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Kellanova（K）与福泰制药（VRTX）财务数据对比。点击上方公司名可切换其他公司
Kellanova的季度营收约是福泰制药的1.0倍（$3.3B vs $3.2B），福泰制药净利率更高（37.3% vs 9.5%，领先27.9%），福泰制药同比增速更快（9.5% vs 0.8%），Kellanova自由现金流更多（$359.0M vs $348.6M），过去两年福泰制药的营收复合增速更高（8.9% 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。
福泰制药是总部位于美国马萨诸塞州波士顿的生物制药企业，是全球首批明确采用理性药物设计策略、而非组合化学方法开发药物的生物技术公司之一。除波士顿总部外，公司还在加州圣迭戈、英国牛津郡米尔顿公园设有三处研发中心。
K vs VRTX — 直观对比
营收规模更大
K
是对方的1.0倍
$3.2B
营收增速更快
VRTX
高出8.7%
0.8%
净利率更高
VRTX
高出27.9%
9.5%
自由现金流更多
K
多$10.4M
$348.6M
两年增速更快
VRTX
近两年复合增速
-9.0%
损益表 — Q3 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $3.3B | $3.2B |
| 净利润 | $309.0M | $1.2B |
| 毛利率 | 33.3% | 85.4% |
| 营业利润率 | 13.9% | 37.8% |
| 净利率 | 9.5% | 37.3% |
| 营收同比 | 0.8% | 9.5% |
| 净利润同比 | -15.8% | 30.5% |
| 每股收益（稀释后） | $0.88 | $4.64 |
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KVRTX
| Q4 25 | — | $3.2B | ||
| Q3 25 | $3.3B | $3.1B | ||
| Q2 25 | $3.2B | $3.0B | ||
| Q1 25 | $3.1B | $2.8B | ||
| Q4 24 | $3.1B | $2.9B | ||
| Q3 24 | $3.2B | $2.8B | ||
| Q2 24 | $3.2B | $2.6B | ||
| Q1 24 | $3.2B | $2.7B |
净利润KVRTX
| Q4 25 | — | $1.2B | ||
| Q3 25 | $309.0M | $1.1B | ||
| Q2 25 | $299.0M | $1.0B | ||
| Q1 25 | $304.0M | $646.3M | ||
| Q4 24 | $365.0M | $913.0M | ||
| Q3 24 | $367.0M | $1.0B | ||
| Q2 24 | $344.0M | $-3.6B | ||
| Q1 24 | $267.0M | $1.1B |
毛利率KVRTX
| Q4 25 | — | 85.4% | ||
| Q3 25 | 33.3% | 86.5% | ||
| Q2 25 | 34.0% | 86.3% | ||
| Q1 25 | 34.3% | 86.9% | ||
| Q4 24 | 37.7% | 85.5% | ||
| Q3 24 | 36.4% | 85.8% | ||
| Q2 24 | 36.4% | 85.9% | ||
| Q1 24 | 32.2% | 87.3% |
营业利润率KVRTX
| Q4 25 | — | 37.8% | ||
| Q3 25 | 13.9% | 38.6% | ||
| Q2 25 | 13.7% | 38.8% | ||
| Q1 25 | 13.9% | 22.7% | ||
| Q4 24 | 17.0% | 35.2% | ||
| Q3 24 | 14.1% | 40.3% | ||
| Q2 24 | 15.4% | -132.9% | ||
| Q1 24 | 12.3% | 42.4% |
净利率KVRTX
| Q4 25 | — | 37.3% | ||
| Q3 25 | 9.5% | 35.2% | ||
| Q2 25 | 9.3% | 34.8% | ||
| Q1 25 | 9.9% | 23.3% | ||
| Q4 24 | 11.7% | 31.4% | ||
| Q3 24 | 11.4% | 37.7% | ||
| Q2 24 | 10.8% | -135.8% | ||
| Q1 24 | 8.3% | 40.9% |
每股收益（稀释后）KVRTX
| Q4 25 | — | $4.64 | ||
| Q3 25 | $0.88 | $4.20 | ||
| Q2 25 | $0.85 | $3.99 | ||
| Q1 25 | $0.87 | $2.49 | ||
| Q4 24 | $1.05 | $3.62 | ||
| Q3 24 | $1.05 | $4.01 | ||
| Q2 24 | $1.00 | $-13.92 | ||
| Q1 24 | $0.78 | $4.21 |
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 | $6.6B |
| 总债务越低越好 | $4.3B | — |
| 股东权益账面价值 | $4.2B | $18.7B |
| 总资产 | $15.6B | $25.6B |
| 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KVRTX
