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嘉德诺（BTSG）与TechnipFMC plc（FTI）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TechnipFMC plc的1.4倍（$3.6B vs $2.5B），TechnipFMC plc净利率更高（9.6% vs 2.2%，领先7.5%），嘉德诺同比增速更快（16.3% vs 6.3%），TechnipFMC plc自由现金流更多（$359.1M vs $193.9M），过去两年嘉德诺的营收复合增速更高（17.4% vs 11.0%）
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。
TechnipFMC是一家注册地位于英国的全球能源服务商，兼具法国与美国企业背景，核心业务为油气领域提供专业技术与服务支持。公司由美国FMC科技与法国Technip于2016年宣布合并，2017年正式完成组建，业务覆盖全球主要能源市场。
BTSG vs FTI — 直观对比
营收规模更大
BTSG
是对方的1.4倍
$2.5B
营收增速更快
BTSG
高出10.0%
6.3%
净利率更高
FTI
高出7.5%
2.2%
自由现金流更多
FTI
多$165.2M
$193.9M
两年增速更快
BTSG
近两年复合增速
11.0%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $3.6B | $2.5B |
| 净利润 | $77.1M | $242.7M |
| 毛利率 | 11.6% | — |
| 营业利润率 | 3.0% | 12.6% |
| 净利率 | 2.2% | 9.6% |
| 营收同比 | 16.3% | 6.3% |
| 净利润同比 | 381.8% | 8.0% |
| 每股收益（稀释后） | $0.34 | $0.58 |
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BTSGFTI
| Q4 25 | $3.6B | $2.5B | ||
| Q3 25 | $3.3B | $2.6B | ||
| Q2 25 | $3.1B | $2.5B | ||
| Q1 25 | $2.9B | $2.2B | ||
| Q4 24 | $3.1B | $2.4B | ||
| Q3 24 | $2.9B | $2.3B | ||
| Q2 24 | $2.7B | $2.3B | ||
| Q1 24 | $2.6B | $2.0B |
净利润BTSGFTI
| Q4 25 | $77.1M | $242.7M | ||
| Q3 25 | $55.8M | $309.7M | ||
| Q2 25 | $28.2M | $269.5M | ||
| Q1 25 | $29.5M | $142.0M | ||
| Q4 24 | $16.0M | $224.7M | ||
| Q3 24 | $-8.2M | $274.6M | ||
| Q2 24 | $19.9M | $186.5M | ||
| Q1 24 | $-45.8M | $157.1M |
毛利率BTSGFTI
| Q4 25 | 11.6% | — | ||
| Q3 25 | 11.8% | — | ||
| Q2 25 | 11.9% | 23.1% | ||
| Q1 25 | 11.8% | 20.5% | ||
| Q4 24 | 13.8% | — | ||
| Q3 24 | 14.0% | — | ||
| Q2 24 | 14.2% | 21.2% | ||
| Q1 24 | 14.3% | 16.4% |
营业利润率BTSGFTI
| Q4 25 | 3.0% | 12.6% | ||
| Q3 25 | 2.6% | 16.5% | ||
| Q2 25 | 1.5% | 15.9% | ||
| Q1 25 | 1.8% | 12.5% | ||
| Q4 24 | 2.6% | 11.3% | ||
| Q3 24 | 2.0% | 13.7% | ||
| Q2 24 | 2.3% | 13.3% | ||
| Q1 24 | 0.3% | 12.7% |
净利率BTSGFTI
| Q4 25 | 2.2% | 9.6% | ||
| Q3 25 | 1.7% | 11.7% | ||
| Q2 25 | 0.9% | 10.6% | ||
| Q1 25 | 1.0% | 6.4% | ||
| Q4 24 | 0.5% | 9.5% | ||
| Q3 24 | -0.3% | 11.7% | ||
| Q2 24 | 0.7% | 8.0% | ||
| Q1 24 | -1.8% | 7.7% |
每股收益（稀释后）BTSGFTI
| Q4 25 | $0.34 | $0.58 | ||
| Q3 25 | $0.26 | $0.75 | ||
| Q2 25 | $0.13 | $0.64 | ||
| Q1 25 | $0.14 | $0.33 | ||
| Q4 24 | $0.11 | $0.51 | ||
| Q3 24 | $-0.04 | $0.63 | ||
| Q2 24 | $0.10 | $0.42 | ||
| Q1 24 | $-0.26 | $0.35 |
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 | $1.0B |
| 总债务越低越好 | $2.5B | $430.0M |
| 股东权益账面价值 | $1.9B | $3.4B |
| 总资产 | $6.4B | $10.1B |
| 负债/权益比越低杠杆越低 | 1.34× | 0.13× |
8季度趋势，按日历期对齐
现金及短期投资BTSGFTI
| Q4 25 | $88.4M | $1.0B | ||
| Q3 25 | $140.3M | $876.6M | ||
| Q2 25 | $70.1M | $950.0M | ||
| Q1 25 | $52.3M | $1.2B | ||
| Q4 24 | $61.3M | $1.2B | ||
