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Kenvue（KVUE）与联合太平洋（UNP）财务数据对比。点击上方公司名可切换其他公司
联合太平洋的季度营收约是Kenvue的1.6倍（$6.2B vs $3.8B），联合太平洋净利率更高（27.4% vs 8.7%，领先18.6%），Kenvue同比增速更快（3.2% vs 3.2%），Kenvue自由现金流更多（$744.0M vs $631.0M），过去两年联合太平洋的营收复合增速更高（1.7% vs -1.5%）
Kenvue是美国消费者健康企业，前身为强生集团消费者健康业务部门，旗下拥有邦迪、李施德林、露得清、泰诺、强生婴儿、仙特明等诸多知名消费健康品牌，总部现位于美国新泽西州萨米特。
联合太平洋是美国一级货运铁路运营商，共运营8300台机车，线路总长超5.18万公里，覆盖芝加哥、新奥尔良以西的23个美国州，是全美规模仅次于BNSF的第二大铁路企业。
KVUE vs UNP — 直观对比
营收规模更大
UNP
是对方的1.6倍
$3.8B
营收增速更快
KVUE
高出0.1%
3.2%
净利率更高
UNP
高出18.6%
8.7%
自由现金流更多
KVUE
多$113.0M
$631.0M
两年增速更快
UNP
近两年复合增速
-1.5%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $3.8B | $6.2B |
| 净利润 | $330.0M | $1.7B |
| 毛利率 | 56.5% | — |
| 营业利润率 | 14.2% | 39.5% |
| 净利率 | 8.7% | 27.4% |
| 营收同比 | 3.2% | 3.2% |
| 净利润同比 | 12.6% | 4.6% |
| 每股收益（稀释后） | $0.16 | $2.87 |
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KVUEUNP
| Q1 26 | — | $6.2B | ||
| Q4 25 | $3.8B | $6.1B | ||
| Q3 25 | $3.8B | $6.2B | ||
| Q2 25 | $3.8B | $6.2B | ||
| Q1 25 | $3.7B | $6.0B | ||
| Q4 24 | $3.7B | $6.1B | ||
| Q3 24 | $3.9B | $6.1B | ||
| Q2 24 | $4.0B | $6.0B |
净利润KVUEUNP
| Q1 26 | — | $1.7B | ||
| Q4 25 | $330.0M | $1.8B | ||
| Q3 25 | $398.0M | $1.8B | ||
| Q2 25 | $420.0M | $1.9B | ||
| Q1 25 | $322.0M | $1.6B | ||
| Q4 24 | $293.0M | $1.8B | ||
| Q3 24 | $383.0M | $1.7B | ||
| Q2 24 | $58.0M | $1.7B |
毛利率KVUEUNP
| Q1 26 | — | — | ||
| Q4 25 | 56.5% | — | ||
| Q3 25 | 59.1% | — | ||
| Q2 25 | 58.9% | — | ||
| Q1 25 | 58.0% | — | ||
| Q4 24 | 56.5% | — | ||
| Q3 24 | 58.5% | — | ||
| Q2 24 | 59.1% | — |
营业利润率KVUEUNP
| Q1 26 | — | 39.5% | ||
| Q4 25 | 14.2% | 39.5% | ||
| Q3 25 | 16.7% | 40.8% | ||
| Q2 25 | 18.0% | 41.0% | ||
| Q1 25 | 14.9% | 39.3% | ||
| Q4 24 | 13.2% | 41.3% | ||
| Q3 24 | 16.8% | 39.7% | ||
| Q2 24 | 3.9% | 40.0% |
净利率KVUEUNP
| Q1 26 | — | 27.4% | ||
| Q4 25 | 8.7% | 30.4% | ||
| Q3 25 | 10.6% | 28.6% | ||
| Q2 25 | 10.9% | 30.5% | ||
| Q1 25 | 8.6% | 27.0% | ||
| Q4 24 | 8.0% | 28.8% | ||
| Q3 24 | 9.8% | 27.4% | ||
| Q2 24 | 1.5% | 27.9% |
每股收益（稀释后）KVUEUNP
| Q1 26 | — | $2.87 | ||
| Q4 25 | $0.16 | $3.12 | ||
| Q3 25 | $0.21 | $3.01 | ||
| Q2 25 | $0.22 | $3.15 | ||
| Q1 25 | $0.17 | $2.70 | ||
| Q4 24 | $0.16 | $2.91 | ||
| Q3 24 | $0.20 | $2.75 | ||
| Q2 24 | $0.03 | $2.74 |
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 | $1.1B | $735.0M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $10.8B | — |
| 总资产 | $27.1B | $69.6B |
| 负债/权益比越低杠杆越低 | — | — |
8季度趋势，按日历期对齐
现金及短期投资KVUEUNP
| Q1 26 | — | $735.0M | ||
| Q4 25 | $1.1B | $1.3B | ||
| Q3 25 | $1.1B | $808.0M | ||
| Q2 25 | $1.1B | $1.1B | ||
| Q1 25 | $1.1B | $1.4B | ||
| Q4 24 | $1.1B | $1.0B | ||
