vs
奥多比（ADBE）与百时美施贵宝（BMY）财务数据对比。点击上方公司名可切换其他公司
百时美施贵宝的季度营收约是奥多比的2.0倍（$12.5B vs $6.4B），奥多比净利率更高（29.5% vs 8.7%，领先20.8%），奥多比同比增速更快（12.0% vs 1.3%），奥多比自由现金流更多（$2.9B vs $1.6B），过去两年奥多比的营收复合增速更高（9.8% vs 2.6%）
奥多比（Adobe Inc.）前身为奥多比系统公司，是总部位于美国加利福尼亚州圣何塞的跨国计算机软件企业。旗下产品覆盖网页设计、图像处理、矢量创作、音视频编辑、移动应用开发、印刷排版、动画制作等多个领域，是全球领先的数字创意软件服务商。
百时美施贵宝是总部位于美国新泽西州普林斯顿的跨国制药企业，核心产品覆盖多个治疗领域：包括用于心房颤动治疗的艾乐妥（阿哌沙班）、抗癌药物欧狄沃（纳武利尤单抗）、治疗多发性骨髓瘤的瑞复美（来那度胺），以及用于类风湿性关节炎等自身免疫疾病的恩瑞舒（阿巴西普）。
ADBE vs BMY — 直观对比
营收规模更大
BMY
是对方的2.0倍
$6.4B
营收增速更快
ADBE
高出10.7%
1.3%
净利率更高
ADBE
高出20.8%
8.7%
自由现金流更多
ADBE
多$1.3B
$1.6B
两年增速更快
ADBE
近两年复合增速
2.6%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $6.4B | $12.5B |
| 净利润 | $1.9B | $1.1B |
| 毛利率 | 89.6% | 67.2% |
| 营业利润率 | 37.8% | 11.8% |
| 净利率 | 29.5% | 8.7% |
| 营收同比 | 12.0% | 1.3% |
| 净利润同比 | 4.3% | 1409.7% |
| 每股收益（稀释后） | $4.60 | $0.54 |
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ADBEBMY
| Q1 26 | $6.4B | — | ||
| Q4 25 | $6.2B | $12.5B | ||
| Q3 25 | $6.0B | $12.2B | ||
| Q2 25 | $5.9B | $12.3B | ||
| Q1 25 | $5.7B | $11.2B | ||
| Q4 24 | $5.6B | $12.3B | ||
| Q3 24 | $5.4B | $11.9B | ||
| Q2 24 | $5.3B | $12.2B |
净利润ADBEBMY
| Q1 26 | $1.9B | — | ||
| Q4 25 | $1.9B | $1.1B | ||
| Q3 25 | $1.8B | $2.2B | ||
| Q2 25 | $1.7B | $1.3B | ||
| Q1 25 | $1.8B | $2.5B | ||
| Q4 24 | $1.7B | $72.0M | ||
| Q3 24 | $1.7B | $1.2B | ||
| Q2 24 | $1.6B | $1.7B |
毛利率ADBEBMY
| Q1 26 | 89.6% | — | ||
| Q4 25 | 89.5% | 67.2% | ||
| Q3 25 | 89.3% | 71.9% | ||
| Q2 25 | 89.1% | 72.5% | ||
| Q1 25 | 89.1% | 72.9% | ||
| Q4 24 | 89.0% | 61.0% | ||
| Q3 24 | 89.8% | 75.1% | ||
| Q2 24 | 88.7% | 73.2% |
营业利润率ADBEBMY
| Q1 26 | 37.8% | — | ||
| Q4 25 | 36.5% | 11.8% | ||
| Q3 25 | 36.3% | 25.5% | ||
| Q2 25 | 35.9% | 14.5% | ||
| Q1 25 | 37.9% | 26.5% | ||
| Q4 24 | 34.9% | 1.4% | ||
| Q3 24 | 36.8% | 14.1% | ||
| Q2 24 | 35.5% | 10.5% |
净利率ADBEBMY
| Q1 26 | 29.5% | — | ||
| Q4 25 | 30.0% | 8.7% | ||
| Q3 25 | 29.6% | 18.0% | ||
| Q2 25 | 28.8% | 10.7% | ||
| Q1 25 | 31.7% | 21.9% | ||
| Q4 24 | 30.0% | 0.6% | ||
| Q3 24 | 31.1% | 10.2% | ||
| Q2 24 | 29.6% | 13.8% |
每股收益（稀释后）ADBEBMY
| Q1 26 | $4.60 | — | ||
| Q4 25 | $4.44 | $0.54 | ||
| Q3 25 | $4.18 | $1.08 | ||
| Q2 25 | $3.94 | $0.64 | ||
| Q1 25 | $4.14 | $1.20 | ||
| Q4 24 | $3.75 | $0.05 | ||
| Q3 24 | $3.76 | $0.60 | ||
| Q2 24 | $3.49 | $0.83 |
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 | $6.9B | $10.2B |
| 总债务越低越好 | $5.4B | $44.8B |
| 股东权益账面价值 | $11.4B | $18.5B |
| 总资产 | $29.7B | $90.0B |
| 负债/权益比越低杠杆越低 | 0.47× | 2.43× |
8季度趋势，按日历期对齐
现金及短期投资ADBEBMY
| Q1 26 | $6.9B | — | ||
| Q4 25 | $6.6B | $10.2B | ||
| Q3 25 | $5.9B | $15.7B | ||
| Q2 25 | $5.7B | $12.6B | ||
| Q1 25 | $7.4B | $10.9B | ||
| Q4 24 | $7.9B | $10.3B | ||
| Q3 24 | $7.5B | $7.9B | ||
