vs
康宝莱（HLF）与如新（NUS）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如新的3.5倍（$1.3B vs $370.3M）。康宝莱净利率更高（6.7% vs 3.9%，领先2.7%）。康宝莱同比增速更快（6.3% vs -16.9%）。康宝莱自由现金流更多（$79.8M vs $5.9M）。过去两年康宝莱的营收复合增速更高（0.7% vs -5.8%）
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。
如新企业集团是一家美国多层次直销企业，主打研发并销售个人护理产品与营养膳食补充产品，旗下拥有Nu Skin及Pharmanex两大品牌，目前已在全球54个市场开展业务，依托约120万独立销售代表的销售网络覆盖全球市场。
HLF vs NUS — 直观对比
营收规模更大
HLF
是对方的3.5倍
$370.3M
营收增速更快
HLF
高出23.1%
-16.9%
净利率更高
HLF
高出2.7%
3.9%
自由现金流更多
HLF
多$73.9M
$5.9M
两年增速更快
HLF
近两年复合增速
-5.8%
损益表 — Q4 2025 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $1.3B | $370.3M |
| 净利润 | $85.4M | $14.5M |
| 毛利率 | 77.5% | 70.7% |
| 营业利润率 | 7.8% | 6.3% |
| 净利率 | 6.7% | 3.9% |
| 营收同比 | 6.3% | -16.9% |
| 净利润同比 | -52.0% | 140.1% |
| 每股收益（稀释后） | $0.81 | $0.27 |
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HLFNUS
| Q4 25 | $1.3B | $370.3M | ||
| Q3 25 | $1.3B | $364.2M | ||
| Q2 25 | $1.3B | $386.1M | ||
| Q1 25 | $1.2B | $364.5M | ||
| Q4 24 | $1.2B | $445.6M | ||
| Q3 24 | $1.2B | $430.1M | ||
| Q2 24 | $1.3B | $439.1M | ||
| Q1 24 | $1.3B | $417.3M |
净利润HLFNUS
| Q4 25 | $85.4M | $14.5M | ||
| Q3 25 | $43.2M | $17.1M | ||
| Q2 25 | $49.3M | $21.1M | ||
| Q1 25 | $50.4M | $107.5M | ||
| Q4 24 | $177.9M | $-36.1M | ||
| Q3 24 | $47.4M | $8.3M | ||
| Q2 24 | $4.7M | $-118.3M | ||
| Q1 24 | $24.3M | $-533.0K |
毛利率HLFNUS
| Q4 25 | 77.5% | 70.7% | ||
| Q3 25 | 77.7% | 70.5% | ||
| Q2 25 | 78.0% | 68.8% | ||
| Q1 25 | 78.3% | 67.8% | ||
| Q4 24 | 77.8% | 62.7% | ||
| Q3 24 | 78.3% | 70.1% | ||
| Q2 24 | 77.9% | 70.0% | ||
| Q1 24 | 77.5% | 70.5% |
营业利润率HLFNUS
| Q4 25 | 7.8% | 6.3% | ||
| Q3 25 | 9.9% | 5.9% | ||
| Q2 25 | 10.5% | 8.0% | ||
| Q1 25 | 10.1% | -2.7% | ||
| Q4 24 | 8.8% | -11.9% | ||
| Q3 24 | 10.2% | 4.2% | ||
| Q2 24 | 6.3% | -28.6% | ||
| Q1 24 | 5.7% | 2.1% |
净利率HLFNUS
| Q4 25 | 6.7% | 3.9% | ||
| Q3 25 | 3.4% | 4.7% | ||
| Q2 25 | 3.9% | 5.5% | ||
| Q1 25 | 4.1% | 29.5% | ||
| Q4 24 | 14.7% | -8.1% | ||
| Q3 24 | 3.8% | 1.9% | ||
| Q2 24 | 0.4% | -26.9% | ||
| Q1 24 | 1.9% | -0.1% |
每股收益（稀释后）HLFNUS
| Q4 25 | $0.81 | $0.27 | ||
| Q3 25 | $0.42 | $0.34 | ||
| Q2 25 | $0.48 | $0.43 | ||
| Q1 25 | $0.49 | $2.14 | ||
| Q4 24 | $1.75 | $-0.73 | ||
| Q3 24 | $0.46 | $0.17 | ||
| Q2 24 | $0.05 | $-2.38 | ||
| Q1 24 | $0.24 | $-0.01 |
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 | $239.8M |
| 总债务越低越好 | $2.0B | — |
| 股东权益账面价值 | $-515.1M | $805.2M |
| 总资产 | $2.8B | $1.4B |
| 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HLFNUS
| Q4 25 | $353.1M | $239.8M | ||
| Q3 25 | $305.5M | $253.0M | ||
| Q2 25 | $320.9M | $265.4M | ||
| Q1 25 | $329.4M | $213.6M | ||
