vs
渤健（BIIB）与Chipotle Mexican Grill（CMG）财务数据对比。点击上方公司名可切换其他公司
Chipotle Mexican Grill的季度营收约是渤健的1.3倍（$3.0B vs $2.3B），Chipotle Mexican Grill净利率更高（11.1% vs -2.1%，领先13.2%），Chipotle Mexican Grill同比增速更快（4.9% vs -7.1%），渤健自由现金流更多（$468.0M vs $228.4M），过去两年Chipotle Mexican Grill的营收复合增速更高（5.1% vs -0.2%）
渤健是总部位于美国马萨诸塞州剑桥市的跨国生物技术企业，专注于神经系统疾病治疗领域。公司核心产品包括用于多发性硬化症的特菲达、万立能等多款药物，以及治疗脊髓性肌萎缩症的诺西那生钠、治疗弗里德赖希共济失调的Skyclarys，致力于为神经疾病和罕见病患者提供创新疗法。
Chipotle Mexican Grill（常简称为Chipotle）是源自美国的跨国休闲快餐连锁品牌，主营现点现做的碗餐、塔可、墨西哥卷饼等风味餐食，餐品制作过程全程向顾客公开。截至2025年12月，品牌全球门店数量已达4000家，品牌名来源于纳瓦特尔语中烟熏干哈拉佩尼奥辣椒的称谓。
BIIB vs CMG — 直观对比
营收规模更大
CMG
是对方的1.3倍
$2.3B
营收增速更快
CMG
高出12.0%
-7.1%
净利率更高
CMG
高出13.2%
-2.1%
自由现金流更多
BIIB
多$239.6M
$228.4M
两年增速更快
CMG
近两年复合增速
-0.2%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $2.3B | $3.0B |
| 净利润 | $-48.9M | $330.9M |
| 毛利率 | 78.3% | — |
| 营业利润率 | -2.5% | 14.1% |
| 净利率 | -2.1% | 11.1% |
| 营收同比 | -7.1% | 4.9% |
| 净利润同比 | -118.3% | -0.3% |
| 每股收益（稀释后） | $-0.35 | $0.25 |
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BIIBCMG
| Q4 25 | $2.3B | $3.0B | ||
| Q3 25 | $2.5B | $3.0B | ||
| Q2 25 | $2.6B | $3.1B | ||
| Q1 25 | $2.4B | $2.9B | ||
| Q4 24 | $2.5B | $2.8B | ||
| Q3 24 | $2.5B | $2.8B | ||
| Q2 24 | $2.5B | $3.0B | ||
| Q1 24 | $2.3B | $2.7B |
净利润BIIBCMG
| Q4 25 | $-48.9M | $330.9M | ||
| Q3 25 | $466.5M | $382.1M | ||
| Q2 25 | $634.8M | $436.1M | ||
| Q1 25 | $240.5M | $386.6M | ||
| Q4 24 | $266.7M | $331.8M | ||
| Q3 24 | $388.5M | $387.4M | ||
| Q2 24 | $583.6M | $455.7M | ||
| Q1 24 | $393.4M | $359.3M |
毛利率BIIBCMG
| Q4 25 | 78.3% | — | ||
| Q3 25 | 73.4% | — | ||
| Q2 25 | 77.1% | — | ||
| Q1 25 | 74.1% | — | ||
| Q4 24 | 76.2% | — | ||
| Q3 24 | 74.1% | — | ||
| Q2 24 | 77.8% | — | ||
| Q1 24 | 76.3% | — |
营业利润率BIIBCMG
| Q4 25 | -2.5% | 14.1% | ||
| Q3 25 | 22.0% | 15.9% | ||
| Q2 25 | 28.1% | 18.2% | ||
| Q1 25 | 12.8% | 16.7% | ||
| Q4 24 | 11.9% | 14.6% | ||
| Q3 24 | 18.3% | 16.9% | ||
| Q2 24 | 28.3% | 19.7% | ||
| Q1 24 | 20.3% | 16.3% |
净利率BIIBCMG
| Q4 25 | -2.1% | 11.1% | ||
| Q3 25 | 18.4% | 12.7% | ||
| Q2 25 | 24.0% | 14.2% | ||
| Q1 25 | 9.9% | 13.4% | ||
| Q4 24 | 10.9% | 11.7% | ||
| Q3 24 | 15.8% | 13.9% | ||
| Q2 24 | 23.7% | 15.3% | ||
| Q1 24 | 17.2% | 13.3% |
每股收益（稀释后）BIIBCMG
| Q4 25 | $-0.35 | $0.25 | ||
| Q3 25 | $3.17 | $0.29 | ||
| Q2 25 | $4.33 | $0.32 | ||
| Q1 25 | $1.64 | $0.28 | ||
| Q4 24 | $1.82 | $-12.51 | ||
| Q3 24 | $2.66 | $0.28 | ||
| Q2 24 | $4.00 | $0.33 | ||
| Q1 24 | $2.70 | $13.01 |
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 | — | $1.0B |
| 总债务越低越好 | $6.3B | $0 |
| 股东权益账面价值 | $18.3B | $2.8B |
| 总资产 | $29.4B | $9.0B |
| 负债/权益比越低杠杆越低 | 0.34× | 0.00× |
8季度趋势，按日历期对齐
现金及短期投资BIIBCMG
| Q4 25 | — | $1.0B | ||
| Q3 25 | — | $1.4B | ||
| Q2 25 | — | $1.5B | ||
| Q1 25 | — | $1.4B | ||
| Q4 24 | — | $1.4B | ||
| Q3 24 | — | $1.4B | ||
| Q2 24 | — | $1.5B | ||
| Q1 24 | — | $1.4B |
总债务BIIBCMG
