vs
biote Corp.（BTMD）与优莎娜（USNA）财务数据对比。点击上方公司名可切换其他公司
优莎娜的季度营收约是biote Corp.的4.6倍（$213.7M vs $46.4M）。biote Corp.净利率更高（4.2% vs -3.1%，领先7.3%）。优莎娜同比增速更快（6.7% vs -6.9%）。biote Corp.自由现金流更多（$6.5M vs $-5.2M）。过去两年biote Corp.的营收复合增速更高（-0.4% vs -1.7%）
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。
USANA是总部位于美国犹他州盐湖城的多层次营销企业，以 revenue 计位列2021年全球第14大直销企业。公司主打营养产品、膳食补充剂与护肤产品，大部分产品在盐湖城自有工厂生产，产品通过独立经销商网络销往全球24个国家。
BTMD vs USNA — 直观对比
营收规模更大
USNA
是对方的4.6倍
$46.4M
营收增速更快
USNA
高出13.6%
-6.9%
净利率更高
BTMD
高出7.3%
-3.1%
自由现金流更多
BTMD
多$11.7M
$-5.2M
两年增速更快
BTMD
近两年复合增速
-1.7%
损益表 — Q4 2025 vs Q3 2026
| 指标 | | |
|---|---|---|
| 营收 | $46.4M | $213.7M |
| 净利润 | $2.0M | $-6.5M |
| 毛利率 | — | 77.2% |
| 营业利润率 | 14.7% | 0.6% |
| 净利率 | 4.2% | -3.1% |
| 营收同比 | -6.9% | 6.7% |
| 净利润同比 | -47.2% | -161.5% |
| 每股收益（稀释后） | $0.05 | $-0.36 |
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BTMDUSNA
| Q4 25 | $46.4M | — | ||
| Q3 25 | $48.0M | $213.7M | ||
| Q2 25 | $48.9M | $235.8M | ||
| Q1 25 | $49.0M | $249.5M | ||
| Q4 24 | $49.8M | $213.6M | ||
| Q3 24 | $51.4M | $200.2M | ||
| Q2 24 | $49.2M | $212.9M | ||
| Q1 24 | $46.8M | $227.8M |
净利润BTMDUSNA
| Q4 25 | $2.0M | — | ||
| Q3 25 | $8.2M | $-6.5M | ||
| Q2 25 | $3.2M | $9.7M | ||
| Q1 25 | $13.7M | $9.4M | ||
| Q4 24 | $3.7M | $4.5M | ||
| Q3 24 | $10.7M | $10.6M | ||
| Q2 24 | $-7.1M | $10.4M | ||
| Q1 24 | $-4.2M | $16.5M |
毛利率BTMDUSNA
| Q4 25 | — | — | ||
| Q3 25 | — | 77.2% | ||
| Q2 25 | — | 78.7% | ||
| Q1 25 | — | 79.0% | ||
| Q4 24 | — | 82.0% | ||
| Q3 24 | — | 80.4% | ||
| Q2 24 | — | 81.1% | ||
| Q1 24 | — | 81.1% |
营业利润率BTMDUSNA
| Q4 25 | 14.7% | — | ||
| Q3 25 | 17.2% | 0.6% | ||
| Q2 25 | 22.0% | 7.1% | ||
| Q1 25 | 19.8% | 6.3% | ||
| Q4 24 | 5.6% | 3.8% | ||
| Q3 24 | 23.7% | 7.8% | ||
| Q2 24 | 12.7% | 8.4% | ||
| Q1 24 | 22.3% | 10.8% |
净利率BTMDUSNA
| Q4 25 | 4.2% | — | ||
| Q3 25 | 17.1% | -3.1% | ||
| Q2 25 | 6.5% | 4.1% | ||
| Q1 25 | 28.0% | 3.8% | ||
| Q4 24 | 7.4% | 2.1% | ||
| Q3 24 | 20.8% | 5.3% | ||
| Q2 24 | -14.4% | 4.9% | ||
| Q1 24 | -8.9% | 7.3% |
每股收益（稀释后）BTMDUSNA
| Q4 25 | $0.05 | — | ||
| Q3 25 | $0.22 | $-0.36 | ||
| Q2 25 | $0.10 | $0.52 | ||
| Q1 25 | $0.37 | $0.49 | ||
| Q4 24 | $0.09 | $0.23 | ||
| Q3 24 | $0.33 | $0.56 | ||
| Q2 24 | $-0.21 | $0.54 | ||
| Q1 24 | $-0.12 | $0.86 |
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 | $145.3M |
| 总债务越低越好 | $103.1M | — |
| 股东权益账面价值 | $-58.5M | $528.1M |
| 总资产 | $107.6M | $726.6M |
