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Kellanova（K）与李维斯（LEVI）财务数据对比。点击上方公司名可切换其他公司
Kellanova的季度营收约是李维斯的1.8倍（$3.3B vs $1.8B），Kellanova净利率更高（9.5% vs 8.9%，领先0.5%），Kellanova同比增速更快（0.8% vs -4.0%），Kellanova自由现金流更多（$359.0M vs $215.7M），过去两年李维斯的营收复合增速更高（6.5% vs -9.0%）
Kellanova前身为知名食品企业家乐氏，是玛氏集团旗下的美国跨国食品制造公司，总部位于美国伊利诺伊州芝加哥。2023年10月2日公司正式启用现名，同步拆分北美谷物业务，独立成立WK Kellogg Co。
李维斯（Levi Strauss & Co.）是全球知名的美国服饰企业，凭借旗下Levi's品牌丹宁牛仔裤享誉全球。公司创立于1853年5月，由德裔犹太移民李维·斯特劳斯在旧金山成立，注册地为特拉华州，总部设在旧金山李维斯广场。
K vs LEVI — 直观对比
营收规模更大
K
是对方的1.8倍
$1.8B
营收增速更快
K
高出4.9%
-4.0%
净利率更高
K
高出0.5%
8.9%
自由现金流更多
K
多$143.3M
$215.7M
两年增速更快
LEVI
近两年复合增速
-9.0%
损益表 — Q3 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $3.3B | $1.8B |
| 净利润 | $309.0M | $158.0M |
| 毛利率 | 33.3% | 60.8% |
| 营业利润率 | 13.9% | 11.9% |
| 净利率 | 9.5% | 8.9% |
| 营收同比 | 0.8% | -4.0% |
| 净利润同比 | -15.8% | -13.4% |
| 每股收益（稀释后） | $0.88 | $0.39 |
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KLEVI
| Q4 25 | — | $1.8B | ||
| Q3 25 | $3.3B | $1.5B | ||
| Q2 25 | $3.2B | $1.4B | ||
| Q1 25 | $3.1B | $1.5B | ||
| Q4 24 | $3.1B | $1.8B | ||
| Q3 24 | $3.2B | $1.5B | ||
| Q2 24 | $3.2B | $1.4B | ||
| Q1 24 | $3.2B | $1.6B |
净利润KLEVI
| Q4 25 | — | $158.0M | ||
| Q3 25 | $309.0M | $218.1M | ||
| Q2 25 | $299.0M | $67.0M | ||
| Q1 25 | $304.0M | $135.0M | ||
| Q4 24 | $365.0M | $182.5M | ||
| Q3 24 | $367.0M | $20.7M | ||
| Q2 24 | $344.0M | $18.0M | ||
| Q1 24 | $267.0M | $-10.6M |
毛利率KLEVI
| Q4 25 | — | 60.8% | ||
| Q3 25 | 33.3% | 61.7% | ||
| Q2 25 | 34.0% | 62.6% | ||
| Q1 25 | 34.3% | 62.1% | ||
| Q4 24 | 37.7% | 61.3% | ||
| Q3 24 | 36.4% | 60.0% | ||
| Q2 24 | 36.4% | 60.5% | ||
| Q1 24 | 32.2% | 58.2% |
营业利润率KLEVI
| Q4 25 | — | 11.9% | ||
| Q3 25 | 13.9% | 10.8% | ||
| Q2 25 | 13.7% | 7.5% | ||
| Q1 25 | 13.9% | 12.5% | ||
| Q4 24 | 17.0% | 11.5% | ||
| Q3 24 | 14.1% | 2.0% | ||
| Q2 24 | 15.4% | 1.5% | ||
| Q1 24 | 12.3% | -0.0% |
净利率KLEVI
| Q4 25 | — | 8.9% | ||
| Q3 25 | 9.5% | 14.1% | ||
| Q2 25 | 9.3% | 4.6% | ||
| Q1 25 | 9.9% | 8.8% | ||
| Q4 24 | 11.7% | 9.9% | ||
| Q3 24 | 11.4% | 1.4% | ||
| Q2 24 | 10.8% | 1.2% | ||
| Q1 24 | 8.3% | -0.7% |
每股收益（稀释后）KLEVI
| Q4 25 | — | $0.39 | ||
| Q3 25 | $0.88 | $0.55 | ||
| Q2 25 | $0.85 | $0.17 | ||
| Q1 25 | $0.87 | $0.34 | ||
| Q4 24 | $1.05 | $0.46 | ||
| Q3 24 | $1.05 | $0.05 | ||
| Q2 24 | $1.00 | $0.04 | ||
| Q1 24 | $0.78 | $-0.03 |
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 | $240.0M | $848.8M |
| 总债务越低越好 | $4.3B | $1.1B |
| 股东权益账面价值 | $4.2B | $2.3B |
| 总资产 | $15.6B | $6.8B |
| 负债/权益比越低杠杆越低 | 1.02× | 0.46× |
8季度趋势，按日历期对齐
现金及短期投资KLEVI
| Q4 25 | — | $848.8M | ||
| Q3 25 | $240.0M | $707.5M | ||
| Q2 25 | $354.0M | $736.7M | ||
| Q1 25 | $330.0M | $574.4M | ||
| Q4 24 | $694.0M | $690.0M | ||
| Q3 24 | $569.0M | $577.1M | ||
| Q2 24 | $272.0M | $641.4M | ||
| Q1 24 | $242.0M | $516.7M |
