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亚德诺半导体（ADI）与硕腾（ZTS）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硕腾的1.3倍（$3.2B vs $2.4B），亚德诺半导体净利率更高（26.3% vs 25.3%，领先1.0%），亚德诺半导体同比增速更快（30.4% vs 3.0%），亚德诺半导体自由现金流更多（$1.3B vs $732.0M），过去两年亚德诺半导体的营收复合增速更高（21.0% vs 4.4%）
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。
硕腾是全球规模最大的动物保健制药企业，专注于宠物与家畜用药品、疫苗的研发和生产，前身为制药巨头辉瑞旗下的动物保健业务板块，辉瑞剥离多数股权后成为完全独立的企业。目前公司产品直销约45个国家，在全球超过100个国家和地区销售，海外业务占总营收的50%左右。
ADI vs ZTS — 直观对比
营收规模更大
ADI
是对方的1.3倍
$2.4B
营收增速更快
ADI
高出27.4%
3.0%
净利率更高
ADI
高出1.0%
25.3%
自由现金流更多
ADI
多$527.2M
$732.0M
两年增速更快
ADI
近两年复合增速
4.4%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $3.2B | $2.4B |
| 净利润 | $830.8M | $603.0M |
| 毛利率 | 64.7% | 70.2% |
| 营业利润率 | 31.5% | 31.9% |
| 净利率 | 26.3% | 25.3% |
| 营收同比 | 30.4% | 3.0% |
| 净利润同比 | 112.3% | 3.8% |
| 每股收益（稀释后） | $1.69 | $1.37 |
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ADIZTS
| Q1 26 | $3.2B | — | ||
| Q4 25 | $3.1B | $2.4B | ||
| Q3 25 | $2.9B | $2.4B | ||
| Q2 25 | $2.6B | $2.5B | ||
| Q1 25 | $2.4B | $2.2B | ||
| Q4 24 | $2.4B | $2.3B | ||
| Q3 24 | $2.3B | $2.4B | ||
| Q2 24 | $2.2B | $2.4B |
净利润ADIZTS
| Q1 26 | $830.8M | — | ||
| Q4 25 | $787.7M | $603.0M | ||
| Q3 25 | $518.5M | $721.0M | ||
| Q2 25 | $569.8M | $718.0M | ||
| Q1 25 | $391.3M | $631.0M | ||
| Q4 24 | $478.1M | $581.0M | ||
| Q3 24 | $392.2M | $682.0M | ||
| Q2 24 | $302.2M | $624.0M |
毛利率ADIZTS
| Q1 26 | 64.7% | — | ||
| Q4 25 | 63.1% | 70.2% | ||
| Q3 25 | 62.1% | 71.5% | ||
| Q2 25 | 61.0% | 73.6% | ||
| Q1 25 | 59.0% | 72.0% | ||
| Q4 24 | 58.0% | 69.5% | ||
| Q3 24 | 56.7% | 70.6% | ||
| Q2 24 | 54.7% | 71.7% |
营业利润率ADIZTS
| Q1 26 | 31.5% | — | ||
| Q4 25 | 30.7% | 31.9% | ||
| Q3 25 | 28.4% | 37.0% | ||
| Q2 25 | 25.7% | 36.7% | ||
| Q1 25 | 20.3% | 36.5% | ||
| Q4 24 | 23.3% | 31.6% | ||
| Q3 24 | 21.2% | 36.6% | ||
| Q2 24 | 17.9% | 33.0% |
净利率ADIZTS
| Q1 26 | 26.3% | — | ||
| Q4 25 | 25.6% | 25.3% | ||
| Q3 25 | 18.0% | 30.0% | ||
| Q2 25 | 21.6% | 29.2% | ||
| Q1 25 | 16.1% | 28.4% | ||
| Q4 24 | 19.6% | 25.1% | ||
| Q3 24 | 17.0% | 28.6% | ||
| Q2 24 | 14.0% | 26.4% |
每股收益（稀释后）ADIZTS
| Q1 26 | $1.69 | — | ||
| Q4 25 | $1.60 | $1.37 | ||
| Q3 25 | $1.04 | $1.63 | ||
| Q2 25 | $1.14 | $1.61 | ||
| Q1 25 | $0.78 | $1.41 | ||
| Q4 24 | $0.95 | $1.29 | ||
| Q3 24 | $0.79 | $1.50 | ||
| Q2 24 | $0.61 | $1.37 |
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 | — |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $33.8B | $3.3B |
| 总资产 | $48.0B | $15.5B |
| 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ADIZTS
