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Graham Holdings Co（GHC）与J.M. Smucker Company (The)（SJM）财务数据对比。点击上方公司名可切换其他公司
J.M. Smucker Company (The)的季度营收约是Graham Holdings Co的1.9倍（$2.3B vs $1.3B），J.M. Smucker Company (The)净利率更高（10.4% vs 8.7%，领先1.7%），J.M. Smucker Company (The)同比增速更快（2.6% vs 0.4%），J.M. Smucker Company (The)自由现金流更多（$280.2M vs $5.0M），过去两年Graham Holdings Co的营收复合增速更高（4.2% vs 2.2%）
Graham Holdings是一家总部位于美国弗吉尼亚州阿灵顿县、在特拉华州注册的多元化综合控股集团，曾持有知名媒体《华盛顿邮报》与《新闻周刊》的所有权，旗下业务覆盖多个领域，在北美市场拥有深厚的行业运营积淀。
J.M.斯马克公司是美国食品饮料生产企业，总部位于俄亥俄州奥维尔，1897年成立之初主营苹果酱生产，目前旗下设消费食品、宠物食品、咖啡三大业务板块，核心品牌Smucker's主打果酱、花生酱、糖浆、无皮冷冻三明治、冰淇淋顶料等产品。
GHC vs SJM — 直观对比
营收规模更大
SJM
是对方的1.9倍
$1.3B
营收增速更快
SJM
高出2.2%
0.4%
净利率更高
SJM
高出1.7%
8.7%
自由现金流更多
SJM
多$275.2M
$5.0M
两年增速更快
GHC
近两年复合增速
2.2%
损益表 — Q4 FY2025 vs Q2 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $1.3B | $2.3B |
| 净利润 | $108.7M | $241.3M |
| 毛利率 | — | 37.3% |
| 营业利润率 | 3.8% | 18.0% |
| 净利率 | 8.7% | 10.4% |
| 营收同比 | 0.4% | 2.6% |
| 净利润同比 | -80.2% | 1084.9% |
| 每股收益（稀释后） | $24.76 | $2.26 |
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GHCSJM
| Q4 25 | $1.3B | $2.3B | ||
| Q3 25 | $1.3B | $2.1B | ||
| Q2 25 | $1.2B | $2.1B | ||
| Q1 25 | $1.2B | $2.2B | ||
| Q4 24 | $1.2B | $2.3B | ||
| Q3 24 | $1.2B | $2.1B | ||
| Q2 24 | $1.2B | $2.2B | ||
| Q1 24 | $1.2B | $2.2B |
净利润GHCSJM
| Q4 25 | $108.7M | $241.3M | ||
| Q3 25 | $122.9M | $-43.9M | ||
| Q2 25 | $36.7M | $-729.0M | ||
| Q1 25 | $23.9M | $-662.3M | ||
| Q4 24 | $548.8M | $-24.5M | ||
| Q3 24 | $72.5M | $185.0M | ||
| Q2 24 | $-21.0M | $245.1M | ||
| Q1 24 | $124.4M | $120.4M |
毛利率GHCSJM
| Q4 25 | — | 37.3% | ||
| Q3 25 | — | 22.5% | ||
| Q2 25 | — | 38.4% | ||
| Q1 25 | — | 40.2% | ||
| Q4 24 | — | 39.0% | ||
| Q3 24 | — | 37.5% | ||
| Q2 24 | — | 41.4% | ||
| Q1 24 | — | 36.9% |
营业利润率GHCSJM
| Q4 25 | 3.8% | 18.0% | ||
| Q3 25 | 5.2% | 2.2% | ||
| Q2 25 | 6.0% | -27.9% | ||
| Q1 25 | 4.1% | -27.2% | ||
| Q4 24 | 5.8% | 7.5% | ||
| Q3 24 | 6.8% | 16.4% | ||
| Q2 24 | 2.2% | 18.4% | ||
| Q1 24 | 3.1% | 13.3% |
净利率GHCSJM
| Q4 25 | 8.7% | 10.4% | ||
| Q3 25 | 9.6% | -2.1% | ||
| Q2 25 | 3.0% | -34.0% | ||
| Q1 25 | 2.0% | -30.3% | ||
| Q4 24 | 44.1% | -1.1% | ||
| Q3 24 | 6.0% | 8.7% | ||
| Q2 24 | -1.8% | 11.1% | ||
| Q1 24 | 10.8% | 5.4% |
每股收益（稀释后）GHCSJM
| Q4 25 | $24.76 | $2.26 | ||
| Q3 25 | $27.91 | $-0.41 | ||
| Q2 25 | $8.35 | $-6.86 | ||
| Q1 25 | $5.45 | $-6.22 | ||
| Q4 24 | $124.05 | $-0.23 | ||
| Q3 24 | $16.42 | $1.74 | ||
| Q2 24 | $-4.79 | $2.31 | ||
| Q1 24 | $27.72 | $1.13 |
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 | $267.0M | — |
| 总债务越低越好 | — | $7.0B |
| 股东权益账面价值 | $4.8B | $6.1B |
| 总资产 | $8.4B | $17.6B |
| 负债/权益比越低杠杆越低 | — | 1.16× |
8季度趋势，按日历期对齐
现金及短期投资GHCSJM
| Q4 25 | $267.0M | — | ||
| Q3 25 | $190.8M | — | ||
| Q2 25 | $176.2M | — | ||
| Q1 25 | $156.7M | — | ||
| Q4 24 | $260.9M | — | ||
| Q3 24 | $244.4M | — | ||
| Q2 24 | $140.7M | — | ||
| Q1 24 | $130.9M | — |
总债务GHCSJM
| Q4 25 | — | $7.0B | ||
| Q3 25 | — | $7.0B | ||
| Q2 25 | — | $7.0B | ||
