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亚德诺半导体（ADI）与博士伦健康（BHC）财务数据对比。点击上方公司名可切换其他公司
亚德诺半导体的季度营收约是博士伦健康的1.1倍（$3.2B vs $2.8B），亚德诺半导体净利率更高（26.3% vs -3.7%，领先30.0%），亚德诺半导体同比增速更快（30.4% vs 9.3%），亚德诺半导体自由现金流更多（$1.3B vs $403.0M），过去两年亚德诺半导体的营收复合增速更高（21.0% vs 14.0%）
亚德诺半导体（ADI）是总部位于美国马萨诸塞州威尔明顿的跨国半导体企业，专注于数据转换、信号处理与电源管理技术研发，相关产品广泛应用于通信、工业、汽车等多个领域，是全球模拟芯片领域的领先厂商。
博士伦健康公司（Bausch Health）是一家业务多元化的北美跨国制药企业，全球总部位于加拿大魁北克省拉瓦尔，美国总部设在新泽西州布里奇沃特。公司专注于胃肠病、肝病、神经科、皮肤科、牙科、医疗美容等领域的药物研发、生产及销售，同时提供品牌药和仿制药产品，业务覆盖全球市场。
ADI vs BHC — 直观对比
营收规模更大
ADI
是对方的1.1倍
$2.8B
营收增速更快
ADI
高出21.2%
9.3%
净利率更高
ADI
高出30.0%
-3.7%
自由现金流更多
ADI
多$856.2M
$403.0M
两年增速更快
ADI
近两年复合增速
14.0%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $3.2B | $2.8B |
| 净利润 | $830.8M | $-103.0M |
| 毛利率 | 64.7% | — |
| 营业利润率 | 31.5% | 17.0% |
| 净利率 | 26.3% | -3.7% |
| 营收同比 | 30.4% | 9.3% |
| 净利润同比 | 112.3% | -205.1% |
| 每股收益（稀释后） | $1.69 | $-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ADIBHC
| Q1 26 | $3.2B | — | ||
| Q4 25 | $3.1B | $2.8B | ||
| Q3 25 | $2.9B | $2.7B | ||
| Q2 25 | $2.6B | $2.5B | ||
| Q1 25 | $2.4B | $2.3B | ||
| Q4 24 | $2.4B | $2.6B | ||
| Q3 24 | $2.3B | $2.5B | ||
| Q2 24 | $2.2B | $2.4B |
净利润ADIBHC
| Q1 26 | $830.8M | — | ||
| Q4 25 | $787.7M | $-103.0M | ||
| Q3 25 | $518.5M | $179.0M | ||
| Q2 25 | $569.8M | $148.0M | ||
| Q1 25 | $391.3M | $-58.0M | ||
| Q4 24 | $478.1M | $98.0M | ||
| Q3 24 | $392.2M | $-85.0M | ||
| Q2 24 | $302.2M | $10.0M |
毛利率ADIBHC
| Q1 26 | 64.7% | — | ||
| Q4 25 | 63.1% | — | ||
| Q3 25 | 62.1% | — | ||
| Q2 25 | 61.0% | — | ||
| Q1 25 | 59.0% | — | ||
| Q4 24 | 58.0% | — | ||
| Q3 24 | 56.7% | — | ||
| Q2 24 | 54.7% | — |
营业利润率ADIBHC
| Q1 26 | 31.5% | — | ||
| Q4 25 | 30.7% | 17.0% | ||
| Q3 25 | 28.4% | 23.1% | ||
| Q2 25 | 25.7% | 17.5% | ||
| Q1 25 | 20.3% | 12.2% | ||
| Q4 24 | 23.3% | 21.8% | ||
| Q3 24 | 21.2% | 12.7% | ||
| Q2 24 | 17.9% | 16.2% |
净利率ADIBHC
| Q1 26 | 26.3% | — | ||
| Q4 25 | 25.6% | -3.7% | ||
| Q3 25 | 18.0% | 6.7% | ||
| Q2 25 | 21.6% | 5.8% | ||
| Q1 25 | 16.1% | -2.6% | ||
| Q4 24 | 19.6% | 3.8% | ||
| Q3 24 | 17.0% | -3.4% | ||
| Q2 24 | 14.0% | 0.4% |
每股收益（稀释后）ADIBHC
| Q1 26 | $1.69 | — | ||
| Q4 25 | $1.60 | $-0.30 | ||
| Q3 25 | $1.04 | $0.48 | ||
| Q2 25 | $1.14 | $0.40 | ||
| Q1 25 | $0.78 | $-0.16 | ||
| Q4 24 | $0.95 | $0.24 | ||
| Q3 24 | $0.79 | $-0.23 | ||
| Q2 24 | $0.61 | $0.03 |
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 | $1.3B |
| 总债务越低越好 | — | $20.8B |
| 股东权益账面价值 | $33.8B | $-554.0M |
| 总资产 | $48.0B | $26.4B |
| 负债/权益比越低杠杆越低 | — | — |
8季度趋势，按日历期对齐
现金及短期投资ADIBHC
| Q1 26 | $2.9B | — | ||
| Q4 25 | $3.7B | $1.3B | ||
| Q3 25 | $2.3B | $1.3B | ||
| Q2 25 | $2.4B | $1.7B | ||
| Q1 25 | $2.3B | $1.1B | ||
