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卡夫亨氏（KHC）与泰森食品（TSN）财务数据对比。点击上方公司名可切换其他公司
泰森食品的季度营收约是卡夫亨氏的2.3倍（$14.3B vs $6.4B），卡夫亨氏净利率更高（10.2% vs 0.6%，领先9.7%），泰森食品同比增速更快（5.1% vs -3.4%），卡夫亨氏自由现金流更多（$1.2B vs $690.0M），过去两年泰森食品的营收复合增速更高（4.6% 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。
泰森食品是总部位于美国阿肯色州斯普林代尔的跨国食品企业，是仅次于JBS的全球第二大鸡肉、牛肉、猪肉加工销售商，同时是美国规模最大的肉类企业，常年位居美国牛肉出口占比首位，旗下运营泰森、Jimmy Dean、Hillshire Farm等多个知名食品品牌。
KHC vs TSN — 直观对比
营收规模更大
TSN
是对方的2.3倍
$6.4B
营收增速更快
TSN
高出8.4%
-3.4%
净利率更高
KHC
高出9.7%
0.6%
自由现金流更多
KHC
多$481.0M
$690.0M
两年增速更快
TSN
近两年复合增速
-0.4%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $6.4B | $14.3B |
| 净利润 | $651.0M | $85.0M |
| 毛利率 | 32.6% | 5.6% |
| 营业利润率 | 17.1% | 2.1% |
| 净利率 | 10.2% | 0.6% |
| 营收同比 | -3.4% | 5.1% |
| 净利润同比 | -69.5% | -76.3% |
| 每股收益（稀释后） | $0.56 | $0.24 |
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KHCTSN
| Q4 25 | $6.4B | $14.3B | ||
| Q3 25 | $6.2B | $13.9B | ||
| Q2 25 | $6.4B | $13.9B | ||
| Q1 25 | $6.0B | $13.1B | ||
| Q4 24 | $6.6B | $13.6B | ||
| Q3 24 | $6.4B | $13.6B | ||
| Q2 24 | $6.5B | $13.4B | ||
| Q1 24 | $6.4B | $13.1B |
净利润KHCTSN
| Q4 25 | $651.0M | $85.0M | ||
| Q3 25 | $615.0M | $47.0M | ||
| Q2 25 | $-7.8B | $61.0M | ||
| Q1 25 | $712.0M | $7.0M | ||
| Q4 24 | $2.1B | $359.0M | ||
| Q3 24 | $-290.0M | $357.0M | ||
| Q2 24 | $102.0M | $191.0M | ||
| Q1 24 | $801.0M | $145.0M |
毛利率KHCTSN
| Q4 25 | 32.6% | 5.6% | ||
| Q3 25 | 31.9% | 5.2% | ||
| Q2 25 | 34.4% | 8.2% | ||
| Q1 25 | 34.4% | 4.6% | ||
| Q4 24 | 34.1% | 8.0% | ||
| Q3 24 | 34.2% | 7.8% | ||
| Q2 24 | 35.4% | 6.6% | ||
| Q1 24 | 35.0% | 6.6% |
营业利润率KHCTSN
| Q4 25 | 17.1% | 2.1% | ||
| Q3 25 | 16.4% | 1.1% | ||
| Q2 25 | -125.5% | 1.9% | ||
| Q1 25 | 19.9% | 0.8% | ||
| Q4 24 | -0.6% | 4.3% | ||
| Q3 24 | -1.6% | 3.9% | ||
| Q2 24 | 8.1% | 2.6% | ||
| Q1 24 | 20.3% | 2.4% |
净利率KHCTSN
| Q4 25 | 10.2% | 0.6% | ||
| Q3 25 | 9.9% | 0.3% | ||
| Q2 25 | -123.2% | 0.4% | ||
| Q1 25 | 11.9% | 0.1% | ||
| Q4 24 | 32.4% | 2.6% | ||
| Q3 24 | -4.5% | 2.6% | ||
| Q2 24 | 1.6% | 1.4% | ||
| Q1 24 | 12.5% | 1.1% |
每股收益（稀释后）KHCTSN
| Q4 25 | $0.56 | $0.24 | ||
| Q3 25 | $0.52 | $0.13 | ||
| Q2 25 | $-6.60 | $0.17 | ||
| Q1 25 | $0.59 | $0.02 | ||
| Q4 24 | $1.76 | $1.01 | ||
| Q3 24 | $-0.24 | $1.00 | ||
| Q2 24 | $0.08 | $0.54 | ||
| Q1 24 | $0.66 | $0.41 |
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 | $1.3B |
| 总债务越低越好 | $19.3B | $7.5B |
| 股东权益账面价值 | $41.7B | $18.0B |
| 总资产 | $81.8B | $36.0B |
| 负债/权益比越低杠杆越低 | 0.46× | 0.41× |
8季度趋势，按日历期对齐
现金及短期投资KHCTSN
| Q4 25 | $2.6B | $1.3B | ||
| Q3 25 | $3.1B | $1.2B | ||
| Q2 25 | $2.6B | $1.5B | ||
| Q1 25 | $2.8B | $992.0M | ||
| Q4 24 | $1.3B | $2.3B | ||
| Q3 24 | $1.3B | $1.7B | ||
| Q2 24 | $900.0M | $2.6B | ||
| Q1 24 | $1.6B | $2.2B |
总债务KHCTSN
| Q4 25 | $19.3B | $7.5B | ||
