vs
百时美施贵宝（BMY）与Southern Company（SO）财务数据对比。点击上方公司名可切换其他公司
百时美施贵宝的季度营收约是Southern Company的1.8倍（$12.5B vs $7.0B），百时美施贵宝净利率更高（8.7% vs 4.9%，领先3.8%），Southern Company同比增速更快（10.1% vs 1.3%），百时美施贵宝自由现金流更多（$1.6B vs $-1.7B），过去两年百时美施贵宝的营收复合增速更高（2.6% vs 2.5%）
百时美施贵宝是总部位于美国新泽西州普林斯顿的跨国制药企业，核心产品覆盖多个治疗领域：包括用于心房颤动治疗的艾乐妥（阿哌沙班）、抗癌药物欧狄沃（纳武利尤单抗）、治疗多发性骨髓瘤的瑞复美（来那度胺），以及用于类风湿性关节炎等自身免疫疾病的恩瑞舒（阿巴西普）。
Southern Company是美国燃气电力公用事业控股企业，总部位于佐治亚州亚特兰大，在阿拉巴马州伯明翰设有行政办公室。截至2021年按用户规模计为美国第二大公用事业公司，旗下子公司覆盖6个州，为900万燃气及电力用户提供服务，供电区域达12万平方英里。
BMY vs SO — 直观对比
营收规模更大
BMY
是对方的1.8倍
$7.0B
营收增速更快
SO
高出8.8%
1.3%
净利率更高
BMY
高出3.8%
4.9%
自由现金流更多
BMY
多$3.3B
$-1.7B
两年增速更快
BMY
近两年复合增速
2.5%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $12.5B | $7.0B |
| 净利润 | $1.1B | $341.0M |
| 毛利率 | 67.2% | — |
| 营业利润率 | 11.8% | 13.1% |
| 净利率 | 8.7% | 4.9% |
| 营收同比 | 1.3% | 10.1% |
| 净利润同比 | 1409.7% | -26.8% |
| 每股收益（稀释后） | $0.54 | $0.38 |
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BMYSO
| Q4 25 | $12.5B | $7.0B | ||
| Q3 25 | $12.2B | $7.8B | ||
| Q2 25 | $12.3B | $7.0B | ||
| Q1 25 | $11.2B | $7.8B | ||
| Q4 24 | $12.3B | $6.3B | ||
| Q3 24 | $11.9B | $7.3B | ||
| Q2 24 | $12.2B | $6.5B | ||
| Q1 24 | $11.9B | $6.6B |
净利润BMYSO
| Q4 25 | $1.1B | $341.0M | ||
| Q3 25 | $2.2B | $1.7B | ||
| Q2 25 | $1.3B | $880.0M | ||
| Q1 25 | $2.5B | $1.3B | ||
| Q4 24 | $72.0M | $466.0M | ||
| Q3 24 | $1.2B | $1.5B | ||
| Q2 24 | $1.7B | $1.2B | ||
| Q1 24 | $-11.9B | $1.1B |
毛利率BMYSO
| Q4 25 | 67.2% | — | ||
| Q3 25 | 71.9% | — | ||
| Q2 25 | 72.5% | — | ||
| Q1 25 | 72.9% | — | ||
| Q4 24 | 61.0% | — | ||
| Q3 24 | 75.1% | — | ||
| Q2 24 | 73.2% | — | ||
| Q1 24 | 75.3% | — |
营业利润率BMYSO
| Q4 25 | 11.8% | 13.1% | ||
| Q3 25 | 25.5% | 33.2% | ||
| Q2 25 | 14.5% | 25.3% | ||
| Q1 25 | 26.5% | 25.9% | ||
| Q4 24 | 1.4% | 16.7% | ||
| Q3 24 | 14.1% | 32.6% | ||
| Q2 24 | 10.5% | 30.0% | ||
| Q1 24 | -97.1% | 25.6% |
净利率BMYSO
| Q4 25 | 8.7% | 4.9% | ||
| Q3 25 | 18.0% | 21.9% | ||
| Q2 25 | 10.7% | 12.6% | ||
| Q1 25 | 21.9% | 16.3% | ||
| Q4 24 | 0.6% | 7.3% | ||
| Q3 24 | 10.2% | 21.1% | ||
| Q2 24 | 13.8% | 18.6% | ||
| Q1 24 | -100.4% | 16.1% |
每股收益（稀释后）BMYSO
| Q4 25 | $0.54 | $0.38 | ||
| Q3 25 | $1.08 | $1.54 | ||
| Q2 25 | $0.64 | $0.79 | ||
| Q1 25 | $1.20 | $1.21 | ||
| Q4 24 | $0.05 | $0.48 | ||
| Q3 24 | $0.60 | $1.39 | ||
| Q2 24 | $0.83 | $1.09 | ||
| Q1 24 | $-5.89 | $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 | $10.2B | $1.6B |
| 总债务越低越好 | $44.8B | $65.6B |
| 股东权益账面价值 | $18.5B | $36.0B |
| 总资产 | $90.0B | $155.7B |
| 负债/权益比越低杠杆越低 | 2.43× | 1.82× |
8季度趋势，按日历期对齐
现金及短期投资BMYSO
| Q4 25 | $10.2B | $1.6B | ||
| Q3 25 | $15.7B | $3.3B | ||
| Q2 25 | $12.6B | $1.3B | ||
| Q1 25 | $10.9B | $2.3B | ||
| Q4 24 | $10.3B | $1.1B | ||
| Q3 24 | $7.9B | $1.0B | ||
| Q2 24 | $6.3B | $1.2B | ||
| Q1 24 | $9.3B | $713.0M |
总债务BMYSO
| Q4 25 | $44.8B | $65.6B | ||
| Q3 25 | $48.7B | $64.6B | ||
| Q2 25 | $48.9B | $63.0B | ||
| Q1 25 | $49.5B | $62.9B | ||
| Q4 24 | $49.4B | $58.8B | ||
| Q3 24 | $49.5B | $61.3B | ||
