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荷美尔食品（HRL）与MARKEL GROUP INC.（MKL）财务数据对比。点击上方公司名可切换其他公司
MARKEL GROUP INC.的季度营收约是荷美尔食品的1.1倍（$3.6B vs $3.2B），MARKEL GROUP INC.净利率更高（16.1% vs -1.8%，领先17.9%），荷美尔食品同比增速更快（1.5% vs -6.9%），MARKEL GROUP INC.自由现金流更多（$599.1M vs $231.4M），过去两年荷美尔食品的营收复合增速更高（3.1% vs -10.5%）
荷美尔食品是1891年于美国明尼苏达州奥斯汀成立的跨国食品加工企业，由乔治·A·荷美尔创立。品牌最初主营火腿、香肠等各类畜肉产品的包装与销售，1937年推出斯帕姆午餐肉，上世纪80年代起逐步拓展多元化包装及冷藏食品产品线。
Markel集团是总部位于美国弗吉尼亚州里士满的综合性企业集团，1930年最初以保险公司的身份创立，发展至今业务已覆盖保险承保、投资管理等多个板块，在全球相关行业拥有较高的市场知名度与稳定的合作网络。
HRL vs MKL — 直观对比
营收规模更大
MKL
是对方的1.1倍
$3.2B
营收增速更快
HRL
高出8.4%
-6.9%
净利率更高
MKL
高出17.9%
-1.8%
自由现金流更多
MKL
多$367.6M
$231.4M
两年增速更快
HRL
近两年复合增速
-10.5%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $3.2B | $3.6B |
| 净利润 | $-56.1M | $576.8M |
| 毛利率 | 14.0% | — |
| 营业利润率 | 0.1% | 22.2% |
| 净利率 | -1.8% | 16.1% |
| 营收同比 | 1.5% | -6.9% |
| 净利润同比 | -125.5% | 5.0% |
| 每股收益（稀释后） | $-0.10 | $48.22 |
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HRLMKL
| Q4 25 | $3.2B | $3.6B | ||
| Q3 25 | $3.0B | $3.9B | ||
| Q2 25 | $2.9B | $4.6B | ||
| Q1 25 | $3.0B | $3.4B | ||
| Q4 24 | $3.1B | $3.8B | ||
| Q3 24 | $2.9B | $4.6B | ||
| Q2 24 | $2.9B | $3.7B | ||
| Q1 24 | $3.0B | $4.5B |
净利润HRLMKL
| Q4 25 | $-56.1M | $576.8M | ||
| Q3 25 | $183.7M | $751.3M | ||
| Q2 25 | $180.0M | $657.1M | ||
| Q1 25 | $170.6M | $121.7M | ||
| Q4 24 | $220.2M | $549.2M | ||
| Q3 24 | $176.7M | $905.0M | ||
| Q2 24 | $189.3M | $267.7M | ||
| Q1 24 | $218.9M | $1.0B |
毛利率HRLMKL
| Q4 25 | 14.0% | — | ||
| Q3 25 | 16.1% | — | ||
| Q2 25 | 16.7% | — | ||
| Q1 25 | 15.9% | — | ||
| Q4 24 | 16.6% | — | ||
| Q3 24 | 16.8% | — | ||
| Q2 24 | 17.4% | — | ||
| Q1 24 | 17.0% | — |
营业利润率HRLMKL
| Q4 25 | 0.1% | 22.2% | ||
| Q3 25 | 7.9% | 25.7% | ||
| Q2 25 | 8.6% | 24.1% | ||
| Q1 25 | 7.6% | 8.3% | ||
| Q4 24 | 9.4% | 15.5% | ||
| Q3 24 | 8.2% | 29.7% | ||
| Q2 24 | 8.7% | 11.1% | ||
| Q1 24 | 9.5% | 29.9% |
净利率HRLMKL
| Q4 25 | -1.8% | 16.1% | ||
| Q3 25 | 6.1% | 19.1% | ||
| Q2 25 | 6.2% | 14.3% | ||
| Q1 25 | 5.7% | 3.6% | ||
| Q4 24 | 7.0% | 14.3% | ||
| Q3 24 | 6.1% | 19.6% | ||
| Q2 24 | 6.6% | 7.2% | ||
| Q1 24 | 7.3% | 23.0% |
每股收益（稀释后）HRLMKL
| Q4 25 | $-0.10 | $48.22 | ||
| Q3 25 | $0.33 | $59.25 | ||
| Q2 25 | $0.33 | $49.67 | ||
| Q1 25 | $0.31 | $12.08 | ||
| Q4 24 | $0.41 | $39.02 | ||
| Q3 24 | $0.32 | $66.25 | ||
| Q2 24 | $0.34 | $18.62 | ||
| Q1 24 | $0.40 | $75.43 |
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 | $703.6M | $4.0B |
| 总债务越低越好 | $2.9B | $4.3B |
| 股东权益账面价值 | $7.9B | $18.6B |
| 总资产 | $13.4B | $68.9B |
| 负债/权益比越低杠杆越低 | 0.36× | 0.23× |
8季度趋势，按日历期对齐
现金及短期投资HRLMKL
| Q4 25 | $703.6M | $4.0B | ||
| Q3 25 | $630.7M | $4.0B | ||
| Q2 25 | $699.0M | $3.7B | ||
| Q1 25 | $866.4M | $4.2B | ||
| Q4 24 | $766.6M | $3.7B | ||
| Q3 24 | $561.9M | $3.9B | ||
| Q2 24 | $1.5B | $3.5B | ||
| Q1 24 | $981.9M | $3.6B |
