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Kellanova（K）与美泰（MAT）财务数据对比。点击上方公司名可切换其他公司
Kellanova的季度营收约是美泰的3.8倍（$3.3B vs $862.2M），Kellanova净利率更高（9.5% vs 7.1%，领先2.4%），美泰同比增速更快（4.3% vs 0.8%），Kellanova自由现金流更多（$359.0M vs $-88.1M），过去两年Kellanova的营收复合增速更高（-9.0% vs -10.6%）
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。
美泰是美国知名玩具及娱乐企业，旗下影视制作部门美泰影业运营时间为2018年9月6日至2025年6月2日。其前身为2013年10月16日成立的美泰Playground Productions，更早可追溯至美泰娱乐、美泰工作室等集团原有娱乐业务品牌。
K vs MAT — 直观对比
营收规模更大
K
是对方的3.8倍
$862.2M
营收增速更快
MAT
高出3.5%
0.8%
净利率更高
K
高出2.4%
7.1%
自由现金流更多
K
多$447.1M
$-88.1M
两年增速更快
K
近两年复合增速
-10.6%
损益表 — Q3 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $3.3B | $862.2M |
| 净利润 | $309.0M | $61.0M |
| 毛利率 | 33.3% | 44.9% |
| 营业利润率 | 13.9% | — |
| 净利率 | 9.5% | 7.1% |
| 营收同比 | 0.8% | 4.3% |
| 净利润同比 | -15.8% | 251.4% |
| 每股收益（稀释后） | $0.88 | $0.20 |
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KMAT
| Q1 26 | — | $862.2M | ||
| Q4 25 | — | $1.8B | ||
| Q3 25 | $3.3B | $1.7B | ||
| Q2 25 | $3.2B | $1.0B | ||
| Q1 25 | $3.1B | $826.6M | ||
| Q4 24 | $3.1B | $1.6B | ||
| Q3 24 | $3.2B | $1.8B | ||
| Q2 24 | $3.2B | $1.1B |
净利润KMAT
| Q1 26 | — | $61.0M | ||
| Q4 25 | — | $106.2M | ||
| Q3 25 | $309.0M | $278.4M | ||
| Q2 25 | $299.0M | $53.4M | ||
| Q1 25 | $304.0M | $-40.3M | ||
| Q4 24 | $365.0M | $140.9M | ||
| Q3 24 | $367.0M | $372.4M | ||
| Q2 24 | $344.0M | $56.9M |
毛利率KMAT
| Q1 26 | — | 44.9% | ||
| Q4 25 | — | 45.9% | ||
| Q3 25 | 33.3% | 50.0% | ||
| Q2 25 | 34.0% | 50.9% | ||
| Q1 25 | 34.3% | 49.4% | ||
| Q4 24 | 37.7% | 50.7% | ||
| Q3 24 | 36.4% | 53.1% | ||
| Q2 24 | 36.4% | 49.2% |
营业利润率KMAT
| Q1 26 | — | — | ||
| Q4 25 | — | 8.0% | ||
| Q3 25 | 13.9% | 21.9% | ||
| Q2 25 | 13.7% | 7.7% | ||
| Q1 25 | 13.9% | -6.4% | ||
| Q4 24 | 17.0% | 9.6% | ||
| Q3 24 | 14.1% | 26.5% | ||
| Q2 24 | 15.4% | 7.7% |
净利率KMAT
| Q1 26 | — | 7.1% | ||
| Q4 25 | — | 6.0% | ||
| Q3 25 | 9.5% | 16.0% | ||
| Q2 25 | 9.3% | 5.2% | ||
| Q1 25 | 9.9% | -4.9% | ||
| Q4 24 | 11.7% | 8.6% | ||
| Q3 24 | 11.4% | 20.2% | ||
| Q2 24 | 10.8% | 5.3% |
每股收益（稀释后）KMAT
| Q1 26 | — | $0.20 | ||
| Q4 25 | — | $0.32 | ||
| Q3 25 | $0.88 | $0.88 | ||
| Q2 25 | $0.85 | $0.16 | ||
| Q1 25 | $0.87 | $-0.12 | ||
| Q4 24 | $1.05 | $0.40 | ||
| Q3 24 | $1.05 | $1.09 | ||
| Q2 24 | $1.00 | $0.17 |
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 | $866.0M |
| 总债务越低越好 | $4.3B | $2.3B |
| 股东权益账面价值 | $4.2B | $2.1B |
| 总资产 | $15.6B | $6.3B |
| 负债/权益比越低杠杆越低 | 1.02× | 1.11× |
8季度趋势，按日历期对齐
现金及短期投资KMAT
| Q1 26 | — | $866.0M | ||
| Q4 25 | — | $1.2B | ||
