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荷美尔食品（HRL）与Unum Group（UNM）财务数据对比。点击上方公司名可切换其他公司
Unum Group的季度营收约是荷美尔食品的1.0倍（$3.2B vs $3.2B），Unum Group净利率更高（5.4% vs -1.8%，领先7.1%），荷美尔食品同比增速更快（1.5% vs 0.2%），Unum Group自由现金流更多（$320.1M vs $231.4M），过去两年荷美尔食品的营收复合增速更高（3.1% vs 0.7%）
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。
Unum Group是美国财富500强保险企业，总部位于田纳西州查塔努加，前身为1848年成立的联合相互保险公司，1999年合并后曾用名UnumProvident至2007年。集团现设四大业务板块，覆盖美、英、波兰市场，旗下承保主体包括保罗里维尔人寿保险、普罗维登斯人伤意外险公司等。
HRL vs UNM — 直观对比
营收规模更大
UNM
是对方的1.0倍
$3.2B
营收增速更快
HRL
高出1.3%
0.2%
净利率更高
UNM
高出7.1%
-1.8%
自由现金流更多
UNM
多$88.7M
$231.4M
两年增速更快
HRL
近两年复合增速
0.7%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $3.2B | $3.2B |
| 净利润 | $-56.1M | $174.1M |
| 毛利率 | 14.0% | — |
| 营业利润率 | 0.1% | 6.7% |
| 净利率 | -1.8% | 5.4% |
| 营收同比 | 1.5% | 0.2% |
| 净利润同比 | -125.5% | -50.1% |
| 每股收益（稀释后） | $-0.10 | $1.06 |
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HRLUNM
| Q4 25 | $3.2B | $3.2B | ||
| Q3 25 | $3.0B | $3.4B | ||
| Q2 25 | $2.9B | $3.4B | ||
| Q1 25 | $3.0B | $3.1B | ||
| Q4 24 | $3.1B | $3.2B | ||
| Q3 24 | $2.9B | $3.2B | ||
| Q2 24 | $2.9B | $3.2B | ||
| Q1 24 | $3.0B | $3.2B |
净利润HRLUNM
| Q4 25 | $-56.1M | $174.1M | ||
| Q3 25 | $183.7M | $39.7M | ||
| Q2 25 | $180.0M | $335.6M | ||
| Q1 25 | $170.6M | $189.1M | ||
| Q4 24 | $220.2M | $348.7M | ||
| Q3 24 | $176.7M | $645.7M | ||
| Q2 24 | $189.3M | $389.5M | ||
| Q1 24 | $218.9M | $395.2M |
毛利率HRLUNM
| 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HRLUNM
| Q4 25 | 0.1% | 6.7% | ||
| Q3 25 | 7.9% | 1.6% | ||
| Q2 25 | 8.6% | 12.4% | ||
| Q1 25 | 7.6% | 7.9% | ||
| Q4 24 | 9.4% | 13.8% | ||
| Q3 24 | 8.2% | 15.6% | ||
| Q2 24 | 8.7% | 15.3% | ||
| Q1 24 | 9.5% | 15.5% |
净利率HRLUNM
| Q4 25 | -1.8% | 5.4% | ||
| Q3 25 | 6.1% | 1.2% | ||
| Q2 25 | 6.2% | 10.0% | ||
| Q1 25 | 5.7% | 6.1% | ||
| Q4 24 | 7.0% | 10.8% | ||
| Q3 24 | 6.1% | 20.1% | ||
| Q2 24 | 6.6% | 12.0% | ||
| Q1 24 | 7.3% | 12.3% |
每股收益（稀释后）HRLUNM
| Q4 25 | $-0.10 | $1.06 | ||
| Q3 25 | $0.33 | $0.23 | ||
| Q2 25 | $0.33 | $1.92 | ||
| Q1 25 | $0.31 | $1.06 | ||
| Q4 24 | $0.41 | $1.91 | ||
| Q3 24 | $0.32 | $3.46 | ||
| Q2 24 | $0.34 | $2.05 | ||
| Q1 24 | $0.40 | $2.04 |
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 | — |
| 总债务越低越好 | $2.9B | $3.8B |
| 股东权益账面价值 | $7.9B | $11.1B |
| 总资产 | $13.4B | $63.5B |
| 负债/权益比越低杠杆越低 | 0.36× | 0.34× |
8季度趋势，按日历期对齐
现金及短期投资HRLUNM
| Q4 25 | $703.6M | — | ||
| Q3 25 | $630.7M | — | ||
| Q2 25 | $699.0M | — | ||
| Q1 25 | $866.4M | — | ||
| Q4 24 | $766.6M | — | ||
| Q3 24 | $561.9M | — | ||
| Q2 24 | $1.5B | — | ||
| Q1 24 | $981.9M | — |
总债务HRLUNM
| Q4 25 | $2.9B | $3.8B | ||
