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金佰利（KMB）与美高梅国际度假村（MGM）财务数据对比。点击上方公司名可切换其他公司
美高梅国际度假村的季度营收约是金佰利的1.1倍（$4.6B vs $4.2B），金佰利净利率更高（16.2% vs 6.4%，领先9.8%），美高梅国际度假村同比增速更快（6.0% vs 2.7%），过去两年美高梅国际度假村的营收复合增速更高（2.5% vs -9.0%）
金佰利是源自美国的跨国消费品及个人护理集团，主打纸质类消费品，同时生产卫生用纸制品、外科及医疗器具。旗下拥有舒洁面巾纸、高洁丝女性护理产品、好奇纸尿裤及婴儿湿巾、Scott卫生纸等知名品牌，产品销往全球多个国家和地区。
美高梅国际度假村是美国跨国文旅、体育及娱乐集团，在拉斯维加斯、美国多个州以及中国澳门、上海、成都、杭州、三亚等地运营度假项目，旗下拥有百乐宫、曼德勒海湾、米高梅大酒店、Park MGM等知名物业。
KMB vs MGM — 直观对比
营收规模更大
MGM
是对方的1.1倍
$4.2B
营收增速更快
MGM
高出3.3%
2.7%
净利率更高
KMB
高出9.8%
6.4%
两年增速更快
MGM
近两年复合增速
-9.0%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $4.2B | $4.6B |
| 净利润 | $675.0M | $293.6M |
| 毛利率 | 36.8% | — |
| 营业利润率 | 18.1% | 7.1% |
| 净利率 | 16.2% | 6.4% |
| 营收同比 | 2.7% | 6.0% |
| 净利润同比 | 17.8% | 86.5% |
| 每股收益（稀释后） | $2.00 | $1.12 |
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KMBMGM
| Q1 26 | $4.2B | — | ||
| Q4 25 | $3.3B | $4.6B | ||
| Q3 25 | $4.2B | $4.3B | ||
| Q2 25 | $4.2B | $4.4B | ||
| Q1 25 | $4.8B | $4.3B | ||
| Q4 24 | $4.9B | $4.3B | ||
| Q3 24 | $5.0B | $4.2B | ||
| Q2 24 | $5.0B | $4.3B |
净利润KMBMGM
| Q1 26 | $675.0M | — | ||
| Q4 25 | $499.0M | $293.6M | ||
| Q3 25 | $446.0M | $-285.3M | ||
| Q2 25 | $509.0M | $49.0M | ||
| Q1 25 | $567.0M | $148.6M | ||
| Q4 24 | $447.0M | $157.4M | ||
| Q3 24 | $907.0M | $184.6M | ||
| Q2 24 | $544.0M | $187.1M |
毛利率KMBMGM
| Q1 26 | 36.8% | — | ||
| Q4 25 | 37.7% | — | ||
| Q3 25 | 36.0% | — | ||
| Q2 25 | 35.0% | — | ||
| Q1 25 | 35.8% | — | ||
| Q4 24 | 34.0% | — | ||
| Q3 24 | 36.0% | — | ||
| Q2 24 | 36.0% | — |
营业利润率KMBMGM
| Q1 26 | 18.1% | — | ||
| Q4 25 | 11.2% | 7.1% | ||
| Q3 25 | 15.0% | -2.7% | ||
| Q2 25 | 14.2% | 9.2% | ||
| Q1 25 | 15.9% | 9.0% | ||
| Q4 24 | 11.1% | 6.7% | ||
| Q3 24 | 23.3% | 7.5% | ||
| Q2 24 | 13.0% | 9.8% |
净利率KMBMGM
| Q1 26 | 16.2% | — | ||
| Q4 25 | 15.1% | 6.4% | ||
| Q3 25 | 10.7% | -6.7% | ||
| Q2 25 | 12.2% | 1.1% | ||
| Q1 25 | 11.7% | 3.5% | ||
| Q4 24 | 9.1% | 3.6% | ||
| Q3 24 | 18.3% | 4.4% | ||
| Q2 24 | 10.8% | 4.3% |
每股收益（稀释后）KMBMGM
| Q1 26 | $2.00 | — | ||
| Q4 25 | $1.50 | $1.12 | ||
| Q3 25 | $1.34 | $-1.05 | ||
| Q2 25 | $1.53 | $0.18 | ||
| Q1 25 | $1.70 | $0.51 | ||
| Q4 24 | $1.34 | $0.52 | ||
| Q3 24 | $2.69 | $0.61 | ||
| Q2 24 | $1.61 | $0.60 |
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 | $542.0K | $2.1B |
| 总债务越低越好 | $6.5M | $6.2B |
| 股东权益账面价值 | $1.9M | $2.4B |
| 总资产 | $17.2M | $41.4B |
| 负债/权益比越低杠杆越低 | 3.38× | 2.56× |
8季度趋势，按日历期对齐
现金及短期投资KMBMGM
| Q1 26 | $542.0K | — | ||
| Q4 25 | $688.0M | $2.1B | ||
| Q3 25 | $617.0M | $2.1B | ||
| Q2 25 | $634.0M | $2.0B | ||
| Q1 25 | $563.0M | $2.3B | ||
| Q4 24 | $1.0B | $2.4B | ||
| Q3 24 | $1.1B | $3.0B | ||
