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荷美尔食品（HRL）与永利度假村（WYNN）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永利度假村的1.7倍（$3.2B vs $1.9B），永利度假村净利率更高（5.4% vs -1.8%，领先7.1%），荷美尔食品同比增速更快（1.5% vs 1.5%），永利度假村自由现金流更多（$306.8M vs $231.4M），过去两年荷美尔食品的营收复合增速更高（3.1% vs 0.1%）
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。
永利度假村是总部位于美国内华达州帕拉代斯的上市企业，专注于高端酒店及博彩度假村的开发与运营。公司2002年由前梦幻度假村董事长兼首席执行官史蒂夫·永利创立，现任首席执行官为克雷格·比林斯，截至2020年已在全球布局6处优质物业。
HRL vs WYNN — 直观对比
营收规模更大
HRL
是对方的1.7倍
$1.9B
营收增速更快
HRL
高出0.0%
1.5%
净利率更高
WYNN
高出7.1%
-1.8%
自由现金流更多
WYNN
多$75.3M
$231.4M
两年增速更快
HRL
近两年复合增速
0.1%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $3.2B | $1.9B |
| 净利润 | $-56.1M | $100.0M |
| 毛利率 | 14.0% | — |
| 营业利润率 | 0.1% | 14.7% |
| 净利率 | -1.8% | 5.4% |
| 营收同比 | 1.5% | 1.5% |
| 净利润同比 | -125.5% | -63.9% |
| 每股收益（稀释后） | $-0.10 | $0.96 |
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HRLWYNN
| Q4 25 | $3.2B | $1.9B | ||
| Q3 25 | $3.0B | $1.8B | ||
| Q2 25 | $2.9B | $1.7B | ||
| Q1 25 | $3.0B | $1.7B | ||
| Q4 24 | $3.1B | $1.8B | ||
| Q3 24 | $2.9B | $1.7B | ||
| Q2 24 | $2.9B | $1.7B | ||
| Q1 24 | $3.0B | $1.9B |
净利润HRLWYNN
| Q4 25 | $-56.1M | $100.0M | ||
| Q3 25 | $183.7M | $88.3M | ||
| Q2 25 | $180.0M | $66.2M | ||
| Q1 25 | $170.6M | $72.7M | ||
| Q4 24 | $220.2M | $277.0M | ||
| Q3 24 | $176.7M | $-32.1M | ||
| Q2 24 | $189.3M | $111.9M | ||
| Q1 24 | $218.9M | $144.2M |
毛利率HRLWYNN
| 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HRLWYNN
| Q4 25 | 0.1% | 14.7% | ||
| Q3 25 | 7.9% | 16.9% | ||
| Q2 25 | 8.6% | 15.2% | ||
| Q1 25 | 7.6% | 15.8% | ||
| Q4 24 | 9.4% | 20.0% | ||
| Q3 24 | 8.2% | 7.9% | ||
| Q2 24 | 8.7% | 15.6% | ||
| Q1 24 | 9.5% | 19.5% |
净利率HRLWYNN
| Q4 25 | -1.8% | 5.4% | ||
| Q3 25 | 6.1% | 4.8% | ||
| Q2 25 | 6.2% | 3.8% | ||
| Q1 25 | 5.7% | 4.3% | ||
| Q4 24 | 7.0% | 15.1% | ||
| Q3 24 | 6.1% | -1.9% | ||
| Q2 24 | 6.6% | 6.5% | ||
| Q1 24 | 7.3% | 7.7% |
每股收益（稀释后）HRLWYNN
| Q4 25 | $-0.10 | $0.96 | ||
| Q3 25 | $0.33 | $0.85 | ||
| Q2 25 | $0.33 | $0.64 | ||
| Q1 25 | $0.31 | $0.69 | ||
| Q4 24 | $0.41 | $2.43 | ||
| Q3 24 | $0.32 | $-0.29 | ||
| Q2 24 | $0.34 | $0.91 | ||
| Q1 24 | $0.40 | $1.30 |
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 | $1.5B |
| 总债务越低越好 | $2.9B | $10.5B |
| 股东权益账面价值 | $7.9B | $-275.5M |
| 总资产 | $13.4B | $13.1B |
| 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HRLWYNN
| Q4 25 | $703.6M | $1.5B | ||
| Q3 25 | $630.7M | $1.5B | ||
| Q2 25 | $699.0M | $2.0B | ||
| Q1 25 | $866.4M | $2.1B | ||
| Q4 24 | $766.6M | $2.4B | ||
| Q3 24 | $561.9M | $2.4B | ||
