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FULLER H B CO（FUL）与NetApp（NTAP）财务数据对比。点击上方公司名可切换其他公司
NetApp的季度营收约是FULLER H B CO的1.9倍（$1.7B vs $892.0M），NetApp净利率更高（17.9% vs 7.5%，领先10.4%），NetApp同比增速更快（2.8% vs -2.8%），NetApp自由现金流更多（$78.0M vs $68.9M），过去两年FULLER H B CO的营收复合增速更高（5.0% vs 3.0%）
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。
NetApp是总部位于美国加利福尼亚州圣何塞的企业级数据基础设施服务商，成立于1992年，2012至2021年连续入选《财富》世界500强。公司面向全球企业客户提供统一数据存储、集成数据服务及云运营解决方案，可满足线上线下全场景的应用与数据管理需求。
FUL vs NTAP — 直观对比
营收规模更大
NTAP
是对方的1.9倍
$892.0M
营收增速更快
NTAP
高出5.7%
-2.8%
净利率更高
NTAP
高出10.4%
7.5%
自由现金流更多
NTAP
多$9.1M
$68.9M
两年增速更快
FUL
近两年复合增速
3.0%
损益表 — Q3 FY2025 vs Q2 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $892.0M | $1.7B |
| 净利润 | $67.2M | $305.0M |
| 毛利率 | 32.0% | 72.0% |
| 营业利润率 | 12.3% | 23.4% |
| 净利率 | 7.5% | 17.9% |
| 营收同比 | -2.8% | 2.8% |
| 净利润同比 | 21.3% | 2.0% |
| 每股收益（稀释后） | $1.22 | $1.51 |
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FULNTAP
| Q4 25 | — | $1.7B | ||
| Q3 25 | $892.0M | $1.6B | ||
| Q2 25 | $898.1M | $1.7B | ||
| Q1 25 | — | $1.6B | ||
| Q4 24 | — | $1.7B | ||
| Q3 24 | $917.9M | $1.5B | ||
| Q2 24 | — | $1.7B | ||
| Q1 24 | $810.4M | $1.6B |
净利润FULNTAP
| Q4 25 | — | $305.0M | ||
| Q3 25 | $67.2M | $233.0M | ||
| Q2 25 | $41.8M | $340.0M | ||
| Q1 25 | — | $299.0M | ||
| Q4 24 | — | $299.0M | ||
| Q3 24 | $55.4M | $248.0M | ||
| Q2 24 | — | $291.0M | ||
| Q1 24 | $31.0M | $313.0M |
毛利率FULNTAP
| Q4 25 | — | 72.0% | ||
| Q3 25 | 32.0% | 70.4% | ||
| Q2 25 | 31.9% | 68.9% | ||
| Q1 25 | — | 69.8% | ||
| Q4 24 | — | 71.0% | ||
| Q3 24 | 30.0% | 71.3% | ||
| Q2 24 | — | 70.5% | ||
| Q1 24 | 29.5% | 71.7% |
营业利润率FULNTAP
| Q4 25 | — | 23.4% | ||
| Q3 25 | 12.3% | 19.8% | ||
| Q2 25 | 11.1% | 20.1% | ||
| Q1 25 | — | 22.1% | ||
| Q4 24 | — | 20.8% | ||
| Q3 24 | 11.4% | 18.3% | ||
| Q2 24 | — | 21.9% | ||
| Q1 24 | 8.3% | 22.8% |
净利率FULNTAP
| Q4 25 | — | 17.9% | ||
| Q3 25 | 7.5% | 14.9% | ||
| Q2 25 | 4.7% | 19.6% | ||
| Q1 25 | — | 18.2% | ||
| Q4 24 | — | 18.0% | ||
| Q3 24 | 6.0% | 16.1% | ||
| Q2 24 | — | 17.4% | ||
| Q1 24 | 3.8% | 19.5% |
每股收益（稀释后）FULNTAP
| Q4 25 | — | $1.51 | ||
| Q3 25 | $1.22 | $1.15 | ||
| Q2 25 | $0.76 | $1.64 | ||
| Q1 25 | — | $1.44 | ||
| Q4 24 | — | $1.42 | ||
| Q3 24 | $0.98 | $1.17 | ||
| Q2 24 | — | $1.36 | ||
| Q1 24 | $0.55 | $1.48 |
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 | $3.0B |
| 总债务越低越好 | — | $2.5B |
| 股东权益账面价值 | $2.0B | $986.0M |
| 总资产 | $5.2B | $9.6B |
| 负债/权益比越低杠杆越低 | — | 2.52× |
8季度趋势，按日历期对齐
现金及短期投资FULNTAP
| Q4 25 | — | $3.0B | ||
| Q3 25 | $122.5M | $3.3B | ||