| Q3 25 | $19.3B | $7.9B | ||
| Q2 25 | $19.3B | $8.2B | ||
| Q1 25 | $20.9B | $8.2B | ||
| Q4 24 | $19.2B | $9.7B | ||
| Q3 24 | $19.4B | $9.7B | ||
| Q2 24 | $19.3B | $9.7B | ||
| Q1 24 | $19.9B | $9.6B |
股东权益KHCTSN
| Q4 25 | $41.7B | $18.0B | ||
| Q3 25 | $41.5B | $18.1B | ||
| Q2 25 | $41.4B | $18.3B | ||
| Q1 25 | $49.5B | $18.4B | ||
| Q4 24 | $49.2B | $18.5B | ||
| Q3 24 | $48.3B | $18.4B | ||
| Q2 24 | $48.9B | $18.1B | ||
| Q1 24 | $49.5B | $18.1B |
总资产KHCTSN
| Q4 25 | $81.8B | $36.0B | ||
| Q3 25 | $81.7B | $36.7B | ||
| Q2 25 | $81.6B | $36.5B | ||
| Q1 25 | $90.3B | $36.3B | ||
| Q4 24 | $88.3B | $37.3B | ||
| Q3 24 | $88.6B | $37.1B | ||
| Q2 24 | $88.8B | $37.7B | ||
| Q1 24 | $90.3B | $37.5B |
负债/权益比KHCTSN
| Q4 25 | 0.46× | 0.41× | ||
| Q3 25 | 0.47× | 0.44× | ||
| Q2 25 | 0.47× | 0.45× | ||
| Q1 25 | 0.42× | 0.44× | ||
| Q4 24 | 0.39× | 0.52× | ||
| Q3 24 | 0.40× | 0.53× | ||
| Q2 24 | 0.39× | 0.54× | ||
| Q1 24 | 0.40× | 0.53× |
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 | $942.0M |
| 自由现金流经营现金流 - 资本支出 | $1.2B | $690.0M |
| 自由现金流率自由现金流/营收 | 18.4% | 4.8% |
| 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× | 11.08× |
| 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KHCTSN
| Q4 25 | $1.4B | $942.0M | ||
| Q3 25 | $1.2B | $535.0M | ||
| Q2 25 | $1.2B | $774.0M | ||
| Q1 25 | $720.0M | $-185.0M | ||
| Q4 24 | $1.4B | $1.0B | ||
| Q3 24 | $1.1B | $617.0M | ||
| Q2 24 | $942.0M | $796.0M | ||
| Q1 24 | $771.0M | $-123.0M |
自由现金流KHCTSN
| Q4 25 | $1.2B | $690.0M | ||
| Q3 25 | $986.0M | $248.0M | ||
| Q2 25 | $1.0B | $547.0M | ||
| Q1 25 | $482.0M | $-378.0M | ||
| Q4 24 | $1.1B | $760.0M | ||
| Q3 24 | $849.0M | $369.0M | ||
| Q2 24 | $693.0M | $533.0M | ||
| Q1 24 | $477.0M | $-390.0M |
自由现金流率KHCTSN
| Q4 25 | 18.4% | 4.8% | ||
| Q3 25 | 15.8% | 1.8% | ||
| Q2 25 | 16.1% | 3.9% | ||
| Q1 25 | 8.0% | -2.9% | ||
| Q4 24 | 17.4% | 5.6% | ||
| Q3 24 | 13.3% | 2.7% | ||
| Q2 24 | 10.7% | 4.0% | ||
| Q1 24 | 7.4% | -3.0% |
资本支出强度KHCTSN
| Q4 25 | 3.2% | 1.8% | ||
| Q3 25 | 2.7% | 2.1% | ||
| Q2 25 | 2.9% | 1.6% | ||
| Q1 25 | 4.0% | 1.5% | ||
| Q4 24 | 3.8% | 2.0% | ||
| Q3 24 | 3.7% | 1.8% | ||
| Q2 24 | 3.8% | 2.0% | ||
| Q1 24 | 4.6% | 2.0% |
现金转化率KHCTSN
| Q4 25 | 2.11× | 11.08× | ||
| Q3 25 | 1.88× | 11.38× | ||
| Q2 25 | — | 12.69× | ||
| Q1 25 | 1.01× | -26.43× | ||
| Q4 24 | 0.65× | 2.87× | ||
| Q3 24 | — | 1.73× | ||
| Q2 24 | 9.24× | 4.17× | ||
| Q1 24 | 0.96× | -0.85× |
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% |
TSN
| Beef | $5.8B | 40% |
| Retail Sales Channel | $2.9B | 20% |
| Pork | $1.6B | 11% |
| Foodservice Sales Channel | $1.6B | 11% |
| Other | $776.0M | 5% |
| Industrialand Other Sales Channel | $575.0M | 4% |
| International Sales Channel | $542.0M | 4% |
| Intersegment Revenues | $534.0M | 4% |
