vs
康宝莱（HLF）与天宝（TRMB）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天宝的1.3倍（$1.3B vs $969.8M），天宝净利率更高（16.1% vs 6.7%，领先9.5%），康宝莱同比增速更快（6.3% vs -73.7%），天宝自由现金流更多（$360.9M vs $79.8M），过去两年天宝的营收复合增速更高（0.9% 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。
天宝（Trimble Inc.）是1978年成立的美国科技企业，总部位于科罗拉多州威斯敏斯特，于纳斯达克上市，为标普500成分股。公司面向建筑工程、地理空间测绘、交通物流等多个行业，提供软硬件产品及相关技术服务。
HLF vs TRMB — 直观对比
营收规模更大
HLF
是对方的1.3倍
$969.8M
营收增速更快
HLF
高出79.9%
-73.7%
净利率更高
TRMB
高出9.5%
6.7%
自由现金流更多
TRMB
多$281.1M
$79.8M
两年增速更快
TRMB
近两年复合增速
0.7%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.3B | $969.8M |
| 净利润 | $85.4M | $156.6M |
| 毛利率 | 77.5% | 72.0% |
| 营业利润率 | 7.8% | 22.3% |
| 净利率 | 6.7% | 16.1% |
| 营收同比 | 6.3% | -73.7% |
| 净利润同比 | -52.0% | 73.6% |
| 每股收益（稀释后） | $0.81 | $0.65 |
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HLFTRMB
| Q4 25 | $1.3B | $901.2M | ||
| Q3 25 | $1.3B | $875.7M | ||
| Q2 25 | $1.3B | $840.6M | ||
| Q1 25 | $1.2B | $983.4M | ||
| Q4 24 | $1.2B | — | ||
| Q3 24 | $1.2B | $875.8M | ||
| Q2 24 | $1.3B | $870.8M | ||
| Q1 24 | $1.3B | $953.3M |
净利润HLFTRMB
| Q4 25 | $85.4M | $111.5M | ||
| Q3 25 | $43.2M | $89.2M | ||
| Q2 25 | $49.3M | $66.7M | ||
| Q1 25 | $50.4M | $90.2M | ||
| Q4 24 | $177.9M | — | ||
| Q3 24 | $47.4M | $40.6M | ||
| Q2 24 | $4.7M | $1.3B | ||
| Q1 24 | $24.3M | $57.2M |
毛利率HLFTRMB
| Q4 25 | 77.5% | 68.9% | ||
| Q3 25 | 77.7% | 68.3% | ||
| Q2 25 | 78.0% | 66.7% | ||
| Q1 25 | 78.3% | 69.3% | ||
| Q4 24 | 77.8% | — | ||
| Q3 24 | 78.3% | 65.7% | ||
| Q2 24 | 77.9% | 62.7% | ||
| Q1 24 | 77.5% | 62.3% |
营业利润率HLFTRMB
| Q4 25 | 7.8% | 16.7% | ||
| Q3 25 | 9.9% | 14.6% | ||
| Q2 25 | 10.5% | 11.6% | ||
| Q1 25 | 10.1% | 17.6% | ||
| Q4 24 | 8.8% | — | ||
| Q3 24 | 10.2% | 13.3% | ||
| Q2 24 | 6.3% | 7.1% | ||
| Q1 24 | 5.7% | 11.5% |
净利率HLFTRMB
| Q4 25 | 6.7% | 12.4% | ||
| Q3 25 | 3.4% | 10.2% | ||
| Q2 25 | 3.9% | 7.9% | ||
| Q1 25 | 4.1% | 9.2% | ||
| Q4 24 | 14.7% | — | ||
| Q3 24 | 3.8% | 4.6% | ||
| Q2 24 | 0.4% | 151.2% | ||
| Q1 24 | 1.9% | 6.0% |
每股收益（稀释后）HLFTRMB
| Q4 25 | $0.81 | $0.46 | ||
| Q3 25 | $0.42 | $0.37 | ||
| Q2 25 | $0.48 | $0.27 | ||
| Q1 25 | $0.49 | $0.36 | ||
| Q4 24 | $1.75 | — | ||
| Q3 24 | $0.46 | $0.16 | ||
| Q2 24 | $0.05 | $5.34 | ||
| Q1 24 | $0.24 | $0.23 |
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 | $253.4M |
| 总债务越低越好 | $2.0B | $1.4B |
| 股东权益账面价值 | $-515.1M | $5.8B |
| 总资产 | $2.8B | $9.3B |
| 负债/权益比越低杠杆越低 | — | 0.24× |
8季度趋势，按日历期对齐
现金及短期投资HLFTRMB
| Q4 25 | $353.1M | $232.7M | ||
| Q3 25 | $305.5M | $265.9M | ||
| Q2 25 | $320.9M | $290.0M | ||
| Q1 25 | $329.4M | $738.8M | ||
