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Keurig Dr Pepper（KDP）与道富集团（STT）财务数据对比。点击上方公司名可切换其他公司
Keurig Dr Pepper的季度营收约是道富集团的1.1倍（$4.0B vs $3.7B），道富集团净利率更高（20.4% vs 6.8%，领先13.6%），Keurig Dr Pepper同比增速更快（9.4% vs 7.5%），道富集团自由现金流更多（$9.8B vs $184.0M），过去两年道富集团的营收复合增速更高（8.1% 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。
道富集团是总部位于美国波士顿的跨国金融服务及银行控股公司，历史可追溯至1792年成立的联合银行，是美国运营历史第二悠久的存续银行。作为全球顶尖的资产管理与托管机构，截至2025年第三季度，其管理资产规模约5.4万亿美元，托管及管理资产总规模达51.7万亿美元。
KDP vs STT — 直观对比
营收规模更大
KDP
是对方的1.1倍
$3.7B
营收增速更快
KDP
高出1.9%
7.5%
净利率更高
STT
高出13.6%
6.8%
自由现金流更多
STT
多$9.6B
$184.0M
两年增速更快
STT
近两年复合增速
0.7%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $4.0B | $3.7B |
| 净利润 | $270.0M | $747.0M |
| 毛利率 | 52.8% | — |
| 营业利润率 | 19.0% | 25.0% |
| 净利率 | 6.8% | 20.4% |
| 营收同比 | 9.4% | 7.5% |
| 净利润同比 | -47.8% | -4.6% |
| 每股收益（稀释后） | $0.20 | $2.41 |
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KDPSTT
| Q1 26 | $4.0B | — | ||
| Q4 25 | $4.5B | $3.7B | ||
| Q3 25 | $4.3B | $3.5B | ||
| Q2 25 | $4.2B | $3.4B | ||
| Q1 25 | $3.6B | $3.3B | ||
| Q4 24 | $4.1B | $3.4B | ||
| Q3 24 | $3.9B | $3.3B | ||
| Q2 24 | $3.9B | $3.2B |
净利润KDPSTT
| Q1 26 | $270.0M | — | ||
| Q4 25 | $353.0M | $747.0M | ||
| Q3 25 | $662.0M | $861.0M | ||
| Q2 25 | $547.0M | $693.0M | ||
| Q1 25 | $517.0M | $644.0M | ||
| Q4 24 | $-144.0M | $783.0M | ||
| Q3 24 | $616.0M | $730.0M | ||
| Q2 24 | $515.0M | $711.0M |
毛利率KDPSTT
| Q1 26 | 52.8% | — | ||
| Q4 25 | 53.8% | — | ||
| Q3 25 | 54.3% | — | ||
| Q2 25 | 54.2% | — | ||
| Q1 25 | 54.6% | — | ||
| Q4 24 | 55.9% | — | ||
| Q3 24 | 55.0% | — | ||
| Q2 24 | 55.4% | — |
营业利润率KDPSTT
| Q1 26 | 19.0% | — | ||
| Q4 25 | 19.6% | 25.0% | ||
| Q3 25 | 23.1% | 31.1% | ||
| Q2 25 | 21.6% | 25.8% | ||
| Q1 25 | 22.0% | 25.0% | ||
| Q4 24 | 1.5% | 28.1% | ||
| Q3 24 | 23.2% | 28.4% | ||
| Q2 24 | 22.0% | 28.6% |
净利率KDPSTT
| Q1 26 | 6.8% | — | ||
| Q4 25 | 7.8% | 20.4% | ||
| Q3 25 | 15.4% | 24.3% | ||
| Q2 25 | 13.1% | 20.1% | ||
| Q1 25 | 14.2% | 19.6% | ||
| Q4 24 | -3.5% | 22.9% | ||
| Q3 24 | 15.8% | 22.4% | ||
| Q2 24 | 13.1% | 22.3% |
每股收益（稀释后）KDPSTT
| Q1 26 | $0.20 | — | ||
| Q4 25 | $0.26 | $2.41 | ||
| Q3 25 | $0.49 | $2.78 | ||
| Q2 25 | $0.40 | $2.17 | ||
| Q1 25 | $0.38 | $2.04 | ||
| Q4 24 | $-0.11 | $2.43 | ||
| Q3 24 | $0.45 | $2.26 | ||
| Q2 24 | $0.38 | $2.15 |
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 | — |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $25.3B | $27.8B |
| 总资产 | $73.1B | $366.0B |
