vs
康宝莱（HLF）与国民油井华高（NOV）财务数据对比。点击上方公司名可切换其他公司
国民油井华高的季度营收约是康宝莱的1.6倍（$2.1B vs $1.3B），康宝莱净利率更高（6.7% vs 1.0%，领先5.7%），康宝莱同比增速更快（6.3% vs -9.9%），康宝莱自由现金流更多（$79.8M vs $51.0M），过去两年康宝莱的营收复合增速更高（0.7% vs -3.8%）
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。
NOV Inc.（前称国民油井华高）是总部位于美国得克萨斯州休斯顿的跨国企业，为上游油气行业提供钻探及生产作业所需的设备零部件、油田服务及供应链整合服务，在六大洲布局超500个运营点，下设能源设备、能源产品与服务两大业务板块。
HLF vs NOV — 直观对比
营收规模更大
NOV
是对方的1.6倍
$1.3B
营收增速更快
HLF
高出16.1%
-9.9%
净利率更高
HLF
高出5.7%
1.0%
自由现金流更多
HLF
多$28.8M
$51.0M
两年增速更快
HLF
近两年复合增速
-3.8%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $1.3B | $2.1B |
| 净利润 | $85.4M | $20.0M |
| 毛利率 | 77.5% | 18.5% |
| 营业利润率 | 7.8% | 2.3% |
| 净利率 | 6.7% | 1.0% |
| 营收同比 | 6.3% | -9.9% |
| 净利润同比 | -52.0% | -73.0% |
| 每股收益（稀释后） | $0.81 | $0.05 |
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HLFNOV
| Q1 26 | — | $2.1B | ||
| Q4 25 | $1.3B | $2.3B | ||
| Q3 25 | $1.3B | $2.2B | ||
| Q2 25 | $1.3B | $2.2B | ||
| Q1 25 | $1.2B | $2.1B | ||
| Q4 24 | $1.2B | $2.3B | ||
| Q3 24 | $1.2B | $2.2B | ||
| Q2 24 | $1.3B | $2.2B |
净利润HLFNOV
| Q1 26 | — | $20.0M | ||
| Q4 25 | $85.4M | $-78.0M | ||
| Q3 25 | $43.2M | $42.0M | ||
| Q2 25 | $49.3M | $108.0M | ||
| Q1 25 | $50.4M | $73.0M | ||
| Q4 24 | $177.9M | $160.0M | ||
| Q3 24 | $47.4M | $130.0M | ||
| Q2 24 | $4.7M | $226.0M |
毛利率HLFNOV
| Q1 26 | — | 18.5% | ||
| Q4 25 | 77.5% | 20.3% | ||
| Q3 25 | 77.7% | 18.9% | ||
| Q2 25 | 78.0% | 20.4% | ||
| Q1 25 | 78.3% | 21.3% | ||
| Q4 24 | 77.8% | 21.4% | ||
| Q3 24 | 78.3% | 21.4% | ||
| Q2 24 | 77.9% | 26.6% |
营业利润率HLFNOV
| Q1 26 | — | 2.3% | ||
| Q4 25 | 7.8% | 4.0% | ||
| Q3 25 | 9.9% | 4.9% | ||
| Q2 25 | 10.5% | 6.5% | ||
| Q1 25 | 10.1% | 7.2% | ||
| Q4 24 | 8.8% | 9.0% | ||
| Q3 24 | 10.2% | 8.9% | ||
| Q2 24 | 6.3% | 14.1% |
净利率HLFNOV
| Q1 26 | — | 1.0% | ||
| Q4 25 | 6.7% | -3.4% | ||
| Q3 25 | 3.4% | 1.9% | ||
| Q2 25 | 3.9% | 4.9% | ||
| Q1 25 | 4.1% | 3.5% | ||
| Q4 24 | 14.7% | 6.9% | ||
| Q3 24 | 3.8% | 5.9% | ||
| Q2 24 | 0.4% | 10.2% |
每股收益（稀释后）HLFNOV
| Q1 26 | — | $0.05 | ||
| Q4 25 | $0.81 | $-0.20 | ||
| Q3 25 | $0.42 | $0.11 | ||
| Q2 25 | $0.48 | $0.29 | ||
| Q1 25 | $0.49 | $0.19 | ||
| Q4 24 | $1.75 | $0.40 | ||
| Q3 24 | $0.46 | $0.33 | ||
| Q2 24 | $0.05 | $0.57 |
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 | $1.3B |
| 总债务越低越好 | $2.0B | $1.7B |
| 股东权益账面价值 | $-515.1M | — |
| 总资产 | $2.8B | $11.1B |
| 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HLFNOV
| Q1 26 | — | $1.3B | ||
| Q4 25 | $353.1M | $1.6B | ||
| Q3 25 | $305.5M | $1.2B | ||
| Q2 25 | $320.9M | $1.1B | ||
| Q1 25 | $329.4M | $1.2B | ||
| Q4 24 | $415.3M | $1.2B | ||
