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卡夫亨氏（KHC）与EchoStar CORP（SATS）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EchoStar CORP的1.7倍（$6.4B vs $3.8B），卡夫亨氏净利率更高（10.2% vs -31.8%，领先42.0%），卡夫亨氏同比增速更快（-3.4% vs -4.3%），卡夫亨氏自由现金流更多（$1.2B vs $-583.4M），过去两年卡夫亨氏的营收复合增速更高（-0.4% vs -2.8%）
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。
EchoStar Corp曾于2004年至2011年与TiVo公司发生专利纠纷，TiVo主张前者侵犯其DVR技术相关专利。该案先后由美国得克萨斯州东区联邦地区法院、联邦巡回上诉法院审理，涉及专利侵权判定、禁令条款、侵权产品改造、藐视法庭裁定及处罚等多个争议点。
KHC vs SATS — 直观对比
营收规模更大
KHC
是对方的1.7倍
$3.8B
营收增速更快
KHC
高出0.9%
-4.3%
净利率更高
KHC
高出42.0%
-31.8%
自由现金流更多
KHC
多$1.8B
$-583.4M
两年增速更快
KHC
近两年复合增速
-2.8%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $6.4B | $3.8B |
| 净利润 | $651.0M | $-1.2B |
| 毛利率 | 32.6% | — |
| 营业利润率 | 17.1% | -20.5% |
| 净利率 | 10.2% | -31.8% |
| 营收同比 | -3.4% | -4.3% |
| 净利润同比 | -69.5% | -460.1% |
| 每股收益（稀释后） | $0.56 | $-4.27 |
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KHCSATS
| Q4 25 | $6.4B | $3.8B | ||
| Q3 25 | $6.2B | $3.6B | ||
| Q2 25 | $6.4B | $3.7B | ||
| Q1 25 | $6.0B | $3.9B | ||
| Q4 24 | $6.6B | $4.0B | ||
| Q3 24 | $6.4B | $3.9B | ||
| Q2 24 | $6.5B | $4.0B | ||
| Q1 24 | $6.4B | $4.0B |
净利润KHCSATS
| Q4 25 | $651.0M | $-1.2B | ||
| Q3 25 | $615.0M | $-12.8B | ||
| Q2 25 | $-7.8B | $-306.1M | ||
| Q1 25 | $712.0M | $-202.7M | ||
| Q4 24 | $2.1B | $335.2M | ||
| Q3 24 | $-290.0M | $-141.8M | ||
| Q2 24 | $102.0M | $-205.6M | ||
| Q1 24 | $801.0M | $-107.4M |
毛利率KHCSATS
| 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KHCSATS
| Q4 25 | 17.1% | -20.5% | ||
| Q3 25 | 16.4% | -460.5% | ||
| Q2 25 | -125.5% | -5.7% | ||
| Q1 25 | 19.9% | -2.3% | ||
| Q4 24 | -0.6% | -1.6% | ||
| Q3 24 | -1.6% | -4.1% | ||
| Q2 24 | 8.1% | -1.7% | ||
| Q1 24 | 20.3% | -0.4% |
净利率KHCSATS
| Q4 25 | 10.2% | -31.8% | ||
| Q3 25 | 9.9% | -353.6% | ||
| Q2 25 | -123.2% | -8.2% | ||
| Q1 25 | 11.9% | -5.2% | ||
| Q4 24 | 32.4% | 8.5% | ||
| Q3 24 | -4.5% | -3.6% | ||
| Q2 24 | 1.6% | -5.2% | ||
| Q1 24 | 12.5% | -2.7% |
每股收益（稀释后）KHCSATS
| Q4 25 | $0.56 | $-4.27 | ||
| Q3 25 | $0.52 | $-44.37 | ||
| Q2 25 | $-6.60 | $-1.06 | ||
| Q1 25 | $0.59 | $-0.71 | ||
| Q4 24 | $1.76 | $1.24 | ||
| Q3 24 | $-0.24 | $-0.52 | ||
| Q2 24 | $0.08 | $-0.76 | ||
| Q1 24 | $0.66 | $-0.40 |
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 | $3.0B |
| 总债务越低越好 | $19.3B | $18.7B |
| 股东权益账面价值 | $41.7B | $5.8B |
| 总资产 | $81.8B | $43.0B |
| 负债/权益比越低杠杆越低 | 0.46× | 3.24× |
8季度趋势，按日历期对齐
现金及短期投资KHCSATS
| Q4 25 | $2.6B | $3.0B | ||
| Q3 25 | $3.1B | $3.9B | ||
| Q2 25 | $2.6B | $4.3B | ||
| Q1 25 | $2.8B | $5.1B | ||
| Q4 24 | $1.3B | $5.5B | ||
| Q3 24 | $1.3B | $674.4M | ||
| Q2 24 | $900.0M | $520.6M | ||
| Q1 24 | $1.6B | $766.4M |