| 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KDPSTT
| Q1 26 | $898.0M | — | ||
| Q4 25 | $1.0B | — | ||
| Q3 25 | $516.0M | — | ||
| Q2 25 | $509.0M | — | ||
| Q1 25 | $653.0M | — | ||
| Q4 24 | $510.0M | — | ||
| Q3 24 | $552.0M | — | ||
| Q2 24 | $438.0M | — |
股东权益KDPSTT
| Q1 26 | $25.3B | — | ||
| Q4 25 | $25.5B | $27.8B | ||
| Q3 25 | $25.3B | $27.6B | ||
| Q2 25 | $25.0B | $27.3B | ||
| Q1 25 | $24.4B | $26.7B | ||
| Q4 24 | $24.2B | $25.3B | ||
| Q3 24 | $25.0B | $25.8B | ||
| Q2 24 | $24.7B | $24.8B |
总资产KDPSTT
| Q1 26 | $73.1B | — | ||
| Q4 25 | $55.5B | $366.0B | ||
| Q3 25 | $54.6B | $371.1B | ||
| Q2 25 | $54.4B | $376.7B | ||
| Q1 25 | $53.7B | $372.7B | ||
| Q4 24 | $53.4B | $353.2B | ||
| Q3 24 | $52.7B | $338.5B | ||
| Q2 24 | $52.3B | $325.6B |
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 | $10.0B |
| 自由现金流经营现金流 - 资本支出 | $184.0M | $9.8B |
| 自由现金流率自由现金流/营收 | 4.6% | 266.6% |
| 资本支出强度资本支出/营收 | — | 7.3% |
| 现金转化率经营现金流/净利润 | 1.04× | 13.44× |
| 过去12个月自由现金流最近4个季度 | $1.6B | $10.8B |
8季度趋势，按日历期对齐
经营现金流KDPSTT
| Q1 26 | $281.0M | — | ||
| Q4 25 | $712.0M | $10.0B | ||
| Q3 25 | $639.0M | $7.9B | ||
| Q2 25 | $431.0M | $-8.4B | ||
| Q1 25 | $209.0M | $2.4B | ||
| Q4 24 | $849.0M | $-7.4B | ||
| Q3 24 | $628.0M | $2.7B | ||
| Q2 24 | $657.0M | $-7.6B |
自由现金流KDPSTT
| Q1 26 | $184.0M | — | ||
| Q4 25 | $564.0M | $9.8B | ||
| Q3 25 | $527.0M | $7.7B | ||
| Q2 25 | $325.0M | $-8.8B | ||
| Q1 25 | $89.0M | $2.2B | ||
| Q4 24 | $684.0M | $-7.7B | ||
| Q3 24 | $503.0M | $2.5B | ||
| Q2 24 | $542.0M | $-7.9B |
自由现金流率KDPSTT
| Q1 26 | 4.6% | — | ||
| Q4 25 | 12.5% | 266.6% | ||
| Q3 25 | 12.2% | 216.0% | ||
| Q2 25 | 7.8% | -254.1% | ||
| Q1 25 | 2.4% | 66.1% | ||
| Q4 24 | 16.8% | -225.1% | ||
| Q3 24 | 12.9% | 75.9% | ||
| Q2 24 | 13.8% | -246.2% |
资本支出强度KDPSTT
| Q1 26 | — | — | ||
| Q4 25 | 3.3% | 7.3% | ||
| Q3 25 | 2.6% | 6.9% | ||
| Q2 25 | 2.5% | 9.3% | ||
| Q1 25 | 3.3% | 6.9% | ||
| Q4 24 | 4.1% | 7.3% | ||
| Q3 24 | 3.2% | 7.2% | ||
| Q2 24 | 2.9% | 6.7% |
现金转化率KDPSTT
| Q1 26 | 1.04× | — | ||
| Q4 25 | 2.02× | 13.44× | ||
| Q3 25 | 0.97× | 9.18× | ||
| Q2 25 | 0.79× | -12.18× | ||
| Q1 25 | 0.40× | 3.72× | ||
| Q4 24 | — | -9.49× | ||
| Q3 24 | 1.02× | 3.71× | ||
| Q2 24 | 1.28× | -10.75× |
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% |
STT
| Other | $2.2B | 59% |
| Investment Management | $729.0M | 20% |
| Management Services | $662.0M | 18% |
| Other Fee Revenue | $56.0M | 2% |
| Securities Financing Services | $54.0M | 1% |
