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荷美尔食品（HRL）与梯瓦制药（TEVA）财务数据对比。点击上方公司名可切换其他公司
梯瓦制药的季度营收约是荷美尔食品的1.5倍（$4.7B vs $3.2B），梯瓦制药净利率更高（10.2% vs -1.8%，领先12.0%），梯瓦制药同比增速更快（11.4% vs 1.5%），梯瓦制药自由现金流更多（$1.0B vs $231.4M），过去两年梯瓦制药的营收复合增速更高（11.1% 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。
梯瓦制药工业有限公司是以色列跨国制药企业，核心业务聚焦仿制药研发生产，同时布局品牌药、药用活性成分（API）业务，也小范围开展合同生产服务及对外授权合作相关业务。
HRL vs TEVA — 直观对比
营收规模更大
TEVA
是对方的1.5倍
$3.2B
营收增速更快
TEVA
高出9.9%
1.5%
净利率更高
TEVA
高出12.0%
-1.8%
自由现金流更多
TEVA
多$784.6M
$231.4M
两年增速更快
TEVA
近两年复合增速
3.1%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $3.2B | $4.7B |
| 净利润 | $-56.1M | $481.0M |
| 毛利率 | 14.0% | 56.4% |
| 营业利润率 | 0.1% | 6.4% |
| 净利率 | -1.8% | 10.2% |
| 营收同比 | 1.5% | 11.4% |
| 净利润同比 | -125.5% | 321.7% |
| 每股收益（稀释后） | $-0.10 | $0.42 |
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HRLTEVA
| Q4 25 | $3.2B | $4.7B | ||
| Q3 25 | $3.0B | $4.5B | ||
| Q2 25 | $2.9B | $4.2B | ||
| Q1 25 | $3.0B | $3.9B | ||
| Q4 24 | $3.1B | $4.2B | ||
| Q3 24 | $2.9B | $4.3B | ||
| Q2 24 | $2.9B | $4.2B | ||
| Q1 24 | $3.0B | $3.8B |
净利润HRLTEVA
| Q4 25 | $-56.1M | $481.0M | ||
| Q3 25 | $183.7M | $433.0M | ||
| Q2 25 | $180.0M | $282.0M | ||
| Q1 25 | $170.6M | $214.0M | ||
| Q4 24 | $220.2M | $-217.0M | ||
| Q3 24 | $176.7M | $-437.0M | ||
| Q2 24 | $189.3M | $-846.0M | ||
| Q1 24 | $218.9M | $-139.0M |
毛利率HRLTEVA
| Q4 25 | 14.0% | 56.4% | ||
| Q3 25 | 16.1% | 51.4% | ||
| Q2 25 | 16.7% | 50.3% | ||
| Q1 25 | 15.9% | 48.2% | ||
| Q4 24 | 16.6% | 50.2% | ||
| Q3 24 | 16.8% | 49.6% | ||
| Q2 24 | 17.4% | 48.6% | ||
| Q1 24 | 17.0% | 46.4% |
营业利润率HRLTEVA
| Q4 25 | 0.1% | 6.4% | ||
| Q3 25 | 7.9% | 19.7% | ||
| Q2 25 | 8.6% | 10.9% | ||
| Q1 25 | 7.6% | 13.3% | ||
| Q4 24 | 9.4% | -0.7% | ||
| Q3 24 | 8.2% | -1.2% | ||
| Q2 24 | 8.7% | -0.1% | ||
| Q1 24 | 9.5% | -5.7% |
净利率HRLTEVA
| Q4 25 | -1.8% | 10.2% | ||
| Q3 25 | 6.1% | 9.7% | ||
| Q2 25 | 6.2% | 6.8% | ||
| Q1 25 | 5.7% | 5.5% | ||
| Q4 24 | 7.0% | -5.1% | ||
| Q3 24 | 6.1% | -10.1% | ||
| Q2 24 | 6.6% | -20.3% | ||
| Q1 24 | 7.3% | -3.6% |
每股收益（稀释后）HRLTEVA
| Q4 25 | $-0.10 | $0.42 | ||
| Q3 25 | $0.33 | $0.37 | ||
| Q2 25 | $0.33 | $0.24 | ||
| Q1 25 | $0.31 | $0.18 | ||
| Q4 24 | $0.41 | $-0.19 | ||
| Q3 24 | $0.32 | $-0.39 | ||
| Q2 24 | $0.34 | $-0.75 | ||
| Q1 24 | $0.40 | $-0.12 |
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 | $3.6B |
| 总债务越低越好 | $2.9B | — |
| 股东权益账面价值 | $7.9B | $7.9B |
| 总资产 | $13.4B | $40.7B |
| 负债/权益比越低杠杆越低 | 0.36× | — |
8季度趋势，按日历期对齐
现金及短期投资HRLTEVA
| Q4 25 | $703.6M | $3.6B | ||
| Q3 25 | $630.7M | $2.2B | ||
| Q2 25 | $699.0M | $2.2B | ||
| Q1 25 | $866.4M | $1.7B | ||
| Q4 24 | $766.6M | $3.3B | ||
| Q3 24 | $561.9M | $3.3B | ||
| Q2 24 | $1.5B | $2.3B | ||
| Q1 24 | $981.9M | $3.0B |
总债务HRLTEVA
