vs
康宝莱（HLF）与西蒙地产集团（SPG）财务数据对比。点击上方公司名可切换其他公司
西蒙地产集团的季度营收约是康宝莱的1.4倍（$1.8B vs $1.3B），西蒙地产集团净利率更高（197.6% vs 6.7%，领先190.9%），西蒙地产集团同比增速更快（13.2% vs 6.3%），西蒙地产集团自由现金流更多（$948.8M vs $79.8M），过去两年西蒙地产集团的营收复合增速更高（11.4% 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。
西蒙地产集团是美国头部房地产投资信托企业，核心投资范畴涵盖购物中心、奥特莱斯、社区及生活方式中心，是美国规模最大的购物中心持有方，总部位于印第安纳州印第安纳波利斯，截至2024年12月末共持有232处物业的相关权益。
HLF vs SPG — 直观对比
营收规模更大
SPG
是对方的1.4倍
$1.3B
营收增速更快
SPG
高出7.0%
6.3%
净利率更高
SPG
高出190.9%
6.7%
自由现金流更多
SPG
多$869.0M
$79.8M
两年增速更快
SPG
近两年复合增速
0.7%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.3B | $1.8B |
| 净利润 | $85.4M | $3.5B |
| 毛利率 | 77.5% | — |
| 营业利润率 | 7.8% | 49.7% |
| 净利率 | 6.7% | 197.6% |
| 营收同比 | 6.3% | 13.2% |
| 净利润同比 | -52.0% | 358.7% |
| 每股收益（稀释后） | $0.81 | $9.34 |
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HLFSPG
| Q4 25 | $1.3B | $1.8B | ||
| Q3 25 | $1.3B | $1.6B | ||
| Q2 25 | $1.3B | $1.5B | ||
| Q1 25 | $1.2B | $1.5B | ||
| Q4 24 | $1.2B | $1.6B | ||
| Q3 24 | $1.2B | $1.5B | ||
| Q2 24 | $1.3B | $1.5B | ||
| Q1 24 | $1.3B | $1.4B |
净利润HLFSPG
| Q4 25 | $85.4M | $3.5B | ||
| Q3 25 | $43.2M | $702.7M | ||
| Q2 25 | $49.3M | $643.7M | ||
| Q1 25 | $50.4M | $477.9M | ||
| Q4 24 | $177.9M | $771.8M | ||
| Q3 24 | $47.4M | $546.7M | ||
| Q2 24 | $4.7M | $569.4M | ||
| Q1 24 | $24.3M | $841.2M |
毛利率HLFSPG
| 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HLFSPG
| Q4 25 | 7.8% | 49.7% | ||
| Q3 25 | 9.9% | 50.8% | ||
| Q2 25 | 10.5% | 49.7% | ||
| Q1 25 | 10.1% | 49.4% | ||
| Q4 24 | 8.8% | 52.8% | ||
| Q3 24 | 10.2% | 51.9% | ||
| Q2 24 | 6.3% | 51.7% | ||
| Q1 24 | 5.7% | 51.0% |
净利率HLFSPG
| Q4 25 | 6.7% | 197.6% | ||
| Q3 25 | 3.4% | 43.9% | ||
| Q2 25 | 3.9% | 43.0% | ||
| Q1 25 | 4.1% | 32.4% | ||
| Q4 24 | 14.7% | 48.8% | ||
| Q3 24 | 3.8% | 36.9% | ||
| Q2 24 | 0.4% | 39.0% | ||
| Q1 24 | 1.9% | 58.3% |
每股收益（稀释后）HLFSPG
| Q4 25 | $0.81 | $9.34 | ||
| Q3 25 | $0.42 | $1.86 | ||
| Q2 25 | $0.48 | $1.70 | ||
| Q1 25 | $0.49 | $1.27 | ||
| Q4 24 | $1.75 | $2.04 | ||
| Q3 24 | $0.46 | $1.46 | ||
| Q2 24 | $0.05 | $1.51 | ||
| Q1 24 | $0.24 | $2.25 |
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 | $823.1M |
| 总债务越低越好 | $2.0B | $28.4B |
| 股东权益账面价值 | $-515.1M | $5.2B |
| 总资产 | $2.8B | $40.6B |
| 负债/权益比越低杠杆越低 | — | 5.46× |
8季度趋势，按日历期对齐
现金及短期投资HLFSPG
| Q4 25 | $353.1M | $823.1M | ||
| Q3 25 | $305.5M | $1.6B | ||
| Q2 25 | $320.9M | $1.2B | ||
| Q1 25 | $329.4M | $1.4B | ||
| Q4 24 | $415.3M | $1.4B | ||
| Q3 24 | $402.5M | $2.5B | ||
| Q2 24 | $374.0M | $2.5B | ||
| Q1 24 | $398.3M | $2.6B |
总债务HLFSPG
| Q4 25 | $2.0B | $28.4B | ||
