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荷美尔食品（HRL）与Ulta Beauty（ULTA）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Ulta Beauty的1.1倍（$3.2B vs $2.9B），Ulta Beauty净利率更高（8.1% vs -1.8%，领先9.8%），Ulta Beauty同比增速更快（12.9% vs 1.5%），荷美尔食品自由现金流更多（$231.4M vs $-81.6M），过去两年Ulta Beauty的营收复合增速更高（7.2% 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。
Ulta Beauty是美国头部美妆连锁品牌，总部位于伊利诺伊州博林布鲁克，旗下门店在售商品覆盖高低端彩妆、香水、美甲、身体护理、美发产品及美妆工具等全品类美妆个护产品，每家门店均配备对外开放的美容沙龙，为消费者提供一站式美妆消费及服务体验。
HRL vs ULTA — 直观对比
营收规模更大
HRL
是对方的1.1倍
$2.9B
营收增速更快
ULTA
高出11.4%
1.5%
净利率更高
ULTA
高出9.8%
-1.8%
自由现金流更多
HRL
多$313.1M
$-81.6M
两年增速更快
ULTA
近两年复合增速
3.1%
损益表 — Q4 FY2025 vs Q3 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $3.2B | $2.9B |
| 净利润 | $-56.1M | $230.9M |
| 毛利率 | 14.0% | 40.4% |
| 营业利润率 | 0.1% | 10.8% |
| 净利率 | -1.8% | 8.1% |
| 营收同比 | 1.5% | 12.9% |
| 净利润同比 | -125.5% | -4.7% |
| 每股收益（稀释后） | $-0.10 | $5.14 |
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HRLULTA
| Q4 25 | $3.2B | $2.9B | ||
| Q3 25 | $3.0B | $2.8B | ||
| Q2 25 | $2.9B | $2.8B | ||
| Q1 25 | $3.0B | — | ||
| Q4 24 | $3.1B | $2.5B | ||
| Q3 24 | $2.9B | $2.6B | ||
| Q2 24 | $2.9B | $2.7B | ||
| Q1 24 | $3.0B | $3.6B |
净利润HRLULTA
| Q4 25 | $-56.1M | $230.9M | ||
| Q3 25 | $183.7M | $260.9M | ||
| Q2 25 | $180.0M | $305.1M | ||
| Q1 25 | $170.6M | — | ||
| Q4 24 | $220.2M | $242.2M | ||
| Q3 24 | $176.7M | $252.6M | ||
| Q2 24 | $189.3M | $313.1M | ||
| Q1 24 | $218.9M | $394.4M |
毛利率HRLULTA
| Q4 25 | 14.0% | 40.4% | ||
| Q3 25 | 16.1% | 39.2% | ||
| Q2 25 | 16.7% | 39.1% | ||
| Q1 25 | 15.9% | — | ||
| Q4 24 | 16.6% | 39.7% | ||
| Q3 24 | 16.8% | 38.3% | ||
| Q2 24 | 17.4% | 39.2% | ||
| Q1 24 | 17.0% | 37.7% |
营业利润率HRLULTA
| Q4 25 | 0.1% | 10.8% | ||
| Q3 25 | 7.9% | 12.4% | ||
| Q2 25 | 8.6% | 14.1% | ||
| Q1 25 | 7.6% | — | ||
| Q4 24 | 9.4% | 12.6% | ||
| Q3 24 | 8.2% | 12.9% | ||
| Q2 24 | 8.7% | 14.7% | ||
| Q1 24 | 9.5% | 14.5% |
净利率HRLULTA
| Q4 25 | -1.8% | 8.1% | ||
| Q3 25 | 6.1% | 9.4% | ||
| Q2 25 | 6.2% | 10.7% | ||
| Q1 25 | 5.7% | — | ||
| Q4 24 | 7.0% | 9.6% | ||
| Q3 24 | 6.1% | 9.9% | ||
| Q2 24 | 6.6% | 11.5% | ||
| Q1 24 | 7.3% | 11.1% |
每股收益（稀释后）HRLULTA
| Q4 25 | $-0.10 | $5.14 | ||
| Q3 25 | $0.33 | $5.78 | ||
| Q2 25 | $0.33 | $6.70 | ||
| Q1 25 | $0.31 | — | ||
| Q4 24 | $0.41 | $5.14 | ||
| Q3 24 | $0.32 | $5.30 | ||
| Q2 24 | $0.34 | $6.47 | ||
| Q1 24 | $0.40 | $8.06 |
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 | $204.9M |
| 总债务越低越好 | $2.9B | — |
