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欧文斯科宁（OC）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的季度营收约是欧文斯科宁的1.0倍（$2.2B vs $2.1B），Constellation Brands净利率更高（22.6% vs -13.9%，领先36.5%），Constellation Brands同比增速更快（-9.8% vs -24.6%），Constellation Brands自由现金流更多（$370.9M vs $333.0M），过去两年Constellation Brands的营收复合增速更高（1.9% vs -3.5%）
欧文斯科宁是美国知名建材及复合材料企业，1935年由康宁玻璃厂与欧文斯-伊利诺伊公司合资组建。主营保温材料、屋面材料、玻璃纤维复合材料及相关产品，是全球最大的玻璃纤维复合材料生产商，全球员工约1.9万人，自1955年《财富》500强榜单创立以来连年上榜。
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。
OC vs STZ — 直观对比
营收规模更大
STZ
是对方的1.0倍
$2.1B
营收增速更快
STZ
高出14.8%
-24.6%
净利率更高
STZ
高出36.5%
-13.9%
自由现金流更多
STZ
多$37.9M
$333.0M
两年增速更快
STZ
近两年复合增速
-3.5%
损益表 — Q4 FY2025 vs Q3 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $2.1B | $2.2B |
| 净利润 | $-298.0M | $502.8M |
| 毛利率 | 23.2% | 53.2% |
| 营业利润率 | -10.5% | 31.1% |
| 净利率 | -13.9% | 22.6% |
| 营收同比 | -24.6% | -9.8% |
| 净利润同比 | -15.5% | -18.4% |
| 每股收益（稀释后） | $-3.47 | — |
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OCSTZ
| Q4 25 | $2.1B | $2.2B | ||
| Q3 25 | $2.7B | $2.5B | ||
| Q2 25 | $2.7B | $2.5B | ||
| Q1 25 | $2.5B | $2.2B | ||
| Q4 24 | $2.8B | $2.5B | ||
| Q3 24 | $3.0B | $2.9B | ||
| Q2 24 | $2.8B | $2.7B | ||
| Q1 24 | $2.3B | $2.1B |
净利润OCSTZ
| Q4 25 | $-298.0M | $502.8M | ||
| Q3 25 | $-494.0M | $466.0M | ||
| Q2 25 | $363.0M | $516.1M | ||
| Q1 25 | $-93.0M | $-375.3M | ||
| Q4 24 | $-258.0M | $615.9M | ||
| Q3 24 | $321.0M | $-1.2B | ||
| Q2 24 | $285.0M | $877.0M | ||
| Q1 24 | $299.0M | $392.4M |
毛利率OCSTZ
| Q4 25 | 23.2% | 53.2% | ||
| Q3 25 | 28.2% | 52.8% | ||
| Q2 25 | 31.2% | 50.4% | ||
| Q1 25 | 28.7% | 51.5% | ||
| Q4 24 | 28.1% | 52.1% | ||
| Q3 24 | 29.8% | 51.8% | ||
| Q2 24 | 31.1% | 52.7% | ||
| Q1 24 | 29.6% | 48.6% |
营业利润率OCSTZ
| Q4 25 | -10.5% | 31.1% | ||
| Q3 25 | -12.2% | 35.2% | ||
| Q2 25 | 18.4% | 28.4% | ||
| Q1 25 | 16.1% | -6.9% | ||
| Q4 24 | -8.5% | 32.2% | ||
| Q3 24 | 16.7% | -42.1% | ||
| Q2 24 | 16.4% | 35.4% | ||
| Q1 24 | 17.5% | 29.4% |
净利率OCSTZ
| Q4 25 | -13.9% | 22.6% | ||
| Q3 25 | -18.4% | 18.8% | ||
| Q2 25 | 13.2% | 20.5% | ||
| Q1 25 | -3.7% | -17.3% | ||
| Q4 24 | -9.1% | 25.0% | ||
| Q3 24 | 10.5% | -41.1% | ||
| Q2 24 | 10.2% | 32.9% | ||
| Q1 24 | 13.0% | 18.3% |
每股收益（稀释后）OCSTZ
| Q4 25 | $-3.47 | — | ||
| Q3 25 | $-5.92 | — | ||
| Q2 25 | $4.25 | — | ||
| Q1 25 | $-1.08 | — | ||
| Q4 24 | $-2.92 | — | ||
| Q3 24 | $3.65 | — | ||
| Q2 24 | $3.24 | — | ||
| Q1 24 | $3.40 | — |
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 | $345.0M | $152.4M |
| 总债务越低越好 | $4.7B | $10.3B |
| 股东权益账面价值 | $3.9B | $7.7B |
| 总资产 | $13.0B | $21.7B |
| 负债/权益比越低杠杆越低 | 1.22× | 1.33× |
8季度趋势，按日历期对齐
现金及短期投资OCSTZ
| Q4 25 | $345.0M | $152.4M | ||
| Q3 25 | $286.0M | $72.0M | ||
| Q2 25 | $230.0M | $73.9M | ||
| Q1 25 | $400.0M | $68.1M | ||
| Q4 24 | $361.0M | $73.7M | ||
| Q3 24 | $499.0M | $64.6M | ||
