vs
康宝莱（HLF）与NGL Energy Partners LP（NGL）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NGL Energy Partners LP的1.4倍（$1.3B vs $909.8M），康宝莱净利率更高（6.7% vs 5.2%，领先1.5%），康宝莱同比增速更快（6.3% vs -41.3%），康宝莱自由现金流更多（$79.8M vs $45.7M），过去两年康宝莱的营收复合增速更高（0.7% vs -6.4%）
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。
NGL Energy Partners LP是一家总部位于美国的中游能源服务企业，主营原油、液化天然气、可再生燃料的运输、存储及物流服务，同时为上游能源生产商提供水资源管理解决方案，业务主要覆盖北美市场。
HLF vs NGL — 直观对比
营收规模更大
HLF
是对方的1.4倍
$909.8M
营收增速更快
HLF
高出47.5%
-41.3%
净利率更高
HLF
高出1.5%
5.2%
自由现金流更多
HLF
多$34.1M
$45.7M
两年增速更快
HLF
近两年复合增速
-6.4%
损益表 — Q4 FY2025 vs Q3 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $1.3B | $909.8M |
| 净利润 | $85.4M | $47.2M |
| 毛利率 | 77.5% | 29.0% |
| 营业利润率 | 7.8% | 12.1% |
| 净利率 | 6.7% | 5.2% |
| 营收同比 | 6.3% | -41.3% |
| 净利润同比 | -52.0% | 249.3% |
| 每股收益（稀释后） | $0.81 | — |
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HLFNGL
| Q4 25 | $1.3B | $909.8M | ||
| Q3 25 | $1.3B | $674.7M | ||
| Q2 25 | $1.3B | $622.2M | ||
| Q1 25 | $1.2B | $971.1M | ||
| Q4 24 | $1.2B | $982.4M | ||
| Q3 24 | $1.2B | $756.5M | ||
| Q2 24 | $1.3B | $759.2M | ||
| Q1 24 | $1.3B | $1.0B |
净利润HLFNGL
| Q4 25 | $85.4M | $47.2M | ||
| Q3 25 | $43.2M | $29.3M | ||
| Q2 25 | $49.3M | $68.9M | ||
| Q1 25 | $50.4M | $13.7M | ||
| Q4 24 | $177.9M | $13.5M | ||
| Q3 24 | $47.4M | $2.5M | ||
| Q2 24 | $4.7M | $9.7M | ||
| Q1 24 | $24.3M | $-236.8M |
毛利率HLFNGL
| Q4 25 | 77.5% | 29.0% | ||
| Q3 25 | 77.7% | 37.6% | ||
| Q2 25 | 78.0% | 38.5% | ||
| Q1 25 | 78.3% | 26.9% | ||
| Q4 24 | 77.8% | 25.1% | ||
| Q3 24 | 78.3% | 30.9% | ||
| Q2 24 | 77.9% | 29.0% | ||
| Q1 24 | 77.5% | 21.8% |
营业利润率HLFNGL
| Q4 25 | 7.8% | 12.1% | ||
| Q3 25 | 9.9% | 14.0% | ||
| Q2 25 | 10.5% | 15.7% | ||
| Q1 25 | 10.1% | 8.4% | ||
| Q4 24 | 8.8% | 8.6% | ||
| Q3 24 | 10.2% | 10.8% | ||
| Q2 24 | 6.3% | 10.8% | ||
| Q1 24 | 5.7% | -9.4% |
净利率HLFNGL
| Q4 25 | 6.7% | 5.2% | ||
| Q3 25 | 3.4% | 4.3% | ||
| Q2 25 | 3.9% | 11.1% | ||
| Q1 25 | 4.1% | 1.4% | ||
| Q4 24 | 14.7% | 1.4% | ||
| Q3 24 | 3.8% | 0.3% | ||
| Q2 24 | 0.4% | 1.3% | ||
| Q1 24 | 1.9% | -22.8% |
每股收益（稀释后）HLFNGL
| Q4 25 | $0.81 | — | ||
| Q3 25 | $0.42 | — | ||
| Q2 25 | $0.48 | — | ||
| Q1 25 | $0.49 | — | ||
| Q4 24 | $1.75 | — | ||
| Q3 24 | $0.46 | — | ||
| Q2 24 | $0.05 | — | ||
| Q1 24 | $0.24 | — |
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 | $6.5M |
| 总债务越低越好 | $2.0B | $2.9B |
| 股东权益账面价值 | $-515.1M | — |
| 总资产 | $2.8B | $4.4B |
| 负债/权益比越低杠杆越低 | — | — |
8季度趋势，按日历期对齐
现金及短期投资HLFNGL
| Q4 25 | $353.1M | $6.5M | ||
| Q3 25 | $305.5M | $8.7M | ||
| Q2 25 | $320.9M | $5.4M | ||
| Q1 25 | $329.4M | $13.5M | ||
| Q4 24 | $415.3M | $5.7M | ||
| Q3 24 | $402.5M | $4.5M | ||
