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嘉德诺（BTSG）与美国艺电（EA）财务数据对比。点击上方公司名可切换其他公司
嘉德诺的季度营收约是美国艺电的1.9倍（$3.6B vs $1.9B），美国艺电净利率更高（4.6% vs 2.2%，领先2.5%），嘉德诺同比增速更快（16.3% vs 1.0%），过去两年嘉德诺的营收复合增速更高（17.4% vs 3.4%）
嘉德诺是美国跨国医疗服务企业，位列美国企业营收榜第15位，总部位于俄亥俄州都柏林。公司主营药品与医疗产品分销，服务覆盖超10万个网点，同时生产手套、手术服、流体管理产品等医用外科用品，还运营着规模位居前列的放射性药物网络。
美国艺电（EA）是总部位于美国加利福尼亚州雷德伍德城的电子游戏企业，1982年5月由前苹果员工特里普·霍金斯创立。作为早期家用电脑游戏行业的先驱，公司将旗下游戏设计师与程序员称作“软件艺术家”，是全球知名的游戏厂商。
BTSG vs EA — 直观对比
营收规模更大
BTSG
是对方的1.9倍
$1.9B
营收增速更快
BTSG
高出15.4%
1.0%
净利率更高
EA
高出2.5%
2.2%
两年增速更快
BTSG
近两年复合增速
3.4%
损益表 — Q4 FY2025 vs Q3 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $3.6B | $1.9B |
| 净利润 | $77.1M | $88.0M |
| 毛利率 | 11.6% | 73.8% |
| 营业利润率 | 3.0% | 6.7% |
| 净利率 | 2.2% | 4.6% |
| 营收同比 | 16.3% | 1.0% |
| 净利润同比 | 381.8% | -70.0% |
| 每股收益（稀释后） | $0.34 | $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BTSGEA
| Q4 25 | $3.6B | $1.9B | ||
| Q3 25 | $3.3B | $1.8B | ||
| Q2 25 | $3.1B | $1.7B | ||
| Q1 25 | $2.9B | $1.9B | ||
| Q4 24 | $3.1B | $1.9B | ||
| Q3 24 | $2.9B | $2.0B | ||
| Q2 24 | $2.7B | $1.7B | ||
| Q1 24 | $2.6B | $1.8B |
净利润BTSGEA
| Q4 25 | $77.1M | $88.0M | ||
| Q3 25 | $55.8M | $137.0M | ||
| Q2 25 | $28.2M | $201.0M | ||
| Q1 25 | $29.5M | $254.0M | ||
| Q4 24 | $16.0M | $293.0M | ||
| Q3 24 | $-8.2M | $294.0M | ||
| Q2 24 | $19.9M | $280.0M | ||
| Q1 24 | $-45.8M | $182.0M |
毛利率BTSGEA
| Q4 25 | 11.6% | 73.8% | ||
| Q3 25 | 11.8% | 75.9% | ||
| Q2 25 | 11.9% | 83.3% | ||
| Q1 25 | 11.8% | 80.6% | ||
| Q4 24 | 13.8% | 75.8% | ||
| Q3 24 | 14.0% | 77.5% | ||
| Q2 24 | 14.2% | 84.2% | ||
| Q1 24 | 14.3% | 79.9% |
营业利润率BTSGEA
| Q4 25 | 3.0% | 6.7% | ||
| Q3 25 | 2.6% | 10.9% | ||
| Q2 25 | 1.5% | 16.2% | ||
| Q1 25 | 1.8% | 20.8% | ||
| Q4 24 | 2.6% | 20.0% | ||
| Q3 24 | 2.0% | 19.0% | ||
| Q2 24 | 2.3% | 21.9% | ||
| Q1 24 | 0.3% | 13.2% |
净利率BTSGEA
| Q4 25 | 2.2% | 4.6% | ||
| Q3 25 | 1.7% | 7.4% | ||
| Q2 25 | 0.9% | 12.0% | ||
| Q1 25 | 1.0% | 13.4% | ||
| Q4 24 | 0.5% | 15.6% | ||
| Q3 24 | -0.3% | 14.5% | ||
| Q2 24 | 0.7% | 16.9% | ||
| Q1 24 | -1.8% | 10.2% |
每股收益（稀释后）BTSGEA
| Q4 25 | $0.34 | $0.35 | ||
| Q3 25 | $0.26 | $0.54 | ||
| Q2 25 | $0.13 | $0.79 | ||
| Q1 25 | $0.14 | $0.99 | ||
| Q4 24 | $0.11 | $1.11 | ||
| Q3 24 | $-0.04 | $1.11 | ||
| Q2 24 | $0.10 | $1.04 | ||
| Q1 24 | $-0.26 | $0.67 |
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 | $88.4M | $2.8B |
| 总债务越低越好 | $2.5B | — |
| 股东权益账面价值 | $1.9B | $6.2B |
| 总资产 | $6.4B | $13.3B |
| 负债/权益比越低杠杆越低 | 1.34× | — |
8季度趋势，按日历期对齐
现金及短期投资BTSGEA
| Q4 25 | $88.4M | $2.8B | ||
| Q3 25 | $140.3M | $1.1B | ||
| Q2 25 | $70.1M | $1.5B | ||
| Q1 25 | $52.3M | $2.1B | ||
| Q4 24 | $61.3M | $2.8B | ||
| Q3 24 | $36.0M | $2.2B | ||
| Q2 24 | $25.0M | $2.4B | ||
| Q1 24 | $58.0M | $2.9B |
总债务BTSGEA
| Q4 25 | $2.5B | — | ||
| Q3 25 | $2.5B | — | ||
