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荷美尔食品（HRL）与泰佩思琦（TPR）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泰佩思琦的1.3倍（$3.2B vs $2.5B），泰佩思琦净利率更高（22.4% vs -1.8%，领先24.2%），泰佩思琦同比增速更快（14.0% vs 1.5%），泰佩思琦自由现金流更多（$1.0B vs $231.4M），过去两年泰佩思琦的营收复合增速更高（29.9% 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。
Tapestry, Inc.是美国知名跨国奢侈品时尚控股企业，旗下拥有Coach、Kate Spade New York、Stuart Weitzman三大标志性生活方式品牌，主营高端手袋、服饰、鞋履、配饰及香水产品，销售渠道覆盖全球线下门店与线上电商平台。
HRL vs TPR — 直观对比
营收规模更大
HRL
是对方的1.3倍
$2.5B
营收增速更快
TPR
高出12.5%
1.5%
净利率更高
TPR
高出24.2%
-1.8%
自由现金流更多
TPR
多$806.1M
$231.4M
两年增速更快
TPR
近两年复合增速
3.1%
损益表 — Q4 FY2025 vs Q2 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $3.2B | $2.5B |
| 净利润 | $-56.1M | $561.3M |
| 毛利率 | 14.0% | 75.5% |
| 营业利润率 | 0.1% | 28.6% |
| 净利率 | -1.8% | 22.4% |
| 营收同比 | 1.5% | 14.0% |
| 净利润同比 | -125.5% | 80.8% |
| 每股收益（稀释后） | $-0.10 | $2.68 |
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HRLTPR
| Q4 25 | $3.2B | $2.5B | ||
| Q3 25 | $3.0B | $1.7B | ||
| Q2 25 | $2.9B | $1.7B | ||
| Q1 25 | $3.0B | $1.6B | ||
| Q4 24 | $3.1B | $2.2B | ||
| Q3 24 | $2.9B | $1.5B | ||
| Q2 24 | $2.9B | $1.6B | ||
| Q1 24 | $3.0B | $1.5B |
净利润HRLTPR
| Q4 25 | $-56.1M | $561.3M | ||
| Q3 25 | $183.7M | $274.8M | ||
| Q2 25 | $180.0M | $-517.1M | ||
| Q1 25 | $170.6M | $203.3M | ||
| Q4 24 | $220.2M | $310.4M | ||
| Q3 24 | $176.7M | $186.6M | ||
| Q2 24 | $189.3M | $159.3M | ||
| Q1 24 | $218.9M | $139.4M |
毛利率HRLTPR
| Q4 25 | 14.0% | 75.5% | ||
| Q3 25 | 16.1% | 76.3% | ||
| Q2 25 | 16.7% | 76.3% | ||
| Q1 25 | 15.9% | 76.1% | ||
| Q4 24 | 16.6% | 74.4% | ||
| Q3 24 | 16.8% | 75.3% | ||
| Q2 24 | 17.4% | 74.9% | ||
| Q1 24 | 17.0% | 74.7% |
营业利润率HRLTPR
| Q4 25 | 0.1% | 28.6% | ||
| Q3 25 | 7.9% | 19.3% | ||
| Q2 25 | 8.6% | -33.9% | ||
| Q1 25 | 7.6% | 16.0% | ||
| Q4 24 | 9.4% | 22.4% | ||
| Q3 24 | 8.2% | 16.7% | ||
| Q2 24 | 8.7% | 14.8% | ||
| Q1 24 | 9.5% | 13.8% |
净利率HRLTPR
| Q4 25 | -1.8% | 22.4% | ||
| Q3 25 | 6.1% | 16.1% | ||
| Q2 25 | 6.2% | -30.0% | ||
| Q1 25 | 5.7% | 12.8% | ||
| Q4 24 | 7.0% | 14.1% | ||
| Q3 24 | 6.1% | 12.4% | ||
| Q2 24 | 6.6% | 10.0% | ||
| Q1 24 | 7.3% | 9.4% |
每股收益（稀释后）HRLTPR
| Q4 25 | $-0.10 | $2.68 | ||
| Q3 25 | $0.33 | $1.28 | ||
| Q2 25 | $0.33 | $-2.30 | ||
| Q1 25 | $0.31 | $0.95 | ||
| Q4 24 | $0.41 | $1.38 | ||
| Q3 24 | $0.32 | $0.79 | ||
| Q2 24 | $0.34 | $0.67 | ||
| Q1 24 | $0.40 | $0.60 |
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 | $1.1B |
| 总债务越低越好 | $2.9B | $2.4B |
| 股东权益账面价值 | $7.9B | $551.2M |
| 总资产 | $13.4B | $6.5B |
| 负债/权益比越低杠杆越低 | 0.36× | 4.32× |
8季度趋势，按日历期对齐
现金及短期投资HRLTPR
| Q4 25 | $703.6M | $1.1B | ||
| Q3 25 | $630.7M | $743.2M | ||
| Q2 25 | $699.0M | $1.1B | ||
| Q1 25 | $866.4M | $1.1B | ||