| 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BTMDUSNA
| Q4 25 | $24.1M | — | ||
| Q3 25 | $28.0M | $145.3M | ||
| Q2 25 | $19.6M | $151.3M | ||
| Q1 25 | $41.7M | $179.6M | ||
| Q4 24 | $39.3M | $181.8M | ||
| Q3 24 | $38.2M | $364.9M | ||
| Q2 24 | $26.4M | $332.4M | ||
| Q1 24 | $78.8M | $328.3M |
总债务BTMDUSNA
| 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BTMDUSNA
| Q4 25 | $-58.5M | — | ||
| Q3 25 | $-72.8M | $528.1M | ||
| Q2 25 | $-85.1M | $531.1M | ||
| Q1 25 | $-90.0M | $529.8M | ||
| Q4 24 | $-105.9M | $532.1M | ||
| Q3 24 | $-130.3M | $533.1M | ||
| Q2 24 | $-143.2M | $512.2M | ||
| Q1 24 | $-36.0M | $500.0M |
总资产BTMDUSNA
| Q4 25 | $107.6M | — | ||
| Q3 25 | $111.3M | $726.6M | ||
| Q2 25 | $104.8M | $734.5M | ||
| Q1 25 | $123.4M | $746.6M | ||
| Q4 24 | $122.4M | $748.2M | ||
| Q3 24 | $101.3M | $671.3M | ||
| Q2 24 | $92.9M | $631.4M | ||
| Q1 24 | $160.1M | $629.3M |
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 | $-2.0M |
| 自由现金流经营现金流 - 资本支出 | $6.5M | $-5.2M |
| 自由现金流率自由现金流/营收 | 14.0% | -2.4% |
| 资本支出强度资本支出/营收 | 2.3% | 1.5% |
| 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 | $18.7M |
8季度趋势，按日历期对齐
经营现金流BTMDUSNA
| Q4 25 | $7.6M | — | ||
| Q3 25 | $14.1M | $-2.0M | ||
| Q2 25 | $7.1M | $12.2M | ||
| Q1 25 | $6.5M | $15.5M | ||
| Q4 24 | $12.4M | $5.8M | ||
| Q3 24 | $15.6M | $29.5M | ||
| Q2 24 | $9.9M | $8.0M | ||
| Q1 24 | $7.4M | $17.7M |
自由现金流BTMDUSNA
| Q4 25 | $6.5M | — | ||
| Q3 25 | $13.6M | $-5.2M | ||
| Q2 25 | $5.3M | $7.2M | ||
| Q1 25 | $4.8M | $12.7M | ||
| Q4 24 | $10.7M | $4.0M | ||
| Q3 24 | $14.0M | $27.1M | ||
| Q2 24 | $7.4M | $5.3M | ||
| Q1 24 | $6.7M | $14.5M |
自由现金流率BTMDUSNA
| Q4 25 | 14.0% | — | ||
| Q3 25 | 28.3% | -2.4% | ||
| Q2 25 | 10.8% | 3.0% | ||
| Q1 25 | 9.9% | 5.1% | ||
| Q4 24 | 21.5% | 1.9% | ||
| Q3 24 | 27.3% | 13.6% | ||
| Q2 24 | 15.1% | 2.5% | ||
| Q1 24 | 14.2% | 6.4% |
资本支出强度BTMDUSNA
| Q4 25 | 2.3% | — | ||
| Q3 25 | 1.0% | 1.5% | ||
| Q2 25 | 3.7% | 2.1% | ||
| Q1 25 | 3.3% | 1.1% | ||
| Q4 24 | 3.4% | 0.8% | ||
| Q3 24 | 3.0% | 1.2% | ||
| Q2 24 | 5.1% | 1.3% | ||
| Q1 24 | 1.5% | 1.4% |
现金转化率BTMDUSNA
| Q4 25 | 3.87× | — | ||
| Q3 25 | 1.72× | — | ||
| Q2 25 | 2.22× | 1.27× | ||
| Q1 25 | 0.47× | 1.65× | ||
| Q4 24 | 3.34× | 1.29× | ||
| Q3 24 | 1.45× | 2.78× | ||
| Q2 24 | — | 0.77× | ||
| Q1 24 | — | 1.07× |
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% |
USNA
| Direct Selling | $175.8M | 82% |
| Hiya | $30.8M | 14% |
| All Other | $7.0M | 3% |
