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康宝莱（HLF）与雷诺士国际（LII）财务数据对比。点击上方公司名可切换其他公司
康宝莱的季度营收约是雷诺士国际的1.1倍（$1.3B vs $1.2B），雷诺士国际净利率更高（13.6% vs 6.7%，领先6.9%），康宝莱同比增速更快（6.3% vs -11.2%），雷诺士国际自由现金流更多（$376.7M vs $79.8M），过去两年雷诺士国际的营收复合增速更高（6.8% vs 0.7%）
康宝莱是美国跨国多层次营销企业，主营膳食补充剂的研发与销售。该公司曾被指控涉嫌金字塔骗局欺诈运营，2016年与美国证监会达成协议后调整了薪酬体系，将经销商奖励与可核实的实际销售额挂钩。此外其部分产品曾被曝出引发急性肝炎的相关问题。
雷诺士国际是美国知名的暖通空调（HVAC）及制冷领域气候控制产品供应商，总部位于得克萨斯州理查森。公司在墨西哥萨尔蒂约、美国爱荷华州马歇尔敦、南卡罗来纳州奥兰治堡设有核心生产基地，1904年收购公司的诺里斯家族后裔约翰·W·诺里斯三世持有其9.8%的股份。
HLF vs LII — 直观对比
营收规模更大
HLF
是对方的1.1倍
$1.2B
营收增速更快
HLF
高出17.4%
-11.2%
净利率更高
LII
高出6.9%
6.7%
自由现金流更多
LII
多$296.9M
$79.8M
两年增速更快
LII
近两年复合增速
0.7%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.3B | $1.2B |
| 净利润 | $85.4M | $162.1M |
| 毛利率 | 77.5% | 34.7% |
| 营业利润率 | 7.8% | 18.6% |
| 净利率 | 6.7% | 13.6% |
| 营收同比 | 6.3% | -11.2% |
| 净利润同比 | -52.0% | -18.0% |
| 每股收益（稀释后） | $0.81 | $4.62 |
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HLFLII
| Q4 25 | $1.3B | $1.2B | ||
| Q3 25 | $1.3B | $1.4B | ||
| Q2 25 | $1.3B | $1.5B | ||
| Q1 25 | $1.2B | $1.1B | ||
| Q4 24 | $1.2B | $1.3B | ||
| Q3 24 | $1.2B | $1.5B | ||
| Q2 24 | $1.3B | $1.5B | ||
| Q1 24 | $1.3B | $1.0B |
净利润HLFLII
| Q4 25 | $85.4M | $162.1M | ||
| Q3 25 | $43.2M | $245.8M | ||
| Q2 25 | $49.3M | $277.6M | ||
| Q1 25 | $50.4M | $120.3M | ||
| Q4 24 | $177.9M | $197.7M | ||
| Q3 24 | $47.4M | $239.0M | ||
| Q2 24 | $4.7M | $245.9M | ||
| Q1 24 | $24.3M | $124.3M |
毛利率HLFLII
| Q4 25 | 77.5% | 34.7% | ||
| Q3 25 | 77.7% | 32.8% | ||
| Q2 25 | 78.0% | 34.8% | ||
| Q1 25 | 78.3% | 30.6% | ||
| Q4 24 | 77.8% | 33.9% | ||
| Q3 24 | 78.3% | 32.6% | ||
| Q2 24 | 77.9% | 33.6% | ||
| Q1 24 | 77.5% | 32.5% |
营业利润率HLFLII
| Q4 25 | 7.8% | 18.6% | ||
| Q3 25 | 9.9% | 21.7% | ||
| Q2 25 | 10.5% | 23.6% | ||
| Q1 25 | 10.1% | 14.5% | ||
| Q4 24 | 8.8% | 18.2% | ||
| Q3 24 | 10.2% | 20.2% | ||
| Q2 24 | 6.3% | 22.1% | ||
| Q1 24 | 5.7% | 15.9% |
净利率HLFLII
| Q4 25 | 6.7% | 13.6% | ||
| Q3 25 | 3.4% | 17.2% | ||
| Q2 25 | 3.9% | 18.5% | ||
| Q1 25 | 4.1% | 11.2% | ||
| Q4 24 | 14.7% | 14.7% | ||
| Q3 24 | 3.8% | 16.0% | ||
| Q2 24 | 0.4% | 16.9% | ||
| Q1 24 | 1.9% | 11.9% |
每股收益（稀释后）HLFLII
| Q4 25 | $0.81 | $4.62 | ||
| Q3 25 | $0.42 | $6.98 | ||
| Q2 25 | $0.48 | $7.82 | ||
| Q1 25 | $0.49 | $3.37 | ||
| Q4 24 | $1.75 | $5.52 | ||
| Q3 24 | $0.46 | $6.68 | ||
| Q2 24 | $0.05 | $6.87 | ||
| Q1 24 | $0.24 | $3.47 |
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 | $353.1M | $34.7M |
| 总债务越低越好 | $2.0B | $1.1B |
| 股东权益账面价值 | $-515.1M | $1.2B |
| 总资产 | $2.8B | $4.1B |
| 负债/权益比越低杠杆越低 | — | 0.98× |
8季度趋势，按日历期对齐
现金及短期投资HLFLII
| Q4 25 | $353.1M | $34.7M | ||
| Q3 25 | $305.5M | $59.2M | ||
| Q2 25 | $320.9M | $55.1M | ||
| Q1 25 | $329.4M | $222.9M | ||
| Q4 24 | $415.3M | $422.3M | ||
| Q3 24 | $402.5M | $255.7M | ||
