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Kellanova（K）与穆迪公司（MCO）财务数据对比。点击上方公司名可切换其他公司
Kellanova的季度营收约是穆迪公司的1.6倍（$3.3B vs $2.1B），穆迪公司净利率更高（31.8% vs 9.5%，领先22.3%），穆迪公司同比增速更快（8.1% vs 0.8%），穆迪公司自由现金流更多（$844.0M vs $359.0M），过去两年穆迪公司的营收复合增速更高（7.0% 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。
穆迪公司是全球三大信用评级机构之一，与标普、惠誉齐名。旗下信用评级板块原名为穆迪投资者服务，2024年3月更名为穆迪评级，主要为商业机构及政府主体发行的债券提供专业国际金融研究与评级服务，评级结果是全球资本市场的重要参考。
K vs MCO — 直观对比
营收规模更大
K
是对方的1.6倍
$2.1B
营收增速更快
MCO
高出7.2%
0.8%
净利率更高
MCO
高出22.3%
9.5%
自由现金流更多
MCO
多$485.0M
$359.0M
两年增速更快
MCO
近两年复合增速
-9.0%
损益表 — Q3 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $3.3B | $2.1B |
| 净利润 | $309.0M | $661.0M |
| 毛利率 | 33.3% | — |
| 营业利润率 | 13.9% | 40.7% |
| 净利率 | 9.5% | 31.8% |
| 营收同比 | 0.8% | 8.1% |
| 净利润同比 | -15.8% | 5.8% |
| 每股收益（稀释后） | $0.88 | $3.73 |
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KMCO
| Q1 26 | — | $2.1B | ||
| Q4 25 | — | $1.9B | ||
| Q3 25 | $3.3B | $2.0B | ||
| Q2 25 | $3.2B | $1.9B | ||
| Q1 25 | $3.1B | $1.9B | ||
| Q4 24 | $3.1B | $1.7B | ||
| Q3 24 | $3.2B | $1.8B | ||
| Q2 24 | $3.2B | $1.8B |
净利润KMCO
| Q1 26 | — | $661.0M | ||
| Q4 25 | — | $610.0M | ||
| Q3 25 | $309.0M | $646.0M | ||
| Q2 25 | $299.0M | $578.0M | ||
| Q1 25 | $304.0M | $625.0M | ||
| Q4 24 | $365.0M | $395.0M | ||
| Q3 24 | $367.0M | $534.0M | ||
| Q2 24 | $344.0M | $552.0M |
毛利率KMCO
| Q1 26 | — | — | ||
| Q4 25 | — | 73.5% | ||
| Q3 25 | 33.3% | 75.5% | ||
| Q2 25 | 34.0% | 74.2% | ||
| Q1 25 | 34.3% | 74.5% | ||
| Q4 24 | 37.7% | 70.3% | ||
| Q3 24 | 36.4% | 71.8% | ||
| Q2 24 | 36.4% | 74.2% |
营业利润率KMCO
| Q1 26 | — | 40.7% | ||
| Q4 25 | — | 40.8% | ||
| Q3 25 | 13.9% | 45.7% | ||
| Q2 25 | 13.7% | 43.1% | ||
| Q1 25 | 13.9% | 44.0% | ||
| Q4 24 | 17.0% | 33.6% | ||
| Q3 24 | 14.1% | 40.7% | ||
| Q2 24 | 15.4% | 42.7% |
净利率KMCO
| Q1 26 | — | 31.8% | ||
| Q4 25 | — | 32.3% | ||
| Q3 25 | 9.5% | 32.2% | ||
| Q2 25 | 9.3% | 30.5% | ||
| Q1 25 | 9.9% | 32.5% | ||
| Q4 24 | 11.7% | 23.6% | ||
| Q3 24 | 11.4% | 29.5% | ||
| Q2 24 | 10.8% | 30.4% |
每股收益（稀释后）KMCO
| Q1 26 | — | $3.73 | ||
| Q4 25 | — | $3.40 | ||
| Q3 25 | $0.88 | $3.60 | ||
| Q2 25 | $0.85 | $3.21 | ||
| Q1 25 | $0.87 | $3.46 | ||
| Q4 24 | $1.05 | $2.16 | ||
| Q3 24 | $1.05 | $2.93 | ||
| Q2 24 | $1.00 | $3.02 |
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 | $1.5B |
| 总债务越低越好 | $4.3B | $7.0B |
| 股东权益账面价值 | $4.2B | $3.1B |
| 总资产 | $15.6B | $14.7B |
| 负债/权益比越低杠杆越低 | 1.02× | 2.22× |
8季度趋势，按日历期对齐
现金及短期投资KMCO
| Q1 26 | — | $1.5B | ||
| Q4 25 | — | $2.4B | ||
| Q3 25 | $240.0M | $2.3B | ||
| Q2 25 | $354.0M | $2.3B | ||
| Q1 25 | $330.0M | $2.2B | ||
