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卡夫亨氏（KHC）与MARKEL GROUP INC.（MKL）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MARKEL GROUP INC.的1.8倍（$6.4B vs $3.6B），MARKEL GROUP INC.净利率更高（16.1% vs 10.2%，领先5.9%），卡夫亨氏同比增速更快（-3.4% vs -6.9%），卡夫亨氏自由现金流更多（$1.2B vs $599.1M），过去两年卡夫亨氏的营收复合增速更高（-0.4% vs -10.5%）
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。
Markel集团是总部位于美国弗吉尼亚州里士满的综合性企业集团，1930年最初以保险公司的身份创立，发展至今业务已覆盖保险承保、投资管理等多个板块，在全球相关行业拥有较高的市场知名度与稳定的合作网络。
KHC vs MKL — 直观对比
营收规模更大
KHC
是对方的1.8倍
$3.6B
营收增速更快
KHC
高出3.5%
-6.9%
净利率更高
MKL
高出5.9%
10.2%
自由现金流更多
KHC
多$571.9M
$599.1M
两年增速更快
KHC
近两年复合增速
-10.5%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $6.4B | $3.6B |
| 净利润 | $651.0M | $576.8M |
| 毛利率 | 32.6% | — |
| 营业利润率 | 17.1% | 22.2% |
| 净利率 | 10.2% | 16.1% |
| 营收同比 | -3.4% | -6.9% |
| 净利润同比 | -69.5% | 5.0% |
| 每股收益（稀释后） | $0.56 | $48.22 |
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KHCMKL
| Q4 25 | $6.4B | $3.6B | ||
| Q3 25 | $6.2B | $3.9B | ||
| Q2 25 | $6.4B | $4.6B | ||
| Q1 25 | $6.0B | $3.4B | ||
| Q4 24 | $6.6B | $3.8B | ||
| Q3 24 | $6.4B | $4.6B | ||
| Q2 24 | $6.5B | $3.7B | ||
| Q1 24 | $6.4B | $4.5B |
净利润KHCMKL
| Q4 25 | $651.0M | $576.8M | ||
| Q3 25 | $615.0M | $751.3M | ||
| Q2 25 | $-7.8B | $657.1M | ||
| Q1 25 | $712.0M | $121.7M | ||
| Q4 24 | $2.1B | $549.2M | ||
| Q3 24 | $-290.0M | $905.0M | ||
| Q2 24 | $102.0M | $267.7M | ||
| Q1 24 | $801.0M | $1.0B |
毛利率KHCMKL
| 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KHCMKL
| Q4 25 | 17.1% | 22.2% | ||
| Q3 25 | 16.4% | 25.7% | ||
| Q2 25 | -125.5% | 24.1% | ||
| Q1 25 | 19.9% | 8.3% | ||
| Q4 24 | -0.6% | 15.5% | ||
| Q3 24 | -1.6% | 29.7% | ||
| Q2 24 | 8.1% | 11.1% | ||
| Q1 24 | 20.3% | 29.9% |
净利率KHCMKL
| Q4 25 | 10.2% | 16.1% | ||
| Q3 25 | 9.9% | 19.1% | ||
| Q2 25 | -123.2% | 14.3% | ||
| Q1 25 | 11.9% | 3.6% | ||
| Q4 24 | 32.4% | 14.3% | ||
| Q3 24 | -4.5% | 19.6% | ||
| Q2 24 | 1.6% | 7.2% | ||
| Q1 24 | 12.5% | 23.0% |
每股收益（稀释后）KHCMKL
| Q4 25 | $0.56 | $48.22 | ||
| Q3 25 | $0.52 | $59.25 | ||
| Q2 25 | $-6.60 | $49.67 | ||
| Q1 25 | $0.59 | $12.08 | ||
| Q4 24 | $1.76 | $39.02 | ||
| Q3 24 | $-0.24 | $66.25 | ||
| Q2 24 | $0.08 | $18.62 | ||
| Q1 24 | $0.66 | $75.43 |
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 | $4.0B |
| 总债务越低越好 | $19.3B | $4.3B |
| 股东权益账面价值 | $41.7B | $18.6B |
| 总资产 | $81.8B | $68.9B |
| 负债/权益比越低杠杆越低 | 0.46× | 0.23× |
8季度趋势，按日历期对齐
现金及短期投资KHCMKL
| Q4 25 | $2.6B | $4.0B | ||
| Q3 25 | $3.1B | $4.0B | ||
| Q2 25 | $2.6B | $3.7B | ||
| Q1 25 | $2.8B | $4.2B | ||
| Q4 24 | $1.3B | $3.7B | ||
| Q3 24 | $1.3B | $3.9B | ||
| Q2 24 | $900.0M | $3.5B | ||
| Q1 24 | $1.6B | $3.6B |
总债务KHCMKL
| Q4 25 | $19.3B | $4.3B | ||