总债务KLEVI
| Q4 25 | — | $1.1B | ||
| Q3 25 | $4.3B | $1.0B | ||
| Q2 25 | $4.3B | $1.0B | ||
| Q1 25 | $5.0B | $987.4M | ||
| Q4 24 | $5.0B | $994.0M | ||
| Q3 24 | $5.1B | $1.0B | ||
| Q2 24 | $5.0B | $1.0B | ||
| Q1 24 | $4.4B | $1.0B |
股东权益KLEVI
| Q4 25 | — | $2.3B | ||
| Q3 25 | $4.2B | $2.2B | ||
| Q2 25 | $4.1B | $2.1B | ||
| Q1 25 | $3.9B | $2.0B | ||
| Q4 24 | $3.8B | $2.0B | ||
| Q3 24 | $3.6B | $1.9B | ||
| Q2 24 | $3.3B | $2.0B | ||
| Q1 24 | $3.2B | $2.0B |
总资产KLEVI
| Q4 25 | — | $6.8B | ||
| Q3 25 | $15.6B | $6.7B | ||
| Q2 25 | $15.9B | $6.5B | ||
| Q1 25 | $15.5B | $6.2B | ||
| Q4 24 | $15.6B | $6.4B | ||
| Q3 24 | $15.8B | $6.3B | ||
| Q2 24 | $15.3B | $6.2B | ||
| Q1 24 | $15.3B | $6.0B |
负债/权益比KLEVI
| Q4 25 | — | 0.46× | ||
| Q3 25 | 1.02× | 0.48× | ||
| Q2 25 | 1.05× | 0.49× | ||
| Q1 25 | 1.28× | 0.49× | ||
| Q4 24 | 1.32× | 0.50× | ||
| Q3 24 | 1.40× | 0.54× | ||
| Q2 24 | 1.51× | 0.51× | ||
| Q1 24 | 1.40× | 0.51× |
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 | $503.0M | $266.8M |
| 自由现金流经营现金流 - 资本支出 | $359.0M | $215.7M |
| 自由现金流率自由现金流/营收 | 11.0% | 12.2% |
| 资本支出强度资本支出/营收 | 4.4% | 2.9% |
| 现金转化率经营现金流/净利润 | 1.63× | 1.69× |
| 过去12个月自由现金流最近4个季度 | $599.0M | $308.2M |
8季度趋势，按日历期对齐
经营现金流KLEVI
| Q4 25 | — | $266.8M | ||
| Q3 25 | $503.0M | $24.8M | ||
| Q2 25 | $169.0M | $185.5M | ||
| Q1 25 | $116.0M | $52.5M | ||
| Q4 24 | $467.0M | $297.3M | ||
| Q3 24 | $553.0M | $52.3M | ||
| Q2 24 | $376.0M | $262.8M | ||
| Q1 24 | $364.0M | $286.0M |
自由现金流KLEVI
| Q4 25 | — | $215.7M | ||
| Q3 25 | $359.0M | $-39.4M | ||
| Q2 25 | $21.0M | $146.0M | ||
| Q1 25 | $-60.0M | $-14.1M | ||
| Q4 24 | $279.0M | $231.6M | ||
| Q3 24 | $410.0M | $2.3M | ||
| Q2 24 | $234.0M | $222.6M | ||
| Q1 24 | $209.0M | $214.4M |
自由现金流率KLEVI
| Q4 25 | — | 12.2% | ||
| Q3 25 | 11.0% | -2.6% | ||
| Q2 25 | 0.7% | 10.1% | ||
| Q1 25 | -1.9% | -0.9% | ||
| Q4 24 | 8.9% | 12.6% | ||
| Q3 24 | 12.7% | 0.2% | ||
| Q2 24 | 7.3% | 15.4% | ||
| Q1 24 | 6.5% | 13.8% |
资本支出强度KLEVI
| Q4 25 | — | 2.9% | ||
| Q3 25 | 4.4% | 4.2% | ||
| Q2 25 | 4.6% | 2.7% | ||
| Q1 25 | 5.7% | 4.4% | ||
| Q4 24 | 6.0% | 3.6% | ||
| Q3 24 | 4.4% | 3.3% | ||
| Q2 24 | 4.4% | 2.8% | ||
| Q1 24 | 4.8% | 4.6% |
现金转化率KLEVI
| Q4 25 | — | 1.69× | ||
| Q3 25 | 1.63× | 0.11× | ||
| Q2 25 | 0.57× | 2.77× | ||
| Q1 25 | 0.38× | 0.39× | ||
| Q4 24 | 1.28× | 1.63× | ||
| Q3 24 | 1.51× | 2.53× | ||
| Q2 24 | 1.09× | 14.60× | ||
| Q1 24 | 1.36× | — |
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
K
| Retail Channel Snacks | $2.0B | 62% |
| Retail Channel Cereal | $678.0M | 21% |
| Noodlesand Other | $280.0M | 9% |
| Frozen And Specialty Channels | $275.0M | 8% |
LEVI
| Other | $760.3M | 43% |
| Sales Channel Through Intermediary | $583.2M | 33% |
| Sales Channel Directly To Consumer | $376.0M | 21% |
| Beyond Yoga | $46.3M | 3% |