| Q2 24 | $52.0B | $59.9B | ||
| Q1 24 | $52.4B | $59.4B |
股东权益BMYSO
| Q4 25 | $18.5B | $36.0B | ||
| Q3 25 | $18.6B | $38.3B | ||
| Q2 25 | $17.4B | $37.3B | ||
| Q1 25 | $17.4B | $37.2B | ||
| Q4 24 | $16.3B | $33.2B | ||
| Q3 24 | $17.1B | $36.9B | ||
| Q2 24 | $17.0B | $36.1B | ||
| Q1 24 | $16.5B | $35.6B |
总资产BMYSO
| Q4 25 | $90.0B | $155.7B | ||
| Q3 25 | $96.9B | $153.2B | ||
| Q2 25 | $94.7B | $148.9B | ||
| Q1 25 | $92.4B | $148.1B | ||
| Q4 24 | $92.6B | $145.2B | ||
| Q3 24 | $93.7B | $144.0B | ||
| Q2 24 | $94.6B | $141.9B | ||
| Q1 24 | $99.0B | $140.1B |
负债/权益比BMYSO
| Q4 25 | 2.43× | 1.82× | ||
| Q3 25 | 2.63× | 1.69× | ||
| Q2 25 | 2.81× | 1.69× | ||
| Q1 25 | 2.85× | 1.69× | ||
| Q4 24 | 3.03× | 1.77× | ||
| Q3 24 | 2.89× | 1.66× | ||
| Q2 24 | 3.05× | 1.66× | ||
| Q1 24 | 3.18× | 1.67× |
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 | $2.0B | $2.6B |
| 自由现金流经营现金流 - 资本支出 | $1.6B | $-1.7B |
| 自由现金流率自由现金流/营收 | 12.8% | -24.2% |
| 资本支出强度资本支出/营收 | 3.0% | 61.4% |
| 现金转化率经营现金流/净利润 | 1.82× | 7.62× |
| 过去12个月自由现金流最近4个季度 | $12.8B | $-2.9B |
8季度趋势，按日历期对齐
经营现金流BMYSO
| Q4 25 | $2.0B | $2.6B | ||
| Q3 25 | $6.3B | $3.8B | ||
| Q2 25 | $3.9B | $2.2B | ||
| Q1 25 | $2.0B | $1.3B | ||
| Q4 24 | $4.4B | $2.2B | ||
| Q3 24 | $5.6B | $3.6B | ||
| Q2 24 | $2.3B | $2.7B | ||
| Q1 24 | $2.8B | $1.3B |
自由现金流BMYSO
| Q4 25 | $1.6B | $-1.7B | ||
| Q3 25 | $6.0B | $559.0M | ||
| Q2 25 | $3.6B | $-619.0M | ||
| Q1 25 | $1.7B | $-1.2B | ||
| Q4 24 | $4.1B | $-576.0M | ||
| Q3 24 | $5.3B | $1.3B | ||
| Q2 24 | $2.1B | $563.0M | ||
| Q1 24 | $2.5B | $-459.0M |
自由现金流率BMYSO
| Q4 25 | 12.8% | -24.2% | ||
| Q3 25 | 49.0% | 7.1% | ||
| Q2 25 | 29.0% | -8.9% | ||
| Q1 25 | 15.1% | -15.3% | ||
| Q4 24 | 32.9% | -9.1% | ||
| Q3 24 | 44.3% | 17.9% | ||
| Q2 24 | 16.9% | 8.7% | ||
| Q1 24 | 21.5% | -6.9% |
资本支出强度BMYSO
| Q4 25 | 3.0% | 61.4% | ||
| Q3 25 | 2.6% | 41.1% | ||
| Q2 25 | 2.9% | 40.2% | ||
| Q1 25 | 2.3% | 31.3% | ||
| Q4 24 | 3.1% | 43.4% | ||
| Q3 24 | 2.7% | 31.8% | ||
| Q2 24 | 2.1% | 32.9% | ||
| Q1 24 | 2.4% | 26.6% |
现金转化率BMYSO
| Q4 25 | 1.82× | 7.62× | ||
| Q3 25 | 2.87× | 2.21× | ||
| Q2 25 | 2.99× | 2.48× | ||
| Q1 25 | 0.80× | 0.98× | ||
| Q4 24 | 61.65× | 4.66× | ||
| Q3 24 | 4.62× | 2.36× | ||
| Q2 24 | 1.38× | 2.23× | ||
| Q1 24 | — | 1.22× |
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
BMY
| Net Product Sales | $12.1B | 97% |
| Zeposia | $159.0M | 1% |
| Opdivo Ovantig | $132.0M | 1% |
| Abecma | $100.0M | 1% |
| Sotyktu | $86.0M | 1% |
SO
| Other | $3.9B | 57% |
| Retail Electric Commercial | $1.6B | 23% |
| Natural Gas Distribution Residential | $689.0M | 10% |
| Natural Gas Distribution Transportation | $371.0M | 5% |
| Wholesale Non Affiliates | $123.0M | 2% |
| Natural Gas Distribution Other | $76.0M | 1% |
| Wholesale Electric Non PPA Revenues | $62.0M | 1% |
| Wholesale Affiliates | $55.0M | 1% |
| Retail Electric Other | $31.0M | 0% |
| Alternative Energy | $20.0M | 0% |
| Natural Gas Distribution Industrial | $15.0M | 0% |
