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Keurig Dr Pepper（KDP）与万宝盛华（MAN）财务数据对比。点击上方公司名可切换其他公司
万宝盛华的季度营收约是Keurig Dr Pepper的1.2倍（$4.7B vs $4.0B），Keurig Dr Pepper净利率更高（6.8% vs 0.6%，领先6.1%），Keurig Dr Pepper同比增速更快（9.4% vs 7.1%），Keurig Dr Pepper自由现金流更多（$184.0M vs $168.0M），过去两年万宝盛华的营收复合增速更高（3.5% vs 0.7%）
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。
万宝盛华集团是总部位于美国威斯康星州密尔沃基的跨国人力资源企业，由埃尔默·温特与亚伦·沙因费尔德于1948年创立，目前是全球第三大人力资源服务机构，规模仅次于瑞士德科与荷兰任仕达。集团通过万宝盛华、Experis、睿程、万宝盛华解决方案四大品牌，提供行政支持、专业咨询及各类商务服务。
KDP vs MAN — 直观对比
营收规模更大
MAN
是对方的1.2倍
$4.0B
营收增速更快
KDP
高出2.3%
7.1%
净利率更高
KDP
高出6.1%
0.6%
自由现金流更多
KDP
多$16.0M
$168.0M
两年增速更快
MAN
近两年复合增速
0.7%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $4.0B | $4.7B |
| 净利润 | $270.0M | $30.2M |
| 毛利率 | 52.8% | 16.3% |
| 营业利润率 | 19.0% | 1.7% |
| 净利率 | 6.8% | 0.6% |
| 营收同比 | 9.4% | 7.1% |
| 净利润同比 | -47.8% | 34.2% |
| 每股收益（稀释后） | $0.20 | $0.65 |
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KDPMAN
| Q1 26 | $4.0B | — | ||
| Q4 25 | $4.5B | $4.7B | ||
| Q3 25 | $4.3B | $4.6B | ||
| Q2 25 | $4.2B | $4.5B | ||
| Q1 25 | $3.6B | $4.1B | ||
| Q4 24 | $4.1B | $4.4B | ||
| Q3 24 | $3.9B | $4.5B | ||
| Q2 24 | $3.9B | $4.5B |
净利润KDPMAN
| Q1 26 | $270.0M | — | ||
| Q4 25 | $353.0M | $30.2M | ||
| Q3 25 | $662.0M | $18.0M | ||
| Q2 25 | $547.0M | $-67.1M | ||
| Q1 25 | $517.0M | $5.6M | ||
| Q4 24 | $-144.0M | $22.5M | ||
| Q3 24 | $616.0M | $22.8M | ||
| Q2 24 | $515.0M | $60.1M |
毛利率KDPMAN
| Q1 26 | 52.8% | — | ||
| Q4 25 | 53.8% | 16.3% | ||
| Q3 25 | 54.3% | 16.6% | ||
| Q2 25 | 54.2% | 16.9% | ||
| Q1 25 | 54.6% | 17.1% | ||
| Q4 24 | 55.9% | 17.2% | ||
| Q3 24 | 55.0% | 17.3% | ||
| Q2 24 | 55.4% | 17.4% |
营业利润率KDPMAN
| Q1 26 | 19.0% | — | ||
| Q4 25 | 19.6% | 1.7% | ||
| Q3 25 | 23.1% | 1.4% | ||
| Q2 25 | 21.6% | -0.6% | ||
| Q1 25 | 22.0% | 0.7% | ||
| Q4 24 | 1.5% | 1.6% | ||
| Q3 24 | 23.2% | 1.6% | ||
| Q2 24 | 22.0% | 2.2% |
净利率KDPMAN
| Q1 26 | 6.8% | — | ||
| Q4 25 | 7.8% | 0.6% | ||
| Q3 25 | 15.4% | 0.4% | ||
| Q2 25 | 13.1% | -1.5% | ||
| Q1 25 | 14.2% | 0.1% | ||
| Q4 24 | -3.5% | 0.5% | ||
| Q3 24 | 15.8% | 0.5% | ||
| Q2 24 | 13.1% | 1.3% |
每股收益（稀释后）KDPMAN
| Q1 26 | $0.20 | — | ||
| Q4 25 | $0.26 | $0.65 | ||
| Q3 25 | $0.49 | $0.38 | ||
| Q2 25 | $0.40 | $-1.44 | ||
| Q1 25 | $0.38 | $0.12 | ||
| Q4 24 | $-0.11 | $0.49 | ||
| Q3 24 | $0.45 | $0.47 | ||
| Q2 24 | $0.38 | $1.24 |
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 | $871.0M |
| 总债务越低越好 | — | $1.1B |
| 股东权益账面价值 | $25.3B | $2.1B |
| 总资产 | $73.1B | $9.2B |
| 负债/权益比越低杠杆越低 | — | 0.51× |
8季度趋势，按日历期对齐
现金及短期投资KDPMAN
| Q1 26 | $898.0M | — | ||
| Q4 25 | $1.0B | $871.0M | ||
| Q3 25 | $516.0M | $274.6M | ||
| Q2 25 | $509.0M | $289.8M | ||
| Q1 25 | $653.0M | $395.0M | ||
| Q4 24 | $510.0M | $509.4M | ||
| Q3 24 | $552.0M | $410.9M | ||
