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Keurig Dr Pepper（KDP）与Kenvue（KVUE）财务数据对比。点击上方公司名可切换其他公司
Keurig Dr Pepper的季度营收约是Kenvue的1.1倍（$4.0B vs $3.8B），Kenvue净利率更高（8.7% vs 6.8%，领先1.9%），Keurig Dr Pepper同比增速更快（9.4% vs 3.2%），Kenvue自由现金流更多（$744.0M vs $184.0M），过去两年Keurig Dr Pepper的营收复合增速更高（0.7% vs -1.5%）
Keurig Dr Pepper是美国上市的饮品与咖啡机综合企业，2018年由克里格绿山和胡椒博士斯奈普集团合并成立，在马萨诸塞州伯灵顿及得克萨斯州弗里斯科设有双总部，旗下拥有超125款冷热饮品，加拿大区域业务由当地子公司负责运营。
Kenvue是美国消费者健康企业，前身为强生集团消费者健康业务部门，旗下拥有邦迪、李施德林、露得清、泰诺、强生婴儿、仙特明等诸多知名消费健康品牌，总部现位于美国新泽西州萨米特。
KDP vs KVUE — 直观对比
营收规模更大
KDP
是对方的1.1倍
$3.8B
营收增速更快
KDP
高出6.2%
3.2%
净利率更高
KVUE
高出1.9%
6.8%
自由现金流更多
KVUE
多$560.0M
$184.0M
两年增速更快
KDP
近两年复合增速
-1.5%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $4.0B | $3.8B |
| 净利润 | $270.0M | $330.0M |
| 毛利率 | 52.8% | 56.5% |
| 营业利润率 | 19.0% | 14.2% |
| 净利率 | 6.8% | 8.7% |
| 营收同比 | 9.4% | 3.2% |
| 净利润同比 | -47.8% | 12.6% |
| 每股收益（稀释后） | $0.20 | $0.16 |
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KDPKVUE
| Q1 26 | $4.0B | — | ||
| Q4 25 | $4.5B | $3.8B | ||
| Q3 25 | $4.3B | $3.8B | ||
| Q2 25 | $4.2B | $3.8B | ||
| Q1 25 | $3.6B | $3.7B | ||
| Q4 24 | $4.1B | $3.7B | ||
| Q3 24 | $3.9B | $3.9B | ||
| Q2 24 | $3.9B | $4.0B |
净利润KDPKVUE
| Q1 26 | $270.0M | — | ||
| Q4 25 | $353.0M | $330.0M | ||
| Q3 25 | $662.0M | $398.0M | ||
| Q2 25 | $547.0M | $420.0M | ||
| Q1 25 | $517.0M | $322.0M | ||
| Q4 24 | $-144.0M | $293.0M | ||
| Q3 24 | $616.0M | $383.0M | ||
| Q2 24 | $515.0M | $58.0M |
毛利率KDPKVUE
| Q1 26 | 52.8% | — | ||
| Q4 25 | 53.8% | 56.5% | ||
| Q3 25 | 54.3% | 59.1% | ||
| Q2 25 | 54.2% | 58.9% | ||
| Q1 25 | 54.6% | 58.0% | ||
| Q4 24 | 55.9% | 56.5% | ||
| Q3 24 | 55.0% | 58.5% | ||
| Q2 24 | 55.4% | 59.1% |
营业利润率KDPKVUE
| Q1 26 | 19.0% | — | ||
| Q4 25 | 19.6% | 14.2% | ||
| Q3 25 | 23.1% | 16.7% | ||
| Q2 25 | 21.6% | 18.0% | ||
| Q1 25 | 22.0% | 14.9% | ||
| Q4 24 | 1.5% | 13.2% | ||
| Q3 24 | 23.2% | 16.8% | ||
| Q2 24 | 22.0% | 3.9% |
净利率KDPKVUE
| Q1 26 | 6.8% | — | ||
| Q4 25 | 7.8% | 8.7% | ||
| Q3 25 | 15.4% | 10.6% | ||
| Q2 25 | 13.1% | 10.9% | ||
| Q1 25 | 14.2% | 8.6% | ||
| Q4 24 | -3.5% | 8.0% | ||
| Q3 24 | 15.8% | 9.8% | ||
| Q2 24 | 13.1% | 1.5% |
每股收益（稀释后）KDPKVUE
| Q1 26 | $0.20 | — | ||
| Q4 25 | $0.26 | $0.16 | ||
| Q3 25 | $0.49 | $0.21 | ||
| Q2 25 | $0.40 | $0.22 | ||
| Q1 25 | $0.38 | $0.17 | ||
| Q4 24 | $-0.11 | $0.16 | ||
| Q3 24 | $0.45 | $0.20 | ||
| Q2 24 | $0.38 | $0.03 |
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 | $898.0M | $1.1B |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $25.3B | $10.8B |
| 总资产 | $73.1B | $27.1B |
