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3M（MMM）与US Foods Holding Corp.（USFD）财务数据对比。点击上方公司名可切换其他公司
US Foods Holding Corp.的季度营收约是3M的1.6倍（$9.8B vs $6.0B），3M净利率更高（10.8% vs 1.9%，领先9.0%），US Foods Holding Corp.同比增速更快（3.3% vs 1.3%），3M自由现金流更多（$2.0B vs $159.0M），过去两年US Foods Holding Corp.的营收复合增速更高（4.6% vs -1.8%）
3M是美国知名跨国综合企业，业务覆盖工业、劳动者安全防护、消费品等多个领域，总部位于圣保罗郊区的枫木市。公司现有超6万款产品，涵盖胶粘剂、研磨材料、防火防护产品、个人防护装备、窗膜、车漆保护膜、电子连接绝缘材料、汽车养护产品、光学膜等品类。
US Foods Holding Corp.是美国第二大食品服务分销商，规模仅次于Sysco。公司服务覆盖独立餐厅、连锁餐饮、医疗保健、酒店、教育机构等共计25万个场点，为各类客户提供食品配送及相关供应链服务，业务覆盖场景十分多元。
MMM vs USFD — 直观对比
营收规模更大
USFD
是对方的1.6倍
$6.0B
营收增速更快
USFD
高出2.0%
1.3%
净利率更高
MMM
高出9.0%
1.9%
自由现金流更多
MMM
多$1.9B
$159.0M
两年增速更快
USFD
近两年复合增速
-1.8%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $6.0B | $9.8B |
| 净利润 | $653.0M | $184.0M |
| 毛利率 | 40.7% | 17.6% |
| 营业利润率 | 23.2% | 3.3% |
| 净利率 | 10.8% | 1.9% |
| 营收同比 | 1.3% | 3.3% |
| 净利润同比 | -41.5% | 178.8% |
| 每股收益（稀释后） | $1.23 | $0.82 |
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MMMUSFD
| Q1 26 | $6.0B | — | ||
| Q4 25 | $6.1B | $9.8B | ||
| Q3 25 | $6.5B | $10.2B | ||
| Q2 25 | $6.3B | $10.1B | ||
| Q1 25 | $6.0B | $9.4B | ||
| Q4 24 | $6.0B | $9.5B | ||
| Q3 24 | $6.3B | $9.7B | ||
| Q2 24 | $6.3B | $9.7B |
净利润MMMUSFD
| Q1 26 | $653.0M | — | ||
| Q4 25 | $577.0M | $184.0M | ||
| Q3 25 | $834.0M | $153.0M | ||
| Q2 25 | $723.0M | $224.0M | ||
| Q1 25 | $1.1B | $115.0M | ||
| Q4 24 | $728.0M | $66.0M | ||
| Q3 24 | $1.4B | $148.0M | ||
| Q2 24 | $1.1B | $198.0M |
毛利率MMMUSFD
| Q1 26 | 40.7% | — | ||
| Q4 25 | 33.6% | 17.6% | ||
| Q3 25 | 41.8% | 17.2% | ||
| Q2 25 | 42.5% | 17.6% | ||
| Q1 25 | 41.6% | 17.3% | ||
| Q4 24 | 51.7% | 17.6% | ||
| Q3 24 | 42.1% | 17.1% | ||
| Q2 24 | 42.9% | 17.6% |
营业利润率MMMUSFD
| Q1 26 | 23.2% | — | ||
| Q4 25 | 13.0% | 3.3% | ||
| Q3 25 | 22.2% | 2.8% | ||
| Q2 25 | 18.0% | 3.7% | ||
| Q1 25 | 20.9% | 2.4% | ||
| Q4 24 | 12.2% | 3.2% | ||
| Q3 24 | 20.9% | 2.9% | ||
| Q2 24 | 20.3% | 3.6% |
净利率MMMUSFD
| Q1 26 | 10.8% | — | ||
| Q4 25 | 9.4% | 1.9% | ||
| Q3 25 | 12.8% | 1.5% | ||
| Q2 25 | 11.4% | 2.2% | ||
| Q1 25 | 18.7% | 1.2% | ||
| Q4 24 | 12.1% | 0.7% | ||
| Q3 24 | 21.8% | 1.5% | ||
| Q2 24 | 18.3% | 2.0% |
每股收益（稀释后）MMMUSFD
| Q1 26 | $1.23 | — | ||
| Q4 25 | $1.07 | $0.82 | ||
| Q3 25 | $1.55 | $0.67 | ||
| Q2 25 | $1.34 | $0.96 | ||
| Q1 25 | $2.04 | $0.49 | ||
| Q4 24 | $1.33 | $0.28 | ||
| Q3 24 | $2.48 | $0.61 | ||
| Q2 24 | $2.07 | $0.80 |
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 | $3.7B | $41.0M |
| 总债务越低越好 | $10.9B | $5.1B |
| 股东权益账面价值 | $3.3B | $4.3B |
| 总资产 | $35.4B | $13.9B |
| 负债/权益比越低杠杆越低 | 3.29× | 1.18× |
8季度趋势，按日历期对齐
现金及短期投资MMMUSFD
| Q1 26 | $3.7B | — | ||
| Q4 25 | — | $41.0M | ||
| Q3 25 | — | $56.0M | ||
| Q2 25 | — | $61.0M | ||
| Q1 25 | — | $101.0M | ||
| Q4 24 | — | $59.0M | ||
| Q3 24 | — | $81.0M | ||
| Q2 24 | — | $405.0M |
总债务MMMUSFD
| Q1 26 | $10.9B | — | ||
