vs
渤健（BIIB）与德事隆（TXT）财务数据对比。点击上方公司名可切换其他公司
德事隆的季度营收约是渤健的1.8倍（$4.2B vs $2.3B），德事隆净利率更高（5.6% vs -2.1%，领先7.8%），德事隆同比增速更快（15.6% vs -7.1%），德事隆自由现金流更多（$527.0M vs $468.0M），过去两年德事隆的营收复合增速更高（15.4% 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。
德事隆是总部位于美国罗德岛州普罗维登斯的工业集团，1923年由罗亚尔·利特尔创立，前身为特种纱线公司。旗下拥有贝尔德事隆、考泰斯、德事隆航空、莱康明发动机等子公司，业务覆盖25个国家，2020年员工总数超3.3万人，2021年位列美国财富500强第265位。
BIIB vs TXT — 直观对比
营收规模更大
TXT
是对方的1.8倍
$2.3B
营收增速更快
TXT
高出22.7%
-7.1%
净利率更高
TXT
高出7.8%
-2.1%
自由现金流更多
TXT
多$59.0M
$468.0M
两年增速更快
TXT
近两年复合增速
-0.2%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $2.3B | $4.2B |
| 净利润 | $-48.9M | $235.0M |
| 毛利率 | 78.3% | — |
| 营业利润率 | -2.5% | — |
| 净利率 | -2.1% | 5.6% |
| 营收同比 | -7.1% | 15.6% |
| 净利润同比 | -118.3% | 66.7% |
| 每股收益（稀释后） | $-0.35 | — |
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BIIBTXT
| Q4 25 | $2.3B | $4.2B | ||
| Q3 25 | $2.5B | $3.6B | ||
| Q2 25 | $2.6B | $3.7B | ||
| Q1 25 | $2.4B | $3.3B | ||
| Q4 24 | $2.5B | $3.6B | ||
| Q3 24 | $2.5B | $3.4B | ||
| Q2 24 | $2.5B | $3.5B | ||
| Q1 24 | $2.3B | $3.1B |
净利润BIIBTXT
| Q4 25 | $-48.9M | $235.0M | ||
| Q3 25 | $466.5M | $234.0M | ||
| Q2 25 | $634.8M | $245.0M | ||
| Q1 25 | $240.5M | $207.0M | ||
| Q4 24 | $266.7M | $141.0M | ||
| Q3 24 | $388.5M | $223.0M | ||
| Q2 24 | $583.6M | $259.0M | ||
| Q1 24 | $393.4M | $201.0M |
毛利率BIIBTXT
| 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BIIBTXT
| Q4 25 | -2.5% | — | ||
| Q3 25 | 22.0% | — | ||
| Q2 25 | 28.1% | — | ||
| Q1 25 | 12.8% | — | ||
| Q4 24 | 11.9% | 3.6% | ||
| Q3 24 | 18.3% | 7.4% | ||
| Q2 24 | 28.3% | 9.2% | ||
| Q1 24 | 20.3% | 7.6% |
净利率BIIBTXT
| Q4 25 | -2.1% | 5.6% | ||
| Q3 25 | 18.4% | 6.5% | ||
| Q2 25 | 24.0% | 6.6% | ||
| Q1 25 | 9.9% | 6.3% | ||
| Q4 24 | 10.9% | 3.9% | ||
| Q3 24 | 15.8% | 6.5% | ||
| Q2 24 | 23.7% | 7.3% | ||
| Q1 24 | 17.2% | 6.4% |
每股收益（稀释后）BIIBTXT
| Q4 25 | $-0.35 | — | ||
| Q3 25 | $3.17 | — | ||
| Q2 25 | $4.33 | — | ||
| Q1 25 | $1.64 | $1.13 | ||
| Q4 24 | $1.82 | — | ||
| Q3 24 | $2.66 | — | ||
| Q2 24 | $4.00 | — | ||
| Q1 24 | $2.70 | $1.03 |
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 | — | — |
| 总债务越低越好 | $6.3B | — |
| 股东权益账面价值 | $18.3B | — |
| 总资产 | $29.4B | — |
| 负债/权益比越低杠杆越低 | 0.34× | — |
8季度趋势，按日历期对齐
总债务BIIBTXT
| Q4 25 | $6.3B | — | ||
| Q3 25 | $6.3B | — | ||
| Q2 25 | $6.3B | — | ||
| Q1 25 | $4.5B | — | ||
| Q4 24 | $6.3B | — | ||
| Q3 24 | $4.5B | — | ||
| Q2 24 | $6.3B | — | ||
| Q1 24 | $6.3B | — |
股东权益BIIBTXT
| Q4 25 | $18.3B | — | ||
| Q3 25 | $18.2B | $7.5B | ||
