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康宝莱（HLF）与越洋钻探（RIG）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越洋钻探的1.2倍（$1.3B vs $1.0B），康宝莱净利率更高（6.7% vs 2.4%，领先4.3%），越洋钻探同比增速更快（9.6% vs 6.3%），越洋钻探自由现金流更多（$321.0M vs $79.8M），过去两年越洋钻探的营收复合增速更高（16.9% 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。
越洋钻探（Transocean Ltd.）是按营收计全球规模最大的海上钻探承包商，总部位于瑞士施泰因豪森，起源于美国，目前在加拿大、美国、挪威、英国、印度、巴西、新加坡等20个国家设有办事机构，业务覆盖全球主要海上油气开采区域。
HLF vs RIG — 直观对比
营收规模更大
HLF
是对方的1.2倍
$1.0B
营收增速更快
RIG
高出3.3%
6.3%
净利率更高
HLF
高出4.3%
2.4%
自由现金流更多
RIG
多$241.2M
$79.8M
两年增速更快
RIG
近两年复合增速
0.7%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.3B | $1.0B |
| 净利润 | $85.4M | $25.0M |
| 毛利率 | 77.5% | 42.0% |
| 营业利润率 | 7.8% | 23.0% |
| 净利率 | 6.7% | 2.4% |
| 营收同比 | 6.3% | 9.6% |
| 净利润同比 | -52.0% | 257.1% |
| 每股收益（稀释后） | $0.81 | $0.13 |
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HLFRIG
| Q4 25 | $1.3B | $1.0B | ||
| Q3 25 | $1.3B | $1.0B | ||
| Q2 25 | $1.3B | $988.0M | ||
| Q1 25 | $1.2B | $906.0M | ||
| Q4 24 | $1.2B | $952.0M | ||
| Q3 24 | $1.2B | $948.0M | ||
| Q2 24 | $1.3B | $861.0M | ||
| Q1 24 | $1.3B | $763.0M |
净利润HLFRIG
| Q4 25 | $85.4M | $25.0M | ||
| Q3 25 | $43.2M | $-1.9B | ||
| Q2 25 | $49.3M | $-938.0M | ||
| Q1 25 | $50.4M | $-79.0M | ||
| Q4 24 | $177.9M | $7.0M | ||
| Q3 24 | $47.4M | $-494.0M | ||
| Q2 24 | $4.7M | $-123.0M | ||
| Q1 24 | $24.3M | $98.0M |
毛利率HLFRIG
| Q4 25 | 77.5% | 42.0% | ||
| Q3 25 | 77.7% | 43.2% | ||
| Q2 25 | 78.0% | 39.4% | ||
| Q1 25 | 78.3% | 31.8% | ||
| Q4 24 | 77.8% | 39.2% | ||
| Q3 24 | 78.3% | 40.6% | ||
| Q2 24 | 77.9% | 38.0% | ||
| Q1 24 | 77.5% | 31.5% |
营业利润率HLFRIG
| Q4 25 | 7.8% | 23.0% | ||
| Q3 25 | 9.9% | -163.1% | ||
| Q2 25 | 10.5% | -97.6% | ||
| Q1 25 | 10.1% | 7.1% | ||
| Q4 24 | 8.8% | 13.7% | ||
| Q3 24 | 10.2% | -51.2% | ||
| Q2 24 | 6.3% | -6.9% | ||
| Q1 24 | 5.7% | -0.4% |
净利率HLFRIG
| Q4 25 | 6.7% | 2.4% | ||
| Q3 25 | 3.4% | -187.1% | ||
| Q2 25 | 3.9% | -94.9% | ||
| Q1 25 | 4.1% | -8.7% | ||
| Q4 24 | 14.7% | 0.7% | ||
| Q3 24 | 3.8% | -52.1% | ||
| Q2 24 | 0.4% | -14.3% | ||
| Q1 24 | 1.9% | 12.8% |
每股收益（稀释后）HLFRIG
| Q4 25 | $0.81 | $0.13 | ||
| Q3 25 | $0.42 | $-2.00 | ||
| Q2 25 | $0.48 | $-1.06 | ||
| Q1 25 | $0.49 | $-0.11 | ||
| Q4 24 | $1.75 | $-0.14 | ||
| Q3 24 | $0.46 | $-0.58 | ||
| Q2 24 | $0.05 | $-0.15 | ||
| Q1 24 | $0.24 | $0.11 |
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 | $620.0M |
| 总债务越低越好 | $2.0B | $5.2B |
| 股东权益账面价值 | $-515.1M | $8.1B |
| 总资产 | $2.8B | $15.6B |
| 负债/权益比越低杠杆越低 | — | 0.64× |
8季度趋势，按日历期对齐
现金及短期投资HLFRIG
| Q4 25 | $353.1M | $620.0M | ||
| Q3 25 | $305.5M | $833.0M | ||
| Q2 25 | $320.9M | $377.0M | ||
| Q1 25 | $329.4M | $263.0M | ||
| Q4 24 | $415.3M | $560.0M | ||
| Q3 24 | $402.5M | $435.0M | ||