| Q3 25 | $240.0M | $691.9M | ||
| Q2 25 | $354.0M | $870.5M | ||
| Q1 25 | $330.0M | $1.2B | ||
| Q4 24 | $694.0M | $1.4B | ||
| Q3 24 | $569.0M | $723.5M | ||
| Q2 24 | $272.0M | $722.4M |
总债务KMAT
| Q1 26 | — | $2.3B | ||
| Q4 25 | — | $2.3B | ||
| Q3 25 | $4.3B | $2.3B | ||
| Q2 25 | $4.3B | $2.3B | ||
| Q1 25 | $5.0B | $2.3B | ||
| Q4 24 | $5.0B | $2.3B | ||
| Q3 24 | $5.1B | $2.3B | ||
| Q2 24 | $5.0B | $2.3B |
股东权益KMAT
| Q1 26 | — | $2.1B | ||
| Q4 25 | — | $2.2B | ||
| Q3 25 | $4.2B | $2.3B | ||
| Q2 25 | $4.1B | $2.2B | ||
| Q1 25 | $3.9B | $2.1B | ||
| Q4 24 | $3.8B | $2.3B | ||
| Q3 24 | $3.6B | $2.3B | ||
| Q2 24 | $3.3B | $2.0B |
总资产KMAT
| Q1 26 | — | $6.3B | ||
| Q4 25 | — | $6.6B | ||
| Q3 25 | $15.6B | $6.6B | ||
| Q2 25 | $15.9B | $6.2B | ||
| Q1 25 | $15.5B | $6.2B | ||
| Q4 24 | $15.6B | $6.5B | ||
| Q3 24 | $15.8B | $6.5B | ||
| Q2 24 | $15.3B | $5.9B |
负债/权益比KMAT
| Q1 26 | — | 1.11× | ||
| Q4 25 | — | 1.04× | ||
| Q3 25 | 1.02× | 1.03× | ||
| Q2 25 | 1.05× | 1.08× | ||
| Q1 25 | 1.28× | 1.10× | ||
| Q4 24 | 1.32× | 1.03× | ||
| Q3 24 | 1.40× | 1.01× | ||
| Q2 24 | 1.51× | 1.18× |
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 | — |
| 自由现金流经营现金流 - 资本支出 | $359.0M | $-88.1M |
| 自由现金流率自由现金流/营收 | 11.0% | -10.2% |
| 资本支出强度资本支出/营收 | 4.4% | 7.6% |
| 现金转化率经营现金流/净利润 | 1.63× | — |
| 过去12个月自由现金流最近4个季度 | $599.0M | — |
8季度趋势，按日历期对齐
经营现金流KMAT
| Q1 26 | — | — | ||
| Q4 25 | — | $796.6M | ||
| Q3 25 | $503.0M | $72.0M | ||
| Q2 25 | $169.0M | $-300.1M | ||
| Q1 25 | $116.0M | $24.8M | ||
| Q4 24 | $467.0M | $862.1M | ||
| Q3 24 | $553.0M | $155.8M | ||
| Q2 24 | $376.0M | $-252.9M |
自由现金流KMAT
| Q1 26 | — | $-88.1M | ||
| Q4 25 | — | — | ||
| Q3 25 | $359.0M | — | ||
| Q2 25 | $21.0M | — | ||
| Q1 25 | $-60.0M | — | ||
| Q4 24 | $279.0M | — | ||
| Q3 24 | $410.0M | — | ||
| Q2 24 | $234.0M | — |
自由现金流率KMAT
| Q1 26 | — | -10.2% | ||
| Q4 25 | — | — | ||
| Q3 25 | 11.0% | — | ||
| Q2 25 | 0.7% | — | ||
| Q1 25 | -1.9% | — | ||
| Q4 24 | 8.9% | — | ||
| Q3 24 | 12.7% | — | ||
| Q2 24 | 7.3% | — |
资本支出强度KMAT
| Q1 26 | — | 7.6% | ||
| Q4 25 | — | — | ||
| Q3 25 | 4.4% | — | ||
| Q2 25 | 4.6% | — | ||
| Q1 25 | 5.7% | — | ||
| Q4 24 | 6.0% | — | ||
| Q3 24 | 4.4% | — | ||
| Q2 24 | 4.4% | — |
现金转化率KMAT
| Q1 26 | — | — | ||
| Q4 25 | — | 7.50× | ||
| Q3 25 | 1.63× | 0.26× | ||
| Q2 25 | 0.57× | -5.62× | ||
| Q1 25 | 0.38× | — | ||
| Q4 24 | 1.28× | 6.12× | ||
| Q3 24 | 1.51× | 0.42× | ||
| Q2 24 | 1.09× | -4.45× |
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% |
MAT
暂无分部数据
