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J.M. Smucker Company (The)（SJM）与Targa Resources（TRGP）财务数据对比。点击上方公司名可切换其他公司
Targa Resources的季度营收约是J.M. Smucker Company (The)的1.7倍（$4.1B vs $2.3B），Targa Resources净利率更高（13.4% vs 10.4%，领先3.1%），J.M. Smucker Company (The)同比增速更快（2.6% vs -7.9%），Targa Resources自由现金流更多（$542.3M vs $280.2M），过去两年J.M. Smucker Company (The)的营收复合增速更高（2.2% vs 0.8%）
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。
Targa Resources Corp.为财富500强企业，总部位于美国得克萨斯州休斯敦，是美国规模最大的中游能源基础设施企业之一，主营天然气及天然气凝液输送业务，运营资产主要集中在墨西哥湾沿岸，得克萨斯州与路易斯安那州为核心布局区域，马修·J·梅洛伊自2020年起担任首席执行官。
SJM vs TRGP — 直观对比
营收规模更大
TRGP
是对方的1.7倍
$2.3B
营收增速更快
SJM
高出10.5%
-7.9%
净利率更高
TRGP
高出3.1%
10.4%
自由现金流更多
TRGP
多$262.1M
$280.2M
两年增速更快
SJM
近两年复合增速
0.8%
损益表 — Q2 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $2.3B | $4.1B |
| 净利润 | $241.3M | $545.0M |
| 毛利率 | 37.3% | 43.1% |
| 营业利润率 | 18.0% | 22.6% |
| 净利率 | 10.4% | 13.4% |
| 营收同比 | 2.6% | -7.9% |
| 净利润同比 | 1084.9% | 55.3% |
| 每股收益（稀释后） | $2.26 | $2.51 |
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SJMTRGP
| Q4 25 | $2.3B | $4.1B | ||
| Q3 25 | $2.1B | $4.2B | ||
| Q2 25 | $2.1B | $4.3B | ||
| Q1 25 | $2.2B | $4.6B | ||
| Q4 24 | $2.3B | $4.4B | ||
| Q3 24 | $2.1B | $3.9B | ||
| Q2 24 | $2.2B | $3.0B | ||
| Q1 24 | $2.2B | $4.0B |
净利润SJMTRGP
| Q4 25 | $241.3M | $545.0M | ||
| Q3 25 | $-43.9M | $478.4M | ||
| Q2 25 | $-729.0M | $629.1M | ||
| Q1 25 | $-662.3M | $270.5M | ||
| Q4 24 | $-24.5M | $350.9M | ||
| Q3 24 | $185.0M | $387.4M | ||
| Q2 24 | $245.1M | $298.5M | ||
| Q1 24 | $120.4M | $275.2M |
毛利率SJMTRGP
| Q4 25 | 37.3% | 43.1% | ||
| Q3 25 | 22.5% | 39.6% | ||
| Q2 25 | 38.4% | 42.8% | ||
| Q1 25 | 40.2% | 28.6% | ||
| Q4 24 | 39.0% | 33.7% | ||
| Q3 24 | 37.5% | 38.6% | ||
| Q2 24 | 41.4% | 27.9% | ||
| Q1 24 | 36.9% | 19.3% |
营业利润率SJMTRGP
| Q4 25 | 18.0% | 22.6% | ||
| Q3 25 | 2.2% | 20.2% | ||
| Q2 25 | -27.9% | 24.3% | ||
| Q1 25 | -27.2% | 11.9% | ||
| Q4 24 | 7.5% | 15.9% | ||
| Q3 24 | 16.4% | 18.9% | ||
| Q2 24 | 18.4% | 20.6% | ||
| Q1 24 | 13.3% | 16.0% |
净利率SJMTRGP
| Q4 25 | 10.4% | 13.4% | ||
| Q3 25 | -2.1% | 11.5% | ||
| Q2 25 | -34.0% | 14.8% | ||
| Q1 25 | -30.3% | 5.9% | ||
| Q4 24 | -1.1% | 8.0% | ||
| Q3 24 | 8.7% | 10.1% | ||
| Q2 24 | 11.1% | 9.8% | ||
| Q1 24 | 5.4% | 6.9% |
每股收益（稀释后）SJMTRGP
| Q4 25 | $2.26 | $2.51 | ||
| Q3 25 | $-0.41 | $2.20 | ||
| Q2 25 | $-6.86 | $2.87 | ||
| Q1 25 | $-6.22 | $0.91 | ||
| Q4 24 | $-0.23 | $1.44 | ||
| Q3 24 | $1.74 | $1.75 | ||
| Q2 24 | $2.31 | $1.33 | ||
| Q1 24 | $1.13 | $1.22 |
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 | — | $166.1M |
| 总债务越低越好 | $7.0B | $16.7B |
| 股东权益账面价值 | $6.1B | $3.1B |
| 总资产 | $17.6B | $25.2B |
| 负债/权益比越低杠杆越低 | 1.16× | 5.43× |
8季度趋势，按日历期对齐
现金及短期投资SJMTRGP
| Q4 25 | — | $166.1M | ||
| Q3 25 | — | $124.1M | ||
| Q2 25 | — | $113.1M | ||
| Q1 25 | — | $151.4M | ||
| Q4 24 | — | $157.3M | ||