| Q1 26 | $2.9B | — | ||
| Q4 25 | $3.7B | — | ||
| Q3 25 | $2.3B | $2.1B | ||
| Q2 25 | $2.4B | $1.4B | ||
| Q1 25 | $2.3B | $1.7B | ||
| Q4 24 | $2.4B | $2.0B | ||
| Q3 24 | $2.1B | $1.7B | ||
| Q2 24 | $2.4B | $1.6B |
股东权益ADIZTS
| Q1 26 | $33.8B | — | ||
| Q4 25 | $33.8B | $3.3B | ||
| Q3 25 | $34.1B | $5.4B | ||
| Q2 25 | $35.0B | $5.0B | ||
| Q1 25 | $35.1B | $4.7B | ||
| Q4 24 | $35.2B | $4.8B | ||
| Q3 24 | $35.2B | $5.2B | ||
| Q2 24 | $35.2B | $5.0B |
总资产ADIZTS
| Q1 26 | $48.0B | — | ||
| Q4 25 | $48.0B | $15.5B | ||
| Q3 25 | $48.2B | $15.2B | ||
| Q2 25 | $47.3B | $14.5B | ||
| Q1 25 | $48.0B | $14.1B | ||
| Q4 24 | $48.2B | $14.2B | ||
| Q3 24 | $48.6B | $14.4B | ||
| Q2 24 | $48.9B | $14.2B |
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 | $893.0M |
| 自由现金流经营现金流 - 资本支出 | $1.3B | $732.0M |
| 自由现金流率自由现金流/营收 | 39.8% | 30.7% |
| 资本支出强度资本支出/营收 | 3.5% | 6.7% |
| 现金转化率经营现金流/净利润 | 1.65× | 1.48× |
| 过去12个月自由现金流最近4个季度 | $4.6B | $2.3B |
8季度趋势，按日历期对齐
经营现金流ADIZTS
| Q1 26 | $1.4B | — | ||
| Q4 25 | $1.7B | $893.0M | ||
| Q3 25 | $1.2B | $938.0M | ||
| Q2 25 | $819.5M | $486.0M | ||
| Q1 25 | $1.1B | $587.0M | ||
| Q4 24 | $1.1B | $905.0M | ||
| Q3 24 | $855.0M | $951.0M | ||
| Q2 24 | $807.9M | $502.0M |
自由现金流ADIZTS
| Q1 26 | $1.3B | — | ||
| Q4 25 | $1.5B | $732.0M | ||
| Q3 25 | $1.1B | $805.0M | ||
| Q2 25 | $729.2M | $308.0M | ||
| Q1 25 | $977.8M | $438.0M | ||
| Q4 24 | $885.4M | $689.0M | ||
| Q3 24 | $701.1M | $784.0M | ||
| Q2 24 | $619.7M | $370.0M |
自由现金流率ADIZTS
| Q1 26 | 39.8% | — | ||
| Q4 25 | 48.3% | 30.7% | ||
| Q3 25 | 37.7% | 33.5% | ||
| Q2 25 | 27.6% | 12.5% | ||
| Q1 25 | 40.4% | 19.7% | ||
| Q4 24 | 36.2% | 29.7% | ||
| Q3 24 | 30.3% | 32.8% | ||
| Q2 24 | 28.7% | 15.7% |
资本支出强度ADIZTS
| Q1 26 | 3.5% | — | ||
| Q4 25 | 7.0% | 6.7% | ||
| Q3 25 | 2.7% | 5.5% | ||
| Q2 25 | 3.4% | 7.2% | ||
| Q1 25 | 6.1% | 6.7% | ||
| Q4 24 | 6.8% | 9.3% | ||
| Q3 24 | 6.7% | 7.0% | ||
| Q2 24 | 8.7% | 5.6% |
现金转化率ADIZTS
| Q1 26 | 1.65× | — | ||
| Q4 25 | 2.16× | 1.48× | ||
| Q3 25 | 2.25× | 1.30× | ||
| Q2 25 | 1.44× | 0.68× | ||
| Q1 25 | 2.88× | 0.93× | ||
| Q4 24 | 2.20× | 1.56× | ||
| Q3 24 | 2.18× | 1.39× | ||
| Q2 24 | 2.67× | 0.80× |
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% |
ZTS
| Other | $1.3B | 56% |
| Livestock | $234.0M | 10% |
| Pain Sedation | $209.0M | 9% |
| Other Pharmaceuticals | $188.0M | 8% |
| Swine | $125.0M | 5% |
| Poultry | $117.0M | 5% |
| Fish | $81.0M | 3% |
| Other Non Pharmaceuticals | $70.0M | 3% |
| Manufactured Product Other | $18.0M | 1% |
| Medicated Feed Additives | $12.0M | 1% |
