vs
康宝莱（HLF）与瑞思迈（RMD）财务数据对比。点击上方公司名可切换其他公司
瑞思迈的季度营收约是康宝莱的1.1倍（$1.4B vs $1.3B），瑞思迈净利率更高（27.6% vs 6.7%，领先20.9%），瑞思迈同比增速更快（11.0% vs 6.3%），瑞思迈自由现金流更多（$311.2M vs $79.8M），过去两年瑞思迈的营收复合增速更高（9.0% 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。
瑞思迈是一家起源于澳大利亚、总部位于美国加利福尼亚州圣迭戈的医疗设备企业，主打可接入云端的呼吸类医疗设备，用于治疗睡眠呼吸暂停、慢性阻塞性肺病等呼吸道疾病，新冠疫情期间曾大量生产呼吸机等设备助力患者救治。
HLF vs RMD — 直观对比
营收规模更大
RMD
是对方的1.1倍
$1.3B
营收增速更快
RMD
高出4.7%
6.3%
净利率更高
RMD
高出20.9%
6.7%
自由现金流更多
RMD
多$231.4M
$79.8M
两年增速更快
RMD
近两年复合增速
0.7%
损益表 — Q4 FY2025 vs Q2 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $1.3B | $1.4B |
| 净利润 | $85.4M | $392.6M |
| 毛利率 | 77.5% | 61.8% |
| 营业利润率 | 7.8% | 34.6% |
| 净利率 | 6.7% | 27.6% |
| 营收同比 | 6.3% | 11.0% |
| 净利润同比 | -52.0% | 13.9% |
| 每股收益（稀释后） | $0.81 | $2.68 |
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HLFRMD
| Q4 25 | $1.3B | $1.4B | ||
| Q3 25 | $1.3B | $1.3B | ||
| Q2 25 | $1.3B | $1.3B | ||
| Q1 25 | $1.2B | $1.3B | ||
| Q4 24 | $1.2B | $1.3B | ||
| Q3 24 | $1.2B | $1.2B | ||
| Q2 24 | $1.3B | $1.2B | ||
| Q1 24 | $1.3B | $1.2B |
净利润HLFRMD
| Q4 25 | $85.4M | $392.6M | ||
| Q3 25 | $43.2M | $348.5M | ||
| Q2 25 | $49.3M | $379.7M | ||
| Q1 25 | $50.4M | $365.0M | ||
| Q4 24 | $177.9M | $344.6M | ||
| Q3 24 | $47.4M | $311.4M | ||
| Q2 24 | $4.7M | $292.2M | ||
| Q1 24 | $24.3M | $300.5M |
毛利率HLFRMD
| Q4 25 | 77.5% | 61.8% | ||
| Q3 25 | 77.7% | 61.5% | ||
| Q2 25 | 78.0% | 60.8% | ||
| Q1 25 | 78.3% | 59.3% | ||
| Q4 24 | 77.8% | 58.6% | ||
| Q3 24 | 78.3% | 58.6% | ||
| Q2 24 | 77.9% | 58.5% | ||
| Q1 24 | 77.5% | 57.9% |
营业利润率HLFRMD
| Q4 25 | 7.8% | 34.6% | ||
| Q3 25 | 9.9% | 33.4% | ||
| Q2 25 | 10.5% | 33.7% | ||
| Q1 25 | 10.1% | 33.0% | ||
| Q4 24 | 8.8% | 32.5% | ||
| Q3 24 | 10.2% | 31.6% | ||
| Q2 24 | 6.3% | 31.2% | ||
| Q1 24 | 5.7% | 31.3% |
净利率HLFRMD
| Q4 25 | 6.7% | 27.6% | ||
| Q3 25 | 3.4% | 26.1% | ||
| Q2 25 | 3.9% | 28.2% | ||
| Q1 25 | 4.1% | 28.3% | ||
| Q4 24 | 14.7% | 26.9% | ||
| Q3 24 | 3.8% | 25.4% | ||
| Q2 24 | 0.4% | 23.9% | ||
| Q1 24 | 1.9% | 25.1% |
每股收益（稀释后）HLFRMD
| Q4 25 | $0.81 | $2.68 | ||
| Q3 25 | $0.42 | $2.37 | ||
| Q2 25 | $0.48 | $2.58 | ||
| Q1 25 | $0.49 | $2.48 | ||
| Q4 24 | $1.75 | $2.34 | ||
| Q3 24 | $0.46 | $2.11 | ||
| Q2 24 | $0.05 | $1.97 | ||
| Q1 24 | $0.24 | $2.04 |
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 | $1.4B |
| 总债务越低越好 | $2.0B | $403.9M |
| 股东权益账面价值 | $-515.1M | $6.3B |
| 总资产 | $2.8B | $8.5B |
| 负债/权益比越低杠杆越低 | — | 0.06× |
8季度趋势，按日历期对齐
现金及短期投资HLFRMD
| Q4 25 | $353.1M | $1.4B | ||
| Q3 25 | $305.5M | $1.4B | ||
| Q2 25 | $320.9M | $1.2B | ||
| Q1 25 | $329.4M | $932.7M | ||
| Q4 24 | $415.3M | $521.9M | ||
| Q3 24 | $402.5M | $426.4M | ||
