | $8.9B | $10.3B | ||
| Q2 25 | $8.3B | $11.2B | ||
| Q1 25 | $8.2B | $10.7B | ||
| Q4 24 | $6.6B | $10.7B | ||
| Q3 24 | $7.7B | $11.1B | ||
| Q2 24 | $7.1B | $11.1B | ||
| Q1 24 | $7.6B | $11.6B |
股东权益EMRSTZ
| Q4 25 | $20.3B | $7.7B | ||
| Q3 25 | $20.3B | $7.5B | ||
| Q2 25 | $19.9B | $7.3B | ||
| Q1 25 | $19.2B | $6.9B | ||
| Q4 24 | $20.5B | $7.8B | ||
| Q3 24 | $21.6B | $7.9B | ||
| Q2 24 | $20.8B | $10.3B | ||
| Q1 24 | $20.9B | $9.7B |
总资产EMRSTZ
| Q4 25 | $41.9B | $21.7B | ||
| Q3 25 | $42.0B | $21.4B | ||
| Q2 25 | $42.5B | $22.3B | ||
| Q1 25 | $42.0B | $21.7B | ||
| Q4 24 | $42.6B | $22.8B | ||
| Q3 24 | $44.2B | $23.1B | ||
| Q2 24 | $45.6B | $26.1B | ||
| Q1 24 | $46.4B | $25.7B |
负债/权益比EMRSTZ
| Q4 25 | 0.37× | 1.33× | ||
| Q3 25 | 0.44× | 1.37× | ||
| Q2 25 | 0.42× | 1.54× | ||
| Q1 25 | 0.42× | 1.55× | ||
| Q4 24 | 0.32× | 1.37× | ||
| Q3 24 | 0.36× | 1.41× | ||
| Q2 24 | 0.34× | 1.08× | ||
| Q1 24 | 0.36× | 1.19× |
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 | $699.0M | $616.9M |
| 自由现金流经营现金流 - 资本支出 | $602.0M | $370.9M |
| 自由现金流率自由现金流/营收 | 13.9% | 16.7% |
| 资本支出强度资本支出/营收 | 2.2% | 11.1% |
| 现金转化率经营现金流/净利润 | 1.16× | 1.23× |
| 过去12个月自由现金流最近4个季度 | $4.4B | $1.8B |
8季度趋势，按日历期对齐
经营现金流EMRSTZ
| Q4 25 | $699.0M | $616.9M | ||
| Q3 25 | $3.1B | $852.1M | ||
| Q2 25 | $1.1B | $637.2M | ||
| Q1 25 | $241.0M | $594.7M | ||
| Q4 24 | $777.0M | $685.2M | ||
| Q3 24 | $3.3B | $1.2B | ||
| Q2 24 | $1.1B | $690.5M | ||
| Q1 24 | $743.0M | $433.2M |
自由现金流EMRSTZ
| Q4 25 | $602.0M | $370.9M | ||
| Q3 25 | $2.7B | $634.8M | ||
| Q2 25 | $977.0M | $444.4M | ||
| Q1 25 | $154.0M | $312.1M | ||
| Q4 24 | $694.0M | $456.8M | ||
| Q3 24 | $2.9B | $854.0M | ||
| Q2 24 | $998.0M | $315.2M | ||
| Q1 24 | $661.0M | $76.0M |
自由现金流率EMRSTZ
| Q4 25 | 13.9% | 16.7% | ||
| Q3 25 | 54.9% | 25.6% | ||
| Q2 25 | 21.5% | 17.7% | ||
| Q1 25 | 3.5% | 14.4% | ||
| Q4 24 | 16.6% | 18.5% | ||
| Q3 24 | 63.1% | 29.3% | ||
| Q2 24 | 22.8% | 11.8% | ||
| Q1 24 | 15.1% | 3.6% |
资本支出强度EMRSTZ
| Q4 25 | 2.2% | 11.1% | ||
| Q3 25 | 8.9% | 8.8% | ||
| Q2 25 | 2.0% | 7.7% | ||
| Q1 25 | 2.0% | 13.1% | ||
| Q4 24 | 2.0% | 9.3% | ||
| Q3 24 | 9.1% | 11.2% | ||
| Q2 24 | 2.1% | 14.1% | ||
| Q1 24 | 1.9% | 16.7% |
现金转化率EMRSTZ
| Q4 25 | 1.16× | 1.23× | ||
| Q3 25 | 4.86× | 1.83× | ||
| Q2 25 | 1.83× | 1.23× | ||
| Q1 25 | 0.50× | — | ||
| Q4 24 | 1.33× | 1.11× | ||
| Q3 24 | 3.35× | — | ||
| Q2 24 | 3.31× | 0.79× | ||
| Q1 24 | 1.48× | 1.10× |
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
EMR
| Other | $1.8B | 41% |
| Software And Systems | $1.0B | 24% |
| Intelligent Devices | $996.0M | 23% |
| Safety And Productivity | $503.0M | 12% |
STZ
| Beer | $2.0B | 90% |
| Constellation Wines And Spirits | $213.1M | 10% |
