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GRAPHIC PACKAGING HOLDING CO（GPK）与Kellanova（K）财务数据对比。点击上方公司名可切换其他公司
Kellanova的季度营收约是GRAPHIC PACKAGING HOLDING CO的1.6倍（$3.3B vs $2.1B），Kellanova净利率更高（9.5% vs 3.4%，领先6.1%），Kellanova同比增速更快（0.8% vs 0.2%），过去两年GRAPHIC PACKAGING HOLDING CO的营收复合增速更高（-3.5% vs -9.0%）
Graphic Packaging Holding是总部位于美国佐治亚州亚特兰大的世界500强企业，专注于设计和生产商用产品包装解决方案，主营纸板及折叠纸盒业务，产品广泛应用于饮料、包装食品等各类热门消费品领域，在美国多州运营采用回收原料的纸板工厂。
Kellanova前身为知名食品企业家乐氏，是玛氏集团旗下的美国跨国食品制造公司，总部位于美国伊利诺伊州芝加哥。2023年10月2日公司正式启用现名，同步拆分北美谷物业务，独立成立WK Kellogg Co。
GPK vs K — 直观对比
营收规模更大
K
是对方的1.6倍
$2.1B
营收增速更快
K
高出0.6%
0.2%
净利率更高
K
高出6.1%
3.4%
两年增速更快
GPK
近两年复合增速
-9.0%
损益表 — Q4 FY2025 vs Q3 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $2.1B | $3.3B |
| 净利润 | $71.0M | $309.0M |
| 毛利率 | 14.1% | 33.3% |
| 营业利润率 | 7.4% | 13.9% |
| 净利率 | 3.4% | 9.5% |
| 营收同比 | 0.2% | 0.8% |
| 净利润同比 | -48.6% | -15.8% |
| 每股收益（稀释后） | $0.24 | $0.88 |
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GPKK
| Q4 25 | $2.1B | — | ||
| Q3 25 | $2.2B | $3.3B | ||
| Q2 25 | $2.2B | $3.2B | ||
| Q1 25 | $2.1B | $3.1B | ||
| Q4 24 | $2.1B | $3.1B | ||
| Q3 24 | $2.2B | $3.2B | ||
| Q2 24 | $2.2B | $3.2B | ||
| Q1 24 | $2.3B | $3.2B |
净利润GPKK
| Q4 25 | $71.0M | — | ||
| Q3 25 | $142.0M | $309.0M | ||
| Q2 25 | $104.0M | $299.0M | ||
| Q1 25 | $127.0M | $304.0M | ||
| Q4 24 | $138.0M | $365.0M | ||
| Q3 24 | $165.0M | $367.0M | ||
| Q2 24 | $190.0M | $344.0M | ||
| Q1 24 | $165.0M | $267.0M |
毛利率GPKK
| Q4 25 | 14.1% | — | ||
| Q3 25 | 19.6% | 33.3% | ||
| Q2 25 | 18.7% | 34.0% | ||
| Q1 25 | 20.6% | 34.3% | ||
| Q4 24 | 21.4% | 37.7% | ||
| Q3 24 | 22.3% | 36.4% | ||
| Q2 24 | 21.2% | 36.4% | ||
| Q1 24 | 23.0% | 32.2% |
营业利润率GPKK
| Q4 25 | 7.4% | — | ||
| Q3 25 | 10.7% | 13.9% | ||
| Q2 25 | 8.8% | 13.7% | ||
| Q1 25 | 10.5% | 13.9% | ||
| Q4 24 | 11.4% | 17.0% | ||
| Q3 24 | 12.6% | 14.1% | ||
| Q2 24 | 14.5% | 15.4% | ||
| Q1 24 | 12.4% | 12.3% |
净利率GPKK
| Q4 25 | 3.4% | — | ||
| Q3 25 | 6.5% | 9.5% | ||
| Q2 25 | 4.7% | 9.3% | ||
| Q1 25 | 6.0% | 9.9% | ||
| Q4 24 | 6.6% | 11.7% | ||
| Q3 24 | 7.5% | 11.4% | ||
| Q2 24 | 8.5% | 10.8% | ||
| Q1 24 | 7.3% | 8.3% |
每股收益（稀释后）GPKK
| Q4 25 | $0.24 | — | ||
| Q3 25 | $0.48 | $0.88 | ||
| Q2 25 | $0.34 | $0.85 | ||
| Q1 25 | $0.42 | $0.87 | ||
| Q4 24 | $0.46 | $1.05 | ||
| Q3 24 | $0.55 | $1.05 | ||
| Q2 24 | $0.62 | $1.00 | ||
| Q1 24 | $0.53 | $0.78 |
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 | $261.0M | $240.0M |
| 总债务越低越好 | $5.0B | $4.3B |
| 股东权益账面价值 | $3.3B | $4.2B |
| 总资产 | $11.8B | $15.6B |
| 负债/权益比越低杠杆越低 | 1.51× | 1.02× |
8季度趋势，按日历期对齐
现金及短期投资GPKK
| Q4 25 | $261.0M | — | ||
| Q3 25 | $120.0M | $240.0M | ||
| Q2 25 | $120.0M | $354.0M | ||
| Q1 25 | $129.0M | $330.0M | ||
