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Keurig Dr Pepper（KDP）与TransDigm Group（TDG）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TransDigm Group的1.7倍（$4.0B vs $2.3B），TransDigm Group净利率更高（19.5% vs 6.8%，领先12.7%），TransDigm Group同比增速更快（13.9% vs 9.4%），TransDigm Group自由现金流更多（$772.0M vs $184.0M），过去两年TransDigm Group的营收复合增速更高（9.1% 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。
TransDigm Group是总部位于美国俄亥俄州克利夫兰的上市航空航天制造企业，1993年由私募股权机构通过杠杆收购整合四家工业航空企业组建而成。公司专注于研发生产定制化航空航天部件，多年来通过多起收购持续拓展自身产品矩阵。
KDP vs TDG — 直观对比
营收规模更大
KDP
是对方的1.7倍
$2.3B
营收增速更快
TDG
高出4.5%
9.4%
净利率更高
TDG
高出12.7%
6.8%
自由现金流更多
TDG
多$588.0M
$184.0M
两年增速更快
TDG
近两年复合增速
0.7%
损益表 — Q1 FY2026 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $4.0B | $2.3B |
| 净利润 | $270.0M | $445.0M |
| 毛利率 | 52.8% | 59.2% |
| 营业利润率 | 19.0% | 45.6% |
| 净利率 | 6.8% | 19.5% |
| 营收同比 | 9.4% | 13.9% |
| 净利润同比 | -47.8% | -9.7% |
| 每股收益（稀释后） | $0.20 | $6.62 |
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KDPTDG
| Q1 26 | $4.0B | — | ||
| Q4 25 | $4.5B | $2.3B | ||
| Q3 25 | $4.3B | $2.4B | ||
| Q2 25 | $4.2B | $2.2B | ||
| Q1 25 | $3.6B | $2.1B | ||
| Q4 24 | $4.1B | $2.0B | ||
| Q3 24 | $3.9B | $2.2B | ||
| Q2 24 | $3.9B | $2.0B |
净利润KDPTDG
| Q1 26 | $270.0M | — | ||
| Q4 25 | $353.0M | $445.0M | ||
| Q3 25 | $662.0M | $610.0M | ||
| Q2 25 | $547.0M | $492.0M | ||
| Q1 25 | $517.0M | $479.0M | ||
| Q4 24 | $-144.0M | $493.0M | ||
| Q3 24 | $616.0M | $468.0M | ||
| Q2 24 | $515.0M | $461.0M |
毛利率KDPTDG
| Q1 26 | 52.8% | — | ||
| Q4 25 | 53.8% | 59.2% | ||
| Q3 25 | 54.3% | 60.3% | ||
| Q2 25 | 54.2% | 59.5% | ||
| Q1 25 | 54.6% | 59.3% | ||
| Q4 24 | 55.9% | 61.6% | ||
| Q3 24 | 55.0% | 57.5% | ||
| Q2 24 | 55.4% | 59.6% |
营业利润率KDPTDG
| Q1 26 | 19.0% | — | ||
| Q4 25 | 19.6% | 45.6% | ||
| Q3 25 | 23.1% | 47.6% | ||
| Q2 25 | 21.6% | 46.4% | ||
| Q1 25 | 22.0% | 46.1% | ||
| Q4 24 | 1.5% | 48.6% | ||
| Q3 24 | 23.2% | 43.1% | ||
| Q2 24 | 22.0% | 45.7% |
净利率KDPTDG
| Q1 26 | 6.8% | — | ||
| Q4 25 | 7.8% | 19.5% | ||
| Q3 25 | 15.4% | 25.0% | ||
| Q2 25 | 13.1% | 22.0% | ||
| Q1 25 | 14.2% | 22.3% | ||
| Q4 24 | -3.5% | 24.6% | ||
| Q3 24 | 15.8% | 21.4% | ||
| Q2 24 | 13.1% | 22.5% |
每股收益（稀释后）KDPTDG
| Q1 26 | $0.20 | — | ||
| Q4 25 | $0.26 | $6.62 | ||
| Q3 25 | $0.49 | $7.75 | ||
| Q2 25 | $0.40 | $8.47 | ||
| Q1 25 | $0.38 | $8.24 | ||
| Q4 24 | $-0.11 | $7.62 | ||
| Q3 24 | $0.45 | $5.82 | ||
| Q2 24 | $0.38 | $7.96 |
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 | $2.5B |
| 总债务越低越好 | — | $29.2B |
| 股东权益账面价值 | $25.3B | $-9.3B |
| 总资产 | $73.1B | $23.8B |
| 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KDPTDG
| Q1 26 | $898.0M | — | ||