| Q3 25 | $19.3B | $4.3B | ||
| Q2 25 | $19.3B | $4.4B | ||
| Q1 25 | $20.9B | $4.4B | ||
| Q4 24 | $19.2B | $4.3B | ||
| Q3 24 | $19.4B | $4.4B | ||
| Q2 24 | $19.3B | $4.4B | ||
| Q1 24 | $19.9B | $3.9B |
股东权益KHCMKL
| Q4 25 | $41.7B | $18.6B | ||
| Q3 25 | $41.5B | $18.0B | ||
| Q2 25 | $41.4B | $17.3B | ||
| Q1 25 | $49.5B | $17.1B | ||
| Q4 24 | $49.2B | $16.9B | ||
| Q3 24 | $48.3B | $17.0B | ||
| Q2 24 | $48.9B | $15.9B | ||
| Q1 24 | $49.5B | $15.7B |
总资产KHCMKL
| Q4 25 | $81.8B | $68.9B | ||
| Q3 25 | $81.7B | $67.4B | ||
| Q2 25 | $81.6B | $66.8B | ||
| Q1 25 | $90.3B | $64.6B | ||
| Q4 24 | $88.3B | $61.9B | ||
| Q3 24 | $88.6B | $62.3B | ||
| Q2 24 | $88.8B | $59.7B | ||
| Q1 24 | $90.3B | $57.3B |
负债/权益比KHCMKL
| Q4 25 | 0.46× | 0.23× | ||
| Q3 25 | 0.47× | 0.24× | ||
| Q2 25 | 0.47× | 0.25× | ||
| Q1 25 | 0.42× | 0.26× | ||
| Q4 24 | 0.39× | 0.26× | ||
| Q3 24 | 0.40× | 0.26× | ||
| Q2 24 | 0.39× | 0.28× | ||
| Q1 24 | 0.40× | 0.25× |
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 | $662.2M |
| 自由现金流经营现金流 - 资本支出 | $1.2B | $599.1M |
| 自由现金流率自由现金流/营收 | 18.4% | 16.7% |
| 资本支出强度资本支出/营收 | 3.2% | 1.8% |
| 现金转化率经营现金流/净利润 | 2.11× | 1.15× |
| 过去12个月自由现金流最近4个季度 | $3.7B | $2.6B |
8季度趋势，按日历期对齐
经营现金流KHCMKL
| Q4 25 | $1.4B | $662.2M | ||
| Q3 25 | $1.2B | $1.2B | ||
| Q2 25 | $1.2B | $504.4M | ||
| Q1 25 | $720.0M | $376.2M | ||
| Q4 24 | $1.4B | $493.9M | ||
| Q3 24 | $1.1B | $890.8M | ||
| Q2 24 | $942.0M | $578.6M | ||
| Q1 24 | $771.0M | $630.7M |
自由现金流KHCMKL
| Q4 25 | $1.2B | $599.1M | ||
| Q3 25 | $986.0M | $1.2B | ||
| Q2 25 | $1.0B | $453.8M | ||
| Q1 25 | $482.0M | $335.5M | ||
| Q4 24 | $1.1B | $420.0M | ||
| Q3 24 | $849.0M | $838.9M | ||
| Q2 24 | $693.0M | $521.4M | ||
| Q1 24 | $477.0M | $558.7M |
自由现金流率KHCMKL
| Q4 25 | 18.4% | 16.7% | ||
| Q3 25 | 15.8% | 29.6% | ||
| Q2 25 | 16.1% | 9.9% | ||
| Q1 25 | 8.0% | 9.9% | ||
| Q4 24 | 17.4% | 10.9% | ||
| Q3 24 | 13.3% | 18.2% | ||
| Q2 24 | 10.7% | 14.1% | ||
| Q1 24 | 7.4% | 12.5% |
资本支出强度KHCMKL
| Q4 25 | 3.2% | 1.8% | ||
| Q3 25 | 2.7% | 1.3% | ||
| Q2 25 | 2.9% | 1.1% | ||
| Q1 25 | 4.0% | 1.2% | ||
| Q4 24 | 3.8% | 1.9% | ||
| Q3 24 | 3.7% | 1.1% | ||
| Q2 24 | 3.8% | 1.5% | ||
| Q1 24 | 4.6% | 1.6% |
现金转化率KHCMKL
| Q4 25 | 2.11× | 1.15× | ||
| Q3 25 | 1.88× | 1.62× | ||
| Q2 25 | — | 0.77× | ||
| Q1 25 | 1.01× | 3.09× | ||
| Q4 24 | 0.65× | 0.90× | ||
| Q3 24 | — | 0.98× | ||
| Q2 24 | 9.24× | 2.16× | ||
| Q1 24 | 0.96× | 0.62× |
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% |
MKL
| Industrial | $1.6B | 45% |
| Consumer And Other | $958.3M | 27% |
| Financial | $737.0M | 21% |
| Other | $198.8M | 6% |
| Corporate Operations | $52.0M | 1% |
| Revenue From Contract With Customer | $10.5M | 0% |
