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百度（BIDU）与福泰制药（VRTX）财务数据对比。点击上方公司名可切换其他公司
百度的季度营收约是福泰制药的1.6倍（$5.0B vs $3.2B），福泰制药净利率更高（37.3% vs 6.0%，领先31.4%），百度同比增速更快（14.0% vs 9.5%），过去两年福泰制药的营收复合增速更高（8.9% vs 7.5%）
百度是中国头部跨国科技企业，深耕互联网服务与人工智能赛道，在中国搜索引擎市场占据主导地位。旗下拥有百度APP、百度百科、百度贴吧等多元产品矩阵，同时运营视频平台爱奇艺，可为海量用户提供覆盖多场景的优质数字服务。
福泰制药是总部位于美国马萨诸塞州波士顿的生物制药企业，是全球首批明确采用理性药物设计策略、而非组合化学方法开发药物的生物技术公司之一。除波士顿总部外，公司还在加州圣迭戈、英国牛津郡米尔顿公园设有三处研发中心。
BIDU vs VRTX — 直观对比
营收规模更大
BIDU
是对方的1.6倍
$3.2B
营收增速更快
BIDU
高出4.4%
9.5%
净利率更高
VRTX
高出31.4%
6.0%
两年增速更快
VRTX
近两年复合增速
7.5%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $5.0B | $3.2B |
| 净利润 | $300.0M | $1.2B |
| 毛利率 | 41.0% | 85.4% |
| 营业利润率 | 4.1% | 37.8% |
| 净利率 | 6.0% | 37.3% |
| 营收同比 | 14.0% | 9.5% |
| 净利润同比 | -47.1% | 30.5% |
| 每股收益（稀释后） | $0.53 | $4.64 |
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BIDUVRTX
| Q4 25 | $5.0B | $3.2B | ||
| Q3 25 | $4.4B | $3.1B | ||
| Q2 25 | $4.6B | $3.0B | ||
| Q1 25 | $4.5B | $2.8B | ||
| Q4 24 | $4.4B | $2.9B | ||
| Q3 24 | $4.8B | $2.8B | ||
| Q2 24 | $4.7B | $2.6B | ||
| Q1 24 | $4.4B | $2.7B |
净利润BIDUVRTX
| Q4 25 | $300.0M | $1.2B | ||
| Q3 25 | $-1.6B | $1.1B | ||
| Q2 25 | $1.0B | $1.0B | ||
| Q1 25 | $1.1B | $646.3M | ||
| Q4 24 | $567.0M | $913.0M | ||
| Q3 24 | $1.1B | $1.0B | ||
| Q2 24 | $768.0M | $-3.6B | ||
| Q1 24 | $811.0M | $1.1B |
毛利率BIDUVRTX
| Q4 25 | 41.0% | 85.4% | ||
| Q3 25 | 41.2% | 86.5% | ||
| Q2 25 | 43.9% | 86.3% | ||
| Q1 25 | 46.1% | 86.9% | ||
| Q4 24 | 49.9% | 85.5% | ||
| Q3 24 | 51.1% | 85.8% | ||
| Q2 24 | 51.7% | 85.9% | ||
| Q1 24 | 51.5% | 87.3% |
营业利润率BIDUVRTX
| Q4 25 | 4.1% | 37.8% | ||
| Q3 25 | -48.4% | 38.6% | ||
| Q2 25 | 10.0% | 38.8% | ||
| Q1 25 | 13.9% | 22.7% | ||
| Q4 24 | 11.1% | 35.2% | ||
| Q3 24 | 17.6% | 40.3% | ||
| Q2 24 | 17.5% | -132.9% | ||
| Q1 24 | 17.4% | 42.4% |
净利率BIDUVRTX
| Q4 25 | 6.0% | 37.3% | ||
| Q3 25 | -36.3% | 35.2% | ||
| Q2 25 | 22.2% | 34.8% | ||
| Q1 25 | 24.1% | 23.3% | ||
| Q4 24 | 12.8% | 31.4% | ||
| Q3 24 | 23.2% | 37.7% | ||
| Q2 24 | 16.4% | -135.8% | ||
| Q1 24 | 18.6% | 40.9% |
每股收益（稀释后）BIDUVRTX
| Q4 25 | $0.53 | $4.64 | ||
| Q3 25 | $-4.76 | $4.20 | ||
| Q2 25 | $2.84 | $3.99 | ||
| Q1 25 | $2.98 | $2.49 | ||
| Q4 24 | $1.95 | $3.62 | ||
| Q3 24 | $3.08 | $4.01 | ||
| Q2 24 | — | $-13.92 | ||
| Q1 24 | $2.07 | $4.21 |
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 | $16.5B | $6.6B |
| 总债务越低越好 | $5.9B | — |
| 股东权益账面价值 | $38.1B | $18.7B |
| 总资产 | $64.2B | $25.6B |
| 负债/权益比越低杠杆越低 | 0.16× | — |
8季度趋势，按日历期对齐
现金及短期投资BIDUVRTX
| Q4 25 | $16.5B | $6.6B | ||
| Q3 25 | $17.5B | $6.3B | ||
| Q2 25 | $17.3B | $6.4B | ||
| Q1 25 | $19.5B | $6.2B | ||
