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艾伯维（ARGX）与MAXIMUS, INC.（MMS）财务数据对比。点击上方公司名可切换其他公司
艾伯维的季度营收约是MAXIMUS, INC.的1.8倍（$2.5B vs $1.3B），艾伯维净利率更高（35.5% vs 7.0%，领先28.5%），艾伯维同比增速更快（83.2% vs -4.1%），艾伯维自由现金流更多（$322.4M vs $-250.7M）
艾伯维是总部位于美国伊利诺伊州北芝加哥的制药企业，研发生产的药物覆盖多种疾病治疗领域，可满足多元临床需求，致力于为全球不同病症的患者提供可靠的治疗方案选择。
MAXIMUS是美国一家政府服务企业，业务覆盖美国、加拿大、英国等国家，为医疗补助、联邦医疗保险、医改、就业帮扶、学生贷款服务等各类政府项目提供行政及配套服务。公司总部位于弗吉尼亚州泰森斯，现有员工3.96万名，2024财年营收达53亿美元。
ARGX vs MMS — 直观对比
营收规模更大
ARGX
是对方的1.8倍
$1.3B
营收增速更快
ARGX
高出87.3%
-4.1%
净利率更高
ARGX
高出28.5%
7.0%
自由现金流更多
ARGX
多$573.1M
$-250.7M
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $2.5B | $1.3B |
| 净利润 | $877.2M | $93.9M |
| 毛利率 | 89.5% | 23.7% |
| 营业利润率 | 28.9% | 10.9% |
| 净利率 | 35.5% | 7.0% |
| 营收同比 | 83.2% | -4.1% |
| 净利润同比 | 1.3% | 128.0% |
| 每股收益（稀释后） | $13.25 | $1.70 |
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ARGXMMS
| Q4 25 | $2.5B | $1.3B | ||
| Q3 25 | — | $1.3B | ||
| Q2 25 | $1.8B | $1.3B | ||
| Q1 25 | — | $1.4B | ||
| Q4 24 | $1.4B | $1.4B | ||
| Q3 24 | — | $1.3B | ||
| Q2 24 | $901.9M | $1.3B | ||
| Q1 24 | — | $1.3B |
净利润ARGXMMS
| Q4 25 | $877.2M | $93.9M | ||
| Q3 25 | — | $75.3M | ||
| Q2 25 | $414.8M | $106.0M | ||
| Q1 25 | — | $96.6M | ||
| Q4 24 | $865.6M | $41.2M | ||
| Q3 24 | — | $72.5M | ||
| Q2 24 | $-32.5M | $89.8M | ||
| Q1 24 | — | $80.5M |
毛利率ARGXMMS
| Q4 25 | 89.5% | 23.7% | ||
| Q3 25 | — | 25.3% | ||
| Q2 25 | 89.2% | 26.7% | ||
| Q1 25 | — | 24.9% | ||
| Q4 24 | 90.2% | 21.5% | ||
| Q3 24 | — | 22.9% | ||
| Q2 24 | 89.4% | 25.3% | ||
| Q1 24 | — | 23.6% |
营业利润率ARGXMMS
| Q4 25 | 28.9% | 10.9% | ||
| Q3 25 | — | 9.3% | ||
| Q2 25 | 19.2% | 12.3% | ||
| Q1 25 | — | 11.2% | ||
| Q4 24 | 8.7% | 6.2% | ||
| Q3 24 | — | 8.5% | ||
| Q2 24 | -15.4% | 10.8% | ||
| Q1 24 | — | 9.5% |
净利率ARGXMMS
| Q4 25 | 35.5% | 7.0% | ||
| Q3 25 | — | 5.7% | ||
| Q2 25 | 23.4% | 7.9% | ||
| Q1 25 | — | 7.1% | ||
| Q4 24 | 64.1% | 2.9% | ||
| Q3 24 | — | 5.5% | ||
| Q2 24 | -3.6% | 6.8% | ||
| Q1 24 | — | 6.0% |
每股收益（稀释后）ARGXMMS
| Q4 25 | $13.25 | $1.70 | ||
| Q3 25 | — | $1.27 | ||
| Q2 25 | $6.32 | $1.86 | ||
| Q1 25 | — | $1.69 | ||
| Q4 24 | $13.33 | $0.69 | ||
| Q3 24 | — | $1.18 | ||
| Q2 24 | $-0.55 | $1.46 | ||
| Q1 24 | — | $1.31 |
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 | $3.5B | $137.6M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $7.3B | $1.7B |
| 总资产 | $8.7B | $4.2B |
| 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ARGXMMS
| Q4 25 | $3.5B | $137.6M | ||
| Q3 25 | — | $222.4M | ||
| Q2 25 | $2.1B | $59.8M | ||
| Q1 25 | — | $108.1M | ||
| Q4 24 | $1.5B | $72.7M | ||
