vs
渤健（BIIB）与韦莱韬悦（WTW）财务数据对比。点击上方公司名可切换其他公司
韦莱韬悦的季度营收约是渤健的1.3倍（$2.9B vs $2.3B），韦莱韬悦净利率更高（25.5% vs -2.1%，领先27.7%），韦莱韬悦同比增速更快（-3.5% vs -7.1%），韦莱韬悦自由现金流更多（$708.0M vs $468.0M），过去两年韦莱韬悦的营收复合增速更高（12.0% 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。
韦莱韬悦是一家英美联营的跨国咨询、经纪及解决方案服务商，业务覆盖商业保险经纪与风险咨询、员工福利与薪酬咨询、退休与精算服务，同时可为养老基金、机构投资者提供专业投资建议，服务网络覆盖全球多个市场。
BIIB vs WTW — 直观对比
营收规模更大
WTW
是对方的1.3倍
$2.3B
营收增速更快
WTW
高出3.6%
-7.1%
净利率更高
WTW
高出27.7%
-2.1%
自由现金流更多
WTW
多$240.0M
$468.0M
两年增速更快
WTW
近两年复合增速
-0.2%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $2.3B | $2.9B |
| 净利润 | $-48.9M | $735.0M |
| 毛利率 | 78.3% | — |
| 营业利润率 | -2.5% | 35.3% |
| 净利率 | -2.1% | 25.5% |
| 营收同比 | -7.1% | -3.5% |
| 净利润同比 | -118.3% | -41.0% |
| 每股收益（稀释后） | $-0.35 | $7.50 |
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BIIBWTW
| Q4 25 | $2.3B | $2.9B | ||
| Q3 25 | $2.5B | $2.2B | ||
| Q2 25 | $2.6B | $2.2B | ||
| Q1 25 | $2.4B | $2.2B | ||
| Q4 24 | $2.5B | $3.0B | ||
| Q3 24 | $2.5B | $2.2B | ||
| Q2 24 | $2.5B | $2.2B | ||
| Q1 24 | $2.3B | $2.3B |
净利润BIIBWTW
| Q4 25 | $-48.9M | $735.0M | ||
| Q3 25 | $466.5M | $304.0M | ||
| Q2 25 | $634.8M | $331.0M | ||
| Q1 25 | $240.5M | $235.0M | ||
| Q4 24 | $266.7M | $1.2B | ||
| Q3 24 | $388.5M | $-1.7B | ||
| Q2 24 | $583.6M | $141.0M | ||
| Q1 24 | $393.4M | $190.0M |
毛利率BIIBWTW
| 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BIIBWTW
| Q4 25 | -2.5% | 35.3% | ||
| Q3 25 | 22.0% | 18.7% | ||
| Q2 25 | 28.1% | 16.6% | ||
| Q1 25 | 12.8% | 19.8% | ||
| Q4 24 | 11.9% | 30.2% | ||
| Q3 24 | 18.3% | -34.2% | ||
| Q2 24 | 28.3% | 9.6% | ||
| Q1 24 | 20.3% | 12.2% |
净利率BIIBWTW
| Q4 25 | -2.1% | 25.5% | ||
| Q3 25 | 18.4% | 13.6% | ||
| Q2 25 | 24.0% | 14.9% | ||
| Q1 25 | 9.9% | 10.8% | ||
| Q4 24 | 10.9% | 41.7% | ||
| Q3 24 | 15.8% | -74.8% | ||
| Q2 24 | 23.7% | 6.4% | ||
| Q1 24 | 17.2% | 8.3% |
每股收益（稀释后）BIIBWTW
| Q4 25 | $-0.35 | $7.50 | ||
| Q3 25 | $3.17 | $3.11 | ||
| Q2 25 | $4.33 | $3.32 | ||
| Q1 25 | $1.64 | $2.33 | ||
| Q4 24 | $1.82 | $12.29 | ||
| Q3 24 | $2.66 | $-16.44 | ||
| Q2 24 | $4.00 | $1.36 | ||
| Q1 24 | $2.70 | $1.83 |
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 | — | $3.2B |
| 总债务越低越好 | $6.3B | $9.7B |
| 股东权益账面价值 | $18.3B | $8.0B |
| 总资产 | $29.4B | $29.5B |
| 负债/权益比越低杠杆越低 | 0.34× | 1.21× |
8季度趋势，按日历期对齐
现金及短期投资BIIBWTW
| Q4 25 | — | $3.2B | ||
| Q3 25 | — | $1.9B | ||
| Q2 25 | — | $2.0B | ||
| Q1 25 | — | $1.5B | ||
| Q4 24 | — | $1.9B | ||
| Q3 24 | — | $1.4B | ||
| Q2 24 | — | $1.2B | ||
| Q1 24 | — | $1.9B |
总债务BIIBWTW
| Q4 25 | $6.3B | $9.7B | ||
| Q3 25 | $6.3B | — | ||
