vs
爱齐科技（ALGN）与West Pharmaceutical Services（WST）财务数据对比。点击上方公司名可切换其他公司
爱齐科技的季度营收约是West Pharmaceutical Services的1.3倍（$1.0B vs $805.0M），West Pharmaceutical Services净利率更高（16.4% vs 13.0%，领先3.5%），West Pharmaceutical Services同比增速更快（7.5% vs 5.3%），爱齐科技自由现金流更多（$187.3M vs $175.0M），过去两年West Pharmaceutical Services的营收复合增速更高（7.6% vs 2.5%）
爱齐科技是一家全球知名医疗设备企业，主营设计、生产及销售隐适美透明矫治器、iTero口内扫描仪及配套服务，客户覆盖正畸医师、全科牙医，面向修复、美容牙科领域，业务分为透明矫治器、扫描仪及服务两大板块，可满足青少年等不同群体的正畸需求
美国West Pharmaceutical Services是注射用药品包装及给药系统的设计和制造商，1923年成立，总部位于宾夕法尼亚州埃克斯顿。成立初期主营注射类药物包装用橡胶组件，曾为青霉素和胰岛素生产商提供符合无菌要求的配套产品。
ALGN vs WST — 直观对比
营收规模更大
ALGN
是对方的1.3倍
$805.0M
营收增速更快
WST
高出2.2%
5.3%
净利率更高
WST
高出3.5%
13.0%
自由现金流更多
ALGN
多$12.3M
$175.0M
两年增速更快
WST
近两年复合增速
2.5%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.0B | $805.0M |
| 净利润 | $135.8M | $132.1M |
| 毛利率 | 65.3% | 37.8% |
| 营业利润率 | 14.8% | 19.5% |
| 净利率 | 13.0% | 16.4% |
| 营收同比 | 5.3% | 7.5% |
| 净利润同比 | 30.8% | 1.5% |
| 每股收益（稀释后） | $1.88 | $1.82 |
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ALGNWST
| Q4 25 | $1.0B | $805.0M | ||
| Q3 25 | $995.7M | $804.6M | ||
| Q2 25 | $1.0B | $766.5M | ||
| Q1 25 | $979.3M | $698.0M | ||
| Q4 24 | $995.2M | $748.8M | ||
| Q3 24 | $977.9M | $746.9M | ||
| Q2 24 | $1.0B | $702.1M | ||
| Q1 24 | $997.4M | $695.4M |
净利润ALGNWST
| Q4 25 | $135.8M | $132.1M | ||
| Q3 25 | $56.8M | $140.0M | ||
| Q2 25 | $124.6M | $131.8M | ||
| Q1 25 | $93.2M | $89.8M | ||
| Q4 24 | $103.8M | $130.1M | ||
| Q3 24 | $116.0M | $136.0M | ||
| Q2 24 | $96.6M | $111.3M | ||
| Q1 24 | $105.0M | $115.3M |
毛利率ALGNWST
| Q4 25 | 65.3% | 37.8% | ||
| Q3 25 | 64.2% | 36.6% | ||
| Q2 25 | 69.9% | 35.7% | ||
| Q1 25 | 69.5% | 33.2% | ||
| Q4 24 | 70.0% | 36.5% | ||
| Q3 24 | 69.7% | 35.4% | ||
| Q2 24 | 70.3% | 32.8% | ||
| Q1 24 | 70.0% | 33.1% |
营业利润率ALGNWST
| Q4 25 | 14.8% | 19.5% | ||
| Q3 25 | 9.7% | 20.8% | ||
| Q2 25 | 16.1% | 20.1% | ||
| Q1 25 | 13.4% | 15.3% | ||
| Q4 24 | 14.5% | 21.3% | ||
| Q3 24 | 16.6% | 21.6% | ||
| Q2 24 | 14.3% | 18.0% | ||
| Q1 24 | 15.5% | 17.7% |
净利率ALGNWST
| Q4 25 | 13.0% | 16.4% | ||
| Q3 25 | 5.7% | 17.4% | ||
| Q2 25 | 12.3% | 17.2% | ||
| Q1 25 | 9.5% | 12.9% | ||
| Q4 24 | 10.4% | 17.4% | ||
| Q3 24 | 11.9% | 18.2% | ||
| Q2 24 | 9.4% | 15.9% | ||
| Q1 24 | 10.5% | 16.6% |
每股收益（稀释后）ALGNWST
| Q4 25 | $1.88 | $1.82 | ||
| Q3 25 | $0.78 | $1.92 | ||
| Q2 25 | $1.72 | $1.82 | ||
| Q1 25 | $1.27 | $1.23 | ||
| Q4 24 | $1.40 | $1.78 | ||
| Q3 24 | $1.55 | $1.85 | ||
| Q2 24 | $1.28 | $1.51 | ||
| Q1 24 | $1.39 | $1.55 |
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 | $1.1B | $791.3M |
| 总债务越低越好 | — | $202.8M |
| 股东权益账面价值 | $4.0B | $3.2B |
| 总资产 | $6.2B | $4.3B |
| 负债/权益比越低杠杆越低 | — | 0.06× |
8季度趋势，按日历期对齐
现金及短期投资ALGNWST
| Q4 25 | $1.1B | $791.3M | ||
| Q3 25 | $1.0B | $628.5M | ||
| Q2 25 | $901.2M | $509.7M | ||
| Q1 25 | $873.0M | $404.2M | ||