| Q2 24 | $1.5B | $2.4B | ||
| Q1 24 | $981.9M | $2.4B |
总债务HRLWYNN
| Q4 25 | $2.9B | $10.5B | ||
| Q3 25 | $2.9B | $10.6B | ||
| Q2 25 | $2.9B | $10.5B | ||
| Q1 25 | $2.9B | $10.6B | ||
| Q4 24 | $2.9B | $10.5B | ||
| Q3 24 | $2.9B | $11.8B | ||
| Q2 24 | $2.9B | $11.0B | ||
| Q1 24 | $2.4B | $11.2B |
股东权益HRLWYNN
| Q4 25 | $7.9B | $-275.5M | ||
| Q3 25 | $8.1B | $-370.0M | ||
| Q2 25 | $8.0B | $-441.5M | ||
| Q1 25 | $8.0B | $-360.7M | ||
| Q4 24 | $8.0B | $-224.2M | ||
| Q3 24 | $7.9B | $-281.4M | ||
| Q2 24 | $7.9B | $-109.8M | ||
| Q1 24 | $7.8B | $-137.0M |
总资产HRLWYNN
| Q4 25 | $13.4B | $13.1B | ||
| Q3 25 | $13.5B | $12.8B | ||
| Q2 25 | $13.4B | $12.7B | ||
| Q1 25 | $13.4B | $12.7B | ||
| Q4 24 | $13.4B | $13.0B | ||
| Q3 24 | $13.1B | $14.1B | ||
| Q2 24 | $14.1B | $13.3B | ||
| Q1 24 | $13.5B | $13.5B |
负债/权益比HRLWYNN
| 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 | $478.0M |
| 自由现金流经营现金流 - 资本支出 | $231.4M | $306.8M |
| 自由现金流率自由现金流/营收 | 7.3% | 16.4% |
| 资本支出强度资本支出/营收 | 2.9% | 9.2% |
| 现金转化率经营现金流/净利润 | — | 4.78× |
| 过去12个月自由现金流最近4个季度 | $534.3M | $692.2M |
8季度趋势，按日历期对齐
经营现金流HRLWYNN
| Q4 25 | $322.9M | $478.0M | ||
| Q3 25 | $156.7M | $335.8M | ||
| Q2 25 | $56.4M | $405.1M | ||
| Q1 25 | $309.2M | $133.8M | ||
| Q4 24 | $408.6M | $479.0M | ||
| Q3 24 | $218.0M | $279.3M | ||
| Q2 24 | $236.1M | $352.8M | ||
| Q1 24 | $404.0M | $315.1M |
自由现金流HRLWYNN
| Q4 25 | $231.4M | $306.8M | ||
| Q3 25 | $84.5M | $171.8M | ||
| Q2 25 | $-18.6M | $239.8M | ||
| Q1 25 | $237.0M | $-26.2M | ||
| Q4 24 | $324.8M | $351.8M | ||
| Q3 24 | $152.5M | $178.0M | ||
| Q2 24 | $176.2M | $259.1M | ||
| Q1 24 | $356.8M | $217.4M |
自由现金流率HRLWYNN
| Q4 25 | 7.3% | 16.4% | ||
| Q3 25 | 2.8% | 9.4% | ||
| Q2 25 | -0.6% | 13.8% | ||
| Q1 25 | 7.9% | -1.5% | ||
| Q4 24 | 10.4% | 19.1% | ||
| Q3 24 | 5.3% | 10.5% | ||
| Q2 24 | 6.1% | 15.0% | ||
| Q1 24 | 11.9% | 11.7% |
资本支出强度HRLWYNN
| Q4 25 | 2.9% | 9.2% | ||
| Q3 25 | 2.4% | 8.9% | ||
| Q2 25 | 2.6% | 9.5% | ||
| Q1 25 | 2.4% | 9.4% | ||
| Q4 24 | 2.7% | 6.9% | ||
| Q3 24 | 2.3% | 6.0% | ||
| Q2 24 | 2.1% | 5.4% | ||
| Q1 24 | 1.6% | 5.2% |
现金转化率HRLWYNN
| Q4 25 | — | 4.78× | ||
| Q3 25 | 0.85× | 3.80× | ||
| Q2 25 | 0.31× | 6.12× | ||
| Q1 25 | 1.81× | 1.84× | ||
| Q4 24 | 1.86× | 1.73× | ||
| Q3 24 | 1.23× | — | ||
| Q2 24 | 1.25× | 3.15× | ||
| Q1 24 | 1.85× | 2.18× |
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% |
WYNN
| Casino | $1.1B | 61% |
| Occupancy | $305.1M | 16% |
| Food And Beverage | $264.9M | 14% |
| Entertainment Retail And Other | $152.6M | 8% |
