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安进（AMGN）与美敦力（MDT）财务数据对比。点击上方公司名可切换其他公司
安进的季度营收约是美敦力的1.1倍（$9.9B vs $9.0B），美敦力净利率更高（15.3% vs 13.5%，领先1.8%），安进同比增速更快（8.6% vs 6.6%），安进自由现金流更多（$961.0M vs $457.0M），过去两年安进的营收复合增速更高（15.1% vs 5.3%）
安进是总部位于美国加利福尼亚州千橡市的跨国生物制药企业，公司名称取自最初的全称「应用分子遗传学」的缩写组合，按营收规模排名位列全球生物医药企业第18位，专注于研发、生产及商业化创新生物药物，为全球患者提供优质治疗选择。
美敦力是全球知名的医疗设备企业，法定及行政总部位于爱尔兰，运营总部设在美国明尼苏达州明尼阿波利斯。2015年集团收购爱尔兰企业柯惠后将注册地迁至爱尔兰，目前业务覆盖超150个国家，员工逾9万名，专注于研发生产各类医疗技术产品及治疗解决方案。
AMGN vs MDT — 直观对比
营收规模更大
AMGN
是对方的1.1倍
$9.0B
营收增速更快
AMGN
高出1.9%
6.6%
净利率更高
MDT
高出1.8%
13.5%
自由现金流更多
AMGN
多$504.0M
$457.0M
两年增速更快
AMGN
近两年复合增速
5.3%
损益表 — Q4 FY2025 vs Q2 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $9.9B | $9.0B |
| 净利润 | $1.3B | $1.4B |
| 毛利率 | 69.8% | 65.8% |
| 营业利润率 | 27.6% | 18.8% |
| 净利率 | 13.5% | 15.3% |
| 营收同比 | 8.6% | 6.6% |
| 净利润同比 | 112.6% | 8.2% |
| 每股收益（稀释后） | $2.45 | $1.07 |
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AMGNMDT
| Q4 25 | $9.9B | $9.0B | ||
| Q3 25 | $9.6B | $8.6B | ||
| Q2 25 | $9.2B | $8.9B | ||
| Q1 25 | $8.1B | $8.3B | ||
| Q4 24 | $9.1B | $8.4B | ||
| Q3 24 | $8.5B | $7.9B | ||
| Q2 24 | $8.4B | $8.6B | ||
| Q1 24 | $7.4B | $8.1B |
净利润AMGNMDT
| Q4 25 | $1.3B | $1.4B | ||
| Q3 25 | $3.2B | $1.0B | ||
| Q2 25 | $1.4B | $1.1B | ||
| Q1 25 | $1.7B | $1.3B | ||
| Q4 24 | $627.0M | $1.3B | ||
| Q3 24 | $2.8B | $1.0B | ||
| Q2 24 | $746.0M | $654.0M | ||
| Q1 24 | $-113.0M | $1.3B |
毛利率AMGNMDT
| Q4 25 | 69.8% | 65.8% | ||
| Q3 25 | 67.8% | 65.0% | ||
| Q2 25 | 67.2% | 64.8% | ||
| Q1 25 | 63.6% | 66.5% | ||
| Q4 24 | 65.7% | 64.9% | ||
| Q3 24 | 61.1% | 65.1% | ||
| Q2 24 | 61.4% | 64.5% | ||
| Q1 24 | 57.0% | 65.6% |
营业利润率AMGNMDT
| Q4 25 | 27.6% | 18.8% | ||
| Q3 25 | 26.4% | 16.8% | ||
| Q2 25 | 28.9% | 16.1% | ||
| Q1 25 | 14.5% | 19.9% | ||
| Q4 24 | 25.4% | 19.0% | ||
| Q3 24 | 24.1% | 16.1% | ||
| Q2 24 | 22.8% | 12.3% | ||
| Q1 24 | 13.3% | 18.3% |
净利率AMGNMDT
| Q4 25 | 13.5% | 15.3% | ||
| Q3 25 | 33.7% | 12.1% | ||
| Q2 25 | 15.6% | 11.8% | ||
| Q1 25 | 21.2% | 15.6% | ||
| Q4 24 | 6.9% | 15.1% | ||
| Q3 24 | 33.3% | 13.2% | ||
| Q2 24 | 8.9% | 7.6% | ||
| Q1 24 | -1.5% | 16.3% |
每股收益（稀释后）AMGNMDT
| Q4 25 | $2.45 | $1.07 | ||
| Q3 25 | $5.93 | $0.81 | ||
| Q2 25 | $2.65 | $0.81 | ||
| Q1 25 | $3.20 | $1.01 | ||
| Q4 24 | $1.17 | $0.99 | ||
| Q3 24 | $5.22 | $0.80 | ||
| Q2 24 | $1.38 | $0.50 | ||
| Q1 24 | $-0.21 | $0.99 |
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 | $9.1B | $8.3B |
| 总债务越低越好 | $54.6B | $27.7B |
| 股东权益账面价值 | $8.7B | $48.7B |
| 总资产 | $90.6B | $91.3B |
| 负债/权益比越低杠杆越低 | 6.31× | 0.57× |
8季度趋势，按日历期对齐
现金及短期投资AMGNMDT
| Q4 25 | $9.1B | $8.3B | ||
| Q3 25 | $9.4B | $8.1B | ||
| Q2 25 | $8.0B | $9.0B | ||
| Q1 25 | $8.8B | $7.9B | ||
| Q4 24 | $12.0B | $8.0B | ||
| Q3 24 | $9.0B | $7.8B | ||
| Q2 24 | $9.3B | $8.0B | ||
| Q1 24 | $9.7B | $8.3B |
总债务AMGNMDT
| Q4 25 | $54.6B | $27.7B | ||
| Q3 25 | $54.6B | $26.2B | ||
| Q2 25 | $56.2B | $25.6B | ||