| Q2 24 | $374.0M | $57.8M | ||
| Q1 24 | $398.3M | $57.6M |
总债务HLFLII
| Q4 25 | $2.0B | $1.1B | ||
| Q3 25 | $2.0B | $838.2M | ||
| Q2 25 | $2.1B | $835.7M | ||
| Q1 25 | $2.2B | $834.2M | ||
| Q4 24 | $2.3B | $833.1M | ||
| Q3 24 | $2.3B | $827.6M | ||
| Q2 24 | $2.3B | $1.1B | ||
| Q1 24 | $2.4B | $1.2B |
股东权益HLFLII
| Q4 25 | $-515.1M | $1.2B | ||
| Q3 25 | $-612.0M | $1.1B | ||
| Q2 25 | $-660.5M | $900.5M | ||
| Q1 25 | $-736.0M | $852.5M | ||
| Q4 24 | $-801.1M | $850.2M | ||
| Q3 24 | $-954.2M | $754.0M | ||
| Q2 24 | $-1.0B | $577.4M | ||
| Q1 24 | $-1.0B | $368.8M |
总资产HLFLII
| Q4 25 | $2.8B | $4.1B | ||
| Q3 25 | $2.7B | $3.5B | ||
| Q2 25 | $2.7B | $3.7B | ||
| Q1 25 | $2.7B | $3.5B | ||
| Q4 24 | $2.7B | $3.5B | ||
| Q3 24 | $2.7B | $3.3B | ||
| Q2 24 | $2.6B | $3.2B | ||
| Q1 24 | $2.6B | $3.0B |
负债/权益比HLFLII
| Q4 25 | — | 0.98× | ||
| Q3 25 | — | 0.78× | ||
| Q2 25 | — | 0.93× | ||
| Q1 25 | — | 0.98× | ||
| Q4 24 | — | 0.98× | ||
| Q3 24 | — | 1.10× | ||
| Q2 24 | — | 1.95× | ||
| Q1 24 | — | 3.13× |
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 | $98.3M | $405.9M |
| 自由现金流经营现金流 - 资本支出 | $79.8M | $376.7M |
| 自由现金流率自由现金流/营收 | 6.2% | 31.5% |
| 资本支出强度资本支出/营收 | 1.4% | 2.4% |
| 现金转化率经营现金流/净利润 | 1.15× | 2.50× |
| 过去12个月自由现金流最近4个季度 | $252.9M | $638.8M |
8季度趋势，按日历期对齐
经营现金流HLFLII
| Q4 25 | $98.3M | $405.9M | ||
| Q3 25 | $138.8M | $300.7M | ||
| Q2 25 | $96.0M | $86.8M | ||
| Q1 25 | $200.0K | $-35.8M | ||
| Q4 24 | $69.6M | $332.4M | ||
| Q3 24 | $99.5M | $452.1M | ||
| Q2 24 | $102.5M | $184.0M | ||
| Q1 24 | $13.8M | $-22.8M |
自由现金流HLFLII
| Q4 25 | $79.8M | $376.7M | ||
| Q3 25 | $118.0M | $265.1M | ||
| Q2 25 | $73.2M | $58.3M | ||
| Q1 25 | $-18.1M | $-61.3M | ||
| Q4 24 | $43.9M | $272.2M | ||
| Q3 24 | $72.4M | $410.9M | ||
| Q2 24 | $66.2M | $151.3M | ||
| Q1 24 | $-19.1M | $-52.3M |
自由现金流率HLFLII
| Q4 25 | 6.2% | 31.5% | ||
| Q3 25 | 9.3% | 18.6% | ||
| Q2 25 | 5.8% | 3.9% | ||
| Q1 25 | -1.5% | -5.7% | ||
| Q4 24 | 3.6% | 20.2% | ||
| Q3 24 | 5.8% | 27.4% | ||
| Q2 24 | 5.2% | 10.4% | ||
| Q1 24 | -1.5% | -5.0% |
资本支出强度HLFLII
| Q4 25 | 1.4% | 2.4% | ||
| Q3 25 | 1.6% | 2.5% | ||
| Q2 25 | 1.8% | 1.9% | ||
| Q1 25 | 1.5% | 2.4% | ||
| Q4 24 | 2.1% | 4.5% | ||
| Q3 24 | 2.2% | 2.8% | ||
| Q2 24 | 2.8% | 2.3% | ||
| Q1 24 | 2.6% | 2.8% |
现金转化率HLFLII
| Q4 25 | 1.15× | 2.50× | ||
| Q3 25 | 3.21× | 1.22× | ||
| Q2 25 | 1.95× | 0.31× | ||
| Q1 25 | 0.00× | -0.30× | ||
| Q4 24 | 0.39× | 1.68× | ||
| Q3 24 | 2.10× | 1.89× | ||
| Q2 24 | 21.81× | 0.75× | ||
| Q1 24 | 0.57× | -0.18× |
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
HLF
| Others | $514.4M | 40% |
| Other | $300.0M | 23% |
| IN | $250.3M | 20% |
| MX | $147.2M | 11% |
| VN | $71.1M | 6% |
LII
| Residential Heating And Cooling | $699.8M | 59% |
| Commercial Heating And Cooling | $495.2M | 41% |