| Q2 25 | $96.8M | $3.8B | ||
| Q1 25 | — | $2.3B | ||
| Q4 24 | — | $2.2B | ||
| Q3 24 | $131.4M | $3.0B | ||
| Q2 24 | — | $3.3B | ||
| Q1 24 | $165.2M | $2.9B |
总债务FULNTAP
| Q4 25 | — | $2.5B | ||
| Q3 25 | — | $2.5B | ||
| Q2 25 | — | $3.2B | ||
| Q1 25 | — | $2.0B | ||
| Q4 24 | — | $2.0B | ||
| Q3 24 | — | $2.4B | ||
| Q2 24 | — | $2.4B | ||
| Q1 24 | — | $2.4B |
股东权益FULNTAP
| Q4 25 | — | $986.0M | ||
| Q3 25 | $2.0B | $975.0M | ||
| Q2 25 | $1.9B | $1.0B | ||
| Q1 25 | — | $995.0M | ||
| Q4 24 | — | $892.0M | ||
| Q3 24 | $1.8B | $929.0M | ||
| Q2 24 | — | $1.1B | ||
| Q1 24 | $1.8B | $994.0M |
总资产FULNTAP
| Q4 25 | — | $9.6B | ||
| Q3 25 | $5.2B | $9.7B | ||
| Q2 25 | $5.1B | $10.8B | ||
| Q1 25 | — | $9.0B | ||
| Q4 24 | — | $9.0B | ||
| Q3 24 | $5.0B | $9.3B | ||
| Q2 24 | — | $9.9B | ||
| Q1 24 | $4.7B | $9.4B |
负债/权益比FULNTAP
| Q4 25 | — | 2.52× | ||
| Q3 25 | — | 2.55× | ||
| Q2 25 | — | 3.11× | ||
| Q1 25 | — | 2.00× | ||
| Q4 24 | — | 2.23× | ||
| Q3 24 | — | 2.58× | ||
| Q2 24 | — | 2.09× | ||
| Q1 24 | — | 2.41× |
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 | $127.0M |
| 自由现金流经营现金流 - 资本支出 | $68.9M | $78.0M |
| 自由现金流率自由现金流/营收 | 7.7% | 4.6% |
| 资本支出强度资本支出/营收 | 3.4% | 2.9% |
| 现金转化率经营现金流/净利润 | 1.47× | 0.42× |
| 过去12个月自由现金流最近4个季度 | — | — |
8季度趋势，按日历期对齐
经营现金流FULNTAP
| Q4 25 | — | $127.0M | ||
| Q3 25 | $99.0M | $673.0M | ||
| Q2 25 | — | — | ||
| Q1 25 | — | $385.0M | ||
| Q4 24 | — | — | ||
| Q3 24 | $169.4M | $341.0M | ||
| Q2 24 | — | $613.0M | ||
| Q1 24 | $47.4M | $484.0M |
自由现金流FULNTAP
| Q4 25 | — | $78.0M | ||
| Q3 25 | $68.9M | $620.0M | ||
| Q2 25 | — | — | ||
| Q1 25 | — | $338.0M | ||
| Q4 24 | — | — | ||
| Q3 24 | $99.9M | $300.0M | ||
| Q2 24 | — | $567.0M | ||
| Q1 24 | $4.1M | $448.0M |
自由现金流率FULNTAP
| Q4 25 | — | 4.6% | ||
| Q3 25 | 7.7% | 39.8% | ||
| Q2 25 | — | — | ||
| Q1 25 | — | 20.6% | ||
| Q4 24 | — | — | ||
| Q3 24 | 10.9% | 19.5% | ||
| Q2 24 | — | 34.0% | ||
| Q1 24 | 0.5% | 27.9% |
资本支出强度FULNTAP
| Q4 25 | — | 2.9% | ||
| Q3 25 | 3.4% | 3.4% | ||
| Q2 25 | — | — | ||
| Q1 25 | — | 2.9% | ||
| Q4 24 | — | — | ||
| Q3 24 | 7.6% | 2.7% | ||
| Q2 24 | — | 2.8% | ||
| Q1 24 | 5.3% | 2.2% |
现金转化率FULNTAP
| Q4 25 | — | 0.42× | ||
| Q3 25 | 1.47× | 2.89× | ||
| Q2 25 | — | — | ||
| Q1 25 | — | 1.29× | ||
| Q4 24 | — | — | ||
| Q3 24 | 3.06× | 1.38× | ||
| Q2 24 | — | 2.11× | ||
| Q1 24 | 1.53× | 1.55× |
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% |
NTAP
| Products | $788.0M | 46% |
| Support | $647.0M | 38% |
| Public Cloud Segment | $171.0M | 10% |
| Professional And Other Services | $99.0M | 6% |
