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嘉德诺（BTSG）与First American Financial Corp（FAF）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First American Financial Corp的1.7倍（$3.6B vs $2.0B），First American Financial Corp净利率更高（10.3% vs 2.2%，领先8.2%），First American Financial Corp同比增速更快（21.6% vs 16.3%），First American Financial Corp自由现金流更多（$324.5M vs $193.9M），过去两年First American Financial Corp的营收复合增速更高（19.9% vs 17.4%）
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。
第一美国金融公司是美国知名金融服务企业，主要面向房地产及抵押贷款行业开展业务，核心服务涵盖产权保险、房产交易与抵押业务相关的交割结算服务，在全球地产金融服务领域具备成熟的服务能力与较高的行业认可度。
BTSG vs FAF — 直观对比
营收规模更大
BTSG
是对方的1.7倍
$2.0B
营收增速更快
FAF
高出5.3%
16.3%
净利率更高
FAF
高出8.2%
2.2%
自由现金流更多
FAF
多$130.6M
$193.9M
两年增速更快
FAF
近两年复合增速
17.4%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $3.6B | $2.0B |
| 净利润 | $77.1M | $211.9M |
| 毛利率 | 11.6% | — |
| 营业利润率 | 3.0% | 14.0% |
| 净利率 | 2.2% | 10.3% |
| 营收同比 | 16.3% | 21.6% |
| 净利润同比 | 381.8% | 192.7% |
| 每股收益（稀释后） | $0.34 | $2.04 |
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BTSGFAF
| Q4 25 | $3.6B | $2.0B | ||
| Q3 25 | $3.3B | $2.0B | ||
| Q2 25 | $3.1B | $1.8B | ||
| Q1 25 | $2.9B | $1.6B | ||
| Q4 24 | $3.1B | $1.7B | ||
| Q3 24 | $2.9B | $1.4B | ||
| Q2 24 | $2.7B | $1.6B | ||
| Q1 24 | $2.6B | $1.4B |
净利润BTSGFAF
| Q4 25 | $77.1M | $211.9M | ||
| Q3 25 | $55.8M | $189.6M | ||
| Q2 25 | $28.2M | $146.1M | ||
| Q1 25 | $29.5M | $74.2M | ||
| Q4 24 | $16.0M | $72.4M | ||
| Q3 24 | $-8.2M | $-104.0M | ||
| Q2 24 | $19.9M | $116.0M | ||
| Q1 24 | $-45.8M | $46.7M |
毛利率BTSGFAF
| Q4 25 | 11.6% | — | ||
| Q3 25 | 11.8% | — | ||
| Q2 25 | 11.9% | — | ||
| Q1 25 | 11.8% | — | ||
| Q4 24 | 13.8% | — | ||
| Q3 24 | 14.0% | — | ||
| Q2 24 | 14.2% | — | ||
| Q1 24 | 14.3% | — |
营业利润率BTSGFAF
| Q4 25 | 3.0% | 14.0% | ||
| Q3 25 | 2.6% | 12.5% | ||
| Q2 25 | 1.5% | 10.6% | ||
| Q1 25 | 1.8% | 6.1% | ||
| Q4 24 | 2.6% | 5.9% | ||
| Q3 24 | 2.0% | -10.3% | ||
| Q2 24 | 2.3% | 9.4% | ||
| Q1 24 | 0.3% | 4.1% |
净利率BTSGFAF
| Q4 25 | 2.2% | 10.3% | ||
| Q3 25 | 1.7% | 9.6% | ||
| Q2 25 | 0.9% | 7.9% | ||
| Q1 25 | 1.0% | 4.7% | ||
| Q4 24 | 0.5% | 4.3% | ||
| Q3 24 | -0.3% | -7.4% | ||
| Q2 24 | 0.7% | 7.2% | ||
| Q1 24 | -1.8% | 3.3% |
每股收益（稀释后）BTSGFAF
| Q4 25 | $0.34 | $2.04 | ||
| Q3 25 | $0.26 | $1.84 | ||
| Q2 25 | $0.13 | $1.41 | ||
| Q1 25 | $0.14 | $0.71 | ||
| Q4 24 | $0.11 | $0.70 | ||
| Q3 24 | $-0.04 | $-1.00 | ||
| Q2 24 | $0.10 | $1.11 | ||
| Q1 24 | $-0.26 | $0.45 |
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 | $1.4B |
| 总债务越低越好 | $2.5B | — |
| 股东权益账面价值 | $1.9B | $5.5B |