| 股东权益账面价值 | $7.9B | $2.6B |
| 总资产 | $13.4B | $7.0B |
| 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HRLULTA
| Q4 25 | $703.6M | $204.9M | ||
| Q3 25 | $630.7M | $242.7M | ||
| Q2 25 | $699.0M | $454.6M | ||
| Q1 25 | $866.4M | — | ||
| Q4 24 | $766.6M | $177.8M | ||
| Q3 24 | $561.9M | $414.0M | ||
| Q2 24 | $1.5B | $524.6M | ||
| Q1 24 | $981.9M | $766.6M |
总债务HRLULTA
| 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HRLULTA
| Q4 25 | $7.9B | $2.6B | ||
| Q3 25 | $8.1B | $2.6B | ||
| Q2 25 | $8.0B | $2.4B | ||
| Q1 25 | $8.0B | — | ||
| Q4 24 | $8.0B | $2.3B | ||
| Q3 24 | $7.9B | $2.3B | ||
| Q2 24 | $7.9B | $2.3B | ||
| Q1 24 | $7.8B | $2.3B |
总资产HRLULTA
| Q4 25 | $13.4B | $7.0B | ||
| Q3 25 | $13.5B | $6.6B | ||
| Q2 25 | $13.4B | $6.0B | ||
| Q1 25 | $13.4B | — | ||
| Q4 24 | $13.4B | $6.0B | ||
| Q3 24 | $13.1B | $5.7B | ||
| Q2 24 | $14.1B | $5.6B | ||
| Q1 24 | $13.5B | $5.7B |
负债/权益比HRLULTA
| 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 | $5.6M |
| 自由现金流经营现金流 - 资本支出 | $231.4M | $-81.6M |
| 自由现金流率自由现金流/营收 | 7.3% | -2.9% |
| 资本支出强度资本支出/营收 | 2.9% | 3.1% |
| 现金转化率经营现金流/净利润 | — | 0.02× |
| 过去12个月自由现金流最近4个季度 | $534.3M | $-92.2M |
8季度趋势，按日历期对齐
经营现金流HRLULTA
| Q4 25 | $322.9M | $5.6M | ||
| Q3 25 | $156.7M | $96.5M | ||
| Q2 25 | $56.4M | $220.0M | ||
| Q1 25 | $309.2M | — | ||
| Q4 24 | $408.6M | $-56.8M | ||
| Q3 24 | $218.0M | $199.5M | ||
| Q2 24 | $236.1M | $159.3M | ||
| Q1 24 | $404.0M | $1.1B |
自由现金流HRLULTA
| Q4 25 | $231.4M | $-81.6M | ||
| Q3 25 | $84.5M | $19.6M | ||
| Q2 25 | $-18.6M | $141.0M | ||
| Q1 25 | $237.0M | — | ||
| Q4 24 | $324.8M | $-171.1M | ||
| Q3 24 | $152.5M | $104.3M | ||
| Q2 24 | $176.2M | $68.3M | ||
| Q1 24 | $356.8M | $994.0M |
自由现金流率HRLULTA
| Q4 25 | 7.3% | -2.9% | ||
| Q3 25 | 2.8% | 0.7% | ||
| Q2 25 | -0.6% | 4.9% | ||
| Q1 25 | 7.9% | — | ||
| Q4 24 | 10.4% | -6.8% | ||
| Q3 24 | 5.3% | 4.1% | ||
| Q2 24 | 6.1% | 2.5% | ||
| Q1 24 | 11.9% | 28.0% |
资本支出强度HRLULTA
| Q4 25 | 2.9% | 3.1% | ||
| Q3 25 | 2.4% | 2.8% | ||
| Q2 25 | 2.6% | 2.8% | ||
| Q1 25 | 2.4% | — | ||
| Q4 24 | 2.7% | 4.5% | ||
| Q3 24 | 2.3% | 3.7% | ||
| Q2 24 | 2.1% | 3.3% | ||
| Q1 24 | 1.6% | 3.5% |
现金转化率HRLULTA
| Q4 25 | — | 0.02× | ||
| Q3 25 | 0.85× | 0.37× | ||
| Q2 25 | 0.31× | 0.72× | ||
| Q1 25 | 1.81× | — | ||
| Q4 24 | 1.86× | -0.23× | ||
| Q3 24 | 1.23× | 0.79× | ||
| Q2 24 | 1.25× | 0.51× | ||
| Q1 24 | 1.85× | 2.84× |
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% |
ULTA
暂无分部数据
