vs
FULLER H B CO（FUL）与蓝威斯顿（LW）财务数据对比。点击上方公司名可切换其他公司
蓝威斯顿的季度营收约是FULLER H B CO的1.8倍（$1.6B vs $892.0M），FULLER H B CO净利率更高（7.5% vs 3.5%，领先4.1%），蓝威斯顿同比增速更快（2.9% vs -2.8%），FULLER H B CO自由现金流更多（$68.9M vs $-36.3M），过去两年FULLER H B CO的营收复合增速更高（5.0% vs -1.5%）
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。
蓝威斯顿控股是美国食品加工企业，为全球规模最大的冷冻薯条、华夫薯条及其他冷冻马铃薯制品的生产商与加工商之一，总部坐落于爱达荷州博伊西市郊的伊格尔市。
FUL vs LW — 直观对比
营收规模更大
LW
是对方的1.8倍
$892.0M
营收增速更快
LW
高出5.7%
-2.8%
净利率更高
FUL
高出4.1%
3.5%
自由现金流更多
FUL
多$105.2M
$-36.3M
两年增速更快
FUL
近两年复合增速
-1.5%
损益表 — Q3 FY2025 vs Q3 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $892.0M | $1.6B |
| 净利润 | $67.2M | $54.0M |
| 毛利率 | 32.0% | 21.2% |
| 营业利润率 | 12.3% | 8.1% |
| 净利率 | 7.5% | 3.5% |
| 营收同比 | -2.8% | 2.9% |
| 净利润同比 | 21.3% | -63.0% |
| 每股收益（稀释后） | $1.22 | $0.39 |
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FULLW
| Q1 26 | — | $1.6B | ||
| Q4 25 | — | $1.6B | ||
| Q3 25 | $892.0M | $1.7B | ||
| Q2 25 | $898.1M | $1.7B | ||
| Q1 25 | — | $1.5B | ||
| Q4 24 | — | $1.6B | ||
| Q3 24 | $917.9M | $1.7B | ||
| Q2 24 | — | $1.6B |
净利润FULLW
| Q1 26 | — | $54.0M | ||
| Q4 25 | — | $62.1M | ||
| Q3 25 | $67.2M | $64.3M | ||
| Q2 25 | $41.8M | $119.9M | ||
| Q1 25 | — | $146.0M | ||
| Q4 24 | — | $-36.1M | ||
| Q3 24 | $55.4M | $127.4M | ||
| Q2 24 | — | $129.6M |
毛利率FULLW
| Q1 26 | — | 21.2% | ||
| Q4 25 | — | 20.0% | ||
| Q3 25 | 32.0% | 20.6% | ||
| Q2 25 | 31.9% | 20.4% | ||
| Q1 25 | — | 27.8% | ||
| Q4 24 | — | 17.4% | ||
| Q3 24 | 30.0% | 21.5% | ||
| Q2 24 | — | 24.1% |
营业利润率FULLW
| Q1 26 | — | 8.1% | ||
| Q4 25 | — | 8.6% | ||
| Q3 25 | 12.3% | 9.4% | ||
| Q2 25 | 11.1% | 11.1% | ||
| Q1 25 | — | 16.4% | ||
| Q4 24 | — | 1.2% | ||
| Q3 24 | 11.4% | 12.8% | ||
| Q2 24 | — | 13.2% |
净利率FULLW
| Q1 26 | — | 3.5% | ||
| Q4 25 | — | 3.8% | ||
| Q3 25 | 7.5% | 3.9% | ||
| Q2 25 | 4.7% | 7.2% | ||
| Q1 25 | — | 9.6% | ||
| Q4 24 | — | -2.3% | ||
| Q3 24 | 6.0% | 7.7% | ||
| Q2 24 | — | 8.0% |
每股收益（稀释后）FULLW
| Q1 26 | — | $0.39 | ||
| Q4 25 | — | $0.44 | ||
| Q3 25 | $1.22 | $0.46 | ||
| Q2 25 | $0.76 | $0.84 | ||
| Q1 25 | — | $1.03 | ||
| Q4 24 | — | $-0.25 | ||
| Q3 24 | $0.98 | $0.88 | ||
| Q2 24 | — | $0.89 |
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 | $57.5M |
| 总债务越低越好 | — | $3.6B |
| 股东权益账面价值 | $2.0B | $1.8B |
| 总资产 | $5.2B | $7.4B |
| 负债/权益比越低杠杆越低 | — | 1.99× |
8季度趋势，按日历期对齐
现金及短期投资FULLW
| Q1 26 | — | $57.5M | ||
| Q4 25 | — | $82.7M | ||
| Q3 25 | $122.5M | $98.6M | ||
| Q2 25 | $96.8M | $70.7M | ||