| Q4 24 | $694.0M | $3.0B | ||
| Q3 24 | $569.0M | $3.2B | ||
| Q2 24 | $272.0M | $2.7B |
总债务KMCO
| Q1 26 | — | $7.0B | ||
| Q4 25 | — | $7.0B | ||
| Q3 25 | $4.3B | $7.0B | ||
| Q2 25 | $4.3B | $7.0B | ||
| Q1 25 | $5.0B | $6.8B | ||
| Q4 24 | $5.0B | $7.4B | ||
| Q3 24 | $5.1B | $7.6B | ||
| Q2 24 | $5.0B | $6.9B |
股东权益KMCO
| Q1 26 | — | $3.1B | ||
| Q4 25 | — | $4.1B | ||
| Q3 25 | $4.2B | $4.0B | ||
| Q2 25 | $4.1B | $3.9B | ||
| Q1 25 | $3.9B | $3.7B | ||
| Q4 24 | $3.8B | $3.6B | ||
| Q3 24 | $3.6B | $3.9B | ||
| Q2 24 | $3.3B | $3.8B |
总资产KMCO
| Q1 26 | — | $14.7B | ||
| Q4 25 | — | $15.8B | ||
| Q3 25 | $15.6B | $15.4B | ||
| Q2 25 | $15.9B | $15.5B | ||
| Q1 25 | $15.5B | $15.1B | ||
| Q4 24 | $15.6B | $15.5B | ||
| Q3 24 | $15.8B | $15.8B | ||
| Q2 24 | $15.3B | $15.0B |
负债/权益比KMCO
| Q1 26 | — | 2.22× | ||
| Q4 25 | — | 1.73× | ||
| Q3 25 | 1.02× | 1.76× | ||
| Q2 25 | 1.05× | 1.76× | ||
| Q1 25 | 1.28× | 1.84× | ||
| Q4 24 | 1.32× | 2.08× | ||
| Q3 24 | 1.40× | 1.94× | ||
| Q2 24 | 1.51× | 1.84× |
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 | $939.0M |
| 自由现金流经营现金流 - 资本支出 | $359.0M | $844.0M |
| 自由现金流率自由现金流/营收 | 11.0% | 40.6% |
| 资本支出强度资本支出/营收 | 4.4% | — |
| 现金转化率经营现金流/净利润 | 1.63× | 1.42× |
| 过去12个月自由现金流最近4个季度 | $599.0M | $2.7B |
8季度趋势，按日历期对齐
经营现金流KMCO
| Q1 26 | — | $939.0M | ||
| Q4 25 | — | $858.0M | ||
| Q3 25 | $503.0M | $743.0M | ||
| Q2 25 | $169.0M | $543.0M | ||
| Q1 25 | $116.0M | $757.0M | ||
| Q4 24 | $467.0M | $674.0M | ||
| Q3 24 | $553.0M | $703.0M | ||
| Q2 24 | $376.0M | $686.0M |
自由现金流KMCO
| Q1 26 | — | $844.0M | ||
| Q4 25 | — | $777.0M | ||
| Q3 25 | $359.0M | $658.0M | ||
| Q2 25 | $21.0M | $468.0M | ||
| Q1 25 | $-60.0M | $672.0M | ||
| Q4 24 | $279.0M | $600.0M | ||
| Q3 24 | $410.0M | $631.0M | ||
| Q2 24 | $234.0M | $593.0M |
自由现金流率KMCO
| Q1 26 | — | 40.6% | ||
| Q4 25 | — | 41.1% | ||
| Q3 25 | 11.0% | 32.8% | ||
| Q2 25 | 0.7% | 24.7% | ||
| Q1 25 | -1.9% | 34.9% | ||
| Q4 24 | 8.9% | 35.9% | ||
| Q3 24 | 12.7% | 34.8% | ||
| Q2 24 | 7.3% | 32.6% |
资本支出强度KMCO
| Q1 26 | — | — | ||
| Q4 25 | — | 4.3% | ||
| Q3 25 | 4.4% | 4.2% | ||
| Q2 25 | 4.6% | 4.0% | ||
| Q1 25 | 5.7% | 4.4% | ||
| Q4 24 | 6.0% | 4.4% | ||
| Q3 24 | 4.4% | 4.0% | ||
| Q2 24 | 4.4% | 5.1% |
现金转化率KMCO
| Q1 26 | — | 1.42× | ||
| Q4 25 | — | 1.41× | ||
| Q3 25 | 1.63× | 1.15× | ||
| Q2 25 | 0.57× | 0.94× | ||
| Q1 25 | 0.38× | 1.21× | ||
| Q4 24 | 1.28× | 1.71× | ||
| Q3 24 | 1.51× | 1.32× | ||
| Q2 24 | 1.09× | 1.24× |
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% |
MCO
| external | $926.0M | 45% |
| MIS Transaction | $790.0M | 38% |
| MIS Recurring | $363.0M | 17% |