| Q2 24 | $438.0M | $468.9M |
总债务KDPMAN
| Q1 26 | — | — | ||
| Q4 25 | — | $1.1B | ||
| Q3 25 | — | $468.3M | ||
| Q2 25 | — | $470.3M | ||
| Q1 25 | — | $971.4M | ||
| Q4 24 | — | $929.4M | ||
| Q3 24 | — | $999.7M | ||
| Q2 24 | — | $961.7M |
股东权益KDPMAN
| Q1 26 | $25.3B | — | ||
| Q4 25 | $25.5B | $2.1B | ||
| Q3 25 | $25.3B | $2.0B | ||
| Q2 25 | $25.0B | $2.0B | ||
| Q1 25 | $24.4B | $2.1B | ||
| Q4 24 | $24.2B | $2.1B | ||
| Q3 24 | $25.0B | $2.2B | ||
| Q2 24 | $24.7B | $2.1B |
总资产KDPMAN
| Q1 26 | $73.1B | — | ||
| Q4 25 | $55.5B | $9.2B | ||
| Q3 25 | $54.6B | $8.4B | ||
| Q2 25 | $54.4B | $8.5B | ||
| Q1 25 | $53.7B | $8.0B | ||
| Q4 24 | $53.4B | $8.2B | ||
| Q3 24 | $52.7B | $8.5B | ||
| Q2 24 | $52.3B | $8.5B |
负债/权益比KDPMAN
| Q1 26 | — | — | ||
| Q4 25 | — | 0.51× | ||
| Q3 25 | — | 0.23× | ||
| Q2 25 | — | 0.24× | ||
| Q1 25 | — | 0.46× | ||
| Q4 24 | — | 0.44× | ||
| Q3 24 | — | 0.46× | ||
| Q2 24 | — | 0.45× |
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 | $178.9M |
| 自由现金流经营现金流 - 资本支出 | $184.0M | $168.0M |
| 自由现金流率自由现金流/营收 | 4.6% | 3.6% |
| 资本支出强度资本支出/营收 | — | 0.2% |
| 现金转化率经营现金流/净利润 | 1.04× | 5.92× |
| 过去12个月自由现金流最近4个季度 | $1.6B | $-161.4M |
8季度趋势，按日历期对齐
经营现金流KDPMAN
| Q1 26 | $281.0M | — | ||
| Q4 25 | $712.0M | $178.9M | ||
| Q3 25 | $639.0M | $59.8M | ||
| Q2 25 | $431.0M | $-189.6M | ||
| Q1 25 | $209.0M | $-153.2M | ||
| Q4 24 | $849.0M | $247.6M | ||
| Q3 24 | $628.0M | $83.5M | ||
| Q2 24 | $657.0M | $-137.9M |
自由现金流KDPMAN
| Q1 26 | $184.0M | — | ||
| Q4 25 | $564.0M | $168.0M | ||
| Q3 25 | $527.0M | $44.7M | ||
| Q2 25 | $325.0M | $-207.2M | ||
| Q1 25 | $89.0M | $-166.9M | ||
| Q4 24 | $684.0M | $236.3M | ||
| Q3 24 | $503.0M | $67.4M | ||
| Q2 24 | $542.0M | $-149.8M |
自由现金流率KDPMAN
| Q1 26 | 4.6% | — | ||
| Q4 25 | 12.5% | 3.6% | ||
| Q3 25 | 12.2% | 1.0% | ||
| Q2 25 | 7.8% | -4.6% | ||
| Q1 25 | 2.4% | -4.1% | ||
| Q4 24 | 16.8% | 5.4% | ||
| Q3 24 | 12.9% | 1.5% | ||
| Q2 24 | 13.8% | -3.3% |
资本支出强度KDPMAN
| Q1 26 | — | — | ||
| Q4 25 | 3.3% | 0.2% | ||
| Q3 25 | 2.6% | 0.3% | ||
| Q2 25 | 2.5% | 0.4% | ||
| Q1 25 | 3.3% | 0.3% | ||
| Q4 24 | 4.1% | 0.3% | ||
| Q3 24 | 3.2% | 0.4% | ||
| Q2 24 | 2.9% | 0.3% |
现金转化率KDPMAN
| Q1 26 | 1.04× | — | ||
| Q4 25 | 2.02× | 5.92× | ||
| Q3 25 | 0.97× | 3.32× | ||
| Q2 25 | 0.79× | — | ||
| Q1 25 | 0.40× | -27.36× | ||
| Q4 24 | — | 11.00× | ||
| Q3 24 | 1.02× | 3.66× | ||
| Q2 24 | 1.28× | -2.29× |
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% |
MAN
| Other | $2.4B | 52% |
| Transferred Over Time | $1.1B | 24% |
| Staffingand Interim | $1.0B | 22% |
| Productsand Services Other | $50.8M | 1% |
| Permanent Recruitment | $37.5M | 1% |
| Outcome Based Solutionsand Consulting | $20.7M | 0% |
| Transferred At Point In Time | $20.4M | 0% |
