vs
Kellanova（K）与标普全球（SPGI）财务数据对比。点击上方公司名可切换其他公司
标普全球的季度营收约是Kellanova的1.3倍（$4.2B vs $3.3B），标普全球净利率更高（36.1% vs 9.5%，领先26.6%），标普全球同比增速更快（10.0% vs 0.8%），标普全球自由现金流更多（$919.0M vs $359.0M），过去两年标普全球的营收复合增速更高（8.4% 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。
标普全球是总部位于美国纽约曼哈顿的上市企业，核心业务涵盖金融信息、数据分析、能源及大宗商品情报服务，旗下拥有标普全球评级、标普全球市场财智、标普全球能源、标普全球移动、印度信用评级机构CRISIL等业务板块，同时控股合资企业标普道琼斯指数。
K vs SPGI — 直观对比
营收规模更大
SPGI
是对方的1.3倍
$3.3B
营收增速更快
SPGI
高出9.2%
0.8%
净利率更高
SPGI
高出26.6%
9.5%
自由现金流更多
SPGI
多$560.0M
$359.0M
两年增速更快
SPGI
近两年复合增速
-9.0%
损益表 — Q3 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $3.3B | $4.2B |
| 净利润 | $309.0M | $1.5B |
| 毛利率 | 33.3% | — |
| 营业利润率 | 13.9% | 48.0% |
| 净利率 | 9.5% | 36.1% |
| 营收同比 | 0.8% | 10.0% |
| 净利润同比 | -15.8% | 28.0% |
| 每股收益（稀释后） | $0.88 | $4.69 |
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KSPGI
| Q1 26 | — | $4.2B | ||
| Q4 25 | — | $3.9B | ||
| Q3 25 | $3.3B | $3.9B | ||
| Q2 25 | $3.2B | $3.8B | ||
| Q1 25 | $3.1B | $3.8B | ||
| Q4 24 | $3.1B | $3.6B | ||
| Q3 24 | $3.2B | $3.6B | ||
| Q2 24 | $3.2B | $3.5B |
净利润KSPGI
| Q1 26 | — | $1.5B | ||
| Q4 25 | — | $1.1B | ||
| Q3 25 | $309.0M | $1.2B | ||
| Q2 25 | $299.0M | $1.1B | ||
| Q1 25 | $304.0M | $1.1B | ||
| Q4 24 | $365.0M | $879.0M | ||
| Q3 24 | $367.0M | $971.0M | ||
| Q2 24 | $344.0M | $1.0B |
毛利率KSPGI
| Q1 26 | — | — | ||
| Q4 25 | — | 70.1% | ||
| Q3 25 | 33.3% | 71.2% | ||
| Q2 25 | 34.0% | 70.2% | ||
| Q1 25 | 34.3% | 69.5% | ||
| Q4 24 | 37.7% | 69.8% | ||
| Q3 24 | 36.4% | 70.0% | ||
| Q2 24 | 36.4% | 69.4% |
营业利润率KSPGI
| Q1 26 | — | 48.0% | ||
| Q4 25 | — | 42.7% | ||
| Q3 25 | 13.9% | 43.1% | ||
| Q2 25 | 13.7% | 41.3% | ||
| Q1 25 | 13.9% | 41.8% | ||
| Q4 24 | 17.0% | 36.4% | ||
| Q3 24 | 14.1% | 40.1% | ||
| Q2 24 | 15.4% | 40.9% |
净利率KSPGI
| Q1 26 | — | 36.1% | ||
| Q4 25 | — | 28.9% | ||
| Q3 25 | 9.5% | 30.2% | ||
| Q2 25 | 9.3% | 28.5% | ||
| Q1 25 | 9.9% | 28.9% | ||
| Q4 24 | 11.7% | 24.5% | ||
| Q3 24 | 11.4% | 27.2% | ||
| Q2 24 | 10.8% | 28.5% |
每股收益（稀释后）KSPGI
| Q1 26 | — | $4.69 | ||
| Q4 25 | — | $3.76 | ||
| Q3 25 | $0.88 | $3.86 | ||
| Q2 25 | $0.85 | $3.50 | ||
| Q1 25 | $0.87 | $3.54 | ||
| Q4 24 | $1.05 | $2.85 | ||
| Q3 24 | $1.05 | $3.11 | ||
| Q2 24 | $1.00 | $3.23 |
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 | — |
| 总债务越低越好 | $4.3B | $13.3B |
| 股东权益账面价值 | $4.2B | $31.3B |
| 总资产 | $15.6B | $60.8B |
| 负债/权益比越低杠杆越低 | 1.02× | 0.43× |
8季度趋势，按日历期对齐
现金及短期投资KSPGI
| Q1 26 | — | — | ||
| Q4 25 | — | $1.8B | ||
| Q3 25 | $240.0M | $1.7B | ||
| Q2 25 | $354.0M | $1.8B | ||
| Q1 25 | $330.0M | $1.5B | ||
| Q4 24 | $694.0M | $1.7B | ||
