vs
荷美尔食品（HRL）与标普全球（VG）财务数据对比。点击上方公司名可切换其他公司
标普全球的季度营收约是荷美尔食品的1.4倍（$4.4B vs $3.2B），标普全球净利率更高（26.8% vs -1.8%，领先28.6%），标普全球同比增速更快（191.7% vs 1.5%），荷美尔食品自由现金流更多（$231.4M vs $-1.5B），过去两年标普全球的营收复合增速更高（77.3% 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。
标普全球是总部位于美国纽约曼哈顿的上市企业，核心业务涵盖金融信息与数据分析、能源及大宗商品情报服务，旗下拥有标普全球评级、标普全球能源、标普全球市场财智、印度信用评级机构CRISIL等子品牌，同时是标普道琼斯指数合资公司的控股股东。
HRL vs VG — 直观对比
营收规模更大
VG
是对方的1.4倍
$3.2B
营收增速更快
VG
高出190.2%
1.5%
净利率更高
VG
高出28.6%
-1.8%
自由现金流更多
HRL
多$1.7B
$-1.5B
两年增速更快
VG
近两年复合增速
3.1%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $3.2B | $4.4B |
| 净利润 | $-56.1M | $1.2B |
| 毛利率 | 14.0% | — |
| 营业利润率 | 0.1% | 38.7% |
| 净利率 | -1.8% | 26.8% |
| 营收同比 | 1.5% | 191.7% |
| 净利润同比 | -125.5% | 20.3% |
| 每股收益（稀释后） | $-0.10 | $0.41 |
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HRLVG
| Q4 25 | $3.2B | $4.4B | ||
| Q3 25 | $3.0B | $3.3B | ||
| Q2 25 | $2.9B | $3.1B | ||
| Q1 25 | $3.0B | $2.9B | ||
| Q4 24 | $3.1B | $1.5B | ||
| Q3 24 | $2.9B | $926.0M | ||
| Q2 24 | $2.9B | $1.1B | ||
| Q1 24 | $3.0B | $1.4B |
净利润HRLVG
| Q4 25 | $-56.1M | $1.2B | ||
| Q3 25 | $183.7M | $550.0M | ||
| Q2 25 | $180.0M | $475.0M | ||
| Q1 25 | $170.6M | $517.0M | ||
| Q4 24 | $220.2M | $990.0M | ||
| Q3 24 | $176.7M | $-294.0M | ||
| Q2 24 | $189.3M | $352.0M | ||
| Q1 24 | $218.9M | $698.0M |
毛利率HRLVG
| 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HRLVG
| Q4 25 | 0.1% | 38.7% | ||
| Q3 25 | 7.9% | 39.7% | ||
| Q2 25 | 8.6% | 33.5% | ||
| Q1 25 | 7.6% | 37.3% | ||
| Q4 24 | 9.4% | 39.0% | ||
| Q3 24 | 8.2% | 20.4% | ||
| Q2 24 | 8.7% | 32.8% | ||
| Q1 24 | 9.5% | 43.6% |
净利率HRLVG
| Q4 25 | -1.8% | 26.8% | ||
| Q3 25 | 6.1% | 16.5% | ||
| Q2 25 | 6.2% | 15.3% | ||
| Q1 25 | 5.7% | 17.9% | ||
| Q4 24 | 7.0% | 65.0% | ||
| Q3 24 | 6.1% | -31.7% | ||
| Q2 24 | 6.6% | 31.8% | ||
| Q1 24 | 7.3% | 49.4% |
每股收益（稀释后）HRLVG
| Q4 25 | $-0.10 | $0.41 | ||
| Q3 25 | $0.33 | $0.16 | ||
| Q2 25 | $0.33 | $0.14 | ||
| Q1 25 | $0.31 | $0.15 | ||
| Q4 24 | $0.41 | $0.35 | ||
| Q3 24 | $0.32 | $-0.15 | ||
| Q2 24 | $0.34 | $0.12 | ||
| Q1 24 | $0.40 | $0.25 |
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 | $2.4B |
| 总债务越低越好 | $2.9B | $34.2B |
| 股东权益账面价值 | $7.9B | $6.7B |
| 总资产 | $13.4B | $53.4B |
| 负债/权益比越低杠杆越低 | 0.36× | 5.07× |
8季度趋势，按日历期对齐
现金及短期投资HRLVG
| Q4 25 | $703.6M | $2.4B | ||
| Q3 25 | $630.7M | $1.9B | ||
| Q2 25 | $699.0M | $2.2B | ||
| Q1 25 | $866.4M | $3.6B | ||
| Q4 24 | $766.6M | $3.6B | ||
| Q3 24 | $561.9M | — | ||
| Q2 24 | $1.5B | — | ||
