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Kellanova（K）与PPL Corporation（PPL）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PPL Corporation的1.4倍（$3.3B vs $2.3B），PPL Corporation净利率更高（11.3% vs 9.5%，领先1.9%），PPL Corporation同比增速更快（7.2% vs 0.8%），Kellanova自由现金流更多（$359.0M vs $-614.0M），过去两年PPL Corporation的营收复合增速更高（1.0% 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。
PPL公司是总部位于美国宾夕法尼亚州的能源公用事业控股企业，为宾州、肯塔基州、罗德岛州约350万居民及工商业用户提供电力与天然气供应服务，核心业务方向包括电网现代化升级、清洁能源转型、高可靠性可持续能源服务供给。
K vs PPL — 直观对比
营收规模更大
K
是对方的1.4倍
$2.3B
营收增速更快
PPL
高出6.4%
0.8%
净利率更高
PPL
高出1.9%
9.5%
自由现金流更多
K
多$973.0M
$-614.0M
两年增速更快
PPL
近两年复合增速
-9.0%
损益表 — Q3 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $3.3B | $2.3B |
| 净利润 | $309.0M | $266.0M |
| 毛利率 | 33.3% | — |
| 营业利润率 | 13.9% | 20.3% |
| 净利率 | 9.5% | 11.3% |
| 营收同比 | 0.8% | 7.2% |
| 净利润同比 | -15.8% | 50.3% |
| 每股收益（稀释后） | $0.88 | $0.35 |
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KPPL
| Q4 25 | — | $2.3B | ||
| Q3 25 | $3.3B | $2.2B | ||
| Q2 25 | $3.2B | $2.0B | ||
| Q1 25 | $3.1B | $2.5B | ||
| Q4 24 | $3.1B | $2.2B | ||
| Q3 24 | $3.2B | $2.1B | ||
| Q2 24 | $3.2B | $1.9B | ||
| Q1 24 | $3.2B | $2.3B |
净利润KPPL
| Q4 25 | — | $266.0M | ||
| Q3 25 | $309.0M | $318.0M | ||
| Q2 25 | $299.0M | $183.0M | ||
| Q1 25 | $304.0M | $414.0M | ||
| Q4 24 | $365.0M | $177.0M | ||
| Q3 24 | $367.0M | $214.0M | ||
| Q2 24 | $344.0M | $190.0M | ||
| Q1 24 | $267.0M | $307.0M |
毛利率KPPL
| 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KPPL
| Q4 25 | — | 20.3% | ||
| Q3 25 | 13.9% | 25.4% | ||
| Q2 25 | 13.7% | 19.9% | ||
| Q1 25 | 13.9% | 26.6% | ||
| Q4 24 | 17.0% | 17.2% | ||
| Q3 24 | 14.1% | 20.6% | ||
| Q2 24 | 15.4% | 20.8% | ||
| Q1 24 | 12.3% | 23.7% |
净利率KPPL
| Q4 25 | — | 11.3% | ||
| Q3 25 | 9.5% | 14.2% | ||
| Q2 25 | 9.3% | 9.0% | ||
| Q1 25 | 9.9% | 16.3% | ||
| Q4 24 | 11.7% | 8.1% | ||
| Q3 24 | 11.4% | 10.3% | ||
| Q2 24 | 10.8% | 10.1% | ||
| Q1 24 | 8.3% | 13.3% |
每股收益（稀释后）KPPL
| Q4 25 | — | $0.35 | ||
| Q3 25 | $0.88 | $0.43 | ||
| Q2 25 | $0.85 | $0.25 | ||
| Q1 25 | $0.87 | $0.56 | ||
| Q4 24 | $1.05 | $0.23 | ||
| Q3 24 | $1.05 | $0.29 | ||
| Q2 24 | $1.00 | $0.26 | ||
| Q1 24 | $0.78 | $0.42 |
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 | $1.1B |
| 总债务越低越好 | $4.3B | $18.9B |
| 股东权益账面价值 | $4.2B | $14.9B |
| 总资产 | $15.6B | $45.2B |
| 负债/权益比越低杠杆越低 | 1.02× | 1.27× |
8季度趋势，按日历期对齐
现金及短期投资KPPL
| Q4 25 | — | $1.1B | ||
| Q3 25 | $240.0M | $1.1B | ||
| Q2 25 | $354.0M | $294.0M | ||
| Q1 25 | $330.0M | $312.0M | ||
| Q4 24 | $694.0M | $306.0M | ||
| Q3 24 | $569.0M | $542.0M | ||
| Q2 24 | $272.0M | $282.0M | ||
| Q1 24 | $242.0M | $276.0M |
总债务KPPL
| Q4 25 | — | $18.9B | ||
| Q3 25 | $4.3B | — | ||
| Q2 25 | $4.3B | — | ||
