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荷美尔食品（HRL）与Snap Inc（SNAP）财务数据对比。点击上方公司名可切换其他公司
荷美尔食品的季度营收约是Snap Inc的1.9倍（$3.2B vs $1.7B），Snap Inc净利率更高（2.6% vs -1.8%，领先4.4%），Snap Inc同比增速更快（10.2% vs 1.5%），荷美尔食品自由现金流更多（$231.4M vs $205.6M），过去两年Snap Inc的营收复合增速更高（19.9% vs 3.1%）
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。
Snap Inc.是一家美国科技企业，2011年9月16日由埃文·斯皮格尔、鲍比·墨菲和雷吉·布朗联合创立，总部位于加利福尼亚州圣莫尼卡。公司核心产品包括社交应用Snapchat、智能眼镜Spectacles、虚拟形象工具Bitmoji以及营销推广解决方案SnapBoost，2016年9月24日由原Snapchat Inc.更名为现名，覆盖社交、智能硬件等多元业务领域。
HRL vs SNAP — 直观对比
营收规模更大
HRL
是对方的1.9倍
$1.7B
营收增速更快
SNAP
高出8.7%
1.5%
净利率更高
SNAP
高出4.4%
-1.8%
自由现金流更多
HRL
多$25.9M
$205.6M
两年增速更快
SNAP
近两年复合增速
3.1%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $3.2B | $1.7B |
| 净利润 | $-56.1M | $45.2M |
| 毛利率 | 14.0% | 59.1% |
| 营业利润率 | 0.1% | 2.9% |
| 净利率 | -1.8% | 2.6% |
| 营收同比 | 1.5% | 10.2% |
| 净利润同比 | -125.5% | 396.7% |
| 每股收益（稀释后） | $-0.10 | $0.03 |
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HRLSNAP
| Q4 25 | $3.2B | $1.7B | ||
| Q3 25 | $3.0B | $1.5B | ||
| Q2 25 | $2.9B | $1.3B | ||
| Q1 25 | $3.0B | $1.4B | ||
| Q4 24 | $3.1B | $1.6B | ||
| Q3 24 | $2.9B | $1.4B | ||
| Q2 24 | $2.9B | $1.2B | ||
| Q1 24 | $3.0B | $1.2B |
净利润HRLSNAP
| Q4 25 | $-56.1M | $45.2M | ||
| Q3 25 | $183.7M | $-103.5M | ||
| Q2 25 | $180.0M | $-262.6M | ||
| Q1 25 | $170.6M | $-139.6M | ||
| Q4 24 | $220.2M | $9.1M | ||
| Q3 24 | $176.7M | $-153.2M | ||
| Q2 24 | $189.3M | $-248.6M | ||
| Q1 24 | $218.9M | $-305.1M |
毛利率HRLSNAP
| Q4 25 | 14.0% | 59.1% | ||
| Q3 25 | 16.1% | 55.3% | ||
| Q2 25 | 16.7% | 51.4% | ||
| Q1 25 | 15.9% | 53.1% | ||
| Q4 24 | 16.6% | 56.9% | ||
| Q3 24 | 16.8% | 53.5% | ||
| Q2 24 | 17.4% | 52.4% | ||
| Q1 24 | 17.0% | 51.9% |
营业利润率HRLSNAP
| Q4 25 | 0.1% | 2.9% | ||
| Q3 25 | 7.9% | -8.5% | ||
| Q2 25 | 8.6% | -19.3% | ||
| Q1 25 | 7.6% | -14.2% | ||
| Q4 24 | 9.4% | -1.7% | ||
| Q3 24 | 8.2% | -12.6% | ||
| Q2 24 | 8.7% | -20.5% | ||
| Q1 24 | 9.5% | -27.9% |
净利率HRLSNAP
| Q4 25 | -1.8% | 2.6% | ||
| Q3 25 | 6.1% | -6.9% | ||
| Q2 25 | 6.2% | -19.5% | ||
| Q1 25 | 5.7% | -10.2% | ||
| Q4 24 | 7.0% | 0.6% | ||
| Q3 24 | 6.1% | -11.2% | ||
| Q2 24 | 6.6% | -20.1% | ||
| Q1 24 | 7.3% | -25.5% |
每股收益（稀释后）HRLSNAP
| Q4 25 | $-0.10 | $0.03 | ||
| Q3 25 | $0.33 | $-0.06 | ||
| Q2 25 | $0.33 | $-0.16 | ||
| Q1 25 | $0.31 | $-0.08 | ||
| Q4 24 | $0.41 | $0.01 | ||
| Q3 24 | $0.32 | $-0.09 | ||
| Q2 24 | $0.34 | $-0.15 | ||
| Q1 24 | $0.40 | $-0.19 |
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 | $2.9B |
| 总债务越低越好 | $2.9B | $3.5B |
| 股东权益账面价值 | $7.9B | $2.3B |
| 总资产 | $13.4B | $7.7B |
| 负债/权益比越低杠杆越低 | 0.36× | 1.55× |
8季度趋势，按日历期对齐
现金及短期投资HRLSNAP
| Q4 25 | $703.6M | $2.9B | ||
| Q3 25 | $630.7M | $3.0B | ||
| Q2 25 | $699.0M | $2.9B | ||
