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Kellanova（K）与M&T Bank（MTB）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M&T Bank的1.3倍（$3.3B vs $2.5B），M&T Bank净利率更高（30.7% vs 9.5%，领先21.2%），M&T Bank同比增速更快（3.8% vs 0.8%），过去两年M&T Bank的营收复合增速更高（4.6% 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。
M&T银行是总部位于美国纽约州布法罗的银行控股企业，业务覆盖美国东部从缅因州到弗吉尼亚州的12个州及华盛顿特区，运营超过950家线下网点。其控股主体1998年5月前名为第一帝国州公司，之后更为现名。
K vs MTB — 直观对比
营收规模更大
K
是对方的1.3倍
$2.5B
营收增速更快
MTB
高出2.9%
0.8%
净利率更高
MTB
高出21.2%
9.5%
两年增速更快
MTB
近两年复合增速
-9.0%
损益表 — Q3 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $3.3B | $2.5B |
| 净利润 | $309.0M | $759.0M |
| 毛利率 | 33.3% | — |
| 营业利润率 | 13.9% | 39.2% |
| 净利率 | 9.5% | 30.7% |
| 营收同比 | 0.8% | 3.8% |
| 净利润同比 | -15.8% | 11.5% |
| 每股收益（稀释后） | $0.88 | $4.62 |
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KMTB
| Q4 25 | — | $2.5B | ||
| Q3 25 | $3.3B | $2.5B | ||
| Q2 25 | $3.2B | $2.4B | ||
| Q1 25 | $3.1B | $2.3B | ||
| Q4 24 | $3.1B | $2.4B | ||
| Q3 24 | $3.2B | $2.3B | ||
| Q2 24 | $3.2B | $2.3B | ||
| Q1 24 | $3.2B | $2.3B |
净利润KMTB
| Q4 25 | — | $759.0M | ||
| Q3 25 | $309.0M | $792.0M | ||
| Q2 25 | $299.0M | $716.0M | ||
| Q1 25 | $304.0M | $584.0M | ||
| Q4 24 | $365.0M | $681.0M | ||
| Q3 24 | $367.0M | $721.0M | ||
| Q2 24 | $344.0M | $655.0M | ||
| Q1 24 | $267.0M | $531.0M |
毛利率KMTB
| 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KMTB
| Q4 25 | — | 39.2% | ||
| Q3 25 | 13.9% | 40.8% | ||
| Q2 25 | 13.7% | 39.0% | ||
| Q1 25 | 13.9% | 33.0% | ||
| Q4 24 | 17.0% | 37.0% | ||
| Q3 24 | 14.1% | 39.0% | ||
| Q2 24 | 15.4% | 37.1% | ||
| Q1 24 | 12.3% | 29.4% |
净利率KMTB
| Q4 25 | — | 30.7% | ||
| Q3 25 | 9.5% | 31.5% | ||
| Q2 25 | 9.3% | 29.9% | ||
| Q1 25 | 9.9% | 25.3% | ||
| Q4 24 | 11.7% | 28.6% | ||
| Q3 24 | 11.4% | 30.9% | ||
| Q2 24 | 10.8% | 28.5% | ||
| Q1 24 | 8.3% | 23.5% |
每股收益（稀释后）KMTB
| Q4 25 | — | $4.62 | ||
| Q3 25 | $0.88 | $4.82 | ||
| Q2 25 | $0.85 | $4.24 | ||
| Q1 25 | $0.87 | $3.32 | ||
| Q4 24 | $1.05 | $3.87 | ||
| Q3 24 | $1.05 | $4.02 | ||
| Q2 24 | $1.00 | $3.73 | ||
| Q1 24 | $0.78 | $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 | — |
| 总债务越低越好 | $4.3B | $10.9B |
| 股东权益账面价值 | $4.2B | $29.2B |
| 总资产 | $15.6B | $213.5B |
| 负债/权益比越低杠杆越低 | 1.02× | 0.37× |
8季度趋势，按日历期对齐
现金及短期投资KMTB
| Q4 25 | — | — | ||
| Q3 25 | $240.0M | — | ||
| Q2 25 | $354.0M | — | ||
| Q1 25 | $330.0M | — | ||
| Q4 24 | $694.0M | — | ||
| Q3 24 | $569.0M | — | ||
| Q2 24 | $272.0M | — | ||
| Q1 24 | $242.0M | — |
总债务KMTB
| Q4 25 | — | $10.9B | ||
| Q3 25 | $4.3B | $12.9B | ||
| Q2 25 | $4.3B | $12.4B | ||
| Q1 25 | $5.0B | $10.5B | ||
| Q4 24 | $5.0B | $12.6B | ||
| Q3 24 | $5.1B | $11.6B | ||
| Q2 24 | $5.0B | $11.3B | ||
| Q1 24 | $4.4B | $11.4B |
股东权益KMTB
| Q4 25 | — | $29.2B | ||
| Q3 25 | $4.2B | $28.7B | ||
| Q2 25 | $4.1B | $28.5B | ||
| Q1 25 | $3.9B | $29.0B | ||
| Q4 24 | $3.8B | $29.0B | ||
| Q3 24 | $3.6B | $28.9B | ||
| Q2 24 | $3.3B | $28.4B | ||
| Q1 24 | $3.2B | $27.2B |
总资产KMTB
| Q4 25 | — | $213.5B | ||
| Q3 25 | $15.6B | $211.3B | ||
| Q2 25 | $15.9B | $211.6B | ||
| Q1 25 | $15.5B | $210.3B | ||
| Q4 24 | $15.6B | $208.1B | ||
| Q3 24 | $15.8B | $211.8B | ||
| Q2 24 | $15.3B | $208.9B | ||
| Q1 24 | $15.3B | $215.1B |
负债/权益比KMTB
| Q4 25 | — | 0.37× | ||
| Q3 25 | 1.02× | 0.45× | ||
| Q2 25 | 1.05× | 0.43× | ||
| Q1 25 | 1.28× | 0.36× | ||
| Q4 24 | 1.32× | 0.43× | ||
| Q3 24 | 1.40× | 0.40× | ||
| Q2 24 | 1.51× | 0.40× | ||
| Q1 24 | 1.40× | 0.42× |
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 | $3.0B |
| 自由现金流经营现金流 - 资本支出 | $359.0M | — |
| 自由现金流率自由现金流/营收 | 11.0% | — |
| 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× | 3.96× |
| 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KMTB
| Q4 25 | — | $3.0B | ||
| Q3 25 | $503.0M | $1.0B | ||
| Q2 25 | $169.0M | $844.0M | ||
| Q1 25 | $116.0M | $635.0M | ||
| Q4 24 | $467.0M | $3.6B | ||
| Q3 24 | $553.0M | $-28.0M | ||
| Q2 24 | $376.0M | $1.4B | ||
| Q1 24 | $364.0M | $608.0M |
自由现金流KMTB
| 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 | — | ||
| Q1 24 | $209.0M | — |
自由现金流率KMTB
| 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% | — | ||
| Q1 24 | 6.5% | — |
资本支出强度KMTB
| 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% | — | ||
| Q1 24 | 4.8% | — |
现金转化率KMTB
| Q4 25 | — | 3.96× | ||
| Q3 25 | 1.63× | 1.26× | ||
| Q2 25 | 0.57× | 1.18× | ||
| Q1 25 | 0.38× | 1.09× | ||
| Q4 24 | 1.28× | 5.30× | ||
| Q3 24 | 1.51× | -0.04× | ||
| Q2 24 | 1.09× | 2.07× | ||
| Q1 24 | 1.36× | 1.15× |
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% |
MTB
暂无分部数据