| Q4 24 | $1.0B | $484.6M | ||
| Q3 24 | $1.0B | $490.9M | ||
| Q2 24 | $761.4M | $446.2M | ||
| Q1 24 | $865.8M | $601.8M |
总债务ALGNWST
| Q4 25 | — | $202.8M | ||
| Q3 25 | — | $202.7M | ||
| Q2 25 | — | $202.6M | ||
| Q1 25 | — | $202.6M | ||
| Q4 24 | — | $202.6M | ||
| Q3 24 | — | $202.6M | ||
| Q2 24 | — | $205.8M | ||
| Q1 24 | — | $206.2M |
股东权益ALGNWST
| Q4 25 | $4.0B | $3.2B | ||
| Q3 25 | $4.0B | $3.1B | ||
| Q2 25 | $3.9B | $2.9B | ||
| Q1 25 | $3.8B | $2.7B | ||
| Q4 24 | $3.9B | $2.7B | ||
| Q3 24 | $3.9B | $2.8B | ||
| Q2 24 | $3.8B | $2.6B | ||
| Q1 24 | $3.8B | $2.7B |
总资产ALGNWST
| Q4 25 | $6.2B | $4.3B | ||
| Q3 25 | $6.2B | $4.1B | ||
| Q2 25 | $6.2B | $4.0B | ||
| Q1 25 | $6.1B | $3.6B | ||
| Q4 24 | $6.2B | $3.6B | ||
| Q3 24 | $6.4B | $3.7B | ||
| Q2 24 | $6.2B | $3.5B | ||
| Q1 24 | $6.2B | $3.6B |
负债/权益比ALGNWST
| Q4 25 | — | 0.06× | ||
| Q3 25 | — | 0.07× | ||
| Q2 25 | — | 0.07× | ||
| Q1 25 | — | 0.08× | ||
| Q4 24 | — | 0.08× | ||
| Q3 24 | — | 0.07× | ||
| Q2 24 | — | 0.08× | ||
| Q1 24 | — | 0.08× |
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 | $223.2M | $251.1M |
| 自由现金流经营现金流 - 资本支出 | $187.3M | $175.0M |
| 自由现金流率自由现金流/营收 | 17.9% | 21.7% |
| 资本支出强度资本支出/营收 | 3.4% | 9.5% |
| 现金转化率经营现金流/净利润 | 1.64× | 1.90× |
| 过去12个月自由现金流最近4个季度 | $490.8M | $468.9M |
8季度趋势，按日历期对齐
经营现金流ALGNWST
| Q4 25 | $223.2M | $251.1M | ||
| Q3 25 | $188.7M | $197.2M | ||
| Q2 25 | $128.7M | $177.1M | ||
| Q1 25 | $52.7M | $129.4M | ||
| Q4 24 | $286.1M | $190.1M | ||
| Q3 24 | $263.7M | $180.1M | ||
| Q2 24 | $159.8M | $165.0M | ||
| Q1 24 | $28.7M | $118.2M |
自由现金流ALGNWST
| Q4 25 | $187.3M | $175.0M | ||
| Q3 25 | $169.0M | $133.9M | ||
| Q2 25 | $107.2M | $101.9M | ||
| Q1 25 | $27.4M | $58.1M | ||
| Q4 24 | $263.1M | $85.2M | ||
| Q3 24 | $233.9M | $98.8M | ||
| Q2 24 | $106.4M | $64.8M | ||
| Q1 24 | $19.3M | $27.6M |
自由现金流率ALGNWST
| Q4 25 | 17.9% | 21.7% | ||
| Q3 25 | 17.0% | 16.6% | ||
| Q2 25 | 10.6% | 13.3% | ||
| Q1 25 | 2.8% | 8.3% | ||
| Q4 24 | 26.4% | 11.4% | ||
| Q3 24 | 23.9% | 13.2% | ||
| Q2 24 | 10.3% | 9.2% | ||
| Q1 24 | 1.9% | 4.0% |
资本支出强度ALGNWST
| Q4 25 | 3.4% | 9.5% | ||
| Q3 25 | 2.0% | 7.9% | ||
| Q2 25 | 2.1% | 9.8% | ||
| Q1 25 | 2.6% | 10.2% | ||
| Q4 24 | 2.3% | 14.0% | ||
| Q3 24 | 3.0% | 10.9% | ||
| Q2 24 | 5.2% | 14.3% | ||
| Q1 24 | 0.9% | 13.0% |
现金转化率ALGNWST
| Q4 25 | 1.64× | 1.90× | ||
| Q3 25 | 3.33× | 1.41× | ||
| Q2 25 | 1.03× | 1.34× | ||
| Q1 25 | 0.57× | 1.44× | ||
| Q4 24 | 2.76× | 1.46× | ||
| Q3 24 | 2.27× | 1.32× | ||
| Q2 24 | 1.66× | 1.48× | ||
| Q1 24 | 0.27× | 1.03× |
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
ALGN
| Systems And Services | $789.6M | 75% |
| Other | $258.0M | 25% |
WST
| Proprietary Products | $661.8M | 82% |
| Contract Manufactured Products | $143.2M | 18% |
| Affiliated Entity | $3.3M | 0% |
