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Primo Brands Corp（PRMB）与希悦尔（SEE）财务数据对比。点击上方公司名可切换其他公司
Primo Brands Corp的季度营收约是希悦尔的1.1倍（$1.6B vs $1.4B），希悦尔净利率更高（3.1% vs -0.8%，领先4.0%），希悦尔自由现金流更多（$257.7M vs $57.3M）
Primo Brands Corp是一家美加合资饮用水企业，主营多规格桶装水、饮水机、自助补水设备及净水家电，总部位于美国佛罗里达州坦帕市，服务覆盖美国、加拿大、欧洲及以色列的住宅与商业客户。
希悦尔是全球领先的包装与防护解决方案供应商，核心产品包括缓冲防护材料、食品保鲜包装、可持续减废包装系统，服务覆盖电商、零售、食品饮料、工业制造等多个海内外领域。
PRMB vs SEE — 直观对比
营收规模更大
PRMB
是对方的1.1倍
$1.4B
净利率更高
SEE
高出4.0%
-0.8%
自由现金流更多
SEE
多$200.4M
$57.3M
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.6B | $1.4B |
| 净利润 | $-13.0M | $43.8M |
| 毛利率 | 27.7% | 28.6% |
| 营业利润率 | 1.2% | 11.4% |
| 净利率 | -0.8% | 3.1% |
| 营收同比 | — | 2.6% |
| 净利润同比 | — | 700.0% |
| 每股收益（稀释后） | $-0.03 | $0.30 |
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PRMBSEE
| Q4 25 | $1.6B | $1.4B | ||
| Q3 25 | $1.8B | $1.3B | ||
| Q2 25 | $1.7B | $1.3B | ||
| Q1 25 | $1.6B | $1.3B | ||
| Q4 24 | — | $1.4B | ||
| Q3 24 | $0 | $1.3B | ||
| Q2 24 | $1.3B | $1.3B | ||
| Q1 24 | $1.1B | $1.3B |
净利润PRMBSEE
| Q4 25 | $-13.0M | $43.8M | ||
| Q3 25 | $16.8M | $255.1M | ||
| Q2 25 | $27.6M | $93.1M | ||
| Q1 25 | $28.7M | $113.5M | ||
| Q4 24 | — | $-7.3M | ||
| Q3 24 | $-2.0K | $91.7M | ||
| Q2 24 | $54.5M | $98.3M | ||
| Q1 24 | $33.5M | $82.0M |
毛利率PRMBSEE
| Q4 25 | 27.7% | 28.6% | ||
| Q3 25 | 29.9% | 29.8% | ||
| Q2 25 | 31.3% | 30.7% | ||
| Q1 25 | 32.3% | 30.9% | ||
| Q4 24 | — | 30.0% | ||
| Q3 24 | — | 30.1% | ||
| Q2 24 | 32.7% | 31.2% | ||
| Q1 24 | 30.4% | 30.3% |
营业利润率PRMBSEE
| Q4 25 | 1.2% | 11.4% | ||
| Q3 25 | 8.3% | 13.8% | ||
| Q2 25 | 6.5% | 15.0% | ||
| Q1 25 | 9.5% | 14.5% | ||
| Q4 24 | — | 11.7% | ||
| Q3 24 | — | 13.9% | ||
| Q2 24 | 12.1% | 15.4% | ||
| Q1 24 | 11.0% | 14.0% |
净利率PRMBSEE
| Q4 25 | -0.8% | 3.1% | ||
| Q3 25 | 1.0% | 19.0% | ||
| Q2 25 | 1.6% | 7.0% | ||
| Q1 25 | 1.8% | 9.0% | ||
| Q4 24 | — | -0.5% | ||
| Q3 24 | — | 6.9% | ||
| Q2 24 | 4.1% | 7.4% | ||
| Q1 24 | 2.9% | 6.2% |
每股收益（稀释后）PRMBSEE
| Q4 25 | $-0.03 | $0.30 | ||
| Q3 25 | $0.04 | $1.73 | ||
| Q2 25 | $0.07 | $0.63 | ||
| Q1 25 | $0.08 | $0.77 | ||
| Q4 24 | — | $-0.05 | ||
| Q3 24 | $-20.00 | $0.63 | ||
| Q2 24 | $0.25 | $0.67 | ||
| Q1 24 | $0.15 | $0.56 |
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 | $376.7M | $344.0M |
| 总债务越低越好 | $5.2B | $3.3B |
| 股东权益账面价值 | $3.0B | $1.2B |
| 总资产 | $10.6B | $7.0B |
| 负债/权益比越低杠杆越低 | 1.72× | 2.65× |
8季度趋势，按日历期对齐
现金及短期投资PRMBSEE
| Q4 25 | $376.7M | $344.0M | ||
| Q3 25 | — | $282.5M | ||
| Q2 25 | — | $354.4M | ||
| Q1 25 | — | $335.2M | ||
| Q4 24 | — | $371.8M | ||
| Q3 24 | — | $386.0M | ||
| Q2 24 | — | $388.6M | ||
| Q1 24 | — | $352.8M |
总债务PRMBSEE
| Q4 25 | $5.2B | $3.3B | ||
| Q3 25 | $5.1B | $4.0B | ||