| Q4 25 | $2.9B | — | ||
| Q3 25 | $2.9B | — | ||
| Q2 25 | $2.9B | — | ||
| Q1 25 | $2.9B | — | ||
| Q4 24 | $2.9B | — | ||
| Q3 24 | $2.9B | — | ||
| Q2 24 | $2.9B | — | ||
| Q1 24 | $2.4B | — |
股东权益HRLTEVA
| Q4 25 | $7.9B | $7.9B | ||
| Q3 25 | $8.1B | $7.3B | ||
| Q2 25 | $8.0B | $6.8B | ||
| Q1 25 | $8.0B | $6.3B | ||
| Q4 24 | $8.0B | $5.4B | ||
| Q3 24 | $7.9B | $6.1B | ||
| Q2 24 | $7.9B | $6.4B | ||
| Q1 24 | $7.8B | $7.3B |
总资产HRLTEVA
| Q4 25 | $13.4B | $40.7B | ||
| Q3 25 | $13.5B | $39.9B | ||
| Q2 25 | $13.4B | $40.1B | ||
| Q1 25 | $13.4B | $38.4B | ||
| Q4 24 | $13.4B | $39.3B | ||
| Q3 24 | $13.1B | $41.8B | ||
| Q2 24 | $14.1B | $41.3B | ||
| Q1 24 | $13.5B | $42.8B |
负债/权益比HRLTEVA
| Q4 25 | 0.36× | — | ||
| Q3 25 | 0.35× | — | ||
| Q2 25 | 0.35× | — | ||
| Q1 25 | 0.36× | — | ||
| Q4 24 | 0.36× | — | ||
| Q3 24 | 0.36× | — | ||
| Q2 24 | 0.36× | — | ||
| Q1 24 | 0.30× | — |
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 | $1.2B |
| 自由现金流经营现金流 - 资本支出 | $231.4M | $1.0B |
| 自由现金流率自由现金流/营收 | 7.3% | 21.6% |
| 资本支出强度资本支出/营收 | 2.9% | 3.0% |
| 现金转化率经营现金流/净利润 | — | 2.41× |
| 过去12个月自由现金流最近4个季度 | $534.3M | $1.1B |
8季度趋势，按日历期对齐
经营现金流HRLTEVA
| Q4 25 | $322.9M | $1.2B | ||
| Q3 25 | $156.7M | $369.0M | ||
| Q2 25 | $56.4M | $227.0M | ||
| Q1 25 | $309.2M | $-105.0M | ||
| Q4 24 | $408.6M | $575.0M | ||
| Q3 24 | $218.0M | $693.0M | ||
| Q2 24 | $236.1M | $103.0M | ||
| Q1 24 | $404.0M | $-124.0M |
自由现金流HRLTEVA
| Q4 25 | $231.4M | $1.0B | ||
| Q3 25 | $84.5M | $233.0M | ||
| Q2 25 | $-18.6M | $131.0M | ||
| Q1 25 | $237.0M | $-232.0M | ||
| Q4 24 | $324.8M | $446.0M | ||
| Q3 24 | $152.5M | $545.0M | ||
| Q2 24 | $176.2M | $6.0M | ||
| Q1 24 | $356.8M | $-248.0M |
自由现金流率HRLTEVA
| Q4 25 | 7.3% | 21.6% | ||
| Q3 25 | 2.8% | 5.2% | ||
| Q2 25 | -0.6% | 3.1% | ||
| Q1 25 | 7.9% | -6.0% | ||
| Q4 24 | 10.4% | 10.5% | ||
| Q3 24 | 5.3% | 12.6% | ||
| Q2 24 | 6.1% | 0.1% | ||
| Q1 24 | 11.9% | -6.5% |
资本支出强度HRLTEVA
| Q4 25 | 2.9% | 3.0% | ||
| Q3 25 | 2.4% | 3.0% | ||
| Q2 25 | 2.6% | 2.3% | ||
| Q1 25 | 2.4% | 3.3% | ||
| Q4 24 | 2.7% | 3.1% | ||
| Q3 24 | 2.3% | 3.4% | ||
| Q2 24 | 2.1% | 2.3% | ||
| Q1 24 | 1.6% | 3.2% |
现金转化率HRLTEVA
| Q4 25 | — | 2.41× | ||
| Q3 25 | 0.85× | 0.85× | ||
| Q2 25 | 0.31× | 0.80× | ||
| Q1 25 | 1.81× | -0.49× | ||
| Q4 24 | 1.86× | — | ||
| 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% |
TEVA
| Other | $2.0B | 42% |
| Generics Medicians Including Otc And Biosimilars | $672.0M | 14% |
| Other Products | $608.0M | 13% |
| License | $529.0M | 11% |
| Distribution Service | $366.0M | 8% |
| Other Activities | $227.0M | 5% |
| Ajovy | $106.0M | 2% |
| COPAXONE | $77.0M | 2% |
| Respiratory Product | $65.0M | 1% |
| Uzedy | $55.0M | 1% |
| Bendeka And Treanda | $36.0M | 1% |