| Q4 24 | $415.3M | $198.0M | ||
| Q3 24 | $402.5M | $237.8M | ||
| Q2 24 | $374.0M | $232.9M | ||
| Q1 24 | $398.3M | $221.2M |
总债务HLFNUS
| Q4 25 | $2.0B | — | ||
| Q3 25 | $2.0B | — | ||
| Q2 25 | $2.1B | — | ||
| Q1 25 | $2.2B | — | ||
| Q4 24 | $2.3B | — | ||
| Q3 24 | $2.3B | — | ||
| Q2 24 | $2.3B | — | ||
| Q1 24 | $2.4B | — |
股东权益HLFNUS
| Q4 25 | $-515.1M | $805.2M | ||
| Q3 25 | $-612.0M | $799.8M | ||
| Q2 25 | $-660.5M | $787.8M | ||
| Q1 25 | $-736.0M | $754.0M | ||
| Q4 24 | $-801.1M | $651.5M | ||
| Q3 24 | $-954.2M | $706.9M | ||
| Q2 24 | $-1.0B | $686.2M | ||
| Q1 24 | $-1.0B | $810.2M |
总资产HLFNUS
| Q4 25 | $2.8B | $1.4B | ||
| Q3 25 | $2.7B | $1.4B | ||
| Q2 25 | $2.7B | $1.4B | ||
| Q1 25 | $2.7B | $1.4B | ||
| Q4 24 | $2.7B | $1.5B | ||
| Q3 24 | $2.7B | $1.6B | ||
| Q2 24 | $2.6B | $1.6B | ||
| Q1 24 | $2.6B | $1.7B |
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 | $16.6M |
| 自由现金流经营现金流 - 资本支出 | $79.8M | $5.9M |
| 自由现金流率自由现金流/营收 | 6.2% | 1.6% |
| 资本支出强度资本支出/营收 | 1.4% | 2.9% |
| 现金转化率经营现金流/净利润 | 1.15× | 1.15× |
| 过去12个月自由现金流最近4个季度 | $252.9M | $46.0M |
8季度趋势，按日历期对齐
经营现金流HLFNUS
| Q4 25 | $98.3M | $16.6M | ||
| Q3 25 | $138.8M | $27.5M | ||
| Q2 25 | $96.0M | $35.8M | ||
| Q1 25 | $200.0K | $389.0K | ||
| Q4 24 | $69.6M | $25.8M | ||
| Q3 24 | $99.5M | $31.4M | ||
| Q2 24 | $102.5M | $51.2M | ||
| Q1 24 | $13.8M | $3.3M |
自由现金流HLFNUS
| Q4 25 | $79.8M | $5.9M | ||
| Q3 25 | $118.0M | $17.6M | ||
| Q2 25 | $73.2M | $35.8M | ||
| Q1 25 | $-18.1M | $-13.2M | ||
| Q4 24 | $43.9M | $13.2M | ||
| Q3 24 | $72.4M | $22.8M | ||
| Q2 24 | $66.2M | $43.1M | ||
| Q1 24 | $-19.1M | $-9.0M |
自由现金流率HLFNUS
| Q4 25 | 6.2% | 1.6% | ||
| Q3 25 | 9.3% | 4.8% | ||
| Q2 25 | 5.8% | 9.3% | ||
| Q1 25 | -1.5% | -3.6% | ||
| Q4 24 | 3.6% | 3.0% | ||
| Q3 24 | 5.8% | 5.3% | ||
| Q2 24 | 5.2% | 9.8% | ||
| Q1 24 | -1.5% | -2.1% |
资本支出强度HLFNUS
| Q4 25 | 1.4% | 2.9% | ||
| Q3 25 | 1.6% | 2.7% | ||
| Q2 25 | 1.8% | 0.0% | ||
| Q1 25 | 1.5% | 3.7% | ||
| Q4 24 | 2.1% | 2.8% | ||
| Q3 24 | 2.2% | 2.0% | ||
| Q2 24 | 2.8% | 1.9% | ||
| Q1 24 | 2.6% | 2.9% |
现金转化率HLFNUS
| Q4 25 | 1.15× | 1.15× | ||
| Q3 25 | 3.21× | 1.61× | ||
| Q2 25 | 1.95× | 1.69× | ||
| Q1 25 | 0.00× | 0.00× | ||
| Q4 24 | 0.39× | — | ||
| Q3 24 | 2.10× | 3.79× | ||
| Q2 24 | 21.81× | — | ||
| 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% |
NUS
| Other | $161.9M | 44% |
| Mainland China Segment | $52.0M | 14% |
| Southeast Asia Pacific Segment | $50.5M | 14% |
| Europe And Africa Segment | $41.8M | 11% |
| Hong Kong Taiwan Segment | $29.6M | 8% |
| South Korea Segment | $28.4M | 8% |
| Rhyz Other Segment | $6.1M | 2% |
