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biote Corp.（BTMD）与Tilray Brands, Inc.（TLRY）财务数据对比。点击上方公司名可切换其他公司
Tilray Brands, Inc.的季度营收约是biote Corp.的4.7倍（$217.5M vs $46.4M）。biote Corp.净利率更高（4.2% vs -20.7%，领先24.9%）。Tilray Brands, Inc.同比增速更快（3.1% vs -6.9%）。过去两年Tilray Brands, Inc.的营收复合增速更高（7.5% vs -0.4%）
biote Corp是一家专注于个性化生物同质性激素替代疗法的医疗企业，主要面向美国市场运营，为持牌医疗从业者提供相关培训课程，同时推出配套健康补剂与诊断服务，以提升患者诊疗效果。
Tilray Brands, Inc.是一家美国企业，主营医药、大麻生活方式产品以及包装消费品业务，公司注册于美国，总部坐落于纽约。该公司在加拿大、澳大利亚、新西兰、拉美地区均开展业务，同时在德国和葡萄牙拥有大麻种植基地。
BTMD vs TLRY — 直观对比
营收规模更大
TLRY
是对方的4.7倍
$46.4M
营收增速更快
TLRY
高出10.0%
-6.9%
净利率更高
BTMD
高出24.9%
-20.7%
两年增速更快
TLRY
近两年复合增速
-0.4%
损益表 — Q4 2025 vs Q2 2026
| 指标 | | |
|---|---|---|
| 营收 | $46.4M | $217.5M |
| 净利润 | $2.0M | $-44.9M |
| 毛利率 | — | 26.4% |
| 营业利润率 | 14.7% | -10.2% |
| 净利率 | 4.2% | -20.7% |
| 营收同比 | -6.9% | 3.1% |
| 净利润同比 | -47.2% | 47.4% |
| 每股收益（稀释后） | $0.05 | $-0.41 |
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BTMDTLRY
| Q4 25 | $46.4M | $217.5M | ||
| Q3 25 | $48.0M | $209.5M | ||
| Q2 25 | $48.9M | $224.5M | ||
| Q1 25 | $49.0M | $185.8M | ||
| Q4 24 | $49.8M | $210.9M | ||
| Q3 24 | $51.4M | $200.0M | ||
| Q2 24 | $49.2M | $229.9M | ||
| Q1 24 | $46.8M | $188.3M |
净利润BTMDTLRY
| Q4 25 | $2.0M | $-44.9M | ||
| Q3 25 | $8.2M | $-322.0K | ||
| Q2 25 | $3.2M | $-1.3B | ||
| Q1 25 | $13.7M | $-789.4M | ||
| Q4 24 | $3.7M | $-85.3M | ||
| Q3 24 | $10.7M | $-39.2M | ||
| Q2 24 | $-7.1M | $-31.7M | ||
| Q1 24 | $-4.2M | $-92.7M |
毛利率BTMDTLRY
| Q4 25 | — | 26.4% | ||
| Q3 25 | — | 27.4% | ||
| Q2 25 | — | 30.1% | ||
| Q1 25 | — | 28.0% | ||
| Q4 24 | — | 29.0% | ||
| Q3 24 | — | 29.8% | ||
| Q2 24 | — | 35.8% | ||
| Q1 24 | — | 26.2% |
营业利润率BTMDTLRY
| Q4 25 | 14.7% | -10.2% | ||
| Q3 25 | 17.2% | 1.0% | ||
| Q2 25 | 22.0% | -643.1% | ||
| Q1 25 | 19.8% | -409.0% | ||
| Q4 24 | 5.6% | -20.0% | ||
| Q3 24 | 23.7% | -18.3% | ||
| Q2 24 | 12.7% | -7.2% | ||
| Q1 24 | 22.3% | -43.6% |
净利率BTMDTLRY
| Q4 25 | 4.2% | -20.7% | ||
| Q3 25 | 17.1% | -0.2% | ||
| Q2 25 | 6.5% | -566.9% | ||
| Q1 25 | 28.0% | -424.9% | ||
| Q4 24 | 7.4% | -40.5% | ||
| Q3 24 | 20.8% | -19.6% | ||
| Q2 24 | -14.4% | -13.8% | ||
| Q1 24 | -8.9% | -49.2% |
每股收益（稀释后）BTMDTLRY
| Q4 25 | $0.05 | $-0.41 | ||
| Q3 25 | $0.22 | $0.00 | ||
| Q2 25 | $0.10 | $7.26 | ||
| Q1 25 | $0.37 | $-8.69 | ||
| Q4 24 | $0.09 | $-0.99 | ||
| Q3 24 | $0.33 | $-0.04 | ||
| Q2 24 | $-0.21 | $-0.04 | ||
| Q1 24 | $-0.12 | $-0.12 |
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 | $24.1M | $291.6M |
| 总债务越低越好 | $103.1M | — |
| 股东权益账面价值 | $-58.5M | $1.6B |
| 总资产 | $107.6M | $2.1B |
| 负债/权益比越低杠杆越低 | — | — |
8季度趋势，按日历期对齐
现金及短期投资BTMDTLRY
| Q4 25 | $24.1M | $291.6M | ||
| Q3 25 | $28.0M | $264.8M | ||
| Q2 25 | $19.6M | $256.4M | ||
