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味好美（MKC）与Constellation Brands（STZ）财务数据对比。点击上方公司名可切换其他公司
Constellation Brands的季度营收约是味好美的1.2倍（$2.2B vs $1.9B），Constellation Brands净利率更高（22.6% vs 12.2%，领先10.4%），味好美同比增速更快（2.9% vs -9.8%），过去两年味好美的营收复合增速更高（7.5% vs 1.9%）
味好美是美国知名食品企业，专业生产、营销并配送香辛料、复合调味料、调味酱及各类风味产品，客户覆盖零售终端、食品生产商及餐饮服务企业，是全球领先的风味产品供应商。
Constellation Brands, Inc.是总部位于美国纽约州罗切斯特的《财富》500强企业，主营啤酒、葡萄酒及烈酒的生产与营销，按销售额计算是美国最大的啤酒进口商，在全美主要啤酒供应商中市场份额位列第三。公司还通过与Canopy Growth合作在医用及娱乐大麻领域有大额投资，现有约40处设施、近9000名员工。
MKC vs STZ — 直观对比
营收规模更大
STZ
是对方的1.2倍
$1.9B
营收增速更快
MKC
高出12.7%
-9.8%
净利率更高
STZ
高出10.4%
12.2%
两年增速更快
MKC
近两年复合增速
1.9%
损益表 — Q4 FY2025 vs Q3 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $1.9B | $2.2B |
| 净利润 | $226.6M | $502.8M |
| 毛利率 | 38.9% | 53.2% |
| 营业利润率 | 16.8% | 31.1% |
| 净利率 | 12.2% | 22.6% |
| 营收同比 | 2.9% | -9.8% |
| 净利润同比 | 5.3% | -18.4% |
| 每股收益（稀释后） | $0.84 | — |
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MKCSTZ
| Q4 25 | $1.9B | $2.2B | ||
| Q3 25 | $1.7B | $2.5B | ||
| Q2 25 | $1.7B | $2.5B | ||
| Q1 25 | $1.6B | $2.2B | ||
| Q4 24 | $1.8B | $2.5B | ||
| Q3 24 | $1.7B | $2.9B | ||
| Q2 24 | $1.6B | $2.7B | ||
| Q1 24 | $1.6B | $2.1B |
净利润MKCSTZ
| Q4 25 | $226.6M | $502.8M | ||
| Q3 25 | $225.5M | $466.0M | ||
| Q2 25 | $175.0M | $516.1M | ||
| Q1 25 | $162.3M | $-375.3M | ||
| Q4 24 | $215.2M | $615.9M | ||
| Q3 24 | $223.1M | $-1.2B | ||
| Q2 24 | $184.2M | $877.0M | ||
| Q1 24 | $166.0M | $392.4M |
毛利率MKCSTZ
| Q4 25 | 38.9% | 53.2% | ||
| Q3 25 | 37.4% | 52.8% | ||
| Q2 25 | 37.5% | 50.4% | ||
| Q1 25 | 37.6% | 51.5% | ||
| Q4 24 | 40.2% | 52.1% | ||
| Q3 24 | 38.7% | 51.8% | ||
| Q2 24 | 37.7% | 52.7% | ||
| Q1 24 | 37.4% | 48.6% |
营业利润率MKCSTZ
| Q4 25 | 16.8% | 31.1% | ||
| Q3 25 | 16.7% | 35.2% | ||
| Q2 25 | 14.8% | 28.4% | ||
| Q1 25 | 14.0% | -6.9% | ||
| Q4 24 | 17.0% | 32.2% | ||
| Q3 24 | 17.1% | -42.1% | ||
| Q2 24 | 14.2% | 35.4% | ||
| Q1 24 | 14.6% | 29.4% |
净利率MKCSTZ
| Q4 25 | 12.2% | 22.6% | ||
| Q3 25 | 13.1% | 18.8% | ||
| Q2 25 | 10.5% | 20.5% | ||
| Q1 25 | 10.1% | -17.3% | ||
| Q4 24 | 12.0% | 25.0% | ||
| Q3 24 | 13.3% | -41.1% | ||
| Q2 24 | 11.2% | 32.9% | ||
| Q1 24 | 10.4% | 18.3% |
每股收益（稀释后）MKCSTZ
| Q4 25 | $0.84 | — | ||
| Q3 25 | $0.84 | — | ||
| Q2 25 | $0.65 | — | ||
| Q1 25 | $0.60 | — | ||
| Q4 24 | $0.79 | — | ||
| Q3 24 | $0.83 | — | ||
| Q2 24 | $0.68 | — | ||
| Q1 24 | $0.62 | — |
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 | $95.9M | $152.4M |
| 总债务越低越好 | $3.6B | $10.3B |
| 股东权益账面价值 | $5.7B | $7.7B |
| 总资产 | $13.2B | $21.7B |
| 负债/权益比越低杠杆越低 | 0.63× | 1.33× |
8季度趋势，按日历期对齐
现金及短期投资MKCSTZ
| Q4 25 | $95.9M | $152.4M | ||
| Q3 25 | $94.9M | $72.0M | ||
| Q2 25 | $124.1M | $73.9M | ||
| Q1 25 | $102.8M | $68.1M | ||
| Q4 24 | $186.1M | $73.7M | ||