| Q3 25 | $2.9B | $3.5B | ||
| Q2 25 | $2.9B | $3.5B | ||
| Q1 25 | $2.9B | $3.5B | ||
| Q4 24 | $2.9B | $3.5B | ||
| Q3 24 | $2.9B | $3.5B | ||
| Q2 24 | $2.9B | $3.5B | ||
| Q1 24 | $2.4B | $3.4B |
股东权益HRLUNM
| Q4 25 | $7.9B | $11.1B | ||
| Q3 25 | $8.1B | $10.9B | ||
| Q2 25 | $8.0B | $11.3B | ||
| Q1 25 | $8.0B | $11.2B | ||
| Q4 24 | $8.0B | $11.0B | ||
| Q3 24 | $7.9B | $11.0B | ||
| Q2 24 | $7.9B | $10.5B | ||
| Q1 24 | $7.8B | $10.2B |
总资产HRLUNM
| Q4 25 | $13.4B | $63.5B | ||
| Q3 25 | $13.5B | $63.7B | ||
| Q2 25 | $13.4B | $62.8B | ||
| Q1 25 | $13.4B | $62.5B | ||
| Q4 24 | $13.4B | $62.0B | ||
| Q3 24 | $13.1B | $64.1B | ||
| Q2 24 | $14.1B | $62.0B | ||
| Q1 24 | $13.5B | $62.5B |
负债/权益比HRLUNM
| Q4 25 | 0.36× | 0.34× | ||
| Q3 25 | 0.35× | 0.32× | ||
| Q2 25 | 0.35× | 0.31× | ||
| Q1 25 | 0.36× | 0.31× | ||
| Q4 24 | 0.36× | 0.32× | ||
| Q3 24 | 0.36× | 0.32× | ||
| Q2 24 | 0.36× | 0.33× | ||
| Q1 24 | 0.30× | 0.34× |
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 | $357.9M |
| 自由现金流经营现金流 - 资本支出 | $231.4M | $320.1M |
| 自由现金流率自由现金流/营收 | 7.3% | 9.9% |
| 资本支出强度资本支出/营收 | 2.9% | 1.2% |
| 现金转化率经营现金流/净利润 | — | 2.06× |
| 过去12个月自由现金流最近4个季度 | $534.3M | $555.4M |
8季度趋势，按日历期对齐
经营现金流HRLUNM
| Q4 25 | $322.9M | $357.9M | ||
| Q3 25 | $156.7M | $-371.8M | ||
| Q2 25 | $56.4M | $348.0M | ||
| Q1 25 | $309.2M | $353.6M | ||
| Q4 24 | $408.6M | $485.8M | ||
| Q3 24 | $218.0M | $390.0M | ||
| Q2 24 | $236.1M | $339.1M | ||
| Q1 24 | $404.0M | $298.3M |
自由现金流HRLUNM
| Q4 25 | $231.4M | $320.1M | ||
| Q3 25 | $84.5M | $-402.6M | ||
| Q2 25 | $-18.6M | $320.1M | ||
| Q1 25 | $237.0M | $317.8M | ||
| Q4 24 | $324.8M | $453.8M | ||
| Q3 24 | $152.5M | $352.3M | ||
| Q2 24 | $176.2M | $311.4M | ||
| Q1 24 | $356.8M | $270.0M |
自由现金流率HRLUNM
| Q4 25 | 7.3% | 9.9% | ||
| Q3 25 | 2.8% | -11.9% | ||
| Q2 25 | -0.6% | 9.5% | ||
| Q1 25 | 7.9% | 10.3% | ||
| Q4 24 | 10.4% | 14.0% | ||
| Q3 24 | 5.3% | 11.0% | ||
| Q2 24 | 6.1% | 9.6% | ||
| Q1 24 | 11.9% | 8.4% |
资本支出强度HRLUNM
| Q4 25 | 2.9% | 1.2% | ||
| Q3 25 | 2.4% | 0.9% | ||
| Q2 25 | 2.6% | 0.8% | ||
| Q1 25 | 2.4% | 1.2% | ||
| Q4 24 | 2.7% | 1.0% | ||
| Q3 24 | 2.3% | 1.2% | ||
| Q2 24 | 2.1% | 0.9% | ||
| Q1 24 | 1.6% | 0.9% |
现金转化率HRLUNM
| Q4 25 | — | 2.06× | ||
| Q3 25 | 0.85× | -9.37× | ||
| Q2 25 | 0.31× | 1.04× | ||
| Q1 25 | 1.81× | 1.87× | ||
| Q4 24 | 1.86× | 1.39× | ||
| Q3 24 | 1.23× | 0.60× | ||
| Q2 24 | 1.25× | 0.87× | ||
| Q1 24 | 1.85× | 0.75× |
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% |
UNM
| Unum Us | $2.0B | 60% |
| Colonial Life | $507.0M | 16% |
| Closed Block | $445.6M | 14% |
| Unum International | $323.0M | 10% |