| Q2 24 | $374.0M | $475.0M | ||
| Q1 24 | $398.3M | $446.0M |
总债务HLFRIG
| Q4 25 | $2.0B | $5.2B | ||
| Q3 25 | $2.0B | $4.8B | ||
| Q2 25 | $2.1B | $5.9B | ||
| Q1 25 | $2.2B | $5.9B | ||
| Q4 24 | $2.3B | $6.2B | ||
| Q3 24 | $2.3B | $6.5B | ||
| Q2 24 | $2.3B | $6.8B | ||
| Q1 24 | $2.4B | $6.8B |
股东权益HLFRIG
| Q4 25 | $-515.1M | $8.1B | ||
| Q3 25 | $-612.0M | $8.1B | ||
| Q2 25 | $-660.5M | $9.4B | ||
| Q1 25 | $-736.0M | $10.2B | ||
| Q4 24 | $-801.1M | $10.3B | ||
| Q3 24 | $-954.2M | $10.2B | ||
| Q2 24 | $-1.0B | $10.7B | ||
| Q1 24 | $-1.0B | $10.5B |
总资产HLFRIG
| Q4 25 | $2.8B | $15.6B | ||
| Q3 25 | $2.7B | $16.2B | ||
| Q2 25 | $2.7B | $17.8B | ||
| Q1 25 | $2.7B | $19.0B | ||
| Q4 24 | $2.7B | $19.4B | ||
| Q3 24 | $2.7B | $19.5B | ||
| Q2 24 | $2.6B | $20.3B | ||
| Q1 24 | $2.6B | $19.9B |
负债/权益比HLFRIG
| Q4 25 | — | 0.64× | ||
| Q3 25 | — | 0.60× | ||
| Q2 25 | — | 0.63× | ||
| Q1 25 | — | 0.58× | ||
| Q4 24 | — | 0.60× | ||
| Q3 24 | — | 0.64× | ||
| Q2 24 | — | 0.63× | ||
| Q1 24 | — | 0.65× |
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 | $349.0M |
| 自由现金流经营现金流 - 资本支出 | $79.8M | $321.0M |
| 自由现金流率自由现金流/营收 | 6.2% | 30.8% |
| 资本支出强度资本支出/营收 | 1.4% | 2.7% |
| 现金转化率经营现金流/净利润 | 1.15× | 13.96× |
| 过去12个月自由现金流最近4个季度 | $252.9M | $626.0M |
8季度趋势，按日历期对齐
经营现金流HLFRIG
| Q4 25 | $98.3M | $349.0M | ||
| Q3 25 | $138.8M | $246.0M | ||
| Q2 25 | $96.0M | $128.0M | ||
| Q1 25 | $200.0K | $26.0M | ||
| Q4 24 | $69.6M | $206.0M | ||
| Q3 24 | $99.5M | $194.0M | ||
| Q2 24 | $102.5M | $133.0M | ||
| Q1 24 | $13.8M | $-86.0M |
自由现金流HLFRIG
| Q4 25 | $79.8M | $321.0M | ||
| Q3 25 | $118.0M | $235.0M | ||
| Q2 25 | $73.2M | $104.0M | ||
| Q1 25 | $-18.1M | $-34.0M | ||
| Q4 24 | $43.9M | $177.0M | ||
| Q3 24 | $72.4M | $136.0M | ||
| Q2 24 | $66.2M | $49.0M | ||
| Q1 24 | $-19.1M | $-169.0M |
自由现金流率HLFRIG
| Q4 25 | 6.2% | 30.8% | ||
| Q3 25 | 9.3% | 22.9% | ||
| Q2 25 | 5.8% | 10.5% | ||
| Q1 25 | -1.5% | -3.8% | ||
| Q4 24 | 3.6% | 18.6% | ||
| Q3 24 | 5.8% | 14.3% | ||
| Q2 24 | 5.2% | 5.7% | ||
| Q1 24 | -1.5% | -22.1% |
资本支出强度HLFRIG
| Q4 25 | 1.4% | 2.7% | ||
| Q3 25 | 1.6% | 1.1% | ||
| Q2 25 | 1.8% | 2.4% | ||
| Q1 25 | 1.5% | 6.6% | ||
| Q4 24 | 2.1% | 3.0% | ||
| Q3 24 | 2.2% | 6.1% | ||
| Q2 24 | 2.8% | 9.8% | ||
| Q1 24 | 2.6% | 10.9% |
现金转化率HLFRIG
| Q4 25 | 1.15× | 13.96× | ||
| Q3 25 | 3.21× | — | ||
| Q2 25 | 1.95× | — | ||
| Q1 25 | 0.00× | — | ||
| Q4 24 | 0.39× | 29.43× | ||
| Q3 24 | 2.10× | — | ||
| Q2 24 | 21.81× | — | ||
| Q1 24 | 0.57× | -0.88× |
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% |
RIG
| Ultra Deepwater Floaters | $433.0M | 42% |
| BR | $236.0M | 23% |
| Other Geographical | $211.0M | 20% |
| Harsh Environment Floaters | $163.0M | 16% |
