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Keurig Dr Pepper（KDP）与Solventum（SOLV）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Solventum的2.0倍（$4.0B vs $2.0B），Keurig Dr Pepper净利率更高（6.8% vs 3.2%，领先3.6%），Keurig Dr Pepper同比增速更快（9.4% vs -3.7%），Keurig Dr Pepper自由现金流更多（$184.0M vs $32.0M），过去两年Keurig Dr Pepper的营收复合增速更高（0.7% vs -0.4%）
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。
Solventum是一家总部位于美国的医疗健康企业，于2024年4月1日正式从全球知名多元化工业集团3M分拆后独立运营，继承了原3M旗下医疗板块的技术积累与业务资源，面向全球市场提供专业医疗相关产品及服务。
KDP vs SOLV — 直观对比
营收规模更大
KDP
是对方的2.0倍
$2.0B
营收增速更快
KDP
高出13.1%
-3.7%
净利率更高
KDP
高出3.6%
3.2%
自由现金流更多
KDP
多$152.0M
$32.0M
两年增速更快
KDP
近两年复合增速
-0.4%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $4.0B | $2.0B |
| 净利润 | $270.0M | $63.0M |
| 毛利率 | 52.8% | 51.4% |
| 营业利润率 | 19.0% | 6.3% |
| 净利率 | 6.8% | 3.2% |
| 营收同比 | 9.4% | -3.7% |
| 净利润同比 | -47.8% | 103.2% |
| 每股收益（稀释后） | $0.20 | $0.37 |
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KDPSOLV
| Q1 26 | $4.0B | — | ||
| Q4 25 | $4.5B | $2.0B | ||
| Q3 25 | $4.3B | $2.1B | ||
| Q2 25 | $4.2B | $2.2B | ||
| Q1 25 | $3.6B | $2.1B | ||
| Q4 24 | $4.1B | $2.1B | ||
| Q3 24 | $3.9B | $2.1B | ||
| Q2 24 | $3.9B | $2.1B |
净利润KDPSOLV
| Q1 26 | $270.0M | — | ||
| Q4 25 | $353.0M | $63.0M | ||
| Q3 25 | $662.0M | $1.3B | ||
| Q2 25 | $547.0M | $90.0M | ||
| Q1 25 | $517.0M | $137.0M | ||
| Q4 24 | $-144.0M | $31.0M | ||
| Q3 24 | $616.0M | $122.0M | ||
| Q2 24 | $515.0M | $89.0M |
毛利率KDPSOLV
| Q1 26 | 52.8% | — | ||
| Q4 25 | 53.8% | 51.4% | ||
| Q3 25 | 54.3% | 54.2% | ||
| Q2 25 | 54.2% | 54.4% | ||
| Q1 25 | 54.6% | 53.8% | ||
| Q4 24 | 55.9% | 53.9% | ||
| Q3 24 | 55.0% | 56.0% | ||
| Q2 24 | 55.4% | 54.6% |
营业利润率KDPSOLV
| Q1 26 | 19.0% | — | ||
| Q4 25 | 19.6% | 6.3% | ||
| Q3 25 | 23.1% | 80.6% | ||
| Q2 25 | 21.6% | 9.9% | ||
| Q1 25 | 22.0% | 7.3% | ||
| Q4 24 | 1.5% | 6.6% | ||
| Q3 24 | 23.2% | 13.2% | ||
| Q2 24 | 22.0% | 11.7% |
净利率KDPSOLV
| Q1 26 | 6.8% | — | ||
| Q4 25 | 7.8% | 3.2% | ||
| Q3 25 | 15.4% | 60.4% | ||
| Q2 25 | 13.1% | 4.2% | ||
| Q1 25 | 14.2% | 6.6% | ||
| Q4 24 | -3.5% | 1.5% | ||
| Q3 24 | 15.8% | 5.9% | ||
| Q2 24 | 13.1% | 4.3% |
每股收益（稀释后）KDPSOLV
| Q1 26 | $0.20 | — | ||
| Q4 25 | $0.26 | $0.37 | ||
| Q3 25 | $0.49 | $7.22 | ||
| Q2 25 | $0.40 | $0.51 | ||
| Q1 25 | $0.38 | $0.78 | ||
| Q4 24 | $-0.11 | $0.18 | ||
| Q3 24 | $0.45 | $0.70 | ||
| Q2 24 | $0.38 | $0.51 |
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 | $878.0M |
| 总债务越低越好 | — | $5.0B |
| 股东权益账面价值 | $25.3B | $5.0B |
| 总资产 | $73.1B | $14.3B |
| 负债/权益比越低杠杆越低 | — | 1.00× |
8季度趋势，按日历期对齐
现金及短期投资KDPSOLV
| Q1 26 | $898.0M | — | ||
| Q4 25 | $1.0B | $878.0M | ||
| Q3 25 | $516.0M | $1.6B | ||
| Q2 25 | $509.0M | $492.0M | ||
| Q1 25 | $653.0M | $534.0M | ||
| Q4 24 | $510.0M | $762.0M | ||
