vs
凯悦酒店集团（H）与Kellanova（K）财务数据对比。点击上方公司名可切换其他公司
Kellanova的季度营收约是凯悦酒店集团的1.8倍（$3.3B vs $1.8B），Kellanova净利率更高（9.5% vs -1.1%，领先10.6%），凯悦酒店集团同比增速更快（11.7% vs 0.8%），Kellanova自由现金流更多（$359.0M vs $236.0M），过去两年凯悦酒店集团的营收复合增速更高（2.2% vs -9.0%）
凯悦酒店集团是来自美国的跨国酒店管理企业，总部位于芝加哥河畔广场区域，由普利兹克家族运营管理。集团主营高端及商务酒店、度假村、度假物业的管理与特许经营业务，目前在全球69个国家拥有逾1350家酒店及一价全包物业，覆盖六大洲。
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。
H vs K — 直观对比
营收规模更大
K
是对方的1.8倍
$1.8B
营收增速更快
H
高出10.8%
0.8%
净利率更高
K
高出10.6%
-1.1%
自由现金流更多
K
多$123.0M
$236.0M
两年增速更快
H
近两年复合增速
-9.0%
损益表 — Q4 FY2025 vs Q3 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.8B | $3.3B |
| 净利润 | $-20.0M | $309.0M |
| 毛利率 | — | 33.3% |
| 营业利润率 | 0.4% | 13.9% |
| 净利率 | -1.1% | 9.5% |
| 营收同比 | 11.7% | 0.8% |
| 净利润同比 | 64.3% | -15.8% |
| 每股收益（稀释后） | $-0.20 | $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HK
| Q4 25 | $1.8B | — | ||
| Q3 25 | $1.8B | $3.3B | ||
| Q2 25 | $1.8B | $3.2B | ||
| Q1 25 | $1.7B | $3.1B | ||
| Q4 24 | $1.6B | $3.1B | ||
| Q3 24 | $1.6B | $3.2B | ||
| Q2 24 | $1.7B | $3.2B | ||
| Q1 24 | $1.7B | $3.2B |
净利润HK
| Q4 25 | $-20.0M | — | ||
| Q3 25 | $-49.0M | $309.0M | ||
| Q2 25 | $-3.0M | $299.0M | ||
| Q1 25 | $20.0M | $304.0M | ||
| Q4 24 | $-56.0M | $365.0M | ||
| Q3 24 | $471.0M | $367.0M | ||
| Q2 24 | $359.0M | $344.0M | ||
| Q1 24 | $522.0M | $267.0M |
毛利率HK
| Q4 25 | — | — | ||
| Q3 25 | — | 33.3% | ||
| Q2 25 | — | 34.0% | ||
| Q1 25 | — | 34.3% | ||
| Q4 24 | — | 37.7% | ||
| Q3 24 | — | 36.4% | ||
| Q2 24 | — | 36.4% | ||
| Q1 24 | — | 32.2% |
营业利润率HK
| Q4 25 | 0.4% | — | ||
| Q3 25 | -1.0% | 13.9% | ||
| Q2 25 | 2.1% | 13.7% | ||
| Q1 25 | 3.0% | 13.9% | ||
| Q4 24 | -3.0% | 17.0% | ||
| Q3 24 | 37.3% | 14.1% | ||
| Q2 24 | 27.1% | 15.4% | ||
| Q1 24 | 31.6% | 12.3% |
净利率HK
| Q4 25 | -1.1% | — | ||
| Q3 25 | -2.7% | 9.5% | ||
| Q2 25 | -0.2% | 9.3% | ||
| Q1 25 | 1.2% | 9.9% | ||
| Q4 24 | -3.5% | 11.7% | ||
| Q3 24 | 28.9% | 11.4% | ||
| Q2 24 | 21.1% | 10.8% | ||
| Q1 24 | 30.5% | 8.3% |
每股收益（稀释后）HK
| Q4 25 | $-0.20 | — | ||
| Q3 25 | $-0.51 | $0.88 | ||
| Q2 25 | $-0.03 | $0.85 | ||
| Q1 25 | $0.19 | $0.87 | ||
| Q4 24 | $-0.37 | $1.05 | ||
| Q3 24 | $4.63 | $1.05 | ||
| Q2 24 | $3.46 | $1.00 | ||
| Q1 24 | $4.93 | $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 | $813.0M | $240.0M |
| 总债务越低越好 | — | $4.3B |
| 股东权益账面价值 | $3.3B | $4.2B |
| 总资产 | $14.0B | $15.6B |
| 负债/权益比越低杠杆越低 | — | 1.02× |
8季度趋势，按日历期对齐
现金及短期投资HK
| Q4 25 | $813.0M | — | ||
| Q3 25 | $749.0M | $240.0M | ||
| Q2 25 | $912.0M | $354.0M | ||
| Q1 25 | $1.8B | $330.0M | ||
| Q4 24 | $1.4B | $694.0M | ||
| Q3 24 | $1.1B | $569.0M | ||
| Q2 24 | $2.0B | $272.0M | ||
| Q1 24 | $794.0M | $242.0M |
总债务HK
| Q4 25 | — | — | ||
| Q3 25 | $6.0B | $4.3B | ||
| Q2 25 | $6.0B | $4.3B | ||
| Q1 25 | $4.3B | $5.0B | ||