| Q1 25 | — | $67.5M | ||
| Q4 24 | — | $79.0M | ||
| Q3 24 | $131.4M | $120.8M | ||
| Q2 24 | — | $71.4M |
总债务FULLW
| Q1 26 | — | $3.6B | ||
| Q4 25 | — | $3.6B | ||
| Q3 25 | — | $3.7B | ||
| Q2 25 | — | $3.7B | ||
| Q1 25 | — | $3.7B | ||
| Q4 24 | — | $3.7B | ||
| Q3 24 | — | $3.4B | ||
| Q2 24 | — | $3.4B |
股东权益FULLW
| Q1 26 | — | $1.8B | ||
| Q4 25 | — | $1.8B | ||
| Q3 25 | $2.0B | $1.8B | ||
| Q2 25 | $1.9B | $1.7B | ||
| Q1 25 | — | $1.6B | ||
| Q4 24 | — | $1.6B | ||
| Q3 24 | $1.8B | $1.8B | ||
| Q2 24 | — | $1.8B |
总资产FULLW
| Q1 26 | — | $7.4B | ||
| Q4 25 | — | $7.3B | ||
| Q3 25 | $5.2B | $7.2B | ||
| Q2 25 | $5.1B | $7.4B | ||
| Q1 25 | — | $7.4B | ||
| Q4 24 | — | $7.5B | ||
| Q3 24 | $5.0B | $7.5B | ||
| Q2 24 | — | $7.4B |
负债/权益比FULLW
| Q1 26 | — | 1.99× | ||
| Q4 25 | — | 2.08× | ||
| Q3 25 | — | 2.05× | ||
| Q2 25 | — | 2.12× | ||
| Q1 25 | — | 2.25× | ||
| Q4 24 | — | 2.26× | ||
| Q3 24 | — | 1.87× | ||
| Q2 24 | — | 1.92× |
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 | $65.2M |
| 自由现金流经营现金流 - 资本支出 | $68.9M | $-36.3M |
| 自由现金流率自由现金流/营收 | 7.7% | -2.3% |
| 资本支出强度资本支出/营收 | 3.4% | 6.5% |
| 现金转化率经营现金流/净利润 | 1.47× | 1.21× |
| 过去12个月自由现金流最近4个季度 | — | $569.2M |
8季度趋势，按日历期对齐
经营现金流FULLW
| Q1 26 | — | $65.2M | ||
| Q4 25 | — | $178.4M | ||
| Q3 25 | $99.0M | $352.0M | ||
| Q2 25 | — | $868.3M | ||
| Q1 25 | — | $56.0M | ||
| Q4 24 | — | $99.1M | ||
| Q3 24 | $169.4M | $330.2M | ||
| Q2 24 | — | $798.2M |
自由现金流FULLW
| Q1 26 | — | $-36.3M | ||
| Q4 25 | — | $101.0M | ||
| Q3 25 | $68.9M | $274.4M | ||
| Q2 25 | — | $230.1M | ||
| Q1 25 | — | $-19.8M | ||
| Q4 24 | — | $-49.6M | ||
| Q3 24 | $99.9M | $4.3M | ||
| Q2 24 | — | $-131.3M |
自由现金流率FULLW
| Q1 26 | — | -2.3% | ||
| Q4 25 | — | 6.2% | ||
| Q3 25 | 7.7% | 16.5% | ||
| Q2 25 | — | 13.7% | ||
| Q1 25 | — | -1.3% | ||
| Q4 24 | — | -3.1% | ||
| Q3 24 | 10.9% | 0.3% | ||
| Q2 24 | — | -8.1% |
资本支出强度FULLW
| Q1 26 | — | 6.5% | ||
| Q4 25 | — | 4.8% | ||
| Q3 25 | 3.4% | 4.7% | ||
| Q2 25 | — | 38.1% | ||
| Q1 25 | — | 5.0% | ||
| Q4 24 | — | 9.3% | ||
| Q3 24 | 7.6% | 19.7% | ||
| Q2 24 | — | 57.7% |
现金转化率FULLW
| Q1 26 | — | 1.21× | ||
| Q4 25 | — | 2.87× | ||
| Q3 25 | 1.47× | 5.47× | ||
| Q2 25 | — | 7.24× | ||
| Q1 25 | — | 0.38× | ||
| Q4 24 | — | — | ||
| Q3 24 | 3.06× | 2.59× | ||
| Q2 24 | — | 6.16× |
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% |
LW
| Segments North America | $1.0B | 66% |
| Segments International | $529.8M | 34% |
