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Keurig Dr Pepper（KDP）与Vistra Corp.（VST）财务数据对比。点击上方公司名可切换其他公司
Vistra Corp.的季度营收约是Keurig Dr Pepper的1.2倍（$4.8B vs $4.0B），Keurig Dr Pepper净利率更高（6.8% vs 4.8%，领先1.9%），Vistra Corp.同比增速更快（31.2% vs 9.4%），Vistra Corp.自由现金流更多（$596.0M vs $184.0M），过去两年Vistra Corp.的营收复合增速更高（23.3% 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。
股票代码为VST的Vistra Corp是总部位于美国得克萨斯州的能源企业，主营电力生产、可再生能源开发及能源零售等业务。此外“Vistra”也可指一家总部位于中国香港的企业服务提供商，为全球客户提供公司注册、合规管理等专业服务。
KDP vs VST — 直观对比
营收规模更大
VST
是对方的1.2倍
$4.0B
营收增速更快
VST
高出21.8%
9.4%
净利率更高
KDP
高出1.9%
4.8%
自由现金流更多
VST
多$412.0M
$184.0M
两年增速更快
VST
近两年复合增速
0.7%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $4.0B | $4.8B |
| 净利润 | $270.0M | $233.0M |
| 毛利率 | 52.8% | — |
| 营业利润率 | 19.0% | 9.9% |
| 净利率 | 6.8% | 4.8% |
| 营收同比 | 9.4% | 31.2% |
| 净利润同比 | -47.8% | -47.2% |
| 每股收益（稀释后） | $0.20 | $0.55 |
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KDPVST
| Q1 26 | $4.0B | — | ||
| Q4 25 | $4.5B | $4.8B | ||
| Q3 25 | $4.3B | $4.8B | ||
| Q2 25 | $4.2B | $3.8B | ||
| Q1 25 | $3.6B | $4.3B | ||
| Q4 24 | $4.1B | $3.7B | ||
| Q3 24 | $3.9B | $4.3B | ||
| Q2 24 | $3.9B | $3.6B |
净利润KDPVST
| Q1 26 | $270.0M | — | ||
| Q4 25 | $353.0M | $233.0M | ||
| Q3 25 | $662.0M | $652.0M | ||
| Q2 25 | $547.0M | $327.0M | ||
| Q1 25 | $517.0M | $-268.0M | ||
| Q4 24 | $-144.0M | $441.0M | ||
| Q3 24 | $616.0M | $1.9B | ||
| Q2 24 | $515.0M | $365.0M |
毛利率KDPVST
| 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KDPVST
| Q1 26 | 19.0% | — | ||
| Q4 25 | 19.6% | 9.9% | ||
| Q3 25 | 23.1% | 21.7% | ||
| Q2 25 | 21.6% | 13.7% | ||
| Q1 25 | 22.0% | -2.8% | ||
| Q4 24 | 1.5% | 16.4% | ||
| Q3 24 | 23.2% | 59.6% | ||
| Q2 24 | 22.0% | 22.5% |
净利率KDPVST
| Q1 26 | 6.8% | — | ||
| Q4 25 | 7.8% | 4.8% | ||
| Q3 25 | 15.4% | 13.6% | ||
| Q2 25 | 13.1% | 8.7% | ||
| Q1 25 | 14.2% | -6.3% | ||
| Q4 24 | -3.5% | 12.0% | ||
| Q3 24 | 15.8% | 43.5% | ||
| Q2 24 | 13.1% | 10.1% |
每股收益（稀释后）KDPVST
| Q1 26 | $0.20 | — | ||
| Q4 25 | $0.26 | $0.55 | ||
| Q3 25 | $0.49 | $1.75 | ||
| Q2 25 | $0.40 | $0.81 | ||
| Q1 25 | $0.38 | $-0.93 | ||
| Q4 24 | $-0.11 | $1.09 | ||
| Q3 24 | $0.45 | $5.25 | ||
| Q2 24 | $0.38 | $0.90 |
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 | $785.0M |
| 总债务越低越好 | — | $15.8B |
| 股东权益账面价值 | $25.3B | $5.1B |
| 总资产 | $73.1B | $41.5B |
| 负债/权益比越低杠杆越低 | — | 3.11× |
8季度趋势，按日历期对齐
现金及短期投资KDPVST
| Q1 26 | $898.0M | — | ||
| Q4 25 | $1.0B | $785.0M | ||
| Q3 25 | $516.0M | $602.0M | ||
| Q2 25 | $509.0M | $458.0M | ||
| Q1 25 | $653.0M | $561.0M | ||
| Q4 24 | $510.0M | $1.2B | ||
| Q3 24 | $552.0M | $905.0M | ||
| Q2 24 | $438.0M | $1.6B |
总债务KDPVST
| Q1 26 | — | — | ||
| Q4 25 | — | $15.8B | ||
| Q3 25 | — | $15.8B | ||