| Q4 24 | $3.8B | $5.0B | ||
| Q3 24 | $3.1B | $5.1B | ||
| Q2 24 | $3.9B | $5.0B | ||
| Q1 24 | $3.1B | $4.4B |
股东权益HK
| Q4 25 | $3.3B | — | ||
| Q3 25 | $3.5B | $4.2B | ||
| Q2 25 | $3.6B | $4.1B | ||
| Q1 25 | $3.5B | $3.9B | ||
| Q4 24 | $3.5B | $3.8B | ||
| Q3 24 | $3.7B | $3.6B | ||
| Q2 24 | $3.9B | $3.3B | ||
| Q1 24 | $3.7B | $3.2B |
总资产HK
| Q4 25 | $14.0B | — | ||
| Q3 25 | $15.7B | $15.6B | ||
| Q2 25 | $15.9B | $15.9B | ||
| Q1 25 | $14.0B | $15.5B | ||
| Q4 24 | $13.3B | $15.6B | ||
| Q3 24 | $11.9B | $15.8B | ||
| Q2 24 | $12.8B | $15.3B | ||
| Q1 24 | $11.7B | $15.3B |
负债/权益比HK
| Q4 25 | — | — | ||
| Q3 25 | 1.73× | 1.02× | ||
| Q2 25 | 1.69× | 1.05× | ||
| Q1 25 | 1.25× | 1.28× | ||
| Q4 24 | 1.07× | 1.32× | ||
| Q3 24 | 0.85× | 1.40× | ||
| Q2 24 | 1.01× | 1.51× | ||
| Q1 24 | 0.84× | 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 | $313.0M | $503.0M |
| 自由现金流经营现金流 - 资本支出 | $236.0M | $359.0M |
| 自由现金流率自由现金流/营收 | 13.2% | 11.0% |
| 资本支出强度资本支出/营收 | 4.3% | 4.4% |
| 现金转化率经营现金流/净利润 | — | 1.63× |
| 过去12个月自由现金流最近4个季度 | $159.0M | $599.0M |
8季度趋势，按日历期对齐
经营现金流HK
| Q4 25 | $313.0M | — | ||
| Q3 25 | $-20.0M | $503.0M | ||
| Q2 25 | $-67.0M | $169.0M | ||
| Q1 25 | $153.0M | $116.0M | ||
| Q4 24 | $235.0M | $467.0M | ||
| Q3 24 | $-21.0M | $553.0M | ||
| Q2 24 | $177.0M | $376.0M | ||
| Q1 24 | $242.0M | $364.0M |
自由现金流HK
| Q4 25 | $236.0M | — | ||
| Q3 25 | $-89.0M | $359.0M | ||
| Q2 25 | $-111.0M | $21.0M | ||
| Q1 25 | $123.0M | $-60.0M | ||
| Q4 24 | $184.0M | $279.0M | ||
| Q3 24 | $-64.0M | $410.0M | ||
| Q2 24 | $135.0M | $234.0M | ||
| Q1 24 | $208.0M | $209.0M |
自由现金流率HK
| Q4 25 | 13.2% | — | ||
| Q3 25 | -5.0% | 11.0% | ||
| Q2 25 | -6.1% | 0.7% | ||
| Q1 25 | 7.2% | -1.9% | ||
| Q4 24 | 11.5% | 8.9% | ||
| Q3 24 | -3.9% | 12.7% | ||
| Q2 24 | 7.9% | 7.3% | ||
| Q1 24 | 12.1% | 6.5% |
资本支出强度HK
| Q4 25 | 4.3% | — | ||
| Q3 25 | 3.9% | 4.4% | ||
| Q2 25 | 2.4% | 4.6% | ||
| Q1 25 | 1.7% | 5.7% | ||
| Q4 24 | 3.2% | 6.0% | ||
| Q3 24 | 2.6% | 4.4% | ||
| Q2 24 | 2.5% | 4.4% | ||
| Q1 24 | 2.0% | 4.8% |
现金转化率HK
| Q4 25 | — | — | ||
| Q3 25 | — | 1.63× | ||
| Q2 25 | — | 0.57× | ||
| Q1 25 | 7.65× | 0.38× | ||
| Q4 24 | — | 1.28× | ||
| Q3 24 | -0.04× | 1.51× | ||
| Q2 24 | 0.49× | 1.09× | ||
| Q1 24 | 0.46× | 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
H
| Other | $627.0M | 35% |
| Rooms Revenue | $326.0M | 18% |
| Net Fees | $290.0M | 16% |
| Distribution Segment | $177.0M | 10% |
| Franchise And Other Fees | $114.0M | 6% |
| Base Management Fees | $112.0M | 6% |
| Incentive Management Fees | $81.0M | 5% |
| Other Owned And Leased Hotel Revenue | $41.0M | 2% |
| Contra Revenue | $17.0M | 1% |
| Other Revenues | $4.0M | 0% |
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% |
