vs
FULLER H B CO（FUL）与Rivian Automotive, Inc.（RIVN）财务数据对比。点击上方公司名可切换其他公司
Rivian Automotive, Inc.的季度营收约是FULLER H B CO的1.4倍（$1.3B vs $892.0M），FULLER H B CO净利率更高（7.5% vs -63.1%，领先70.6%），FULLER H B CO同比增速更快（-2.8% vs -25.8%），FULLER H B CO自由现金流更多（$68.9M vs $-1.1B），过去两年FULLER H B CO的营收复合增速更高（5.0% vs 3.3%）
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。
Rivian Automotive是2009年成立的美国电动汽车制造商及汽车科技企业，主打基于自研滑板平台打造的电动SUV、皮卡及EDV电动配送货车，旗下R1T皮卡于2021年末正式开启交付，还计划于2023年底前在美国和加拿大布局专属充电网络，其平台可适配新车型也可对外授权使用。
FUL vs RIVN — 直观对比
营收规模更大
RIVN
是对方的1.4倍
$892.0M
营收增速更快
FUL
高出23.0%
-25.8%
净利率更高
FUL
高出70.6%
-63.1%
自由现金流更多
FUL
多$1.2B
$-1.1B
两年增速更快
FUL
近两年复合增速
3.3%
损益表 — Q3 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $892.0M | $1.3B |
| 净利润 | $67.2M | $-811.0M |
| 毛利率 | 32.0% | 9.3% |
| 营业利润率 | 12.3% | -64.8% |
| 净利率 | 7.5% | -63.1% |
| 营收同比 | -2.8% | -25.8% |
| 净利润同比 | 21.3% | -9.0% |
| 每股收益（稀释后） | $1.22 | $-0.66 |
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FULRIVN
| Q4 25 | — | $1.3B | ||
| Q3 25 | $892.0M | $1.6B | ||
| Q2 25 | $898.1M | $1.3B | ||
| Q1 25 | — | $1.2B | ||
| Q4 24 | — | $1.7B | ||
| Q3 24 | $917.9M | $874.0M | ||
| Q2 24 | — | $1.2B | ||
| Q1 24 | $810.4M | $1.2B |
净利润FULRIVN
| Q4 25 | — | $-811.0M | ||
| Q3 25 | $67.2M | $-1.2B | ||
| Q2 25 | $41.8M | $-1.1B | ||
| Q1 25 | — | $-545.0M | ||
| Q4 24 | — | $-744.0M | ||
| Q3 24 | $55.4M | $-1.1B | ||
| Q2 24 | — | $-1.5B | ||
| Q1 24 | $31.0M | $-1.4B |
毛利率FULRIVN
| Q4 25 | — | 9.3% | ||
| Q3 25 | 32.0% | 1.5% | ||
| Q2 25 | 31.9% | -15.8% | ||
| Q1 25 | — | 16.6% | ||
| Q4 24 | — | 9.8% | ||
| Q3 24 | 30.0% | -44.9% | ||
| Q2 24 | — | -38.9% | ||
| Q1 24 | 29.5% | -43.8% |
营业利润率FULRIVN
| Q4 25 | — | -64.8% | ||
| Q3 25 | 12.3% | -63.1% | ||
| Q2 25 | 11.1% | -85.5% | ||
| Q1 25 | — | -52.8% | ||
| Q4 24 | — | -38.1% | ||
| Q3 24 | 11.4% | -133.8% | ||
| Q2 24 | — | -118.7% | ||
| Q1 24 | 8.3% | -123.3% |
净利率FULRIVN
| Q4 25 | — | -63.1% | ||
| Q3 25 | 7.5% | -75.3% | ||
| Q2 25 | 4.7% | -85.7% | ||
| Q1 25 | — | -44.0% | ||
| Q4 24 | — | -42.9% | ||
| Q3 24 | 6.0% | -125.9% | ||
| Q2 24 | — | -125.8% | ||
| Q1 24 | 3.8% | -120.1% |
每股收益（稀释后）FULRIVN
| Q4 25 | — | $-0.66 | ||
| Q3 25 | $1.22 | $-0.96 | ||
| Q2 25 | $0.76 | $-0.97 | ||
| Q1 25 | — | $-0.48 | ||
| Q4 24 | — | $-0.67 | ||
| Q3 24 | $0.98 | $-1.08 | ||
| Q2 24 | — | $-1.46 | ||
| 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 | $6.1B |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $2.0B | $4.6B |