| Q1 25 | $5.0B | — | ||
| Q4 24 | $5.0B | $16.5B | ||
| Q3 24 | $5.1B | — | ||
| Q2 24 | $5.0B | — | ||
| Q1 24 | $4.4B | — |
股东权益KPPL
| Q4 25 | — | $14.9B | ||
| Q3 25 | $4.2B | $14.4B | ||
| Q2 25 | $4.1B | $14.3B | ||
| Q1 25 | $3.9B | $14.3B | ||
| Q4 24 | $3.8B | $14.1B | ||
| Q3 24 | $3.6B | $14.1B | ||
| Q2 24 | $3.3B | $14.1B | ||
| Q1 24 | $3.2B | $14.1B |
总资产KPPL
| Q4 25 | — | $45.2B | ||
| Q3 25 | $15.6B | $43.9B | ||
| Q2 25 | $15.9B | $42.4B | ||
| Q1 25 | $15.5B | $41.8B | ||
| Q4 24 | $15.6B | $41.1B | ||
| Q3 24 | $15.8B | $40.5B | ||
| Q2 24 | $15.3B | $39.8B | ||
| Q1 24 | $15.3B | $39.6B |
负债/权益比KPPL
| Q4 25 | — | 1.27× | ||
| Q3 25 | 1.02× | — | ||
| Q2 25 | 1.05× | — | ||
| Q1 25 | 1.28× | — | ||
| Q4 24 | 1.32× | 1.17× | ||
| Q3 24 | 1.40× | — | ||
| Q2 24 | 1.51× | — | ||
| Q1 24 | 1.40× | — |
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 | $548.0M |
| 自由现金流经营现金流 - 资本支出 | $359.0M | $-614.0M |
| 自由现金流率自由现金流/营收 | 11.0% | -26.1% |
| 资本支出强度资本支出/营收 | 4.4% | 49.5% |
| 现金转化率经营现金流/净利润 | 1.63× | 2.06× |
| 过去12个月自由现金流最近4个季度 | $599.0M | $-1.4B |
8季度趋势，按日历期对齐
经营现金流KPPL
| Q4 25 | — | $548.0M | ||
| Q3 25 | $503.0M | $966.0M | ||
| Q2 25 | $169.0M | $602.0M | ||
| Q1 25 | $116.0M | $513.0M | ||
| Q4 24 | $467.0M | $511.0M | ||
| Q3 24 | $553.0M | $781.0M | ||
| Q2 24 | $376.0M | $766.0M | ||
| Q1 24 | $364.0M | $282.0M |
自由现金流KPPL
| Q4 25 | — | $-614.0M | ||
| Q3 25 | $359.0M | $-179.0M | ||
| Q2 25 | $21.0M | $-328.0M | ||
| Q1 25 | $-60.0M | $-280.0M | ||
| Q4 24 | $279.0M | $-349.0M | ||
| Q3 24 | $410.0M | $102.0M | ||
| Q2 24 | $234.0M | $96.0M | ||
| Q1 24 | $209.0M | $-314.0M |
自由现金流率KPPL
| Q4 25 | — | -26.1% | ||
| Q3 25 | 11.0% | -8.0% | ||
| Q2 25 | 0.7% | -16.1% | ||
| Q1 25 | -1.9% | -11.0% | ||
| Q4 24 | 8.9% | -15.9% | ||
| Q3 24 | 12.7% | 4.9% | ||
| Q2 24 | 7.3% | 5.1% | ||
| Q1 24 | 6.5% | -13.6% |
资本支出强度KPPL
| Q4 25 | — | 49.5% | ||
| Q3 25 | 4.4% | 51.2% | ||
| Q2 25 | 4.6% | 45.6% | ||
| Q1 25 | 5.7% | 31.2% | ||
| Q4 24 | 6.0% | 39.3% | ||
| Q3 24 | 4.4% | 32.7% | ||
| Q2 24 | 4.4% | 35.8% | ||
| Q1 24 | 4.8% | 25.9% |
现金转化率KPPL
| Q4 25 | — | 2.06× | ||
| Q3 25 | 1.63× | 3.04× | ||
| Q2 25 | 0.57× | 3.29× | ||
| Q1 25 | 0.38× | 1.24× | ||
| Q4 24 | 1.28× | 2.89× | ||
| Q3 24 | 1.51× | 3.65× | ||
| Q2 24 | 1.09× | 4.03× | ||
| Q1 24 | 1.36× | 0.92× |
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% |
PPL
| Rhode Island Regulated | $539.0M | 23% |
| Other | $532.0M | 23% |
| Residential | $451.0M | 19% |
| Nonrelated Party | $425.0M | 18% |
| Transmission | $228.0M | 10% |
| Commercial | $117.0M | 5% |
| Wholesale Other | $23.0M | 1% |
| Industrial | $14.0M | 1% |
| Related Party | $13.0M | 1% |
| Wholesale Municipal | $6.0M | 0% |
