vs
Kellanova（K）与皇家加勒比集团（RCL）财务数据对比。点击上方公司名可切换其他公司
皇家加勒比集团的季度营收约是Kellanova的1.4倍（$4.5B vs $3.3B），皇家加勒比集团净利率更高（21.3% vs 9.5%，领先11.9%），皇家加勒比集团同比增速更快（11.3% vs 0.8%），过去两年皇家加勒比集团的营收复合增速更高（4.1% 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。
皇家加勒比集团前身为皇家加勒比邮轮有限公司，是仅次于嘉年华公司的全球第二大邮轮运营商。集团总部位于美国佛罗里达州迈阿密，在利比里亚注册，目前全资拥有皇家加勒比国际游轮、名人邮轮、银海邮轮三大品牌，还持有途易邮轮50%的股份。
K vs RCL — 直观对比
营收规模更大
RCL
是对方的1.4倍
$3.3B
营收增速更快
RCL
高出10.5%
0.8%
净利率更高
RCL
高出11.9%
9.5%
两年增速更快
RCL
近两年复合增速
-9.0%
损益表 — Q3 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $3.3B | $4.5B |
| 净利润 | $309.0M | $950.0M |
| 毛利率 | 33.3% | — |
| 营业利润率 | 13.9% | 26.1% |
| 净利率 | 9.5% | 21.3% |
| 营收同比 | 0.8% | 11.3% |
| 净利润同比 | -15.8% | 29.1% |
| 每股收益（稀释后） | $0.88 | $3.48 |
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KRCL
| Q1 26 | — | $4.5B | ||
| Q4 25 | — | $4.3B | ||
| Q3 25 | $3.3B | $5.1B | ||
| Q2 25 | $3.2B | $4.5B | ||
| Q1 25 | $3.1B | $4.0B | ||
| Q4 24 | $3.1B | $3.8B | ||
| Q3 24 | $3.2B | $4.9B | ||
| Q2 24 | $3.2B | $4.1B |
净利润KRCL
| Q1 26 | — | $950.0M | ||
| Q4 25 | — | $753.0M | ||
| Q3 25 | $309.0M | $1.6B | ||
| Q2 25 | $299.0M | $1.2B | ||
| Q1 25 | $304.0M | $730.0M | ||
| Q4 24 | $365.0M | $552.0M | ||
| Q3 24 | $367.0M | $1.1B | ||
| Q2 24 | $344.0M | $854.0M |
毛利率KRCL
| Q1 26 | — | — | ||
| Q4 25 | — | 47.4% | ||
| Q3 25 | 33.3% | 51.8% | ||
| Q2 25 | 34.0% | 49.7% | ||
| Q1 25 | 34.3% | 48.0% | ||
| Q4 24 | 37.7% | 45.4% | ||
| Q3 24 | 36.4% | 51.1% | ||
| Q2 24 | 36.4% | 47.6% |
营业利润率KRCL
| Q1 26 | — | 26.1% | ||
| Q4 25 | — | 21.9% | ||
| Q3 25 | 13.9% | 33.1% | ||
| Q2 25 | 13.7% | 29.3% | ||
| Q1 25 | 13.9% | 23.6% | ||
| Q4 24 | 17.0% | 16.6% | ||
| Q3 24 | 14.1% | 33.4% | ||
| Q2 24 | 15.4% | 26.7% |
净利率KRCL
| Q1 26 | — | 21.3% | ||
| Q4 25 | — | 17.7% | ||
| Q3 25 | 9.5% | 30.6% | ||
| Q2 25 | 9.3% | 26.7% | ||
| Q1 25 | 9.9% | 18.3% | ||
| Q4 24 | 11.7% | 14.7% | ||
| Q3 24 | 11.4% | 22.7% | ||
| Q2 24 | 10.8% | 20.8% |
每股收益（稀释后）KRCL
| Q1 26 | — | $3.48 | ||
| Q4 25 | — | $2.76 | ||
| Q3 25 | $0.88 | $5.74 | ||
| Q2 25 | $0.85 | $4.41 | ||
| Q1 25 | $0.87 | $2.70 | ||
| Q4 24 | $1.05 | $2.27 | ||
| Q3 24 | $1.05 | $4.21 | ||
| Q2 24 | $1.00 | $3.11 |
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 | $512.0M |
| 总债务越低越好 | $4.3B | $21.1B |
| 股东权益账面价值 | $4.2B | $10.0B |
| 总资产 | $15.6B | $42.0B |
| 负债/权益比越低杠杆越低 | 1.02× | 2.11× |
8季度趋势，按日历期对齐
现金及短期投资KRCL
| Q1 26 | — | $512.0M | ||
| Q4 25 | — | $825.0M | ||
| Q3 25 | $240.0M | $432.0M | ||
| Q2 25 | $354.0M | $735.0M | ||
| Q1 25 | $330.0M | $386.0M | ||
