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Keurig Dr Pepper（KDP）与Smurfit Westrock（SW）财务数据对比。点击上方公司名可切换其他公司
Smurfit Westrock的季度营收约是Keurig Dr Pepper的1.9倍（$7.6B vs $4.0B），Keurig Dr Pepper净利率更高（6.8% vs 1.3%，领先5.5%），Keurig Dr Pepper同比增速更快（9.4% vs 0.5%），Smurfit Westrock自由现金流更多（$612.0M vs $184.0M），过去两年Smurfit Westrock的营收复合增速更高（60.8% 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。
Smurfit Westrock plc是总部位于爱尔兰都柏林的企业，核心业务为生产瓦楞包装及各类纸制包装产品，公司股票同时在纽约证券交易所和伦敦证券交易所挂牌上市。
KDP vs SW — 直观对比
营收规模更大
SW
是对方的1.9倍
$4.0B
营收增速更快
KDP
高出8.8%
0.5%
净利率更高
KDP
高出5.5%
1.3%
自由现金流更多
SW
多$428.0M
$184.0M
两年增速更快
SW
近两年复合增速
0.7%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $4.0B | $7.6B |
| 净利润 | $270.0M | $97.0M |
| 毛利率 | 52.8% | 18.2% |
| 营业利润率 | 19.0% | 5.1% |
| 净利率 | 6.8% | 1.3% |
| 营收同比 | 9.4% | 0.5% |
| 净利润同比 | -47.8% | -33.6% |
| 每股收益（稀释后） | $0.20 | $0.18 |
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KDPSW
| Q1 26 | $4.0B | — | ||
| Q4 25 | $4.5B | $7.6B | ||
| Q3 25 | $4.3B | $8.0B | ||
| Q2 25 | $4.2B | $7.9B | ||
| Q1 25 | $3.6B | $7.7B | ||
| Q4 24 | $4.1B | $7.5B | ||
| Q3 24 | $3.9B | $7.7B | ||
| Q2 24 | $3.9B | $3.0B |
净利润KDPSW
| Q1 26 | $270.0M | — | ||
| Q4 25 | $353.0M | $97.0M | ||
| Q3 25 | $662.0M | $246.0M | ||
| Q2 25 | $547.0M | $-28.0M | ||
| Q1 25 | $517.0M | $384.0M | ||
| Q4 24 | $-144.0M | $146.0M | ||
| Q3 24 | $616.0M | $-150.0M | ||
| Q2 24 | $515.0M | $132.0M |
毛利率KDPSW
| Q1 26 | 52.8% | — | ||
| Q4 25 | 53.8% | 18.2% | ||
| Q3 25 | 54.3% | 19.6% | ||
| Q2 25 | 54.2% | 19.1% | ||
| Q1 25 | 54.6% | 20.6% | ||
| Q4 24 | 55.9% | 19.1% | ||
| Q3 24 | 55.0% | 17.6% | ||
| Q2 24 | 55.4% | 23.3% |
营业利润率KDPSW
| Q1 26 | 19.0% | — | ||
| Q4 25 | 19.6% | 5.1% | ||
| Q3 25 | 23.1% | 6.6% | ||
| Q2 25 | 21.6% | 3.2% | ||
| Q1 25 | 22.0% | 7.2% | ||
| Q4 24 | 1.5% | 5.3% | ||
| Q3 24 | 23.2% | 0.7% | ||
| Q2 24 | 22.0% | 8.2% |
净利率KDPSW
| Q1 26 | 6.8% | — | ||
| Q4 25 | 7.8% | 1.3% | ||
| Q3 25 | 15.4% | 3.1% | ||
| Q2 25 | 13.1% | -0.4% | ||
| Q1 25 | 14.2% | 5.0% | ||
| Q4 24 | -3.5% | 1.9% | ||
| Q3 24 | 15.8% | -2.0% | ||
| Q2 24 | 13.1% | 4.4% |
每股收益（稀释后）KDPSW
| Q1 26 | $0.20 | — | ||
| Q4 25 | $0.26 | $0.18 | ||
| Q3 25 | $0.49 | $0.47 | ||
| Q2 25 | $0.40 | $-0.05 | ||
| Q1 25 | $0.38 | $0.73 | ||
| Q4 24 | $-0.11 | $-0.12 | ||
| Q3 24 | $0.45 | $-0.30 | ||
| 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 | $892.0M |
| 总债务越低越好 | — | $13.4B |
| 股东权益账面价值 | $25.3B | $18.3B |
| 总资产 | $73.1B | $45.2B |
| 负债/权益比越低杠杆越低 | — | 0.73× |
8季度趋势，按日历期对齐
现金及短期投资KDPSW
| Q1 26 | $898.0M | — | ||
| Q4 25 | $1.0B | $892.0M | ||
| Q3 25 | $516.0M | $851.0M | ||
| Q2 25 | $509.0M | $778.0M | ||