| Q2 25 | $5.1B | $4.0B | ||
| Q1 25 | $5.0B | $4.2B | ||
| Q4 24 | — | $4.2B | ||
| Q3 24 | — | $4.3B | ||
| Q2 24 | — | $4.4B | ||
| Q1 24 | — | $4.5B |
股东权益PRMBSEE
| Q4 25 | $3.0B | $1.2B | ||
| Q3 25 | $3.2B | $1.2B | ||
| Q2 25 | $3.2B | $953.1M | ||
| Q1 25 | $3.3B | $797.9M | ||
| Q4 24 | — | $624.5M | ||
| Q3 24 | $-2.0K | $771.2M | ||
| Q2 24 | $-296.8M | $650.1M | ||
| Q1 24 | $-349.8M | $598.3M |
总资产PRMBSEE
| Q4 25 | $10.6B | $7.0B | ||
| Q3 25 | $11.0B | $7.1B | ||
| Q2 25 | $11.0B | $7.2B | ||
| Q1 25 | $11.0B | $7.0B | ||
| Q4 24 | — | $7.0B | ||
| Q3 24 | $0 | $7.3B | ||
| Q2 24 | — | $7.3B | ||
| Q1 24 | — | $7.2B |
负债/权益比PRMBSEE
| Q4 25 | 1.72× | 2.65× | ||
| Q3 25 | 1.61× | 3.34× | ||
| Q2 25 | 1.57× | 4.18× | ||
| Q1 25 | 1.51× | 5.26× | ||
| Q4 24 | — | 6.72× | ||
| Q3 24 | — | 5.62× | ||
| Q2 24 | — | 6.81× | ||
| Q1 24 | — | 7.49× |
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 | $203.1M | $293.6M |
| 自由现金流经营现金流 - 资本支出 | $57.3M | $257.7M |
| 自由现金流率自由现金流/营收 | 3.7% | 18.5% |
| 资本支出强度资本支出/营收 | 9.4% | 2.6% |
| 现金转化率经营现金流/净利润 | — | 6.70× |
| 过去12个月自由现金流最近4个季度 | $302.9M | $458.5M |
8季度趋势，按日历期对齐
经营现金流PRMBSEE
| Q4 25 | $203.1M | $293.6M | ||
| Q3 25 | $283.4M | $165.9M | ||
| Q2 25 | $155.0M | $136.6M | ||
| Q1 25 | $38.8M | $31.9M | ||
| Q4 24 | — | $244.2M | ||
| Q3 24 | $0 | $170.5M | ||
| Q2 24 | $102.5M | $188.2M | ||
| Q1 24 | $6.0M | $125.1M |
自由现金流PRMBSEE
| Q4 25 | $57.3M | $257.7M | ||
| Q3 25 | $167.7M | $119.6M | ||
| Q2 25 | $101.1M | $93.2M | ||
| Q1 25 | $-23.2M | $-12.0M | ||
| Q4 24 | — | $185.1M | ||
| Q3 24 | — | $115.2M | ||
| Q2 24 | $61.4M | $129.5M | ||
| Q1 24 | $-17.5M | $78.0M |
自由现金流率PRMBSEE
| Q4 25 | 3.7% | 18.5% | ||
| Q3 25 | 9.5% | 8.9% | ||
| Q2 25 | 5.8% | 7.0% | ||
| Q1 25 | -1.4% | -0.9% | ||
| Q4 24 | — | 13.6% | ||
| Q3 24 | — | 8.6% | ||
| Q2 24 | 4.7% | 9.7% | ||
| Q1 24 | -1.5% | 5.9% |
资本支出强度PRMBSEE
| Q4 25 | 9.4% | 2.6% | ||
| Q3 25 | 6.6% | 3.4% | ||
| Q2 25 | 3.1% | 3.3% | ||
| Q1 25 | 3.8% | 3.5% | ||
| Q4 24 | — | 4.4% | ||
| Q3 24 | — | 4.1% | ||
| Q2 24 | 3.1% | 4.4% | ||
| Q1 24 | 2.1% | 3.6% |
现金转化率PRMBSEE
| Q4 25 | — | 6.70× | ||
| Q3 25 | 16.87× | 0.65× | ||
| Q2 25 | 5.62× | 1.47× | ||
| Q1 25 | 1.35× | 0.28× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 1.86× | ||
| Q2 24 | 1.88× | 1.91× | ||
| Q1 24 | 0.18× | 1.53× |
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
PRMB
| Regional Spring Water | $765.1M | 49% |
| Purified Water | $484.5M | 31% |
| Other | $188.4M | 12% |
| Premium Water | $90.3M | 6% |
| Other Water | $25.8M | 2% |
SEE
| Protective Segment | $1.1B | 78% |
| Other | $292.0M | 21% |
| Pension Plans Defined Benefit | $7.9M | 1% |
