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Avantor, Inc.（AVTR）与硕腾（ZTS）财务数据对比。点击上方公司名可切换其他公司
硕腾的季度营收约是Avantor, Inc.的1.4倍（$2.4B vs $1.7B），硕腾净利率更高（25.3% vs 3.1%，领先22.1%），硕腾同比增速更快（3.0% vs -1.4%），硕腾自由现金流更多（$732.0M vs $117.2M），过去两年硕腾的营收复合增速更高（4.4% vs -0.5%）
Avantor是一家总部位于美国宾夕法尼亚州拉德诺的生物技术、化工及制药领域企业，前身为1904年成立的J.T. Baker，2010年正式更名，2019年在纽约证券交易所挂牌上市，股票代码为AVTR，为全球生命科学、医疗健康等行业客户提供核心产品与服务。
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。
AVTR vs ZTS — 直观对比
营收规模更大
ZTS
是对方的1.4倍
$1.7B
营收增速更快
ZTS
高出4.4%
-1.4%
净利率更高
ZTS
高出22.1%
3.1%
自由现金流更多
ZTS
多$614.8M
$117.2M
两年增速更快
ZTS
近两年复合增速
-0.5%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.7B | $2.4B |
| 净利润 | $52.4M | $603.0M |
| 毛利率 | 31.5% | 70.2% |
| 营业利润率 | 7.6% | 31.9% |
| 净利率 | 3.1% | 25.3% |
| 营收同比 | -1.4% | 3.0% |
| 净利润同比 | -89.5% | 3.8% |
| 每股收益（稀释后） | $0.08 | $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AVTRZTS
| Q4 25 | $1.7B | $2.4B | ||
| Q3 25 | $1.6B | $2.4B | ||
| Q2 25 | $1.7B | $2.5B | ||
| Q1 25 | $1.6B | $2.2B | ||
| Q4 24 | $1.7B | $2.3B | ||
| Q3 24 | $1.7B | $2.4B | ||
| Q2 24 | $1.7B | $2.4B | ||
| Q1 24 | $1.7B | $2.2B |
净利润AVTRZTS
| Q4 25 | $52.4M | $603.0M | ||
| Q3 25 | $-711.8M | $721.0M | ||
| Q2 25 | $64.7M | $718.0M | ||
| Q1 25 | $64.5M | $631.0M | ||
| Q4 24 | $500.4M | $581.0M | ||
| Q3 24 | $57.8M | $682.0M | ||
| Q2 24 | $92.9M | $624.0M | ||
| Q1 24 | $60.4M | $599.0M |
毛利率AVTRZTS
| Q4 25 | 31.5% | 70.2% | ||
| Q3 25 | 32.4% | 71.5% | ||
| Q2 25 | 32.9% | 73.6% | ||
| Q1 25 | 33.8% | 72.0% | ||
| Q4 24 | 33.4% | 69.5% | ||
| Q3 24 | 32.9% | 70.6% | ||
| Q2 24 | 34.1% | 71.7% | ||
| Q1 24 | 34.0% | 70.6% |
营业利润率AVTRZTS
| Q4 25 | 7.6% | 31.9% | ||
| Q3 25 | -40.0% | 37.0% | ||
| Q2 25 | 7.7% | 36.7% | ||
| Q1 25 | 9.3% | 36.5% | ||
| Q4 24 | 37.8% | 31.6% | ||
| Q3 24 | 7.3% | 36.6% | ||
| Q2 24 | 10.3% | 33.0% | ||
| Q1 24 | 8.7% | 34.1% |
净利率AVTRZTS
| Q4 25 | 3.1% | 25.3% | ||
| Q3 25 | -43.8% | 30.0% | ||
| Q2 25 | 3.8% | 29.2% | ||
| Q1 25 | 4.1% | 28.4% | ||
| Q4 24 | 29.7% | 25.1% | ||
| Q3 24 | 3.4% | 28.6% | ||
| Q2 24 | 5.5% | 26.4% | ||
| Q1 24 | 3.6% | 27.4% |
每股收益（稀释后）AVTRZTS
| Q4 25 | $0.08 | $1.37 | ||
| Q3 25 | $-1.04 | $1.63 | ||
| Q2 25 | $0.09 | $1.61 | ||
| Q1 25 | $0.09 | $1.41 | ||
| Q4 24 | $0.73 | $1.29 | ||
| Q3 24 | $0.08 | $1.50 | ||
| Q2 24 | $0.14 | $1.37 | ||
| Q1 24 | $0.09 | $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 | $365.4M | — |
| 总债务越低越好 | $3.9B | — |
| 股东权益账面价值 | $5.6B | $3.3B |
| 总资产 | $11.8B | $15.5B |
| 负债/权益比越低杠杆越低 | 0.71× | — |
8季度趋势，按日历期对齐
现金及短期投资AVTRZTS
| Q4 25 | $365.4M | — | ||
| Q3 25 | $251.9M | $2.1B | ||
| Q2 25 | $449.4M | $1.4B | ||
| Q1 25 | $315.7M | $1.7B | ||
| Q4 24 | $261.9M | $2.0B | ||
| Q3 24 | $285.3M | $1.7B | ||
