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卡夫亨氏（KHC）与摩托罗拉解决方案（MSI）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摩托罗拉解决方案的1.9倍（$6.4B vs $3.4B），摩托罗拉解决方案净利率更高（19.2% vs 10.2%，领先9.0%），摩托罗拉解决方案同比增速更快（12.3% vs -3.4%），卡夫亨氏自由现金流更多（$1.2B vs $1.1B），过去两年摩托罗拉解决方案的营收复合增速更高（18.9% vs -0.4%）
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。
摩托罗拉解决方案是美国科技企业，总部位于伊利诺伊州芝加哥，2011年由摩托罗拉公司拆分成立。公司面向公共安全部门及企业客户，提供关键通信、视频安防、指挥中心技术等安全防护类产品与服务。
KHC vs MSI — 直观对比
营收规模更大
KHC
是对方的1.9倍
$3.4B
营收增速更快
MSI
高出15.7%
-3.4%
净利率更高
MSI
高出9.0%
10.2%
自由现金流更多
KHC
多$29.0M
$1.1B
两年增速更快
MSI
近两年复合增速
-0.4%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $6.4B | $3.4B |
| 净利润 | $651.0M | $649.0M |
| 毛利率 | 32.6% | 52.3% |
| 营业利润率 | 17.1% | 27.9% |
| 净利率 | 10.2% | 19.2% |
| 营收同比 | -3.4% | 12.3% |
| 净利润同比 | -69.5% | 6.2% |
| 每股收益（稀释后） | $0.56 | $3.85 |
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KHCMSI
| Q4 25 | $6.4B | $3.4B | ||
| Q3 25 | $6.2B | $3.0B | ||
| Q2 25 | $6.4B | $2.8B | ||
| Q1 25 | $6.0B | $2.5B | ||
| Q4 24 | $6.6B | $3.0B | ||
| Q3 24 | $6.4B | $2.8B | ||
| Q2 24 | $6.5B | $2.6B | ||
| Q1 24 | $6.4B | $2.4B |
净利润KHCMSI
| Q4 25 | $651.0M | $649.0M | ||
| Q3 25 | $615.0M | $562.0M | ||
| Q2 25 | $-7.8B | $513.0M | ||
| Q1 25 | $712.0M | $430.0M | ||
| Q4 24 | $2.1B | $611.0M | ||
| Q3 24 | $-290.0M | $562.0M | ||
| Q2 24 | $102.0M | $443.0M | ||
| Q1 24 | $801.0M | $-39.0M |
毛利率KHCMSI
| Q4 25 | 32.6% | 52.3% | ||
| Q3 25 | 31.9% | 51.6% | ||
| Q2 25 | 34.4% | 51.1% | ||
| Q1 25 | 34.4% | 51.4% | ||
| Q4 24 | 34.1% | 51.4% | ||
| Q3 24 | 34.2% | 51.4% | ||
| Q2 24 | 35.4% | 51.0% | ||
| Q1 24 | 35.0% | 49.9% |
营业利润率KHCMSI
| Q4 25 | 17.1% | 27.9% | ||
| Q3 25 | 16.4% | 25.6% | ||
| Q2 25 | -125.5% | 25.0% | ||
| Q1 25 | 19.9% | 23.0% | ||
| Q4 24 | -0.6% | 27.0% | ||
| Q3 24 | -1.6% | 25.5% | ||
| Q2 24 | 8.1% | 24.5% | ||
| Q1 24 | 20.3% | 21.7% |
净利率KHCMSI
| Q4 25 | 10.2% | 19.2% | ||
| Q3 25 | 9.9% | 18.7% | ||
| Q2 25 | -123.2% | 18.6% | ||
| Q1 25 | 11.9% | 17.0% | ||
| Q4 24 | 32.4% | 20.3% | ||
| Q3 24 | -4.5% | 20.1% | ||
| Q2 24 | 1.6% | 16.9% | ||
| Q1 24 | 12.5% | -1.6% |
每股收益（稀释后）KHCMSI
| Q4 25 | $0.56 | $3.85 | ||
| Q3 25 | $0.52 | $3.33 | ||
| Q2 25 | $-6.60 | $3.04 | ||
| Q1 25 | $0.59 | $2.53 | ||
| Q4 24 | $1.76 | $3.57 | ||
| Q3 24 | $-0.24 | $3.29 | ||
| Q2 24 | $0.08 | $2.60 | ||
| Q1 24 | $0.66 | $-0.23 |
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 | $1.2B |
| 总债务越低越好 | $19.3B | — |
| 股东权益账面价值 | $41.7B | $2.4B |
| 总资产 | $81.8B | $19.4B |
| 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KHCMSI