| Q2 24 | $1.2B | $2.4B |
总债务KMBMGM
| Q1 26 | $6.5M | — | ||
| Q4 25 | $6.5B | $6.2B | ||
| Q3 25 | $6.5B | $6.2B | ||
| Q2 25 | $6.5B | $6.2B | ||
| Q1 25 | $6.5B | $6.4B | ||
| Q4 24 | $6.9B | $6.4B | ||
| Q3 24 | $6.9B | $6.9B | ||
| Q2 24 | $7.2B | $6.3B |
股东权益KMBMGM
| Q1 26 | $1.9M | — | ||
| Q4 25 | $1.5B | $2.4B | ||
| Q3 25 | $1.3B | $2.7B | ||
| Q2 25 | $1.3B | $3.0B | ||
| Q1 25 | $1.1B | $2.9B | ||
| Q4 24 | $840.0M | $3.0B | ||
| Q3 24 | $1.3B | $3.2B | ||
| Q2 24 | $1.1B | $3.2B |
总资产KMBMGM
| Q1 26 | $17.2M | — | ||
| Q4 25 | $17.1B | $41.4B | ||
| Q3 25 | $16.9B | $41.4B | ||
| Q2 25 | $16.8B | $41.7B | ||
| Q1 25 | $16.3B | $41.9B | ||
| Q4 24 | $16.5B | $42.2B | ||
| Q3 24 | $17.2B | $42.7B | ||
| Q2 24 | $17.3B | $41.8B |
负债/权益比KMBMGM
| Q1 26 | 3.38× | — | ||
| Q4 25 | 4.31× | 2.56× | ||
| Q3 25 | 4.86× | 2.30× | ||
| Q2 25 | 5.09× | 2.09× | ||
| Q1 25 | 5.89× | 2.25× | ||
| Q4 24 | 8.18× | 2.10× | ||
| Q3 24 | 5.36× | 2.14× | ||
| Q2 24 | 6.30× | 1.96× |
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 | — | $655.0M |
| 自由现金流经营现金流 - 资本支出 | — | $358.5M |
| 自由现金流率自由现金流/营收 | — | 7.8% |
| 资本支出强度资本支出/营收 | — | 6.4% |
| 现金转化率经营现金流/净利润 | — | 2.23× |
| 过去12个月自由现金流最近4个季度 | — | $1.5B |
8季度趋势，按日历期对齐
经营现金流KMBMGM
| Q1 26 | — | — | ||
| Q4 25 | $972.0M | $655.0M | ||
| Q3 25 | $708.0M | $681.4M | ||
| Q2 25 | $770.0M | $645.9M | ||
| Q1 25 | $327.0M | $547.1M | ||
| Q4 24 | $817.0M | $671.6M | ||
| Q3 24 | $958.0M | $667.4M | ||
| Q2 24 | $1.0B | $474.2M |
自由现金流KMBMGM
| Q1 26 | — | — | ||
| Q4 25 | $575.0M | $358.5M | ||
| Q3 25 | $368.0M | $405.4M | ||
| Q2 25 | $573.0M | $377.4M | ||
| Q1 25 | $123.0M | $319.0M | ||
| Q4 24 | $608.0M | $267.5M | ||
| Q3 24 | $798.0M | $331.2M | ||
| Q2 24 | $863.0M | $236.0M |
自由现金流率KMBMGM
| Q1 26 | — | — | ||
| Q4 25 | 17.5% | 7.8% | ||
| Q3 25 | 8.9% | 9.5% | ||
| Q2 25 | 13.8% | 8.6% | ||
| Q1 25 | 2.5% | 7.5% | ||
| Q4 24 | 12.3% | 6.2% | ||
| Q3 24 | 16.1% | 7.9% | ||
| Q2 24 | 17.2% | 5.5% |
资本支出强度KMBMGM
| Q1 26 | — | — | ||
| Q4 25 | 12.1% | 6.4% | ||
| Q3 25 | 8.2% | 6.5% | ||
| Q2 25 | 4.7% | 6.1% | ||
| Q1 25 | 4.2% | 5.3% | ||
| Q4 24 | 4.2% | 9.3% | ||
| Q3 24 | 3.2% | 8.0% | ||
| Q2 24 | 3.1% | 5.5% |
现金转化率KMBMGM
| Q1 26 | — | — | ||
| Q4 25 | 1.95× | 2.23× | ||
| Q3 25 | 1.59× | — | ||
| Q2 25 | 1.51× | 13.19× | ||
| Q1 25 | 0.58× | 3.68× | ||
| Q4 24 | 1.83× | 4.27× | ||
| Q3 24 | 1.06× | 3.62× | ||
| Q2 24 | 1.88× | 2.54× |
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
KMB
| NA | $2.7B | 64% |
| IPC | $1.5B | 36% |
MGM
| Casino | $2.6B | 56% |
| Occupancy | $858.4M | 19% |
| Food And Beverage | $749.0M | 16% |
| Entertainment Retail And Other | $423.0M | 9% |