| Q2 24 | $8.1B | $6.3B |
总债务ADBEBMY
| Q1 26 | $5.4B | — | ||
| Q4 25 | $6.2B | $44.8B | ||
| Q3 25 | $6.2B | $48.7B | ||
| Q2 25 | $6.2B | $48.9B | ||
| Q1 25 | $6.2B | $49.5B | ||
| Q4 24 | $4.1B | $49.4B | ||
| Q3 24 | $4.1B | $49.5B | ||
| Q2 24 | $4.1B | $52.0B |
股东权益ADBEBMY
| Q1 26 | $11.4B | — | ||
| Q4 25 | $11.6B | $18.5B | ||
| Q3 25 | $11.8B | $18.6B | ||
| Q2 25 | $11.4B | $17.4B | ||
| Q1 25 | $13.1B | $17.4B | ||
| Q4 24 | $14.1B | $16.3B | ||
| Q3 24 | $14.5B | $17.1B | ||
| Q2 24 | $14.8B | $17.0B |
总资产ADBEBMY
| Q1 26 | $29.7B | — | ||
| Q4 25 | $29.5B | $90.0B | ||
| Q3 25 | $28.8B | $96.9B | ||
| Q2 25 | $28.1B | $94.7B | ||
| Q1 25 | $30.0B | $92.4B | ||
| Q4 24 | $30.2B | $92.6B | ||
| Q3 24 | $29.8B | $93.7B | ||
| Q2 24 | $30.0B | $94.6B |
负债/权益比ADBEBMY
| Q1 26 | 0.47× | — | ||
| Q4 25 | 0.53× | 2.43× | ||
| Q3 25 | 0.53× | 2.63× | ||
| Q2 25 | 0.54× | 2.81× | ||
| Q1 25 | 0.47× | 2.85× | ||
| Q4 24 | 0.29× | 3.03× | ||
| Q3 24 | 0.28× | 2.89× | ||
| Q2 24 | 0.28× | 3.05× |
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 | $3.0B | $2.0B |
| 自由现金流经营现金流 - 资本支出 | $2.9B | $1.6B |
| 自由现金流率自由现金流/营收 | 45.7% | 12.8% |
| 资本支出强度资本支出/营收 | 0.6% | 3.0% |
| 现金转化率经营现金流/净利润 | 1.57× | 1.82× |
| 过去12个月自由现金流最近4个季度 | $10.3B | $12.8B |
8季度趋势，按日历期对齐
经营现金流ADBEBMY
| Q1 26 | $3.0B | — | ||
| Q4 25 | $3.2B | $2.0B | ||
| Q3 25 | $2.2B | $6.3B | ||
| Q2 25 | $2.2B | $3.9B | ||
| Q1 25 | $2.5B | $2.0B | ||
| Q4 24 | — | $4.4B | ||
| Q3 24 | $2.0B | $5.6B | ||
| Q2 24 | $1.9B | $2.3B |
自由现金流ADBEBMY
| Q1 26 | $2.9B | — | ||
| Q4 25 | $3.1B | $1.6B | ||
| Q3 25 | $2.1B | $6.0B | ||
| Q2 25 | $2.1B | $3.6B | ||
| Q1 25 | $2.5B | $1.7B | ||
| Q4 24 | — | $4.1B | ||
| Q3 24 | $2.0B | $5.3B | ||
| Q2 24 | $1.9B | $2.1B |
自由现金流率ADBEBMY
| Q1 26 | 45.7% | — | ||
| Q4 25 | 50.5% | 12.8% | ||
| Q3 25 | 35.5% | 49.0% | ||
| Q2 25 | 36.5% | 29.0% | ||
| Q1 25 | 43.0% | 15.1% | ||
| Q4 24 | — | 32.9% | ||
| Q3 24 | 36.3% | 44.3% | ||
| Q2 24 | 35.8% | 16.9% |
资本支出强度ADBEBMY
| Q1 26 | 0.6% | — | ||
| Q4 25 | 0.5% | 3.0% | ||
| Q3 25 | 1.2% | 2.6% | ||
| Q2 25 | 0.8% | 2.9% | ||
| Q1 25 | 0.5% | 2.3% | ||
| Q4 24 | — | 3.1% | ||
| Q3 24 | 1.1% | 2.7% | ||
| Q2 24 | 0.8% | 2.1% |
现金转化率ADBEBMY
| Q1 26 | 1.57× | — | ||
| Q4 25 | 1.70× | 1.82× | ||
| Q3 25 | 1.24× | 2.87× | ||
| Q2 25 | 1.30× | 2.99× | ||
| Q1 25 | 1.37× | 0.80× | ||
| Q4 24 | — | 61.65× | ||
| Q3 24 | 1.20× | 4.62× | ||
| Q2 24 | 1.23× | 1.38× |
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
ADBE
| Subscription Revenue | $6.2B | 97% |
| Service Other | $110.0M | 2% |
| Products | $90.0M | 1% |
BMY
| Net Product Sales | $12.1B | 97% |
| Zeposia | $159.0M | 1% |
| Opdivo Ovantig | $132.0M | 1% |
| Abecma | $100.0M | 1% |
| Sotyktu | $86.0M | 1% |
