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Kellanova（K）与史密斯菲尔德食品（SFD）财务数据对比。点击上方公司名可切换其他公司
史密斯菲尔德食品的季度营收约是Kellanova的1.2倍（$3.8B vs $3.3B），Kellanova净利率更高（9.5% vs 6.6%，领先2.9%），Kellanova同比增速更快（0.8% vs 0.8%），过去两年史密斯菲尔德食品的营收复合增速更高（5.5% 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。
史密斯菲尔德食品是全球规模最大的生猪养殖与猪肉加工企业，1936年由卢特父子创立，总部位于美国弗吉尼亚州史密斯菲尔德，现隶属于香港企业。公司在美国自营超500个农场，还与2000余家独立农场合作养殖生猪，业务覆盖墨西哥、波兰、德国等多个海外市场。
K vs SFD — 直观对比
营收规模更大
SFD
是对方的1.2倍
$3.3B
营收增速更快
K
高出0.1%
0.8%
净利率更高
K
高出2.9%
6.6%
两年增速更快
SFD
近两年复合增速
-9.0%
损益表 — Q3 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $3.3B | $3.8B |
| 净利润 | $309.0M | $249.0M |
| 毛利率 | 33.3% | 13.4% |
| 营业利润率 | 13.9% | 8.8% |
| 净利率 | 9.5% | 6.6% |
| 营收同比 | 0.8% | 0.8% |
| 净利润同比 | -15.8% | 9.7% |
| 每股收益（稀释后） | $0.88 | — |
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KSFD
| Q1 26 | — | $3.8B | ||
| Q4 25 | — | $4.2B | ||
| Q3 25 | $3.3B | $3.7B | ||
| Q2 25 | $3.2B | $3.8B | ||
| Q1 25 | $3.1B | $3.8B | ||
| Q4 24 | $3.1B | $4.0B | ||
| Q3 24 | $3.2B | $3.3B | ||
| Q2 24 | $3.2B | $3.4B |
净利润KSFD
| Q1 26 | — | $249.0M | ||
| Q4 25 | — | $327.0M | ||
| Q3 25 | $309.0M | $248.0M | ||
| Q2 25 | $299.0M | $188.0M | ||
| Q1 25 | $304.0M | $224.0M | ||
| Q4 24 | $365.0M | $205.0M | ||
| Q3 24 | $367.0M | $291.0M | ||
| Q2 24 | $344.0M | $301.0M |
毛利率KSFD
| Q1 26 | — | 13.4% | ||
| Q4 25 | — | 14.2% | ||
| Q3 25 | 33.3% | 12.8% | ||
| Q2 25 | 34.0% | 13.2% | ||
| Q1 25 | 34.3% | 13.5% | ||
| Q4 24 | 37.7% | 13.5% | ||
| Q3 24 | 36.4% | 14.3% | ||
| Q2 24 | 36.4% | 15.4% |
营业利润率KSFD
| Q1 26 | — | 8.8% | ||
| Q4 25 | — | 9.5% | ||
| Q3 25 | 13.9% | 8.3% | ||
| Q2 25 | 13.7% | 6.9% | ||
| Q1 25 | 13.9% | 8.5% | ||
| Q4 24 | 17.0% | 8.5% | ||
| Q3 24 | 14.1% | 8.5% | ||
| Q2 24 | 15.4% | 9.8% |
净利率KSFD
| Q1 26 | — | 6.6% | ||
| Q4 25 | — | 7.7% | ||
| Q3 25 | 9.5% | 6.6% | ||
| Q2 25 | 9.3% | 5.0% | ||
| Q1 25 | 9.9% | 5.9% | ||
| Q4 24 | 11.7% | 5.2% | ||
| Q3 24 | 11.4% | 8.7% | ||
| Q2 24 | 10.8% | 8.8% |
每股收益（稀释后）KSFD
| Q1 26 | — | — | ||
| Q4 25 | — | $0.83 | ||
| Q3 25 | $0.88 | $0.63 | ||
| Q2 25 | $0.85 | $0.48 | ||
| Q1 25 | $0.87 | $0.57 | ||
| Q4 24 | $1.05 | $0.54 | ||
| Q3 24 | $1.05 | $0.77 | ||
| Q2 24 | $1.00 | $0.79 |
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 | $1.4B |
| 总债务越低越好 | $4.3B | — |
| 股东权益账面价值 | $4.2B | $6.9B |
| 总资产 | $15.6B | $12.0B |
| 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KSFD
