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FULLER H B CO（FUL）与北极星（PII）财务数据对比。点击上方公司名可切换其他公司
北极星的季度营收约是FULLER H B CO的1.9倍（$1.7B vs $892.0M），FULLER H B CO净利率更高（7.5% vs -2.8%，领先10.4%），北极星同比增速更快（8.0% vs -2.8%），FULLER H B CO自由现金流更多（$68.9M vs $-342.5M），过去两年FULLER H B CO的营收复合增速更高（5.0% vs -8.0%）
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。
北极星公司（Polaris Inc.）是总部位于美国明尼苏达州麦地那的机动车制造企业，创立于明尼苏达州罗索，当地目前仍保留其工程研发与生产设施。公司曾通过胜利摩托子公司生产摩托车，2011年收购印第安摩托品牌后转由该子公司运营摩托业务，此前还曾生产私人水上摩托艇产品。
FUL vs PII — 直观对比
营收规模更大
PII
是对方的1.9倍
$892.0M
营收增速更快
PII
高出10.8%
-2.8%
净利率更高
FUL
高出10.4%
-2.8%
自由现金流更多
FUL
多$411.4M
$-342.5M
两年增速更快
FUL
近两年复合增速
-8.0%
损益表 — Q3 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $892.0M | $1.7B |
| 净利润 | $67.2M | $-47.2M |
| 毛利率 | 32.0% | 20.2% |
| 营业利润率 | 12.3% | 76.5% |
| 净利率 | 7.5% | -2.8% |
| 营收同比 | -2.8% | 8.0% |
| 净利润同比 | 21.3% | 29.0% |
| 每股收益（稀释后） | $1.22 | $-0.83 |
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FULPII
| Q1 26 | — | $1.7B | ||
| Q4 25 | — | $1.9B | ||
| Q3 25 | $892.0M | $1.8B | ||
| Q2 25 | $898.1M | $1.9B | ||
| Q1 25 | — | $1.5B | ||
| Q4 24 | — | $1.8B | ||
| Q3 24 | $917.9M | $1.7B | ||
| Q2 24 | — | $2.0B |
净利润FULPII
| Q1 26 | — | $-47.2M | ||
| Q4 25 | — | $-303.6M | ||
| Q3 25 | $67.2M | $-15.8M | ||
| Q2 25 | $41.8M | $-79.3M | ||
| Q1 25 | — | $-66.8M | ||
| Q4 24 | — | $10.6M | ||
| Q3 24 | $55.4M | $27.7M | ||
| Q2 24 | — | $68.7M |
毛利率FULPII
| Q1 26 | — | 20.2% | ||
| Q4 25 | — | 20.0% | ||
| Q3 25 | 32.0% | 20.7% | ||
| Q2 25 | 31.9% | 19.4% | ||
| Q1 25 | — | 16.0% | ||
| Q4 24 | — | 20.4% | ||
| Q3 24 | 30.0% | 20.6% | ||
| Q2 24 | — | 21.6% |
营业利润率FULPII
| Q1 26 | — | 76.5% | ||
| Q4 25 | — | -16.7% | ||
| Q3 25 | 12.3% | 1.1% | ||
| Q2 25 | 11.1% | -0.7% | ||
| Q1 25 | — | -2.4% | ||
| Q4 24 | — | 3.7% | ||
| Q3 24 | 11.4% | 3.8% | ||
| Q2 24 | — | 6.1% |
净利率FULPII
| Q1 26 | — | -2.8% | ||
| Q4 25 | — | -15.8% | ||
| Q3 25 | 7.5% | -0.9% | ||
| Q2 25 | 4.7% | -4.3% | ||
| Q1 25 | — | -4.3% | ||
| Q4 24 | — | 0.6% | ||
| Q3 24 | 6.0% | 1.6% | ||
| Q2 24 | — | 3.5% |
每股收益（稀释后）FULPII
| Q1 26 | — | $-0.83 | ||
| Q4 25 | — | $-5.34 | ||
| Q3 25 | $1.22 | $-0.28 | ||
| Q2 25 | $0.76 | $-1.39 | ||
| Q1 25 | — | $-1.17 | ||
| Q4 24 | — | $0.18 | ||
| Q3 24 | $0.98 | $0.49 | ||
| Q2 24 | — | $1.21 |
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 | $282.0M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $2.0B | $750.4M |
| 总资产 | $5.2B | $5.2B |
| 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FULPII
