vs
福陆（FLR）与Kellanova（K）财务数据对比。点击上方公司名可切换其他公司
福陆的季度营收约是Kellanova的1.3倍（$4.2B vs $3.3B），Kellanova净利率更高（9.5% vs -37.7%，领先47.2%），Kellanova同比增速更快（0.8% vs -2.0%），Kellanova自由现金流更多（$359.0M vs $-378.0M），过去两年福陆的营收复合增速更高（5.7% vs -9.0%）
福陆是总部位于美国得克萨斯州欧文市的工程建设企业，通过旗下子公司提供油气、工业与基础设施、政府项目及电力三大核心领域的服务，是《财富》世界500强中排名最高的上市工程建设企业，总排名位列第265位。
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。
FLR vs K — 直观对比
营收规模更大
FLR
是对方的1.3倍
$3.3B
营收增速更快
K
高出2.8%
-2.0%
净利率更高
K
高出47.2%
-37.7%
自由现金流更多
K
多$737.0M
$-378.0M
两年增速更快
FLR
近两年复合增速
-9.0%
损益表 — Q4 FY2025 vs Q3 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $4.2B | $3.3B |
| 净利润 | $-1.6B | $309.0M |
| 毛利率 | 3.2% | 33.3% |
| 营业利润率 | 1.3% | 13.9% |
| 净利率 | -37.7% | 9.5% |
| 营收同比 | -2.0% | 0.8% |
| 净利润同比 | -184.4% | -15.8% |
| 每股收益（稀释后） | $-9.40 | $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FLRK
| Q4 25 | $4.2B | — | ||
| Q3 25 | $3.4B | $3.3B | ||
| Q2 25 | $4.0B | $3.2B | ||
| Q1 25 | $4.0B | $3.1B | ||
| Q4 24 | $4.3B | $3.1B | ||
| Q3 24 | $4.1B | $3.2B | ||
| Q2 24 | $4.2B | $3.2B | ||
| Q1 24 | $3.7B | $3.2B |
净利润FLRK
| Q4 25 | $-1.6B | — | ||
| Q3 25 | $-697.0M | $309.0M | ||
| Q2 25 | $2.5B | $299.0M | ||
| Q1 25 | $-241.0M | $304.0M | ||
| Q4 24 | $1.9B | $365.0M | ||
| Q3 24 | $54.0M | $367.0M | ||
| Q2 24 | $169.0M | $344.0M | ||
| Q1 24 | $59.0M | $267.0M |
毛利率FLRK
| Q4 25 | 3.2% | — | ||
| Q3 25 | -13.3% | 33.3% | ||
| Q2 25 | 1.4% | 34.0% | ||
| Q1 25 | 3.5% | 34.3% | ||
| Q4 24 | 4.9% | 37.7% | ||
| Q3 24 | 2.1% | 36.4% | ||
| Q2 24 | 4.2% | 36.4% | ||
| Q1 24 | 2.7% | 32.2% |
营业利润率FLRK
| Q4 25 | 1.3% | — | ||
| Q3 25 | -14.7% | 13.9% | ||
| Q2 25 | -0.7% | 13.7% | ||
| Q1 25 | 2.3% | 13.9% | ||
| Q4 24 | 4.4% | 17.0% | ||
| Q3 24 | 1.2% | 14.1% | ||
| Q2 24 | 4.2% | 15.4% | ||
| Q1 24 | 1.4% | 12.3% |
净利率FLRK
| Q4 25 | -37.7% | — | ||
| Q3 25 | -20.7% | 9.5% | ||
| Q2 25 | 61.8% | 9.3% | ||
| Q1 25 | -6.1% | 9.9% | ||
| Q4 24 | 43.7% | 11.7% | ||
| Q3 24 | 1.3% | 11.4% | ||
| Q2 24 | 4.0% | 10.8% | ||
| Q1 24 | 1.6% | 8.3% |
每股收益（稀释后）FLRK
| Q4 25 | $-9.40 | — | ||
| Q3 25 | $-4.30 | $0.88 | ||
| Q2 25 | $14.81 | $0.85 | ||
| Q1 25 | $-1.42 | $0.87 | ||
| Q4 24 | $10.68 | $1.05 | ||
| Q3 24 | $0.31 | $1.05 | ||
| Q2 24 | $0.97 | $1.00 | ||
| Q1 24 | $0.34 | $0.78 |
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 | $2.2B | $240.0M |
| 总债务越低越好 | — | $4.3B |
| 股东权益账面价值 | $3.2B | $4.2B |
| 总资产 | $8.2B | $15.6B |
| 负债/权益比越低杠杆越低 | — | 1.02× |
8季度趋势，按日历期对齐
现金及短期投资FLRK
| Q4 25 | $2.2B | — | ||
| Q3 25 | $2.8B | $240.0M | ||
| Q2 25 | $2.3B | $354.0M | ||
| Q1 25 | $2.5B | $330.0M | ||
| Q4 24 | $3.0B | $694.0M | ||
| Q3 24 | $3.0B | $569.0M | ||