| Q1 25 | $653.0M | $797.0M | ||
| Q4 24 | $510.0M | $855.0M | ||
| Q3 24 | $552.0M | — | ||
| Q2 24 | $438.0M | $26.8K |
总债务KDPSW
| Q1 26 | — | — | ||
| Q4 25 | — | $13.4B | ||
| Q3 25 | — | $13.3B | ||
| Q2 25 | — | $13.3B | ||
| Q1 25 | — | $12.9B | ||
| Q4 24 | — | $12.5B | ||
| Q3 24 | — | $13.2B | ||
| Q2 24 | — | — |
股东权益KDPSW
| Q1 26 | $25.3B | — | ||
| Q4 25 | $25.5B | $18.3B | ||
| Q3 25 | $25.3B | $18.4B | ||
| Q2 25 | $25.0B | $18.3B | ||
| Q1 25 | $24.4B | $17.9B | ||
| Q4 24 | $24.2B | $17.4B | ||
| Q3 24 | $25.0B | $18.0B | ||
| Q2 24 | $24.7B | $14.5K |
总资产KDPSW
| Q1 26 | $73.1B | — | ||
| Q4 25 | $55.5B | $45.2B | ||
| Q3 25 | $54.6B | $45.6B | ||
| Q2 25 | $54.4B | $45.7B | ||
| Q1 25 | $53.7B | $44.6B | ||
| Q4 24 | $53.4B | $43.8B | ||
| Q3 24 | $52.7B | $45.0B | ||
| Q2 24 | $52.3B | $26.8K |
负债/权益比KDPSW
| Q1 26 | — | — | ||
| Q4 25 | — | 0.73× | ||
| Q3 25 | — | 0.72× | ||
| Q2 25 | — | 0.73× | ||
| Q1 25 | — | 0.72× | ||
| Q4 24 | — | 0.72× | ||
| Q3 24 | — | 0.73× | ||
| Q2 24 | — | — |
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 | $1.2B |
| 自由现金流经营现金流 - 资本支出 | $184.0M | $612.0M |
| 自由现金流率自由现金流/营收 | 4.6% | 8.1% |
| 资本支出强度资本支出/营收 | — | 7.7% |
| 现金转化率经营现金流/净利润 | 1.04× | 12.32× |
| 过去12个月自由现金流最近4个季度 | $1.6B | $1.2B |
8季度趋势，按日历期对齐
经营现金流KDPSW
| Q1 26 | $281.0M | — | ||
| Q4 25 | $712.0M | $1.2B | ||
| Q3 25 | $639.0M | $1.1B | ||
| Q2 25 | $431.0M | $829.0M | ||
| Q1 25 | $209.0M | $235.0M | ||
| Q4 24 | $849.0M | $781.0M | ||
| Q3 24 | $628.0M | $320.0M | ||
| Q2 24 | $657.0M | $340.0M |
自由现金流KDPSW
| Q1 26 | $184.0M | — | ||
| Q4 25 | $564.0M | $612.0M | ||
| Q3 25 | $527.0M | $523.0M | ||
| Q2 25 | $325.0M | $307.0M | ||
| Q1 25 | $89.0M | $-242.0M | ||
| Q4 24 | $684.0M | $212.0M | ||
| Q3 24 | $503.0M | $-192.0M | ||
| Q2 24 | $542.0M | $163.0M |
自由现金流率KDPSW
| Q1 26 | 4.6% | — | ||
| Q4 25 | 12.5% | 8.1% | ||
| Q3 25 | 12.2% | 6.5% | ||
| Q2 25 | 7.8% | 3.9% | ||
| Q1 25 | 2.4% | -3.2% | ||
| Q4 24 | 16.8% | 2.8% | ||
| Q3 24 | 12.9% | -2.5% | ||
| Q2 24 | 13.8% | 5.5% |
资本支出强度KDPSW
| Q1 26 | — | — | ||
| Q4 25 | 3.3% | 7.7% | ||
| Q3 25 | 2.6% | 7.6% | ||
| Q2 25 | 2.5% | 6.6% | ||
| Q1 25 | 3.3% | 6.2% | ||
| Q4 24 | 4.1% | 7.5% | ||
| Q3 24 | 3.2% | 6.7% | ||
| Q2 24 | 2.9% | 6.0% |
现金转化率KDPSW
| Q1 26 | 1.04× | — | ||
| Q4 25 | 2.02× | 12.32× | ||
| Q3 25 | 0.97× | 4.61× | ||
| Q2 25 | 0.79× | — | ||
| Q1 25 | 0.40× | 0.61× | ||
| Q4 24 | — | 5.35× | ||
| Q3 24 | 1.02× | — | ||
| Q2 24 | 1.28× | 2.58× |
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 | $857.0M | 22% |
| International | $520.0M | 13% |
SW
| Packaging | $3.3B | 43% |
| Other | $3.2B | 43% |
| Paper | $1.1B | 14% |
