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FULLER H B CO（FUL）与VinFast Auto Ltd.（VFS）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VinFast Auto Ltd.的1.2倍（$892.0M vs $718.6M），FULLER H B CO净利率更高（7.5% vs -2.8%，领先10.3%）
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。
VinFast Auto Ltd.是越南跨国汽车企业，由越南最大私营综合企业集团之一Vingroup创立。Vingroup由越南知名企业家潘日旺创办，业务覆盖地产、零售、医疗、科技等多个领域，是越南本土头部企业集团。
FUL vs VFS — 直观对比
营收规模更大
FUL
是对方的1.2倍
$718.6M
净利率更高
FUL
高出10.3%
-2.8%
损益表 — Q3 FY2025 vs Q3 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $892.0M | $718.6M |
| 净利润 | $67.2M | $-20.0M |
| 毛利率 | 32.0% | — |
| 营业利润率 | 12.3% | -96.1% |
| 净利率 | 7.5% | -2.8% |
| 营收同比 | -2.8% | — |
| 净利润同比 | 21.3% | — |
| 每股收益（稀释后） | $1.22 | — |
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FULVFS
| Q3 25 | $892.0M | $718.6M | ||
| Q2 25 | $898.1M | $663.0M | ||
| Q1 25 | — | $656.5M | ||
| Q3 24 | $917.9M | $511.6M | ||
| Q1 24 | $810.4M | $302.6M | ||
| Q4 23 | $902.9M | — | ||
| Q3 23 | $900.6M | — | ||
| Q2 23 | $898.2M | — |
净利润FULVFS
| Q3 25 | $67.2M | $-20.0M | ||
| Q2 25 | $41.8M | $-51.8M | ||
| Q1 25 | — | $-26.1M | ||
| Q3 24 | $55.4M | $-10.4M | ||
| Q1 24 | $31.0M | $-618.3M | ||
| Q4 23 | $45.0M | — | ||
| Q3 23 | $37.6M | — | ||
| Q2 23 | $40.4M | — |
毛利率FULVFS
| Q3 25 | 32.0% | — | ||
| Q2 25 | 31.9% | — | ||
| Q1 25 | — | — | ||
| Q3 24 | 30.0% | — | ||
| Q1 24 | 29.5% | — | ||
| Q4 23 | 30.3% | — | ||
| Q3 23 | 29.3% | — | ||
| Q2 23 | 28.6% | — |
营业利润率FULVFS
| Q3 25 | 12.3% | -96.1% | ||
| Q2 25 | 11.1% | -79.0% | ||
| Q1 25 | — | -74.0% | ||
| Q3 24 | 11.4% | -65.9% | ||
| Q1 24 | 8.3% | -139.4% | ||
| Q4 23 | 12.6% | — | ||
| Q3 23 | 10.1% | — | ||
| Q2 23 | 10.0% | — |
净利率FULVFS
| Q3 25 | 7.5% | -2.8% | ||
| Q2 25 | 4.7% | -7.8% | ||
| Q1 25 | — | -4.0% | ||
| Q3 24 | 6.0% | -2.0% | ||
| Q1 24 | 3.8% | -204.3% | ||
| Q4 23 | 5.0% | — | ||
| Q3 23 | 4.2% | — | ||
| Q2 23 | 4.5% | — |
每股收益（稀释后）FULVFS
| Q3 25 | $1.22 | — | ||
| Q2 25 | $0.76 | — | ||
| Q1 25 | — | — | ||
| Q3 24 | $0.98 | — | ||
| Q1 24 | $0.55 | — | ||
| Q4 23 | $0.80 | — | ||
| Q3 23 | $0.67 | — | ||
| Q2 23 | $0.73 | — |
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 | $8.8M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $2.0B | — |
| 总资产 | $5.2B | $183.2M |
| 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FULVFS
| Q3 25 | $122.5M | $8.8M | ||
| Q2 25 | $96.8M | $650.0M | ||
| Q1 25 | — | $2.4M | ||
| Q3 24 | $131.4M | $1.9M | ||
| Q1 24 | $165.2M | $3.0M | ||
| Q4 23 | $179.5M | — | ||
| Q3 23 | $94.9M | — | ||
| Q2 23 | $103.2M | — |
总债务FULVFS
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q3 24 | — | — | ||
| Q1 24 | — | — | ||
| Q4 23 | $1.8B | — | ||
| Q3 23 | — | — | ||
| Q2 23 | — | — |
股东权益FULVFS
| Q3 25 | $2.0B | — | ||
| Q2 25 | $1.9B | $-7.2B | ||
| Q1 25 | — | — | ||
| Q3 24 | $1.8B | — | ||
| Q1 24 | $1.8B | — | ||
| Q4 23 | $1.8B | — | ||
| Q3 23 | $1.7B | — | ||
| Q2 23 | $1.7B | — |
总资产FULVFS
| Q3 25 | $5.2B | $183.2M | ||
| Q2 25 | $5.1B | $7.2B | ||
| Q1 25 | — | $158.2M | ||
| Q3 24 | $5.0B | $151.8M | ||
| Q1 24 | $4.7B | $145.6M | ||
| Q4 23 | $4.7B | — | ||
| Q3 23 | $4.7B | — | ||
| Q2 23 | $4.6B | — |
负债/权益比FULVFS
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q3 24 | — | — | ||
| Q1 24 | — | — | ||
| Q4 23 | 1.05× | — | ||
| Q3 23 | — | — | ||
| Q2 23 | — | — |
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 | — |
| 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× | — |
| 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FULVFS
| Q3 25 | $99.0M | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q3 24 | $169.4M | — | ||
| Q1 24 | $47.4M | — | ||
| Q4 23 | $161.7M | — | ||
| Q3 23 | $108.3M | — | ||
| Q2 23 | $102.9M | — |
自由现金流FULVFS
| Q3 25 | $68.9M | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q3 24 | $99.9M | — | ||
| Q1 24 | $4.1M | — | ||
| Q4 23 | $152.1M | — | ||
| Q3 23 | $81.3M | — | ||
| Q2 23 | $67.9M | — |
自由现金流率FULVFS
| Q3 25 | 7.7% | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q3 24 | 10.9% | — | ||
| Q1 24 | 0.5% | — | ||
| Q4 23 | 16.8% | — | ||
| Q3 23 | 9.0% | — | ||
| Q2 23 | 7.6% | — |
资本支出强度FULVFS
| Q3 25 | 3.4% | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q3 24 | 7.6% | — | ||
| Q1 24 | 5.3% | — | ||
| Q4 23 | 1.1% | — | ||
| Q3 23 | 3.0% | — | ||
| Q2 23 | 3.9% | — |
现金转化率FULVFS
| Q3 25 | 1.47× | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q3 24 | 3.06× | — | ||
| Q1 24 | 1.53× | — | ||
| Q4 23 | 3.59× | — | ||
| Q3 23 | 2.88× | — | ||
| Q2 23 | 2.55× | — |
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% |
VFS
| Sales of vehicles | $662.9M | 92% |
| Sales of spare parts and components | $41.3M | 6% |
| Revenue from leasing activities | $12.3M | 2% |
| Finance income | $2.4M | 0% |
| Rendering of services | $1.2M | 0% |
