vs
Kellanova（K）与PVH CORP.（PVH）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PVH CORP.的1.4倍（$3.3B vs $2.3B），Kellanova净利率更高（9.5% vs 0.2%，领先9.3%），PVH CORP.同比增速更快（1.7% vs 0.8%），Kellanova自由现金流更多（$359.0M vs $-85.1M）
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。
PVH集团是源自美国的知名服饰企业，前身为Phillips-Van Heusen公司，旗下拥有Tommy Hilfiger、Calvin Klein等标志性时尚品牌，同时还获得Kenneth Cole New York、Michael Kors等品牌的授权经营许可，在全球服饰消费市场拥有广泛影响力。
K vs PVH — 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
PVH
高出0.9%
0.8%
净利率更高
K
高出9.3%
0.2%
自由现金流更多
K
多$444.1M
$-85.1M
损益表 — Q3 FY2025 vs Q3 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $3.3B | $2.3B |
| 净利润 | $309.0M | $4.2M |
| 毛利率 | 33.3% | 56.3% |
| 营业利润率 | 13.9% | 7.9% |
| 净利率 | 9.5% | 0.2% |
| 营收同比 | 0.8% | 1.7% |
| 净利润同比 | -15.8% | -96.8% |
| 每股收益（稀释后） | $0.88 | $0.09 |
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KPVH
| Q4 25 | — | $2.3B | ||
| Q3 25 | $3.3B | $2.2B | ||
| Q2 25 | $3.2B | $2.0B | ||
| Q1 25 | $3.1B | — | ||
| Q4 24 | $3.1B | — | ||
| Q3 24 | $3.2B | — | ||
| Q2 24 | $3.2B | — | ||
| Q1 24 | $3.2B | — |
净利润KPVH
| Q4 25 | — | $4.2M | ||
| Q3 25 | $309.0M | $224.2M | ||
| Q2 25 | $299.0M | $-44.8M | ||
| Q1 25 | $304.0M | — | ||
| Q4 24 | $365.0M | — | ||
| Q3 24 | $367.0M | — | ||
| Q2 24 | $344.0M | — | ||
| Q1 24 | $267.0M | — |
毛利率KPVH
| Q4 25 | — | 56.3% | ||
| Q3 25 | 33.3% | 57.7% | ||
| Q2 25 | 34.0% | 58.6% | ||
| 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KPVH
| Q4 25 | — | 7.9% | ||
| Q3 25 | 13.9% | 6.1% | ||
| Q2 25 | 13.7% | -16.7% | ||
| Q1 25 | 13.9% | — | ||
| Q4 24 | 17.0% | — | ||
| Q3 24 | 14.1% | — | ||
| Q2 24 | 15.4% | — | ||
| Q1 24 | 12.3% | — |
净利率KPVH
| Q4 25 | — | 0.2% | ||
| Q3 25 | 9.5% | 10.3% | ||
| Q2 25 | 9.3% | -2.3% | ||
| Q1 25 | 9.9% | — | ||
| Q4 24 | 11.7% | — | ||
| Q3 24 | 11.4% | — | ||
| Q2 24 | 10.8% | — | ||
| Q1 24 | 8.3% | — |
每股收益（稀释后）KPVH
| Q4 25 | — | $0.09 | ||
| Q3 25 | $0.88 | $4.63 | ||
| Q2 25 | $0.85 | $-0.88 | ||
| Q1 25 | $0.87 | — | ||
| Q4 24 | $1.05 | — | ||
| Q3 24 | $1.05 | — | ||
| Q2 24 | $1.00 | — | ||
| Q1 24 | $0.78 | — |
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 | $158.2M |
| 总债务越低越好 | $4.3B | $2.3B |
| 股东权益账面价值 | $4.2B | $4.9B |
| 总资产 | $15.6B | $11.4B |
| 负债/权益比越低杠杆越低 | 1.02× | 0.46× |
8季度趋势，按日历期对齐
现金及短期投资KPVH
| Q4 25 | — | $158.2M | ||
| Q3 25 | $240.0M | $248.8M | ||
| Q2 25 | $354.0M | $191.0M | ||
| Q1 25 | $330.0M | — | ||