| Q3 25 | $2.0B | $25.8B | ||
| Q2 25 | $2.1B | $25.4B | ||
| Q1 25 | $2.2B | $24.8B | ||
| Q4 24 | $2.3B | $24.3B | ||
| Q3 24 | $2.3B | $25.4B | ||
| Q2 24 | $2.3B | $25.3B | ||
| Q1 24 | $2.4B | $25.5B |
股东权益HLFSPG
| Q4 25 | $-515.1M | $5.2B | ||
| Q3 25 | $-612.0M | $2.3B | ||
| Q2 25 | $-660.5M | $2.5B | ||
| Q1 25 | $-736.0M | $2.6B | ||
| Q4 24 | $-801.1M | $2.9B | ||
| Q3 24 | $-954.2M | $2.7B | ||
| Q2 24 | $-1.0B | $2.9B | ||
| Q1 24 | $-1.0B | $3.1B |
总资产HLFSPG
| Q4 25 | $2.8B | $40.6B | ||
| Q3 25 | $2.7B | $33.6B | ||
| Q2 25 | $2.7B | $33.3B | ||
| Q1 25 | $2.7B | $32.5B | ||
| Q4 24 | $2.7B | $32.4B | ||
| Q3 24 | $2.7B | $33.3B | ||
| Q2 24 | $2.6B | $33.4B | ||
| Q1 24 | $2.6B | $33.7B |
负债/权益比HLFSPG
| Q4 25 | — | 5.46× | ||
| Q3 25 | — | 10.98× | ||
| Q2 25 | — | 10.36× | ||
| Q1 25 | — | 9.50× | ||
| Q4 24 | — | 8.25× | ||
| Q3 24 | — | 9.37× | ||
| Q2 24 | — | 8.59× | ||
| Q1 24 | — | 8.22× |
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 | $1.2B |
| 自由现金流经营现金流 - 资本支出 | $79.8M | $948.8M |
| 自由现金流率自由现金流/营收 | 6.2% | 53.0% |
| 资本支出强度资本支出/营收 | 1.4% | 14.2% |
| 现金转化率经营现金流/净利润 | 1.15× | 0.34× |
| 过去12个月自由现金流最近4个季度 | $252.9M | $3.2B |
8季度趋势，按日历期对齐
经营现金流HLFSPG
| Q4 25 | $98.3M | $1.2B | ||
| Q3 25 | $138.8M | $890.3M | ||
| Q2 25 | $96.0M | $1.2B | ||
| Q1 25 | $200.0K | $827.2M | ||
| Q4 24 | $69.6M | $1.1B | ||
| Q3 24 | $99.5M | $892.9M | ||
| Q2 24 | $102.5M | $1.1B | ||
| Q1 24 | $13.8M | $773.1M |
自由现金流HLFSPG
| Q4 25 | $79.8M | $948.8M | ||
| Q3 25 | $118.0M | $685.0M | ||
| Q2 25 | $73.2M | $971.3M | ||
| Q1 25 | $-18.1M | $597.0M | ||
| Q4 24 | $43.9M | $867.7M | ||
| Q3 24 | $72.4M | $706.5M | ||
| Q2 24 | $66.2M | $874.8M | ||
| Q1 24 | $-19.1M | $610.1M |
自由现金流率HLFSPG
| Q4 25 | 6.2% | 53.0% | ||
| Q3 25 | 9.3% | 42.8% | ||
| Q2 25 | 5.8% | 64.8% | ||
| Q1 25 | -1.5% | 40.5% | ||
| Q4 24 | 3.6% | 54.8% | ||
| Q3 24 | 5.8% | 47.7% | ||
| Q2 24 | 5.2% | 60.0% | ||
| Q1 24 | -1.5% | 42.3% |
资本支出强度HLFSPG
| Q4 25 | 1.4% | 14.2% | ||
| Q3 25 | 1.6% | 12.8% | ||
| Q2 25 | 1.8% | 16.3% | ||
| Q1 25 | 1.5% | 15.6% | ||
| Q4 24 | 2.1% | 13.8% | ||
| Q3 24 | 2.2% | 12.6% | ||
| Q2 24 | 2.8% | 12.9% | ||
| Q1 24 | 2.6% | 11.3% |
现金转化率HLFSPG
| Q4 25 | 1.15× | 0.34× | ||
| Q3 25 | 3.21× | 1.27× | ||
| Q2 25 | 1.95× | 1.89× | ||
| Q1 25 | 0.00× | 1.73× | ||
| Q4 24 | 0.39× | 1.41× | ||
| Q3 24 | 2.10× | 1.63× | ||
| Q2 24 | 21.81× | 1.87× | ||
| Q1 24 | 0.57× | 0.92× |
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% |
SPG
| Real Estate Segment | $1.7B | 95% |
| Other | $86.3M | 5% |
