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Kellanova（K）与美高梅国际度假村（MGM）财务数据对比。点击上方公司名可切换其他公司
美高梅国际度假村的季度营收约是Kellanova的1.4倍（$4.6B vs $3.3B），Kellanova净利率更高（9.5% vs 6.4%，领先3.1%），美高梅国际度假村同比增速更快（6.0% vs 0.8%），Kellanova自由现金流更多（$359.0M vs $358.5M），过去两年美高梅国际度假村的营收复合增速更高（2.5% 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。
美高梅国际度假村是美国跨国文旅、体育及娱乐集团，在拉斯维加斯、美国多个州以及中国澳门、上海、成都、杭州、三亚等地运营度假项目，旗下拥有百乐宫、曼德勒海湾、米高梅大酒店、Park MGM等知名物业。
K vs MGM — 直观对比
营收规模更大
MGM
是对方的1.4倍
$3.3B
营收增速更快
MGM
高出5.1%
0.8%
净利率更高
K
高出3.1%
6.4%
自由现金流更多
K
多$460.0K
$358.5M
两年增速更快
MGM
近两年复合增速
-9.0%
损益表 — Q3 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $3.3B | $4.6B |
| 净利润 | $309.0M | $293.6M |
| 毛利率 | 33.3% | — |
| 营业利润率 | 13.9% | 7.1% |
| 净利率 | 9.5% | 6.4% |
| 营收同比 | 0.8% | 6.0% |
| 净利润同比 | -15.8% | 86.5% |
| 每股收益（稀释后） | $0.88 | $1.12 |
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KMGM
| Q4 25 | — | $4.6B | ||
| Q3 25 | $3.3B | $4.3B | ||
| Q2 25 | $3.2B | $4.4B | ||
| Q1 25 | $3.1B | $4.3B | ||
| Q4 24 | $3.1B | $4.3B | ||
| Q3 24 | $3.2B | $4.2B | ||
| Q2 24 | $3.2B | $4.3B | ||
| Q1 24 | $3.2B | $4.4B |
净利润KMGM
| Q4 25 | — | $293.6M | ||
| Q3 25 | $309.0M | $-285.3M | ||
| Q2 25 | $299.0M | $49.0M | ||
| Q1 25 | $304.0M | $148.6M | ||
| Q4 24 | $365.0M | $157.4M | ||
| Q3 24 | $367.0M | $184.6M | ||
| Q2 24 | $344.0M | $187.1M | ||
| Q1 24 | $267.0M | $217.5M |
毛利率KMGM
| Q4 25 | — | — | ||
| Q3 25 | 33.3% | — | ||
| Q2 25 | 34.0% | — | ||
| Q1 25 | 34.3% | — | ||
| Q4 24 | 37.7% | — | ||
| Q3 24 | 36.4% | — | ||
| Q2 24 | 36.4% | — | ||
| Q1 24 | 32.2% | — |
营业利润率KMGM
| Q4 25 | — | 7.1% | ||
| Q3 25 | 13.9% | -2.7% | ||
| Q2 25 | 13.7% | 9.2% | ||
| Q1 25 | 13.9% | 9.0% | ||
| Q4 24 | 17.0% | 6.7% | ||
| Q3 24 | 14.1% | 7.5% | ||
| Q2 24 | 15.4% | 9.8% | ||
| Q1 24 | 12.3% | 10.5% |
净利率KMGM
| Q4 25 | — | 6.4% | ||
| Q3 25 | 9.5% | -6.7% | ||
| Q2 25 | 9.3% | 1.1% | ||
| Q1 25 | 9.9% | 3.5% | ||
| Q4 24 | 11.7% | 3.6% | ||
| Q3 24 | 11.4% | 4.4% | ||
| Q2 24 | 10.8% | 4.3% | ||
| Q1 24 | 8.3% | 5.0% |
每股收益（稀释后）KMGM
| Q4 25 | — | $1.12 | ||
| Q3 25 | $0.88 | $-1.05 | ||
| Q2 25 | $0.85 | $0.18 | ||
| Q1 25 | $0.87 | $0.51 | ||
| Q4 24 | $1.05 | $0.52 | ||
| Q3 24 | $1.05 | $0.61 | ||
| Q2 24 | $1.00 | $0.60 | ||
| Q1 24 | $0.78 | $0.67 |
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 | $2.1B |
| 总债务越低越好 | $4.3B | $6.2B |
| 股东权益账面价值 | $4.2B | $2.4B |
| 总资产 | $15.6B | $41.4B |
| 负债/权益比越低杠杆越低 | 1.02× | 2.56× |
8季度趋势，按日历期对齐
现金及短期投资KMGM
| Q4 25 | — | $2.1B | ||
| Q3 25 | $240.0M | $2.1B | ||
| Q2 25 | $354.0M | $2.0B | ||
| Q1 25 | $330.0M | $2.3B | ||
| Q4 24 | $694.0M | $2.4B | ||
| Q3 24 | $569.0M | $3.0B | ||
| Q2 24 | $272.0M | $2.4B | ||