| Q4 24 | $694.0M | $388.0M | ||
| Q3 24 | $569.0M | $418.0M | ||
| Q2 24 | $272.0M | $391.0M |
总债务KRCL
| Q1 26 | — | $21.1B | ||
| Q4 25 | — | $18.2B | ||
| Q3 25 | $4.3B | $17.2B | ||
| Q2 25 | $4.3B | $17.6B | ||
| Q1 25 | $5.0B | $18.0B | ||
| Q4 24 | $5.0B | $18.5B | ||
| Q3 24 | $5.1B | $19.0B | ||
| Q2 24 | $5.0B | $19.8B |
股东权益KRCL
| Q1 26 | — | $10.0B | ||
| Q4 25 | — | $10.0B | ||
| Q3 25 | $4.2B | $10.1B | ||
| Q2 25 | $4.1B | $9.2B | ||
| Q1 25 | $3.9B | $8.0B | ||
| Q4 24 | $3.8B | $7.6B | ||
| Q3 24 | $3.6B | $7.0B | ||
| Q2 24 | $3.3B | $6.0B |
总资产KRCL
| Q1 26 | — | $42.0B | ||
| Q4 25 | — | $41.6B | ||
| Q3 25 | $15.6B | $40.1B | ||
| Q2 25 | $15.9B | $38.5B | ||
| Q1 25 | $15.5B | $37.5B | ||
| Q4 24 | $15.6B | $37.1B | ||
| Q3 24 | $15.8B | $37.1B | ||
| Q2 24 | $15.3B | $37.0B |
负债/权益比KRCL
| Q1 26 | — | 2.11× | ||
| Q4 25 | — | 1.81× | ||
| Q3 25 | 1.02× | 1.70× | ||
| Q2 25 | 1.05× | 1.92× | ||
| Q1 25 | 1.28× | 2.26× | ||
| Q4 24 | 1.32× | 2.44× | ||
| Q3 24 | 1.40× | 2.69× | ||
| Q2 24 | 1.51× | 3.29× |
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 | $1.8B |
| 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× | 1.93× |
| 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KRCL
| Q1 26 | — | $1.8B | ||
| Q4 25 | — | $1.6B | ||
| Q3 25 | $503.0M | $1.5B | ||
| Q2 25 | $169.0M | $1.7B | ||
| Q1 25 | $116.0M | $1.6B | ||
| Q4 24 | $467.0M | $1.5B | ||
| Q3 24 | $553.0M | $897.0M | ||
| Q2 24 | $376.0M | $1.6B |
自由现金流KRCL
| Q1 26 | — | — | ||
| Q4 25 | — | $116.0M | ||
| Q3 25 | $359.0M | $-989.0M | ||
| Q2 25 | $21.0M | $910.0M | ||
| Q1 25 | $-60.0M | $1.2B | ||
| Q4 24 | $279.0M | $915.0M | ||
| Q3 24 | $410.0M | $563.0M | ||
| Q2 24 | $234.0M | $-567.0M |
自由现金流率KRCL
| Q1 26 | — | — | ||
| Q4 25 | — | 2.7% | ||
| Q3 25 | 11.0% | -19.2% | ||
| Q2 25 | 0.7% | 20.1% | ||
| Q1 25 | -1.9% | 30.0% | ||
| Q4 24 | 8.9% | 24.3% | ||
| Q3 24 | 12.7% | 11.5% | ||
| Q2 24 | 7.3% | -13.8% |
资本支出强度KRCL
| Q1 26 | — | — | ||
| Q4 25 | — | 35.4% | ||
| Q3 25 | 4.4% | 47.8% | ||
| Q2 25 | 4.6% | 18.4% | ||
| Q1 25 | 5.7% | 10.7% | ||
| Q4 24 | 6.0% | 14.7% | ||
| Q3 24 | 4.4% | 6.8% | ||
| Q2 24 | 4.4% | 52.1% |
现金转化率KRCL
| Q1 26 | — | 1.93× | ||
| Q4 25 | — | 2.16× | ||
| Q3 25 | 1.63× | 0.93× | ||
| Q2 25 | 0.57× | 1.44× | ||
| Q1 25 | 0.38× | 2.23× | ||
| Q4 24 | 1.28× | 2.66× | ||
| Q3 24 | 1.51× | 0.81× | ||
| Q2 24 | 1.09× | 1.84× |
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% |
RCL
| Passenger ticket revenues | $3.0B | 68% |
| Onboard and other revenues | $1.4B | 32% |