| Q4 25 | $12.6B | $5.1B | ||
| Q3 25 | $12.6B | $4.8B | ||
| Q2 25 | $13.1B | $4.7B | ||
| Q1 25 | $13.5B | $4.7B | ||
| Q4 24 | $13.0B | $4.8B | ||
| Q3 24 | $13.2B | $4.7B | ||
| Q2 24 | $13.1B | $4.6B |
股东权益MMMUSFD
| Q1 26 | $3.3B | — | ||
| Q4 25 | $4.7B | $4.3B | ||
| Q3 25 | $4.6B | $4.5B | ||
| Q2 25 | $4.3B | $4.6B | ||
| Q1 25 | $4.5B | $4.6B | ||
| Q4 24 | $3.8B | $4.5B | ||
| Q3 24 | $4.6B | $4.6B | ||
| Q2 24 | $3.9B | $5.0B |
总资产MMMUSFD
| Q1 26 | $35.4B | — | ||
| Q4 25 | $37.7B | $13.9B | ||
| Q3 25 | $37.6B | $14.0B | ||
| Q2 25 | $38.0B | $13.8B | ||
| Q1 25 | $40.0B | $13.7B | ||
| Q4 24 | $39.9B | $13.4B | ||
| Q3 24 | $40.9B | $13.5B | ||
| Q2 24 | $43.4B | $13.7B |
负债/权益比MMMUSFD
| Q1 26 | 3.29× | — | ||
| Q4 25 | 2.68× | 1.18× | ||
| Q3 25 | 2.72× | 1.08× | ||
| Q2 25 | 3.06× | 1.02× | ||
| Q1 25 | 3.02× | 1.02× | ||
| Q4 24 | 3.40× | 1.06× | ||
| Q3 24 | 2.84× | 1.01× | ||
| Q2 24 | 3.34× | 0.92× |
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 | — | $293.0M |
| 自由现金流经营现金流 - 资本支出 | $2.0B | $159.0M |
| 自由现金流率自由现金流/营收 | 33.6% | 1.6% |
| 资本支出强度资本支出/营收 | — | 1.4% |
| 现金转化率经营现金流/净利润 | — | 1.59× |
| 过去12个月自由现金流最近4个季度 | $3.7B | $959.0M |
8季度趋势，按日历期对齐
经营现金流MMMUSFD
| Q1 26 | — | — | ||
| Q4 25 | $1.6B | $293.0M | ||
| Q3 25 | $1.8B | $351.0M | ||
| Q2 25 | $-954.0M | $334.0M | ||
| Q1 25 | $-79.0M | $391.0M | ||
| Q4 24 | $1.8B | $283.0M | ||
| Q3 24 | $-1.8B | $270.0M | ||
| Q2 24 | $1.0B | $482.0M |
自由现金流MMMUSFD
| Q1 26 | $2.0B | — | ||
| Q4 25 | $1.3B | $159.0M | ||
| Q3 25 | $1.5B | $236.0M | ||
| Q2 25 | $-1.2B | $257.0M | ||
| Q1 25 | $-315.0M | $307.0M | ||
| Q4 24 | $1.5B | $178.0M | ||
| Q3 24 | $-2.0B | $190.0M | ||
| Q2 24 | $752.0M | $413.0M |
自由现金流率MMMUSFD
| Q1 26 | 33.6% | — | ||
| Q4 25 | 21.8% | 1.6% | ||
| Q3 25 | 23.6% | 2.3% | ||
| Q2 25 | -18.3% | 2.5% | ||
| Q1 25 | -5.3% | 3.3% | ||
| Q4 24 | 25.4% | 1.9% | ||
| Q3 24 | -32.3% | 2.0% | ||
| Q2 24 | 12.0% | 4.3% |
资本支出强度MMMUSFD
| Q1 26 | — | — | ||
| Q4 25 | 4.0% | 1.4% | ||
| Q3 25 | 3.3% | 1.1% | ||
| Q2 25 | 3.3% | 0.8% | ||
| Q1 25 | 4.0% | 0.9% | ||
| Q4 24 | 4.8% | 1.1% | ||
| Q3 24 | 3.9% | 0.8% | ||
| Q2 24 | 4.3% | 0.7% |
现金转化率MMMUSFD
| Q1 26 | — | — | ||
| Q4 25 | 2.74× | 1.59× | ||
| Q3 25 | 2.11× | 2.29× | ||
| Q2 25 | -1.32× | 1.49× | ||
| Q1 25 | -0.07× | 3.40× | ||
| Q4 24 | 2.50× | 4.29× | ||
| Q3 24 | -1.30× | 1.82× | ||
| Q2 24 | 0.89× | 2.43× |
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
MMM
| Safety and Industrial business segment | $2.9B | 49% |
| Transportation and Electronics business segment | $1.8B | 31% |
| Consumer business segment | $1.1B | 19% |
| Corporate | $121.0M | 2% |
USFD
| Product One | $3.5B | 36% |
| Product Two | $1.7B | 17% |
| Product Three | $1.7B | 17% |
| Product Four | $985.0M | 10% |
| Product Five | $901.0M | 9% |
| Product Six | $580.0M | 6% |
| Product Seven | $485.0M | 5% |
