vs
Kellanova（K）与北极星（PII）财务数据对比。点击上方公司名可切换其他公司
Kellanova的季度营收约是北极星的2.0倍（$3.3B vs $1.7B），Kellanova净利率更高（9.5% vs -2.8%，领先12.3%），北极星同比增速更快（8.0% vs 0.8%），Kellanova自由现金流更多（$359.0M vs $-342.5M），过去两年北极星的营收复合增速更高（-8.0% 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。
北极星公司（Polaris Inc.）是总部位于美国明尼苏达州麦地那的机动车制造企业，创立于明尼苏达州罗索，当地目前仍保留其工程研发与生产设施。公司曾通过胜利摩托子公司生产摩托车，2011年收购印第安摩托品牌后转由该子公司运营摩托业务，此前还曾生产私人水上摩托艇产品。
K vs PII — 直观对比
营收规模更大
K
是对方的2.0倍
$1.7B
营收增速更快
PII
高出7.2%
0.8%
净利率更高
K
高出12.3%
-2.8%
自由现金流更多
K
多$701.5M
$-342.5M
两年增速更快
PII
近两年复合增速
-9.0%
损益表 — Q3 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $3.3B | $1.7B |
| 净利润 | $309.0M | $-47.2M |
| 毛利率 | 33.3% | 20.2% |
| 营业利润率 | 13.9% | — |
| 净利率 | 9.5% | -2.8% |
| 营收同比 | 0.8% | 8.0% |
| 净利润同比 | -15.8% | 29.2% |
| 每股收益（稀释后） | $0.88 | $-0.83 |
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KPII
| Q1 26 | — | $1.7B | ||
| Q4 25 | — | $1.9B | ||
| Q3 25 | $3.3B | $1.8B | ||
| Q2 25 | $3.2B | $1.9B | ||
| Q1 25 | $3.1B | $1.5B | ||
| Q4 24 | $3.1B | $1.8B | ||
| Q3 24 | $3.2B | $1.7B | ||
| Q2 24 | $3.2B | $2.0B |
净利润KPII
| Q1 26 | — | $-47.2M | ||
| Q4 25 | — | $-303.6M | ||
| Q3 25 | $309.0M | $-15.8M | ||
| Q2 25 | $299.0M | $-79.3M | ||
| Q1 25 | $304.0M | $-66.8M | ||
| Q4 24 | $365.0M | $10.6M | ||
| Q3 24 | $367.0M | $27.7M | ||
| Q2 24 | $344.0M | $68.7M |
毛利率KPII
| Q1 26 | — | 20.2% | ||
| Q4 25 | — | 20.0% | ||
| Q3 25 | 33.3% | 20.7% | ||
| Q2 25 | 34.0% | 19.4% | ||
| Q1 25 | 34.3% | 16.0% | ||
| Q4 24 | 37.7% | 20.4% | ||
| Q3 24 | 36.4% | 20.6% | ||
| Q2 24 | 36.4% | 21.6% |
营业利润率KPII
| Q1 26 | — | — | ||
| Q4 25 | — | -16.7% | ||
| Q3 25 | 13.9% | 1.1% | ||
| Q2 25 | 13.7% | -0.7% | ||
| Q1 25 | 13.9% | -2.4% | ||
| Q4 24 | 17.0% | 3.7% | ||
| Q3 24 | 14.1% | 3.8% | ||
| Q2 24 | 15.4% | 6.1% |
净利率KPII
| Q1 26 | — | -2.8% | ||
| Q4 25 | — | -15.8% | ||
| Q3 25 | 9.5% | -0.9% | ||
| Q2 25 | 9.3% | -4.3% | ||
| Q1 25 | 9.9% | -4.3% | ||
| Q4 24 | 11.7% | 0.6% | ||
| Q3 24 | 11.4% | 1.6% | ||
| Q2 24 | 10.8% | 3.5% |
每股收益（稀释后）KPII
| Q1 26 | — | $-0.83 | ||
| Q4 25 | — | $-5.34 | ||
| Q3 25 | $0.88 | $-0.28 | ||
| Q2 25 | $0.85 | $-1.39 | ||
| Q1 25 | $0.87 | $-1.17 | ||
| Q4 24 | $1.05 | $0.18 | ||
| Q3 24 | $1.05 | $0.49 | ||
| Q2 24 | $1.00 | $1.21 |
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 | $282.0M |
| 总债务越低越好 | $4.3B | — |
| 股东权益账面价值 | $4.2B | $750.4M |
| 总资产 | $15.6B | $5.2B |
| 负债/权益比越低杠杆越低 | 1.02× | — |
8季度趋势，按日历期对齐
现金及短期投资KPII
| Q1 26 | — | $282.0M | ||
| Q4 25 | — | $138.0M | ||
| Q3 25 | $240.0M | $335.5M | ||
