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嘉德诺（BTSG）与江森自控（JCI）财务数据对比。点击上方公司名可切换其他公司
江森自控的季度营收约是嘉德诺的1.6倍（$5.8B vs $3.6B），江森自控净利率更高（9.0% vs 2.2%，领先6.9%），嘉德诺同比增速更快（16.3% vs 6.8%），江森自控自由现金流更多（$531.0M vs $193.9M），过去两年嘉德诺的营收复合增速更高（17.4% vs -7.0%）
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。
江森自控是总部位于爱尔兰科克的跨国综合企业，专注于为各类建筑提供消防、暖通空调及安防设备，业务覆盖六大洲近2000个地点，2019年中期员工规模达10.5万人，曾位列2017年《财富》全球500强第389位。
BTSG vs JCI — 直观对比
营收规模更大
JCI
是对方的1.6倍
$3.6B
营收增速更快
BTSG
高出9.5%
6.8%
净利率更高
JCI
高出6.9%
2.2%
自由现金流更多
JCI
多$337.1M
$193.9M
两年增速更快
BTSG
近两年复合增速
-7.0%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $3.6B | $5.8B |
| 净利润 | $77.1M | $524.0M |
| 毛利率 | 11.6% | 35.8% |
| 营业利润率 | 3.0% | — |
| 净利率 | 2.2% | 9.0% |
| 营收同比 | 16.3% | 6.8% |
| 净利润同比 | 381.8% | 25.1% |
| 每股收益（稀释后） | $0.34 | $0.85 |
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BTSGJCI
| Q4 25 | $3.6B | $5.8B | ||
| Q3 25 | $3.3B | $6.4B | ||
| Q2 25 | $3.1B | $6.1B | ||
| Q1 25 | $2.9B | $5.7B | ||
| Q4 24 | $3.1B | $5.4B | ||
| Q3 24 | $2.9B | $2.9B | ||
| Q2 24 | $2.7B | $7.2B | ||
| Q1 24 | $2.6B | $6.7B |
净利润BTSGJCI
| Q4 25 | $77.1M | $524.0M | ||
| Q3 25 | $55.8M | $1.7B | ||
| Q2 25 | $28.2M | $701.0M | ||
| Q1 25 | $29.5M | $478.0M | ||
| Q4 24 | $16.0M | $419.0M | ||
| Q3 24 | $-8.2M | $633.0M | ||
| Q2 24 | $19.9M | $975.0M | ||
| Q1 24 | $-45.8M | $-277.0M |
毛利率BTSGJCI
| Q4 25 | 11.6% | 35.8% | ||
| Q3 25 | 11.8% | 36.5% | ||
| Q2 25 | 11.9% | 37.1% | ||
| Q1 25 | 11.8% | 36.5% | ||
| Q4 24 | 13.8% | 35.5% | ||
| Q3 24 | 14.0% | 48.4% | ||
| Q2 24 | 14.2% | 34.4% | ||
| Q1 24 | 14.3% | 32.6% |
营业利润率BTSGJCI
| Q4 25 | 3.0% | — | ||
| Q3 25 | 2.6% | 5.5% | ||
| Q2 25 | 1.5% | 11.6% | ||
| Q1 25 | 1.8% | 8.8% | ||
| Q4 24 | 2.6% | 7.5% | ||
| Q3 24 | 2.0% | 6.9% | ||
| Q2 24 | 2.3% | 17.7% | ||
| Q1 24 | 0.3% | -5.4% |
净利率BTSGJCI
| Q4 25 | 2.2% | 9.0% | ||
| Q3 25 | 1.7% | 26.3% | ||
| Q2 25 | 0.9% | 11.6% | ||
| Q1 25 | 1.0% | 8.4% | ||
| Q4 24 | 0.5% | 7.7% | ||
| Q3 24 | -0.3% | 21.6% | ||
| Q2 24 | 0.7% | 13.5% | ||
| Q1 24 | -1.8% | -4.1% |
每股收益（稀释后）BTSGJCI
| Q4 25 | $0.34 | $0.85 | ||
| Q3 25 | $0.26 | $2.61 | ||
| Q2 25 | $0.13 | $1.07 | ||
| Q1 25 | $0.14 | $0.72 | ||
| Q4 24 | $0.11 | $0.63 | ||
| Q3 24 | $-0.04 | $0.93 | ||
| Q2 24 | $0.10 | $1.45 | ||
| Q1 24 | $-0.26 | $-0.41 |
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 | $552.0M |
| 总债务越低越好 | $2.5B | $8.7B |
| 股东权益账面价值 | $1.9B | $13.2B |
| 总资产 | $6.4B | $38.0B |
| 负债/权益比越低杠杆越低 | 1.34× | 0.66× |
8季度趋势，按日历期对齐
现金及短期投资BTSGJCI
| Q4 25 | $88.4M | $552.0M | ||
| Q3 25 | $140.3M | $379.0M | ||
| Q2 25 | $70.1M | $731.0M | ||
| Q1 25 | $52.3M | $795.0M | ||
| Q4 24 | $61.3M | $1.2B | ||
| Q3 24 | $36.0M | $606.0M | ||