| Q4 24 | $766.6M | $1.0B | ||
| Q3 24 | $561.9M | $7.3B | ||
| Q2 24 | $1.5B | $7.2B | ||
| Q1 24 | $981.9M | $7.4B |
总债务HRLTPR
| Q4 25 | $2.9B | $2.4B | ||
| Q3 25 | $2.9B | $2.4B | ||
| Q2 25 | $2.9B | $2.4B | ||
| Q1 25 | $2.9B | $2.4B | ||
| Q4 24 | $2.9B | $2.4B | ||
| Q3 24 | $2.9B | $7.0B | ||
| Q2 24 | $2.9B | $6.9B | ||
| Q1 24 | $2.4B | $7.7B |
股东权益HRLTPR
| Q4 25 | $7.9B | $551.2M | ||
| Q3 25 | $8.1B | $399.5M | ||
| Q2 25 | $8.0B | $857.8M | ||
| Q1 25 | $8.0B | $1.5B | ||
| Q4 24 | $8.0B | $1.3B | ||
| Q3 24 | $7.9B | $3.0B | ||
| Q2 24 | $7.9B | $2.9B | ||
| Q1 24 | $7.8B | $2.8B |
总资产HRLTPR
| Q4 25 | $13.4B | $6.5B | ||
| Q3 25 | $13.5B | $6.4B | ||
| Q2 25 | $13.4B | $6.6B | ||
| Q1 25 | $13.4B | $7.3B | ||
| Q4 24 | $13.4B | $7.3B | ||
| Q3 24 | $13.1B | $13.7B | ||
| Q2 24 | $14.1B | $13.4B | ||
| Q1 24 | $13.5B | $13.7B |
负债/权益比HRLTPR
| Q4 25 | 0.36× | 4.32× | ||
| Q3 25 | 0.35× | 5.95× | ||
| Q2 25 | 0.35× | 2.77× | ||
| Q1 25 | 0.36× | 1.59× | ||
| Q4 24 | 0.36× | 1.78× | ||
| Q3 24 | 0.36× | 2.35× | ||
| Q2 24 | 0.36× | 2.39× | ||
| Q1 24 | 0.30× | 2.77× |
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 | $1.1B |
| 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% | 41.5% |
| 资本支出强度资本支出/营收 | 2.9% | 1.7% |
| 现金转化率经营现金流/净利润 | — | 1.93× |
| 过去12个月自由现金流最近4个季度 | $534.3M | $1.6B |
8季度趋势，按日历期对齐
经营现金流HRLTPR
| Q4 25 | $322.9M | $1.1B | ||
| Q3 25 | $156.7M | $112.6M | ||
| Q2 25 | $56.4M | $446.8M | ||
| Q1 25 | $309.2M | $144.3M | ||
| Q4 24 | $408.6M | $506.0M | ||
| Q3 24 | $218.0M | $119.5M | ||
| Q2 24 | $236.1M | $256.0M | ||
| Q1 24 | $404.0M | $97.8M |
自由现金流HRLTPR
| Q4 25 | $231.4M | $1.0B | ||
| Q3 25 | $84.5M | $80.2M | ||
| Q2 25 | $-18.6M | $411.5M | ||
| Q1 25 | $237.0M | $113.4M | ||
| Q4 24 | $324.8M | $475.1M | ||
| Q3 24 | $152.5M | $93.9M | ||
| Q2 24 | $176.2M | $209.8M | ||
| Q1 24 | $356.8M | $78.8M |
自由现金流率HRLTPR
| Q4 25 | 7.3% | 41.5% | ||
| Q3 25 | 2.8% | 4.7% | ||
| Q2 25 | -0.6% | 23.9% | ||
| Q1 25 | 7.9% | 7.2% | ||
| Q4 24 | 10.4% | 21.6% | ||
| Q3 24 | 5.3% | 6.2% | ||
| Q2 24 | 6.1% | 13.2% | ||
| Q1 24 | 11.9% | 5.3% |
资本支出强度HRLTPR
| Q4 25 | 2.9% | 1.7% | ||
| Q3 25 | 2.4% | 1.9% | ||
| Q2 25 | 2.6% | 2.0% | ||
| Q1 25 | 2.4% | 2.0% | ||
| Q4 24 | 2.7% | 1.4% | ||
| Q3 24 | 2.3% | 1.7% | ||
| Q2 24 | 2.1% | 2.9% | ||
| Q1 24 | 1.6% | 1.3% |
现金转化率HRLTPR
| Q4 25 | — | 1.93× | ||
| Q3 25 | 0.85× | 0.41× | ||
| Q2 25 | 0.31× | — | ||
| Q1 25 | 1.81× | 0.71× | ||
| Q4 24 | 1.86× | 1.63× | ||
| Q3 24 | 1.23× | 0.64× | ||
| Q2 24 | 1.25× | 1.61× | ||
| Q1 24 | 1.85× | 0.70× |
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% |
TPR
| Coach | $1.4B | 57% |
| Other | $787.0M | 31% |
| Kate Spade Company | $290.0M | 12% |