| Q2 25 | — | $15.5B | ||
| Q1 25 | — | $15.4B | ||
| Q4 24 | — | $15.4B | ||
| Q3 24 | — | $13.9B | ||
| Q2 24 | — | $13.9B |
股东权益KDPVST
| Q1 26 | $25.3B | — | ||
| Q4 25 | $25.5B | $5.1B | ||
| Q3 25 | $25.3B | $5.2B | ||
| Q2 25 | $25.0B | $4.8B | ||
| Q1 25 | $24.4B | $4.8B | ||
| Q4 24 | $24.2B | $5.6B | ||
| Q3 24 | $25.0B | $5.4B | ||
| Q2 24 | $24.7B | $5.6B |
总资产KDPVST
| Q1 26 | $73.1B | — | ||
| Q4 25 | $55.5B | $41.5B | ||
| Q3 25 | $54.6B | $38.0B | ||
| Q2 25 | $54.4B | $38.1B | ||
| Q1 25 | $53.7B | $38.2B | ||
| Q4 24 | $53.4B | $37.8B | ||
| Q3 24 | $52.7B | $37.9B | ||
| Q2 24 | $52.3B | $39.1B |
负债/权益比KDPVST
| Q1 26 | — | — | ||
| Q4 25 | — | 3.11× | ||
| Q3 25 | — | 3.02× | ||
| Q2 25 | — | 3.22× | ||
| Q1 25 | — | 3.20× | ||
| Q4 24 | — | 2.77× | ||
| Q3 24 | — | 2.56× | ||
| Q2 24 | — | 2.49× |
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 | $1.4B |
| 自由现金流经营现金流 - 资本支出 | $184.0M | $596.0M |
| 自由现金流率自由现金流/营收 | 4.6% | 12.4% |
| 资本支出强度资本支出/营收 | — | 17.4% |
| 现金转化率经营现金流/净利润 | 1.04× | 6.15× |
| 过去12个月自由现金流最近4个季度 | $1.6B | $1.3B |
8季度趋势，按日历期对齐
经营现金流KDPVST
| Q1 26 | $281.0M | — | ||
| Q4 25 | $712.0M | $1.4B | ||
| Q3 25 | $639.0M | $1.5B | ||
| Q2 25 | $431.0M | $572.0M | ||
| Q1 25 | $209.0M | $599.0M | ||
| Q4 24 | $849.0M | $1.4B | ||
| Q3 24 | $628.0M | $1.7B | ||
| Q2 24 | $657.0M | $1.2B |
自由现金流KDPVST
| Q1 26 | $184.0M | — | ||
| Q4 25 | $564.0M | $596.0M | ||
| Q3 25 | $527.0M | $1.0B | ||
| Q2 25 | $325.0M | $-118.0M | ||
| Q1 25 | $89.0M | $-169.0M | ||
| Q4 24 | $684.0M | $923.0M | ||
| Q3 24 | $503.0M | $1.0B | ||
| Q2 24 | $542.0M | $698.0M |
自由现金流率KDPVST
| Q1 26 | 4.6% | — | ||
| Q4 25 | 12.5% | 12.4% | ||
| Q3 25 | 12.2% | 21.1% | ||
| Q2 25 | 7.8% | -3.1% | ||
| Q1 25 | 2.4% | -4.0% | ||
| Q4 24 | 16.8% | 25.2% | ||
| Q3 24 | 12.9% | 23.4% | ||
| Q2 24 | 13.8% | 19.4% |
资本支出强度KDPVST
| Q1 26 | — | — | ||
| Q4 25 | 3.3% | 17.4% | ||
| Q3 25 | 2.6% | 9.6% | ||
| Q2 25 | 2.5% | 18.4% | ||
| Q1 25 | 3.3% | 18.1% | ||
| Q4 24 | 4.1% | 11.7% | ||
| Q3 24 | 3.2% | 15.8% | ||
| Q2 24 | 2.9% | 13.8% |
现金转化率KDPVST
| Q1 26 | 1.04× | — | ||
| Q4 25 | 2.02× | 6.15× | ||
| Q3 25 | 0.97× | 2.25× | ||
| Q2 25 | 0.79× | 1.75× | ||
| Q1 25 | 0.40× | — | ||
| Q4 24 | — | 3.07× | ||
| Q3 24 | 1.02× | 0.90× | ||
| Q2 24 | 1.28× | 3.28× |
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% |
VST
| Retail Energy Charge In ERCOT | $2.1B | 43% |
| Retail Energy Charge In Northeast Midwest | $1.2B | 24% |
| East Segment | $1.1B | 24% |
| Hedging Revenue Realized | $170.0M | 4% |
| Revenue From Other Wholesale Contracts | $116.0M | 2% |
| Transferable Production Tax Credit Revenues | $78.0M | 2% |
| West Segment | $77.0M | 2% |
| Intersegment Sales | $25.0M | 1% |
