vs
亚德诺半导体（ADI）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
嘉德诺的季度营收约是亚德诺半导体的1.1倍（$3.6B vs $3.2B），亚德诺半导体净利率更高（26.3% vs 2.2%，领先24.1%），亚德诺半导体同比增速更快（30.4% vs 16.3%），亚德诺半导体自由现金流更多（$1.3B vs $193.9M），过去两年亚德诺半导体的营收复合增速更高（21.0% vs 17.4%）
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。
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。
ADI vs BTSG — 直观对比
营收规模更大
BTSG
是对方的1.1倍
$3.2B
营收增速更快
ADI
高出14.1%
16.3%
净利率更高
ADI
高出24.1%
2.2%
自由现金流更多
ADI
多$1.1B
$193.9M
两年增速更快
ADI
近两年复合增速
17.4%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $3.2B | $3.6B |
| 净利润 | $830.8M | $77.1M |
| 毛利率 | 64.7% | 11.6% |
| 营业利润率 | 31.5% | 3.0% |
| 净利率 | 26.3% | 2.2% |
| 营收同比 | 30.4% | 16.3% |
| 净利润同比 | 112.3% | 381.8% |
| 每股收益（稀释后） | $1.69 | $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ADIBTSG
| Q1 26 | $3.2B | — | ||
| Q4 25 | $3.1B | $3.6B | ||
| Q3 25 | $2.9B | $3.3B | ||
| Q2 25 | $2.6B | $3.1B | ||
| Q1 25 | $2.4B | $2.9B | ||
| Q4 24 | $2.4B | $3.1B | ||
| Q3 24 | $2.3B | $2.9B | ||
| Q2 24 | $2.2B | $2.7B |
净利润ADIBTSG
| Q1 26 | $830.8M | — | ||
| Q4 25 | $787.7M | $77.1M | ||
| Q3 25 | $518.5M | $55.8M | ||
| Q2 25 | $569.8M | $28.2M | ||
| Q1 25 | $391.3M | $29.5M | ||
| Q4 24 | $478.1M | $16.0M | ||
| Q3 24 | $392.2M | $-8.2M | ||
| Q2 24 | $302.2M | $19.9M |
毛利率ADIBTSG
| Q1 26 | 64.7% | — | ||
| Q4 25 | 63.1% | 11.6% | ||
| Q3 25 | 62.1% | 11.8% | ||
| Q2 25 | 61.0% | 11.9% | ||
| Q1 25 | 59.0% | 11.8% | ||
| Q4 24 | 58.0% | 13.8% | ||
| Q3 24 | 56.7% | 14.0% | ||
| Q2 24 | 54.7% | 14.2% |
营业利润率ADIBTSG
| Q1 26 | 31.5% | — | ||
| Q4 25 | 30.7% | 3.0% | ||
| Q3 25 | 28.4% | 2.6% | ||
| Q2 25 | 25.7% | 1.5% | ||
| Q1 25 | 20.3% | 1.8% | ||
| Q4 24 | 23.3% | 2.6% | ||
| Q3 24 | 21.2% | 2.0% | ||
| Q2 24 | 17.9% | 2.3% |
净利率ADIBTSG
| Q1 26 | 26.3% | — | ||
| Q4 25 | 25.6% | 2.2% | ||
| Q3 25 | 18.0% | 1.7% | ||
| Q2 25 | 21.6% | 0.9% | ||
| Q1 25 | 16.1% | 1.0% | ||
| Q4 24 | 19.6% | 0.5% | ||
| Q3 24 | 17.0% | -0.3% | ||
| Q2 24 | 14.0% | 0.7% |
每股收益（稀释后）ADIBTSG
| Q1 26 | $1.69 | — | ||
| Q4 25 | $1.60 | $0.34 | ||
| Q3 25 | $1.04 | $0.26 | ||
| Q2 25 | $1.14 | $0.13 | ||
| Q1 25 | $0.78 | $0.14 | ||
| Q4 24 | $0.95 | $0.11 | ||
| Q3 24 | $0.79 | $-0.04 | ||
| Q2 24 | $0.61 | $0.10 |
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 | $88.4M |
| 总债务越低越好 | — | $2.5B |
| 股东权益账面价值 | $33.8B | $1.9B |
| 总资产 | $48.0B | $6.4B |
| 负债/权益比越低杠杆越低 | — | 1.34× |
8季度趋势，按日历期对齐
现金及短期投资ADIBTSG
| Q1 26 | $2.9B | — | ||
| Q4 25 | $3.7B | $88.4M | ||
| Q3 25 | $2.3B | $140.3M | ||
| Q2 25 | $2.4B | $70.1M | ||
| Q1 25 | $2.3B | $52.3M | ||