| 负债/权益比越低杠杆越低 | — | — |
8季度趋势，按日历期对齐
现金及短期投资KDPKVUE
| Q1 26 | $898.0M | — | ||
| Q4 25 | $1.0B | $1.1B | ||
| Q3 25 | $516.0M | $1.1B | ||
| Q2 25 | $509.0M | $1.1B | ||
| Q1 25 | $653.0M | $1.1B | ||
| Q4 24 | $510.0M | $1.1B | ||
| Q3 24 | $552.0M | $1.1B | ||
| Q2 24 | $438.0M | $1.0B |
股东权益KDPKVUE
| Q1 26 | $25.3B | — | ||
| Q4 25 | $25.5B | $10.8B | ||
| Q3 25 | $25.3B | $10.6B | ||
| Q2 25 | $25.0B | $10.7B | ||
| Q1 25 | $24.4B | $10.1B | ||
| Q4 24 | $24.2B | $9.7B | ||
| Q3 24 | $25.0B | $10.6B | ||
| Q2 24 | $24.7B | $10.2B |
总资产KDPKVUE
| Q1 26 | $73.1B | — | ||
| Q4 25 | $55.5B | $27.1B | ||
| Q3 25 | $54.6B | $27.2B | ||
| Q2 25 | $54.4B | $27.1B | ||
| Q1 25 | $53.7B | $26.3B | ||
| Q4 24 | $53.4B | $25.6B | ||
| Q3 24 | $52.7B | $26.9B | ||
| Q2 24 | $52.3B | $26.4B |
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 | $281.0M | $854.0M |
| 自由现金流经营现金流 - 资本支出 | $184.0M | $744.0M |
| 自由现金流率自由现金流/营收 | 4.6% | 19.7% |
| 资本支出强度资本支出/营收 | — | 2.9% |
| 现金转化率经营现金流/净利润 | 1.04× | 2.59× |
| 过去12个月自由现金流最近4个季度 | $1.6B | $1.7B |
8季度趋势，按日历期对齐
经营现金流KDPKVUE
| Q1 26 | $281.0M | — | ||
| Q4 25 | $712.0M | $854.0M | ||
| Q3 25 | $639.0M | $294.0M | ||
| Q2 25 | $431.0M | $621.0M | ||
| Q1 25 | $209.0M | $428.0M | ||
| Q4 24 | $849.0M | $793.0M | ||
| Q3 24 | $628.0M | $249.0M | ||
| Q2 24 | $657.0M | $440.0M |
自由现金流KDPKVUE
| Q1 26 | $184.0M | — | ||
| Q4 25 | $564.0M | $744.0M | ||
| Q3 25 | $527.0M | $196.0M | ||
| Q2 25 | $325.0M | $533.0M | ||
| Q1 25 | $89.0M | $249.0M | ||
| Q4 24 | $684.0M | $661.0M | ||
| Q3 24 | $503.0M | $190.0M | ||
| Q2 24 | $542.0M | $350.0M |
自由现金流率KDPKVUE
| Q1 26 | 4.6% | — | ||
| Q4 25 | 12.5% | 19.7% | ||
| Q3 25 | 12.2% | 5.2% | ||
| Q2 25 | 7.8% | 13.9% | ||
| Q1 25 | 2.4% | 6.7% | ||
| Q4 24 | 16.8% | 18.1% | ||
| Q3 24 | 12.9% | 4.9% | ||
| Q2 24 | 13.8% | 8.8% |
资本支出强度KDPKVUE
| Q1 26 | — | — | ||
| Q4 25 | 3.3% | 2.9% | ||
| Q3 25 | 2.6% | 2.6% | ||
| Q2 25 | 2.5% | 2.3% | ||
| Q1 25 | 3.3% | 4.8% | ||
| Q4 24 | 4.1% | 3.6% | ||
| Q3 24 | 3.2% | 1.5% | ||
| Q2 24 | 2.9% | 2.3% |
现金转化率KDPKVUE
| Q1 26 | 1.04× | — | ||
| Q4 25 | 2.02× | 2.59× | ||
| Q3 25 | 0.97× | 0.74× | ||
| Q2 25 | 0.79× | 1.48× | ||
| Q1 25 | 0.40× | 1.33× | ||
| Q4 24 | — | 2.71× | ||
| Q3 24 | 1.02× | 0.65× | ||
| Q2 24 | 1.28× | 7.59× |
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
KDP
| U.S. Refreshment Beverages | $2.6B | 65% |
| U.S. Coffee | $877.0M | 22% |
| International | $435.0M | 11% |
KVUE
| Self Care | $1.6B | 42% |
| Essential Health | $1.1B | 30% |
| Skin Health And Beauty | $1.0B | 28% |