| Q4 25 | $2.6B | $1.2B | ||
| Q3 25 | $3.1B | $894.0M | ||
| Q2 25 | $2.6B | $3.2B | ||
| Q1 25 | $2.8B | $1.6B | ||
| Q4 24 | $1.3B | $2.1B | ||
| Q3 24 | $1.3B | $1.4B | ||
| Q2 24 | $900.0M | $1.4B | ||
| Q1 24 | $1.6B | $1.5B |
总债务KHCMSI
| 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KHCMSI
| Q4 25 | $41.7B | $2.4B | ||
| Q3 25 | $41.5B | $2.3B | ||
| Q2 25 | $41.4B | $2.0B | ||
| Q1 25 | $49.5B | $1.6B | ||
| Q4 24 | $49.2B | $1.7B | ||
| Q3 24 | $48.3B | $1.3B | ||
| Q2 24 | $48.9B | $802.0M | ||
| Q1 24 | $49.5B | $521.0M |
总资产KHCMSI
| Q4 25 | $81.8B | $19.4B | ||
| Q3 25 | $81.7B | $18.8B | ||
| Q2 25 | $81.6B | $16.4B | ||
| Q1 25 | $90.3B | $14.4B | ||
| Q4 24 | $88.3B | $14.6B | ||
| Q3 24 | $88.6B | $13.9B | ||
| Q2 24 | $88.8B | $13.3B | ||
| Q1 24 | $90.3B | $13.3B |
负债/权益比KHCMSI
| 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 | $1.3B |
| 自由现金流经营现金流 - 资本支出 | $1.2B | $1.1B |
| 自由现金流率自由现金流/营收 | 18.4% | 33.8% |
| 资本支出强度资本支出/营收 | 3.2% | 3.4% |
| 现金转化率经营现金流/净利润 | 2.11× | 1.94× |
| 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KHCMSI
| Q4 25 | $1.4B | $1.3B | ||
| Q3 25 | $1.2B | $798.0M | ||
| Q2 25 | $1.2B | $273.0M | ||
| Q1 25 | $720.0M | $510.0M | ||
| Q4 24 | $1.4B | $1.1B | ||
| Q3 24 | $1.1B | $759.0M | ||
| Q2 24 | $942.0M | $180.0M | ||
| Q1 24 | $771.0M | $382.0M |
自由现金流KHCMSI
| Q4 25 | $1.2B | $1.1B | ||
| Q3 25 | $986.0M | $732.0M | ||
| Q2 25 | $1.0B | $225.0M | ||
| Q1 25 | $482.0M | $473.0M | ||
| Q4 24 | $1.1B | $984.0M | ||
| Q3 24 | $849.0M | $702.0M | ||
| Q2 24 | $693.0M | $112.0M | ||
| Q1 24 | $477.0M | $336.0M |
自由现金流率KHCMSI
| Q4 25 | 18.4% | 33.8% | ||
| Q3 25 | 15.8% | 24.3% | ||
| Q2 25 | 16.1% | 8.1% | ||
| Q1 25 | 8.0% | 18.7% | ||
| Q4 24 | 17.4% | 32.7% | ||
| Q3 24 | 13.3% | 25.2% | ||
| Q2 24 | 10.7% | 4.3% | ||
| Q1 24 | 7.4% | 14.1% |
资本支出强度KHCMSI
| Q4 25 | 3.2% | 3.4% | ||
| Q3 25 | 2.7% | 2.2% | ||
| Q2 25 | 2.9% | 1.7% | ||
| Q1 25 | 4.0% | 1.5% | ||
| Q4 24 | 3.8% | 2.9% | ||
| Q3 24 | 3.7% | 2.0% | ||
| Q2 24 | 3.8% | 2.6% | ||
| Q1 24 | 4.6% | 1.9% |
现金转化率KHCMSI
| Q4 25 | 2.11× | 1.94× | ||
| Q3 25 | 1.88× | 1.42× | ||
| Q2 25 | — | 0.53× | ||
| Q1 25 | 1.01× | 1.19× | ||
| Q4 24 | 0.65× | 1.75× | ||
| Q3 24 | — | 1.35× | ||
| Q2 24 | 9.24× | 0.41× | ||
| Q1 24 | 0.96× | — |
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% |
MSI
| Product And Systems Integration Segment | $1.5B | 45% |
| Services And Software Segment | $833.0M | 25% |
| Sales Channel Through Intermediary | $772.0M | 23% |
| Command Center Software | $258.0M | 8% |
