vs
康宝莱（HLF）与WEX Inc.（WEX）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WEX Inc.的1.9倍（$1.3B vs $673.8M），WEX Inc.净利率更高（11.5% vs 6.7%，领先4.9%），康宝莱同比增速更快（6.3% vs 5.8%），康宝莱自由现金流更多（$79.8M vs $49.5M），过去两年WEX Inc.的营收复合增速更高（18.7% 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。
WEX Inc.是专注服务于美国商业及政府车队领域的支付处理与信息管理服务提供商，总部位于美国缅因州波特兰市，业务范围覆盖美国、加拿大、南美、欧洲、亚洲及澳大利亚等多个全球区域。
HLF vs WEX — 直观对比
营收规模更大
HLF
是对方的1.9倍
$673.8M
营收增速更快
HLF
高出0.4%
5.8%
净利率更高
WEX
高出4.9%
6.7%
自由现金流更多
HLF
多$30.3M
$49.5M
两年增速更快
WEX
近两年复合增速
0.7%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $1.3B | $673.8M |
| 净利润 | $85.4M | $77.7M |
| 毛利率 | 77.5% | — |
| 营业利润率 | 7.8% | 23.5% |
| 净利率 | 6.7% | 11.5% |
| 营收同比 | 6.3% | 5.8% |
| 净利润同比 | -52.0% | 8.7% |
| 每股收益（稀释后） | $0.81 | $2.22 |
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HLFWEX
| Q1 26 | — | $673.8M | ||
| Q4 25 | $1.3B | $465.1M | ||
| Q3 25 | $1.3B | $481.6M | ||
| Q2 25 | $1.3B | $454.4M | ||
| Q1 25 | $1.2B | $444.3M | ||
| Q4 24 | $1.2B | $440.3M | ||
| Q3 24 | $1.2B | $479.0M | ||
| Q2 24 | $1.3B | $478.6M |
净利润HLFWEX
| Q1 26 | — | $77.7M | ||
| Q4 25 | $85.4M | $84.2M | ||
| Q3 25 | $43.2M | $80.3M | ||
| Q2 25 | $49.3M | $68.1M | ||
| Q1 25 | $50.4M | $71.5M | ||
| Q4 24 | $177.9M | $63.9M | ||
| Q3 24 | $47.4M | $102.9M | ||
| Q2 24 | $4.7M | $77.0M |
毛利率HLFWEX
| Q1 26 | — | — | ||
| Q4 25 | 77.5% | 39.0% | ||
| Q3 25 | 77.7% | 43.0% | ||
| Q2 25 | 78.0% | 40.0% | ||
| Q1 25 | 78.3% | 39.2% | ||
| Q4 24 | 77.8% | 41.5% | ||
| Q3 24 | 78.3% | 48.0% | ||
| Q2 24 | 77.9% | 44.9% |
营业利润率HLFWEX
| Q1 26 | — | 23.5% | ||
| Q4 25 | 7.8% | 35.7% | ||
| Q3 25 | 9.9% | 38.1% | ||
| Q2 25 | 10.5% | 34.5% | ||
| Q1 25 | 10.1% | 35.4% | ||
| Q4 24 | 8.8% | 35.7% | ||
| Q3 24 | 10.2% | 41.0% | ||
| Q2 24 | 6.3% | 35.1% |
净利率HLFWEX
| Q1 26 | — | 11.5% | ||
| Q4 25 | 6.7% | 18.1% | ||
| Q3 25 | 3.4% | 16.7% | ||
| Q2 25 | 3.9% | 15.0% | ||
| Q1 25 | 4.1% | 16.1% | ||
| Q4 24 | 14.7% | 14.5% | ||
| Q3 24 | 3.8% | 21.5% | ||
| Q2 24 | 0.4% | 16.1% |
每股收益（稀释后）HLFWEX
| Q1 26 | — | $2.22 | ||
| Q4 25 | $0.81 | $2.38 | ||
| Q3 25 | $0.42 | $2.30 | ||
| Q2 25 | $0.48 | $1.98 | ||
| Q1 25 | $0.49 | $1.81 | ||
| Q4 24 | $1.75 | $1.60 | ||
| Q3 24 | $0.46 | $2.52 | ||
| Q2 24 | $0.05 | $1.83 |
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 | $633.5M |
| 总债务越低越好 | $2.0B | — |
| 股东权益账面价值 | $-515.1M | $1.3B |
| 总资产 | $2.8B | $15.4B |
| 负债/权益比越低杠杆越低 | — | — |
8季度趋势，按日历期对齐
现金及短期投资HLFWEX
| Q1 26 | — | $633.5M | ||
| Q4 25 | $353.1M | $5.2B | ||
| Q3 25 | $305.5M | $4.9B | ||