| Q1 26 | — | $282.0M | ||
| Q4 25 | — | $138.0M | ||
| Q3 25 | $122.5M | $335.5M | ||
| Q2 25 | $96.8M | $324.3M | ||
| Q1 25 | — | $291.7M | ||
| Q4 24 | — | $287.8M | ||
| Q3 24 | $131.4M | $291.3M | ||
| Q2 24 | — | $322.7M |
总债务FULPII
| Q1 26 | — | — | ||
| Q4 25 | — | $1.5B | ||
| Q3 25 | — | $1.3B | ||
| Q2 25 | — | $1.4B | ||
| Q1 25 | — | $1.6B | ||
| Q4 24 | — | $1.6B | ||
| Q3 24 | — | $1.7B | ||
| Q2 24 | — | $2.1B |
股东权益FULPII
| Q1 26 | — | $750.4M | ||
| Q4 25 | — | $828.4M | ||
| Q3 25 | $2.0B | $1.1B | ||
| Q2 25 | $1.9B | $1.2B | ||
| Q1 25 | — | $1.2B | ||
| Q4 24 | — | $1.3B | ||
| Q3 24 | $1.8B | $1.3B | ||
| Q2 24 | — | $1.3B |
总资产FULPII
| Q1 26 | — | $5.2B | ||
| Q4 25 | — | $4.9B | ||
| Q3 25 | $5.2B | $5.3B | ||
| Q2 25 | $5.1B | $5.4B | ||
| Q1 25 | — | $5.5B | ||
| Q4 24 | — | $5.5B | ||
| Q3 24 | $5.0B | $5.6B | ||
| Q2 24 | — | $5.7B |
负债/权益比FULPII
| Q1 26 | — | — | ||
| Q4 25 | — | 1.82× | ||
| Q3 25 | — | 1.13× | ||
| Q2 25 | — | 1.17× | ||
| Q1 25 | — | 1.32× | ||
| Q4 24 | — | 1.27× | ||
| Q3 24 | — | 1.29× | ||
| Q2 24 | — | 1.56× |
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 | — |
| 自由现金流经营现金流 - 资本支出 | $68.9M | $-342.5M |
| 自由现金流率自由现金流/营收 | 7.7% | -20.6% |
| 资本支出强度资本支出/营收 | 3.4% | — |
| 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 | — | $168.0M |
8季度趋势，按日历期对齐
经营现金流FULPII
| Q1 26 | — | — | ||
| Q4 25 | — | $178.7M | ||
| Q3 25 | $99.0M | $158.8M | ||
| Q2 25 | — | $320.3M | ||
| Q1 25 | — | $83.2M | ||
| Q4 24 | — | $206.3M | ||
| Q3 24 | $169.4M | $21.0M | ||
| Q2 24 | — | $146.3M |
自由现金流FULPII
| Q1 26 | — | $-342.5M | ||
| Q4 25 | — | $114.0M | ||
| Q3 25 | $68.9M | $116.7M | ||
| Q2 25 | — | $279.8M | ||
| Q1 25 | — | $47.6M | ||
| Q4 24 | — | $137.3M | ||
| Q3 24 | $99.9M | $-32.4M | ||
| Q2 24 | — | $79.1M |
自由现金流率FULPII
| Q1 26 | — | -20.6% | ||
| Q4 25 | — | 5.9% | ||
| Q3 25 | 7.7% | 6.3% | ||
| Q2 25 | — | 15.1% | ||
| Q1 25 | — | 3.1% | ||
| Q4 24 | — | 7.8% | ||
| Q3 24 | 10.9% | -1.9% | ||
| Q2 24 | — | 4.0% |
资本支出强度FULPII
| Q1 26 | — | — | ||
| Q4 25 | — | 3.4% | ||
| Q3 25 | 3.4% | 2.3% | ||
| Q2 25 | — | 2.2% | ||
| Q1 25 | — | 2.3% | ||
| Q4 24 | — | 3.9% | ||
| Q3 24 | 7.6% | 3.1% | ||
| Q2 24 | — | 3.4% |
现金转化率FULPII
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | 1.47× | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 19.46× | ||
| Q3 24 | 3.06× | 0.76× | ||
| Q2 24 | — | 2.13× |
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% |
PII
暂无分部数据
