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Kenvue（KVUE）与Block, Inc.（XYZ）财务数据对比。点击上方公司名可切换其他公司
Block, Inc.的季度营收约是Kenvue的1.7倍（$6.3B vs $3.8B），Kenvue净利率更高（8.7% vs 1.9%，领先6.9%），Block, Inc.同比增速更快（3.6% vs 3.2%），Kenvue自由现金流更多（$744.0M vs $579.8M），过去两年Block, Inc.的营收复合增速更高（2.4% 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。
Block, Inc.是美国科技企业，面向消费者与商户提供金融服务，由杰克·多尔西于2009年创立，是美国销售点系统领域的市场领导者。截至2024年，平台服务5700万用户及400万商户，年支付处理规模达2410亿美元。
KVUE vs XYZ — 直观对比
营收规模更大
XYZ
是对方的1.7倍
$3.8B
营收增速更快
XYZ
高出0.4%
3.2%
净利率更高
KVUE
高出6.9%
1.9%
自由现金流更多
KVUE
多$164.2M
$579.8M
两年增速更快
XYZ
近两年复合增速
-1.5%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $3.8B | $6.3B |
| 净利润 | $330.0M | $115.8M |
| 毛利率 | 56.5% | 45.9% |
| 营业利润率 | 14.2% | 7.8% |
| 净利率 | 8.7% | 1.9% |
| 营收同比 | 3.2% | 3.6% |
| 净利润同比 | 12.6% | -94.1% |
| 每股收益（稀释后） | $0.16 | $0.19 |
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KVUEXYZ
| Q4 25 | $3.8B | $6.3B | ||
| Q3 25 | $3.8B | $6.1B | ||
| Q2 25 | $3.8B | $6.1B | ||
| Q1 25 | $3.7B | $5.8B | ||
| Q4 24 | $3.7B | $6.0B | ||
| Q3 24 | $3.9B | $6.0B | ||
| Q2 24 | $4.0B | $6.2B | ||
| Q1 24 | $3.9B | $6.0B |
净利润KVUEXYZ
| Q4 25 | $330.0M | $115.8M | ||
| Q3 25 | $398.0M | $461.5M | ||
| Q2 25 | $420.0M | $538.5M | ||
| Q1 25 | $322.0M | $189.9M | ||
| Q4 24 | $293.0M | $1.9B | ||
| Q3 24 | $383.0M | $283.8M | ||
| Q2 24 | $58.0M | $195.3M | ||
| Q1 24 | $296.0M | $472.0M |
毛利率KVUEXYZ
| Q4 25 | 56.5% | 45.9% | ||
| Q3 25 | 59.1% | 43.5% | ||
| Q2 25 | 58.9% | 41.9% | ||
| Q1 25 | 58.0% | 39.7% | ||
| Q4 24 | 56.5% | 38.3% | ||
| Q3 24 | 58.5% | 37.6% | ||
| Q2 24 | 59.1% | 36.3% | ||
| Q1 24 | 57.6% | 35.2% |
营业利润率KVUEXYZ
| Q4 25 | 14.2% | 7.8% | ||
| Q3 25 | 16.7% | 6.7% | ||
| Q2 25 | 18.0% | 8.0% | ||
| Q1 25 | 14.9% | 5.7% | ||
| Q4 24 | 13.2% | 0.2% | ||
| Q3 24 | 16.8% | 5.4% | ||
| Q2 24 | 3.9% | 5.0% | ||
| Q1 24 | 14.1% | 4.2% |
净利率KVUEXYZ
| Q4 25 | 8.7% | 1.9% | ||
| Q3 25 | 10.6% | 7.5% | ||
| Q2 25 | 10.9% | 8.9% | ||
| Q1 25 | 8.6% | 3.3% | ||
| Q4 24 | 8.0% | 32.3% | ||
| Q3 24 | 9.8% | 4.7% | ||
| Q2 24 | 1.5% | 3.2% | ||
| Q1 24 | 7.6% | 7.9% |
每股收益（稀释后）KVUEXYZ
| Q4 25 | $0.16 | $0.19 | ||
| Q3 25 | $0.21 | $0.74 | ||
| Q2 25 | $0.22 | $0.87 | ||
| Q1 25 | $0.17 | $0.30 | ||
| Q4 24 | $0.16 | $3.06 | ||
| Q3 24 | $0.20 | $0.45 | ||
| Q2 24 | $0.03 | $0.31 | ||
| Q1 24 | $0.15 | $0.74 |
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 | $6.6B |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $10.8B | $22.2B |
| 总资产 | $27.1B | $39.5B |
| 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KVUEXYZ
| Q4 25 | $1.1B | $6.6B | ||
| Q3 25 | $1.1B | $8.3B | ||
| Q2 25 | $1.1B | $6.4B | ||
