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雅培（ABT）与嘉德诺（BTSG）财务数据对比。点击上方公司名可切换其他公司
雅培的季度营收约是嘉德诺的3.2倍（$11.5B vs $3.6B）。雅培净利率更高（15.5% vs 2.2%，领先13.3%）。嘉德诺同比增速更快（16.3% vs 4.4%）。雅培自由现金流更多（$2.6B vs $193.9M）。过去两年嘉德诺的营收复合增速更高（17.4% vs 7.2%）
雅培是总部位于美国伊利诺伊州雅培园的跨国医疗健康企业，业务覆盖美国境外市场药品销售、诊断产品、营养产品及医疗器械等板块，在全球医疗健康领域拥有较高的行业知名度与广泛的市场覆盖。
嘉德诺是美国跨国医疗服务企业，位列美国企业营收榜第15位，总部位于俄亥俄州都柏林。公司主营药品与医疗产品分销，服务覆盖超10万个网点，同时生产手套、手术服、流体管理产品等医用外科用品，还运营着规模位居前列的放射性药物网络。
ABT vs BTSG — 直观对比
营收规模更大
ABT
是对方的3.2倍
$3.6B
营收增速更快
BTSG
高出11.9%
4.4%
净利率更高
ABT
高出13.3%
2.2%
自由现金流更多
ABT
多$2.4B
$193.9M
两年增速更快
BTSG
近两年复合增速
7.2%
损益表 — Q4 2025 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $11.5B | $3.6B |
| 净利润 | $1.8B | $77.1M |
| 毛利率 | 57.0% | 11.6% |
| 营业利润率 | 19.6% | 3.0% |
| 净利率 | 15.5% | 2.2% |
| 营收同比 | 4.4% | 16.3% |
| 净利润同比 | -80.8% | 381.8% |
| 每股收益（稀释后） | $1.01 | $0.34 |
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ABTBTSG
| Q4 25 | $11.5B | $3.6B | ||
| Q3 25 | $11.4B | $3.3B | ||
| Q2 25 | $11.1B | $3.1B | ||
| Q1 25 | $10.4B | $2.9B | ||
| Q4 24 | $11.0B | $3.1B | ||
| Q3 24 | $10.6B | $2.9B | ||
| Q2 24 | $10.4B | $2.7B | ||
| Q1 24 | $10.0B | $2.6B |
净利润ABTBTSG
| Q4 25 | $1.8B | $77.1M | ||
| Q3 25 | $1.6B | $55.8M | ||
| Q2 25 | $1.8B | $28.2M | ||
| Q1 25 | $1.3B | $29.5M | ||
| Q4 24 | $9.2B | $16.0M | ||
| Q3 24 | $1.6B | $-8.2M | ||
| Q2 24 | $1.3B | $19.9M | ||
| Q1 24 | $1.2B | $-45.8M |
毛利率ABTBTSG
| Q4 25 | 57.0% | 11.6% | ||
| Q3 25 | 55.4% | 11.8% | ||
| Q2 25 | 56.4% | 11.9% | ||
| Q1 25 | 56.9% | 11.8% | ||
| Q4 24 | 55.0% | 13.8% | ||
| Q3 24 | 55.8% | 14.0% | ||
| Q2 24 | 55.6% | 14.2% | ||
| Q1 24 | 55.2% | 14.3% |
营业利润率ABTBTSG
| Q4 25 | 19.6% | 3.0% | ||
| Q3 25 | 18.1% | 2.6% | ||
| Q2 25 | 18.4% | 1.5% | ||
| Q1 25 | 16.3% | 1.8% | ||
| Q4 24 | 17.4% | 2.6% | ||
| Q3 24 | 17.5% | 2.0% | ||
| Q2 24 | 16.1% | 2.3% | ||
| Q1 24 | 13.9% | 0.3% |
净利率ABTBTSG
| Q4 25 | 15.5% | 2.2% | ||
| Q3 25 | 14.5% | 1.7% | ||
| Q2 25 | 16.0% | 0.9% | ||
| Q1 25 | 12.8% | 1.0% | ||
| Q4 24 | 84.1% | 0.5% | ||
| Q3 24 | 15.5% | -0.3% | ||
| Q2 24 | 12.5% | 0.7% | ||
| Q1 24 | 12.3% | -1.8% |
每股收益（稀释后）ABTBTSG
| Q4 25 | $1.01 | $0.34 | ||
| Q3 25 | $0.94 | $0.26 | ||
| Q2 25 | $1.01 | $0.13 | ||
| Q1 25 | $0.76 | $0.14 | ||
| Q4 24 | $5.26 | $0.11 | ||
| Q3 24 | $0.94 | $-0.04 | ||
| Q2 24 | $0.74 | $0.10 | ||
| Q1 24 | $0.70 | $-0.26 |
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 | $8.9B | $88.4M |
| 总债务越低越好 | $12.9B | $2.5B |
| 股东权益账面价值 | $52.1B | $1.9B |
| 总资产 | $86.7B | $6.4B |
| 负债/权益比越低杠杆越低 | 0.25× | 1.34× |
8季度趋势，按日历期对齐
现金及短期投资ABTBTSG
| Q4 25 | $8.9B | $88.4M | ||
| Q3 25 | $7.7B | $140.3M | ||
| Q2 25 | $7.3B | $70.1M | ||
| Q1 25 | $6.8B | $52.3M | ||
| Q4 24 | $8.0B | $61.3M | ||
| Q3 24 | $7.8B | $36.0M | ||
| Q2 24 | $7.2B | $25.0M | ||
| Q1 24 | $6.7B | $58.0M |
