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Kellanova（K）与Vulcan Materials Company（VMC）财务数据对比。点击上方公司名可切换其他公司
Kellanova的季度营收约是Vulcan Materials Company的1.7倍（$3.3B vs $1.9B），Vulcan Materials Company净利率更高（13.2% vs 9.5%，领先3.7%），Vulcan Materials Company同比增速更快（3.2% vs 0.8%），Kellanova自由现金流更多（$359.0M vs $358.2M），过去两年Vulcan Materials Company的营收复合增速更高（11.2% 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。
Vulcan Materials Company是总部位于美国阿拉巴马州伯明翰的企业，主营建筑材料的生产、配送及销售，是美国最大的砂石、碎石、砂类建材生产商，拥有400多处运营网点，雇员约1.2万人，业务覆盖美国22个州、华盛顿特区及墨西哥、加拿大、巴哈马、美属维尔京群岛。
K vs VMC — 直观对比
营收规模更大
K
是对方的1.7倍
$1.9B
营收增速更快
VMC
高出2.3%
0.8%
净利率更高
VMC
高出3.7%
9.5%
自由现金流更多
K
多$800.0K
$358.2M
两年增速更快
VMC
近两年复合增速
-9.0%
损益表 — Q3 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $3.3B | $1.9B |
| 净利润 | $309.0M | $252.0M |
| 毛利率 | 33.3% | 25.5% |
| 营业利润率 | 13.9% | 19.8% |
| 净利率 | 9.5% | 13.2% |
| 营收同比 | 0.8% | 3.2% |
| 净利润同比 | -15.8% | -14.2% |
| 每股收益（稀释后） | $0.88 | $1.90 |
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KVMC
| Q4 25 | — | $1.9B | ||
| Q3 25 | $3.3B | $2.3B | ||
| Q2 25 | $3.2B | $2.1B | ||
| Q1 25 | $3.1B | $1.6B | ||
| Q4 24 | $3.1B | $1.9B | ||
| Q3 24 | $3.2B | $2.0B | ||
| Q2 24 | $3.2B | $2.0B | ||
| Q1 24 | $3.2B | $1.5B |
净利润KVMC
| Q4 25 | — | $252.0M | ||
| Q3 25 | $309.0M | $374.9M | ||
| Q2 25 | $299.0M | $320.9M | ||
| Q1 25 | $304.0M | $128.9M | ||
| Q4 24 | $365.0M | $293.6M | ||
| Q3 24 | $367.0M | $207.6M | ||
| Q2 24 | $344.0M | $308.0M | ||
| Q1 24 | $267.0M | $102.7M |
毛利率KVMC
| Q4 25 | — | 25.5% | ||
| Q3 25 | 33.3% | 30.4% | ||
| Q2 25 | 34.0% | 29.7% | ||
| Q1 25 | 34.3% | 22.3% | ||
| Q4 24 | 37.7% | 29.0% | ||
| Q3 24 | 36.4% | 28.2% | ||
| Q2 24 | 36.4% | 29.4% | ||
| Q1 24 | 32.2% | 19.7% |
营业利润率KVMC
| Q4 25 | — | 19.8% | ||
| Q3 25 | 13.9% | 23.7% | ||
| Q2 25 | 13.7% | 22.4% | ||
| Q1 25 | 13.9% | 13.9% | ||
| Q4 24 | 17.0% | 21.6% | ||
| Q3 24 | 14.1% | 16.8% | ||
| Q2 24 | 15.4% | 22.5% | ||
| Q1 24 | 12.3% | 11.2% |
净利率KVMC
| Q4 25 | — | 13.2% | ||
| Q3 25 | 9.5% | 16.4% | ||
| Q2 25 | 9.3% | 15.3% | ||
| Q1 25 | 9.9% | 7.9% | ||
| Q4 24 | 11.7% | 15.8% | ||
| Q3 24 | 11.4% | 10.4% | ||
| Q2 24 | 10.8% | 15.3% | ||
| Q1 24 | 8.3% | 6.6% |
每股收益（稀释后）KVMC
| Q4 25 | — | $1.90 | ||
| Q3 25 | $0.88 | $2.82 | ||
| Q2 25 | $0.85 | $2.42 | ||
| Q1 25 | $0.87 | $0.97 | ||
| Q4 24 | $1.05 | $2.21 | ||
| Q3 24 | $1.05 | $1.56 | ||
| Q2 24 | $1.00 | $2.31 | ||
| Q1 24 | $0.78 | $0.77 |
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 | $183.3M |
| 总债务越低越好 | $4.3B | $4.4B |
| 股东权益账面价值 | $4.2B | $8.5B |
| 总资产 | $15.6B | $16.7B |
| 负债/权益比越低杠杆越低 | 1.02× | 0.51× |
8季度趋势，按日历期对齐
现金及短期投资KVMC
| Q4 25 | — | $183.3M | ||
| Q3 25 | $240.0M | $191.3M | ||
| Q2 25 | $354.0M | $347.4M | ||
| Q1 25 | $330.0M | $181.3M | ||