| Q4 24 | $694.0M | — | ||
| Q3 24 | $569.0M | — | ||
| Q2 24 | $272.0M | — | ||
| Q1 24 | $242.0M | — |
总债务KPVH
| Q4 25 | — | $2.3B | ||
| Q3 25 | $4.3B | $2.3B | ||
| Q2 25 | $4.3B | $2.2B | ||
| Q1 25 | $5.0B | — | ||
| Q4 24 | $5.0B | — | ||
| Q3 24 | $5.1B | — | ||
| Q2 24 | $5.0B | — | ||
| Q1 24 | $4.4B | — |
股东权益KPVH
| Q4 25 | — | $4.9B | ||
| Q3 25 | $4.2B | $4.9B | ||
| Q2 25 | $4.1B | $4.6B | ||
| Q1 25 | $3.9B | — | ||
| Q4 24 | $3.8B | — | ||
| Q3 24 | $3.6B | — | ||
| Q2 24 | $3.3B | — | ||
| Q1 24 | $3.2B | — |
总资产KPVH
| Q4 25 | — | $11.4B | ||
| Q3 25 | $15.6B | $11.6B | ||
| Q2 25 | $15.9B | $10.7B | ||
| Q1 25 | $15.5B | — | ||
| Q4 24 | $15.6B | — | ||
| Q3 24 | $15.8B | — | ||
| Q2 24 | $15.3B | — | ||
| Q1 24 | $15.3B | — |
负债/权益比KPVH
| Q4 25 | — | 0.46× | ||
| Q3 25 | 1.02× | 0.47× | ||
| Q2 25 | 1.05× | 0.48× | ||
| Q1 25 | 1.28× | — | ||
| Q4 24 | 1.32× | — | ||
| 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 | $-44.5M |
| 自由现金流经营现金流 - 资本支出 | $359.0M | $-85.1M |
| 自由现金流率自由现金流/营收 | 11.0% | -3.7% |
| 资本支出强度资本支出/营收 | 4.4% | 1.8% |
| 现金转化率经营现金流/净利润 | 1.63× | -10.60× |
| 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KPVH
| Q4 25 | — | $-44.5M | ||
| Q3 25 | $503.0M | $213.1M | ||
| Q2 25 | $169.0M | $-71.4M | ||
| Q1 25 | $116.0M | — | ||
| Q4 24 | $467.0M | — | ||
| Q3 24 | $553.0M | — | ||
| Q2 24 | $376.0M | — | ||
| Q1 24 | $364.0M | — |
自由现金流KPVH
| Q4 25 | — | $-85.1M | ||
| Q3 25 | $359.0M | $181.9M | ||
| Q2 25 | $21.0M | $-98.1M | ||
| 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KPVH
| Q4 25 | — | -3.7% | ||
| Q3 25 | 11.0% | 8.4% | ||
| Q2 25 | 0.7% | -4.9% | ||
| 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KPVH
| Q4 25 | — | 1.8% | ||
| Q3 25 | 4.4% | 1.4% | ||
| Q2 25 | 4.6% | 1.3% | ||
| 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KPVH
| Q4 25 | — | -10.60× | ||
| Q3 25 | 1.63× | 0.95× | ||
| Q2 25 | 0.57× | — | ||
| Q1 25 | 0.38× | — | ||
| Q4 24 | 1.28× | — | ||
| Q3 24 | 1.51× | — | ||
| Q2 24 | 1.09× | — | ||
| Q1 24 | 1.36× | — |
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% |
PVH
| Sales Channel Salesto Wholesale Customers | $1.0B | 44% |
| Sales Channel Sales To Owned And Operated Retail Customers | $868.0M | 38% |
| Sales Channel Sales To Owned And Operated Digital Retail Customers | $186.6M | 8% |
| Licensing | $99.5M | 4% |
| Other | $75.8M | 3% |
| Heritage Brands | $51.3M | 2% |