| Q3 24 | $1.1B | $947.0M | ||
| Q2 24 | $1.0B | $1.1B |
总债务KVUEUNP
| Q1 26 | — | — | ||
| Q4 25 | — | $30.3B | ||
| Q3 25 | — | $30.3B | ||
| Q2 25 | — | $30.3B | ||
| Q1 25 | — | $30.6B | ||
| Q4 24 | — | $29.8B | ||
| Q3 24 | — | $29.8B | ||
| Q2 24 | — | $31.2B |
股东权益KVUEUNP
| Q1 26 | — | — | ||
| Q4 25 | $10.8B | $18.5B | ||
| Q3 25 | $10.6B | $17.3B | ||
| Q2 25 | $10.7B | $16.3B | ||
| Q1 25 | $10.1B | $16.0B | ||
| Q4 24 | $9.7B | $16.9B | ||
| Q3 24 | $10.6B | $16.6B | ||
| Q2 24 | $10.2B | $16.5B |
总资产KVUEUNP
| Q1 26 | — | $69.6B | ||
| Q4 25 | $27.1B | $69.7B | ||
| Q3 25 | $27.2B | $68.6B | ||
| Q2 25 | $27.1B | $68.6B | ||
| Q1 25 | $26.3B | $68.5B | ||
| Q4 24 | $25.6B | $67.7B | ||
| Q3 24 | $26.9B | $67.6B | ||
| Q2 24 | $26.4B | $67.8B |
负债/权益比KVUEUNP
| Q1 26 | — | — | ||
| Q4 25 | — | 1.64× | ||
| Q3 25 | — | 1.75× | ||
| Q2 25 | — | 1.86× | ||
| Q1 25 | — | 1.91× | ||
| Q4 24 | — | 1.76× | ||
| Q3 24 | — | 1.79× | ||
| Q2 24 | — | 1.89× |
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 | $854.0M | — |
| 自由现金流经营现金流 - 资本支出 | $744.0M | $631.0M |
| 自由现金流率自由现金流/营收 | 19.7% | 10.1% |
| 资本支出强度资本支出/营收 | 2.9% | — |
| 现金转化率经营现金流/净利润 | 2.59× | — |
| 过去12个月自由现金流最近4个季度 | $1.7B | $4.8B |
8季度趋势，按日历期对齐
经营现金流KVUEUNP
| Q1 26 | — | — | ||
| Q4 25 | $854.0M | $2.2B | ||
| Q3 25 | $294.0M | $2.5B | ||
| Q2 25 | $621.0M | $2.3B | ||
| Q1 25 | $428.0M | $2.2B | ||
| Q4 24 | $793.0M | $2.7B | ||
| Q3 24 | $249.0M | $2.7B | ||
| Q2 24 | $440.0M | $1.9B |
自由现金流KVUEUNP
| Q1 26 | — | $631.0M | ||
| Q4 25 | $744.0M | $1.2B | ||
| Q3 25 | $196.0M | $1.6B | ||
| Q2 25 | $533.0M | $1.4B | ||
| Q1 25 | $249.0M | $1.3B | ||
| Q4 24 | $661.0M | $1.7B | ||
| Q3 24 | $190.0M | $1.8B | ||
| Q2 24 | $350.0M | $1.0B |
自由现金流率KVUEUNP
| Q1 26 | — | 10.1% | ||
| Q4 25 | 19.7% | 20.1% | ||
| Q3 25 | 5.2% | 25.2% | ||
| Q2 25 | 13.9% | 22.7% | ||
| Q1 25 | 6.7% | 21.6% | ||
| Q4 24 | 18.1% | 28.4% | ||
| Q3 24 | 4.9% | 29.9% | ||
| Q2 24 | 8.8% | 16.8% |
资本支出强度KVUEUNP
| Q1 26 | — | — | ||
| Q4 25 | 2.9% | 16.4% | ||
| Q3 25 | 2.6% | 15.2% | ||
| Q2 25 | 2.3% | 15.2% | ||
| Q1 25 | 4.8% | 15.0% | ||
| Q4 24 | 3.6% | 15.1% | ||
| Q3 24 | 1.5% | 13.6% | ||
| Q2 24 | 2.3% | 15.0% |
现金转化率KVUEUNP
| Q1 26 | — | — | ||
| Q4 25 | 2.59× | 1.20× | ||
| Q3 25 | 0.74× | 1.41× | ||
| Q2 25 | 1.48× | 1.24× | ||
| Q1 25 | 1.33× | 1.36× | ||
| Q4 24 | 2.71× | 1.51× | ||
| Q3 24 | 0.65× | 1.59× | ||
| Q2 24 | 7.59× | 1.14× |
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
KVUE
| Self Care | $1.6B | 42% |
| Essential Health | $1.1B | 30% |
| Skin Health And Beauty | $1.0B | 28% |
UNP
| Freight revenues | $5.9B | 95% |
| Other revenues | $324.0M | 5% |