总债务ABTBTSG
| Q4 25 | $12.9B | $2.5B | ||
| Q3 25 | — | $2.5B | ||
| Q2 25 | — | $2.5B | ||
| Q1 25 | — | $2.5B | ||
| Q4 24 | $14.1B | $2.6B | ||
| Q3 24 | — | $2.7B | ||
| Q2 24 | — | $2.6B | ||
| Q1 24 | — | $2.6B |
股东权益ABTBTSG
| Q4 25 | $52.1B | $1.9B | ||
| Q3 25 | $51.0B | $1.8B | ||
| Q2 25 | $50.6B | $1.7B | ||
| Q1 25 | $48.8B | $1.7B | ||
| Q4 24 | $47.7B | $1.6B | ||
| Q3 24 | $39.8B | $1.6B | ||
| Q2 24 | $39.3B | $1.6B | ||
| Q1 24 | $38.8B | $1.6B |
总资产ABTBTSG
| Q4 25 | $86.7B | $6.4B | ||
| Q3 25 | $84.2B | $6.0B | ||
| Q2 25 | $84.0B | $5.9B | ||
| Q1 25 | $81.4B | $5.8B | ||
| Q4 24 | $81.4B | $5.9B | ||
| Q3 24 | $74.4B | $5.8B | ||
| Q2 24 | $73.0B | $5.6B | ||
| Q1 24 | $72.5B | $5.7B |
负债/权益比ABTBTSG
| Q4 25 | 0.25× | 1.34× | ||
| Q3 25 | — | 1.38× | ||
| Q2 25 | — | 1.45× | ||
| Q1 25 | — | 1.50× | ||
| Q4 24 | 0.30× | 1.58× | ||
| Q3 24 | — | 1.65× | ||
| Q2 24 | — | 1.63× | ||
| Q1 24 | — | 1.64× |
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 | $3.3B | $231.6M |
| 自由现金流经营现金流 - 资本支出 | $2.6B | $193.9M |
| 自由现金流率自由现金流/营收 | 22.9% | 5.5% |
| 资本支出强度资本支出/营收 | 6.0% | 1.1% |
| 现金转化率经营现金流/净利润 | 1.87× | 3.00× |
| 过去12个月自由现金流最近4个季度 | $7.4B | $394.7M |
8季度趋势，按日历期对齐
经营现金流ABTBTSG
| Q4 25 | $3.3B | $231.6M | ||
| Q3 25 | $2.8B | $107.9M | ||
| Q2 25 | $2.0B | $49.1M | ||
| Q1 25 | $1.4B | $101.6M | ||
| Q4 24 | $2.9B | $90.6M | ||
| Q3 24 | $2.7B | $27.2M | ||
| Q2 24 | $2.0B | $-15.2M | ||
| Q1 24 | $1.0B | $-78.9M |
自由现金流ABTBTSG
| Q4 25 | $2.6B | $193.9M | ||
| Q3 25 | $2.3B | $92.2M | ||
| Q2 25 | $1.5B | $24.7M | ||
| Q1 25 | $933.0M | $84.0M | ||
| Q4 24 | $2.1B | $75.3M | ||
| Q3 24 | $2.1B | $7.2M | ||
| Q2 24 | $1.4B | $-39.0M | ||
| Q1 24 | $627.0M | $-100.7M |
自由现金流率ABTBTSG
| Q4 25 | 22.9% | 5.5% | ||
| Q3 25 | 20.2% | 2.8% | ||
| Q2 25 | 13.9% | 0.8% | ||
| Q1 25 | 9.0% | 2.9% | ||
| Q4 24 | 19.6% | 2.5% | ||
| Q3 24 | 20.2% | 0.2% | ||
| Q2 24 | 13.8% | -1.4% | ||
| Q1 24 | 6.3% | -3.9% |
资本支出强度ABTBTSG
| Q4 25 | 6.0% | 1.1% | ||
| Q3 25 | 4.4% | 0.5% | ||
| Q2 25 | 4.5% | 0.8% | ||
| Q1 25 | 4.7% | 0.6% | ||
| Q4 24 | 6.6% | 0.5% | ||
| Q3 24 | 5.2% | 0.7% | ||
| Q2 24 | 5.1% | 0.9% | ||
| Q1 24 | 4.0% | 0.8% |
现金转化率ABTBTSG
| Q4 25 | 1.87× | 3.00× | ||
| Q3 25 | 1.70× | 1.93× | ||
| Q2 25 | 1.15× | 1.74× | ||
| Q1 25 | 1.07× | 3.44× | ||
| Q4 24 | 0.31× | 5.66× | ||
| Q3 24 | 1.64× | — | ||
| Q2 24 | 1.51× | -0.76× | ||
| Q1 24 | 0.84× | — |
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
ABT
暂无分部数据
BTSG
| Medicare D | $1.1B | 32% |
| Commercial Insurance | $879.8M | 25% |
| Medicare C | $641.2M | 18% |
| Provider Services | $394.2M | 11% |
| Medicaid | $301.4M | 8% |
| Medicare A | $150.5M | 4% |
| Private And Other | $44.0M | 1% |
| Medicare B | $19.5M | 1% |
| Pharmacy Solutions And Provider Services Segments | $19.0M | 1% |