| Q1 26 | — | $1.4B | ||
| 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 | — |
总债务KSFD
| Q1 26 | — | — | ||
| Q4 25 | — | $2.0B | ||
| Q3 25 | $4.3B | $2.0B | ||
| Q2 25 | $4.3B | $2.0B | ||
| Q1 25 | $5.0B | $2.0B | ||
| Q4 24 | $5.0B | $2.0B | ||
| Q3 24 | $5.1B | — | ||
| Q2 24 | $5.0B | — |
股东权益KSFD
| Q1 26 | — | $6.9B | ||
| Q4 25 | — | $6.8B | ||
| Q3 25 | $4.2B | $6.5B | ||
| Q2 25 | $4.1B | $6.3B | ||
| Q1 25 | $3.9B | $6.2B | ||
| Q4 24 | $3.8B | $5.8B | ||
| Q3 24 | $3.6B | — | ||
| Q2 24 | $3.3B | — |
总资产KSFD
| Q1 26 | — | $12.0B | ||
| Q4 25 | — | $12.2B | ||
| Q3 25 | $15.6B | $11.5B | ||
| Q2 25 | $15.9B | $11.2B | ||
| Q1 25 | $15.5B | $11.1B | ||
| Q4 24 | $15.6B | $11.1B | ||
| Q3 24 | $15.8B | — | ||
| Q2 24 | $15.3B | — |
负债/权益比KSFD
| Q1 26 | — | — | ||
| Q4 25 | — | 0.29× | ||
| Q3 25 | 1.02× | 0.31× | ||
| Q2 25 | 1.05× | 0.32× | ||
| Q1 25 | 1.28× | 0.32× | ||
| Q4 24 | 1.32× | 0.34× | ||
| Q3 24 | 1.40× | — | ||
| Q2 24 | 1.51× | — |
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 | — |
| 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% | 2.3% |
| 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 | — |
8季度趋势，按日历期对齐
经营现金流KSFD
| Q1 26 | — | — | ||
| Q4 25 | — | $938.0M | ||
| Q3 25 | $503.0M | $13.0M | ||
| Q2 25 | $169.0M | $274.0M | ||
| Q1 25 | $116.0M | $-166.0M | ||
| Q4 24 | $467.0M | — | ||
| Q3 24 | $553.0M | — | ||
| Q2 24 | $376.0M | — |
自由现金流KSFD
| Q1 26 | — | — | ||
| Q4 25 | — | $842.0M | ||
| Q3 25 | $359.0M | $-75.0M | ||
| Q2 25 | $21.0M | $196.0M | ||
| Q1 25 | $-60.0M | $-245.0M | ||
| Q4 24 | $279.0M | — | ||
| Q3 24 | $410.0M | — | ||
| Q2 24 | $234.0M | — |
自由现金流率KSFD
| Q1 26 | — | — | ||
| Q4 25 | — | 19.9% | ||
| Q3 25 | 11.0% | -2.0% | ||
| Q2 25 | 0.7% | 5.2% | ||
| Q1 25 | -1.9% | -6.5% | ||
| Q4 24 | 8.9% | — | ||
| Q3 24 | 12.7% | — | ||
| Q2 24 | 7.3% | — |
资本支出强度KSFD
| Q1 26 | — | 2.3% | ||
| Q4 25 | — | 2.3% | ||
| Q3 25 | 4.4% | 2.3% | ||
| Q2 25 | 4.6% | 2.1% | ||
| Q1 25 | 5.7% | 2.1% | ||
| Q4 24 | 6.0% | 2.1% | ||
| Q3 24 | 4.4% | 2.8% | ||
| Q2 24 | 4.4% | 2.3% |
现金转化率KSFD
| Q1 26 | — | — | ||
| Q4 25 | — | 2.87× | ||
| Q3 25 | 1.63× | 0.05× | ||
| Q2 25 | 0.57× | 1.46× | ||
| Q1 25 | 0.38× | -0.74× | ||
| Q4 24 | 1.28× | — | ||
| Q3 24 | 1.51× | — | ||
| Q2 24 | 1.09× | — |
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% |
SFD
暂无分部数据