| Q3 24 | $569.0M | $1.7B | ||
| Q2 24 | $272.0M | $2.0B |
总债务KSPGI
| Q1 26 | — | $13.3B | ||
| Q4 25 | — | $13.1B | ||
| Q3 25 | $4.3B | $11.4B | ||
| Q2 25 | $4.3B | $11.4B | ||
| Q1 25 | $5.0B | $11.4B | ||
| Q4 24 | $5.0B | $11.4B | ||
| Q3 24 | $5.1B | $11.4B | ||
| Q2 24 | $5.0B | $11.4B |
股东权益KSPGI
| Q1 26 | — | $31.3B | ||
| Q4 25 | — | $31.1B | ||
| Q3 25 | $4.2B | $33.1B | ||
| Q2 25 | $4.1B | $33.4B | ||
| Q1 25 | $3.9B | $33.4B | ||
| Q4 24 | $3.8B | $33.2B | ||
| Q3 24 | $3.6B | $34.0B | ||
| Q2 24 | $3.3B | $34.9B |
总资产KSPGI
| Q1 26 | — | $60.8B | ||
| Q4 25 | — | $61.2B | ||
| Q3 25 | $15.6B | $59.7B | ||
| Q2 25 | $15.9B | $60.4B | ||
| Q1 25 | $15.5B | $59.9B | ||
| Q4 24 | $15.6B | $60.2B | ||
| Q3 24 | $15.8B | $60.4B | ||
| Q2 24 | $15.3B | $61.0B |
负债/权益比KSPGI
| Q1 26 | — | 0.43× | ||
| Q4 25 | — | 0.42× | ||
| Q3 25 | 1.02× | 0.34× | ||
| Q2 25 | 1.05× | 0.34× | ||
| Q1 25 | 1.28× | 0.34× | ||
| Q4 24 | 1.32× | 0.34× | ||
| Q3 24 | 1.40× | 0.34× | ||
| Q2 24 | 1.51× | 0.33× |
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 | $919.0M |
| 自由现金流率自由现金流/营收 | 11.0% | 22.0% |
| 资本支出强度资本支出/营收 | 4.4% | 0.6% |
| 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 | $5.5B |
8季度趋势，按日历期对齐
经营现金流KSPGI
| Q1 26 | — | — | ||
| Q4 25 | — | $1.7B | ||
| Q3 25 | $503.0M | $1.5B | ||
| Q2 25 | $169.0M | $1.4B | ||
| Q1 25 | $116.0M | $953.0M | ||
| Q4 24 | $467.0M | $1.7B | ||
| Q3 24 | $553.0M | $1.4B | ||
| Q2 24 | $376.0M | $1.6B |
自由现金流KSPGI
| Q1 26 | — | $919.0M | ||
| Q4 25 | — | $1.7B | ||
| Q3 25 | $359.0M | $1.5B | ||
| Q2 25 | $21.0M | $1.4B | ||
| Q1 25 | $-60.0M | $910.0M | ||
| Q4 24 | $279.0M | $1.7B | ||
| Q3 24 | $410.0M | $1.4B | ||
| Q2 24 | $234.0M | $1.5B |
自由现金流率KSPGI
| Q1 26 | — | 22.0% | ||
| Q4 25 | — | 43.5% | ||
| Q3 25 | 11.0% | 37.6% | ||
| Q2 25 | 0.7% | 36.9% | ||
| Q1 25 | -1.9% | 24.1% | ||
| Q4 24 | 8.9% | 47.5% | ||
| Q3 24 | 12.7% | 39.4% | ||
| Q2 24 | 7.3% | 42.9% |
资本支出强度KSPGI
| Q1 26 | — | 0.6% | ||
| Q4 25 | — | 1.2% | ||
| Q3 25 | 4.4% | 1.2% | ||
| Q2 25 | 4.6% | 1.6% | ||
| Q1 25 | 5.7% | 1.1% | ||
| Q4 24 | 6.0% | 0.9% | ||
| Q3 24 | 4.4% | 1.0% | ||
| Q2 24 | 4.4% | 0.9% |
现金转化率KSPGI
| Q1 26 | — | — | ||
| Q4 25 | — | 1.54× | ||
| Q3 25 | 1.63× | 1.28× | ||
| Q2 25 | 0.57× | 1.35× | ||
| Q1 25 | 0.38× | 0.87× | ||
| Q4 24 | 1.28× | 1.98× | ||
| Q3 24 | 1.51× | 1.49× | ||
| Q2 24 | 1.09× | 1.54× |
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% |
SPGI
| Ratings | $1.3B | 31% |
| Market Intelligence | $1.3B | 31% |
| Energy | $652.0M | 16% |
| Indices | $519.0M | 12% |
| Mobility | $454.0M | 11% |