| Q2 25 | $6.3B | — | ||
| Q1 25 | $4.5B | — | ||
| Q4 24 | $6.3B | $8.6B | ||
| Q3 24 | $4.5B | — | ||
| Q2 24 | $6.3B | — | ||
| Q1 24 | $6.3B | — |
股东权益BIIBWTW
| Q4 25 | $18.3B | $8.0B | ||
| Q3 25 | $18.2B | $7.7B | ||
| Q2 25 | $17.6B | $8.1B | ||
| Q1 25 | $17.0B | $8.1B | ||
| Q4 24 | $16.7B | $7.9B | ||
| Q3 24 | $16.4B | $7.5B | ||
| Q2 24 | $15.9B | $9.3B | ||
| Q1 24 | $15.2B | $9.5B |
总资产BIIBWTW
| Q4 25 | $29.4B | $29.5B | ||
| Q3 25 | $29.2B | $27.4B | ||
| Q2 25 | $28.3B | $28.5B | ||
| Q1 25 | $28.0B | $28.1B | ||
| Q4 24 | $28.0B | $27.7B | ||
| Q3 24 | $28.3B | $27.2B | ||
| Q2 24 | $26.8B | $29.6B | ||
| Q1 24 | $26.6B | $30.2B |
负债/权益比BIIBWTW
| Q4 25 | 0.34× | 1.21× | ||
| Q3 25 | 0.35× | — | ||
| Q2 25 | 0.36× | — | ||
| Q1 25 | 0.27× | — | ||
| Q4 24 | 0.38× | 1.08× | ||
| 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 | $771.0M |
| 自由现金流经营现金流 - 资本支出 | $468.0M | $708.0M |
| 自由现金流率自由现金流/营收 | 20.5% | 24.6% |
| 资本支出强度资本支出/营收 | 1.9% | 2.2% |
| 现金转化率经营现金流/净利润 | — | 1.05× |
| 过去12个月自由现金流最近4个季度 | $2.1B | $1.5B |
8季度趋势，按日历期对齐
经营现金流BIIBWTW
| Q4 25 | $511.9M | $771.0M | ||
| Q3 25 | $1.3B | $678.0M | ||
| Q2 25 | $160.9M | $361.0M | ||
| Q1 25 | $259.3M | $-35.0M | ||
| Q4 24 | $760.9M | $599.0M | ||
| Q3 24 | $935.6M | $482.0M | ||
| Q2 24 | $625.8M | $407.0M | ||
| Q1 24 | $553.2M | $24.0M |
自由现金流BIIBWTW
| Q4 25 | $468.0M | $708.0M | ||
| Q3 25 | $1.2B | $621.0M | ||
| Q2 25 | $134.3M | $303.0M | ||
| Q1 25 | $222.2M | $-86.0M | ||
| Q4 24 | $721.6M | $543.0M | ||
| Q3 24 | $900.6M | $419.0M | ||
| Q2 24 | $592.3M | $341.0M | ||
| Q1 24 | $507.3M | $-36.0M |
自由现金流率BIIBWTW
| Q4 25 | 20.5% | 24.6% | ||
| Q3 25 | 48.4% | 27.7% | ||
| Q2 25 | 5.1% | 13.7% | ||
| Q1 25 | 9.1% | -3.9% | ||
| Q4 24 | 29.4% | 18.2% | ||
| Q3 24 | 36.5% | 18.7% | ||
| Q2 24 | 24.0% | 15.4% | ||
| Q1 24 | 22.1% | -1.6% |
资本支出强度BIIBWTW
| Q4 25 | 1.9% | 2.2% | ||
| Q3 25 | 1.8% | 2.5% | ||
| Q2 25 | 1.0% | 2.6% | ||
| Q1 25 | 1.5% | 2.3% | ||
| Q4 24 | 1.6% | 1.9% | ||
| Q3 24 | 1.4% | 2.8% | ||
| Q2 24 | 1.4% | 3.0% | ||
| Q1 24 | 2.0% | 2.6% |
现金转化率BIIBWTW
| Q4 25 | — | 1.05× | ||
| Q3 25 | 2.73× | 2.23× | ||
| Q2 25 | 0.25× | 1.09× | ||
| Q1 25 | 1.08× | -0.15× | ||
| Q4 24 | 2.85× | 0.48× | ||
| Q3 24 | 2.41× | — | ||
| Q2 24 | 1.07× | 2.89× | ||
| Q1 24 | 1.41× | 0.13× |
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% |
WTW
| Health Wealth And Career | $1.7B | 58% |
| GB | $566.0M | 20% |
| Broking | $465.0M | 16% |
| Other | $113.0M | 4% |
| December Thirty One Two Thousand And Twenty Four | $67.0M | 2% |
| IE | $38.0M | 1% |
