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FULLER H B CO（FUL）与STARWOOD PROPERTY TRUST, INC.（STWD）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STARWOOD PROPERTY TRUST, INC.的1.8倍（$892.0M vs $492.9M），STARWOOD PROPERTY TRUST, INC.净利率更高（19.7% vs 7.5%，领先12.1%），STARWOOD PROPERTY TRUST, INC.同比增速更快（8.5% vs -2.8%），过去两年FULLER H B CO的营收复合增速更高（5.0% vs -2.9%）
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。
喜达屋酒店及度假村国际集团是全球规模最大的酒店企业之一，业务涵盖酒店、度假村、水疗中心、住宅及度假产权物业的持有、运营、特许经营与管理。集团前身为1969年成立的房地产投资信托基金，1995年完成收购重组，旗下共11个品牌，管理及特许经营的物业共计1297处。
FUL vs STWD — 直观对比
营收规模更大
FUL
是对方的1.8倍
$492.9M
营收增速更快
STWD
高出11.3%
-2.8%
净利率更高
STWD
高出12.1%
7.5%
两年增速更快
FUL
近两年复合增速
-2.9%
损益表 — Q3 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $892.0M | $492.9M |
| 净利润 | $67.2M | $96.9M |
| 毛利率 | 32.0% | — |
| 营业利润率 | 12.3% | 26.6% |
| 净利率 | 7.5% | 19.7% |
| 营收同比 | -2.8% | 8.5% |
| 净利润同比 | 21.3% | 87.7% |
| 每股收益（稀释后） | $1.22 | $0.25 |
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FULSTWD
| Q4 25 | — | $492.9M | ||
| Q3 25 | $892.0M | $488.9M | ||
| Q2 25 | $898.1M | $444.3M | ||
| Q1 25 | — | $418.2M | ||
| Q4 24 | — | $454.4M | ||
| Q3 24 | $917.9M | $479.5M | ||
| Q2 24 | — | $489.8M | ||
| Q1 24 | $810.4M | $523.1M |
净利润FULSTWD
| Q4 25 | — | $96.9M | ||
| Q3 25 | $67.2M | $72.6M | ||
| Q2 25 | $41.8M | $129.8M | ||
| Q1 25 | — | $112.3M | ||
| Q4 24 | — | $51.6M | ||
| Q3 24 | $55.4M | $76.1M | ||
| Q2 24 | — | $77.9M | ||
| Q1 24 | $31.0M | $154.3M |
毛利率FULSTWD
| Q4 25 | — | — | ||
| Q3 25 | 32.0% | — | ||
| Q2 25 | 31.9% | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 30.0% | — | ||
| Q2 24 | — | — | ||
| Q1 24 | 29.5% | — |
营业利润率FULSTWD
| Q4 25 | — | 26.6% | ||
| Q3 25 | 12.3% | 19.1% | ||
| Q2 25 | 11.1% | 30.5% | ||
| Q1 25 | — | 28.7% | ||
| Q4 24 | — | 15.1% | ||
| Q3 24 | 11.4% | 17.2% | ||
| Q2 24 | — | 19.1% | ||
| Q1 24 | 8.3% | 30.8% |
净利率FULSTWD
| Q4 25 | — | 19.7% | ||
| Q3 25 | 7.5% | 14.8% | ||
| Q2 25 | 4.7% | 29.2% | ||
| Q1 25 | — | 26.8% | ||
| Q4 24 | — | 11.4% | ||
| Q3 24 | 6.0% | 15.9% | ||
| Q2 24 | — | 15.9% | ||
| Q1 24 | 3.8% | 29.5% |
每股收益（稀释后）FULSTWD
| Q4 25 | — | $0.25 | ||
| Q3 25 | $1.22 | $0.19 | ||
| Q2 25 | $0.76 | $0.38 | ||
| Q1 25 | — | $0.33 | ||
| Q4 24 | — | $0.15 | ||
| Q3 24 | $0.98 | $0.23 | ||
| Q2 24 | — | $0.24 | ||
| 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 | $499.5M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $2.0B | $6.8B |
| 总资产 | $5.2B | $63.2B |
| 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FULSTWD
| Q4 25 | — | $499.5M | ||
| Q3 25 | $122.5M | $301.1M | ||
| Q2 25 | $96.8M | $259.9M | ||
| Q1 25 | — | $440.6M | ||
| Q4 24 | — | $377.8M | ||
| Q3 24 | $131.4M | $357.9M | ||
| Q2 24 | — | $259.3M | ||
| Q1 24 | $165.2M | $327.4M |
股东权益FULSTWD
| Q4 25 | — | $6.8B | ||
| Q3 25 | $2.0B | $6.9B | ||
| Q2 25 | $1.9B | $6.4B | ||
| Q1 25 | — | $6.4B | ||
| Q4 24 | — | $6.4B | ||
| Q3 24 | $1.8B | $6.5B | ||
| Q2 24 | — | $6.2B | ||
| Q1 24 | $1.8B | $6.3B |
总资产FULSTWD
| Q4 25 | — | $63.2B | ||
| Q3 25 | $5.2B | $62.4B | ||
| Q2 25 | $5.1B | $62.4B | ||
| Q1 25 | — | $62.2B | ||
| Q4 24 | — | $62.6B | ||
| Q3 24 | $5.0B | $64.2B | ||
| Q2 24 | — | $64.1B | ||
| Q1 24 | $4.7B | $66.2B |
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 | $488.8M |
| 自由现金流经营现金流 - 资本支出 | $68.9M | — |
| 自由现金流率自由现金流/营收 | 7.7% | — |
| 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× | 5.04× |
| 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FULSTWD
| Q4 25 | — | $488.8M | ||
| Q3 25 | $99.0M | $337.6M | ||
| Q2 25 | — | $-87.4M | ||
| Q1 25 | — | $238.9M | ||
| Q4 24 | — | $295.6M | ||
| Q3 24 | $169.4M | $241.8M | ||
| Q2 24 | — | $53.3M | ||
| Q1 24 | $47.4M | $55.9M |
自由现金流FULSTWD
| Q4 25 | — | — | ||
| Q3 25 | $68.9M | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | $99.9M | — | ||
| Q2 24 | — | — | ||
| Q1 24 | $4.1M | — |
自由现金流率FULSTWD
| Q4 25 | — | — | ||
| Q3 25 | 7.7% | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 10.9% | — | ||
| Q2 24 | — | — | ||
| Q1 24 | 0.5% | — |
资本支出强度FULSTWD
| Q4 25 | — | — | ||
| Q3 25 | 3.4% | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 7.6% | — | ||
| Q2 24 | — | — | ||
| Q1 24 | 5.3% | — |
现金转化率FULSTWD
| Q4 25 | — | 5.04× | ||
| Q3 25 | 1.47× | 4.65× | ||
| Q2 25 | — | -0.67× | ||
| Q1 25 | — | 2.13× | ||
| Q4 24 | — | 5.72× | ||
| Q3 24 | 3.06× | 3.18× | ||
| Q2 24 | — | 0.68× | ||
| Q1 24 | 1.53× | 0.36× |
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% |
STWD
| Commercial And Residential Lending Segment | $335.2M | 68% |
| Infrastructure Lending Segment | $70.3M | 14% |
| Property Segment | $57.8M | 12% |
| Other | $29.7M | 6% |