| Q2 25 | $320.9M | $4.9B | ||
| Q1 25 | $329.4M | $4.4B | ||
| Q4 24 | $415.3M | $4.4B | ||
| Q3 24 | $402.5M | $4.3B | ||
| Q2 24 | $374.0M | $4.0B |
总债务HLFWEX
| Q1 26 | — | — | ||
| Q4 25 | $2.0B | — | ||
| Q3 25 | $2.0B | — | ||
| Q2 25 | $2.1B | — | ||
| Q1 25 | $2.2B | — | ||
| Q4 24 | $2.3B | — | ||
| Q3 24 | $2.3B | — | ||
| Q2 24 | $2.3B | — |
股东权益HLFWEX
| Q1 26 | — | $1.3B | ||
| Q4 25 | $-515.1M | $1.2B | ||
| Q3 25 | $-612.0M | $1.1B | ||
| Q2 25 | $-660.5M | $978.7M | ||
| Q1 25 | $-736.0M | $810.4M | ||
| Q4 24 | $-801.1M | $1.5B | ||
| Q3 24 | $-954.2M | $1.7B | ||
| Q2 24 | $-1.0B | $1.8B |
总资产HLFWEX
| Q1 26 | — | $15.4B | ||
| Q4 25 | $2.8B | $14.4B | ||
| Q3 25 | $2.7B | $14.4B | ||
| Q2 25 | $2.7B | $14.7B | ||
| Q1 25 | $2.7B | $14.0B | ||
| Q4 24 | $2.7B | $13.3B | ||
| Q3 24 | $2.7B | $14.0B | ||
| Q2 24 | $2.6B | $14.2B |
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 | — |
| 自由现金流经营现金流 - 资本支出 | $79.8M | $49.5M |
| 自由现金流率自由现金流/营收 | 6.2% | 7.3% |
| 资本支出强度资本支出/营收 | 1.4% | 5.6% |
| 现金转化率经营现金流/净利润 | 1.15× | — |
| 过去12个月自由现金流最近4个季度 | $252.9M | $877.4M |
8季度趋势，按日历期对齐
经营现金流HLFWEX
| Q1 26 | — | — | ||
| Q4 25 | $98.3M | $294.7M | ||
| Q3 25 | $138.8M | $376.6M | ||
| Q2 25 | $96.0M | $264.6M | ||
| Q1 25 | $200.0K | $-481.6M | ||
| Q4 24 | $69.6M | $638.4M | ||
| Q3 24 | $99.5M | $3.3M | ||
| Q2 24 | $102.5M | $-7.0M |
自由现金流HLFWEX
| Q1 26 | — | $49.5M | ||
| Q4 25 | $79.8M | $256.3M | ||
| Q3 25 | $118.0M | $341.6M | ||
| Q2 25 | $73.2M | $230.0M | ||
| Q1 25 | $-18.1M | $-514.2M | ||
| Q4 24 | $43.9M | $599.7M | ||
| Q3 24 | $72.4M | $-31.7M | ||
| Q2 24 | $66.2M | $-46.6M |
自由现金流率HLFWEX
| Q1 26 | — | 7.3% | ||
| Q4 25 | 6.2% | 55.1% | ||
| Q3 25 | 9.3% | 70.9% | ||
| Q2 25 | 5.8% | 50.6% | ||
| Q1 25 | -1.5% | -115.7% | ||
| Q4 24 | 3.6% | 136.2% | ||
| Q3 24 | 5.8% | -6.6% | ||
| Q2 24 | 5.2% | -9.7% |
资本支出强度HLFWEX
| Q1 26 | — | 5.6% | ||
| Q4 25 | 1.4% | 8.3% | ||
| Q3 25 | 1.6% | 7.3% | ||
| Q2 25 | 1.8% | 7.6% | ||
| Q1 25 | 1.5% | 7.3% | ||
| Q4 24 | 2.1% | 8.8% | ||
| Q3 24 | 2.2% | 7.3% | ||
| Q2 24 | 2.8% | 8.3% |
现金转化率HLFWEX
| Q1 26 | — | — | ||
| Q4 25 | 1.15× | 3.50× | ||
| Q3 25 | 3.21× | 4.69× | ||
| Q2 25 | 1.95× | 3.89× | ||
| Q1 25 | 0.00× | -6.74× | ||
| Q4 24 | 0.39× | 9.99× | ||
| Q3 24 | 2.10× | 0.03× | ||
| Q2 24 | 21.81× | -0.09× |
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% |
WEX
| Payment processing revenue | $284.2M | 42% |
| Account servicing revenue | $182.5M | 27% |
| Other revenue | $127.0M | 19% |
| Finance fee revenue | $80.1M | 12% |