| Q4 24 | $415.3M | — | ||
| Q3 24 | $402.5M | $1.0B | ||
| Q2 24 | $374.0M | $944.1M | ||
| Q1 24 | $398.3M | $255.1M |
总债务HLFTRMB
| Q4 25 | $2.0B | $1.4B | ||
| Q3 25 | $2.0B | — | ||
| Q2 25 | $2.1B | — | ||
| Q1 25 | $2.2B | $1.4B | ||
| Q4 24 | $2.3B | — | ||
| Q3 24 | $2.3B | — | ||
| Q2 24 | $2.3B | — | ||
| Q1 24 | $2.4B | — |
股东权益HLFTRMB
| Q4 25 | $-515.1M | $5.8B | ||
| Q3 25 | $-612.0M | $5.7B | ||
| Q2 25 | $-660.5M | $5.4B | ||
| Q1 25 | $-736.0M | $5.7B | ||
| Q4 24 | $-801.1M | — | ||
| Q3 24 | $-954.2M | $5.9B | ||
| Q2 24 | $-1.0B | $5.6B | ||
| Q1 24 | $-1.0B | $4.3B |
总资产HLFTRMB
| Q4 25 | $2.8B | $9.0B | ||
| Q3 25 | $2.7B | $9.1B | ||
| Q2 25 | $2.7B | $8.9B | ||
| Q1 25 | $2.7B | $9.5B | ||
| Q4 24 | $2.7B | — | ||
| Q3 24 | $2.7B | $9.9B | ||
| Q2 24 | $2.6B | $9.6B | ||
| Q1 24 | $2.6B | $9.3B |
负债/权益比HLFTRMB
| Q4 25 | — | 0.24× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | 0.24× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
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 | $386.2M |
| 自由现金流经营现金流 - 资本支出 | $79.8M | $360.9M |
| 自由现金流率自由现金流/营收 | 6.2% | 37.2% |
| 资本支出强度资本支出/营收 | 1.4% | 2.6% |
| 现金转化率经营现金流/净利润 | 1.15× | 2.47× |
| 过去12个月自由现金流最近4个季度 | $252.9M | — |
8季度趋势，按日历期对齐
经营现金流HLFTRMB
| Q4 25 | $98.3M | — | ||
| Q3 25 | $138.8M | $123.8M | ||
| Q2 25 | $96.0M | $155.6M | ||
| Q1 25 | $200.0K | $115.1M | ||
| Q4 24 | $69.6M | — | ||
| Q3 24 | $99.5M | $94.9M | ||
| Q2 24 | $102.5M | $87.6M | ||
| Q1 24 | $13.8M | $233.8M |
自由现金流HLFTRMB
| Q4 25 | $79.8M | — | ||
| Q3 25 | $118.0M | $116.6M | ||
| Q2 25 | $73.2M | $149.0M | ||
| Q1 25 | $-18.1M | $109.0M | ||
| Q4 24 | $43.9M | — | ||
| Q3 24 | $72.4M | $88.5M | ||
| Q2 24 | $66.2M | $73.3M | ||
| Q1 24 | $-19.1M | $227.0M |
自由现金流率HLFTRMB
| Q4 25 | 6.2% | — | ||
| Q3 25 | 9.3% | 13.3% | ||
| Q2 25 | 5.8% | 17.7% | ||
| Q1 25 | -1.5% | 11.1% | ||
| Q4 24 | 3.6% | — | ||
| Q3 24 | 5.8% | 10.1% | ||
| Q2 24 | 5.2% | 8.4% | ||
| Q1 24 | -1.5% | 23.8% |
资本支出强度HLFTRMB
| Q4 25 | 1.4% | — | ||
| Q3 25 | 1.6% | 0.8% | ||
| Q2 25 | 1.8% | 0.8% | ||
| Q1 25 | 1.5% | 0.6% | ||
| Q4 24 | 2.1% | — | ||
| Q3 24 | 2.2% | 0.7% | ||
| Q2 24 | 2.8% | 1.6% | ||
| Q1 24 | 2.6% | 0.7% |
现金转化率HLFTRMB
| Q4 25 | 1.15× | — | ||
| Q3 25 | 3.21× | 1.39× | ||
| Q2 25 | 1.95× | 2.33× | ||
| Q1 25 | 0.00× | 1.28× | ||
| Q4 24 | 0.39× | — | ||
| Q3 24 | 2.10× | 2.34× | ||
| Q2 24 | 21.81× | 0.07× | ||
| Q1 24 | 0.57× | 4.09× |
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% |
TRMB
| Subscription and services | $701.5M | 72% |
| Product | $268.3M | 28% |