| Q3 24 | $402.5M | $985.0M | ||
| Q2 24 | $374.0M | $827.0M |
总债务HLFNOV
| Q1 26 | — | $1.7B | ||
| Q4 25 | $2.0B | $1.7B | ||
| Q3 25 | $2.0B | $1.7B | ||
| Q2 25 | $2.1B | $1.7B | ||
| Q1 25 | $2.2B | $1.7B | ||
| Q4 24 | $2.3B | $1.7B | ||
| Q3 24 | $2.3B | $1.7B | ||
| Q2 24 | $2.3B | $1.7B |
股东权益HLFNOV
| Q1 26 | — | — | ||
| Q4 25 | $-515.1M | $6.3B | ||
| Q3 25 | $-612.0M | $6.5B | ||
| Q2 25 | $-660.5M | $6.5B | ||
| Q1 25 | $-736.0M | $6.4B | ||
| Q4 24 | $-801.1M | $6.4B | ||
| Q3 24 | $-954.2M | $6.5B | ||
| Q2 24 | $-1.0B | $6.4B |
总资产HLFNOV
| Q1 26 | — | $11.1B | ||
| Q4 25 | $2.8B | $11.3B | ||
| Q3 25 | $2.7B | $11.3B | ||
| Q2 25 | $2.7B | $11.4B | ||
| Q1 25 | $2.7B | $11.3B | ||
| Q4 24 | $2.7B | $11.4B | ||
| Q3 24 | $2.7B | $11.4B | ||
| Q2 24 | $2.6B | $11.3B |
负债/权益比HLFNOV
| Q1 26 | — | — | ||
| Q4 25 | — | 0.27× | ||
| Q3 25 | — | 0.27× | ||
| Q2 25 | — | 0.27× | ||
| Q1 25 | — | 0.27× | ||
| Q4 24 | — | 0.27× | ||
| Q3 24 | — | 0.27× | ||
| Q2 24 | — | 0.27× |
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 | — |
| 自由现金流经营现金流 - 资本支出 | $79.8M | $51.0M |
| 自由现金流率自由现金流/营收 | 6.2% | 2.5% |
| 资本支出强度资本支出/营收 | 1.4% | — |
| 现金转化率经营现金流/净利润 | 1.15× | — |
| 过去12个月自由现金流最近4个季度 | $252.9M | $876.0M |
8季度趋势，按日历期对齐
经营现金流HLFNOV
| Q1 26 | — | — | ||
| Q4 25 | $98.3M | $573.0M | ||
| Q3 25 | $138.8M | $352.0M | ||
| Q2 25 | $96.0M | $191.0M | ||
| Q1 25 | $200.0K | $135.0M | ||
| Q4 24 | $69.6M | $591.0M | ||
| Q3 24 | $99.5M | $359.0M | ||
| Q2 24 | $102.5M | $432.0M |
自由现金流HLFNOV
| Q1 26 | — | $51.0M | ||
| Q4 25 | $79.8M | $472.0M | ||
| Q3 25 | $118.0M | $245.0M | ||
| Q2 25 | $73.2M | $108.0M | ||
| Q1 25 | $-18.1M | $51.0M | ||
| Q4 24 | $43.9M | $473.0M | ||
| Q3 24 | $72.4M | $277.0M | ||
| Q2 24 | $66.2M | $350.0M |
自由现金流率HLFNOV
| Q1 26 | — | 2.5% | ||
| Q4 25 | 6.2% | 20.7% | ||
| Q3 25 | 9.3% | 11.3% | ||
| Q2 25 | 5.8% | 4.9% | ||
| Q1 25 | -1.5% | 2.4% | ||
| Q4 24 | 3.6% | 20.5% | ||
| Q3 24 | 5.8% | 12.6% | ||
| Q2 24 | 5.2% | 15.8% |
资本支出强度HLFNOV
| Q1 26 | — | — | ||
| Q4 25 | 1.4% | 4.4% | ||
| Q3 25 | 1.6% | 4.9% | ||
| Q2 25 | 1.8% | 3.8% | ||
| Q1 25 | 1.5% | 4.0% | ||
| Q4 24 | 2.1% | 5.1% | ||
| Q3 24 | 2.2% | 3.7% | ||
| Q2 24 | 2.8% | 3.7% |
现金转化率HLFNOV
| Q1 26 | — | — | ||
| Q4 25 | 1.15× | — | ||
| Q3 25 | 3.21× | 8.38× | ||
| Q2 25 | 1.95× | 1.77× | ||
| Q1 25 | 0.00× | 1.85× | ||
| Q4 24 | 0.39× | 3.69× | ||
| Q3 24 | 2.10× | 2.76× | ||
| Q2 24 | 21.81× | 1.91× |
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% |
NOV
| Energy Equipment | $1.2B | 58% |
| Energy Products and Services | $897.0M | 44% |
