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嘉德诺（BTSG）与Leidos（LDOS）财务数据对比。点击上方公司名可切换其他公司
Leidos的季度营收约是嘉德诺的1.2倍（$4.2B vs $3.6B），Leidos净利率更高（7.8% vs 2.2%，领先5.6%），嘉德诺同比增速更快（16.3% vs -3.5%），Leidos自由现金流更多（$452.0M vs $193.9M），过去两年嘉德诺的营收复合增速更高（17.4% vs 3.1%）
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。
Leidos Holdings, Inc.是总部位于美国弗吉尼亚州雷斯顿的企业，业务覆盖国防、航空、信息技术、生物医学研究领域，提供科研、工程、系统集成及技术服务。其前身为科学应用国际公司（SAIC），2016年8月与洛克希德·马丁旗下IT业务板块合并，成为国防行业规模最大的IT服务提供商。
BTSG vs LDOS — 直观对比
营收规模更大
LDOS
是对方的1.2倍
$3.6B
营收增速更快
BTSG
高出19.8%
-3.5%
净利率更高
LDOS
高出5.6%
2.2%
自由现金流更多
LDOS
多$258.1M
$193.9M
两年增速更快
BTSG
近两年复合增速
3.1%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $3.6B | $4.2B |
| 净利润 | $77.1M | $327.0M |
| 毛利率 | 11.6% | 17.4% |
| 营业利润率 | 3.0% | 11.3% |
| 净利率 | 2.2% | 7.8% |
| 营收同比 | 16.3% | -3.5% |
| 净利润同比 | 381.8% | 15.1% |
| 每股收益（稀释后） | $0.34 | $2.54 |
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BTSGLDOS
| Q1 26 | — | $4.2B | ||
| Q4 25 | $3.6B | $4.4B | ||
| Q3 25 | $3.3B | $4.2B | ||
| Q2 25 | $3.1B | $4.2B | ||
| Q1 25 | $2.9B | $4.3B | ||
| Q4 24 | $3.1B | — | ||
| Q3 24 | $2.9B | $4.2B | ||
| Q2 24 | $2.7B | $4.1B |
净利润BTSGLDOS
| Q1 26 | — | $327.0M | ||
| Q4 25 | $77.1M | $367.0M | ||
| Q3 25 | $55.8M | $391.0M | ||
| Q2 25 | $28.2M | $363.0M | ||
| Q1 25 | $29.5M | $284.0M | ||
| Q4 24 | $16.0M | — | ||
| Q3 24 | $-8.2M | $364.0M | ||
| Q2 24 | $19.9M | $322.0M |
毛利率BTSGLDOS
| Q1 26 | — | 17.4% | ||
| Q4 25 | 11.6% | 18.0% | ||
| Q3 25 | 11.8% | 18.0% | ||
| Q2 25 | 11.9% | 17.5% | ||
| Q1 25 | 11.8% | 15.6% | ||
| Q4 24 | 13.8% | — | ||
| Q3 24 | 14.0% | 17.8% | ||
| Q2 24 | 14.2% | 16.6% |
营业利润率BTSGLDOS
| Q1 26 | — | 11.3% | ||
| Q4 25 | 3.0% | 12.0% | ||
| Q3 25 | 2.6% | 13.5% | ||
| Q2 25 | 1.5% | 12.5% | ||
| Q1 25 | 1.8% | 9.7% | ||
| Q4 24 | 2.6% | — | ||
| Q3 24 | 2.0% | 12.4% | ||
| Q2 24 | 2.3% | 11.6% |
净利率BTSGLDOS
| Q1 26 | — | 7.8% | ||
| Q4 25 | 2.2% | 8.2% | ||
| Q3 25 | 1.7% | 9.2% | ||
| Q2 25 | 0.9% | 8.6% | ||
| Q1 25 | 1.0% | 6.5% | ||
| Q4 24 | 0.5% | — | ||
| Q3 24 | -0.3% | 8.7% | ||
| Q2 24 | 0.7% | 7.8% |
每股收益（稀释后）BTSGLDOS
| Q1 26 | — | $2.54 | ||
| Q4 25 | $0.34 | $2.82 | ||
| Q3 25 | $0.26 | $3.01 | ||
| Q2 25 | $0.13 | $2.77 | ||
| Q1 25 | $0.14 | $2.10 | ||
| Q4 24 | $0.11 | — | ||
| Q3 24 | $-0.04 | $2.68 | ||
| Q2 24 | $0.10 | $2.37 |
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 | $1.1B |
| 总债务越低越好 | $2.5B | $4.6B |
| 股东权益账面价值 | $1.9B | $4.9B |
| 总资产 | $6.4B | $13.5B |
| 负债/权益比越低杠杆越低 | 1.34× | 0.94× |
8季度趋势，按日历期对齐
现金及短期投资BTSGLDOS
| Q1 26 | — | $1.1B | ||
| Q4 25 | $88.4M | $974.0M | ||
| Q3 25 | $140.3M | $930.0M | ||
| Q2 25 | $70.1M | $842.0M | ||
| Q1 25 | $52.3M | $943.0M | ||
| Q4 24 | $61.3M | — | ||
| Q3 24 | $36.0M | $1.2B | ||
| Q2 24 | $25.0M | $823.0M |
总债务BTSGLDOS
