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卡夫亨氏（KHC）与KKR & Co.（KKR）财务数据对比。点击上方公司名可切换其他公司
卡夫亨氏的季度营收约是KKR & Co.的1.1倍（$6.4B vs $5.7B），KKR & Co.净利率更高（20.0% vs 10.2%，领先9.7%），KKR & Co.同比增速更快（76.1% vs -3.4%），过去两年卡夫亨氏的营收复合增速更高（-0.4% vs -22.9%）
卡夫亨氏（股票代码：KHC）是美国大型跨国食品企业，由原卡夫食品集团与亨氏公司合并组建，在芝加哥与匹兹堡均设有总部，旗下拥有多款全球知名食品品牌，业务覆盖全球众多市场。
KKR（全称Kohlberg Kravis Roberts & Co.）是源自美国的全球知名私募股权投资机构，截至2024年12月31日，已累计完成770笔私募股权投资，对应总企业价值约7900亿美元，资产管理规模达5530亿美元，其中付费资产管理规模为4460亿美元。
KHC vs KKR — 直观对比
营收规模更大
KHC
是对方的1.1倍
$5.7B
营收增速更快
KKR
高出79.5%
-3.4%
净利率更高
KKR
高出9.7%
10.2%
两年增速更快
KHC
近两年复合增速
-22.9%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $6.4B | $5.7B |
| 净利润 | $651.0M | $1.1B |
| 毛利率 | 32.6% | — |
| 营业利润率 | 17.1% | 45.3% |
| 净利率 | 10.2% | 20.0% |
| 营收同比 | -3.4% | 76.1% |
| 净利润同比 | -69.5% | 1.8% |
| 每股收益（稀释后） | $0.56 | — |
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KHCKKR
| Q4 25 | $6.4B | $5.7B | ||
| Q3 25 | $6.2B | $5.5B | ||
| Q2 25 | $6.4B | $5.1B | ||
| Q1 25 | $6.0B | $3.1B | ||
| Q4 24 | $6.6B | $3.3B | ||
| Q3 24 | $6.4B | $4.8B | ||
| Q2 24 | $6.5B | $4.2B | ||
| Q1 24 | $6.4B | $9.7B |
净利润KHCKKR
| Q4 25 | $651.0M | $1.1B | ||
| Q3 25 | $615.0M | $900.4M | ||
| Q2 25 | $-7.8B | $510.1M | ||
| Q1 25 | $712.0M | $-185.9M | ||
| Q4 24 | $2.1B | $1.1B | ||
| Q3 24 | $-290.0M | $600.5M | ||
| Q2 24 | $102.0M | $667.9M | ||
| Q1 24 | $801.0M | $682.2M |
毛利率KHCKKR
| Q4 25 | 32.6% | — | ||
| Q3 25 | 31.9% | — | ||
| Q2 25 | 34.4% | — | ||
| Q1 25 | 34.4% | — | ||
| Q4 24 | 34.1% | — | ||
| Q3 24 | 34.2% | — | ||
| Q2 24 | 35.4% | — | ||
| Q1 24 | 35.0% | — |
营业利润率KHCKKR
| Q4 25 | 17.1% | 45.3% | ||
| Q3 25 | 16.4% | 39.8% | ||
| Q2 25 | -125.5% | 30.0% | ||
| Q1 25 | 19.9% | 24.8% | ||
| Q4 24 | -0.6% | 50.4% | ||
| Q3 24 | -1.6% | 34.3% | ||
| Q2 24 | 8.1% | 29.0% | ||
| Q1 24 | 20.3% | 14.1% |
净利率KHCKKR
| Q4 25 | 10.2% | 20.0% | ||
| Q3 25 | 9.9% | 16.3% | ||
| Q2 25 | -123.2% | 10.0% | ||
| Q1 25 | 11.9% | -6.0% | ||
| Q4 24 | 32.4% | 34.5% | ||
| Q3 24 | -4.5% | 12.5% | ||
| Q2 24 | 1.6% | 16.0% | ||
| Q1 24 | 12.5% | 7.1% |
每股收益（稀释后）KHCKKR
| Q4 25 | $0.56 | — | ||
| Q3 25 | $0.52 | — | ||
| Q2 25 | $-6.60 | — | ||
| Q1 25 | $0.59 | — | ||
| Q4 24 | $1.76 | — | ||
| Q3 24 | $-0.24 | — | ||
| Q2 24 | $0.08 | — | ||
| Q1 24 | $0.66 | — |
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 | $2.6B | — |
| 总债务越低越好 | $19.3B | — |
| 股东权益账面价值 | $41.7B | $30.9B |
| 总资产 | $81.8B | $410.1B |
| 负债/权益比越低杠杆越低 | 0.46× | — |
8季度趋势，按日历期对齐
现金及短期投资KHCKKR
| Q4 25 | $2.6B | — | ||
| Q3 25 | $3.1B | — | ||
| Q2 25 | $2.6B | — | ||
| Q1 25 | $2.8B | — | ||
| Q4 24 | $1.3B | — | ||
| Q3 24 | $1.3B | — | ||
| Q2 24 | $900.0M | — | ||
| Q1 24 | $1.6B | — |
总债务KHCKKR
| Q4 25 | $19.3B | — | ||
| Q3 25 | $19.3B | — | ||
| Q2 25 | $19.3B | — | ||
| Q1 25 | $20.9B | — | ||
| Q4 24 | $19.2B | — | ||
| Q3 24 | $19.4B | — | ||
| Q2 24 | $19.3B | — | ||
| Q1 24 | $19.9B | — |
股东权益KHCKKR
