vs
康宝莱（HLF）与Constellation Brands（STZ）财务数据对比。点击上方公司名可切换其他公司
Constellation Brands的季度营收约是康宝莱的1.7倍（$2.2B vs $1.3B），Constellation Brands净利率更高（22.6% vs 6.7%，领先16.0%），康宝莱同比增速更快（6.3% vs -9.8%），Constellation Brands自由现金流更多（$370.9M vs $79.8M），过去两年Constellation Brands的营收复合增速更高（1.9% 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。
Constellation Brands, Inc.是总部位于美国纽约州罗切斯特的《财富》500强企业，主营啤酒、葡萄酒及烈酒的生产与营销，按销售额计算是美国最大的啤酒进口商，在全美主要啤酒供应商中市场份额位列第三。公司还通过与Canopy Growth合作在医用及娱乐大麻领域有大额投资，现有约40处设施、近9000名员工。
HLF vs STZ — 直观对比
营收规模更大
STZ
是对方的1.7倍
$1.3B
营收增速更快
HLF
高出16.0%
-9.8%
净利率更高
STZ
高出16.0%
6.7%
自由现金流更多
STZ
多$291.1M
$79.8M
两年增速更快
STZ
近两年复合增速
0.7%
损益表 — Q4 FY2025 vs Q3 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $1.3B | $2.2B |
| 净利润 | $85.4M | $502.8M |
| 毛利率 | 77.5% | 53.2% |
| 营业利润率 | 7.8% | 31.1% |
| 净利率 | 6.7% | 22.6% |
| 营收同比 | 6.3% | -9.8% |
| 净利润同比 | -52.0% | -18.4% |
| 每股收益（稀释后） | $0.81 | — |
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HLFSTZ
| Q4 25 | $1.3B | $2.2B | ||
| Q3 25 | $1.3B | $2.5B | ||
| Q2 25 | $1.3B | $2.5B | ||
| Q1 25 | $1.2B | $2.2B | ||
| Q4 24 | $1.2B | $2.5B | ||
| Q3 24 | $1.2B | $2.9B | ||
| Q2 24 | $1.3B | $2.7B | ||
| Q1 24 | $1.3B | $2.1B |
净利润HLFSTZ
| Q4 25 | $85.4M | $502.8M | ||
| Q3 25 | $43.2M | $466.0M | ||
| Q2 25 | $49.3M | $516.1M | ||
| Q1 25 | $50.4M | $-375.3M | ||
| Q4 24 | $177.9M | $615.9M | ||
| Q3 24 | $47.4M | $-1.2B | ||
| Q2 24 | $4.7M | $877.0M | ||
| Q1 24 | $24.3M | $392.4M |
毛利率HLFSTZ
| Q4 25 | 77.5% | 53.2% | ||
| Q3 25 | 77.7% | 52.8% | ||
| Q2 25 | 78.0% | 50.4% | ||
| Q1 25 | 78.3% | 51.5% | ||
| Q4 24 | 77.8% | 52.1% | ||
| Q3 24 | 78.3% | 51.8% | ||
| Q2 24 | 77.9% | 52.7% | ||
| Q1 24 | 77.5% | 48.6% |
营业利润率HLFSTZ
| Q4 25 | 7.8% | 31.1% | ||
| Q3 25 | 9.9% | 35.2% | ||
| Q2 25 | 10.5% | 28.4% | ||
| Q1 25 | 10.1% | -6.9% | ||
| Q4 24 | 8.8% | 32.2% | ||
| Q3 24 | 10.2% | -42.1% | ||
| Q2 24 | 6.3% | 35.4% | ||
| Q1 24 | 5.7% | 29.4% |
净利率HLFSTZ
| Q4 25 | 6.7% | 22.6% | ||
| Q3 25 | 3.4% | 18.8% | ||
| Q2 25 | 3.9% | 20.5% | ||
| Q1 25 | 4.1% | -17.3% | ||
| Q4 24 | 14.7% | 25.0% | ||
| Q3 24 | 3.8% | -41.1% | ||
| Q2 24 | 0.4% | 32.9% | ||
| Q1 24 | 1.9% | 18.3% |
每股收益（稀释后）HLFSTZ
| Q4 25 | $0.81 | — | ||
| Q3 25 | $0.42 | — | ||
| Q2 25 | $0.48 | — | ||
| Q1 25 | $0.49 | — | ||
| Q4 24 | $1.75 | — | ||
| Q3 24 | $0.46 | — | ||
| Q2 24 | $0.05 | — | ||
| Q1 24 | $0.24 | — |
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 | $152.4M |
| 总债务越低越好 | $2.0B | $10.3B |
| 股东权益账面价值 | $-515.1M | $7.7B |
| 总资产 | $2.8B | $21.7B |
| 负债/权益比越低杠杆越低 | — | 1.33× |
8季度趋势，按日历期对齐
现金及短期投资HLFSTZ
| Q4 25 | $353.1M | $152.4M | ||
| Q3 25 | $305.5M | $72.0M | ||
| Q2 25 | $320.9M | $73.9M | ||
| Q1 25 | $329.4M | $68.1M | ||