| Q3 24 | $552.0M | $772.0M | ||
| Q2 24 | $438.0M | $897.0M |
总债务KDPSOLV
| Q1 26 | — | — | ||
| Q4 25 | — | $5.0B | ||
| Q3 25 | — | $5.1B | ||
| Q2 25 | — | $7.8B | ||
| Q1 25 | — | $7.9B | ||
| Q4 24 | — | $8.0B | ||
| Q3 24 | — | $8.1B | ||
| Q2 24 | — | $8.3B |
股东权益KDPSOLV
| Q1 26 | $25.3B | — | ||
| Q4 25 | $25.5B | $5.0B | ||
| Q3 25 | $25.3B | $5.0B | ||
| Q2 25 | $25.0B | $3.6B | ||
| Q1 25 | $24.4B | $3.3B | ||
| Q4 24 | $24.2B | $3.0B | ||
| Q3 24 | $25.0B | $3.2B | ||
| Q2 24 | $24.7B | $2.9B |
总资产KDPSOLV
| Q1 26 | $73.1B | — | ||
| Q4 25 | $55.5B | $14.3B | ||
| Q3 25 | $54.6B | $14.0B | ||
| Q2 25 | $54.4B | $15.1B | ||
| Q1 25 | $53.7B | $14.5B | ||
| Q4 24 | $53.4B | $14.5B | ||
| Q3 24 | $52.7B | $14.7B | ||
| Q2 24 | $52.3B | $14.6B |
负债/权益比KDPSOLV
| Q1 26 | — | — | ||
| Q4 25 | — | 1.00× | ||
| Q3 25 | — | 1.03× | ||
| Q2 25 | — | 2.14× | ||
| Q1 25 | — | 2.43× | ||
| Q4 24 | — | 2.71× | ||
| Q3 24 | — | 2.54× | ||
| Q2 24 | — | 2.90× |
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 | $95.0M |
| 自由现金流经营现金流 - 资本支出 | $184.0M | $32.0M |
| 自由现金流率自由现金流/营收 | 4.6% | 1.6% |
| 资本支出强度资本支出/营收 | — | 3.2% |
| 现金转化率经营现金流/净利润 | 1.04× | 1.51× |
| 过去12个月自由现金流最近4个季度 | $1.6B | $-10.0M |
8季度趋势，按日历期对齐
经营现金流KDPSOLV
| Q1 26 | $281.0M | — | ||
| Q4 25 | $712.0M | $95.0M | ||
| Q3 25 | $639.0M | $76.0M | ||
| Q2 25 | $431.0M | $169.0M | ||
| Q1 25 | $209.0M | $29.0M | ||
| Q4 24 | $849.0M | $219.0M | ||
| Q3 24 | $628.0M | $169.0M | ||
| Q2 24 | $657.0M | $355.0M |
自由现金流KDPSOLV
| Q1 26 | $184.0M | — | ||
| Q4 25 | $564.0M | $32.0M | ||
| Q3 25 | $527.0M | $-21.0M | ||
| Q2 25 | $325.0M | $59.0M | ||
| Q1 25 | $89.0M | $-80.0M | ||
| Q4 24 | $684.0M | $92.0M | ||
| Q3 24 | $503.0M | $76.0M | ||
| Q2 24 | $542.0M | $297.0M |
自由现金流率KDPSOLV
| Q1 26 | 4.6% | — | ||
| Q4 25 | 12.5% | 1.6% | ||
| Q3 25 | 12.2% | -1.0% | ||
| Q2 25 | 7.8% | 2.7% | ||
| Q1 25 | 2.4% | -3.9% | ||
| Q4 24 | 16.8% | 4.4% | ||
| Q3 24 | 12.9% | 3.7% | ||
| Q2 24 | 13.8% | 14.3% |
资本支出强度KDPSOLV
| Q1 26 | — | — | ||
| Q4 25 | 3.3% | 3.2% | ||
| Q3 25 | 2.6% | 4.6% | ||
| Q2 25 | 2.5% | 5.1% | ||
| Q1 25 | 3.3% | 5.3% | ||
| Q4 24 | 4.1% | 6.1% | ||
| Q3 24 | 3.2% | 4.5% | ||
| Q2 24 | 2.9% | 2.8% |
现金转化率KDPSOLV
| Q1 26 | 1.04× | — | ||
| Q4 25 | 2.02× | 1.51× | ||
| Q3 25 | 0.97× | 0.06× | ||
| Q2 25 | 0.79× | 1.88× | ||
| Q1 25 | 0.40× | 0.21× | ||
| Q4 24 | — | 7.06× | ||
| Q3 24 | 1.02× | 1.39× | ||
| Q2 24 | 1.28× | 3.99× |
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% |
SOLV
| Infection Prevention And Surgical Solutions | $752.0M | 38% |
| Cost Of Software And Rentals | $508.0M | 25% |
| Health Information Systems Segment | $347.0M | 17% |
| Dental Solutions Segment | $343.0M | 17% |
| Related Party | $14.0M | 1% |