| Q1 25 | $41.7M | — | ||
| Q4 24 | $39.3M | $252.2M | ||
| Q3 24 | $38.2M | $280.1M | ||
| Q2 24 | $26.4M | $260.5M | ||
| Q1 24 | $78.8M | $225.9M |
总债务BTMDTLRY
| Q4 25 | $103.1M | — | ||
| Q3 25 | $104.7M | — | ||
| Q2 25 | $106.3M | — | ||
| Q1 25 | $107.8M | — | ||
| Q4 24 | $109.4M | — | ||
| Q3 24 | $110.9M | — | ||
| Q2 24 | $112.5M | — | ||
| Q1 24 | $114.1M | — |
股东权益BTMDTLRY
| Q4 25 | $-58.5M | $1.6B | ||
| Q3 25 | $-72.8M | $1.5B | ||
| Q2 25 | $-85.1M | $1.5B | ||
| Q1 25 | $-90.0M | $2.7B | ||
| Q4 24 | $-105.9M | $3.5B | ||
| Q3 24 | $-130.3M | $3.5B | ||
| Q2 24 | $-143.2M | $3.4B | ||
| Q1 24 | $-36.0M | $3.4B |
总资产BTMDTLRY
| Q4 25 | $107.6M | $2.1B | ||
| Q3 25 | $111.3M | $2.1B | ||
| Q2 25 | $104.8M | $2.1B | ||
| Q1 25 | $123.4M | — | ||
| Q4 24 | $122.4M | $4.2B | ||
| Q3 24 | $101.3M | $4.3B | ||
| Q2 24 | $92.9M | $4.2B | ||
| Q1 24 | $160.1M | $4.2B |
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 | $7.6M | $-8.5M |
| 自由现金流经营现金流 - 资本支出 | $6.5M | — |
| 自由现金流率自由现金流/营收 | 14.0% | — |
| 资本支出强度资本支出/营收 | 2.3% | — |
| 现金转化率经营现金流/净利润 | 3.87× | — |
| 过去12个月自由现金流最近4个季度 | $30.2M | — |
8季度趋势，按日历期对齐
经营现金流BTMDTLRY
| Q4 25 | $7.6M | $-8.5M | ||
| Q3 25 | $14.1M | $-1.3M | ||
| Q2 25 | $7.1M | $-12.8M | ||
| Q1 25 | $6.5M | $-5.8M | ||
| Q4 24 | $12.4M | $-40.7M | ||
| Q3 24 | $15.6M | $-35.3M | ||
| Q2 24 | $9.9M | $30.7M | ||
| Q1 24 | $7.4M | $-15.4M |
自由现金流BTMDTLRY
| Q4 25 | $6.5M | — | ||
| Q3 25 | $13.6M | — | ||
| Q2 25 | $5.3M | $-19.1M | ||
| Q1 25 | $4.8M | $-20.2M | ||
| Q4 24 | $10.7M | $-46.2M | ||
| Q3 24 | $14.0M | $-42.0M | ||
| Q2 24 | $7.4M | $21.0M | ||
| Q1 24 | $6.7M | $-24.9M |
自由现金流率BTMDTLRY
| Q4 25 | 14.0% | — | ||
| Q3 25 | 28.3% | — | ||
| Q2 25 | 10.8% | -8.5% | ||
| Q1 25 | 9.9% | -10.9% | ||
| Q4 24 | 21.5% | -21.9% | ||
| Q3 24 | 27.3% | -21.0% | ||
| Q2 24 | 15.1% | 9.1% | ||
| Q1 24 | 14.2% | -13.2% |
资本支出强度BTMDTLRY
| Q4 25 | 2.3% | — | ||
| Q3 25 | 1.0% | — | ||
| Q2 25 | 3.7% | 2.8% | ||
| Q1 25 | 3.3% | 7.8% | ||
| Q4 24 | 3.4% | 2.6% | ||
| Q3 24 | 3.0% | 3.4% | ||
| Q2 24 | 5.1% | 4.2% | ||
| Q1 24 | 1.5% | 5.1% |
现金转化率BTMDTLRY
| Q4 25 | 3.87× | — | ||
| Q3 25 | 1.72× | — | ||
| Q2 25 | 2.22× | — | ||
| Q1 25 | 0.47× | — | ||
| Q4 24 | 3.34× | — | ||
| Q3 24 | 1.45× | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
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
BTMD
| Product Revenue | $45.3M | 98% |
| Disposable Trocars Product Revenue | $1.2M | 3% |
TLRY
| Adultuse Cannabis Products | $62.4M | 29% |
| Other | $59.2M | 27% |
| Beverage Alcohol Business | $53.6M | 25% |
| International Cannabis Products | $20.2M | 9% |
| Wellness Business | $14.6M | 7% |
| Medical Cannabis Products | $6.2M | 3% |
| Wholesale Cannabis Products | $1.3M | 1% |
