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J.M. Smucker Company (The)（SJM）与Snap Inc（SNAP）财务数据对比。点击上方公司名可切换其他公司
J.M. Smucker Company (The)的季度营收约是Snap Inc的1.4倍（$2.3B vs $1.7B），J.M. Smucker Company (The)净利率更高（10.4% vs 2.6%，领先7.7%），Snap Inc同比增速更快（10.2% vs 2.6%），J.M. Smucker Company (The)自由现金流更多（$280.2M vs $205.6M），过去两年Snap Inc的营收复合增速更高（19.9% vs 2.2%）
J.M.斯马克公司是美国食品饮料生产企业，总部位于俄亥俄州奥维尔，1897年成立之初主营苹果酱生产，目前旗下设消费食品、宠物食品、咖啡三大业务板块，核心品牌Smucker's主打果酱、花生酱、糖浆、无皮冷冻三明治、冰淇淋顶料等产品。
Snap Inc.是一家美国科技企业，2011年9月16日由埃文·斯皮格尔、鲍比·墨菲和雷吉·布朗联合创立，总部位于加利福尼亚州圣莫尼卡。公司核心产品包括社交应用Snapchat、智能眼镜Spectacles、虚拟形象工具Bitmoji以及营销推广解决方案SnapBoost，2016年9月24日由原Snapchat Inc.更名为现名，覆盖社交、智能硬件等多元业务领域。
SJM vs SNAP — 直观对比
营收规模更大
SJM
是对方的1.4倍
$1.7B
营收增速更快
SNAP
高出7.6%
2.6%
净利率更高
SJM
高出7.7%
2.6%
自由现金流更多
SJM
多$74.6M
$205.6M
两年增速更快
SNAP
近两年复合增速
2.2%
损益表 — Q2 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $2.3B | $1.7B |
| 净利润 | $241.3M | $45.2M |
| 毛利率 | 37.3% | 59.1% |
| 营业利润率 | 18.0% | 2.9% |
| 净利率 | 10.4% | 2.6% |
| 营收同比 | 2.6% | 10.2% |
| 净利润同比 | 1084.9% | 396.7% |
| 每股收益（稀释后） | $2.26 | $0.03 |
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SJMSNAP
| Q4 25 | $2.3B | $1.7B | ||
| Q3 25 | $2.1B | $1.5B | ||
| Q2 25 | $2.1B | $1.3B | ||
| Q1 25 | $2.2B | $1.4B | ||
| Q4 24 | $2.3B | $1.6B | ||
| Q3 24 | $2.1B | $1.4B | ||
| Q2 24 | $2.2B | $1.2B | ||
| Q1 24 | $2.2B | $1.2B |
净利润SJMSNAP
| Q4 25 | $241.3M | $45.2M | ||
| Q3 25 | $-43.9M | $-103.5M | ||
| Q2 25 | $-729.0M | $-262.6M | ||
| Q1 25 | $-662.3M | $-139.6M | ||
| Q4 24 | $-24.5M | $9.1M | ||
| Q3 24 | $185.0M | $-153.2M | ||
| Q2 24 | $245.1M | $-248.6M | ||
| Q1 24 | $120.4M | $-305.1M |
毛利率SJMSNAP
| Q4 25 | 37.3% | 59.1% | ||
| Q3 25 | 22.5% | 55.3% | ||
| Q2 25 | 38.4% | 51.4% | ||
| Q1 25 | 40.2% | 53.1% | ||
| Q4 24 | 39.0% | 56.9% | ||
| Q3 24 | 37.5% | 53.5% | ||
| Q2 24 | 41.4% | 52.4% | ||
| Q1 24 | 36.9% | 51.9% |
营业利润率SJMSNAP
| Q4 25 | 18.0% | 2.9% | ||
| Q3 25 | 2.2% | -8.5% | ||
| Q2 25 | -27.9% | -19.3% | ||
| Q1 25 | -27.2% | -14.2% | ||
| Q4 24 | 7.5% | -1.7% | ||
| Q3 24 | 16.4% | -12.6% | ||
| Q2 24 | 18.4% | -20.5% | ||
| Q1 24 | 13.3% | -27.9% |
净利率SJMSNAP
| Q4 25 | 10.4% | 2.6% | ||
| Q3 25 | -2.1% | -6.9% | ||
| Q2 25 | -34.0% | -19.5% | ||
| Q1 25 | -30.3% | -10.2% | ||
| Q4 24 | -1.1% | 0.6% | ||
| Q3 24 | 8.7% | -11.2% | ||
| Q2 24 | 11.1% | -20.1% | ||
| Q1 24 | 5.4% | -25.5% |
每股收益（稀释后）SJMSNAP
| Q4 25 | $2.26 | $0.03 | ||
| Q3 25 | $-0.41 | $-0.06 | ||
| Q2 25 | $-6.86 | $-0.16 | ||
| Q1 25 | $-6.22 | $-0.08 | ||
| Q4 24 | $-0.23 | $0.01 | ||
| Q3 24 | $1.74 | $-0.09 | ||
| Q2 24 | $2.31 | $-0.15 | ||
| Q1 24 | $1.13 | $-0.19 |
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 | — | $2.9B |
| 总债务越低越好 | $7.0B | $3.5B |
| 股东权益账面价值 | $6.1B | $2.3B |
| 总资产 | $17.6B | $7.7B |
| 负债/权益比越低杠杆越低 | 1.16× | 1.55× |
8季度趋势，按日历期对齐
现金及短期投资SJMSNAP
| Q4 25 | — | $2.9B | ||
| Q3 25 | — | $3.0B | ||
| Q2 25 | — | $2.9B | ||
| Q1 25 | — | $3.2B | ||
| Q4 24 | — | $3.4B | ||
| Q3 24 | — | $3.2B | ||
| Q2 24 | — | $3.1B | ||
