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卡夫亨氏（KHC）与菲利普莫里斯国际（PM）财务数据对比。点击上方公司名可切换其他公司
菲利普莫里斯国际的季度营收约是卡夫亨氏的1.6倍（$10.1B vs $6.4B），菲利普莫里斯国际净利率更高（24.0% vs 10.2%，领先13.8%），菲利普莫里斯国际同比增速更快（9.1% vs -3.4%），过去两年菲利普莫里斯国际的营收复合增速更高（3.5% 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。
菲利普莫里斯国际是全球头部烟草企业，产品销往180余个国家和地区，旗下万宝路是全球最知名的烟草品牌，2023年第四季度加热不燃烧产品IQOS贡献了最高营收，位列2025年财富美国500强第121位。
KHC vs PM — 直观对比
营收规模更大
PM
是对方的1.6倍
$6.4B
营收增速更快
PM
高出12.5%
-3.4%
净利率更高
PM
高出13.8%
10.2%
两年增速更快
PM
近两年复合增速
-0.4%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $6.4B | $10.1B |
| 净利润 | $651.0M | $2.4B |
| 毛利率 | 32.6% | 68.1% |
| 营业利润率 | 17.1% | 38.4% |
| 净利率 | 10.2% | 24.0% |
| 营收同比 | -3.4% | 9.1% |
| 净利润同比 | -69.5% | -9.4% |
| 每股收益（稀释后） | $0.56 | $1.56 |
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KHCPM
| Q1 26 | — | $10.1B | ||
| Q4 25 | $6.4B | $10.4B | ||
| Q3 25 | $6.2B | $10.8B | ||
| Q2 25 | $6.4B | $10.1B | ||
| Q1 25 | $6.0B | $9.3B | ||
| Q4 24 | $6.6B | $9.7B | ||
| Q3 24 | $6.4B | $9.9B | ||
| Q2 24 | $6.5B | $9.5B |
净利润KHCPM
| Q1 26 | — | $2.4B | ||
| Q4 25 | $651.0M | $2.1B | ||
| Q3 25 | $615.0M | $3.5B | ||
| Q2 25 | $-7.8B | $3.0B | ||
| Q1 25 | $712.0M | $2.7B | ||
| Q4 24 | $2.1B | $-579.0M | ||
| Q3 24 | $-290.0M | $3.1B | ||
| Q2 24 | $102.0M | $2.4B |
毛利率KHCPM
| Q1 26 | — | 68.1% | ||
| Q4 25 | 32.6% | 65.6% | ||
| Q3 25 | 31.9% | 67.8% | ||
| Q2 25 | 34.4% | 67.7% | ||
| Q1 25 | 34.4% | 67.3% | ||
| Q4 24 | 34.1% | 64.7% | ||
| Q3 24 | 34.2% | 66.0% | ||
| Q2 24 | 35.4% | 64.7% |
营业利润率KHCPM
| Q1 26 | — | 38.4% | ||
| Q4 25 | 17.1% | 32.6% | ||
| Q3 25 | 16.4% | 39.3% | ||
| Q2 25 | -125.5% | 36.6% | ||
| Q1 25 | 19.9% | 38.1% | ||
| Q4 24 | -0.6% | 33.6% | ||
| Q3 24 | -1.6% | 36.9% | ||
| Q2 24 | 8.1% | 36.4% |
净利率KHCPM
| Q1 26 | — | 24.0% | ||
| Q4 25 | 10.2% | 20.7% | ||
| Q3 25 | 9.9% | 32.1% | ||
| Q2 25 | -123.2% | 30.0% | ||
| Q1 25 | 11.9% | 28.9% | ||
| Q4 24 | 32.4% | -6.0% | ||
| Q3 24 | -4.5% | 31.1% | ||
| Q2 24 | 1.6% | 25.4% |
每股收益（稀释后）KHCPM
| Q1 26 | — | $1.56 | ||
| Q4 25 | $0.56 | $1.36 | ||
| Q3 25 | $0.52 | $2.23 | ||
| Q2 25 | $-6.60 | $1.95 | ||
| Q1 25 | $0.59 | $1.72 | ||
| Q4 24 | $1.76 | $-0.37 | ||
| Q3 24 | $-0.24 | $1.97 | ||
| Q2 24 | $0.08 | $1.54 |
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 | $5.5B |
| 总债务越低越好 | $19.3B | $49.5B |
| 股东权益账面价值 | $41.7B | — |
| 总资产 | $81.8B | $68.9B |
| 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KHCPM