| Q1 25 | $1.1B | $7.1B | ||
| Q4 24 | $1.1B | $8.1B | ||
| Q3 24 | $1.1B | $8.3B | ||
| Q2 24 | $1.0B | $7.8B | ||
| Q1 24 | $1.2B | $5.8B |
总债务KVUEXYZ
| Q4 25 | — | — | ||
| Q3 25 | — | $7.3B | ||
| Q2 25 | — | $5.1B | ||
| Q1 25 | — | $5.1B | ||
| Q4 24 | — | $6.1B | ||
| Q3 24 | — | $6.1B | ||
| Q2 24 | — | $6.1B | ||
| Q1 24 | — | $4.1B |
股东权益KVUEXYZ
| Q4 25 | $10.8B | $22.2B | ||
| Q3 25 | $10.6B | $22.5B | ||
| Q2 25 | $10.7B | $22.2B | ||
| Q1 25 | $10.1B | $21.5B | ||
| Q4 24 | $9.7B | $21.3B | ||
| Q3 24 | $10.6B | $19.9B | ||
| Q2 24 | $10.2B | $19.3B | ||
| Q1 24 | $10.6B | $19.0B |
总资产KVUEXYZ
| Q4 25 | $27.1B | $39.5B | ||
| Q3 25 | $27.2B | $39.2B | ||
| Q2 25 | $27.1B | $36.9B | ||
| Q1 25 | $26.3B | $36.4B | ||
| Q4 24 | $25.6B | $36.8B | ||
| Q3 24 | $26.9B | $36.4B | ||
| Q2 24 | $26.4B | $37.5B | ||
| Q1 24 | $27.3B | $35.6B |
负债/权益比KVUEXYZ
| Q4 25 | — | — | ||
| Q3 25 | — | 0.32× | ||
| Q2 25 | — | 0.23× | ||
| Q1 25 | — | 0.24× | ||
| Q4 24 | — | 0.29× | ||
| Q3 24 | — | 0.31× | ||
| Q2 24 | — | 0.32× | ||
| Q1 24 | — | 0.22× |
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 | $621.0M |
| 自由现金流经营现金流 - 资本支出 | $744.0M | $579.8M |
| 自由现金流率自由现金流/营收 | 19.7% | 9.3% |
| 资本支出强度资本支出/营收 | 2.9% | 0.7% |
| 现金转化率经营现金流/净利润 | 2.59× | 5.36× |
| 过去12个月自由现金流最近4个季度 | $1.7B | $2.4B |
8季度趋势，按日历期对齐
经营现金流KVUEXYZ
| Q4 25 | $854.0M | $621.0M | ||
| Q3 25 | $294.0M | $1.5B | ||
| Q2 25 | $621.0M | $374.3M | ||
| Q1 25 | $428.0M | $133.3M | ||
| Q4 24 | $793.0M | $13.8M | ||
| Q3 24 | $249.0M | $684.8M | ||
| Q2 24 | $440.0M | $519.4M | ||
| Q1 24 | $287.0M | $489.4M |
自由现金流KVUEXYZ
| Q4 25 | $744.0M | $579.8M | ||
| Q3 25 | $196.0M | $1.4B | ||
| Q2 25 | $533.0M | $343.0M | ||
| Q1 25 | $249.0M | $101.5M | ||
| Q4 24 | $661.0M | $-13.2M | ||
| Q3 24 | $190.0M | $628.2M | ||
| Q2 24 | $350.0M | $481.0M | ||
| Q1 24 | $134.0M | $457.4M |
自由现金流率KVUEXYZ
| Q4 25 | 19.7% | 9.3% | ||
| Q3 25 | 5.2% | 22.9% | ||
| Q2 25 | 13.9% | 5.7% | ||
| Q1 25 | 6.7% | 1.8% | ||
| Q4 24 | 18.1% | -0.2% | ||
| Q3 24 | 4.9% | 10.5% | ||
| Q2 24 | 8.8% | 7.8% | ||
| Q1 24 | 3.4% | 7.7% |
资本支出强度KVUEXYZ
| Q4 25 | 2.9% | 0.7% | ||
| Q3 25 | 2.6% | 0.8% | ||
| Q2 25 | 2.3% | 0.5% | ||
| Q1 25 | 4.8% | 0.6% | ||
| Q4 24 | 3.6% | 0.4% | ||
| Q3 24 | 1.5% | 0.9% | ||
| Q2 24 | 2.3% | 0.6% | ||
| Q1 24 | 3.9% | 0.5% |
现金转化率KVUEXYZ
| Q4 25 | 2.59× | 5.36× | ||
| Q3 25 | 0.74× | 3.14× | ||
| Q2 25 | 1.48× | 0.70× | ||
| Q1 25 | 1.33× | 0.70× | ||
| Q4 24 | 2.71× | 0.01× | ||
| Q3 24 | 0.65× | 2.41× | ||
| Q2 24 | 7.59× | 2.66× | ||
| Q1 24 | 0.97× | 1.04× |
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% |
XYZ
| US | $5.7B | 91% |
| Non Us | $560.9M | 9% |
