vs
FULLER H B CO（FUL）与罗技（LOGI）财务数据对比。点击上方公司名可切换其他公司
罗技的季度营收约是FULLER H B CO的1.6倍（$1.4B vs $892.0M），罗技净利率更高（17.7% vs 7.5%，领先10.1%），罗技同比增速更快（6.1% vs -2.8%），罗技自由现金流更多（$465.6M vs $68.9M），过去两年罗技的营收复合增速更高（18.5% vs 5.0%）
H.B.富勒公司是总部位于美国明尼苏达州圣保罗的跨国粘合剂制造企业，全球第四大粘合剂及密封剂生产商。公司拥有超过20000种产品，广泛应用于建筑、工程、电子、卫生用品、食品包装等领域，在26个国家设有81座生产基地，2024年员工规模约7500人。
罗技国际是总部位于瑞士洛桑的跨国企业，专注于计算机外设及相关软件的研发与生产，在欧洲、亚洲、大洋洲、美洲均设有分支机构，为瑞士市场指数成分股，同时在纳斯达克交易所挂牌上市。
FUL vs LOGI — 直观对比
营收规模更大
LOGI
是对方的1.6倍
$892.0M
营收增速更快
LOGI
高出8.9%
-2.8%
净利率更高
LOGI
高出10.1%
7.5%
自由现金流更多
LOGI
多$396.7M
$68.9M
两年增速更快
LOGI
近两年复合增速
5.0%
损益表 — Q3 FY2025 vs Q3 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $892.0M | $1.4B |
| 净利润 | $67.2M | $251.0M |
| 毛利率 | 32.0% | 43.2% |
| 营业利润率 | 12.3% | 20.1% |
| 净利率 | 7.5% | 17.7% |
| 营收同比 | -2.8% | 6.1% |
| 净利润同比 | 21.3% | 25.4% |
| 每股收益（稀释后） | $1.22 | $1.69 |
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FULLOGI
| Q4 25 | — | $1.4B | ||
| Q3 25 | $892.0M | $1.2B | ||
| Q2 25 | $898.1M | $1.1B | ||
| Q1 25 | — | $1.0B | ||
| Q4 24 | — | $1.3B | ||
| Q3 24 | $917.9M | $1.1B | ||
| Q2 24 | — | $1.1B | ||
| Q1 24 | $810.4M | $1.0B |
净利润FULLOGI
| Q4 25 | — | $251.0M | ||
| Q3 25 | $67.2M | $170.7M | ||
| Q2 25 | $41.8M | $146.0M | ||
| Q1 25 | — | $144.1M | ||
| Q4 24 | — | $200.1M | ||
| Q3 24 | $55.4M | $145.5M | ||
| Q2 24 | — | $141.8M | ||
| Q1 24 | $31.0M | $167.6M |
毛利率FULLOGI
| Q4 25 | — | 43.2% | ||
| Q3 25 | 32.0% | 43.4% | ||
| Q2 25 | 31.9% | 41.7% | ||
| Q1 25 | — | 43.1% | ||
| Q4 24 | — | 42.9% | ||
| Q3 24 | 30.0% | 43.6% | ||
| Q2 24 | — | 42.8% | ||
| Q1 24 | 29.5% | 43.2% |
营业利润率FULLOGI
| Q4 25 | — | 20.1% | ||
| Q3 25 | 12.3% | 16.1% | ||
| Q2 25 | 11.1% | 14.1% | ||
| Q1 25 | — | 10.5% | ||
| Q4 24 | — | 17.5% | ||
| Q3 24 | 11.4% | 14.4% | ||
| Q2 24 | — | 14.1% | ||
| Q1 24 | 8.3% | 12.9% |
净利率FULLOGI
| Q4 25 | — | 17.7% | ||
| Q3 25 | 7.5% | 14.4% | ||
| Q2 25 | 4.7% | 12.7% | ||
| Q1 25 | — | 14.3% | ||
| Q4 24 | — | 14.9% | ||
| Q3 24 | 6.0% | 13.0% | ||
| Q2 24 | — | 13.0% | ||
| Q1 24 | 3.8% | 16.6% |
每股收益（稀释后）FULLOGI
| Q4 25 | — | $1.69 | ||
| Q3 25 | $1.22 | $1.15 | ||
| Q2 25 | $0.76 | $0.98 | ||
| Q1 25 | — | $0.94 | ||
| Q4 24 | — | $1.32 | ||
| Q3 24 | $0.98 | $0.95 | ||
| Q2 24 | — | $0.92 | ||
| Q1 24 | $0.55 | $1.07 |
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 | $122.5M | $1.8B |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $2.0B | $2.3B |
| 总资产 | $5.2B | $4.1B |
| 负债/权益比越低杠杆越低 | — | — |
8季度趋势，按日历期对齐
现金及短期投资FULLOGI
| Q4 25 | — | $1.8B | ||
| Q3 25 | $122.5M | $1.4B | ||