| Q1 24 | $981.9M | — |
总债务HRLVG
| Q4 25 | $2.9B | $34.2B | ||
| Q3 25 | $2.9B | $32.6B | ||
| Q2 25 | $2.9B | $30.0B | ||
| Q1 25 | $2.9B | $29.3B | ||
| Q4 24 | $2.9B | $29.3B | ||
| Q3 24 | $2.9B | — | ||
| Q2 24 | $2.9B | — | ||
| Q1 24 | $2.4B | — |
股东权益HRLVG
| Q4 25 | $7.9B | $6.7B | ||
| Q3 25 | $8.1B | $5.7B | ||
| Q2 25 | $8.0B | $5.3B | ||
| Q1 25 | $8.0B | $4.9B | ||
| Q4 24 | $8.0B | $2.9B | ||
| Q3 24 | $7.9B | — | ||
| Q2 24 | $7.9B | — | ||
| Q1 24 | $7.8B | — |
总资产HRLVG
| Q4 25 | $13.4B | $53.4B | ||
| Q3 25 | $13.5B | $50.1B | ||
| Q2 25 | $13.4B | $46.5B | ||
| Q1 25 | $13.4B | $45.1B | ||
| Q4 24 | $13.4B | $43.5B | ||
| Q3 24 | $13.1B | — | ||
| Q2 24 | $14.1B | — | ||
| Q1 24 | $13.5B | — |
负债/权益比HRLVG
| Q4 25 | 0.36× | 5.07× | ||
| Q3 25 | 0.35× | 5.73× | ||
| Q2 25 | 0.35× | 5.69× | ||
| Q1 25 | 0.36× | 6.01× | ||
| Q4 24 | 0.36× | 10.11× | ||
| 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 | $2.1B |
| 自由现金流经营现金流 - 资本支出 | $231.4M | $-1.5B |
| 自由现金流率自由现金流/营收 | 7.3% | -34.1% |
| 资本支出强度资本支出/营收 | 2.9% | 81.6% |
| 现金转化率经营现金流/净利润 | — | 1.77× |
| 过去12个月自由现金流最近4个季度 | $534.3M | $-6.8B |
8季度趋势，按日历期对齐
经营现金流HRLVG
| Q4 25 | $322.9M | $2.1B | ||
| Q3 25 | $156.7M | $1.9B | ||
| Q2 25 | $56.4M | $1.5B | ||
| Q1 25 | $309.2M | $1.1B | ||
| Q4 24 | $408.6M | — | ||
| Q3 24 | $218.0M | — | ||
| Q2 24 | $236.1M | — | ||
| Q1 24 | $404.0M | $638.0M |
自由现金流HRLVG
| Q4 25 | $231.4M | $-1.5B | ||
| Q3 25 | $84.5M | $-1.4B | ||
| Q2 25 | $-18.6M | $-1.5B | ||
| Q1 25 | $237.0M | $-2.4B | ||
| Q4 24 | $324.8M | — | ||
| Q3 24 | $152.5M | — | ||
| Q2 24 | $176.2M | — | ||
| Q1 24 | $356.8M | $-2.4B |
自由现金流率HRLVG
| Q4 25 | 7.3% | -34.1% | ||
| Q3 25 | 2.8% | -42.4% | ||
| Q2 25 | -0.6% | -49.1% | ||
| Q1 25 | 7.9% | -81.3% | ||
| Q4 24 | 10.4% | — | ||
| Q3 24 | 5.3% | — | ||
| Q2 24 | 6.1% | — | ||
| Q1 24 | 11.9% | -167.3% |
资本支出强度HRLVG
| Q4 25 | 2.9% | 81.6% | ||
| Q3 25 | 2.4% | 98.9% | ||
| Q2 25 | 2.6% | 96.1% | ||
| Q1 25 | 2.4% | 119.8% | ||
| Q4 24 | 2.7% | — | ||
| Q3 24 | 2.3% | — | ||
| Q2 24 | 2.1% | — | ||
| Q1 24 | 1.6% | 212.4% |
现金转化率HRLVG
| Q4 25 | — | 1.77× | ||
| Q3 25 | 0.85× | 3.42× | ||
| Q2 25 | 0.31× | 3.07× | ||
| Q1 25 | 1.81× | 2.15× | ||
| Q4 24 | 1.86× | — | ||
| Q3 24 | 1.23× | — | ||
| Q2 24 | 1.25× | — | ||
| Q1 24 | 1.85× | 0.91× |
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% |
VG
| Plaquemines Project Segment | $3.4B | 76% |
| Calcasieu Project Segment | $841.0M | 19% |
| Other | $208.0M | 5% |