| Q2 25 | $17.6B | $7.4B | ||
| Q1 25 | $17.0B | $7.3B | ||
| Q4 24 | $16.7B | $7.2B | ||
| Q3 24 | $16.4B | $7.0B | ||
| Q2 24 | $15.9B | $6.9B | ||
| Q1 24 | $15.2B | $6.9B |
总资产BIIBTXT
| Q4 25 | $29.4B | — | ||
| Q3 25 | $29.2B | $17.4B | ||
| Q2 25 | $28.3B | $17.1B | ||
| Q1 25 | $28.0B | $16.9B | ||
| Q4 24 | $28.0B | $16.8B | ||
| Q3 24 | $28.3B | $16.5B | ||
| Q2 24 | $26.8B | $16.4B | ||
| Q1 24 | $26.6B | $16.4B |
负债/权益比BIIBTXT
| Q4 25 | 0.34× | — | ||
| Q3 25 | 0.35× | — | ||
| Q2 25 | 0.36× | — | ||
| Q1 25 | 0.27× | — | ||
| Q4 24 | 0.38× | — | ||
| 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 | $700.0M |
| 自由现金流经营现金流 - 资本支出 | $468.0M | $527.0M |
| 自由现金流率自由现金流/营收 | 20.5% | 12.6% |
| 资本支出强度资本支出/营收 | 1.9% | 4.1% |
| 现金转化率经营现金流/净利润 | — | 2.98× |
| 过去12个月自由现金流最近4个季度 | $2.1B | $929.0M |
8季度趋势，按日历期对齐
经营现金流BIIBTXT
| Q4 25 | $511.9M | $700.0M | ||
| Q3 25 | $1.3B | $349.0M | ||
| Q2 25 | $160.9M | $387.0M | ||
| Q1 25 | $259.3M | $-124.0M | ||
| Q4 24 | $760.9M | $446.0M | ||
| Q3 24 | $935.6M | $208.0M | ||
| Q2 24 | $625.8M | $367.0M | ||
| Q1 24 | $553.2M | $-7.0M |
自由现金流BIIBTXT
| Q4 25 | $468.0M | $527.0M | ||
| Q3 25 | $1.2B | $273.0M | ||
| Q2 25 | $134.3M | $309.0M | ||
| Q1 25 | $222.2M | $-180.0M | ||
| Q4 24 | $721.6M | $293.0M | ||
| Q3 24 | $900.6M | $137.0M | ||
| Q2 24 | $592.3M | $293.0M | ||
| Q1 24 | $507.3M | $-73.0M |
自由现金流率BIIBTXT
| Q4 25 | 20.5% | 12.6% | ||
| Q3 25 | 48.4% | 7.6% | ||
| Q2 25 | 5.1% | 8.3% | ||
| Q1 25 | 9.1% | -5.4% | ||
| Q4 24 | 29.4% | 8.1% | ||
| Q3 24 | 36.5% | 4.0% | ||
| Q2 24 | 24.0% | 8.3% | ||
| Q1 24 | 22.1% | -2.3% |
资本支出强度BIIBTXT
| Q4 25 | 1.9% | 4.1% | ||
| Q3 25 | 1.8% | 2.1% | ||
| Q2 25 | 1.0% | 2.1% | ||
| Q1 25 | 1.5% | 1.7% | ||
| Q4 24 | 1.6% | 4.2% | ||
| Q3 24 | 1.4% | 2.1% | ||
| Q2 24 | 1.4% | 2.1% | ||
| Q1 24 | 2.0% | 2.1% |
现金转化率BIIBTXT
| Q4 25 | — | 2.98× | ||
| Q3 25 | 2.73× | 1.49× | ||
| Q2 25 | 0.25× | 1.58× | ||
| Q1 25 | 1.08× | -0.60× | ||
| Q4 24 | 2.85× | 3.16× | ||
| Q3 24 | 2.41× | 0.93× | ||
| Q2 24 | 1.07× | 1.42× | ||
| Q1 24 | 1.41× | -0.03× |
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% |
TXT
| Aircraft | $1.2B | 29% |
| Military Aircraft And Support Programs | $655.0M | 16% |
| Aftermarket Parts And Services | $551.0M | 13% |
| Services | $507.0M | 12% |
| Fuel Systems And Functional Components | $480.0M | 11% |
| Textron Systems | $323.0M | 8% |
| Other | $317.0M | 8% |
| US Government | $119.0M | 3% |
| Finance | $18.0M | 0% |
| Textron E Aviation Segment | $7.0M | 0% |