| Q4 24 | $2.4B | $61.3M | ||
| Q3 24 | $2.1B | $36.0M | ||
| Q2 24 | $2.4B | $25.0M |
总债务ADIBTSG
| Q1 26 | — | — | ||
| Q4 25 | — | $2.5B | ||
| Q3 25 | — | $2.5B | ||
| Q2 25 | — | $2.5B | ||
| Q1 25 | — | $2.5B | ||
| Q4 24 | — | $2.6B | ||
| Q3 24 | — | $2.7B | ||
| Q2 24 | — | $2.6B |
股东权益ADIBTSG
| Q1 26 | $33.8B | — | ||
| Q4 25 | $33.8B | $1.9B | ||
| Q3 25 | $34.1B | $1.8B | ||
| Q2 25 | $35.0B | $1.7B | ||
| Q1 25 | $35.1B | $1.7B | ||
| Q4 24 | $35.2B | $1.6B | ||
| Q3 24 | $35.2B | $1.6B | ||
| Q2 24 | $35.2B | $1.6B |
总资产ADIBTSG
| Q1 26 | $48.0B | — | ||
| Q4 25 | $48.0B | $6.4B | ||
| Q3 25 | $48.2B | $6.0B | ||
| Q2 25 | $47.3B | $5.9B | ||
| Q1 25 | $48.0B | $5.8B | ||
| Q4 24 | $48.2B | $5.9B | ||
| Q3 24 | $48.6B | $5.8B | ||
| Q2 24 | $48.9B | $5.6B |
负债/权益比ADIBTSG
| Q1 26 | — | — | ||
| Q4 25 | — | 1.34× | ||
| Q3 25 | — | 1.38× | ||
| Q2 25 | — | 1.45× | ||
| Q1 25 | — | 1.50× | ||
| Q4 24 | — | 1.58× | ||
| Q3 24 | — | 1.65× | ||
| Q2 24 | — | 1.63× |
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 | $1.4B | $231.6M |
| 自由现金流经营现金流 - 资本支出 | $1.3B | $193.9M |
| 自由现金流率自由现金流/营收 | 39.8% | 5.5% |
| 资本支出强度资本支出/营收 | 3.5% | 1.1% |
| 现金转化率经营现金流/净利润 | 1.65× | 3.00× |
| 过去12个月自由现金流最近4个季度 | $4.6B | $394.7M |
8季度趋势，按日历期对齐
经营现金流ADIBTSG
| Q1 26 | $1.4B | — | ||
| Q4 25 | $1.7B | $231.6M | ||
| Q3 25 | $1.2B | $107.9M | ||
| Q2 25 | $819.5M | $49.1M | ||
| Q1 25 | $1.1B | $101.6M | ||
| Q4 24 | $1.1B | $90.6M | ||
| Q3 24 | $855.0M | $27.2M | ||
| Q2 24 | $807.9M | $-15.2M |
自由现金流ADIBTSG
| Q1 26 | $1.3B | — | ||
| Q4 25 | $1.5B | $193.9M | ||
| Q3 25 | $1.1B | $92.2M | ||
| Q2 25 | $729.2M | $24.7M | ||
| Q1 25 | $977.8M | $84.0M | ||
| Q4 24 | $885.4M | $75.3M | ||
| Q3 24 | $701.1M | $7.2M | ||
| Q2 24 | $619.7M | $-39.0M |
自由现金流率ADIBTSG
| Q1 26 | 39.8% | — | ||
| Q4 25 | 48.3% | 5.5% | ||
| Q3 25 | 37.7% | 2.8% | ||
| Q2 25 | 27.6% | 0.8% | ||
| Q1 25 | 40.4% | 2.9% | ||
| Q4 24 | 36.2% | 2.5% | ||
| Q3 24 | 30.3% | 0.2% | ||
| Q2 24 | 28.7% | -1.4% |
资本支出强度ADIBTSG
| Q1 26 | 3.5% | — | ||
| Q4 25 | 7.0% | 1.1% | ||
| Q3 25 | 2.7% | 0.5% | ||
| Q2 25 | 3.4% | 0.8% | ||
| Q1 25 | 6.1% | 0.6% | ||
| Q4 24 | 6.8% | 0.5% | ||
| Q3 24 | 6.7% | 0.7% | ||
| Q2 24 | 8.7% | 0.9% |
现金转化率ADIBTSG
| Q1 26 | 1.65× | — | ||
| Q4 25 | 2.16× | 3.00× | ||
| Q3 25 | 2.25× | 1.93× | ||
| Q2 25 | 1.44× | 1.74× | ||
| Q1 25 | 2.88× | 3.44× | ||
| Q4 24 | 2.20× | 5.66× | ||
| Q3 24 | 2.18× | — | ||
| Q2 24 | 2.67× | -0.76× |
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% |
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% |