| Q2 24 | $25.0M | $862.0M | ||
| Q1 24 | $58.0M | $843.0M |
总债务BTSGJCI
| Q4 25 | $2.5B | $8.7B | ||
| Q3 25 | $2.5B | $8.6B | ||
| Q2 25 | $2.5B | $8.4B | ||
| Q1 25 | $2.5B | $8.2B | ||
| Q4 24 | $2.6B | $8.6B | ||
| Q3 24 | $2.7B | $8.0B | ||
| Q2 24 | $2.6B | $7.9B | ||
| Q1 24 | $2.6B | $7.3B |
股东权益BTSGJCI
| Q4 25 | $1.9B | $13.2B | ||
| Q3 25 | $1.8B | $12.9B | ||
| Q2 25 | $1.7B | $15.8B | ||
| Q1 25 | $1.7B | $15.8B | ||
| Q4 24 | $1.6B | $15.9B | ||
| Q3 24 | $1.6B | $16.1B | ||
| Q2 24 | $1.6B | $16.0B | ||
| Q1 24 | $1.6B | $15.7B |
总资产BTSGJCI
| Q4 25 | $6.4B | $38.0B | ||
| Q3 25 | $6.0B | $37.9B | ||
| Q2 25 | $5.9B | $43.4B | ||
| Q1 25 | $5.8B | $42.4B | ||
| Q4 24 | $5.9B | $42.1B | ||
| Q3 24 | $5.8B | $42.7B | ||
| Q2 24 | $5.6B | $43.3B | ||
| Q1 24 | $5.7B | $43.5B |
负债/权益比BTSGJCI
| Q4 25 | 1.34× | 0.66× | ||
| Q3 25 | 1.38× | 0.66× | ||
| Q2 25 | 1.45× | 0.53× | ||
| Q1 25 | 1.50× | 0.52× | ||
| Q4 24 | 1.58× | 0.54× | ||
| Q3 24 | 1.65× | 0.50× | ||
| Q2 24 | 1.63× | 0.49× | ||
| Q1 24 | 1.64× | 0.47× |
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 | $611.0M |
| 自由现金流经营现金流 - 资本支出 | $193.9M | $531.0M |
| 自由现金流率自由现金流/营收 | 5.5% | 9.2% |
| 资本支出强度资本支出/营收 | 1.1% | 1.4% |
| 现金转化率经营现金流/净利润 | 3.00× | 1.17× |
| 过去12个月自由现金流最近4个季度 | $394.7M | $2.5B |
8季度趋势，按日历期对齐
经营现金流BTSGJCI
| Q4 25 | $231.6M | $611.0M | ||
| Q3 25 | $107.9M | $968.0M | ||
| Q2 25 | $49.1M | $787.0M | ||
| Q1 25 | $101.6M | $550.0M | ||
| Q4 24 | $90.6M | $249.0M | ||
| Q3 24 | $27.2M | $1.4B | ||
| Q2 24 | $-15.2M | $1.0B | ||
| Q1 24 | $-78.9M | $-203.0M |
自由现金流BTSGJCI
| Q4 25 | $193.9M | $531.0M | ||
| Q3 25 | $92.2M | $838.0M | ||
| Q2 25 | $24.7M | $693.0M | ||
| Q1 25 | $84.0M | $456.0M | ||
| Q4 24 | $75.3M | $133.0M | ||
| Q3 24 | $7.2M | $1.2B | ||
| Q2 24 | $-39.0M | $922.0M | ||
| Q1 24 | $-100.7M | $-336.0M |
自由现金流率BTSGJCI
| Q4 25 | 5.5% | 9.2% | ||
| Q3 25 | 2.8% | 13.0% | ||
| Q2 25 | 0.8% | 11.5% | ||
| Q1 25 | 2.9% | 8.0% | ||
| Q4 24 | 2.5% | 2.5% | ||
| Q3 24 | 0.2% | 40.4% | ||
| Q2 24 | -1.4% | 12.8% | ||
| Q1 24 | -3.9% | -5.0% |
资本支出强度BTSGJCI
| Q4 25 | 1.1% | 1.4% | ||
| Q3 25 | 0.5% | 2.0% | ||
| Q2 25 | 0.8% | 1.6% | ||
| Q1 25 | 0.6% | 1.7% | ||
| Q4 24 | 0.5% | 2.1% | ||
| Q3 24 | 0.7% | 5.8% | ||
| Q2 24 | 0.9% | 1.4% | ||
| Q1 24 | 0.8% | 2.0% |
现金转化率BTSGJCI
| Q4 25 | 3.00× | 1.17× | ||
| Q3 25 | 1.93× | 0.57× | ||
| Q2 25 | 1.74× | 1.12× | ||
| Q1 25 | 3.44× | 1.15× | ||
| Q4 24 | 5.66× | 0.59× | ||
| Q3 24 | — | 2.14× | ||
| Q2 24 | -0.76× | 1.05× | ||
| 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
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% |
JCI
| Productsand Systems | $3.9B | 67% |
| Services | $1.9B | 33% |
