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康宝莱（HLF）与利氏兄弟拍卖行（RBA）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利氏兄弟拍卖行的1.1倍（$1.3B vs $1.2B），利氏兄弟拍卖行净利率更高（9.1% vs 6.7%，领先2.5%），康宝莱同比增速更快（6.3% vs 5.4%），利氏兄弟拍卖行自由现金流更多（$186.5M vs $79.8M），过去两年利氏兄弟拍卖行的营收复合增速更高（6.3% 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。
利氏兄弟拍卖行（股票代码RBA）是全球知名的工业资产拍卖服务商，注册地位于加拿大，属公开上市企业，总部设在美国伊利诺伊州韦斯特切斯特，普通股同时在多伦多证券交易所与纽约证券交易所挂牌交易。
HLF vs RBA — 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0.8%
5.4%
净利率更高
RBA
高出2.5%
6.7%
自由现金流更多
RBA
多$106.7M
$79.8M
两年增速更快
RBA
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 | $109.7M |
| 毛利率 | 77.5% | — |
| 营业利润率 | 7.8% | 14.7% |
| 净利率 | 6.7% | 9.1% |
| 营收同比 | 6.3% | 5.4% |
| 净利润同比 | -52.0% | -7.4% |
| 每股收益（稀释后） | $0.81 | $0.53 |
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HLFRBA
| Q4 25 | $1.3B | $1.2B | ||
| Q3 25 | $1.3B | $1.1B | ||
| Q2 25 | $1.3B | $1.2B | ||
| Q1 25 | $1.2B | $1.1B | ||
| Q4 24 | $1.2B | $1.1B | ||
| Q3 24 | $1.2B | $981.8M | ||
| Q2 24 | $1.3B | $1.1B | ||
| Q1 24 | $1.3B | $1.1B |
净利润HLFRBA
| Q4 25 | $85.4M | $109.7M | ||
| Q3 25 | $43.2M | $95.5M | ||
| Q2 25 | $49.3M | $109.8M | ||
| Q1 25 | $50.4M | $113.4M | ||
| Q4 24 | $177.9M | $118.5M | ||
| Q3 24 | $47.4M | $76.1M | ||
| Q2 24 | $4.7M | $111.1M | ||
| Q1 24 | $24.3M | $107.4M |
毛利率HLFRBA
| Q4 25 | 77.5% | — | ||
| Q3 25 | 77.7% | — | ||
| Q2 25 | 78.0% | — | ||
| Q1 25 | 78.3% | — | ||
| Q4 24 | 77.8% | — | ||
| Q3 24 | 78.3% | — | ||
| Q2 24 | 77.9% | — | ||
| Q1 24 | 77.5% | — |
营业利润率HLFRBA
| Q4 25 | 7.8% | 14.7% | ||
| Q3 25 | 9.9% | 14.5% | ||
| Q2 25 | 10.5% | 15.9% | ||
| Q1 25 | 10.1% | 17.1% | ||
| Q4 24 | 8.8% | 18.1% | ||
| Q3 24 | 10.2% | 15.6% | ||
| Q2 24 | 6.3% | 18.4% | ||
| Q1 24 | 5.7% | 18.7% |
净利率HLFRBA
| Q4 25 | 6.7% | 9.1% | ||
| Q3 25 | 3.4% | 8.7% | ||
| Q2 25 | 3.9% | 9.3% | ||
| Q1 25 | 4.1% | 10.2% | ||
| Q4 24 | 14.7% | 10.4% | ||
| Q3 24 | 3.8% | 7.8% | ||
| Q2 24 | 0.4% | 10.1% | ||
| Q1 24 | 1.9% | 10.1% |
每股收益（稀释后）HLFRBA
| Q4 25 | $0.81 | $0.53 | ||
| Q3 25 | $0.42 | $0.43 | ||
| Q2 25 | $0.48 | $0.53 | ||
| Q1 25 | $0.49 | $0.55 | ||
| Q4 24 | $1.75 | $0.58 | ||
| Q3 24 | $0.46 | $0.36 | ||
| Q2 24 | $0.05 | $0.54 | ||
| Q1 24 | $0.24 | $0.53 |
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 | $531.5M |
| 总债务越低越好 | $2.0B | $2.3B |
| 股东权益账面价值 | $-515.1M | $5.6B |
| 总资产 | $2.8B | $12.1B |
| 负债/权益比越低杠杆越低 | — | 0.42× |
8季度趋势，按日历期对齐
现金及短期投资HLFRBA
| Q4 25 | $353.1M | $531.5M | ||
| Q3 25 | $305.5M | $674.7M | ||
| Q2 25 | $320.9M | $710.2M | ||
| Q1 25 | $329.4M | $578.1M | ||
| Q4 24 | $415.3M | $533.9M | ||
| Q3 24 | $402.5M | $650.7M | ||
| Q2 24 | $374.0M | $599.5M | ||