| Q4 24 | $415.3M | $73.7M | ||
| Q3 24 | $402.5M | $64.6M | ||
| Q2 24 | $374.0M | $73.8M | ||
| Q1 24 | $398.3M | $152.4M |
总债务HLFSTZ
| Q4 25 | $2.0B | $10.3B | ||
| Q3 25 | $2.0B | $10.3B | ||
| Q2 25 | $2.1B | $11.2B | ||
| Q1 25 | $2.2B | $10.7B | ||
| Q4 24 | $2.3B | $10.7B | ||
| Q3 24 | $2.3B | $11.1B | ||
| Q2 24 | $2.3B | $11.1B | ||
| Q1 24 | $2.4B | $11.6B |
股东权益HLFSTZ
| Q4 25 | $-515.1M | $7.7B | ||
| Q3 25 | $-612.0M | $7.5B | ||
| Q2 25 | $-660.5M | $7.3B | ||
| Q1 25 | $-736.0M | $6.9B | ||
| Q4 24 | $-801.1M | $7.8B | ||
| Q3 24 | $-954.2M | $7.9B | ||
| Q2 24 | $-1.0B | $10.3B | ||
| Q1 24 | $-1.0B | $9.7B |
总资产HLFSTZ
| Q4 25 | $2.8B | $21.7B | ||
| Q3 25 | $2.7B | $21.4B | ||
| Q2 25 | $2.7B | $22.3B | ||
| Q1 25 | $2.7B | $21.7B | ||
| Q4 24 | $2.7B | $22.8B | ||
| Q3 24 | $2.7B | $23.1B | ||
| Q2 24 | $2.6B | $26.1B | ||
| Q1 24 | $2.6B | $25.7B |
负债/权益比HLFSTZ
| Q4 25 | — | 1.33× | ||
| Q3 25 | — | 1.37× | ||
| Q2 25 | — | 1.54× | ||
| Q1 25 | — | 1.55× | ||
| Q4 24 | — | 1.37× | ||
| Q3 24 | — | 1.41× | ||
| Q2 24 | — | 1.08× | ||
| Q1 24 | — | 1.19× |
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 | $616.9M |
| 自由现金流经营现金流 - 资本支出 | $79.8M | $370.9M |
| 自由现金流率自由现金流/营收 | 6.2% | 16.7% |
| 资本支出强度资本支出/营收 | 1.4% | 11.1% |
| 现金转化率经营现金流/净利润 | 1.15× | 1.23× |
| 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HLFSTZ
| Q4 25 | $98.3M | $616.9M | ||
| Q3 25 | $138.8M | $852.1M | ||
| Q2 25 | $96.0M | $637.2M | ||
| Q1 25 | $200.0K | $594.7M | ||
| Q4 24 | $69.6M | $685.2M | ||
| Q3 24 | $99.5M | $1.2B | ||
| Q2 24 | $102.5M | $690.5M | ||
| Q1 24 | $13.8M | $433.2M |
自由现金流HLFSTZ
| Q4 25 | $79.8M | $370.9M | ||
| Q3 25 | $118.0M | $634.8M | ||
| Q2 25 | $73.2M | $444.4M | ||
| Q1 25 | $-18.1M | $312.1M | ||
| Q4 24 | $43.9M | $456.8M | ||
| Q3 24 | $72.4M | $854.0M | ||
| Q2 24 | $66.2M | $315.2M | ||
| Q1 24 | $-19.1M | $76.0M |
自由现金流率HLFSTZ
| Q4 25 | 6.2% | 16.7% | ||
| Q3 25 | 9.3% | 25.6% | ||
| Q2 25 | 5.8% | 17.7% | ||
| Q1 25 | -1.5% | 14.4% | ||
| Q4 24 | 3.6% | 18.5% | ||
| Q3 24 | 5.8% | 29.3% | ||
| Q2 24 | 5.2% | 11.8% | ||
| Q1 24 | -1.5% | 3.6% |
资本支出强度HLFSTZ
| Q4 25 | 1.4% | 11.1% | ||
| Q3 25 | 1.6% | 8.8% | ||
| Q2 25 | 1.8% | 7.7% | ||
| Q1 25 | 1.5% | 13.1% | ||
| Q4 24 | 2.1% | 9.3% | ||
| Q3 24 | 2.2% | 11.2% | ||
| Q2 24 | 2.8% | 14.1% | ||
| Q1 24 | 2.6% | 16.7% |
现金转化率HLFSTZ
| Q4 25 | 1.15× | 1.23× | ||
| Q3 25 | 3.21× | 1.83× | ||
| Q2 25 | 1.95× | 1.23× | ||
| Q1 25 | 0.00× | — | ||
| Q4 24 | 0.39× | 1.11× | ||
| Q3 24 | 2.10× | — | ||
| Q2 24 | 21.81× | 0.79× | ||
| Q1 24 | 0.57× | 1.10× |
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% |
STZ
| Beer | $2.0B | 90% |
| Constellation Wines And Spirits | $213.1M | 10% |
