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卡夫亨氏（KHC）与Vistra Corp.（VST）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Vistra Corp.的1.3倍（$6.4B vs $4.8B），卡夫亨氏净利率更高（10.2% vs 4.8%，领先5.4%），Vistra Corp.同比增速更快（31.2% vs -3.4%），卡夫亨氏自由现金流更多（$1.2B vs $596.0M），过去两年Vistra Corp.的营收复合增速更高（23.3% 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。
股票代码为VST的Vistra Corp是总部位于美国得克萨斯州的能源企业，主营电力生产、可再生能源开发及能源零售等业务。此外“Vistra”也可指一家总部位于中国香港的企业服务提供商，为全球客户提供公司注册、合规管理等专业服务。
KHC vs VST — 直观对比
营收规模更大
KHC
是对方的1.3倍
$4.8B
营收增速更快
VST
高出34.6%
-3.4%
净利率更高
KHC
高出5.4%
4.8%
自由现金流更多
KHC
多$575.0M
$596.0M
两年增速更快
VST
近两年复合增速
-0.4%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $6.4B | $4.8B |
| 净利润 | $651.0M | $233.0M |
| 毛利率 | 32.6% | — |
| 营业利润率 | 17.1% | 9.9% |
| 净利率 | 10.2% | 4.8% |
| 营收同比 | -3.4% | 31.2% |
| 净利润同比 | -69.5% | -47.2% |
| 每股收益（稀释后） | $0.56 | $0.55 |
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KHCVST
| Q4 25 | $6.4B | $4.8B | ||
| Q3 25 | $6.2B | $4.8B | ||
| Q2 25 | $6.4B | $3.8B | ||
| Q1 25 | $6.0B | $4.3B | ||
| Q4 24 | $6.6B | $3.7B | ||
| Q3 24 | $6.4B | $4.3B | ||
| Q2 24 | $6.5B | $3.6B | ||
| Q1 24 | $6.4B | $3.2B |
净利润KHCVST
| Q4 25 | $651.0M | $233.0M | ||
| Q3 25 | $615.0M | $652.0M | ||
| Q2 25 | $-7.8B | $327.0M | ||
| Q1 25 | $712.0M | $-268.0M | ||
| Q4 24 | $2.1B | $441.0M | ||
| Q3 24 | $-290.0M | $1.9B | ||
| Q2 24 | $102.0M | $365.0M | ||
| Q1 24 | $801.0M | $-35.0M |
毛利率KHCVST
| 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KHCVST
| Q4 25 | 17.1% | 9.9% | ||
| Q3 25 | 16.4% | 21.7% | ||
| Q2 25 | -125.5% | 13.7% | ||
| Q1 25 | 19.9% | -2.8% | ||
| Q4 24 | -0.6% | 16.4% | ||
| Q3 24 | -1.6% | 59.6% | ||
| Q2 24 | 8.1% | 22.5% | ||
| Q1 24 | 20.3% | 2.7% |
净利率KHCVST
| Q4 25 | 10.2% | 4.8% | ||
| Q3 25 | 9.9% | 13.6% | ||
| Q2 25 | -123.2% | 8.7% | ||
| Q1 25 | 11.9% | -6.3% | ||
| Q4 24 | 32.4% | 12.0% | ||
| Q3 24 | -4.5% | 43.5% | ||
| Q2 24 | 1.6% | 10.1% | ||
| Q1 24 | 12.5% | -1.1% |
每股收益（稀释后）KHCVST
| Q4 25 | $0.56 | $0.55 | ||
| Q3 25 | $0.52 | $1.75 | ||
| Q2 25 | $-6.60 | $0.81 | ||
| Q1 25 | $0.59 | $-0.93 | ||
| Q4 24 | $1.76 | $1.09 | ||
| Q3 24 | $-0.24 | $5.25 | ||
| Q2 24 | $0.08 | $0.90 | ||
| Q1 24 | $0.66 | $-0.24 |
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 | $785.0M |
| 总债务越低越好 | $19.3B | $15.8B |
| 股东权益账面价值 | $41.7B | $5.1B |
| 总资产 | $81.8B | $41.5B |
| 负债/权益比越低杠杆越低 | 0.46× | 3.11× |
8季度趋势，按日历期对齐
现金及短期投资KHCVST
| Q4 25 | $2.6B | $785.0M | ||
| Q3 25 | $3.1B | $602.0M | ||
| Q2 25 | $2.6B | $458.0M | ||
| Q1 25 | $2.8B | $561.0M | ||
| Q4 24 | $1.3B | $1.2B | ||
| Q3 24 | $1.3B | $905.0M | ||
| Q2 24 | $900.0M | $1.6B | ||
| Q1 24 | $1.6B | $1.1B |
总债务KHCVST
| Q4 25 | $19.3B | $15.8B | ||
| Q3 25 | $19.3B | $15.8B | ||
| Q2 25 | $19.3B | $15.5B | ||
