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孩之宝（HAS）与Loews Corporation（L）财务数据对比。点击上方公司名可切换其他公司
孩之宝的季度营收约是Loews Corporation的1.7倍（$1.4B vs $827.0M），Loews Corporation净利率更高（48.6% vs 13.9%，领先34.7%），孩之宝同比增速更快（31.3% vs 4.8%），Loews Corporation自由现金流更多（$426.0M vs $389.5M），过去两年孩之宝的营收复合增速更高（38.2% vs 7.9%）
孩之宝是1923年12月6日成立的美国跨国玩具制造与娱乐控股企业，总部位于罗德岛州波塔基特。旗下拥有Kenner、米尔顿·布拉德利、派克兄弟、威世智等知名品牌，持有大量热门IP商标权，业务覆盖玩具生产、游戏开发、娱乐内容出品等多个领域。
Loews Corporation是一家总部位于美国的多元化综合企业集团，旗下子公司业务覆盖财产保险、天然气管道运输、酒店运营、油气勘探生产等核心领域，主要服务北美市场的商业、消费者及工业客户。
HAS vs L — 直观对比
营收规模更大
HAS
是对方的1.7倍
$827.0M
营收增速更快
HAS
高出26.4%
4.8%
净利率更高
L
高出34.7%
13.9%
自由现金流更多
L
多$36.5M
$389.5M
两年增速更快
HAS
近两年复合增速
7.9%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.4B | $827.0M |
| 净利润 | $201.6M | $402.0M |
| 毛利率 | 68.7% | — |
| 营业利润率 | 20.6% | 65.4% |
| 净利率 | 13.9% | 48.6% |
| 营收同比 | 31.3% | 4.8% |
| 净利润同比 | 687.8% | 115.0% |
| 每股收益（稀释后） | $1.46 | $1.93 |
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HASL
| Q4 25 | $1.4B | $827.0M | ||
| Q3 25 | $1.4B | $732.0M | ||
| Q2 25 | $980.8M | $769.0M | ||
| Q1 25 | $887.1M | $846.0M | ||
| Q4 24 | $1.1B | $789.0M | ||
| Q3 24 | $1.3B | $683.0M | ||
| Q2 24 | $995.3M | $711.0M | ||
| Q1 24 | $757.3M | $710.0M |
净利润HASL
| Q4 25 | $201.6M | $402.0M | ||
| Q3 25 | $233.2M | $504.0M | ||
| Q2 25 | $-855.8M | $391.0M | ||
| Q1 25 | $98.6M | $370.0M | ||
| Q4 24 | $-34.3M | $187.0M | ||
| Q3 24 | $223.2M | $401.0M | ||
| Q2 24 | $138.5M | $369.0M | ||
| Q1 24 | $58.2M | $457.0M |
毛利率HASL
| Q4 25 | 68.7% | — | ||
| Q3 25 | 70.1% | — | ||
| Q2 25 | 77.0% | — | ||
| Q1 25 | 76.9% | — | ||
| Q4 24 | 67.4% | — | ||
| Q3 24 | 70.4% | — | ||
| Q2 24 | 76.1% | — | ||
| Q1 24 | 73.0% | — |
营业利润率HASL
| Q4 25 | 20.6% | 65.4% | ||
| Q3 25 | 24.6% | 94.1% | ||
| Q2 25 | -81.4% | 70.1% | ||
| Q1 25 | 19.2% | 60.8% | ||
| Q4 24 | 5.4% | 23.8% | ||
| Q3 24 | 23.6% | 80.5% | ||
| Q2 24 | 21.3% | 71.3% | ||
| Q1 24 | 15.3% | 88.6% |
净利率HASL
| Q4 25 | 13.9% | 48.6% | ||
| Q3 25 | 16.8% | 68.9% | ||
| Q2 25 | -87.3% | 50.8% | ||
| Q1 25 | 11.1% | 43.7% | ||
| Q4 24 | -3.1% | 23.7% | ||
| Q3 24 | 17.4% | 58.7% | ||
| Q2 24 | 13.9% | 51.9% | ||
| Q1 24 | 7.7% | 64.4% |
每股收益（稀释后）HASL
| Q4 25 | $1.46 | $1.93 | ||
| Q3 25 | $1.64 | $2.43 | ||
| Q2 25 | $-6.10 | $1.87 | ||
| Q1 25 | $0.70 | $1.74 | ||
| Q4 24 | $-0.25 | $0.87 | ||
| Q3 24 | $1.59 | $1.82 | ||
| Q2 24 | $0.99 | $1.67 | ||
| Q1 24 | $0.42 | $2.05 |
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 | — | $6.0B |
| 总债务越低越好 | — | $8.4B |
| 股东权益账面价值 | $565.5M | $18.7B |
| 总资产 | $5.6B | $86.3B |
| 负债/权益比越低杠杆越低 | — | 0.45× |
8季度趋势，按日历期对齐
现金及短期投资HASL
| Q4 25 | — | $6.0B | ||
| Q3 25 | — | $5.4B | ||
| Q2 25 | — | $4.5B | ||
| Q1 25 | — | $4.4B | ||
| Q4 24 | — | $4.6B | ||
| Q3 24 | — | $5.2B | ||
| Q2 24 | — | $4.9B | ||
| Q1 24 | — | $5.4B |
总债务HASL