| Q2 25 | $96.8M | $1.5B | ||
| Q1 25 | — | $1.5B | ||
| Q4 24 | — | $1.5B | ||
| Q3 24 | $131.4M | $1.4B | ||
| Q2 24 | — | $1.5B | ||
| Q1 24 | $165.2M | $1.5B |
股东权益FULLOGI
| Q4 25 | — | $2.3B | ||
| Q3 25 | $2.0B | $2.1B | ||
| Q2 25 | $1.9B | $2.2B | ||
| Q1 25 | — | $2.1B | ||
| Q4 24 | — | $2.1B | ||
| Q3 24 | $1.8B | $2.1B | ||
| Q2 24 | — | $2.2B | ||
| Q1 24 | $1.8B | $2.2B |
总资产FULLOGI
| Q4 25 | — | $4.1B | ||
| Q3 25 | $5.2B | $3.7B | ||
| Q2 25 | $5.1B | $3.7B | ||
| Q1 25 | — | $3.5B | ||
| Q4 24 | — | $3.7B | ||
| Q3 24 | $5.0B | $3.6B | ||
| Q2 24 | — | $3.7B | ||
| Q1 24 | $4.7B | $3.6B |
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 | $99.0M | $480.5M |
| 自由现金流经营现金流 - 资本支出 | $68.9M | $465.6M |
| 自由现金流率自由现金流/营收 | 7.7% | 32.8% |
| 资本支出强度资本支出/营收 | 3.4% | 1.0% |
| 现金转化率经营现金流/净利润 | 1.47× | 1.91× |
| 过去12个月自由现金流最近4个季度 | — | $903.6M |
8季度趋势，按日历期对齐
经营现金流FULLOGI
| Q4 25 | — | $480.5M | ||
| Q3 25 | $99.0M | $228.8M | ||
| Q2 25 | — | $125.0M | ||
| Q1 25 | — | $129.7M | ||
| Q4 24 | — | $370.9M | ||
| Q3 24 | $169.4M | $166.0M | ||
| Q2 24 | — | $176.0M | ||
| Q1 24 | $47.4M | $239.1M |
自由现金流FULLOGI
| Q4 25 | — | $465.6M | ||
| Q3 25 | $68.9M | $212.3M | ||
| Q2 25 | — | $108.8M | ||
| Q1 25 | — | $116.9M | ||
| Q4 24 | — | $356.6M | ||
| Q3 24 | $99.9M | $151.5M | ||
| Q2 24 | — | $161.4M | ||
| Q1 24 | $4.1M | $228.8M |
自由现金流率FULLOGI
| Q4 25 | — | 32.8% | ||
| Q3 25 | 7.7% | 17.9% | ||
| Q2 25 | — | 9.5% | ||
| Q1 25 | — | 11.6% | ||
| Q4 24 | — | 26.6% | ||
| Q3 24 | 10.9% | 13.6% | ||
| Q2 24 | — | 14.8% | ||
| Q1 24 | 0.5% | 22.6% |
资本支出强度FULLOGI
| Q4 25 | — | 1.0% | ||
| Q3 25 | 3.4% | 1.4% | ||
| Q2 25 | — | 1.4% | ||
| Q1 25 | — | 1.3% | ||
| Q4 24 | — | 1.1% | ||
| Q3 24 | 7.6% | 1.3% | ||
| Q2 24 | — | 1.3% | ||
| Q1 24 | 5.3% | 1.0% |
现金转化率FULLOGI
| Q4 25 | — | 1.91× | ||
| Q3 25 | 1.47× | 1.34× | ||
| Q2 25 | — | 0.86× | ||
| Q1 25 | — | 0.90× | ||
| Q4 24 | — | 1.85× | ||
| Q3 24 | 3.06× | 1.14× | ||
| Q2 24 | — | 1.24× | ||
| Q1 24 | 1.53× | 1.43× |
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
FUL
| Hygiene Health And Consumable Adhesives | $386.1M | 43% |
| Engineering Adhesives | $272.3M | 31% |
| Building Adhesives Solutions | $233.7M | 26% |
LOGI
| Retail Gaming | $482.7M | 34% |
| Retail Keyboards Desktops | $254.6M | 18% |
| Retail Pointing Devices | $241.2M | 17% |
| Retail Video Collaboration | $193.3M | 14% |
| Retail Tablet And Other Accessories | $93.6M | 7% |
| Retail Webcams | $82.3M | 6% |
| Retail Headsets | $45.9M | 3% |
| Other Retail Products | $28.0M | 2% |
