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卡夫亨氏（KHC）与皇家加勒比集团（RCL）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皇家加勒比集团的1.5倍（$6.4B vs $4.3B），皇家加勒比集团净利率更高（17.7% vs 10.2%，领先7.4%），皇家加勒比集团同比增速更快（13.3% vs -3.4%），卡夫亨氏自由现金流更多（$1.2B vs $116.0M），过去两年皇家加勒比集团的营收复合增速更高（6.9% 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。
皇家加勒比集团前身为皇家加勒比邮轮有限公司，是仅次于嘉年华公司的全球第二大邮轮运营商。集团总部位于美国佛罗里达州迈阿密，在利比里亚注册，目前全资拥有皇家加勒比国际游轮、名人邮轮、银海邮轮三大品牌，还持有途易邮轮50%的股份。
KHC vs RCL — 直观对比
营收规模更大
KHC
是对方的1.5倍
$4.3B
营收增速更快
RCL
高出16.6%
-3.4%
净利率更高
RCL
高出7.4%
10.2%
自由现金流更多
KHC
多$1.1B
$116.0M
两年增速更快
RCL
近两年复合增速
-0.4%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $6.4B | $4.3B |
| 净利润 | $651.0M | $753.0M |
| 毛利率 | 32.6% | 47.4% |
| 营业利润率 | 17.1% | 21.9% |
| 净利率 | 10.2% | 17.7% |
| 营收同比 | -3.4% | 13.3% |
| 净利润同比 | -69.5% | 36.4% |
| 每股收益（稀释后） | $0.56 | $2.76 |
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KHCRCL
| Q4 25 | $6.4B | $4.3B | ||
| Q3 25 | $6.2B | $5.1B | ||
| Q2 25 | $6.4B | $4.5B | ||
| Q1 25 | $6.0B | $4.0B | ||
| Q4 24 | $6.6B | $3.8B | ||
| Q3 24 | $6.4B | $4.9B | ||
| Q2 24 | $6.5B | $4.1B | ||
| Q1 24 | $6.4B | $3.7B |
净利润KHCRCL
| Q4 25 | $651.0M | $753.0M | ||
| Q3 25 | $615.0M | $1.6B | ||
| Q2 25 | $-7.8B | $1.2B | ||
| Q1 25 | $712.0M | $730.0M | ||
| Q4 24 | $2.1B | $552.0M | ||
| Q3 24 | $-290.0M | $1.1B | ||
| Q2 24 | $102.0M | $854.0M | ||
| Q1 24 | $801.0M | $360.0M |
毛利率KHCRCL
| Q4 25 | 32.6% | 47.4% | ||
| Q3 25 | 31.9% | 51.8% | ||
| Q2 25 | 34.4% | 49.7% | ||
| Q1 25 | 34.4% | 48.0% | ||
| Q4 24 | 34.1% | 45.4% | ||
| Q3 24 | 34.2% | 51.1% | ||
| Q2 24 | 35.4% | 47.6% | ||
| Q1 24 | 35.0% | 44.8% |
营业利润率KHCRCL
| Q4 25 | 17.1% | 21.9% | ||
| Q3 25 | 16.4% | 33.1% | ||
| Q2 25 | -125.5% | 29.3% | ||
| Q1 25 | 19.9% | 23.6% | ||
| Q4 24 | -0.6% | 16.6% | ||
| Q3 24 | -1.6% | 33.4% | ||
| Q2 24 | 8.1% | 26.7% | ||
| Q1 24 | 20.3% | 20.1% |
净利率KHCRCL
| Q4 25 | 10.2% | 17.7% | ||
| Q3 25 | 9.9% | 30.6% | ||
| Q2 25 | -123.2% | 26.7% | ||
| Q1 25 | 11.9% | 18.3% | ||
| Q4 24 | 32.4% | 14.7% | ||
| Q3 24 | -4.5% | 22.7% | ||
| Q2 24 | 1.6% | 20.8% | ||
| Q1 24 | 12.5% | 9.7% |
每股收益（稀释后）KHCRCL
| Q4 25 | $0.56 | $2.76 | ||
| Q3 25 | $0.52 | $5.74 | ||
| Q2 25 | $-6.60 | $4.41 | ||
| Q1 25 | $0.59 | $2.70 | ||
| Q4 24 | $1.76 | $2.27 | ||
| Q3 24 | $-0.24 | $4.21 | ||
| Q2 24 | $0.08 | $3.11 | ||
| Q1 24 | $0.66 | $1.35 |
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 | $825.0M |
| 总债务越低越好 | $19.3B | $18.2B |
| 股东权益账面价值 | $41.7B | $10.0B |
| 总资产 | $81.8B | $41.6B |
| 负债/权益比越低杠杆越低 | 0.46× | 1.81× |
8季度趋势，按日历期对齐
现金及短期投资KHCRCL
| Q4 25 | $2.6B | $825.0M | ||
| Q3 25 | $3.1B | $432.0M | ||
| Q2 25 | $2.6B | $735.0M | ||
| Q1 25 | $2.8B | $386.0M | ||
