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碧迪（BDX）与卡夫亨氏（KHC）财务数据对比。点击上方公司名可切换其他公司
卡夫亨氏的季度营收约是碧迪的1.2倍（$6.4B vs $5.3B），卡夫亨氏净利率更高（10.2% vs 7.3%，领先3.0%），碧迪同比增速更快（-0.4% vs -3.4%），卡夫亨氏自由现金流更多（$1.2B vs $549.0M），过去两年碧迪的营收复合增速更高（2.0% vs -0.4%）
碧迪（Becton Dickinson）是美国跨国医疗科技企业，核心业务包括研发、生产及销售医用器械、仪器系统与试剂产品，同时在特定领域提供专业咨询及数据分析服务，业务覆盖全球多国，在全球医疗技术领域具备领先地位。
卡夫亨氏（股票代码：KHC）是美国大型跨国食品企业，由原卡夫食品集团与亨氏公司合并组建，在芝加哥与匹兹堡均设有总部，旗下拥有多款全球知名食品品牌，业务覆盖全球众多市场。
BDX vs KHC — 直观对比
营收规模更大
KHC
是对方的1.2倍
$5.3B
营收增速更快
BDX
高出3.0%
-3.4%
净利率更高
KHC
高出3.0%
7.3%
自由现金流更多
KHC
多$622.0M
$549.0M
两年增速更快
BDX
近两年复合增速
-0.4%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $5.3B | $6.4B |
| 净利润 | $382.0M | $651.0M |
| 毛利率 | 45.9% | 32.6% |
| 营业利润率 | 10.5% | 17.1% |
| 净利率 | 7.3% | 10.2% |
| 营收同比 | -0.4% | -3.4% |
| 净利润同比 | 24.0% | -69.5% |
| 每股收益（稀释后） | $1.34 | $0.56 |
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BDXKHC
| Q4 25 | $5.3B | $6.4B | ||
| Q3 25 | $5.9B | $6.2B | ||
| Q2 25 | $5.5B | $6.4B | ||
| Q1 25 | $5.3B | $6.0B | ||
| Q4 24 | $5.2B | $6.6B | ||
| Q3 24 | $5.4B | $6.4B | ||
| Q2 24 | $5.0B | $6.5B | ||
| Q1 24 | $5.0B | $6.4B |
净利润BDXKHC
| Q4 25 | $382.0M | $651.0M | ||
| Q3 25 | $493.0M | $615.0M | ||
| Q2 25 | $574.0M | $-7.8B | ||
| Q1 25 | $308.0M | $712.0M | ||
| Q4 24 | $303.0M | $2.1B | ||
| Q3 24 | $400.0M | $-290.0M | ||
| Q2 24 | $487.0M | $102.0M | ||
| Q1 24 | $537.0M | $801.0M |
毛利率BDXKHC
| Q4 25 | 45.9% | 32.6% | ||
| Q3 25 | 47.5% | 31.9% | ||
| Q2 25 | 47.8% | 34.4% | ||
| Q1 25 | 42.8% | 34.4% | ||
| Q4 24 | 43.2% | 34.1% | ||
| Q3 24 | 45.7% | 34.2% | ||
| Q2 24 | 46.2% | 35.4% | ||
| Q1 24 | 45.7% | 35.0% |
营业利润率BDXKHC
| Q4 25 | 10.5% | 17.1% | ||
| Q3 25 | 11.8% | 16.4% | ||
| Q2 25 | 16.0% | -125.5% | ||
| Q1 25 | 10.4% | 19.9% | ||
| Q4 24 | 8.8% | -0.6% | ||
| Q3 24 | 11.4% | -1.6% | ||
| Q2 24 | 12.1% | 8.1% | ||
| Q1 24 | 14.5% | 20.3% |
净利率BDXKHC
| Q4 25 | 7.3% | 10.2% | ||
| Q3 25 | 8.4% | 9.9% | ||
| Q2 25 | 10.4% | -123.2% | ||
| Q1 25 | 5.8% | 11.9% | ||
| Q4 24 | 5.9% | 32.4% | ||
| Q3 24 | 7.4% | -4.5% | ||
| Q2 24 | 9.8% | 1.6% | ||
| Q1 24 | 10.6% | 12.5% |
每股收益（稀释后）BDXKHC
| Q4 25 | $1.34 | $0.56 | ||
| Q3 25 | $1.71 | $0.52 | ||
| Q2 25 | $2.00 | $-6.60 | ||
| Q1 25 | $1.07 | $0.59 | ||
| Q4 24 | $1.04 | $1.76 | ||
| Q3 24 | $1.37 | $-0.24 | ||
| Q2 24 | $1.68 | $0.08 | ||
| Q1 24 | $1.85 | $0.66 |
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 | $740.0M | $2.6B |
| 总债务越低越好 | — | $19.3B |
| 股东权益账面价值 | $25.3B | $41.7B |
| 总资产 | $54.8B | $81.8B |
| 负债/权益比越低杠杆越低 | — | 0.46× |
8季度趋势，按日历期对齐
现金及短期投资BDXKHC
| Q4 25 | $740.0M | $2.6B | ||
| Q3 25 | $641.0M | $3.1B | ||
| Q2 25 | $735.0M | $2.6B | ||
| Q1 25 | $667.0M | $2.8B | ||
| Q4 24 | $711.0M | $1.3B | ||
| Q3 24 | $1.7B | $1.3B | ||
| Q2 24 | $4.5B | $900.0M | ||
| Q1 24 | $2.3B | $1.6B |
总债务BDXKHC
| Q4 25 | — | $19.3B | ||
| Q3 25 | — | $19.3B | ||
| Q2 25 | — | $19.3B | ||
| Q1 25 | — | $20.9B | ||
| Q4 24 | — | $19.2B | ||
| Q3 24 | — | $19.4B | ||
