vs
渤健（BIIB）与荷美尔食品（HRL）财务数据对比。点击上方公司名可切换其他公司
荷美尔食品的季度营收约是渤健的1.4倍（$3.2B vs $2.3B），荷美尔食品净利率更高（-1.8% vs -2.1%，领先0.4%），荷美尔食品同比增速更快（1.5% vs -7.1%），渤健自由现金流更多（$468.0M vs $231.4M），过去两年荷美尔食品的营收复合增速更高（3.1% 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。
荷美尔食品是1891年于美国明尼苏达州奥斯汀成立的跨国食品加工企业，由乔治·A·荷美尔创立。品牌最初主营火腿、香肠等各类畜肉产品的包装与销售，1937年推出斯帕姆午餐肉，上世纪80年代起逐步拓展多元化包装及冷藏食品产品线。
BIIB vs HRL — 直观对比
营收规模更大
HRL
是对方的1.4倍
$2.3B
营收增速更快
HRL
高出8.7%
-7.1%
净利率更高
HRL
高出0.4%
-2.1%
自由现金流更多
BIIB
多$236.6M
$231.4M
两年增速更快
HRL
近两年复合增速
-0.2%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $2.3B | $3.2B |
| 净利润 | $-48.9M | $-56.1M |
| 毛利率 | 78.3% | 14.0% |
| 营业利润率 | -2.5% | 0.1% |
| 净利率 | -2.1% | -1.8% |
| 营收同比 | -7.1% | 1.5% |
| 净利润同比 | -118.3% | -125.5% |
| 每股收益（稀释后） | $-0.35 | $-0.10 |
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BIIBHRL
| Q4 25 | $2.3B | $3.2B | ||
| Q3 25 | $2.5B | $3.0B | ||
| Q2 25 | $2.6B | $2.9B | ||
| Q1 25 | $2.4B | $3.0B | ||
| Q4 24 | $2.5B | $3.1B | ||
| Q3 24 | $2.5B | $2.9B | ||
| Q2 24 | $2.5B | $2.9B | ||
| Q1 24 | $2.3B | $3.0B |
净利润BIIBHRL
| Q4 25 | $-48.9M | $-56.1M | ||
| Q3 25 | $466.5M | $183.7M | ||
| Q2 25 | $634.8M | $180.0M | ||
| Q1 25 | $240.5M | $170.6M | ||
| Q4 24 | $266.7M | $220.2M | ||
| Q3 24 | $388.5M | $176.7M | ||
| Q2 24 | $583.6M | $189.3M | ||
| Q1 24 | $393.4M | $218.9M |
毛利率BIIBHRL
| Q4 25 | 78.3% | 14.0% | ||
| Q3 25 | 73.4% | 16.1% | ||
| Q2 25 | 77.1% | 16.7% | ||
| Q1 25 | 74.1% | 15.9% | ||
| Q4 24 | 76.2% | 16.6% | ||
| Q3 24 | 74.1% | 16.8% | ||
| Q2 24 | 77.8% | 17.4% | ||
| Q1 24 | 76.3% | 17.0% |
营业利润率BIIBHRL
| Q4 25 | -2.5% | 0.1% | ||
| Q3 25 | 22.0% | 7.9% | ||
| Q2 25 | 28.1% | 8.6% | ||
| Q1 25 | 12.8% | 7.6% | ||
| Q4 24 | 11.9% | 9.4% | ||
| Q3 24 | 18.3% | 8.2% | ||
| Q2 24 | 28.3% | 8.7% | ||
| Q1 24 | 20.3% | 9.5% |
净利率BIIBHRL
| Q4 25 | -2.1% | -1.8% | ||
| Q3 25 | 18.4% | 6.1% | ||
| Q2 25 | 24.0% | 6.2% | ||
| Q1 25 | 9.9% | 5.7% | ||
| Q4 24 | 10.9% | 7.0% | ||
| Q3 24 | 15.8% | 6.1% | ||
| Q2 24 | 23.7% | 6.6% | ||
| Q1 24 | 17.2% | 7.3% |
每股收益（稀释后）BIIBHRL
| Q4 25 | $-0.35 | $-0.10 | ||
| Q3 25 | $3.17 | $0.33 | ||
| Q2 25 | $4.33 | $0.33 | ||
| Q1 25 | $1.64 | $0.31 | ||
| Q4 24 | $1.82 | $0.41 | ||
| Q3 24 | $2.66 | $0.32 | ||
| Q2 24 | $4.00 | $0.34 | ||
| Q1 24 | $2.70 | $0.40 |
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 | — | $703.6M |
| 总债务越低越好 | $6.3B | $2.9B |
| 股东权益账面价值 | $18.3B | $7.9B |
| 总资产 | $29.4B | $13.4B |
| 负债/权益比越低杠杆越低 | 0.34× | 0.36× |
8季度趋势，按日历期对齐
现金及短期投资BIIBHRL
| Q4 25 | — | $703.6M | ||
| Q3 25 | — | $630.7M | ||
| Q2 25 | — | $699.0M | ||
| Q1 25 | — | $866.4M | ||
| Q4 24 | — | $766.6M | ||
| Q3 24 | — | $561.9M | ||
| Q2 24 | — | $1.5B | ||