| Q1 25 | $866.4M | $3.2B | ||
| Q4 24 | $766.6M | $3.4B | ||
| Q3 24 | $561.9M | $3.2B | ||
| Q2 24 | $1.5B | $3.1B | ||
| Q1 24 | $981.9M | $2.9B |
总债务HRLSNAP
| Q4 25 | $2.9B | $3.5B | ||
| Q3 25 | $2.9B | $3.5B | ||
| Q2 25 | $2.9B | $3.6B | ||
| Q1 25 | $2.9B | $3.6B | ||
| Q4 24 | $2.9B | $3.6B | ||
| Q3 24 | $2.9B | $3.6B | ||
| Q2 24 | $2.9B | $3.6B | ||
| Q1 24 | $2.4B | $3.3B |
股东权益HRLSNAP
| Q4 25 | $7.9B | $2.3B | ||
| Q3 25 | $8.1B | $2.2B | ||
| Q2 25 | $8.0B | $2.1B | ||
| Q1 25 | $8.0B | $2.3B | ||
| Q4 24 | $8.0B | $2.5B | ||
| Q3 24 | $7.9B | $2.2B | ||
| Q2 24 | $7.9B | $2.1B | ||
| Q1 24 | $7.8B | $2.1B |
总资产HRLSNAP
| Q4 25 | $13.4B | $7.7B | ||
| Q3 25 | $13.5B | $7.6B | ||
| Q2 25 | $13.4B | $7.4B | ||
| Q1 25 | $13.4B | $7.6B | ||
| Q4 24 | $13.4B | $7.9B | ||
| Q3 24 | $13.1B | $7.6B | ||
| Q2 24 | $14.1B | $7.4B | ||
| Q1 24 | $13.5B | $7.2B |
负债/权益比HRLSNAP
| Q4 25 | 0.36× | 1.55× | ||
| Q3 25 | 0.35× | 1.59× | ||
| Q2 25 | 0.35× | 1.73× | ||
| Q1 25 | 0.36× | 1.56× | ||
| Q4 24 | 0.36× | 1.49× | ||
| Q3 24 | 0.36× | 1.65× | ||
| Q2 24 | 0.36× | 1.76× | ||
| Q1 24 | 0.30× | 1.55× |
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 | $269.6M |
| 自由现金流经营现金流 - 资本支出 | $231.4M | $205.6M |
| 自由现金流率自由现金流/营收 | 7.3% | 12.0% |
| 资本支出强度资本支出/营收 | 2.9% | 3.7% |
| 现金转化率经营现金流/净利润 | — | 5.96× |
| 过去12个月自由现金流最近4个季度 | $534.3M | $437.2M |
8季度趋势，按日历期对齐
经营现金流HRLSNAP
| Q4 25 | $322.9M | $269.6M | ||
| Q3 25 | $156.7M | $146.5M | ||
| Q2 25 | $56.4M | $88.5M | ||
| Q1 25 | $309.2M | $151.6M | ||
| Q4 24 | $408.6M | $230.6M | ||
| Q3 24 | $218.0M | $115.9M | ||
| Q2 24 | $236.1M | $-21.4M | ||
| Q1 24 | $404.0M | $88.4M |
自由现金流HRLSNAP
| Q4 25 | $231.4M | $205.6M | ||
| Q3 25 | $84.5M | $93.4M | ||
| Q2 25 | $-18.6M | $23.8M | ||
| Q1 25 | $237.0M | $114.4M | ||
| Q4 24 | $324.8M | $182.4M | ||
| Q3 24 | $152.5M | $71.8M | ||
| Q2 24 | $176.2M | $-73.4M | ||
| Q1 24 | $356.8M | $37.9M |
自由现金流率HRLSNAP
| Q4 25 | 7.3% | 12.0% | ||
| Q3 25 | 2.8% | 6.2% | ||
| Q2 25 | -0.6% | 1.8% | ||
| Q1 25 | 7.9% | 8.4% | ||
| Q4 24 | 10.4% | 11.7% | ||
| Q3 24 | 5.3% | 5.2% | ||
| Q2 24 | 6.1% | -5.9% | ||
| Q1 24 | 11.9% | 3.2% |
资本支出强度HRLSNAP
| Q4 25 | 2.9% | 3.7% | ||
| Q3 25 | 2.4% | 3.5% | ||
| Q2 25 | 2.6% | 4.8% | ||
| Q1 25 | 2.4% | 2.7% | ||
| Q4 24 | 2.7% | 3.1% | ||
| Q3 24 | 2.3% | 3.2% | ||
| Q2 24 | 2.1% | 4.2% | ||
| Q1 24 | 1.6% | 4.2% |
现金转化率HRLSNAP
| Q4 25 | — | 5.96× | ||
| Q3 25 | 0.85× | — | ||
| Q2 25 | 0.31× | — | ||
| Q1 25 | 1.81× | — | ||
| Q4 24 | 1.86× | 25.34× | ||
| Q3 24 | 1.23× | — | ||
| Q2 24 | 1.25× | — | ||
| Q1 24 | 1.85× | — |
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% |
SNAP
| Advertising Revenue | $1.5B | 86% |
| Other Revenue | $231.9M | 14% |
