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FULLER H B CO（FUL）与摩丁制造（MOD）财务数据对比。点击上方公司名可切换其他公司
FULLER H B CO的季度营收约是摩丁制造的1.1倍（$892.0M vs $805.0M），FULLER H B CO净利率更高（7.5% vs -5.9%，领先13.4%），摩丁制造同比增速更快（30.5% vs -2.8%），FULLER H B CO自由现金流更多（$68.9M vs $-17.1M），过去两年摩丁制造的营收复合增速更高（15.5% 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。
摩丁制造是1916年成立于美国的热管理企业。创始人亚瑟·B·摩丁获拖拉机Spirex散热器专利后创立公司，曾为福特T型车生产Turbotube散热器，1941年在威斯康星州拉辛建成全球首个车用风洞，二战期间为P-51野马战斗机供应后冷却器。
FUL vs MOD — 直观对比
营收规模更大
FUL
是对方的1.1倍
$805.0M
营收增速更快
MOD
高出33.3%
-2.8%
净利率更高
FUL
高出13.4%
-5.9%
自由现金流更多
FUL
多$86.0M
$-17.1M
两年增速更快
MOD
近两年复合增速
5.0%
损益表 — Q3 FY2025 vs Q3 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $892.0M | $805.0M |
| 净利润 | $67.2M | $-47.4M |
| 毛利率 | 32.0% | 23.1% |
| 营业利润率 | 12.3% | 11.1% |
| 净利率 | 7.5% | -5.9% |
| 营收同比 | -2.8% | 30.5% |
| 净利润同比 | 21.3% | -215.6% |
| 每股收益（稀释后） | $1.22 | $-0.90 |
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FULMOD
| Q4 25 | — | $805.0M | ||
| Q3 25 | $892.0M | $738.9M | ||
| Q2 25 | $898.1M | $682.8M | ||
| Q1 25 | — | $647.2M | ||
| Q4 24 | — | $616.8M | ||
| Q3 24 | $917.9M | $658.0M | ||
| Q2 24 | — | $661.5M | ||
| Q1 24 | $810.4M | $603.5M |
净利润FULMOD
| Q4 25 | — | $-47.4M | ||
| Q3 25 | $67.2M | $44.4M | ||
| Q2 25 | $41.8M | $51.2M | ||
| Q1 25 | — | $49.6M | ||
| Q4 24 | — | $41.0M | ||
| Q3 24 | $55.4M | $46.1M | ||
| Q2 24 | — | $47.3M | ||
| Q1 24 | $31.0M | $25.8M |
毛利率FULMOD
| Q4 25 | — | 23.1% | ||
| Q3 25 | 32.0% | 22.3% | ||
| Q2 25 | 31.9% | 24.2% | ||
| Q1 25 | — | 25.6% | ||
| Q4 24 | — | 24.3% | ||
| Q3 24 | 30.0% | 25.2% | ||
| Q2 24 | — | 24.6% | ||
| Q1 24 | 29.5% | 22.4% |
营业利润率FULMOD
| Q4 25 | — | 11.1% | ||
| Q3 25 | 12.3% | 9.9% | ||
| Q2 25 | 11.1% | 11.1% | ||
| Q1 25 | — | 11.5% | ||
| Q4 24 | — | 9.6% | ||
| Q3 24 | 11.4% | 11.4% | ||
| Q2 24 | — | 11.2% | ||
| Q1 24 | 8.3% | 7.8% |
净利率FULMOD
| Q4 25 | — | -5.9% | ||
| Q3 25 | 7.5% | 6.0% | ||
| Q2 25 | 4.7% | 7.5% | ||
| Q1 25 | — | 7.7% | ||
| Q4 24 | — | 6.6% | ||
| Q3 24 | 6.0% | 7.0% | ||
| Q2 24 | — | 7.2% | ||
| Q1 24 | 3.8% | 4.3% |
每股收益（稀释后）FULMOD
| Q4 25 | — | $-0.90 | ||
| Q3 25 | $1.22 | $0.83 | ||
| Q2 25 | $0.76 | $0.95 | ||
| Q1 25 | — | $0.92 | ||
| Q4 24 | — | $0.76 | ||
| Q3 24 | $0.98 | $0.86 | ||
| Q2 24 | — | $0.88 | ||
| Q1 24 | $0.55 | $0.48 |
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 | $98.7M |
| 总债务越低越好 | — | $570.7M |
| 股东权益账面价值 | $2.0B | $1.1B |
| 总资产 | $5.2B | $2.5B |
| 负债/权益比越低杠杆越低 | — | 0.51× |
8季度趋势，按日历期对齐
现金及短期投资FULMOD
| Q4 25 | — | $98.7M | ||
| Q3 25 | $122.5M | $83.8M | ||
| Q2 25 | $96.8M | $124.5M | ||
| Q1 25 | — | $71.6M | ||
| Q4 24 | — | $83.8M | ||