| Q1 24 | — | $981.9M |
总债务BIIBHRL
| Q4 25 | $6.3B | $2.9B | ||
| Q3 25 | $6.3B | $2.9B | ||
| Q2 25 | $6.3B | $2.9B | ||
| Q1 25 | $4.5B | $2.9B | ||
| Q4 24 | $6.3B | $2.9B | ||
| Q3 24 | $4.5B | $2.9B | ||
| Q2 24 | $6.3B | $2.9B | ||
| Q1 24 | $6.3B | $2.4B |
股东权益BIIBHRL
| Q4 25 | $18.3B | $7.9B | ||
| Q3 25 | $18.2B | $8.1B | ||
| Q2 25 | $17.6B | $8.0B | ||
| Q1 25 | $17.0B | $8.0B | ||
| Q4 24 | $16.7B | $8.0B | ||
| Q3 24 | $16.4B | $7.9B | ||
| Q2 24 | $15.9B | $7.9B | ||
| Q1 24 | $15.2B | $7.8B |
总资产BIIBHRL
| Q4 25 | $29.4B | $13.4B | ||
| Q3 25 | $29.2B | $13.5B | ||
| Q2 25 | $28.3B | $13.4B | ||
| Q1 25 | $28.0B | $13.4B | ||
| Q4 24 | $28.0B | $13.4B | ||
| Q3 24 | $28.3B | $13.1B | ||
| Q2 24 | $26.8B | $14.1B | ||
| Q1 24 | $26.6B | $13.5B |
负债/权益比BIIBHRL
| Q4 25 | 0.34× | 0.36× | ||
| Q3 25 | 0.35× | 0.35× | ||
| Q2 25 | 0.36× | 0.35× | ||
| Q1 25 | 0.27× | 0.36× | ||
| Q4 24 | 0.38× | 0.36× | ||
| Q3 24 | 0.28× | 0.36× | ||
| Q2 24 | 0.40× | 0.36× | ||
| Q1 24 | 0.41× | 0.30× |
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 | $322.9M |
| 自由现金流经营现金流 - 资本支出 | $468.0M | $231.4M |
| 自由现金流率自由现金流/营收 | 20.5% | 7.3% |
| 资本支出强度资本支出/营收 | 1.9% | 2.9% |
| 现金转化率经营现金流/净利润 | — | — |
| 过去12个月自由现金流最近4个季度 | $2.1B | $534.3M |
8季度趋势，按日历期对齐
经营现金流BIIBHRL
| Q4 25 | $511.9M | $322.9M | ||
| Q3 25 | $1.3B | $156.7M | ||
| Q2 25 | $160.9M | $56.4M | ||
| Q1 25 | $259.3M | $309.2M | ||
| Q4 24 | $760.9M | $408.6M | ||
| Q3 24 | $935.6M | $218.0M | ||
| Q2 24 | $625.8M | $236.1M | ||
| Q1 24 | $553.2M | $404.0M |
自由现金流BIIBHRL
| Q4 25 | $468.0M | $231.4M | ||
| Q3 25 | $1.2B | $84.5M | ||
| Q2 25 | $134.3M | $-18.6M | ||
| Q1 25 | $222.2M | $237.0M | ||
| Q4 24 | $721.6M | $324.8M | ||
| Q3 24 | $900.6M | $152.5M | ||
| Q2 24 | $592.3M | $176.2M | ||
| Q1 24 | $507.3M | $356.8M |
自由现金流率BIIBHRL
| Q4 25 | 20.5% | 7.3% | ||
| Q3 25 | 48.4% | 2.8% | ||
| Q2 25 | 5.1% | -0.6% | ||
| Q1 25 | 9.1% | 7.9% | ||
| Q4 24 | 29.4% | 10.4% | ||
| Q3 24 | 36.5% | 5.3% | ||
| Q2 24 | 24.0% | 6.1% | ||
| Q1 24 | 22.1% | 11.9% |
资本支出强度BIIBHRL
| Q4 25 | 1.9% | 2.9% | ||
| Q3 25 | 1.8% | 2.4% | ||
| Q2 25 | 1.0% | 2.6% | ||
| Q1 25 | 1.5% | 2.4% | ||
| Q4 24 | 1.6% | 2.7% | ||
| Q3 24 | 1.4% | 2.3% | ||
| Q2 24 | 1.4% | 2.1% | ||
| Q1 24 | 2.0% | 1.6% |
现金转化率BIIBHRL
| Q4 25 | — | — | ||
| Q3 25 | 2.73× | 0.85× | ||
| Q2 25 | 0.25× | 0.31× | ||
| Q1 25 | 1.08× | 1.81× | ||
| Q4 24 | 2.85× | 1.86× | ||
| Q3 24 | 2.41× | 1.23× | ||
| Q2 24 | 1.07× | 1.25× | ||
| Q1 24 | 1.41× | 1.85× |
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% |
HRL
| Retail Segment | $1.9B | 60% |
| Foodservice Segment | $1.1B | 34% |
| Other | $174.7M | 5% |
