vs
Kellanova（K）与史丹利百得（SWK）财务数据对比。点击上方公司名可切换其他公司
史丹利百得的季度营收约是Kellanova的1.2倍（$3.8B vs $3.3B），Kellanova净利率更高（9.5% vs 1.4%，领先8.1%），Kellanova同比增速更快（0.8% vs 0.1%），Kellanova自由现金流更多（$359.0M vs $155.3M），过去两年史丹利百得的营收复合增速更高（0.3% 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。
史丹利百得是美国知名的工业工具、家用五金产品制造商，同时提供安防类产品，前身为史丹利工具有限公司，由史丹利与百得于2010年3月12日合并而来，总部位于康涅狄格州大哈特福德地区的新不列颠市。
K vs SWK — 直观对比
营收规模更大
SWK
是对方的1.2倍
$3.3B
营收增速更快
K
高出0.7%
0.1%
净利率更高
K
高出8.1%
1.4%
自由现金流更多
K
多$203.7M
$155.3M
两年增速更快
SWK
近两年复合增速
-9.0%
损益表 — Q3 FY2025 vs Q3 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $3.3B | $3.8B |
| 净利润 | $309.0M | $51.4M |
| 毛利率 | 33.3% | 31.4% |
| 营业利润率 | 13.9% | — |
| 净利率 | 9.5% | 1.4% |
| 营收同比 | 0.8% | 0.1% |
| 净利润同比 | -15.8% | -43.6% |
| 每股收益（稀释后） | $0.88 | $0.34 |
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KSWK
| Q3 25 | $3.3B | $3.8B | ||
| Q2 25 | $3.2B | $3.9B | ||
| Q1 25 | $3.1B | $3.7B | ||
| Q4 24 | $3.1B | $3.7B | ||
| Q3 24 | $3.2B | $3.8B | ||
| Q2 24 | $3.2B | $4.0B | ||
| Q1 24 | $3.2B | $3.9B | ||
| Q4 23 | — | $3.7B |
净利润KSWK
| Q3 25 | $309.0M | $51.4M | ||
| Q2 25 | $299.0M | $101.9M | ||
| Q1 25 | $304.0M | $90.4M | ||
| Q4 24 | $365.0M | $194.9M | ||
| Q3 24 | $367.0M | $91.1M | ||
| Q2 24 | $344.0M | $-11.2M | ||
| Q1 24 | $267.0M | $19.5M | ||
| Q4 23 | — | $-304.4M |
毛利率KSWK
| Q3 25 | 33.3% | 31.4% | ||
| Q2 25 | 34.0% | 27.0% | ||
| Q1 25 | 34.3% | 29.9% | ||
| Q4 24 | 37.7% | 30.8% | ||
| Q3 24 | 36.4% | 29.9% | ||
| Q2 24 | 36.4% | 28.4% | ||
| Q1 24 | 32.2% | 28.6% | ||
| Q4 23 | — | 29.6% |
营业利润率KSWK
| Q3 25 | 13.9% | — | ||
| Q2 25 | 13.7% | — | ||
| Q1 25 | 13.9% | — | ||
| Q4 24 | 17.0% | 3.4% | ||
| Q3 24 | 14.1% | 10.6% | ||
| Q2 24 | 15.4% | 9.5% | ||
| Q1 24 | 12.3% | 8.3% | ||
| Q4 23 | — | -2.1% |
净利率KSWK
| Q3 25 | 9.5% | 1.4% | ||
| Q2 25 | 9.3% | 2.6% | ||
| Q1 25 | 9.9% | 2.4% | ||
| Q4 24 | 11.7% | 5.2% | ||
| Q3 24 | 11.4% | 2.4% | ||
| Q2 24 | 10.8% | -0.3% | ||
| Q1 24 | 8.3% | 0.5% | ||
| Q4 23 | — | -8.1% |
每股收益（稀释后）KSWK
| Q3 25 | $0.88 | $0.34 | ||
| Q2 25 | $0.85 | $0.67 | ||
| Q1 25 | $0.87 | $0.60 | ||
| Q4 24 | $1.05 | $1.29 | ||
| Q3 24 | $1.05 | $0.60 | ||
| Q2 24 | $1.00 | $-0.07 | ||
| Q1 24 | $0.78 | $0.13 | ||
| Q4 23 | — | $-2.02 |
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 | $268.3M |
| 总债务越低越好 | $4.3B | $5.3B |
| 股东权益账面价值 | $4.2B | $9.0B |
| 总资产 | $15.6B | $21.8B |
| 负债/权益比越低杠杆越低 | 1.02× | 0.59× |
8季度趋势，按日历期对齐
现金及短期投资KSWK
| Q3 25 | $240.0M | $268.3M | ||
| Q2 25 | $354.0M | $311.8M | ||
| Q1 25 | $330.0M | $344.8M | ||
| Q4 24 | $694.0M | $290.5M | ||
| Q3 24 | $569.0M | $298.7M | ||
| Q2 24 | $272.0M | $318.5M | ||