| Q2 24 | $254.0M | $73.8M | ||
| Q1 24 | $1.3B | $152.4M |
总债务OCSTZ
| Q4 25 | $4.7B | $10.3B | ||
| Q3 25 | $4.7B | $10.3B | ||
| Q2 25 | $5.1B | $11.2B | ||
| Q1 25 | $5.0B | $10.7B | ||
| Q4 24 | $5.1B | $10.7B | ||
| Q3 24 | $5.0B | $11.1B | ||
| Q2 24 | $5.0B | $11.1B | ||
| Q1 24 | $2.6B | $11.6B |
股东权益OCSTZ
| Q4 25 | $3.9B | $7.7B | ||
| Q3 25 | $4.4B | $7.5B | ||
| Q2 25 | $5.2B | $7.3B | ||
| Q1 25 | $4.9B | $6.9B | ||
| Q4 24 | $5.1B | $7.8B | ||
| Q3 24 | $5.6B | $7.9B | ||
| Q2 24 | $5.5B | $10.3B | ||
| Q1 24 | $5.2B | $9.7B |
总资产OCSTZ
| Q4 25 | $13.0B | $21.7B | ||
| Q3 25 | $13.5B | $21.4B | ||
| Q2 25 | $14.5B | $22.3B | ||
| Q1 25 | $14.3B | $21.7B | ||
| Q4 24 | $14.1B | $22.8B | ||
| Q3 24 | $15.1B | $23.1B | ||
| Q2 24 | $15.0B | $26.1B | ||
| Q1 24 | $11.3B | $25.7B |
负债/权益比OCSTZ
| Q4 25 | 1.22× | 1.33× | ||
| Q3 25 | 1.06× | 1.37× | ||
| Q2 25 | 0.98× | 1.54× | ||
| Q1 25 | 1.03× | 1.55× | ||
| Q4 24 | 1.01× | 1.37× | ||
| Q3 24 | 0.89× | 1.41× | ||
| Q2 24 | 0.92× | 1.08× | ||
| Q1 24 | 0.51× | 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 | $590.0M | $616.9M |
| 自由现金流经营现金流 - 资本支出 | $333.0M | $370.9M |
| 自由现金流率自由现金流/营收 | 15.5% | 16.7% |
| 资本支出强度资本支出/营收 | 12.0% | 11.1% |
| 现金转化率经营现金流/净利润 | — | 1.23× |
| 过去12个月自由现金流最近4个季度 | $962.0M | $1.8B |
8季度趋势，按日历期对齐
经营现金流OCSTZ
| Q4 25 | $590.0M | $616.9M | ||
| Q3 25 | $918.0M | $852.1M | ||
| Q2 25 | $327.0M | $637.2M | ||
| Q1 25 | $-49.0M | $594.7M | ||
| Q4 24 | $676.0M | $685.2M | ||
| Q3 24 | $699.0M | $1.2B | ||
| Q2 24 | $493.0M | $690.5M | ||
| Q1 24 | $24.0M | $433.2M |
自由现金流OCSTZ
| Q4 25 | $333.0M | $370.9M | ||
| Q3 25 | $752.0M | $634.8M | ||
| Q2 25 | $129.0M | $444.4M | ||
| Q1 25 | $-252.0M | $312.1M | ||
| Q4 24 | $479.0M | $456.8M | ||
| Q3 24 | $558.0M | $854.0M | ||
| Q2 24 | $336.0M | $315.2M | ||
| Q1 24 | $-128.0M | $76.0M |
自由现金流率OCSTZ
| Q4 25 | 15.5% | 16.7% | ||
| Q3 25 | 28.0% | 25.6% | ||
| Q2 25 | 4.7% | 17.7% | ||
| Q1 25 | -10.0% | 14.4% | ||
| Q4 24 | 16.9% | 18.5% | ||
| Q3 24 | 18.3% | 29.3% | ||
| Q2 24 | 12.0% | 11.8% | ||
| Q1 24 | -5.6% | 3.6% |
资本支出强度OCSTZ
| Q4 25 | 12.0% | 11.1% | ||
| Q3 25 | 6.2% | 8.8% | ||
| Q2 25 | 7.2% | 7.7% | ||
| Q1 25 | 8.0% | 13.1% | ||
| Q4 24 | 6.9% | 9.3% | ||
| Q3 24 | 4.6% | 11.2% | ||
| Q2 24 | 5.6% | 14.1% | ||
| Q1 24 | 6.6% | 16.7% |
现金转化率OCSTZ
| Q4 25 | — | 1.23× | ||
| Q3 25 | — | 1.83× | ||
| Q2 25 | 0.90× | 1.23× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 1.11× | ||
| Q3 24 | 2.18× | — | ||
| Q2 24 | 1.73× | 0.79× | ||
| Q1 24 | 0.08× | 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
OC
| Insulation | $724.0M | 34% |
| Residential | $625.0M | 29% |
| Doors | $427.0M | 20% |
| Discontinued Operations Disposed Of By Sale | $299.0M | 14% |
| Commercial And Industrial Sector | $101.0M | 5% |
STZ
| Beer | $2.0B | 90% |
| Constellation Wines And Spirits | $213.1M | 10% |