| Q2 24 | $272.6M | $1.6B | ||
| Q1 24 | $234.9M | $2.0B |
总债务AVTRZTS
| Q4 25 | $3.9B | — | ||
| Q3 25 | $3.9B | — | ||
| Q2 25 | $4.2B | — | ||
| Q1 25 | $4.1B | — | ||
| Q4 24 | $4.1B | — | ||
| Q3 24 | $4.9B | — | ||
| Q2 24 | $5.1B | — | ||
| Q1 24 | $5.3B | — |
股东权益AVTRZTS
| Q4 25 | $5.6B | $3.3B | ||
| Q3 25 | $5.6B | $5.4B | ||
| Q2 25 | $6.3B | $5.0B | ||
| Q1 25 | $6.1B | $4.7B | ||
| Q4 24 | $6.0B | $4.8B | ||
| Q3 24 | $5.6B | $5.2B | ||
| Q2 24 | $5.4B | $5.0B | ||
| Q1 24 | $5.3B | $5.1B |
总资产AVTRZTS
| Q4 25 | $11.8B | $15.5B | ||
| Q3 25 | $11.7B | $15.2B | ||
| Q2 25 | $12.8B | $14.5B | ||
| Q1 25 | $12.3B | $14.1B | ||
| Q4 24 | $12.1B | $14.2B | ||
| Q3 24 | $12.8B | $14.4B | ||
| Q2 24 | $12.7B | $14.2B | ||
| Q1 24 | $12.8B | $14.3B |
负债/权益比AVTRZTS
| Q4 25 | 0.71× | — | ||
| Q3 25 | 0.69× | — | ||
| Q2 25 | 0.67× | — | ||
| Q1 25 | 0.67× | — | ||
| Q4 24 | 0.68× | — | ||
| Q3 24 | 0.89× | — | ||
| Q2 24 | 0.94× | — | ||
| Q1 24 | 1.00× | — |
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 | $152.7M | $893.0M |
| 自由现金流经营现金流 - 资本支出 | $117.2M | $732.0M |
| 自由现金流率自由现金流/营收 | 7.0% | 30.7% |
| 资本支出强度资本支出/营收 | 2.1% | 6.7% |
| 现金转化率经营现金流/净利润 | 2.91× | 1.48× |
| 过去12个月自由现金流最近4个季度 | $495.0M | $2.3B |
8季度趋势，按日历期对齐
经营现金流AVTRZTS
| Q4 25 | $152.7M | $893.0M | ||
| Q3 25 | $207.4M | $938.0M | ||
| Q2 25 | $154.4M | $486.0M | ||
| Q1 25 | $109.3M | $587.0M | ||
| Q4 24 | $173.3M | $905.0M | ||
| Q3 24 | $244.8M | $951.0M | ||
| Q2 24 | $281.1M | $502.0M | ||
| Q1 24 | $141.6M | $595.0M |
自由现金流AVTRZTS
| Q4 25 | $117.2M | $732.0M | ||
| Q3 25 | $171.7M | $805.0M | ||
| Q2 25 | $124.8M | $308.0M | ||
| Q1 25 | $81.3M | $438.0M | ||
| Q4 24 | $145.8M | $689.0M | ||
| Q3 24 | $204.0M | $784.0M | ||
| Q2 24 | $235.3M | $370.0M | ||
| Q1 24 | $106.9M | $455.0M |
自由现金流率AVTRZTS
| Q4 25 | 7.0% | 30.7% | ||
| Q3 25 | 10.6% | 33.5% | ||
| Q2 25 | 7.4% | 12.5% | ||
| Q1 25 | 5.1% | 19.7% | ||
| Q4 24 | 8.6% | 29.7% | ||
| Q3 24 | 11.9% | 32.8% | ||
| Q2 24 | 13.8% | 15.7% | ||
| Q1 24 | 6.4% | 20.8% |
资本支出强度AVTRZTS
| Q4 25 | 2.1% | 6.7% | ||
| Q3 25 | 2.2% | 5.5% | ||
| Q2 25 | 1.8% | 7.2% | ||
| Q1 25 | 1.8% | 6.7% | ||
| Q4 24 | 1.6% | 9.3% | ||
| Q3 24 | 2.4% | 7.0% | ||
| Q2 24 | 2.7% | 5.6% | ||
| Q1 24 | 2.1% | 6.4% |
现金转化率AVTRZTS
| Q4 25 | 2.91× | 1.48× | ||
| Q3 25 | — | 1.30× | ||
| Q2 25 | 2.39× | 0.68× | ||
| Q1 25 | 1.69× | 0.93× | ||
| Q4 24 | 0.35× | 1.56× | ||
| Q3 24 | 4.24× | 1.39× | ||
| Q2 24 | 3.03× | 0.80× | ||
| Q1 24 | 2.34× | 0.99× |
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
AVTR
| Laboratory Solutions Segment | $1.1B | 67% |
| Bioscience Production Segment | $547.5M | 33% |
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% |