| Q1 25 | $20.9B | $15.4B | ||
| Q4 24 | $19.2B | $15.4B | ||
| Q3 24 | $19.4B | $13.9B | ||
| Q2 24 | $19.3B | $13.9B | ||
| Q1 24 | $19.9B | $14.7B |
股东权益KHCVST
| Q4 25 | $41.7B | $5.1B | ||
| Q3 25 | $41.5B | $5.2B | ||
| Q2 25 | $41.4B | $4.8B | ||
| Q1 25 | $49.5B | $4.8B | ||
| Q4 24 | $49.2B | $5.6B | ||
| Q3 24 | $48.3B | $5.4B | ||
| Q2 24 | $48.9B | $5.6B | ||
| Q1 24 | $49.5B | $5.7B |
总资产KHCVST
| Q4 25 | $81.8B | $41.5B | ||
| Q3 25 | $81.7B | $38.0B | ||
| Q2 25 | $81.6B | $38.1B | ||
| Q1 25 | $90.3B | $38.2B | ||
| Q4 24 | $88.3B | $37.8B | ||
| Q3 24 | $88.6B | $37.9B | ||
| Q2 24 | $88.8B | $39.1B | ||
| Q1 24 | $90.3B | $38.2B |
负债/权益比KHCVST
| Q4 25 | 0.46× | 3.11× | ||
| Q3 25 | 0.47× | 3.02× | ||
| Q2 25 | 0.47× | 3.22× | ||
| Q1 25 | 0.42× | 3.20× | ||
| Q4 24 | 0.39× | 2.77× | ||
| Q3 24 | 0.40× | 2.56× | ||
| Q2 24 | 0.39× | 2.49× | ||
| Q1 24 | 0.40× | 2.60× |
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 | $1.4B |
| 自由现金流经营现金流 - 资本支出 | $1.2B | $596.0M |
| 自由现金流率自由现金流/营收 | 18.4% | 12.4% |
| 资本支出强度资本支出/营收 | 3.2% | 17.4% |
| 现金转化率经营现金流/净利润 | 2.11× | 6.15× |
| 过去12个月自由现金流最近4个季度 | $3.7B | $1.3B |
8季度趋势，按日历期对齐
经营现金流KHCVST
| Q4 25 | $1.4B | $1.4B | ||
| Q3 25 | $1.2B | $1.5B | ||
| Q2 25 | $1.2B | $572.0M | ||
| Q1 25 | $720.0M | $599.0M | ||
| Q4 24 | $1.4B | $1.4B | ||
| Q3 24 | $1.1B | $1.7B | ||
| Q2 24 | $942.0M | $1.2B | ||
| Q1 24 | $771.0M | $312.0M |
自由现金流KHCVST
| Q4 25 | $1.2B | $596.0M | ||
| Q3 25 | $986.0M | $1.0B | ||
| Q2 25 | $1.0B | $-118.0M | ||
| Q1 25 | $482.0M | $-169.0M | ||
| Q4 24 | $1.1B | $923.0M | ||
| Q3 24 | $849.0M | $1.0B | ||
| Q2 24 | $693.0M | $698.0M | ||
| Q1 24 | $477.0M | $-153.0M |
自由现金流率KHCVST
| Q4 25 | 18.4% | 12.4% | ||
| Q3 25 | 15.8% | 21.1% | ||
| Q2 25 | 16.1% | -3.1% | ||
| Q1 25 | 8.0% | -4.0% | ||
| Q4 24 | 17.4% | 25.2% | ||
| Q3 24 | 13.3% | 23.4% | ||
| Q2 24 | 10.7% | 19.4% | ||
| Q1 24 | 7.4% | -4.8% |
资本支出强度KHCVST
| Q4 25 | 3.2% | 17.4% | ||
| Q3 25 | 2.7% | 9.6% | ||
| Q2 25 | 2.9% | 18.4% | ||
| Q1 25 | 4.0% | 18.1% | ||
| Q4 24 | 3.8% | 11.7% | ||
| Q3 24 | 3.7% | 15.8% | ||
| Q2 24 | 3.8% | 13.8% | ||
| Q1 24 | 4.6% | 14.7% |
现金转化率KHCVST
| Q4 25 | 2.11× | 6.15× | ||
| Q3 25 | 1.88× | 2.25× | ||
| Q2 25 | — | 1.75× | ||
| Q1 25 | 1.01× | — | ||
| Q4 24 | 0.65× | 3.07× | ||
| Q3 24 | — | 0.90× | ||
| Q2 24 | 9.24× | 3.28× | ||
| 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% |
VST
| Retail Energy Charge In ERCOT | $2.1B | 43% |
| Retail Energy Charge In Northeast Midwest | $1.2B | 24% |
| East Segment | $1.1B | 24% |
| Hedging Revenue Realized | $170.0M | 4% |
| Revenue From Other Wholesale Contracts | $116.0M | 2% |
| Transferable Production Tax Credit Revenues | $78.0M | 2% |
| West Segment | $77.0M | 2% |
| Intersegment Sales | $25.0M | 1% |