| Q4 24 | $1.3B | $388.0M | ||
| Q3 24 | $1.3B | $418.0M | ||
| Q2 24 | $900.0M | $391.0M | ||
| Q1 24 | $1.6B | $437.0M |
总债务KHCRCL
| Q4 25 | $19.3B | $18.2B | ||
| Q3 25 | $19.3B | $17.2B | ||
| Q2 25 | $19.3B | $17.6B | ||
| Q1 25 | $20.9B | $18.0B | ||
| Q4 24 | $19.2B | $18.5B | ||
| Q3 24 | $19.4B | $19.0B | ||
| Q2 24 | $19.3B | $19.8B | ||
| Q1 24 | $19.9B | $18.9B |
股东权益KHCRCL
| Q4 25 | $41.7B | $10.0B | ||
| Q3 25 | $41.5B | $10.1B | ||
| Q2 25 | $41.4B | $9.2B | ||
| Q1 25 | $49.5B | $8.0B | ||
| Q4 24 | $49.2B | $7.6B | ||
| Q3 24 | $48.3B | $7.0B | ||
| Q2 24 | $48.9B | $6.0B | ||
| Q1 24 | $49.5B | $5.2B |
总资产KHCRCL
| Q4 25 | $81.8B | $41.6B | ||
| Q3 25 | $81.7B | $40.1B | ||
| Q2 25 | $81.6B | $38.5B | ||
| Q1 25 | $90.3B | $37.5B | ||
| Q4 24 | $88.3B | $37.1B | ||
| Q3 24 | $88.6B | $37.1B | ||
| Q2 24 | $88.8B | $37.0B | ||
| Q1 24 | $90.3B | $35.2B |
负债/权益比KHCRCL
| Q4 25 | 0.46× | 1.81× | ||
| Q3 25 | 0.47× | 1.70× | ||
| Q2 25 | 0.47× | 1.92× | ||
| Q1 25 | 0.42× | 2.26× | ||
| Q4 24 | 0.39× | 2.44× | ||
| Q3 24 | 0.40× | 2.69× | ||
| Q2 24 | 0.39× | 3.29× | ||
| Q1 24 | 0.40× | 3.66× |
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 | $1.6B |
| 自由现金流经营现金流 - 资本支出 | $1.2B | $116.0M |
| 自由现金流率自由现金流/营收 | 18.4% | 2.7% |
| 资本支出强度资本支出/营收 | 3.2% | 35.4% |
| 现金转化率经营现金流/净利润 | 2.11× | 2.16× |
| 过去12个月自由现金流最近4个季度 | $3.7B | $1.2B |
8季度趋势，按日历期对齐
经营现金流KHCRCL
| Q4 25 | $1.4B | $1.6B | ||
| Q3 25 | $1.2B | $1.5B | ||
| Q2 25 | $1.2B | $1.7B | ||
| Q1 25 | $720.0M | $1.6B | ||
| Q4 24 | $1.4B | $1.5B | ||
| Q3 24 | $1.1B | $897.0M | ||
| Q2 24 | $942.0M | $1.6B | ||
| Q1 24 | $771.0M | $1.3B |
自由现金流KHCRCL
| Q4 25 | $1.2B | $116.0M | ||
| Q3 25 | $986.0M | $-989.0M | ||
| Q2 25 | $1.0B | $910.0M | ||
| Q1 25 | $482.0M | $1.2B | ||
| Q4 24 | $1.1B | $915.0M | ||
| Q3 24 | $849.0M | $563.0M | ||
| Q2 24 | $693.0M | $-567.0M | ||
| Q1 24 | $477.0M | $1.1B |
自由现金流率KHCRCL
| Q4 25 | 18.4% | 2.7% | ||
| Q3 25 | 15.8% | -19.2% | ||
| Q2 25 | 16.1% | 20.1% | ||
| Q1 25 | 8.0% | 30.0% | ||
| Q4 24 | 17.4% | 24.3% | ||
| Q3 24 | 13.3% | 11.5% | ||
| Q2 24 | 10.7% | -13.8% | ||
| Q1 24 | 7.4% | 29.1% |
资本支出强度KHCRCL
| Q4 25 | 3.2% | 35.4% | ||
| Q3 25 | 2.7% | 47.8% | ||
| Q2 25 | 2.9% | 18.4% | ||
| Q1 25 | 4.0% | 10.7% | ||
| Q4 24 | 3.8% | 14.7% | ||
| Q3 24 | 3.7% | 6.8% | ||
| Q2 24 | 3.8% | 52.1% | ||
| Q1 24 | 4.6% | 6.5% |
现金转化率KHCRCL
| Q4 25 | 2.11× | 2.16× | ||
| Q3 25 | 1.88× | 0.93× | ||
| Q2 25 | — | 1.44× | ||
| Q1 25 | 1.01× | 2.23× | ||
| Q4 24 | 0.65× | 2.66× | ||
| Q3 24 | — | 0.81× | ||
| Q2 24 | 9.24× | 1.84× | ||
| Q1 24 | 0.96× | 3.69× |
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% |
RCL
| Passenger | $2.9B | 69% |
| Other | $1.3B | 31% |