| Q1 26 | — | $5.5B | ||
| Q4 25 | $2.6B | $4.9B | ||
| Q3 25 | $3.1B | $4.0B | ||
| Q2 25 | $2.6B | $4.1B | ||
| Q1 25 | $2.8B | $4.4B | ||
| Q4 24 | $1.3B | $4.2B | ||
| Q3 24 | $1.3B | $4.3B | ||
| Q2 24 | $900.0M | $4.8B |
总债务KHCPM
| Q1 26 | — | $49.5B | ||
| Q4 25 | $19.3B | $45.1B | ||
| Q3 25 | $19.3B | $41.9B | ||
| Q2 25 | $19.3B | $42.4B | ||
| Q1 25 | $20.9B | $38.8B | ||
| Q4 24 | $19.2B | $42.2B | ||
| Q3 24 | $19.4B | $44.2B | ||
| Q2 24 | $19.3B | $44.6B |
股东权益KHCPM
| Q1 26 | — | — | ||
| Q4 25 | $41.7B | $-10.0B | ||
| Q3 25 | $41.5B | $-10.9B | ||
| Q2 25 | $41.4B | $-12.0B | ||
| Q1 25 | $49.5B | $-10.9B | ||
| Q4 24 | $49.2B | $-11.8B | ||
| Q3 24 | $48.3B | $-9.7B | ||
| Q2 24 | $48.9B | $-9.7B |
总资产KHCPM
| Q1 26 | — | $68.9B | ||
| Q4 25 | $81.8B | $69.2B | ||
| Q3 25 | $81.7B | $67.1B | ||
| Q2 25 | $81.6B | $68.5B | ||
| Q1 25 | $90.3B | $65.1B | ||
| Q4 24 | $88.3B | $61.8B | ||
| Q3 24 | $88.6B | $66.9B | ||
| Q2 24 | $88.8B | $65.8B |
负债/权益比KHCPM
| Q1 26 | — | — | ||
| 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× | — |
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 | — |
| 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× | — |
| 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KHCPM
| Q1 26 | — | — | ||
| Q4 25 | $1.4B | $4.7B | ||
| Q3 25 | $1.2B | $4.5B | ||
| Q2 25 | $1.2B | $3.4B | ||
| Q1 25 | $720.0M | $-350.0M | ||
| Q4 24 | $1.4B | $4.0B | ||
| Q3 24 | $1.1B | $3.3B | ||
| Q2 24 | $942.0M | $4.6B |
自由现金流KHCPM
| Q1 26 | — | — | ||
| Q4 25 | $1.2B | $4.3B | ||
| Q3 25 | $986.0M | $4.1B | ||
| Q2 25 | $1.0B | $3.1B | ||
| Q1 25 | $482.0M | $-754.0M | ||
| Q4 24 | $1.1B | $3.7B | ||
| Q3 24 | $849.0M | $3.0B | ||
| Q2 24 | $693.0M | $4.3B |
自由现金流率KHCPM
| Q1 26 | — | — | ||
| Q4 25 | 18.4% | 41.2% | ||
| Q3 25 | 15.8% | 37.8% | ||
| Q2 25 | 16.1% | 30.1% | ||
| Q1 25 | 8.0% | -8.1% | ||
| Q4 24 | 17.4% | 38.4% | ||
| Q3 24 | 13.3% | 29.9% | ||
| Q2 24 | 10.7% | 45.0% |
资本支出强度KHCPM
| Q1 26 | — | — | ||
| Q4 25 | 3.2% | 4.3% | ||
| Q3 25 | 2.7% | 3.4% | ||
| Q2 25 | 2.9% | 3.5% | ||
| Q1 25 | 4.0% | 4.3% | ||
| Q4 24 | 3.8% | 2.9% | ||
| Q3 24 | 3.7% | 3.8% | ||
| Q2 24 | 3.8% | 3.9% |
现金转化率KHCPM
| Q1 26 | — | — | ||
| Q4 25 | 2.11× | 2.20× | ||
| Q3 25 | 1.88× | 1.28× | ||
| Q2 25 | — | 1.12× | ||
| Q1 25 | 1.01× | -0.13× | ||
| Q4 24 | 0.65× | — | ||
| Q3 24 | — | 1.08× | ||
| Q2 24 | 9.24× | 1.93× |
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% |
PM
暂无分部数据