| Q2 25 | $354.0M | $324.3M | ||
| Q1 25 | $330.0M | $291.7M | ||
| Q4 24 | $694.0M | $287.8M | ||
| Q3 24 | $569.0M | $291.3M | ||
| Q2 24 | $272.0M | $322.7M |
总债务KPII
| Q1 26 | — | — | ||
| Q4 25 | — | $1.5B | ||
| Q3 25 | $4.3B | $1.3B | ||
| Q2 25 | $4.3B | $1.4B | ||
| Q1 25 | $5.0B | $1.6B | ||
| Q4 24 | $5.0B | $1.6B | ||
| Q3 24 | $5.1B | $1.7B | ||
| Q2 24 | $5.0B | $2.1B |
股东权益KPII
| Q1 26 | — | $750.4M | ||
| Q4 25 | — | $828.4M | ||
| Q3 25 | $4.2B | $1.1B | ||
| Q2 25 | $4.1B | $1.2B | ||
| Q1 25 | $3.9B | $1.2B | ||
| Q4 24 | $3.8B | $1.3B | ||
| Q3 24 | $3.6B | $1.3B | ||
| Q2 24 | $3.3B | $1.3B |
总资产KPII
| Q1 26 | — | $5.2B | ||
| Q4 25 | — | $4.9B | ||
| Q3 25 | $15.6B | $5.3B | ||
| Q2 25 | $15.9B | $5.4B | ||
| Q1 25 | $15.5B | $5.5B | ||
| Q4 24 | $15.6B | $5.5B | ||
| Q3 24 | $15.8B | $5.6B | ||
| Q2 24 | $15.3B | $5.7B |
负债/权益比KPII
| Q1 26 | — | — | ||
| Q4 25 | — | 1.82× | ||
| Q3 25 | 1.02× | 1.13× | ||
| Q2 25 | 1.05× | 1.17× | ||
| Q1 25 | 1.28× | 1.32× | ||
| Q4 24 | 1.32× | 1.27× | ||
| Q3 24 | 1.40× | 1.29× | ||
| Q2 24 | 1.51× | 1.56× |
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 | $-342.5M |
| 自由现金流率自由现金流/营收 | 11.0% | -20.6% |
| 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× | — |
| 过去12个月自由现金流最近4个季度 | $599.0M | $168.0M |
8季度趋势，按日历期对齐
经营现金流KPII
| Q1 26 | — | — | ||
| Q4 25 | — | $178.7M | ||
| Q3 25 | $503.0M | $158.8M | ||
| Q2 25 | $169.0M | $320.3M | ||
| Q1 25 | $116.0M | $83.2M | ||
| Q4 24 | $467.0M | $206.3M | ||
| Q3 24 | $553.0M | $21.0M | ||
| Q2 24 | $376.0M | $146.3M |
自由现金流KPII
| Q1 26 | — | $-342.5M | ||
| Q4 25 | — | $114.0M | ||
| Q3 25 | $359.0M | $116.7M | ||
| Q2 25 | $21.0M | $279.8M | ||
| Q1 25 | $-60.0M | $47.6M | ||
| Q4 24 | $279.0M | $137.3M | ||
| Q3 24 | $410.0M | $-32.4M | ||
| Q2 24 | $234.0M | $79.1M |
自由现金流率KPII
| Q1 26 | — | -20.6% | ||
| Q4 25 | — | 5.9% | ||
| Q3 25 | 11.0% | 6.3% | ||
| Q2 25 | 0.7% | 15.1% | ||
| Q1 25 | -1.9% | 3.1% | ||
| Q4 24 | 8.9% | 7.8% | ||
| Q3 24 | 12.7% | -1.9% | ||
| Q2 24 | 7.3% | 4.0% |
资本支出强度KPII
| Q1 26 | — | — | ||
| Q4 25 | — | 3.4% | ||
| Q3 25 | 4.4% | 2.3% | ||
| Q2 25 | 4.6% | 2.2% | ||
| Q1 25 | 5.7% | 2.3% | ||
| Q4 24 | 6.0% | 3.9% | ||
| Q3 24 | 4.4% | 3.1% | ||
| Q2 24 | 4.4% | 3.4% |
现金转化率KPII
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | 1.63× | — | ||
| Q2 25 | 0.57× | — | ||
| Q1 25 | 0.38× | — | ||
| Q4 24 | 1.28× | 19.46× | ||
| Q3 24 | 1.51× | 0.76× | ||
| Q2 24 | 1.09× | 2.13× |
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% |
PII
暂无分部数据