| Q4 25 | — | $8.4B | ||
| Q3 25 | — | $8.4B | ||
| Q2 25 | — | $7.9B | ||
| Q1 25 | — | $8.4B | ||
| Q4 24 | — | $8.9B | ||
| Q3 24 | — | $8.8B | ||
| Q2 24 | — | $8.6B | ||
| Q1 24 | — | $8.4B |
股东权益HASL
| Q4 25 | $565.5M | $18.7B | ||
| Q3 25 | $433.8M | $18.3B | ||
| Q2 25 | $269.7M | $17.5B | ||
| Q1 25 | $1.2B | $17.2B | ||
| Q4 24 | $1.2B | $17.1B | ||
| Q3 24 | $1.3B | $17.4B | ||
| Q2 24 | $1.2B | $16.4B | ||
| Q1 24 | $1.0B | $16.2B |
总资产HASL
| Q4 25 | $5.6B | $86.3B | ||
| Q3 25 | $5.5B | $85.9B | ||
| Q2 25 | $5.2B | $84.7B | ||
| Q1 25 | $6.0B | $83.1B | ||
| Q4 24 | $6.3B | $81.9B | ||
| Q3 24 | $7.2B | $83.6B | ||
| Q2 24 | $6.9B | $81.1B | ||
| Q1 24 | $6.2B | $80.9B |
负债/权益比HASL
| Q4 25 | — | 0.45× | ||
| Q3 25 | — | 0.46× | ||
| Q2 25 | — | 0.45× | ||
| Q1 25 | — | 0.49× | ||
| Q4 24 | — | 0.52× | ||
| Q3 24 | — | 0.51× | ||
| Q2 24 | — | 0.52× | ||
| Q1 24 | — | 0.52× |
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 | $403.2M | $617.0M |
| 自由现金流经营现金流 - 资本支出 | $389.5M | $426.0M |
| 自由现金流率自由现金流/营收 | 26.9% | 51.5% |
| 资本支出强度资本支出/营收 | 0.9% | 23.1% |
| 现金转化率经营现金流/净利润 | 2.00× | 1.53× |
| 过去12个月自由现金流最近4个季度 | $829.9M | $2.7B |
8季度趋势，按日历期对齐
经营现金流HASL
| Q4 25 | $403.2M | $617.0M | ||
| Q3 25 | $280.6M | $920.0M | ||
| Q2 25 | $71.3M | $1.0B | ||
| Q1 25 | $138.1M | $736.0M | ||
| Q4 24 | $259.8M | $941.0M | ||
| Q3 24 | $222.5M | $934.0M | ||
| Q2 24 | $187.3M | $952.0M | ||
| Q1 24 | $177.8M | $198.0M |
自由现金流HASL
| Q4 25 | $389.5M | $426.0M | ||
| Q3 25 | $260.9M | $764.0M | ||
| Q2 25 | $55.2M | $872.0M | ||
| Q1 25 | $124.3M | $638.0M | ||
| Q4 24 | $200.8M | $767.0M | ||
| Q3 24 | $174.0M | $794.0M | ||
| Q2 24 | $135.4M | $793.0M | ||
| Q1 24 | $132.0M | $39.0M |
自由现金流率HASL
| Q4 25 | 26.9% | 51.5% | ||
| Q3 25 | 18.8% | 104.4% | ||
| Q2 25 | 5.6% | 113.4% | ||
| Q1 25 | 14.0% | 75.4% | ||
| Q4 24 | 18.2% | 97.2% | ||
| Q3 24 | 13.6% | 116.3% | ||
| Q2 24 | 13.6% | 111.5% | ||
| Q1 24 | 17.4% | 5.5% |
资本支出强度HASL
| Q4 25 | 0.9% | 23.1% | ||
| Q3 25 | 1.4% | 21.3% | ||
| Q2 25 | 1.6% | 17.4% | ||
| Q1 25 | 1.6% | 11.6% | ||
| Q4 24 | 5.4% | 22.1% | ||
| Q3 24 | 3.8% | 20.5% | ||
| Q2 24 | 5.2% | 22.4% | ||
| Q1 24 | 6.0% | 22.4% |
现金转化率HASL
| Q4 25 | 2.00× | 1.53× | ||
| Q3 25 | 1.20× | 1.83× | ||
| Q2 25 | — | 2.57× | ||
| Q1 25 | 1.40× | 1.99× | ||
| Q4 24 | — | 5.03× | ||
| Q3 24 | 1.00× | 2.33× | ||
| Q2 24 | 1.35× | 2.58× | ||
| Q1 24 | 3.05× | 0.43× |
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
HAS
| Grow Brands | $1.1B | 75% |
| Optimize Brands | $188.7M | 13% |
| Digital And Licensing Gaming | $135.7M | 9% |
| Class Of Principal Product Family Brands | $13.1M | 1% |
| Filmand TV | $2.4M | 0% |
L
| Transportation And Storage Of Natural Gas And NG Ls And Ethane Supply And Transportation Services | $601.0M | 73% |
| Lodging And Related Services | $226.0M | 27% |