| Q2 24 | $2.7B | $272.0M | ||
| Q1 24 | $2.4B | $242.0M |
总债务FLRK
| Q4 25 | — | — | ||
| Q3 25 | — | $4.3B | ||
| Q2 25 | — | $4.3B | ||
| Q1 25 | — | $5.0B | ||
| Q4 24 | — | $5.0B | ||
| Q3 24 | — | $5.1B | ||
| Q2 24 | — | $5.0B | ||
| Q1 24 | — | $4.4B |
股东权益FLRK
| Q4 25 | $3.2B | — | ||
| Q3 25 | $5.2B | $4.2B | ||
| Q2 25 | $5.9B | $4.1B | ||
| Q1 25 | $3.6B | $3.9B | ||
| Q4 24 | $3.9B | $3.8B | ||
| Q3 24 | $2.3B | $3.6B | ||
| Q2 24 | $2.1B | $3.3B | ||
| Q1 24 | $2.0B | $3.2B |
总资产FLRK
| Q4 25 | $8.2B | — | ||
| Q3 25 | $11.5B | $15.6B | ||
| Q2 25 | $11.8B | $15.9B | ||
| Q1 25 | $8.4B | $15.5B | ||
| Q4 24 | $9.1B | $15.6B | ||
| Q3 24 | $7.1B | $15.8B | ||
| Q2 24 | $6.8B | $15.3B | ||
| Q1 24 | $6.7B | $15.3B |
负债/权益比FLRK
| Q4 25 | — | — | ||
| Q3 25 | — | 1.02× | ||
| Q2 25 | — | 1.05× | ||
| Q1 25 | — | 1.28× | ||
| Q4 24 | — | 1.32× | ||
| Q3 24 | — | 1.40× | ||
| Q2 24 | — | 1.51× | ||
| Q1 24 | — | 1.40× |
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 | $-366.0M | $503.0M |
| 自由现金流经营现金流 - 资本支出 | $-378.0M | $359.0M |
| 自由现金流率自由现金流/营收 | -9.1% | 11.0% |
| 资本支出强度资本支出/营收 | 0.3% | 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 | $-437.0M | $599.0M |
8季度趋势，按日历期对齐
经营现金流FLRK
| Q4 25 | $-366.0M | — | ||
| Q3 25 | $286.0M | $503.0M | ||
| Q2 25 | $-21.0M | $169.0M | ||
| Q1 25 | $-286.0M | $116.0M | ||
| Q4 24 | $327.0M | $467.0M | ||
| Q3 24 | $330.0M | $553.0M | ||
| Q2 24 | $282.0M | $376.0M | ||
| Q1 24 | $-111.0M | $364.0M |
自由现金流FLRK
| Q4 25 | $-378.0M | — | ||
| Q3 25 | $273.0M | $359.0M | ||
| Q2 25 | $-35.0M | $21.0M | ||
| Q1 25 | $-297.0M | $-60.0M | ||
| Q4 24 | $296.0M | $279.0M | ||
| Q3 24 | $279.0M | $410.0M | ||
| Q2 24 | $234.0M | $234.0M | ||
| Q1 24 | $-145.0M | $209.0M |
自由现金流率FLRK
| Q4 25 | -9.1% | — | ||
| Q3 25 | 8.1% | 11.0% | ||
| Q2 25 | -0.9% | 0.7% | ||
| Q1 25 | -7.5% | -1.9% | ||
| Q4 24 | 6.9% | 8.9% | ||
| Q3 24 | 6.8% | 12.7% | ||
| Q2 24 | 5.5% | 7.3% | ||
| Q1 24 | -3.9% | 6.5% |
资本支出强度FLRK
| Q4 25 | 0.3% | — | ||
| Q3 25 | 0.4% | 4.4% | ||
| Q2 25 | 0.4% | 4.6% | ||
| Q1 25 | 0.3% | 5.7% | ||
| Q4 24 | 0.7% | 6.0% | ||
| Q3 24 | 1.2% | 4.4% | ||
| Q2 24 | 1.1% | 4.4% | ||
| Q1 24 | 0.9% | 4.8% |
现金转化率FLRK
| Q4 25 | — | — | ||
| Q3 25 | — | 1.63× | ||
| Q2 25 | -0.01× | 0.57× | ||
| Q1 25 | — | 0.38× | ||
| Q4 24 | 0.18× | 1.28× | ||
| Q3 24 | 6.11× | 1.51× | ||
| Q2 24 | 1.67× | 1.09× | ||
| Q1 24 | -1.88× | 1.36× |
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
FLR
| Urban Solutions Segment | $2.6B | 63% |
| Energy Solutions Segment | $943.0M | 23% |
| Mission Solutions Segment | $600.0M | 14% |
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% |