| Q4 24 | $2.4B | $1.2B | ||
| Q3 24 | $2.1B | $719.0M | ||
| Q2 24 | $2.4B | $595.0M |
总债务ADIBHC
| Q1 26 | — | — | ||
| Q4 25 | — | $20.8B | ||
| Q3 25 | — | $21.0B | ||
| Q2 25 | — | $21.7B | ||
| Q1 25 | — | $21.5B | ||
| Q4 24 | — | $21.6B | ||
| Q3 24 | — | $21.5B | ||
| Q2 24 | — | $21.7B |
股东权益ADIBHC
| Q1 26 | $33.8B | — | ||
| Q4 25 | $33.8B | $-554.0M | ||
| Q3 25 | $34.1B | $-565.0M | ||
| Q2 25 | $35.0B | $-764.0M | ||
| Q1 25 | $35.1B | $-1.2B | ||
| Q4 24 | $35.2B | $-1.3B | ||
| Q3 24 | $35.2B | $-1.2B | ||
| Q2 24 | $35.2B | $-1.2B |
总资产ADIBHC
| Q1 26 | $48.0B | — | ||
| Q4 25 | $48.0B | $26.4B | ||
| Q3 25 | $48.2B | $26.8B | ||
| Q2 25 | $47.3B | $27.3B | ||
| Q1 25 | $48.0B | $26.4B | ||
| Q4 24 | $48.2B | $26.5B | ||
| Q3 24 | $48.6B | $26.5B | ||
| Q2 24 | $48.9B | $26.5B |
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 | $1.4B | $495.0M |
| 自由现金流经营现金流 - 资本支出 | $1.3B | $403.0M |
| 自由现金流率自由现金流/营收 | 39.8% | 14.4% |
| 资本支出强度资本支出/营收 | 3.5% | 3.3% |
| 现金转化率经营现金流/净利润 | 1.65× | — |
| 过去12个月自由现金流最近4个季度 | $4.6B | $1.0B |
8季度趋势，按日历期对齐
经营现金流ADIBHC
| Q1 26 | $1.4B | — | ||
| Q4 25 | $1.7B | $495.0M | ||
| Q3 25 | $1.2B | $405.0M | ||
| Q2 25 | $819.5M | $289.0M | ||
| Q1 25 | $1.1B | $211.0M | ||
| Q4 24 | $1.1B | $601.0M | ||
| Q3 24 | $855.0M | $405.0M | ||
| Q2 24 | $807.9M | $380.0M |
自由现金流ADIBHC
| Q1 26 | $1.3B | — | ||
| Q4 25 | $1.5B | $403.0M | ||
| Q3 25 | $1.1B | $314.0M | ||
| Q2 25 | $729.2M | $190.0M | ||
| Q1 25 | $977.8M | $96.0M | ||
| Q4 24 | $885.4M | $495.0M | ||
| Q3 24 | $701.1M | $334.0M | ||
| Q2 24 | $619.7M | $302.0M |
自由现金流率ADIBHC
| Q1 26 | 39.8% | — | ||
| Q4 25 | 48.3% | 14.4% | ||
| Q3 25 | 37.7% | 11.7% | ||
| Q2 25 | 27.6% | 7.5% | ||
| Q1 25 | 40.4% | 4.2% | ||
| Q4 24 | 36.2% | 19.3% | ||
| Q3 24 | 30.3% | 13.3% | ||
| Q2 24 | 28.7% | 12.6% |
资本支出强度ADIBHC
| Q1 26 | 3.5% | — | ||
| Q4 25 | 7.0% | 3.3% | ||
| Q3 25 | 2.7% | 3.4% | ||
| Q2 25 | 3.4% | 3.9% | ||
| Q1 25 | 6.1% | 5.1% | ||
| Q4 24 | 6.8% | 4.1% | ||
| Q3 24 | 6.7% | 2.8% | ||
| Q2 24 | 8.7% | 3.2% |
现金转化率ADIBHC
| Q1 26 | 1.65× | — | ||
| Q4 25 | 2.16× | — | ||
| Q3 25 | 2.25× | 2.26× | ||
| Q2 25 | 1.44× | 1.95× | ||
| Q1 25 | 2.88× | — | ||
| Q4 24 | 2.20× | 6.13× | ||
| Q3 24 | 2.18× | — | ||
| Q2 24 | 2.67× | 38.00× |
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
ADI
| Sales Channel Directly To Consumer | $1.4B | 44% |
| Automotive | $794.4M | 25% |
| Communications | $476.8M | 15% |
| Consumer | $399.8M | 13% |
| Other | $71.3M | 2% |
| Sales Channel Other | $40.8M | 1% |
BHC
| Bausch Lomb | $1.4B | 50% |
| Salix Segment | $693.0M | 25% |
| International Rx | $306.0M | 11% |
| Diversified Segment | $255.0M | 9% |
| Solta Medical Segment | $137.0M | 5% |