| Q4 25 | $41.7B | $30.9B | ||
| Q3 25 | $41.5B | $29.7B | ||
| Q2 25 | $41.4B | $28.2B | ||
| Q1 25 | $49.5B | $27.5B | ||
| Q4 24 | $49.2B | $23.7B | ||
| Q3 24 | $48.3B | $24.1B | ||
| Q2 24 | $48.9B | $21.7B | ||
| Q1 24 | $49.5B | $21.4B |
总资产KHCKKR
| Q4 25 | $81.8B | $410.1B | ||
| Q3 25 | $81.7B | $398.5B | ||
| Q2 25 | $81.6B | $380.9B | ||
| Q1 25 | $90.3B | $372.4B | ||
| Q4 24 | $88.3B | $360.1B | ||
| Q3 24 | $88.6B | $360.7B | ||
| Q2 24 | $88.8B | $348.5B | ||
| Q1 24 | $90.3B | $339.8B |
负债/权益比KHCKKR
| Q4 25 | 0.46× | — | ||
| Q3 25 | 0.47× | — | ||
| Q2 25 | 0.47× | — | ||
| Q1 25 | 0.42× | — | ||
| Q4 24 | 0.39× | — | ||
| Q3 24 | 0.40× | — | ||
| Q2 24 | 0.39× | — | ||
| Q1 24 | 0.40× | — |
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 | $1.4B | $-4.9B |
| 自由现金流经营现金流 - 资本支出 | $1.2B | — |
| 自由现金流率自由现金流/营收 | 18.4% | — |
| 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 | 2.11× | -4.28× |
| 过去12个月自由现金流最近4个季度 | $3.7B | — |
8季度趋势，按日历期对齐
经营现金流KHCKKR
| Q4 25 | $1.4B | $-4.9B | ||
| Q3 25 | $1.2B | $2.4B | ||
| Q2 25 | $1.2B | $438.8M | ||
| Q1 25 | $720.0M | $2.5B | ||
| Q4 24 | $1.4B | $-111.7M | ||
| Q3 24 | $1.1B | $1.9B | ||
| Q2 24 | $942.0M | $3.4B | ||
| Q1 24 | $771.0M | $1.5B |
自由现金流KHCKKR
| Q4 25 | $1.2B | — | ||
| Q3 25 | $986.0M | — | ||
| Q2 25 | $1.0B | — | ||
| Q1 25 | $482.0M | — | ||
| Q4 24 | $1.1B | — | ||
| Q3 24 | $849.0M | — | ||
| Q2 24 | $693.0M | — | ||
| Q1 24 | $477.0M | — |
自由现金流率KHCKKR
| Q4 25 | 18.4% | — | ||
| Q3 25 | 15.8% | — | ||
| Q2 25 | 16.1% | — | ||
| Q1 25 | 8.0% | — | ||
| Q4 24 | 17.4% | — | ||
| Q3 24 | 13.3% | — | ||
| Q2 24 | 10.7% | — | ||
| Q1 24 | 7.4% | — |
资本支出强度KHCKKR
| Q4 25 | 3.2% | — | ||
| Q3 25 | 2.7% | — | ||
| Q2 25 | 2.9% | — | ||
| Q1 25 | 4.0% | — | ||
| Q4 24 | 3.8% | — | ||
| Q3 24 | 3.7% | — | ||
| Q2 24 | 3.8% | — | ||
| Q1 24 | 4.6% | — |
现金转化率KHCKKR
| Q4 25 | 2.11× | -4.28× | ||
| Q3 25 | 1.88× | 2.65× | ||
| Q2 25 | — | 0.86× | ||
| Q1 25 | 1.01× | — | ||
| Q4 24 | 0.65× | -0.10× | ||
| Q3 24 | — | 3.12× | ||
| Q2 24 | 9.24× | 5.03× | ||
| Q1 24 | 0.96× | 2.24× |
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
KHC
| Taste Elevation | $2.9B | 46% |
| Easy Ready Meals | $1.1B | 17% |
| Hydration | $471.0M | 7% |
| Cheese | $440.0M | 7% |
| Meats | $438.0M | 7% |
| Substantial Snacking | $351.0M | 6% |
| Desserts | $332.0M | 5% |
| Coffee | $221.0M | 3% |
| Other Platform | $127.0M | 2% |
KKR
| Insurance Segment | $3.5B | 61% |
| Asset Management1 | $703.7M | 12% |
| Transaction Fee | $512.0M | 9% |
| Transaction And Monitoring Fees | $268.7M | 5% |
| Fee Credit | $230.1M | 4% |
| Other | $201.5M | 4% |
| Fixed Annuity | $77.0M | 1% |
| Asset Management Segment | $56.9M | 1% |
| Monitoring Fee | $53.5M | 1% |
| Investment Advice | $40.6M | 1% |
| Fee Related Performance | $33.6M | 1% |
| Interest Sensitive Life | $21.7M | 0% |
| Incentive Fee | $11.0M | 0% |