| Q1 24 | $398.3M | $462.8M |
总债务HLFRBA
| Q4 25 | $2.0B | $2.3B | ||
| Q3 25 | $2.0B | $2.6B | ||
| Q2 25 | $2.1B | $2.6B | ||
| Q1 25 | $2.2B | $2.6B | ||
| Q4 24 | $2.3B | $2.6B | ||
| Q3 24 | $2.3B | $2.7B | ||
| Q2 24 | $2.3B | $2.8B | ||
| Q1 24 | $2.4B | $2.9B |
股东权益HLFRBA
| Q4 25 | $-515.1M | $5.6B | ||
| Q3 25 | $-612.0M | $5.5B | ||
| Q2 25 | $-660.5M | $5.5B | ||
| Q1 25 | $-736.0M | $5.3B | ||
| Q4 24 | $-801.1M | $5.2B | ||
| Q3 24 | $-954.2M | $5.2B | ||
| Q2 24 | $-1.0B | $5.2B | ||
| Q1 24 | $-1.0B | $5.1B |
总资产HLFRBA
| Q4 25 | $2.8B | $12.1B | ||
| Q3 25 | $2.7B | $12.2B | ||
| Q2 25 | $2.7B | $12.2B | ||
| Q1 25 | $2.7B | $11.9B | ||
| Q4 24 | $2.7B | $11.8B | ||
| Q3 24 | $2.7B | $11.9B | ||
| Q2 24 | $2.6B | $12.1B | ||
| Q1 24 | $2.6B | $12.0B |
负债/权益比HLFRBA
| Q4 25 | — | 0.42× | ||
| Q3 25 | — | 0.47× | ||
| Q2 25 | — | 0.47× | ||
| Q1 25 | — | 0.50× | ||
| Q4 24 | — | 0.50× | ||
| Q3 24 | — | 0.52× | ||
| Q2 24 | — | 0.55× | ||
| Q1 24 | — | 0.58× |
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 | $255.2M |
| 自由现金流经营现金流 - 资本支出 | $79.8M | $186.5M |
| 自由现金流率自由现金流/营收 | 6.2% | 15.5% |
| 资本支出强度资本支出/营收 | 1.4% | 5.7% |
| 现金转化率经营现金流/净利润 | 1.15× | 2.33× |
| 过去12个月自由现金流最近4个季度 | $252.9M | $719.2M |
8季度趋势，按日历期对齐
经营现金流HLFRBA
| Q4 25 | $98.3M | $255.2M | ||
| Q3 25 | $138.8M | $239.7M | ||
| Q2 25 | $96.0M | $326.5M | ||
| Q1 25 | $200.0K | $156.8M | ||
| Q4 24 | $69.6M | $184.5M | ||
| Q3 24 | $99.5M | $285.4M | ||
| Q2 24 | $102.5M | $337.3M | ||
| Q1 24 | $13.8M | $124.8M |
自由现金流HLFRBA
| Q4 25 | $79.8M | $186.5M | ||
| Q3 25 | $118.0M | $188.5M | ||
| Q2 25 | $73.2M | $241.7M | ||
| Q1 25 | $-18.1M | $102.5M | ||
| Q4 24 | $43.9M | $127.9M | ||
| Q3 24 | $72.4M | $248.5M | ||
| Q2 24 | $66.2M | $308.6M | ||
| Q1 24 | $-19.1M | $79.6M |
自由现金流率HLFRBA
| Q4 25 | 6.2% | 15.5% | ||
| Q3 25 | 9.3% | 17.3% | ||
| Q2 25 | 5.8% | 20.4% | ||
| Q1 25 | -1.5% | 9.2% | ||
| Q4 24 | 3.6% | 11.2% | ||
| Q3 24 | 5.8% | 25.3% | ||
| Q2 24 | 5.2% | 28.2% | ||
| Q1 24 | -1.5% | 7.5% |
资本支出强度HLFRBA
| Q4 25 | 1.4% | 5.7% | ||
| Q3 25 | 1.6% | 4.7% | ||
| Q2 25 | 1.8% | 7.2% | ||
| Q1 25 | 1.5% | 4.9% | ||
| Q4 24 | 2.1% | 5.0% | ||
| Q3 24 | 2.2% | 3.8% | ||
| Q2 24 | 2.8% | 2.6% | ||
| Q1 24 | 2.6% | 4.2% |
现金转化率HLFRBA
| Q4 25 | 1.15× | 2.33× | ||
| Q3 25 | 3.21× | 2.51× | ||
| Q2 25 | 1.95× | 2.97× | ||
| Q1 25 | 0.00× | 1.38× | ||
| Q4 24 | 0.39× | 1.56× | ||
| Q3 24 | 2.10× | 3.75× | ||
| Q2 24 | 21.81× | 3.04× | ||
| Q1 24 | 0.57× | 1.16× |
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% |
RBA
| Buyer Revenue | $577.2M | 48% |
| Seller Revenue | $255.2M | 21% |
| CA | $199.0M | 17% |
| Other | $124.7M | 10% |
| AU | $47.3M | 4% |