| Q1 26 | — | $4.6B | ||
| Q4 25 | $2.5B | $4.6B | ||
| Q3 25 | $2.5B | $5.0B | ||
| Q2 25 | $2.5B | $5.0B | ||
| Q1 25 | $2.5B | $4.1B | ||
| Q4 24 | $2.6B | — | ||
| Q3 24 | $2.7B | $4.1B | ||
| Q2 24 | $2.6B | $4.1B |
股东权益BTSGLDOS
| Q1 26 | — | $4.9B | ||
| Q4 25 | $1.9B | $4.9B | ||
| Q3 25 | $1.8B | $4.7B | ||
| Q2 25 | $1.7B | $4.3B | ||
| Q1 25 | $1.7B | $4.4B | ||
| Q4 24 | $1.6B | — | ||
| Q3 24 | $1.6B | $4.6B | ||
| Q2 24 | $1.6B | $4.5B |
总资产BTSGLDOS
| Q1 26 | — | $13.5B | ||
| Q4 25 | $6.4B | $13.5B | ||
| Q3 25 | $6.0B | $13.5B | ||
| Q2 25 | $5.9B | $13.2B | ||
| Q1 25 | $5.8B | $13.1B | ||
| Q4 24 | $5.9B | — | ||
| Q3 24 | $5.8B | $13.3B | ||
| Q2 24 | $5.6B | $12.9B |
负债/权益比BTSGLDOS
| Q1 26 | — | 0.94× | ||
| Q4 25 | 1.34× | 0.94× | ||
| Q3 25 | 1.38× | 1.07× | ||
| Q2 25 | 1.45× | 1.18× | ||
| Q1 25 | 1.50× | 0.92× | ||
| Q4 24 | 1.58× | — | ||
| Q3 24 | 1.65× | 0.88× | ||
| Q2 24 | 1.63× | 0.92× |
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 | $495.0M |
| 自由现金流经营现金流 - 资本支出 | $193.9M | $452.0M |
| 自由现金流率自由现金流/营收 | 5.5% | 10.8% |
| 资本支出强度资本支出/营收 | 1.1% | 1.0% |
| 现金转化率经营现金流/净利润 | 3.00× | 1.51× |
| 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BTSGLDOS
| Q1 26 | — | $495.0M | ||
| Q4 25 | $231.6M | — | ||
| Q3 25 | $107.9M | $711.0M | ||
| Q2 25 | $49.1M | $58.0M | ||
| Q1 25 | $101.6M | $299.0M | ||
| Q4 24 | $90.6M | — | ||
| Q3 24 | $27.2M | $656.0M | ||
| Q2 24 | $-15.2M | $374.0M |
自由现金流BTSGLDOS
| Q1 26 | — | $452.0M | ||
| Q4 25 | $193.9M | — | ||
| Q3 25 | $92.2M | $680.0M | ||
| Q2 25 | $24.7M | $36.0M | ||
| Q1 25 | $84.0M | $213.0M | ||
| Q4 24 | $75.3M | — | ||
| Q3 24 | $7.2M | $633.0M | ||
| Q2 24 | $-39.0M | $351.0M |
自由现金流率BTSGLDOS
| Q1 26 | — | 10.8% | ||
| Q4 25 | 5.5% | — | ||
| Q3 25 | 2.8% | 16.1% | ||
| Q2 25 | 0.8% | 0.9% | ||
| Q1 25 | 2.9% | 4.9% | ||
| Q4 24 | 2.5% | — | ||
| Q3 24 | 0.2% | 15.2% | ||
| Q2 24 | -1.4% | 8.5% |
资本支出强度BTSGLDOS
| Q1 26 | — | 1.0% | ||
| Q4 25 | 1.1% | — | ||
| Q3 25 | 0.5% | 0.7% | ||
| Q2 25 | 0.8% | 0.5% | ||
| Q1 25 | 0.6% | 2.0% | ||
| Q4 24 | 0.5% | — | ||
| Q3 24 | 0.7% | 0.6% | ||
| Q2 24 | 0.9% | 0.6% |
现金转化率BTSGLDOS
| Q1 26 | — | 1.51× | ||
| Q4 25 | 3.00× | — | ||
| Q3 25 | 1.93× | 1.82× | ||
| Q2 25 | 1.74× | 0.16× | ||
| Q1 25 | 3.44× | 1.05× | ||
| Q4 24 | 5.66× | — | ||
| Q3 24 | — | 1.80× | ||
| Q2 24 | -0.76× | 1.16× |
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% |
LDOS
| US Do D And US Intelligence Community | $1.4B | 32% |
| Cost Reimbursement And Fixed Price Incentive Fee | $1.0B | 24% |
| Commercial And International Segment | $609.0M | 15% |
| Defense Systems Segment | $546.0M | 13% |
| Other | $358.0M | 9% |
| Time And Materials And Fixed Price Level Of Effort | $295.0M | 7% |
| Commercial And Non US Customers | $38.0M | 1% |