| Q1 24 | $242.0M | $476.6M | ||
| Q4 23 | — | $449.4M |
总债务KSWK
| Q3 25 | $4.3B | $5.3B | ||
| Q2 25 | $4.3B | $5.6B | ||
| Q1 25 | $5.0B | $5.6B | ||
| Q4 24 | $5.0B | $6.1B | ||
| Q3 24 | $5.1B | $6.1B | ||
| Q2 24 | $5.0B | $6.1B | ||
| Q1 24 | $4.4B | $6.1B | ||
| Q4 23 | — | $6.1B |
股东权益KSWK
| Q3 25 | $4.2B | $9.0B | ||
| Q2 25 | $4.1B | $9.1B | ||
| Q1 25 | $3.9B | $8.8B | ||
| Q4 24 | $3.8B | $8.7B | ||
| Q3 24 | $3.6B | $8.9B | ||
| Q2 24 | $3.3B | $8.7B | ||
| Q1 24 | $3.2B | $8.9B | ||
| Q4 23 | — | $9.1B |
总资产KSWK
| Q3 25 | $15.6B | $21.8B | ||
| Q2 25 | $15.9B | $22.5B | ||
| Q1 25 | $15.5B | $22.5B | ||
| Q4 24 | $15.6B | $21.8B | ||
| Q3 24 | $15.8B | $22.5B | ||
| Q2 24 | $15.3B | $22.5B | ||
| Q1 24 | $15.3B | $23.9B | ||
| Q4 23 | — | $23.7B |
负债/权益比KSWK
| Q3 25 | 1.02× | 0.59× | ||
| Q2 25 | 1.05× | 0.62× | ||
| Q1 25 | 1.28× | 0.63× | ||
| Q4 24 | 1.32× | 0.70× | ||
| Q3 24 | 1.40× | 0.69× | ||
| Q2 24 | 1.51× | 0.70× | ||
| Q1 24 | 1.40× | 0.69× | ||
| Q4 23 | — | 0.67× |
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 | $221.2M |
| 自由现金流经营现金流 - 资本支出 | $359.0M | $155.3M |
| 自由现金流率自由现金流/营收 | 11.0% | 4.1% |
| 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× | 4.30× |
| 过去12个月自由现金流最近4个季度 | $599.0M | $369.6M |
8季度趋势，按日历期对齐
经营现金流KSWK
| Q3 25 | $503.0M | $221.2M | ||
| Q2 25 | $169.0M | $214.3M | ||
| Q1 25 | $116.0M | $-420.0M | ||
| Q4 24 | $467.0M | $679.1M | ||
| Q3 24 | $553.0M | $285.8M | ||
| Q2 24 | $376.0M | $573.0M | ||
| Q1 24 | $364.0M | $-431.0M | ||
| Q4 23 | — | $769.3M |
自由现金流KSWK
| Q3 25 | $359.0M | $155.3M | ||
| Q2 25 | $21.0M | $134.7M | ||
| Q1 25 | $-60.0M | $-485.0M | ||
| Q4 24 | $279.0M | $564.6M | ||
| Q3 24 | $410.0M | $199.3M | ||
| Q2 24 | $234.0M | $485.8M | ||
| Q1 24 | $209.0M | $-496.7M | ||
| Q4 23 | — | $647.0M |
自由现金流率KSWK
| Q3 25 | 11.0% | 4.1% | ||
| Q2 25 | 0.7% | 3.4% | ||
| Q1 25 | -1.9% | -13.0% | ||
| Q4 24 | 8.9% | 15.2% | ||
| Q3 24 | 12.7% | 5.3% | ||
| Q2 24 | 7.3% | 12.1% | ||
| Q1 24 | 6.5% | -12.8% | ||
| Q4 23 | — | 17.3% |
资本支出强度KSWK
| Q3 25 | 4.4% | 1.8% | ||
| Q2 25 | 4.6% | 2.0% | ||
| Q1 25 | 5.7% | 1.7% | ||
| Q4 24 | 6.0% | 3.1% | ||
| Q3 24 | 4.4% | 2.3% | ||
| Q2 24 | 4.4% | 2.2% | ||
| Q1 24 | 4.8% | 1.7% | ||
| Q4 23 | — | 3.3% |
现金转化率KSWK
| Q3 25 | 1.63× | 4.30× | ||
| Q2 25 | 0.57× | 2.10× | ||
| Q1 25 | 0.38× | -4.65× | ||
| Q4 24 | 1.28× | 3.48× | ||
| Q3 24 | 1.51× | 3.14× | ||
| Q2 24 | 1.09× | — | ||
| Q1 24 | 1.36× | -22.10× | ||
| Q4 23 | — | — |
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% |
SWK
| Tools And Outdoor Segment | $3.3B | 87% |
| Engineered Fastening Segment | $500.5M | 13% |
