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Kellanova（K）与德事隆（TXT）财务数据对比。点击上方公司名可切换其他公司
德事隆的季度营收约是Kellanova的1.3倍（$4.2B vs $3.3B），Kellanova净利率更高（9.5% vs 5.6%，领先3.8%），德事隆同比增速更快（15.6% vs 0.8%），德事隆自由现金流更多（$527.0M vs $359.0M），过去两年德事隆的营收复合增速更高（15.4% 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。
德事隆是总部位于美国罗德岛州普罗维登斯的工业集团，1923年由罗亚尔·利特尔创立，前身为特种纱线公司。旗下拥有贝尔德事隆、考泰斯、德事隆航空、莱康明发动机等子公司，业务覆盖25个国家，2020年员工总数超3.3万人，2021年位列美国财富500强第265位。
K vs TXT — 直观对比
营收规模更大
TXT
是对方的1.3倍
$3.3B
营收增速更快
TXT
高出14.7%
0.8%
净利率更高
K
高出3.8%
5.6%
自由现金流更多
TXT
多$168.0M
$359.0M
两年增速更快
TXT
近两年复合增速
-9.0%
损益表 — Q3 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $3.3B | $4.2B |
| 净利润 | $309.0M | $235.0M |
| 毛利率 | 33.3% | — |
| 营业利润率 | 13.9% | — |
| 净利率 | 9.5% | 5.6% |
| 营收同比 | 0.8% | 15.6% |
| 净利润同比 | -15.8% | 66.7% |
| 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KTXT
| Q4 25 | — | $4.2B | ||
| Q3 25 | $3.3B | $3.6B | ||
| Q2 25 | $3.2B | $3.7B | ||
| Q1 25 | $3.1B | $3.3B | ||
| Q4 24 | $3.1B | $3.6B | ||
| Q3 24 | $3.2B | $3.4B | ||
| Q2 24 | $3.2B | $3.5B | ||
| Q1 24 | $3.2B | $3.1B |
净利润KTXT
| Q4 25 | — | $235.0M | ||
| Q3 25 | $309.0M | $234.0M | ||
| Q2 25 | $299.0M | $245.0M | ||
| Q1 25 | $304.0M | $207.0M | ||
| Q4 24 | $365.0M | $141.0M | ||
| Q3 24 | $367.0M | $223.0M | ||
| Q2 24 | $344.0M | $259.0M | ||
| Q1 24 | $267.0M | $201.0M |
毛利率KTXT
| Q4 25 | — | — | ||
| Q3 25 | 33.3% | — | ||
| Q2 25 | 34.0% | — | ||
| 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KTXT
| Q4 25 | — | — | ||
| Q3 25 | 13.9% | — | ||
| Q2 25 | 13.7% | — | ||
| Q1 25 | 13.9% | — | ||
| Q4 24 | 17.0% | 3.6% | ||
| Q3 24 | 14.1% | 7.4% | ||
| Q2 24 | 15.4% | 9.2% | ||
| Q1 24 | 12.3% | 7.6% |
净利率KTXT
| Q4 25 | — | 5.6% | ||
| Q3 25 | 9.5% | 6.5% | ||
| Q2 25 | 9.3% | 6.6% | ||
| Q1 25 | 9.9% | 6.3% | ||
| Q4 24 | 11.7% | 3.9% | ||
| Q3 24 | 11.4% | 6.5% | ||
| Q2 24 | 10.8% | 7.3% | ||
| Q1 24 | 8.3% | 6.4% |
每股收益（稀释后）KTXT
| Q4 25 | — | — | ||
| Q3 25 | $0.88 | — | ||
| Q2 25 | $0.85 | — | ||
| Q1 25 | $0.87 | $1.13 | ||
| Q4 24 | $1.05 | — | ||
| Q3 24 | $1.05 | — | ||
| Q2 24 | $1.00 | — | ||
| Q1 24 | $0.78 | $1.03 |
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 | — |
| 股东权益账面价值 | $4.2B | — |
| 总资产 | $15.6B | — |
| 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KTXT
| 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 | — | ||
| Q1 24 | $242.0M | — |
总债务KTXT
| Q4 25 | — | — | ||
| Q3 25 | $4.3B | — | ||
| Q2 25 | $4.3B | — | ||
| Q1 25 | $5.0B | — | ||
| Q4 24 | $5.0B | — | ||
| Q3 24 | $5.1B | — | ||