| Q4 24 | $157.0M | $694.0M | ||
| Q3 24 | $126.0M | $569.0M | ||
| Q2 24 | $125.0M | $272.0M | ||
| Q1 24 | $136.0M | $242.0M |
总债务GPKK
| Q4 25 | $5.0B | — | ||
| Q3 25 | $5.5B | $4.3B | ||
| Q2 25 | $5.4B | $4.3B | ||
| Q1 25 | $5.7B | $5.0B | ||
| Q4 24 | $5.1B | $5.0B | ||
| Q3 24 | $5.4B | $5.1B | ||
| Q2 24 | $4.9B | $5.0B | ||
| Q1 24 | $4.9B | $4.4B |
股东权益GPKK
| Q4 25 | $3.3B | — | ||
| Q3 25 | $3.3B | $4.2B | ||
| Q2 25 | $3.2B | $4.1B | ||
| Q1 25 | $3.2B | $3.9B | ||
| Q4 24 | $3.0B | $3.8B | ||
| Q3 24 | $3.0B | $3.6B | ||
| Q2 24 | $2.8B | $3.3B | ||
| Q1 24 | $2.9B | $3.2B |
总资产GPKK
| Q4 25 | $11.8B | — | ||
| Q3 25 | $11.9B | $15.6B | ||
| Q2 25 | $11.8B | $15.9B | ||
| Q1 25 | $11.5B | $15.5B | ||
| Q4 24 | $11.1B | $15.6B | ||
| Q3 24 | $11.2B | $15.8B | ||
| Q2 24 | $10.8B | $15.3B | ||
| Q1 24 | $11.3B | $15.3B |
负债/权益比GPKK
| Q4 25 | 1.51× | — | ||
| Q3 25 | 1.67× | 1.02× | ||
| Q2 25 | 1.68× | 1.05× | ||
| Q1 25 | 1.80× | 1.28× | ||
| Q4 24 | 1.71× | 1.32× | ||
| Q3 24 | 1.79× | 1.40× | ||
| Q2 24 | 1.75× | 1.51× | ||
| Q1 24 | 1.73× | 1.40× |
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 | $521.0M | $503.0M |
| 自由现金流经营现金流 - 资本支出 | — | $359.0M |
| 自由现金流率自由现金流/营收 | — | 11.0% |
| 资本支出强度资本支出/营收 | — | 4.4% |
| 现金转化率经营现金流/净利润 | 7.34× | 1.63× |
| 过去12个月自由现金流最近4个季度 | — | $599.0M |
8季度趋势，按日历期对齐
经营现金流GPKK
| Q4 25 | $521.0M | — | ||
| Q3 25 | $227.0M | $503.0M | ||
| Q2 25 | $267.0M | $169.0M | ||
| Q1 25 | $-174.0M | $116.0M | ||
| Q4 24 | $489.0M | $467.0M | ||
| Q3 24 | $187.0M | $553.0M | ||
| Q2 24 | $161.0M | $376.0M | ||
| Q1 24 | $3.0M | $364.0M |
自由现金流GPKK
| Q4 25 | — | — | ||
| Q3 25 | — | $359.0M | ||
| Q2 25 | — | $21.0M | ||
| Q1 25 | — | $-60.0M | ||
| Q4 24 | — | $279.0M | ||
| Q3 24 | — | $410.0M | ||
| Q2 24 | — | $234.0M | ||
| Q1 24 | — | $209.0M |
自由现金流率GPKK
| Q4 25 | — | — | ||
| Q3 25 | — | 11.0% | ||
| Q2 25 | — | 0.7% | ||
| Q1 25 | — | -1.9% | ||
| Q4 24 | — | 8.9% | ||
| Q3 24 | — | 12.7% | ||
| Q2 24 | — | 7.3% | ||
| Q1 24 | — | 6.5% |
资本支出强度GPKK
| Q4 25 | — | — | ||
| Q3 25 | — | 4.4% | ||
| Q2 25 | — | 4.6% | ||
| Q1 25 | — | 5.7% | ||
| Q4 24 | — | 6.0% | ||
| Q3 24 | — | 4.4% | ||
| Q2 24 | — | 4.4% | ||
| Q1 24 | — | 4.8% |
现金转化率GPKK
| Q4 25 | 7.34× | — | ||
| Q3 25 | 1.60× | 1.63× | ||
| Q2 25 | 2.57× | 0.57× | ||
| Q1 25 | -1.37× | 0.38× | ||
| Q4 24 | 3.54× | 1.28× | ||
| Q3 24 | 1.13× | 1.51× | ||
| Q2 24 | 0.85× | 1.09× | ||
| Q1 24 | 0.02× | 1.36× |
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
GPK
| Americas Paperboard Packaging | $1.4B | 68% |
| Other | $667.0M | 32% |
K
| Retail Channel Snacks | $2.0B | 62% |
| Retail Channel Cereal | $678.0M | 21% |
| Noodlesand Other | $280.0M | 9% |
| Frozen And Specialty Channels | $275.0M | 8% |