| Q1 25 | — | $7.4B | ||
| Q4 24 | — | $7.8B | ||
| Q3 24 | — | $7.8B | ||
| Q2 24 | — | $7.8B | ||
| Q1 24 | — | $8.1B |
股东权益GHCSJM
| Q4 25 | $4.8B | $6.1B | ||
| Q3 25 | $4.5B | $5.9B | ||
| Q2 25 | $4.4B | $6.1B | ||
| Q1 25 | $4.3B | $6.9B | ||
| Q4 24 | $4.3B | $7.6B | ||
| Q3 24 | $4.0B | $7.8B | ||
| Q2 24 | $4.0B | $7.7B | ||
| Q1 24 | $4.0B | $7.6B |
总资产GHCSJM
| Q4 25 | $8.4B | $17.6B | ||
| Q3 25 | $7.9B | $17.7B | ||
| Q2 25 | $7.6B | $17.6B | ||
| Q1 25 | $7.6B | $18.4B | ||
| Q4 24 | $7.7B | $20.0B | ||
| Q3 24 | $7.4B | $20.3B | ||
| Q2 24 | $7.2B | $20.3B | ||
| Q1 24 | $7.3B | $20.2B |
负债/权益比GHCSJM
| Q4 25 | — | 1.16× | ||
| Q3 25 | — | 1.19× | ||
| Q2 25 | — | 1.16× | ||
| Q1 25 | — | 1.07× | ||
| Q4 24 | — | 1.02× | ||
| Q3 24 | — | 1.00× | ||
| Q2 24 | — | 1.01× | ||
| Q1 24 | — | 1.07× |
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 | $28.3M | $346.5M |
| 自由现金流经营现金流 - 资本支出 | $5.0M | $280.2M |
| 自由现金流率自由现金流/营收 | 0.4% | 12.0% |
| 资本支出强度资本支出/营收 | 1.9% | 2.8% |
| 现金转化率经营现金流/净利润 | 0.26× | 1.44× |
| 过去12个月自由现金流最近4个季度 | $275.3M | $635.5M |
8季度趋势，按日历期对齐
经营现金流GHCSJM
| Q4 25 | $28.3M | $346.5M | ||
| Q3 25 | $178.1M | $-10.6M | ||
| Q2 25 | $94.8M | $393.9M | ||
| Q1 25 | $46.0M | $239.4M | ||
| Q4 24 | $116.3M | $404.2M | ||
| Q3 24 | $237.6M | $172.9M | ||
| Q2 24 | $52.0M | $428.1M | ||
| Q1 24 | $1.1M | $406.5M |
自由现金流GHCSJM
| Q4 25 | $5.0M | $280.2M | ||
| Q3 25 | $161.8M | $-94.9M | ||
| Q2 25 | $78.0M | $298.9M | ||
| Q1 25 | $30.5M | $151.3M | ||
| Q4 24 | $91.1M | $317.2M | ||
| Q3 24 | $219.4M | $49.2M | ||
| Q2 24 | $33.7M | $297.5M | ||
| Q1 24 | $-20.2M | $249.6M |
自由现金流率GHCSJM
| Q4 25 | 0.4% | 12.0% | ||
| Q3 25 | 12.6% | -4.5% | ||
| Q2 25 | 6.4% | 13.9% | ||
| Q1 25 | 2.6% | 6.9% | ||
| Q4 24 | 7.3% | 14.0% | ||
| Q3 24 | 18.2% | 2.3% | ||
| Q2 24 | 2.8% | 13.5% | ||
| Q1 24 | -1.8% | 11.2% |
资本支出强度GHCSJM
| Q4 25 | 1.9% | 2.8% | ||
| Q3 25 | 1.3% | 4.0% | ||
| Q2 25 | 1.4% | 4.4% | ||
| Q1 25 | 1.3% | 4.0% | ||
| Q4 24 | 2.0% | 3.8% | ||
| Q3 24 | 1.5% | 5.8% | ||
| Q2 24 | 1.5% | 5.9% | ||
| Q1 24 | 1.8% | 7.0% |
现金转化率GHCSJM
| Q4 25 | 0.26× | 1.44× | ||
| Q3 25 | 1.45× | — | ||
| Q2 25 | 2.58× | — | ||
| Q1 25 | 1.93× | — | ||
| Q4 24 | 0.21× | — | ||
| Q3 24 | 3.28× | 0.93× | ||
| Q2 24 | — | 1.75× | ||
| Q1 24 | 0.01× | 3.38× |
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
GHC
| Products | $602.7M | 48% |
| Kaplan International | $251.9M | 20% |
| Manufacturing | $117.8M | 9% |
| Television Broadcasting | $110.5M | 9% |
| Higher Education | $83.8M | 7% |
| Supplemental Education | $74.9M | 6% |
| Related Party | $4.4M | 0% |
SJM
| U.S.Retail Frozen Handheld And Spreads | $461.1M | 20% |
| U.S.Retail Pet Foods | $413.2M | 18% |
| Handheld Frozen Sandwiches | $262.9M | 11% |
| Sweet Baked Snacks | $256.1M | 11% |
| Pet Snacks | $232.0M | 10% |
| Cat Food | $197.2M | 8% |
| Peanut Butter | $187.1M | 8% |
| CA | $94.5M | 4% |
| Fruit Spreads | $92.2M | 4% |
| Other | $50.5M | 2% |
| Portion Control | $50.1M | 2% |
| All Other International | $33.2M | 1% |