总债务KHCSATS
| Q4 25 | $19.3B | $18.7B | ||
| Q3 25 | $19.3B | $21.8B | ||
| Q2 25 | $19.3B | $25.4B | ||
| Q1 25 | $20.9B | $25.3B | ||
| Q4 24 | $19.2B | $25.7B | ||
| Q3 24 | $19.4B | — | ||
| Q2 24 | $19.3B | — | ||
| Q1 24 | $19.9B | $951.0M |
股东权益KHCSATS
| Q4 25 | $41.7B | $5.8B | ||
| Q3 25 | $41.5B | $7.0B | ||
| Q2 25 | $41.4B | $19.7B | ||
| Q1 25 | $49.5B | $20.0B | ||
| Q4 24 | $49.2B | $20.2B | ||
| Q3 24 | $48.3B | $19.4B | ||
| Q2 24 | $48.9B | $19.6B | ||
| Q1 24 | $49.5B | $19.8B |
总资产KHCSATS
| Q4 25 | $81.8B | $43.0B | ||
| Q3 25 | $81.7B | $45.3B | ||
| Q2 25 | $81.6B | $59.9B | ||
| Q1 25 | $90.3B | $60.6B | ||
| Q4 24 | $88.3B | $60.9B | ||
| Q3 24 | $88.6B | $57.5B | ||
| Q2 24 | $88.8B | $55.3B | ||
| Q1 24 | $90.3B | $55.6B |
负债/权益比KHCSATS
| Q4 25 | 0.46× | 3.24× | ||
| Q3 25 | 0.47× | 3.13× | ||
| Q2 25 | 0.47× | 1.29× | ||
| Q1 25 | 0.42× | 1.27× | ||
| Q4 24 | 0.39× | 1.27× | ||
| Q3 24 | 0.40× | — | ||
| Q2 24 | 0.39× | — | ||
| Q1 24 | 0.40× | 0.05× |
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 | $-425.3M |
| 自由现金流经营现金流 - 资本支出 | $1.2B | $-583.4M |
| 自由现金流率自由现金流/营收 | 18.4% | -15.4% |
| 资本支出强度资本支出/营收 | 3.2% | 4.2% |
| 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 | $-1.1B |
8季度趋势，按日历期对齐
经营现金流KHCSATS
| Q4 25 | $1.4B | $-425.3M | ||
| Q3 25 | $1.2B | $111.7M | ||
| Q2 25 | $1.2B | $7.5M | ||
| Q1 25 | $720.0M | $206.8M | ||
| Q4 24 | $1.4B | $45.6M | ||
| Q3 24 | $1.1B | $276.2M | ||
| Q2 24 | $942.0M | $479.7M | ||
| Q1 24 | $771.0M | $451.3M |
自由现金流KHCSATS
| Q4 25 | $1.2B | $-583.4M | ||
| Q3 25 | $986.0M | $-144.4M | ||
| Q2 25 | $1.0B | $-285.7M | ||
| Q1 25 | $482.0M | $-51.7M | ||
| Q4 24 | $1.1B | $-298.7M | ||
| Q3 24 | $849.0M | $-57.5M | ||
| Q2 24 | $693.0M | $132.4M | ||
| Q1 24 | $477.0M | $-68.4M |
自由现金流率KHCSATS
| Q4 25 | 18.4% | -15.4% | ||
| Q3 25 | 15.8% | -4.0% | ||
| Q2 25 | 16.1% | -7.7% | ||
| Q1 25 | 8.0% | -1.3% | ||
| Q4 24 | 17.4% | -7.5% | ||
| Q3 24 | 13.3% | -1.5% | ||
| Q2 24 | 10.7% | 3.3% | ||
| Q1 24 | 7.4% | -1.7% |
资本支出强度KHCSATS
| Q4 25 | 3.2% | 4.2% | ||
| Q3 25 | 2.7% | 7.1% | ||
| Q2 25 | 2.9% | 7.9% | ||
| Q1 25 | 4.0% | 6.7% | ||
| Q4 24 | 3.8% | 8.7% | ||
| Q3 24 | 3.7% | 8.6% | ||
| Q2 24 | 3.8% | 8.8% | ||
| Q1 24 | 4.6% | 12.9% |
现金转化率KHCSATS
| Q4 25 | 2.11× | — | ||
| Q3 25 | 1.88× | — | ||
| Q2 25 | — | — | ||
| Q1 25 | 1.01× | — | ||
| Q4 24 | 0.65× | 0.14× | ||
| Q3 24 | — | — | ||
| Q2 24 | 9.24× | — | ||
| 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% |
SATS
| Pay Tv | $2.4B | 62% |
| Wireless Services And Related Revenue | $846.5M | 22% |
| Equipment Sales And Other Revenue | $346.5M | 9% |
| Broadband And Satellite Services And Other Revenue | $264.1M | 7% |