| Q4 25 | $1.0B | $2.5B | ||
| Q3 25 | $516.0M | $2.8B | ||
| Q2 25 | $509.0M | $2.8B | ||
| Q1 25 | $653.0M | $2.4B | ||
| Q4 24 | $510.0M | $2.5B | ||
| Q3 24 | $552.0M | $6.3B | ||
| Q2 24 | $438.0M | $3.4B |
总债务KDPTDG
| Q1 26 | — | — | ||
| Q4 25 | — | $29.2B | ||
| Q3 25 | — | $29.2B | ||
| Q2 25 | — | $24.3B | ||
| Q1 25 | — | $24.3B | ||
| Q4 24 | — | $24.3B | ||
| Q3 24 | — | $24.3B | ||
| Q2 24 | — | $21.4B |
股东权益KDPTDG
| Q1 26 | $25.3B | — | ||
| Q4 25 | $25.5B | $-9.3B | ||
| Q3 25 | $25.3B | $-9.7B | ||
| Q2 25 | $25.0B | $-5.0B | ||
| Q1 25 | $24.4B | $-5.7B | ||
| Q4 24 | $24.2B | $-6.3B | ||
| Q3 24 | $25.0B | $-6.3B | ||
| Q2 24 | $24.7B | $-2.5B |
总资产KDPTDG
| Q1 26 | $73.1B | — | ||
| Q4 25 | $55.5B | $23.8B | ||
| Q3 25 | $54.6B | $22.9B | ||
| Q2 25 | $54.4B | $22.7B | ||
| Q1 25 | $53.7B | $21.9B | ||
| Q4 24 | $53.4B | $21.5B | ||
| Q3 24 | $52.7B | $25.6B | ||
| Q2 24 | $52.3B | $21.8B |
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 | $832.0M |
| 自由现金流经营现金流 - 资本支出 | $184.0M | $772.0M |
| 自由现金流率自由现金流/营收 | 4.6% | 33.8% |
| 资本支出强度资本支出/营收 | — | 2.6% |
| 现金转化率经营现金流/净利润 | 1.04× | 1.87× |
| 过去12个月自由现金流最近4个季度 | $1.6B | $1.9B |
8季度趋势，按日历期对齐
经营现金流KDPTDG
| Q1 26 | $281.0M | — | ||
| Q4 25 | $712.0M | $832.0M | ||
| Q3 25 | $639.0M | $507.0M | ||
| Q2 25 | $431.0M | $631.0M | ||
| Q1 25 | $209.0M | $148.0M | ||
| Q4 24 | $849.0M | $752.0M | ||
| Q3 24 | $628.0M | $572.0M | ||
| Q2 24 | $657.0M | $608.0M |
自由现金流KDPTDG
| Q1 26 | $184.0M | — | ||
| Q4 25 | $564.0M | $772.0M | ||
| Q3 25 | $527.0M | $441.0M | ||
| Q2 25 | $325.0M | $573.0M | ||
| Q1 25 | $89.0M | $92.0M | ||
| Q4 24 | $684.0M | $710.0M | ||
| Q3 24 | $503.0M | $531.0M | ||
| Q2 24 | $542.0M | $568.0M |
自由现金流率KDPTDG
| Q1 26 | 4.6% | — | ||
| Q4 25 | 12.5% | 33.8% | ||
| Q3 25 | 12.2% | 18.1% | ||
| Q2 25 | 7.8% | 25.6% | ||
| Q1 25 | 2.4% | 4.3% | ||
| Q4 24 | 16.8% | 35.4% | ||
| Q3 24 | 12.9% | 24.3% | ||
| Q2 24 | 13.8% | 27.8% |
资本支出强度KDPTDG
| Q1 26 | — | — | ||
| Q4 25 | 3.3% | 2.6% | ||
| Q3 25 | 2.6% | 2.7% | ||
| Q2 25 | 2.5% | 2.6% | ||
| Q1 25 | 3.3% | 2.6% | ||
| Q4 24 | 4.1% | 2.1% | ||
| Q3 24 | 3.2% | 1.9% | ||
| Q2 24 | 2.9% | 2.0% |
现金转化率KDPTDG
| Q1 26 | 1.04× | — | ||
| Q4 25 | 2.02× | 1.87× | ||
| Q3 25 | 0.97× | 0.83× | ||
| Q2 25 | 0.79× | 1.28× | ||
| Q1 25 | 0.40× | 0.31× | ||
| Q4 24 | — | 1.53× | ||
| Q3 24 | 1.02× | 1.22× | ||
| Q2 24 | 1.28× | 1.32× |
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% |
TDG
| Airframe | $1.0B | 45% |
| Defense | $603.0M | 26% |
| Commercial Aftermarket | $368.0M | 16% |
| Commercial OEM | $253.0M | 11% |
| Non Aviation Related Business | $40.0M | 2% |