| Q1 24 | $242.0M | $2.7B |
总债务KMGM
| Q4 25 | — | $6.2B | ||
| Q3 25 | $4.3B | $6.2B | ||
| Q2 25 | $4.3B | $6.2B | ||
| Q1 25 | $5.0B | $6.4B | ||
| Q4 24 | $5.0B | $6.4B | ||
| Q3 24 | $5.1B | $6.9B | ||
| Q2 24 | $5.0B | $6.3B | ||
| Q1 24 | $4.4B | $6.3B |
股东权益KMGM
| Q4 25 | — | $2.4B | ||
| Q3 25 | $4.2B | $2.7B | ||
| Q2 25 | $4.1B | $3.0B | ||
| Q1 25 | $3.9B | $2.9B | ||
| Q4 24 | $3.8B | $3.0B | ||
| Q3 24 | $3.6B | $3.2B | ||
| Q2 24 | $3.3B | $3.2B | ||
| Q1 24 | $3.2B | $3.5B |
总资产KMGM
| Q4 25 | — | $41.4B | ||
| Q3 25 | $15.6B | $41.4B | ||
| Q2 25 | $15.9B | $41.7B | ||
| Q1 25 | $15.5B | $41.9B | ||
| Q4 24 | $15.6B | $42.2B | ||
| Q3 24 | $15.8B | $42.7B | ||
| Q2 24 | $15.3B | $41.8B | ||
| Q1 24 | $15.3B | $42.1B |
负债/权益比KMGM
| Q4 25 | — | 2.56× | ||
| Q3 25 | 1.02× | 2.30× | ||
| Q2 25 | 1.05× | 2.09× | ||
| Q1 25 | 1.28× | 2.25× | ||
| Q4 24 | 1.32× | 2.10× | ||
| Q3 24 | 1.40× | 2.14× | ||
| Q2 24 | 1.51× | 1.96× | ||
| Q1 24 | 1.40× | 1.81× |
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 | $655.0M |
| 自由现金流经营现金流 - 资本支出 | $359.0M | $358.5M |
| 自由现金流率自由现金流/营收 | 11.0% | 7.8% |
| 资本支出强度资本支出/营收 | 4.4% | 6.4% |
| 现金转化率经营现金流/净利润 | 1.63× | 2.23× |
| 过去12个月自由现金流最近4个季度 | $599.0M | $1.5B |
8季度趋势，按日历期对齐
经营现金流KMGM
| Q4 25 | — | $655.0M | ||
| Q3 25 | $503.0M | $681.4M | ||
| Q2 25 | $169.0M | $645.9M | ||
| Q1 25 | $116.0M | $547.1M | ||
| Q4 24 | $467.0M | $671.6M | ||
| Q3 24 | $553.0M | $667.4M | ||
| Q2 24 | $376.0M | $474.2M | ||
| Q1 24 | $364.0M | $549.3M |
自由现金流KMGM
| Q4 25 | — | $358.5M | ||
| Q3 25 | $359.0M | $405.4M | ||
| Q2 25 | $21.0M | $377.4M | ||
| Q1 25 | $-60.0M | $319.0M | ||
| Q4 24 | $279.0M | $267.5M | ||
| Q3 24 | $410.0M | $331.2M | ||
| Q2 24 | $234.0M | $236.0M | ||
| Q1 24 | $209.0M | $377.2M |
自由现金流率KMGM
| Q4 25 | — | 7.8% | ||
| Q3 25 | 11.0% | 9.5% | ||
| Q2 25 | 0.7% | 8.6% | ||
| Q1 25 | -1.9% | 7.5% | ||
| Q4 24 | 8.9% | 6.2% | ||
| Q3 24 | 12.7% | 7.9% | ||
| Q2 24 | 7.3% | 5.5% | ||
| Q1 24 | 6.5% | 8.6% |
资本支出强度KMGM
| Q4 25 | — | 6.4% | ||
| Q3 25 | 4.4% | 6.5% | ||
| Q2 25 | 4.6% | 6.1% | ||
| Q1 25 | 5.7% | 5.3% | ||
| Q4 24 | 6.0% | 9.3% | ||
| Q3 24 | 4.4% | 8.0% | ||
| Q2 24 | 4.4% | 5.5% | ||
| Q1 24 | 4.8% | 3.9% |
现金转化率KMGM
| Q4 25 | — | 2.23× | ||
| Q3 25 | 1.63× | — | ||
| Q2 25 | 0.57× | 13.19× | ||
| Q1 25 | 0.38× | 3.68× | ||
| Q4 24 | 1.28× | 4.27× | ||
| Q3 24 | 1.51× | 3.62× | ||
| Q2 24 | 1.09× | 2.54× | ||
| Q1 24 | 1.36× | 2.53× |
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% |
MGM
| Casino | $2.6B | 56% |
| Occupancy | $858.4M | 19% |
| Food And Beverage | $749.0M | 16% |
| Entertainment Retail And Other | $423.0M | 9% |