| Q3 24 | $200.8M | $64.6M | ||
| Q2 24 | $166.3M | $73.8M | ||
| Q1 24 | $178.0M | $152.4M |
总债务MKCSTZ
| Q4 25 | $3.6B | $10.3B | ||
| Q3 25 | $3.9B | $10.3B | ||
| Q2 25 | $3.9B | $11.2B | ||
| Q1 25 | $3.9B | $10.7B | ||
| Q4 24 | $3.9B | $10.7B | ||
| Q3 24 | $3.4B | $11.1B | ||
| Q2 24 | $4.1B | $11.1B | ||
| Q1 24 | $4.1B | $11.6B |
股东权益MKCSTZ
| Q4 25 | $5.7B | $7.7B | ||
| Q3 25 | $5.8B | $7.5B | ||
| Q2 25 | $5.6B | $7.3B | ||
| Q1 25 | $5.4B | $6.9B | ||
| Q4 24 | $5.3B | $7.8B | ||
| Q3 24 | $5.4B | $7.9B | ||
| Q2 24 | $5.3B | $10.3B | ||
| Q1 24 | $5.2B | $9.7B |
总资产MKCSTZ
| Q4 25 | $13.2B | $21.7B | ||
| Q3 25 | $13.2B | $21.4B | ||
| Q2 25 | $13.2B | $22.3B | ||
| Q1 25 | $12.9B | $21.7B | ||
| Q4 24 | $13.1B | $22.8B | ||
| Q3 24 | $13.2B | $23.1B | ||
| Q2 24 | $13.0B | $26.1B | ||
| Q1 24 | $12.9B | $25.7B |
负债/权益比MKCSTZ
| Q4 25 | 0.63× | 1.33× | ||
| Q3 25 | 0.67× | 1.37× | ||
| Q2 25 | 0.69× | 1.54× | ||
| Q1 25 | 0.71× | 1.55× | ||
| Q4 24 | 0.73× | 1.37× | ||
| Q3 24 | 0.63× | 1.41× | ||
| Q2 24 | 0.77× | 1.08× | ||
| Q1 24 | 0.79× | 1.19× |
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 | $542.0M | $616.9M |
| 自由现金流经营现金流 - 资本支出 | — | $370.9M |
| 自由现金流率自由现金流/营收 | — | 16.7% |
| 资本支出强度资本支出/营收 | — | 11.1% |
| 现金转化率经营现金流/净利润 | 2.39× | 1.23× |
| 过去12个月自由现金流最近4个季度 | — | $1.8B |
8季度趋势，按日历期对齐
经营现金流MKCSTZ
| Q4 25 | $542.0M | $616.9M | ||
| Q3 25 | $258.8M | $852.1M | ||
| Q2 25 | $45.9M | $637.2M | ||
| Q1 25 | $115.5M | $594.7M | ||
| Q4 24 | $458.7M | $685.2M | ||
| Q3 24 | $161.7M | $1.2B | ||
| Q2 24 | $163.1M | $690.5M | ||
| Q1 24 | $138.4M | $433.2M |
自由现金流MKCSTZ
| Q4 25 | — | $370.9M | ||
| Q3 25 | $206.1M | $634.8M | ||
| Q2 25 | $-2.4M | $444.4M | ||
| Q1 25 | $78.4M | $312.1M | ||
| Q4 24 | — | $456.8M | ||
| Q3 24 | $102.7M | $854.0M | ||
| Q2 24 | $94.8M | $315.2M | ||
| Q1 24 | $76.4M | $76.0M |
自由现金流率MKCSTZ
| Q4 25 | — | 16.7% | ||
| Q3 25 | 11.9% | 25.6% | ||
| Q2 25 | -0.1% | 17.7% | ||
| Q1 25 | 4.9% | 14.4% | ||
| Q4 24 | — | 18.5% | ||
| Q3 24 | 6.1% | 29.3% | ||
| Q2 24 | 5.8% | 11.8% | ||
| Q1 24 | 4.8% | 3.6% |
资本支出强度MKCSTZ
| Q4 25 | — | 11.1% | ||
| Q3 25 | 3.1% | 8.8% | ||
| Q2 25 | 2.9% | 7.7% | ||
| Q1 25 | 2.3% | 13.1% | ||
| Q4 24 | — | 9.3% | ||
| Q3 24 | 3.5% | 11.2% | ||
| Q2 24 | 4.2% | 14.1% | ||
| Q1 24 | 3.9% | 16.7% |
现金转化率MKCSTZ
| Q4 25 | 2.39× | 1.23× | ||
| Q3 25 | 1.15× | 1.83× | ||
| Q2 25 | 0.26× | 1.23× | ||
| Q1 25 | 0.71× | — | ||
| Q4 24 | 2.13× | 1.11× | ||
| Q3 24 | 0.72× | — | ||
| Q2 24 | 0.89× | 0.79× | ||
| Q1 24 | 0.83× | 1.10× |
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
MKC
| Consumer | $1.1B | 61% |
| Flavor Solutions | $723.1M | 39% |
STZ
| Beer | $2.0B | 90% |
| Constellation Wines And Spirits | $213.1M | 10% |