| Q3 24 | — | $127.2M | ||
| Q2 24 | — | $166.4M | ||
| Q1 24 | — | $109.9M |
总债务SJMTRGP
| Q4 25 | $7.0B | $16.7B | ||
| Q3 25 | $7.0B | $16.7B | ||
| Q2 25 | $7.0B | $16.1B | ||
| Q1 25 | $7.4B | $15.5B | ||
| Q4 24 | $7.8B | $13.8B | ||
| Q3 24 | $7.8B | $13.6B | ||
| Q2 24 | $7.8B | $13.0B | ||
| Q1 24 | $8.1B | $12.5B |
股东权益SJMTRGP
| Q4 25 | $6.1B | $3.1B | ||
| Q3 25 | $5.9B | $2.7B | ||
| Q2 25 | $6.1B | $2.6B | ||
| Q1 25 | $6.9B | $2.5B | ||
| Q4 24 | $7.6B | $2.6B | ||
| Q3 24 | $7.8B | $2.6B | ||
| Q2 24 | $7.7B | $2.5B | ||
| Q1 24 | $7.6B | $2.7B |
总资产SJMTRGP
| Q4 25 | $17.6B | $25.2B | ||
| Q3 25 | $17.7B | $24.2B | ||
| Q2 25 | $17.6B | $23.5B | ||
| Q1 25 | $18.4B | $22.8B | ||
| Q4 24 | $20.0B | $22.7B | ||
| Q3 24 | $20.3B | $21.9B | ||
| Q2 24 | $20.3B | $21.3B | ||
| Q1 24 | $20.2B | $20.8B |
负债/权益比SJMTRGP
| Q4 25 | 1.16× | 5.43× | ||
| Q3 25 | 1.19× | 6.19× | ||
| Q2 25 | 1.16× | 6.21× | ||
| Q1 25 | 1.07× | 6.34× | ||
| Q4 24 | 1.02× | 5.32× | ||
| Q3 24 | 1.00× | 5.28× | ||
| Q2 24 | 1.01× | 5.25× | ||
| Q1 24 | 1.07× | 4.63× |
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 | $1.5B |
| 自由现金流经营现金流 - 资本支出 | $280.2M | $542.3M |
| 自由现金流率自由现金流/营收 | 12.0% | 13.4% |
| 资本支出强度资本支出/营收 | 2.8% | 23.8% |
| 现金转化率经营现金流/净利润 | 1.44× | 2.76× |
| 过去12个月自由现金流最近4个季度 | $635.5M | $584.1M |
8季度趋势，按日历期对齐
经营现金流SJMTRGP
| Q4 25 | $346.5M | $1.5B | ||
| Q3 25 | $-10.6M | $599.2M | ||
| Q2 25 | $393.9M | $858.3M | ||
| Q1 25 | $239.4M | $954.4M | ||
| Q4 24 | $404.2M | $1.3B | ||
| Q3 24 | $172.9M | $540.9M | ||
| Q2 24 | $428.1M | $904.5M | ||
| Q1 24 | $406.5M | $876.4M |
自由现金流SJMTRGP
| Q4 25 | $280.2M | $542.3M | ||
| Q3 25 | $-94.9M | $-72.6M | ||
| Q2 25 | $298.9M | $-47.8M | ||
| Q1 25 | $151.3M | $162.2M | ||
| Q4 24 | $317.2M | $601.0M | ||
| Q3 24 | $49.2M | $-287.9M | ||
| Q2 24 | $297.5M | $164.2M | ||
| Q1 24 | $249.6M | $206.6M |
自由现金流率SJMTRGP
| Q4 25 | 12.0% | 13.4% | ||
| Q3 25 | -4.5% | -1.7% | ||
| Q2 25 | 13.9% | -1.1% | ||
| Q1 25 | 6.9% | 3.6% | ||
| Q4 24 | 14.0% | 13.6% | ||
| Q3 24 | 2.3% | -7.5% | ||
| Q2 24 | 13.5% | 5.4% | ||
| Q1 24 | 11.2% | 5.2% |
资本支出强度SJMTRGP
| Q4 25 | 2.8% | 23.8% | ||
| Q3 25 | 4.0% | 16.2% | ||
| Q2 25 | 4.4% | 21.3% | ||
| Q1 25 | 4.0% | 17.4% | ||
| Q4 24 | 3.8% | 16.5% | ||
| Q3 24 | 5.8% | 21.5% | ||
| Q2 24 | 5.9% | 24.3% | ||
| Q1 24 | 7.0% | 16.8% |
现金转化率SJMTRGP
| Q4 25 | 1.44× | 2.76× | ||
| Q3 25 | — | 1.25× | ||
| Q2 25 | — | 1.36× | ||
| Q1 25 | — | 3.53× | ||
| Q4 24 | — | 3.78× | ||
| Q3 24 | 0.93× | 1.40× | ||
| Q2 24 | 1.75× | 3.03× | ||
| Q1 24 | 3.38× | 3.18× |
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% |
TRGP
| Logistics And Transportation | $3.4B | 83% |
| Natural Gas Reserves | $393.1M | 10% |
| Storage Terminaling And Export | $130.9M | 3% |
| Oil And Condensate | $112.0M | 3% |
| NGL Transportation Fractionation And Services | $64.7M | 2% |