| Q4 24 | $694.0M | $559.7M | ||
| Q3 24 | $569.0M | $433.2M | ||
| Q2 24 | $272.0M | $111.0M | ||
| Q1 24 | $242.0M | $292.4M |
总债务KVMC
| Q4 25 | — | $4.4B | ||
| Q3 25 | $4.3B | $4.4B | ||
| Q2 25 | $4.3B | $4.4B | ||
| Q1 25 | $5.0B | $4.9B | ||
| Q4 24 | $5.0B | $5.3B | ||
| Q3 24 | $5.1B | $3.3B | ||
| Q2 24 | $5.0B | $3.3B | ||
| Q1 24 | $4.4B | $3.3B |
股东权益KVMC
| Q4 25 | — | $8.5B | ||
| Q3 25 | $4.2B | $8.7B | ||
| Q2 25 | $4.1B | $8.4B | ||
| Q1 25 | $3.9B | $8.1B | ||
| Q4 24 | $3.8B | $8.1B | ||
| Q3 24 | $3.6B | $7.9B | ||
| Q2 24 | $3.3B | $7.7B | ||
| Q1 24 | $3.2B | $7.5B |
总资产KVMC
| Q4 25 | — | $16.7B | ||
| Q3 25 | $15.6B | $17.0B | ||
| Q2 25 | $15.9B | $17.0B | ||
| Q1 25 | $15.5B | $16.7B | ||
| Q4 24 | $15.6B | $17.1B | ||
| Q3 24 | $15.8B | $14.4B | ||
| Q2 24 | $15.3B | $14.2B | ||
| Q1 24 | $15.3B | $13.9B |
负债/权益比KVMC
| Q4 25 | — | 0.51× | ||
| Q3 25 | 1.02× | 0.50× | ||
| Q2 25 | 1.05× | 0.52× | ||
| Q1 25 | 1.28× | 0.60× | ||
| Q4 24 | 1.32× | 0.65× | ||
| Q3 24 | 1.40× | 0.42× | ||
| Q2 24 | 1.51× | 0.43× | ||
| Q1 24 | 1.40× | 0.44× |
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 | $543.0M |
| 自由现金流经营现金流 - 资本支出 | $359.0M | $358.2M |
| 自由现金流率自由现金流/营收 | 11.0% | 18.7% |
| 资本支出强度资本支出/营收 | 4.4% | 9.7% |
| 现金转化率经营现金流/净利润 | 1.63× | 2.15× |
| 过去12个月自由现金流最近4个季度 | $599.0M | $1.1B |
8季度趋势，按日历期对齐
经营现金流KVMC
| Q4 25 | — | $543.0M | ||
| Q3 25 | $503.0M | $676.8M | ||
| Q2 25 | $169.0M | $341.7M | ||
| Q1 25 | $116.0M | $251.5M | ||
| Q4 24 | $467.0M | $440.1M | ||
| Q3 24 | $553.0M | $595.0M | ||
| Q2 24 | $376.0M | $201.1M | ||
| Q1 24 | $364.0M | $173.4M |
自由现金流KVMC
| Q4 25 | — | $358.2M | ||
| Q3 25 | $359.0M | $454.8M | ||
| Q2 25 | $21.0M | $238.8M | ||
| Q1 25 | $-60.0M | $83.5M | ||
| Q4 24 | $279.0M | $277.6M | ||
| Q3 24 | $410.0M | $498.2M | ||
| Q2 24 | $234.0M | $9.7M | ||
| Q1 24 | $209.0M | $20.6M |
自由现金流率KVMC
| Q4 25 | — | 18.7% | ||
| Q3 25 | 11.0% | 19.8% | ||
| Q2 25 | 0.7% | 11.4% | ||
| Q1 25 | -1.9% | 5.1% | ||
| Q4 24 | 8.9% | 15.0% | ||
| Q3 24 | 12.7% | 24.9% | ||
| Q2 24 | 7.3% | 0.5% | ||
| Q1 24 | 6.5% | 1.3% |
资本支出强度KVMC
| Q4 25 | — | 9.7% | ||
| Q3 25 | 4.4% | 9.7% | ||
| Q2 25 | 4.6% | 4.9% | ||
| Q1 25 | 5.7% | 10.3% | ||
| Q4 24 | 6.0% | 8.8% | ||
| Q3 24 | 4.4% | 4.8% | ||
| Q2 24 | 4.4% | 9.5% | ||
| Q1 24 | 4.8% | 9.9% |
现金转化率KVMC
| Q4 25 | — | 2.15× | ||
| Q3 25 | 1.63× | 1.81× | ||
| Q2 25 | 0.57× | 1.06× | ||
| Q1 25 | 0.38× | 1.95× | ||
| Q4 24 | 1.28× | 1.50× | ||
| Q3 24 | 1.51× | 2.87× | ||
| Q2 24 | 1.09× | 0.65× | ||
| Q1 24 | 1.36× | 1.69× |
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% |
VMC
| Revenue Excluding Freight Delivery | $1.7B | 87% |
| Concrete | $79.6M | 4% |
| Services | $76.3M | 4% |
| Asphalt | $59.9M | 3% |