| 总资产 | $6.4B | $16.2B |
| 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BTSGFAF
| Q4 25 | $88.4M | $1.4B | ||
| Q3 25 | $140.3M | $2.9B | ||
| Q2 25 | $70.1M | $2.0B | ||
| Q1 25 | $52.3M | $2.0B | ||
| Q4 24 | $61.3M | $1.7B | ||
| Q3 24 | $36.0M | $3.0B | ||
| Q2 24 | $25.0M | $2.0B | ||
| Q1 24 | $58.0M | $1.5B |
总债务BTSGFAF
| 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BTSGFAF
| Q4 25 | $1.9B | $5.5B | ||
| Q3 25 | $1.8B | $5.3B | ||
| Q2 25 | $1.7B | $5.1B | ||
| Q1 25 | $1.7B | $5.0B | ||
| Q4 24 | $1.6B | $4.9B | ||
| Q3 24 | $1.6B | $5.1B | ||
| Q2 24 | $1.6B | $4.8B | ||
| Q1 24 | $1.6B | $4.8B |
总资产BTSGFAF
| Q4 25 | $6.4B | $16.2B | ||
| Q3 25 | $6.0B | $17.6B | ||
| Q2 25 | $5.9B | $16.3B | ||
| Q1 25 | $5.8B | $15.5B | ||
| Q4 24 | $5.9B | $14.9B | ||
| Q3 24 | $5.8B | $16.6B | ||
| Q2 24 | $5.6B | $15.2B | ||
| Q1 24 | $5.7B | $14.7B |
负债/权益比BTSGFAF
| 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 | $369.3M |
| 自由现金流经营现金流 - 资本支出 | $193.9M | $324.5M |
| 自由现金流率自由现金流/营收 | 5.5% | 15.8% |
| 资本支出强度资本支出/营收 | 1.1% | 2.2% |
| 现金转化率经营现金流/净利润 | 3.00× | 1.74× |
| 过去12个月自由现金流最近4个季度 | $394.7M | $762.5M |
8季度趋势，按日历期对齐
经营现金流BTSGFAF
| Q4 25 | $231.6M | $369.3M | ||
| Q3 25 | $107.9M | $272.5M | ||
| Q2 25 | $49.1M | $361.8M | ||
| Q1 25 | $101.6M | $-52.8M | ||
| Q4 24 | $90.6M | $324.6M | ||
| Q3 24 | $27.2M | $236.9M | ||
| Q2 24 | $-15.2M | $266.7M | ||
| Q1 24 | $-78.9M | $69.3M |
自由现金流BTSGFAF
| Q4 25 | $193.9M | $324.5M | ||
| Q3 25 | $92.2M | $223.1M | ||
| Q2 25 | $24.7M | $309.4M | ||
| Q1 25 | $84.0M | $-94.5M | ||
| Q4 24 | $75.3M | $266.2M | ||
| Q3 24 | $7.2M | $185.4M | ||
| Q2 24 | $-39.0M | $210.0M | ||
| Q1 24 | $-100.7M | $17.6M |
自由现金流率BTSGFAF
| Q4 25 | 5.5% | 15.8% | ||
| Q3 25 | 2.8% | 11.3% | ||
| Q2 25 | 0.8% | 16.8% | ||
| Q1 25 | 2.9% | -6.0% | ||
| Q4 24 | 2.5% | 15.8% | ||
| Q3 24 | 0.2% | 13.2% | ||
| Q2 24 | -1.4% | 13.0% | ||
| Q1 24 | -3.9% | 1.2% |
资本支出强度BTSGFAF
| Q4 25 | 1.1% | 2.2% | ||
| Q3 25 | 0.5% | 2.5% | ||
| Q2 25 | 0.8% | 2.8% | ||
| Q1 25 | 0.6% | 2.6% | ||
| Q4 24 | 0.5% | 3.5% | ||
| Q3 24 | 0.7% | 3.7% | ||
| Q2 24 | 0.9% | 3.5% | ||
| Q1 24 | 0.8% | 3.6% |
现金转化率BTSGFAF
| Q4 25 | 3.00× | 1.74× | ||
| Q3 25 | 1.93× | 1.44× | ||
| Q2 25 | 1.74× | 2.48× | ||
| Q1 25 | 3.44× | -0.71× | ||
| Q4 24 | 5.66× | 4.48× | ||
| Q3 24 | — | — | ||
| Q2 24 | -0.76× | 2.30× | ||
| Q1 24 | — | 1.48× |
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% |
FAF
| Title Insurance And Services | $1.9B | 94% |
| Home Warranty | $110.3M | 5% |