| Q4 25 | — | $6.6B | ||
| Q3 25 | $240.0M | $6.3B | ||
| Q2 25 | $354.0M | $6.4B | ||
| Q1 25 | $330.0M | $6.2B | ||
| Q4 24 | $694.0M | $6.1B | ||
| Q3 24 | $569.0M | $6.5B | ||
| Q2 24 | $272.0M | $5.8B | ||
| Q1 24 | $242.0M | $10.2B |
总债务KVRTX
| 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KVRTX
| Q4 25 | — | $18.7B | ||
| Q3 25 | $4.2B | $17.3B | ||
| Q2 25 | $4.1B | $17.2B | ||
| Q1 25 | $3.9B | $16.5B | ||
| Q4 24 | $3.8B | $16.4B | ||
| Q3 24 | $3.6B | $15.6B | ||
| Q2 24 | $3.3B | $14.8B | ||
| Q1 24 | $3.2B | $18.5B |
总资产KVRTX
| Q4 25 | — | $25.6B | ||
| Q3 25 | $15.6B | $24.9B | ||
| Q2 25 | $15.9B | $24.0B | ||
| Q1 25 | $15.5B | $22.9B | ||
| Q4 24 | $15.6B | $22.5B | ||
| Q3 24 | $15.8B | $22.2B | ||
| Q2 24 | $15.3B | $20.1B | ||
| Q1 24 | $15.3B | $23.9B |
负债/权益比KVRTX
| 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 | $498.0M |
| 自由现金流经营现金流 - 资本支出 | $359.0M | $348.6M |
| 自由现金流率自由现金流/营收 | 11.0% | 10.9% |
| 资本支出强度资本支出/营收 | 4.4% | 4.7% |
| 现金转化率经营现金流/净利润 | 1.63× | 0.42× |
| 过去12个月自由现金流最近4个季度 | $599.0M | $3.2B |
8季度趋势，按日历期对齐
经营现金流KVRTX
| Q4 25 | — | $498.0M | ||
| Q3 25 | $503.0M | $1.2B | ||
| Q2 25 | $169.0M | $1.1B | ||
| Q1 25 | $116.0M | $818.9M | ||
| Q4 24 | $467.0M | $584.6M | ||
| Q3 24 | $553.0M | $1.4B | ||
| Q2 24 | $376.0M | $-3.8B | ||
| Q1 24 | $364.0M | $1.3B |
自由现金流KVRTX
| Q4 25 | — | $348.6M | ||
| Q3 25 | $359.0M | $1.1B | ||
| Q2 25 | $21.0M | $927.4M | ||
| Q1 25 | $-60.0M | $778.2M | ||
| Q4 24 | $279.0M | $492.0M | ||
| Q3 24 | $410.0M | $1.3B | ||
| Q2 24 | $234.0M | $-3.8B | ||
| Q1 24 | $209.0M | $1.2B |
自由现金流率KVRTX
| Q4 25 | — | 10.9% | ||
| Q3 25 | 11.0% | 37.0% | ||
| Q2 25 | 0.7% | 31.3% | ||
| Q1 25 | -1.9% | 28.1% | ||
| Q4 24 | 8.9% | 16.9% | ||
| Q3 24 | 12.7% | 47.0% | ||
| Q2 24 | 7.3% | -144.5% | ||
| Q1 24 | 6.5% | 46.0% |
资本支出强度KVRTX
| Q4 25 | — | 4.7% | ||
| Q3 25 | 4.4% | 3.3% | ||
| Q2 25 | 4.6% | 4.9% | ||
| Q1 25 | 5.7% | 1.5% | ||
| Q4 24 | 6.0% | 3.2% | ||
| Q3 24 | 4.4% | 2.4% | ||
| Q2 24 | 4.4% | 2.6% | ||
| Q1 24 | 4.8% | 2.5% |
现金转化率KVRTX
| Q4 25 | — | 0.42× | ||
| Q3 25 | 1.63× | 1.15× | ||
| Q2 25 | 0.57× | 1.04× | ||
| Q1 25 | 0.38× | 1.27× | ||
| Q4 24 | 1.28× | 0.64× | ||
| Q3 24 | 1.51× | 1.31× | ||
| Q2 24 | 1.09× | — | ||
| Q1 24 | 1.36× | 1.19× |
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% |
VRTX
| TRIKAFTAKAFTRIO | $2.6B | 81% |
| ALYFTREK | $380.1M | 12% |
| Manufactured Product Other | $237.4M | 7% |