| Q2 24 | — | $19.3B | ||
| Q1 24 | — | $19.9B |
股东权益BDXKHC
| Q4 25 | $25.3B | $41.7B | ||
| Q3 25 | $25.4B | $41.5B | ||
| Q2 25 | $25.5B | $41.4B | ||
| Q1 25 | $25.2B | $49.5B | ||
| Q4 24 | $25.2B | $49.2B | ||
| Q3 24 | $25.9B | $48.3B | ||
| Q2 24 | $25.9B | $48.9B | ||
| Q1 24 | $25.6B | $49.5B |
总资产BDXKHC
| Q4 25 | $54.8B | $81.8B | ||
| Q3 25 | $55.3B | $81.7B | ||
| Q2 25 | $54.9B | $81.6B | ||
| Q1 25 | $54.5B | $90.3B | ||
| Q4 24 | $54.7B | $88.3B | ||
| Q3 24 | $57.3B | $88.6B | ||
| Q2 24 | $55.6B | $88.8B | ||
| Q1 24 | $54.2B | $90.3B |
负债/权益比BDXKHC
| Q4 25 | — | 0.46× | ||
| Q3 25 | — | 0.47× | ||
| Q2 25 | — | 0.47× | ||
| Q1 25 | — | 0.42× | ||
| Q4 24 | — | 0.39× | ||
| Q3 24 | — | 0.40× | ||
| Q2 24 | — | 0.39× | ||
| Q1 24 | — | 0.40× |
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 | $657.0M | $1.4B |
| 自由现金流经营现金流 - 资本支出 | $549.0M | $1.2B |
| 自由现金流率自由现金流/营收 | 10.5% | 18.4% |
| 资本支出强度资本支出/营收 | 2.1% | 3.2% |
| 现金转化率经营现金流/净利润 | 1.72× | 2.11× |
| 过去12个月自由现金流最近4个季度 | $2.6B | $3.7B |
8季度趋势，按日历期对齐
经营现金流BDXKHC
| Q4 25 | $657.0M | $1.4B | ||
| Q3 25 | $1.4B | $1.2B | ||
| Q2 25 | $1.2B | $1.2B | ||
| Q1 25 | $164.0M | $720.0M | ||
| Q4 24 | $693.0M | $1.4B | ||
| Q3 24 | $1.2B | $1.1B | ||
| Q2 24 | $1.3B | $942.0M | ||
| Q1 24 | $514.0M | $771.0M |
自由现金流BDXKHC
| Q4 25 | $549.0M | $1.2B | ||
| Q3 25 | $1.0B | $986.0M | ||
| Q2 25 | $1.0B | $1.0B | ||
| Q1 25 | $35.0M | $482.0M | ||
| Q4 24 | $588.0M | $1.1B | ||
| Q3 24 | $882.0M | $849.0M | ||
| Q2 24 | $1.1B | $693.0M | ||
| Q1 24 | $380.0M | $477.0M |
自由现金流率BDXKHC
| Q4 25 | 10.5% | 18.4% | ||
| Q3 25 | 17.0% | 15.8% | ||
| Q2 25 | 19.0% | 16.1% | ||
| Q1 25 | 0.7% | 8.0% | ||
| Q4 24 | 11.4% | 17.4% | ||
| Q3 24 | 16.2% | 13.3% | ||
| Q2 24 | 22.4% | 10.7% | ||
| Q1 24 | 7.5% | 7.4% |
资本支出强度BDXKHC
| Q4 25 | 2.1% | 3.2% | ||
| Q3 25 | 6.0% | 2.7% | ||
| Q2 25 | 3.2% | 2.9% | ||
| Q1 25 | 2.4% | 4.0% | ||
| Q4 24 | 2.0% | 3.8% | ||
| Q3 24 | 5.4% | 3.7% | ||
| Q2 24 | 3.6% | 3.8% | ||
| Q1 24 | 2.7% | 4.6% |
现金转化率BDXKHC
| Q4 25 | 1.72× | 2.11× | ||
| Q3 25 | 2.75× | 1.88× | ||
| Q2 25 | 2.12× | — | ||
| Q1 25 | 0.53× | 1.01× | ||
| Q4 24 | 2.29× | 0.65× | ||
| Q3 24 | 2.94× | — | ||
| Q2 24 | 2.66× | 9.24× | ||
| Q1 24 | 0.96× | 0.96× |
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
BDX
| Other | $2.8B | 53% |
| Medication Management Solutions | $678.0M | 13% |
| Urologyand Critical Care | $339.0M | 6% |
| Surgery | $310.0M | 6% |
| Peripheral Intervention | $265.0M | 5% |
| Specimen Management | $245.0M | 5% |
| Advanced Patient Monitoring | $178.0M | 3% |
| Diagnostic Solutions | $176.0M | 3% |
| Bio Pharma Systems | $150.0M | 3% |
| Biosciences | $124.0M | 2% |
KHC
| Taste Elevation | $2.9B | 46% |
| Easy Ready Meals | $1.1B | 17% |
| Hydration | $471.0M | 7% |
| Cheese | $440.0M | 7% |
| Meats | $438.0M | 7% |
| Substantial Snacking | $351.0M | 6% |
| Desserts | $332.0M | 5% |
| Coffee | $221.0M | 3% |
| Other Platform | $127.0M | 2% |