| Q3 24 | $131.4M | $78.6M | ||
| Q2 24 | — | $72.9M | ||
| Q1 24 | $165.2M | $60.1M |
总债务FULMOD
| Q4 25 | — | $570.7M | ||
| Q3 25 | — | $525.8M | ||
| Q2 25 | — | $482.1M | ||
| Q1 25 | — | $296.7M | ||
| Q4 24 | — | $330.0M | ||
| Q3 24 | — | $359.1M | ||
| Q2 24 | — | $405.7M | ||
| Q1 24 | — | $399.9M |
股东权益FULMOD
| Q4 25 | — | $1.1B | ||
| Q3 25 | $2.0B | $1.1B | ||
| Q2 25 | $1.9B | $1.0B | ||
| Q1 25 | — | $910.2M | ||
| Q4 24 | — | $855.1M | ||
| Q3 24 | $1.8B | $858.8M | ||
| Q2 24 | — | $788.4M | ||
| Q1 24 | $1.8B | $747.6M |
总资产FULMOD
| Q4 25 | — | $2.5B | ||
| Q3 25 | $5.2B | $2.4B | ||
| Q2 25 | $5.1B | $2.2B | ||
| Q1 25 | — | $1.9B | ||
| Q4 24 | — | $1.8B | ||
| Q3 24 | $5.0B | $1.9B | ||
| Q2 24 | — | $1.9B | ||
| Q1 24 | $4.7B | $1.9B |
负债/权益比FULMOD
| Q4 25 | — | 0.51× | ||
| Q3 25 | — | 0.50× | ||
| Q2 25 | — | 0.48× | ||
| Q1 25 | — | 0.33× | ||
| Q4 24 | — | 0.39× | ||
| Q3 24 | — | 0.42× | ||
| Q2 24 | — | 0.51× | ||
| Q1 24 | — | 0.53× |
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 | $24.7M |
| 自由现金流经营现金流 - 资本支出 | $68.9M | $-17.1M |
| 自由现金流率自由现金流/营收 | 7.7% | -2.1% |
| 资本支出强度资本支出/营收 | 3.4% | 5.2% |
| 现金转化率经营现金流/净利润 | 1.47× | — |
| 过去12个月自由现金流最近4个季度 | — | $-20.3M |
8季度趋势，按日历期对齐
经营现金流FULMOD
| Q4 25 | — | $24.7M | ||
| Q3 25 | $99.0M | $1.4M | ||
| Q2 25 | — | $27.7M | ||
| Q1 25 | — | $54.8M | ||
| Q4 24 | — | $60.7M | ||
| Q3 24 | $169.4M | $57.3M | ||
| Q2 24 | — | $40.5M | ||
| Q1 24 | $47.4M | $39.6M |
自由现金流FULMOD
| Q4 25 | — | $-17.1M | ||
| Q3 25 | $68.9M | $-30.5M | ||
| Q2 25 | — | $200.0K | ||
| Q1 25 | — | $27.1M | ||
| Q4 24 | — | $44.7M | ||
| Q3 24 | $99.9M | $43.8M | ||
| Q2 24 | — | $13.7M | ||
| Q1 24 | $4.1M | $-4.3M |
自由现金流率FULMOD
| Q4 25 | — | -2.1% | ||
| Q3 25 | 7.7% | -4.1% | ||
| Q2 25 | — | 0.0% | ||
| Q1 25 | — | 4.2% | ||
| Q4 24 | — | 7.2% | ||
| Q3 24 | 10.9% | 6.7% | ||
| Q2 24 | — | 2.1% | ||
| Q1 24 | 0.5% | -0.7% |
资本支出强度FULMOD
| Q4 25 | — | 5.2% | ||
| Q3 25 | 3.4% | 4.3% | ||
| Q2 25 | — | 4.0% | ||
| Q1 25 | — | 4.3% | ||
| Q4 24 | — | 2.6% | ||
| Q3 24 | 7.6% | 2.1% | ||
| Q2 24 | — | 4.1% | ||
| Q1 24 | 5.3% | 7.3% |
现金转化率FULMOD
| Q4 25 | — | — | ||
| Q3 25 | 1.47× | 0.03× | ||
| Q2 25 | — | 0.54× | ||
| Q1 25 | — | 1.10× | ||
| Q4 24 | — | 1.48× | ||
| Q3 24 | 3.06× | 1.24× | ||
| Q2 24 | — | 0.86× | ||
| Q1 24 | 1.53× | 1.53× |
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% |
MOD
| Data Centers | $296.9M | 37% |
| Performance Technologies | $266.0M | 33% |
| Hvac Technologies | $107.1M | 13% |
| Air Cooled | $92.4M | 11% |
| Lb White | $25.6M | 3% |
| Climate By Design | $10.2M | 1% |
| Absolutaire | $7.0M | 1% |