| 总资产 | $5.2B | $14.9B |
| 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FULRIVN
| Q4 25 | — | $6.1B | ||
| Q3 25 | $122.5M | $7.1B | ||
| Q2 25 | $96.8M | $7.5B | ||
| Q1 25 | — | $7.2B | ||
| Q4 24 | — | $7.7B | ||
| Q3 24 | $131.4M | $6.7B | ||
| Q2 24 | — | $7.9B | ||
| Q1 24 | $165.2M | $7.9B |
总债务FULRIVN
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | $5.5B | ||
| Q1 24 | — | $4.4B |
股东权益FULRIVN
| Q4 25 | — | $4.6B | ||
| Q3 25 | $2.0B | $5.1B | ||
| Q2 25 | $1.9B | $6.1B | ||
| Q1 25 | — | $6.2B | ||
| Q4 24 | — | $6.6B | ||
| Q3 24 | $1.8B | $5.9B | ||
| Q2 24 | — | $6.8B | ||
| Q1 24 | $1.8B | $8.1B |
总资产FULRIVN
| Q4 25 | — | $14.9B | ||
| Q3 25 | $5.2B | $15.2B | ||
| Q2 25 | $5.1B | $15.6B | ||
| Q1 25 | — | $15.5B | ||
| Q4 24 | — | $15.4B | ||
| Q3 24 | $5.0B | $14.3B | ||
| Q2 24 | — | $15.4B | ||
| Q1 24 | $4.7B | $15.7B |
负债/权益比FULRIVN
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | 0.81× | ||
| Q1 24 | — | 0.55× |
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 | $-681.0M |
| 自由现金流经营现金流 - 资本支出 | $68.9M | $-1.1B |
| 自由现金流率自由现金流/营收 | 7.7% | -89.0% |
| 资本支出强度资本支出/营收 | 3.4% | 36.0% |
| 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 | — | $-2.5B |
8季度趋势，按日历期对齐
经营现金流FULRIVN
| Q4 25 | — | $-681.0M | ||
| Q3 25 | $99.0M | $26.0M | ||
| Q2 25 | — | $64.0M | ||
| Q1 25 | — | $-188.0M | ||
| Q4 24 | — | $1.2B | ||
| Q3 24 | $169.4M | $-876.0M | ||
| Q2 24 | — | $-754.0M | ||
| Q1 24 | $47.4M | $-1.3B |
自由现金流FULRIVN
| Q4 25 | — | $-1.1B | ||
| Q3 25 | $68.9M | $-421.0M | ||
| Q2 25 | — | $-398.0M | ||
| Q1 25 | — | $-526.0M | ||
| Q4 24 | — | $856.0M | ||
| Q3 24 | $99.9M | $-1.2B | ||
| Q2 24 | — | $-1.0B | ||
| Q1 24 | $4.1M | $-1.5B |
自由现金流率FULRIVN
| Q4 25 | — | -89.0% | ||
| Q3 25 | 7.7% | -27.0% | ||
| Q2 25 | — | -30.5% | ||
| Q1 25 | — | -42.4% | ||
| Q4 24 | — | 49.4% | ||
| Q3 24 | 10.9% | -131.9% | ||
| Q2 24 | — | -89.6% | ||
| Q1 24 | 0.5% | -126.5% |
资本支出强度FULRIVN
| Q4 25 | — | 36.0% | ||
| Q3 25 | 3.4% | 28.7% | ||
| Q2 25 | — | 35.5% | ||
| Q1 25 | — | 27.3% | ||
| Q4 24 | — | 18.9% | ||
| Q3 24 | 7.6% | 31.7% | ||
| Q2 24 | — | 24.4% | ||
| Q1 24 | 5.3% | 21.1% |
现金转化率FULRIVN
| Q4 25 | — | — | ||
| Q3 25 | 1.47× | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 3.06× | — | ||
| Q2 24 | — | — | ||
| Q1 24 | 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% |
RIVN
| Automotive Segment | $839.0M | 65% |
| Software And Services Segment | $447.0M | 35% |
| Regulatory Credits | $30.0M | 2% |