| Q2 25 | $2.5B | — | ||
| Q1 25 | $2.5B | — | ||
| Q4 24 | $2.6B | — | ||
| Q3 24 | $2.7B | — | ||
| Q2 24 | $2.6B | — | ||
| Q1 24 | $2.6B | — |
股东权益BTSGEA
| Q4 25 | $1.9B | $6.2B | ||
| Q3 25 | $1.8B | $6.0B | ||
| Q2 25 | $1.7B | $6.1B | ||
| Q1 25 | $1.7B | $6.4B | ||
| Q4 24 | $1.6B | $7.4B | ||
| Q3 24 | $1.6B | $7.4B | ||
| Q2 24 | $1.6B | $7.4B | ||
| Q1 24 | $1.6B | $7.5B |
总资产BTSGEA
| Q4 25 | $6.4B | $13.3B | ||
| Q3 25 | $6.0B | $11.9B | ||
| Q2 25 | $5.9B | $11.7B | ||
| Q1 25 | $5.8B | $12.4B | ||
| Q4 24 | $5.9B | $13.5B | ||
| Q3 24 | $5.8B | $13.1B | ||
| Q2 24 | $5.6B | $12.7B | ||
| Q1 24 | $5.7B | $13.4B |
负债/权益比BTSGEA
| Q4 25 | 1.34× | — | ||
| Q3 25 | 1.38× | — | ||
| Q2 25 | 1.45× | — | ||
| Q1 25 | 1.50× | — | ||
| Q4 24 | 1.58× | — | ||
| Q3 24 | 1.65× | — | ||
| Q2 24 | 1.63× | — | ||
| Q1 24 | 1.64× | — |
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 | $231.6M | $1.8B |
| 自由现金流经营现金流 - 资本支出 | $193.9M | — |
| 自由现金流率自由现金流/营收 | 5.5% | — |
| 资本支出强度资本支出/营收 | 1.1% | — |
| 现金转化率经营现金流/净利润 | 3.00× | 20.75× |
| 过去12个月自由现金流最近4个季度 | $394.7M | — |
8季度趋势，按日历期对齐
经营现金流BTSGEA
| Q4 25 | $231.6M | $1.8B | ||
| Q3 25 | $107.9M | $130.0M | ||
| Q2 25 | $49.1M | $17.0M | ||
| Q1 25 | $101.6M | $549.0M | ||
| Q4 24 | $90.6M | $1.2B | ||
| Q3 24 | $27.2M | $234.0M | ||
| Q2 24 | $-15.2M | $120.0M | ||
| Q1 24 | $-78.9M | $580.0M |
自由现金流BTSGEA
| Q4 25 | $193.9M | — | ||
| Q3 25 | $92.2M | — | ||
| Q2 25 | $24.7M | — | ||
| Q1 25 | $84.0M | — | ||
| Q4 24 | $75.3M | — | ||
| Q3 24 | $7.2M | — | ||
| Q2 24 | $-39.0M | — | ||
| Q1 24 | $-100.7M | — |
自由现金流率BTSGEA
| Q4 25 | 5.5% | — | ||
| Q3 25 | 2.8% | — | ||
| Q2 25 | 0.8% | — | ||
| Q1 25 | 2.9% | — | ||
| Q4 24 | 2.5% | — | ||
| Q3 24 | 0.2% | — | ||
| Q2 24 | -1.4% | — | ||
| Q1 24 | -3.9% | — |
资本支出强度BTSGEA
| Q4 25 | 1.1% | — | ||
| Q3 25 | 0.5% | — | ||
| Q2 25 | 0.8% | — | ||
| Q1 25 | 0.6% | — | ||
| Q4 24 | 0.5% | — | ||
| Q3 24 | 0.7% | — | ||
| Q2 24 | 0.9% | — | ||
| Q1 24 | 0.8% | — |
现金转化率BTSGEA
| Q4 25 | 3.00× | 20.75× | ||
| Q3 25 | 1.93× | 0.95× | ||
| Q2 25 | 1.74× | 0.08× | ||
| Q1 25 | 3.44× | 2.16× | ||
| Q4 24 | 5.66× | 4.01× | ||
| Q3 24 | — | 0.80× | ||
| Q2 24 | -0.76× | 0.43× | ||
| Q1 24 | — | 3.19× |
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
BTSG
| Medicare D | $1.1B | 32% |
| Commercial Insurance | $879.8M | 25% |
| Medicare C | $641.2M | 18% |
| Provider Services | $394.2M | 11% |
| Medicaid | $301.4M | 8% |
| Medicare A | $150.5M | 4% |
| Private And Other | $44.0M | 1% |
| Medicare B | $19.5M | 1% |
| Pharmacy Solutions And Provider Services Segments | $19.0M | 1% |
EA
| Live Services And Other Net Revenue | $1.3B | 67% |
| PC And Other Net Revenue | $465.0M | 24% |
| Packaged Goods Net Revenue | $86.0M | 5% |
| Other | $56.0M | 3% |
| Estimated Service Offering Period | $25.0M | 1% |