| Q1 25 | $57.4B | $24.0B | ||
| Q4 24 | $60.1B | $24.6B | ||
| Q3 24 | $60.4B | $26.3B | ||
| Q2 24 | $62.6B | $23.9B | ||
| Q1 24 | $64.0B | $24.2B |
股东权益AMGNMDT
| Q4 25 | $8.7B | $48.7B | ||
| Q3 25 | $9.6B | $47.9B | ||
| Q2 25 | $7.4B | $48.0B | ||
| Q1 25 | $6.2B | $49.4B | ||
| Q4 24 | $5.9B | $48.5B | ||
| Q3 24 | $7.5B | $47.9B | ||
| Q2 24 | $5.9B | $50.2B | ||
| Q1 24 | $5.0B | $51.8B |
总资产AMGNMDT
| Q4 25 | $90.6B | $91.3B | ||
| Q3 25 | $90.1B | $91.0B | ||
| Q2 25 | $87.9B | $91.7B | ||
| Q1 25 | $89.4B | $90.0B | ||
| Q4 24 | $91.8B | $90.0B | ||
| Q3 24 | $90.9B | $89.7B | ||
| Q2 24 | $90.9B | $90.0B | ||
| Q1 24 | $93.0B | $90.8B |
负债/权益比AMGNMDT
| Q4 25 | 6.31× | 0.57× | ||
| Q3 25 | 5.67× | 0.55× | ||
| Q2 25 | 7.57× | 0.53× | ||
| Q1 25 | 9.24× | 0.49× | ||
| Q4 24 | 10.23× | 0.51× | ||
| Q3 24 | 8.02× | 0.55× | ||
| Q2 24 | 10.57× | 0.48× | ||
| Q1 24 | 12.75× | 0.47× |
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 | $1.6B | $925.0M |
| 自由现金流经营现金流 - 资本支出 | $961.0M | $457.0M |
| 自由现金流率自由现金流/营收 | 9.7% | 5.1% |
| 资本支出强度资本支出/营收 | 6.5% | 5.2% |
| 现金转化率经营现金流/净利润 | 1.20× | 0.67× |
| 过去12个月自由现金流最近4个季度 | $8.1B | $5.2B |
8季度趋势，按日历期对齐
经营现金流AMGNMDT
| Q4 25 | $1.6B | $925.0M | ||
| Q3 25 | $4.7B | $1.1B | ||
| Q2 25 | $2.3B | $2.5B | ||
| Q1 25 | $1.4B | $2.6B | ||
| Q4 24 | $4.8B | $958.0M | ||
| Q3 24 | $3.6B | $986.0M | ||
| Q2 24 | $2.5B | $2.8B | ||
| Q1 24 | $689.0M | $2.5B |
自由现金流AMGNMDT
| Q4 25 | $961.0M | $457.0M | ||
| Q3 25 | $4.2B | $584.0M | ||
| Q2 25 | $1.9B | $2.1B | ||
| Q1 25 | $980.0M | $2.1B | ||
| Q4 24 | $4.4B | $554.0M | ||
| Q3 24 | $3.3B | $466.0M | ||
| Q2 24 | $2.2B | $2.4B | ||
| Q1 24 | $459.0M | $2.1B |
自由现金流率AMGNMDT
| Q4 25 | 9.7% | 5.1% | ||
| Q3 25 | 44.4% | 6.8% | ||
| Q2 25 | 20.8% | 23.2% | ||
| Q1 25 | 12.0% | 25.3% | ||
| Q4 24 | 48.4% | 6.6% | ||
| Q3 24 | 39.0% | 5.9% | ||
| Q2 24 | 26.5% | 27.4% | ||
| Q1 24 | 6.2% | 26.3% |
资本支出强度AMGNMDT
| Q4 25 | 6.5% | 5.2% | ||
| Q3 25 | 4.6% | 5.9% | ||
| Q2 25 | 4.0% | 5.1% | ||
| Q1 25 | 5.0% | 5.7% | ||
| Q4 24 | 4.1% | 4.8% | ||
| Q3 24 | 3.0% | 6.6% | ||
| Q2 24 | 2.8% | 5.0% | ||
| Q1 24 | 3.1% | 4.3% |
现金转化率AMGNMDT
| Q4 25 | 1.20× | 0.67× | ||
| Q3 25 | 1.46× | 1.05× | ||
| Q2 25 | 1.59× | 2.39× | ||
| Q1 25 | 0.80× | 1.99× | ||
| Q4 24 | 7.61× | 0.75× | ||
| Q3 24 | 1.26× | 0.95× | ||
| Q2 24 | 3.30× | 4.25× | ||
| Q1 24 | — | 1.87× |
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
AMGN
| Products | $9.4B | 95% |
| Xgeva | $291.0M | 3% |
| Vectibix | $163.0M | 2% |
| Aranesp | $115.0M | 1% |
MDT
| Cardiac Rhythm And Heart Failure Division | $1.8B | 20% |
| Surgical Endoscopy | $1.7B | 19% |
| Other | $1.3B | 14% |
| Structural Heart And Aortic Division | $956.0M | 11% |
| Diabetes Group | $757.0M | 8% |
| Specialty Therapies Division | $744.0M | 8% |
| Coronary And Peripheral Vascular Division | $655.0M | 7% |
| Neuromodulation Division | $520.0M | 6% |
| Acute Care Monitoring | $493.0M | 6% |
| IE | $35.0M | 0% |