| Q2 24 | $374.0M | $238.4M | ||
| Q1 24 | $398.3M | $237.9M |
总债务HLFRMD
| Q4 25 | $2.0B | $403.9M | ||
| Q3 25 | $2.0B | $408.7M | ||
| Q2 25 | $2.1B | $658.4M | ||
| Q1 25 | $2.2B | $663.1M | ||
| Q4 24 | $2.3B | $662.9M | ||
| Q3 24 | $2.3B | $667.6M | ||
| Q2 24 | $2.3B | $697.3M | ||
| Q1 24 | $2.4B | $997.0M |
股东权益HLFRMD
| Q4 25 | $-515.1M | $6.3B | ||
| Q3 25 | $-612.0M | $6.1B | ||
| Q2 25 | $-660.5M | $6.0B | ||
| Q1 25 | $-736.0M | $5.5B | ||
| Q4 24 | $-801.1M | $5.3B | ||
| Q3 24 | $-954.2M | $5.2B | ||
| Q2 24 | $-1.0B | $4.9B | ||
| Q1 24 | $-1.0B | $4.6B |
总资产HLFRMD
| Q4 25 | $2.8B | $8.5B | ||
| Q3 25 | $2.7B | $8.3B | ||
| Q2 25 | $2.7B | $8.2B | ||
| Q1 25 | $2.7B | $7.6B | ||
| Q4 24 | $2.7B | $7.1B | ||
| Q3 24 | $2.7B | $7.2B | ||
| Q2 24 | $2.6B | $6.9B | ||
| Q1 24 | $2.6B | $6.8B |
负债/权益比HLFRMD
| Q4 25 | — | 0.06× | ||
| Q3 25 | — | 0.07× | ||
| Q2 25 | — | 0.11× | ||
| Q1 25 | — | 0.12× | ||
| Q4 24 | — | 0.13× | ||
| Q3 24 | — | 0.13× | ||
| Q2 24 | — | 0.14× | ||
| Q1 24 | — | 0.22× |
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 | $339.7M |
| 自由现金流经营现金流 - 资本支出 | $79.8M | $311.2M |
| 自由现金流率自由现金流/营收 | 6.2% | 21.9% |
| 资本支出强度资本支出/营收 | 1.4% | 2.0% |
| 现金转化率经营现金流/净利润 | 1.15× | 0.87× |
| 过去12个月自由现金流最近4个季度 | $252.9M | $1.8B |
8季度趋势，按日历期对齐
经营现金流HLFRMD
| Q4 25 | $98.3M | $339.7M | ||
| Q3 25 | $138.8M | $457.3M | ||
| Q2 25 | $96.0M | $538.8M | ||
| Q1 25 | $200.0K | $578.7M | ||
| Q4 24 | $69.6M | $308.6M | ||
| Q3 24 | $99.5M | $325.5M | ||
| Q2 24 | $102.5M | $440.1M | ||
| Q1 24 | $13.8M | $402.0M |
自由现金流HLFRMD
| Q4 25 | $79.8M | $311.2M | ||
| Q3 25 | $118.0M | $414.4M | ||
| Q2 25 | $73.2M | $508.2M | ||
| Q1 25 | $-18.1M | $557.9M | ||
| Q4 24 | $43.9M | $288.0M | ||
| Q3 24 | $72.4M | $307.7M | ||
| Q2 24 | $66.2M | $415.2M | ||
| Q1 24 | $-19.1M | $380.8M |
自由现金流率HLFRMD
| Q4 25 | 6.2% | 21.9% | ||
| Q3 25 | 9.3% | 31.0% | ||
| Q2 25 | 5.8% | 37.7% | ||
| Q1 25 | -1.5% | 43.2% | ||
| Q4 24 | 3.6% | 22.5% | ||
| Q3 24 | 5.8% | 25.1% | ||
| Q2 24 | 5.2% | 33.9% | ||
| Q1 24 | -1.5% | 31.8% |
资本支出强度HLFRMD
| Q4 25 | 1.4% | 2.0% | ||
| Q3 25 | 1.6% | 3.2% | ||
| Q2 25 | 1.8% | 2.3% | ||
| Q1 25 | 1.5% | 1.6% | ||
| Q4 24 | 2.1% | 1.6% | ||
| Q3 24 | 2.2% | 1.5% | ||
| Q2 24 | 2.8% | 2.0% | ||
| Q1 24 | 2.6% | 1.8% |
现金转化率HLFRMD
| Q4 25 | 1.15× | 0.87× | ||
| Q3 25 | 3.21× | 1.31× | ||
| Q2 25 | 1.95× | 1.42× | ||
| Q1 25 | 0.00× | 1.59× | ||
| Q4 24 | 0.39× | 0.90× | ||
| Q3 24 | 2.10× | 1.05× | ||
| Q2 24 | 21.81× | 1.51× | ||
| Q1 24 | 0.57× | 1.34× |
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% |
RMD
| Sleep And Breathing Health | $1.3B | 88% |
| Residential Care Software | $166.9M | 12% |