| Q4 24 | $17.5B | $6.1B | ||
| Q3 24 | $18.9B | $6.5B | ||
| Q2 24 | — | $5.8B | ||
| Q1 24 | — | $10.2B |
总债务BIDUVRTX
| Q4 25 | $5.9B | — | ||
| Q3 25 | $2.5B | — | ||
| Q2 25 | $2.4B | — | ||
| Q1 25 | $2.3B | — | ||
| Q4 24 | $4.9B | — | ||
| Q3 24 | $2.1B | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
股东权益BIDUVRTX
| Q4 25 | $38.1B | $18.7B | ||
| Q3 25 | $38.6B | $17.3B | ||
| Q2 25 | $39.8B | $17.2B | ||
| Q1 25 | $38.6B | $16.5B | ||
| Q4 24 | $36.1B | $16.4B | ||
| Q3 24 | $38.5B | $15.6B | ||
| Q2 24 | — | $14.8B | ||
| Q1 24 | — | $18.5B |
总资产BIDUVRTX
| Q4 25 | $64.2B | $25.6B | ||
| Q3 25 | $62.4B | $24.9B | ||
| Q2 25 | $62.9B | $24.0B | ||
| Q1 25 | $62.6B | $22.9B | ||
| Q4 24 | $58.6B | $22.5B | ||
| Q3 24 | $59.5B | $22.2B | ||
| Q2 24 | — | $20.1B | ||
| Q1 24 | — | $23.9B |
负债/权益比BIDUVRTX
| Q4 25 | 0.16× | — | ||
| Q3 25 | 0.07× | — | ||
| Q2 25 | 0.06× | — | ||
| Q1 25 | 0.06× | — | ||
| Q4 24 | 0.14× | — | ||
| Q3 24 | 0.05× | — | ||
| Q2 24 | — | — | ||
| 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 | $1.5B | $498.0M |
| 自由现金流经营现金流 - 资本支出 | — | $348.6M |
| 自由现金流率自由现金流/营收 | — | 10.9% |
| 资本支出强度资本支出/营收 | — | 4.7% |
| 现金转化率经营现金流/净利润 | 5.08× | 0.42× |
| 过去12个月自由现金流最近4个季度 | — | $3.2B |
8季度趋势，按日历期对齐
经营现金流BIDUVRTX
| Q4 25 | $1.5B | $498.0M | ||
| Q3 25 | — | $1.2B | ||
| Q2 25 | $-6.3B | $1.1B | ||
| Q1 25 | — | $818.9M | ||
| Q4 24 | $4.0B | $584.6M | ||
| Q3 24 | — | $1.4B | ||
| Q2 24 | $5.3B | $-3.8B | ||
| Q1 24 | — | $1.3B |
自由现金流BIDUVRTX
| Q4 25 | — | $348.6M | ||
| Q3 25 | — | $1.1B | ||
| Q2 25 | — | $927.4M | ||
| Q1 25 | — | $778.2M | ||
| Q4 24 | — | $492.0M | ||
| Q3 24 | — | $1.3B | ||
| Q2 24 | — | $-3.8B | ||
| Q1 24 | — | $1.2B |
自由现金流率BIDUVRTX
| Q4 25 | — | 10.9% | ||
| Q3 25 | — | 37.0% | ||
| Q2 25 | — | 31.3% | ||
| Q1 25 | — | 28.1% | ||
| Q4 24 | — | 16.9% | ||
| Q3 24 | — | 47.0% | ||
| Q2 24 | — | -144.5% | ||
| Q1 24 | — | 46.0% |
资本支出强度BIDUVRTX
| Q4 25 | — | 4.7% | ||
| Q3 25 | — | 3.3% | ||
| Q2 25 | — | 4.9% | ||
| Q1 25 | — | 1.5% | ||
| Q4 24 | — | 3.2% | ||
| Q3 24 | — | 2.4% | ||
| Q2 24 | — | 2.6% | ||
| Q1 24 | — | 2.5% |
现金转化率BIDUVRTX
| Q4 25 | 5.08× | 0.42× | ||
| Q3 25 | — | 1.15× | ||
| Q2 25 | -6.26× | 1.04× | ||
| Q1 25 | — | 1.27× | ||
| Q4 24 | 7.12× | 0.64× | ||
| Q3 24 | — | 1.31× | ||
| Q2 24 | 6.88× | — | ||
| Q1 24 | — | 1.19× |
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
BIDU
| Legacy Business | $1.8B | 35% |
| Baidu Core AI-powered Business | $1.6B | 32% |
| Other | $1.3B | 26% |
| Others | $357.5M | 7% |
VRTX
| TRIKAFTAKAFTRIO | $2.6B | 81% |
| ALYFTREK | $380.1M | 12% |
| Manufactured Product Other | $237.4M | 7% |