| Q4 25 | $6.3B | $0 | ||
| Q3 25 | $6.3B | — | ||
| Q2 25 | $6.3B | — | ||
| Q1 25 | $4.5B | — | ||
| Q4 24 | $6.3B | $0 | ||
| Q3 24 | $4.5B | — | ||
| Q2 24 | $6.3B | — | ||
| Q1 24 | $6.3B | — |
股东权益BIIBCMG
| Q4 25 | $18.3B | $2.8B | ||
| Q3 25 | $18.2B | $3.2B | ||
| Q2 25 | $17.6B | $3.5B | ||
| Q1 25 | $17.0B | $3.5B | ||
| Q4 24 | $16.7B | $3.7B | ||
| Q3 24 | $16.4B | $3.6B | ||
| Q2 24 | $15.9B | $3.7B | ||
| Q1 24 | $15.2B | $3.4B |
总资产BIIBCMG
| Q4 25 | $29.4B | $9.0B | ||
| Q3 25 | $29.2B | $9.3B | ||
| Q2 25 | $28.3B | $9.3B | ||
| Q1 25 | $28.0B | $9.0B | ||
| Q4 24 | $28.0B | $9.2B | ||
| Q3 24 | $28.3B | $9.0B | ||
| Q2 24 | $26.8B | $8.9B | ||
| Q1 24 | $26.6B | $8.4B |
负债/权益比BIIBCMG
| Q4 25 | 0.34× | 0.00× | ||
| Q3 25 | 0.35× | — | ||
| Q2 25 | 0.36× | — | ||
| Q1 25 | 0.27× | — | ||
| Q4 24 | 0.38× | 0.00× | ||
| Q3 24 | 0.28× | — | ||
| Q2 24 | 0.40× | — | ||
| Q1 24 | 0.41× | — |
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 | $511.9M | $425.8M |
| 自由现金流经营现金流 - 资本支出 | $468.0M | $228.4M |
| 自由现金流率自由现金流/营收 | 20.5% | 7.7% |
| 资本支出强度资本支出/营收 | 1.9% | 6.6% |
| 现金转化率经营现金流/净利润 | — | 1.29× |
| 过去12个月自由现金流最近4个季度 | $2.1B | $1.4B |
8季度趋势，按日历期对齐
经营现金流BIIBCMG
| Q4 25 | $511.9M | $425.8M | ||
| Q3 25 | $1.3B | $569.7M | ||
| Q2 25 | $160.9M | $561.3M | ||
| Q1 25 | $259.3M | $557.1M | ||
| Q4 24 | $760.9M | $526.8M | ||
| Q3 24 | $935.6M | $446.5M | ||
| Q2 24 | $625.8M | $562.6M | ||
| Q1 24 | $553.2M | $569.2M |
自由现金流BIIBCMG
| Q4 25 | $468.0M | $228.4M | ||
| Q3 25 | $1.2B | $406.2M | ||
| Q2 25 | $134.3M | $400.7M | ||
| Q1 25 | $222.2M | $412.3M | ||
| Q4 24 | $721.6M | $353.9M | ||
| Q3 24 | $900.6M | $299.0M | ||
| Q2 24 | $592.3M | $422.1M | ||
| Q1 24 | $507.3M | $436.5M |
自由现金流率BIIBCMG
| Q4 25 | 20.5% | 7.7% | ||
| Q3 25 | 48.4% | 13.5% | ||
| Q2 25 | 5.1% | 13.1% | ||
| Q1 25 | 9.1% | 14.3% | ||
| Q4 24 | 29.4% | 12.4% | ||
| Q3 24 | 36.5% | 10.7% | ||
| Q2 24 | 24.0% | 14.2% | ||
| Q1 24 | 22.1% | 16.2% |
资本支出强度BIIBCMG
| Q4 25 | 1.9% | 6.6% | ||
| Q3 25 | 1.8% | 5.4% | ||
| Q2 25 | 1.0% | 5.2% | ||
| Q1 25 | 1.5% | 5.0% | ||
| Q4 24 | 1.6% | 6.1% | ||
| Q3 24 | 1.4% | 5.3% | ||
| Q2 24 | 1.4% | 4.7% | ||
| Q1 24 | 2.0% | 4.9% |
现金转化率BIIBCMG
| Q4 25 | — | 1.29× | ||
| Q3 25 | 2.73× | 1.49× | ||
| Q2 25 | 0.25× | 1.29× | ||
| Q1 25 | 1.08× | 1.44× | ||
| Q4 24 | 2.85× | 1.59× | ||
| Q3 24 | 2.41× | 1.15× | ||
| Q2 24 | 1.07× | 1.23× | ||
| Q1 24 | 1.41× | 1.58× |
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
BIIB
| Products | $1.7B | 73% |
| Tysabri Product | $244.5M | 11% |
| AVONEX | $119.2M | 5% |
| SKYCLARYS | $88.9M | 4% |
| Alzheimers Collaboration | $47.1M | 2% |
| IMRALDI | $43.5M | 2% |
| TECFIDERA | $36.9M | 2% |
| PLEGRIDY | $24.7M | 1% |
| QALSODY | $7.8M | 0% |
| BYOOVIZ | $4.3M | 0% |
CMG
| U.S.Segment | $2.9B | 98% |
| Chipotle Rewards | $46.1M | 2% |
| Delivery Service | $14.3M | 0% |