| Q3 24 | $36.0M | — | ||
| Q2 24 | $25.0M | — | ||
| Q1 24 | $58.0M | — |
总债务BTSGFTI
| Q4 25 | $2.5B | $430.0M | ||
| Q3 25 | $2.5B | $438.0M | ||
| Q2 25 | $2.5B | $696.3M | ||
| Q1 25 | $2.5B | $904.9M | ||
| Q4 24 | $2.6B | $885.2M | ||
| Q3 24 | $2.7B | $966.7M | ||
| Q2 24 | $2.6B | $968.4M | ||
| Q1 24 | $2.6B | $1.0B |
股东权益BTSGFTI
| Q4 25 | $1.9B | $3.4B | ||
| Q3 25 | $1.8B | $3.3B | ||
| Q2 25 | $1.7B | $3.3B | ||
| Q1 25 | $1.7B | $3.1B | ||
| Q4 24 | $1.6B | $3.1B | ||
| Q3 24 | $1.6B | $3.3B | ||
| Q2 24 | $1.6B | $3.0B | ||
| Q1 24 | $1.6B | $3.0B |
总资产BTSGFTI
| Q4 25 | $6.4B | $10.1B | ||
| Q3 25 | $6.0B | $10.3B | ||
| Q2 25 | $5.9B | $10.1B | ||
| Q1 25 | $5.8B | $10.0B | ||
| Q4 24 | $5.9B | $9.9B | ||
| Q3 24 | $5.8B | $9.7B | ||
| Q2 24 | $5.6B | $9.2B | ||
| Q1 24 | $5.7B | $9.1B |
负债/权益比BTSGFTI
| Q4 25 | 1.34× | 0.13× | ||
| Q3 25 | 1.38× | 0.13× | ||
| Q2 25 | 1.45× | 0.21× | ||
| Q1 25 | 1.50× | 0.29× | ||
| Q4 24 | 1.58× | 0.29× | ||
| Q3 24 | 1.65× | 0.30× | ||
| Q2 24 | 1.63× | 0.33× | ||
| Q1 24 | 1.64× | 0.34× |
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 | $453.6M |
| 自由现金流经营现金流 - 资本支出 | $193.9M | $359.1M |
| 自由现金流率自由现金流/营收 | 5.5% | 14.3% |
| 资本支出强度资本支出/营收 | 1.1% | 3.8% |
| 现金转化率经营现金流/净利润 | 3.00× | 1.87× |
| 过去12个月自由现金流最近4个季度 | $394.7M | $1.4B |
8季度趋势，按日历期对齐
经营现金流BTSGFTI
| Q4 25 | $231.6M | $453.6M | ||
| Q3 25 | $107.9M | $525.1M | ||
| Q2 25 | $49.1M | $344.2M | ||
| Q1 25 | $101.6M | $441.7M | ||
| Q4 24 | $90.6M | $578.9M | ||
| Q3 24 | $27.2M | $277.9M | ||
| Q2 24 | $-15.2M | $230.9M | ||
| Q1 24 | $-78.9M | $-126.7M |
自由现金流BTSGFTI
| Q4 25 | $193.9M | $359.1M | ||
| Q3 25 | $92.2M | $447.8M | ||
| Q2 25 | $24.7M | $260.6M | ||
| Q1 25 | $84.0M | $379.9M | ||
| Q4 24 | $75.3M | $452.7M | ||
| Q3 24 | $7.2M | $225.3M | ||
| Q2 24 | $-39.0M | $180.1M | ||
| Q1 24 | $-100.7M | $-178.7M |
自由现金流率BTSGFTI
| Q4 25 | 5.5% | 14.3% | ||
| Q3 25 | 2.8% | 16.9% | ||
| Q2 25 | 0.8% | 10.3% | ||
| Q1 25 | 2.9% | 17.0% | ||
| Q4 24 | 2.5% | 19.1% | ||
| Q3 24 | 0.2% | 9.6% | ||
| Q2 24 | -1.4% | 7.7% | ||
| Q1 24 | -3.9% | -8.8% |
资本支出强度BTSGFTI
| Q4 25 | 1.1% | 3.8% | ||
| Q3 25 | 0.5% | 2.9% | ||
| Q2 25 | 0.8% | 3.3% | ||
| Q1 25 | 0.6% | 2.8% | ||
| Q4 24 | 0.5% | 5.3% | ||
| Q3 24 | 0.7% | 2.2% | ||
| Q2 24 | 0.9% | 2.2% | ||
| Q1 24 | 0.8% | 2.5% |
现金转化率BTSGFTI
| Q4 25 | 3.00× | 1.87× | ||
| Q3 25 | 1.93× | 1.70× | ||
| Q2 25 | 1.74× | 1.28× | ||
| Q1 25 | 3.44× | 3.11× | ||
| Q4 24 | 5.66× | 2.58× | ||
| Q3 24 | — | 1.01× | ||
| Q2 24 | -0.76× | 1.24× | ||
| Q1 24 | — | -0.81× |
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% |
FTI
| Services | $1.3B | 52% |
| Products | $1.1B | 44% |
| Other | $55.1M | 2% |
| Surface Technologies | $22.4M | 1% |