| Q2 24 | $374.0M | $5.3M | ||
| Q1 24 | $398.3M | $38.9M |
总债务HLFNGL
| Q4 25 | $2.0B | $2.9B | ||
| Q3 25 | $2.0B | $2.9B | ||
| Q2 25 | $2.1B | $2.9B | ||
| Q1 25 | $2.2B | $3.0B | ||
| Q4 24 | $2.3B | $3.1B | ||
| Q3 24 | $2.3B | $3.1B | ||
| Q2 24 | $2.3B | $3.0B | ||
| Q1 24 | $2.4B | $2.9B |
股东权益HLFNGL
| Q4 25 | $-515.1M | — | ||
| Q3 25 | $-612.0M | — | ||
| Q2 25 | $-660.5M | — | ||
| Q1 25 | $-736.0M | — | ||
| Q4 24 | $-801.1M | — | ||
| Q3 24 | $-954.2M | — | ||
| Q2 24 | $-1.0B | — | ||
| Q1 24 | $-1.0B | — |
总资产HLFNGL
| Q4 25 | $2.8B | $4.4B | ||
| Q3 25 | $2.7B | $4.3B | ||
| Q2 25 | $2.7B | $4.2B | ||
| Q1 25 | $2.7B | $4.6B | ||
| Q4 24 | $2.7B | $4.8B | ||
| Q3 24 | $2.7B | $4.9B | ||
| Q2 24 | $2.6B | $4.8B | ||
| Q1 24 | $2.6B | $5.0B |
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 | $182.3M |
| 自由现金流经营现金流 - 资本支出 | $79.8M | $45.7M |
| 自由现金流率自由现金流/营收 | 6.2% | 5.0% |
| 资本支出强度资本支出/营收 | 1.4% | 15.0% |
| 现金转化率经营现金流/净利润 | 1.15× | 3.86× |
| 过去12个月自由现金流最近4个季度 | $252.9M | $126.7M |
8季度趋势，按日历期对齐
经营现金流HLFNGL
| Q4 25 | $98.3M | $182.3M | ||
| Q3 25 | $138.8M | $40.5M | ||
| Q2 25 | $96.0M | $33.2M | ||
| Q1 25 | $200.0K | $155.0M | ||
| Q4 24 | $69.6M | $153.8M | ||
| Q3 24 | $99.5M | $6.7M | ||
| Q2 24 | $102.5M | $-18.1M | ||
| Q1 24 | $13.8M | $152.2M |
自由现金流HLFNGL
| Q4 25 | $79.8M | $45.7M | ||
| Q3 25 | $118.0M | $9.5M | ||
| Q2 25 | $73.2M | $11.1M | ||
| Q1 25 | $-18.1M | $60.4M | ||
| Q4 24 | $43.9M | $152.1M | ||
| Q3 24 | $72.4M | $-82.9M | ||
| Q2 24 | $66.2M | $-78.0M | ||
| Q1 24 | $-19.1M | $119.8M |
自由现金流率HLFNGL
| Q4 25 | 6.2% | 5.0% | ||
| Q3 25 | 9.3% | 1.4% | ||
| Q2 25 | 5.8% | 1.8% | ||
| Q1 25 | -1.5% | 6.2% | ||
| Q4 24 | 3.6% | 15.5% | ||
| Q3 24 | 5.8% | -11.0% | ||
| Q2 24 | 5.2% | -10.3% | ||
| Q1 24 | -1.5% | 11.5% |
资本支出强度HLFNGL
| Q4 25 | 1.4% | 15.0% | ||
| Q3 25 | 1.6% | 4.6% | ||
| Q2 25 | 1.8% | 3.6% | ||
| Q1 25 | 1.5% | 9.7% | ||
| Q4 24 | 2.1% | 0.2% | ||
| Q3 24 | 2.2% | 11.8% | ||
| Q2 24 | 2.8% | 7.9% | ||
| Q1 24 | 2.6% | 3.1% |
现金转化率HLFNGL
| Q4 25 | 1.15× | 3.86× | ||
| Q3 25 | 3.21× | 1.38× | ||
| Q2 25 | 1.95× | 0.48× | ||
| Q1 25 | 0.00× | 11.29× | ||
| Q4 24 | 0.39× | 11.39× | ||
| Q3 24 | 2.10× | 2.74× | ||
| Q2 24 | 21.81× | -1.87× | ||
| Q1 24 | 0.57× | — |
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% |
NGL
| Water Solutions Segment | $208.6M | 23% |
| Services | $193.3M | 21% |
| Butane | $192.5M | 21% |
| Service Fees | $182.8M | 20% |
| Public Utilities Inventory Propane | $93.9M | 10% |
| Crude Oil | $23.3M | 3% |
| Crude Oil Transportation And Other | $6.5M | 1% |
| Liquids Logistics Segment | $2.5M | 0% |
| Crude Oil Logistics Segment | $1.2M | 0% |