| Q2 24 | $5.0B | — | ||
| Q1 24 | $4.4B | — |
股东权益KTXT
| Q4 25 | — | — | ||
| Q3 25 | $4.2B | $7.5B | ||
| Q2 25 | $4.1B | $7.4B | ||
| Q1 25 | $3.9B | $7.3B | ||
| Q4 24 | $3.8B | $7.2B | ||
| Q3 24 | $3.6B | $7.0B | ||
| Q2 24 | $3.3B | $6.9B | ||
| Q1 24 | $3.2B | $6.9B |
总资产KTXT
| Q4 25 | — | — | ||
| Q3 25 | $15.6B | $17.4B | ||
| Q2 25 | $15.9B | $17.1B | ||
| Q1 25 | $15.5B | $16.9B | ||
| Q4 24 | $15.6B | $16.8B | ||
| Q3 24 | $15.8B | $16.5B | ||
| Q2 24 | $15.3B | $16.4B | ||
| Q1 24 | $15.3B | $16.4B |
负债/权益比KTXT
| Q4 25 | — | — | ||
| Q3 25 | 1.02× | — | ||
| Q2 25 | 1.05× | — | ||
| 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 | $700.0M |
| 自由现金流经营现金流 - 资本支出 | $359.0M | $527.0M |
| 自由现金流率自由现金流/营收 | 11.0% | 12.6% |
| 资本支出强度资本支出/营收 | 4.4% | 4.1% |
| 现金转化率经营现金流/净利润 | 1.63× | 2.98× |
| 过去12个月自由现金流最近4个季度 | $599.0M | $929.0M |
8季度趋势，按日历期对齐
经营现金流KTXT
| Q4 25 | — | $700.0M | ||
| Q3 25 | $503.0M | $349.0M | ||
| Q2 25 | $169.0M | $387.0M | ||
| Q1 25 | $116.0M | $-124.0M | ||
| Q4 24 | $467.0M | $446.0M | ||
| Q3 24 | $553.0M | $208.0M | ||
| Q2 24 | $376.0M | $367.0M | ||
| Q1 24 | $364.0M | $-7.0M |
自由现金流KTXT
| Q4 25 | — | $527.0M | ||
| Q3 25 | $359.0M | $273.0M | ||
| Q2 25 | $21.0M | $309.0M | ||
| Q1 25 | $-60.0M | $-180.0M | ||
| Q4 24 | $279.0M | $293.0M | ||
| Q3 24 | $410.0M | $137.0M | ||
| Q2 24 | $234.0M | $293.0M | ||
| Q1 24 | $209.0M | $-73.0M |
自由现金流率KTXT
| Q4 25 | — | 12.6% | ||
| Q3 25 | 11.0% | 7.6% | ||
| Q2 25 | 0.7% | 8.3% | ||
| Q1 25 | -1.9% | -5.4% | ||
| Q4 24 | 8.9% | 8.1% | ||
| Q3 24 | 12.7% | 4.0% | ||
| Q2 24 | 7.3% | 8.3% | ||
| Q1 24 | 6.5% | -2.3% |
资本支出强度KTXT
| Q4 25 | — | 4.1% | ||
| Q3 25 | 4.4% | 2.1% | ||
| Q2 25 | 4.6% | 2.1% | ||
| Q1 25 | 5.7% | 1.7% | ||
| Q4 24 | 6.0% | 4.2% | ||
| Q3 24 | 4.4% | 2.1% | ||
| Q2 24 | 4.4% | 2.1% | ||
| Q1 24 | 4.8% | 2.1% |
现金转化率KTXT
| Q4 25 | — | 2.98× | ||
| Q3 25 | 1.63× | 1.49× | ||
| Q2 25 | 0.57× | 1.58× | ||
| Q1 25 | 0.38× | -0.60× | ||
| Q4 24 | 1.28× | 3.16× | ||
| Q3 24 | 1.51× | 0.93× | ||
| Q2 24 | 1.09× | 1.42× | ||
| Q1 24 | 1.36× | -0.03× |
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% |
TXT
| Aircraft | $1.2B | 29% |
| Military Aircraft And Support Programs | $655.0M | 16% |
| Aftermarket Parts And Services | $551.0M | 13% |
| Services | $507.0M | 12% |
| Fuel Systems And Functional Components | $480.0M | 11% |
| Textron Systems | $323.0M | 8% |
| Other | $317.0M | 8% |
| US Government | $119.0M | 3% |
| Finance | $18.0M | 0% |
| Textron E Aviation Segment | $7.0M | 0% |