| Q1 24 | — | $2.9B |
总债务SJMSNAP
| Q4 25 | $7.0B | $3.5B | ||
| Q3 25 | $7.0B | $3.5B | ||
| Q2 25 | $7.0B | $3.6B | ||
| Q1 25 | $7.4B | $3.6B | ||
| Q4 24 | $7.8B | $3.6B | ||
| Q3 24 | $7.8B | $3.6B | ||
| Q2 24 | $7.8B | $3.6B | ||
| Q1 24 | $8.1B | $3.3B |
股东权益SJMSNAP
| Q4 25 | $6.1B | $2.3B | ||
| Q3 25 | $5.9B | $2.2B | ||
| Q2 25 | $6.1B | $2.1B | ||
| Q1 25 | $6.9B | $2.3B | ||
| Q4 24 | $7.6B | $2.5B | ||
| Q3 24 | $7.8B | $2.2B | ||
| Q2 24 | $7.7B | $2.1B | ||
| Q1 24 | $7.6B | $2.1B |
总资产SJMSNAP
| Q4 25 | $17.6B | $7.7B | ||
| Q3 25 | $17.7B | $7.6B | ||
| Q2 25 | $17.6B | $7.4B | ||
| Q1 25 | $18.4B | $7.6B | ||
| Q4 24 | $20.0B | $7.9B | ||
| Q3 24 | $20.3B | $7.6B | ||
| Q2 24 | $20.3B | $7.4B | ||
| Q1 24 | $20.2B | $7.2B |
负债/权益比SJMSNAP
| Q4 25 | 1.16× | 1.55× | ||
| Q3 25 | 1.19× | 1.59× | ||
| Q2 25 | 1.16× | 1.73× | ||
| Q1 25 | 1.07× | 1.56× | ||
| Q4 24 | 1.02× | 1.49× | ||
| Q3 24 | 1.00× | 1.65× | ||
| Q2 24 | 1.01× | 1.76× | ||
| Q1 24 | 1.07× | 1.55× |
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 | $346.5M | $269.6M |
| 自由现金流经营现金流 - 资本支出 | $280.2M | $205.6M |
| 自由现金流率自由现金流/营收 | 12.0% | 12.0% |
| 资本支出强度资本支出/营收 | 2.8% | 3.7% |
| 现金转化率经营现金流/净利润 | 1.44× | 5.96× |
| 过去12个月自由现金流最近4个季度 | $635.5M | $437.2M |
8季度趋势，按日历期对齐
经营现金流SJMSNAP
| Q4 25 | $346.5M | $269.6M | ||
| Q3 25 | $-10.6M | $146.5M | ||
| Q2 25 | $393.9M | $88.5M | ||
| Q1 25 | $239.4M | $151.6M | ||
| Q4 24 | $404.2M | $230.6M | ||
| Q3 24 | $172.9M | $115.9M | ||
| Q2 24 | $428.1M | $-21.4M | ||
| Q1 24 | $406.5M | $88.4M |
自由现金流SJMSNAP
| Q4 25 | $280.2M | $205.6M | ||
| Q3 25 | $-94.9M | $93.4M | ||
| Q2 25 | $298.9M | $23.8M | ||
| Q1 25 | $151.3M | $114.4M | ||
| Q4 24 | $317.2M | $182.4M | ||
| Q3 24 | $49.2M | $71.8M | ||
| Q2 24 | $297.5M | $-73.4M | ||
| Q1 24 | $249.6M | $37.9M |
自由现金流率SJMSNAP
| Q4 25 | 12.0% | 12.0% | ||
| Q3 25 | -4.5% | 6.2% | ||
| Q2 25 | 13.9% | 1.8% | ||
| Q1 25 | 6.9% | 8.4% | ||
| Q4 24 | 14.0% | 11.7% | ||
| Q3 24 | 2.3% | 5.2% | ||
| Q2 24 | 13.5% | -5.9% | ||
| Q1 24 | 11.2% | 3.2% |
资本支出强度SJMSNAP
| Q4 25 | 2.8% | 3.7% | ||
| Q3 25 | 4.0% | 3.5% | ||
| Q2 25 | 4.4% | 4.8% | ||
| Q1 25 | 4.0% | 2.7% | ||
| Q4 24 | 3.8% | 3.1% | ||
| Q3 24 | 5.8% | 3.2% | ||
| Q2 24 | 5.9% | 4.2% | ||
| Q1 24 | 7.0% | 4.2% |
现金转化率SJMSNAP
| Q4 25 | 1.44× | 5.96× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 25.34× | ||
| Q3 24 | 0.93× | — | ||
| Q2 24 | 1.75× | — | ||
| Q1 24 | 3.38× | — |
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
SJM
| U.S.Retail Frozen Handheld And Spreads | $461.1M | 20% |
| U.S.Retail Pet Foods | $413.2M | 18% |
| Handheld Frozen Sandwiches | $262.9M | 11% |
| Sweet Baked Snacks | $256.1M | 11% |
| Pet Snacks | $232.0M | 10% |
| Cat Food | $197.2M | 8% |
| Peanut Butter | $187.1M | 8% |
| CA | $94.5M | 4% |
| Fruit Spreads | $92.2M | 4% |
| Other | $50.5M | 2% |
| Portion Control | $50.1M | 2% |
| All Other International | $33.2M | 1% |
SNAP
| Advertising Revenue | $1.5B | 86% |
| Other Revenue | $231.9M | 14% |