| Q3 24 | — | $183.1M | ||
| Q2 24 | $1.4B | $102.8M | ||
| Q1 24 | — | $77.4M |
总债务ARGXMMS
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | $11.0M | — | ||
| Q1 24 | — | — |
股东权益ARGXMMS
| Q4 25 | $7.3B | $1.7B | ||
| Q3 25 | — | $1.7B | ||
| Q2 25 | $6.1B | $1.8B | ||
| Q1 25 | — | $1.7B | ||
| Q4 24 | $5.5B | $1.6B | ||
| Q3 24 | — | $1.8B | ||
| Q2 24 | $4.3B | $1.8B | ||
| Q1 24 | — | $1.8B |
总资产ARGXMMS
| Q4 25 | $8.7B | $4.2B | ||
| Q3 25 | — | $4.1B | ||
| Q2 25 | $7.2B | $4.5B | ||
| Q1 25 | — | $4.2B | ||
| Q4 24 | $6.2B | $4.1B | ||
| Q3 24 | — | $4.1B | ||
| Q2 24 | $4.8B | $4.0B | ||
| Q1 24 | — | $4.0B |
负债/权益比ARGXMMS
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | 0.00× | — | ||
| Q1 24 | — | — |
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 | $323.3M | $-244.4M |
| 自由现金流经营现金流 - 资本支出 | $322.4M | $-250.7M |
| 自由现金流率自由现金流/营收 | 13.0% | -18.6% |
| 资本支出强度资本支出/营收 | 0.0% | 0.5% |
| 现金转化率经营现金流/净利润 | 0.37× | -2.60× |
| 过去12个月自由现金流最近4个季度 | $594.5M | $218.5M |
8季度趋势，按日历期对齐
经营现金流ARGXMMS
| Q4 25 | $323.3M | $-244.4M | ||
| Q3 25 | — | $649.4M | ||
| Q2 25 | $361.8M | $-182.7M | ||
| Q1 25 | — | $42.7M | ||
| Q4 24 | $41.9M | $-80.0M | ||
| Q3 24 | — | $163.8M | ||
| Q2 24 | $-124.7M | $199.3M | ||
| Q1 24 | — | $130.5M |
自由现金流ARGXMMS
| Q4 25 | $322.4M | $-250.7M | ||
| Q3 25 | — | $641.8M | ||
| Q2 25 | $356.6M | $-198.2M | ||
| Q1 25 | — | $25.5M | ||
| Q4 24 | $40.9M | $-103.0M | ||
| Q3 24 | — | $131.9M | ||
| Q2 24 | $-125.5M | $164.6M | ||
| Q1 24 | — | $105.2M |
自由现金流率ARGXMMS
| Q4 25 | 13.0% | -18.6% | ||
| Q3 25 | — | 48.7% | ||
| Q2 25 | 20.1% | -14.7% | ||
| Q1 25 | — | 1.9% | ||
| Q4 24 | 3.0% | -7.3% | ||
| Q3 24 | — | 10.0% | ||
| Q2 24 | -13.9% | 12.5% | ||
| Q1 24 | — | 7.8% |
资本支出强度ARGXMMS
| Q4 25 | 0.0% | 0.5% | ||
| Q3 25 | — | 0.6% | ||
| Q2 25 | 0.3% | 1.1% | ||
| Q1 25 | — | 1.3% | ||
| Q4 24 | 0.1% | 1.6% | ||
| Q3 24 | — | 2.4% | ||
| Q2 24 | 0.1% | 2.6% | ||
| Q1 24 | — | 1.9% |
现金转化率ARGXMMS
| Q4 25 | 0.37× | -2.60× | ||
| Q3 25 | — | 8.63× | ||
| Q2 25 | 0.87× | -1.72× | ||
| Q1 25 | — | 0.44× | ||
| Q4 24 | 0.05× | -1.94× | ||
| Q3 24 | — | 2.26× | ||
| Q2 24 | — | 2.22× | ||
| Q1 24 | — | 1.62× |
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
ARGX
暂无分部数据
MMS
| Clinical Services | $523.7M | 39% |
| Cost Plus Contracts | $386.4M | 29% |
| Outside The United States | $143.2M | 11% |
| International Government Agencies | $141.0M | 10% |
| Technology Solutions | $74.8M | 6% |
| Employment And Other | $70.2M | 5% |
| Other Including Local Municipalities And Commercial Customers | $17.6M | 1% |