总债务HRLMKL
| Q4 25 | $2.9B | $4.3B | ||
| Q3 25 | $2.9B | $4.3B | ||
| Q2 25 | $2.9B | $4.4B | ||
| Q1 25 | $2.9B | $4.4B | ||
| Q4 24 | $2.9B | $4.3B | ||
| Q3 24 | $2.9B | $4.4B | ||
| Q2 24 | $2.9B | $4.4B | ||
| Q1 24 | $2.4B | $3.9B |
股东权益HRLMKL
| Q4 25 | $7.9B | $18.6B | ||
| Q3 25 | $8.1B | $18.0B | ||
| Q2 25 | $8.0B | $17.3B | ||
| Q1 25 | $8.0B | $17.1B | ||
| Q4 24 | $8.0B | $16.9B | ||
| Q3 24 | $7.9B | $17.0B | ||
| Q2 24 | $7.9B | $15.9B | ||
| Q1 24 | $7.8B | $15.7B |
总资产HRLMKL
| Q4 25 | $13.4B | $68.9B | ||
| Q3 25 | $13.5B | $67.4B | ||
| Q2 25 | $13.4B | $66.8B | ||
| Q1 25 | $13.4B | $64.6B | ||
| Q4 24 | $13.4B | $61.9B | ||
| Q3 24 | $13.1B | $62.3B | ||
| Q2 24 | $14.1B | $59.7B | ||
| Q1 24 | $13.5B | $57.3B |
负债/权益比HRLMKL
| Q4 25 | 0.36× | 0.23× | ||
| Q3 25 | 0.35× | 0.24× | ||
| Q2 25 | 0.35× | 0.25× | ||
| Q1 25 | 0.36× | 0.26× | ||
| Q4 24 | 0.36× | 0.26× | ||
| Q3 24 | 0.36× | 0.26× | ||
| Q2 24 | 0.36× | 0.28× | ||
| Q1 24 | 0.30× | 0.25× |
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 | $322.9M | $662.2M |
| 自由现金流经营现金流 - 资本支出 | $231.4M | $599.1M |
| 自由现金流率自由现金流/营收 | 7.3% | 16.7% |
| 资本支出强度资本支出/营收 | 2.9% | 1.8% |
| 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 | $534.3M | $2.6B |
8季度趋势，按日历期对齐
经营现金流HRLMKL
| Q4 25 | $322.9M | $662.2M | ||
| Q3 25 | $156.7M | $1.2B | ||
| Q2 25 | $56.4M | $504.4M | ||
| Q1 25 | $309.2M | $376.2M | ||
| Q4 24 | $408.6M | $493.9M | ||
| Q3 24 | $218.0M | $890.8M | ||
| Q2 24 | $236.1M | $578.6M | ||
| Q1 24 | $404.0M | $630.7M |
自由现金流HRLMKL
| Q4 25 | $231.4M | $599.1M | ||
| Q3 25 | $84.5M | $1.2B | ||
| Q2 25 | $-18.6M | $453.8M | ||
| Q1 25 | $237.0M | $335.5M | ||
| Q4 24 | $324.8M | $420.0M | ||
| Q3 24 | $152.5M | $838.9M | ||
| Q2 24 | $176.2M | $521.4M | ||
| Q1 24 | $356.8M | $558.7M |
自由现金流率HRLMKL
| Q4 25 | 7.3% | 16.7% | ||
| Q3 25 | 2.8% | 29.6% | ||
| Q2 25 | -0.6% | 9.9% | ||
| Q1 25 | 7.9% | 9.9% | ||
| Q4 24 | 10.4% | 10.9% | ||
| Q3 24 | 5.3% | 18.2% | ||
| Q2 24 | 6.1% | 14.1% | ||
| Q1 24 | 11.9% | 12.5% |
资本支出强度HRLMKL
| Q4 25 | 2.9% | 1.8% | ||
| Q3 25 | 2.4% | 1.3% | ||
| Q2 25 | 2.6% | 1.1% | ||
| Q1 25 | 2.4% | 1.2% | ||
| Q4 24 | 2.7% | 1.9% | ||
| Q3 24 | 2.3% | 1.1% | ||
| Q2 24 | 2.1% | 1.5% | ||
| Q1 24 | 1.6% | 1.6% |
现金转化率HRLMKL
| Q4 25 | — | 1.15× | ||
| Q3 25 | 0.85× | 1.62× | ||
| Q2 25 | 0.31× | 0.77× | ||
| Q1 25 | 1.81× | 3.09× | ||
| Q4 24 | 1.86× | 0.90× | ||
| Q3 24 | 1.23× | 0.98× | ||
| Q2 24 | 1.25× | 2.16× | ||
| Q1 24 | 1.85× | 0.62× |
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
HRL
| Retail Segment | $1.9B | 60% |
| Foodservice Segment | $1.1B | 34% |
| Other | $174.7M | 5% |
MKL
| Industrial | $1.6B | 45% |
| Consumer And Other | $958.3M | 27% |
| Financial | $737.0M | 21% |
| Other | $198.8M | 6% |
| Corporate Operations | $52.0M | 1% |
| Revenue From Contract With Customer | $10.5M | 0% |
