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嘉德诺（BTSG）与徕博科（LH）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徕博科的1.0倍（$3.6B vs $3.5B），徕博科净利率更高（4.7% vs 2.2%，领先2.5%），嘉德诺同比增速更快（16.3% vs 5.6%），徕博科自由现金流更多（$490.3M vs $193.9M），过去两年嘉德诺的营收复合增速更高（17.4% vs 5.2%）
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。
徕博科（Labcorp）是全球领先的生命科学与诊断检测企业，面向医疗机构、制药企业和个人患者提供全面的临床检验服务、药物研发支持及医疗检测解决方案，依托先进科研经验与创新技术输出准确可落地的健康洞察，助力临床决策、加快新药研发，提升全球患者健康水平。
BTSG vs LH — 直观对比
营收规模更大
BTSG
是对方的1.0倍
$3.5B
营收增速更快
BTSG
高出10.7%
5.6%
净利率更高
LH
高出2.5%
2.2%
自由现金流更多
LH
多$296.4M
$193.9M
两年增速更快
BTSG
近两年复合增速
5.2%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $3.6B | $3.5B |
| 净利润 | $77.1M | $164.7M |
| 毛利率 | 11.6% | 28.2% |
| 营业利润率 | 3.0% | 7.6% |
| 净利率 | 2.2% | 4.7% |
| 营收同比 | 16.3% | 5.6% |
| 净利润同比 | 381.8% | 14.9% |
| 每股收益（稀释后） | $0.34 | $1.98 |
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BTSGLH
| Q4 25 | $3.6B | $3.5B | ||
| Q3 25 | $3.3B | $3.6B | ||
| Q2 25 | $3.1B | $3.5B | ||
| Q1 25 | $2.9B | $3.3B | ||
| Q4 24 | $3.1B | $3.3B | ||
| Q3 24 | $2.9B | $3.3B | ||
| Q2 24 | $2.7B | $3.2B | ||
| Q1 24 | $2.6B | $3.2B |
净利润BTSGLH
| Q4 25 | $77.1M | $164.7M | ||
| Q3 25 | $55.8M | $261.1M | ||
| Q2 25 | $28.2M | $237.9M | ||
| Q1 25 | $29.5M | $212.8M | ||
| Q4 24 | $16.0M | $143.4M | ||
| Q3 24 | $-8.2M | $169.3M | ||
| Q2 24 | $19.9M | $205.3M | ||
| Q1 24 | $-45.8M | $228.0M |
毛利率BTSGLH
| Q4 25 | 11.6% | 28.2% | ||
| Q3 25 | 11.8% | 28.8% | ||
| Q2 25 | 11.9% | 29.7% | ||
| Q1 25 | 11.8% | 28.3% | ||
| Q4 24 | 13.8% | 26.9% | ||
| Q3 24 | 14.0% | 27.6% | ||
| Q2 24 | 14.2% | 28.8% | ||
| Q1 24 | 14.3% | 28.2% |
营业利润率BTSGLH
| Q4 25 | 3.0% | 7.6% | ||
| Q3 25 | 2.6% | 11.1% | ||
| Q2 25 | 1.5% | 11.2% | ||
| Q1 25 | 1.8% | 9.7% | ||
| Q4 24 | 2.6% | 6.5% | ||
| Q3 24 | 2.0% | 7.7% | ||
| Q2 24 | 2.3% | 9.2% | ||
| Q1 24 | 0.3% | 10.1% |
净利率BTSGLH
| Q4 25 | 2.2% | 4.7% | ||
| Q3 25 | 1.7% | 7.3% | ||
| Q2 25 | 0.9% | 6.7% | ||
| Q1 25 | 1.0% | 6.4% | ||
| Q4 24 | 0.5% | 4.3% | ||
| Q3 24 | -0.3% | 5.2% | ||
| Q2 24 | 0.7% | 6.4% | ||
| Q1 24 | -1.8% | 7.2% |
每股收益（稀释后）BTSGLH
| Q4 25 | $0.34 | $1.98 | ||
| Q3 25 | $0.26 | $3.12 | ||
| Q2 25 | $0.13 | $2.84 | ||
| Q1 25 | $0.14 | $2.52 | ||
| Q4 24 | $0.11 | $1.72 | ||
| Q3 24 | $-0.04 | $2.00 | ||
| Q2 24 | $0.10 | $2.43 | ||
| Q1 24 | $-0.26 | $2.69 |
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 | $532.3M |
| 总债务越低越好 | $2.5B | — |
| 股东权益账面价值 | $1.9B | $8.6B |
| 总资产 | $6.4B | $18.4B |
| 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BTSGLH
| Q4 25 | $88.4M | $532.3M | ||
| Q3 25 | $140.3M | $598.1M | ||
| Q2 25 | $70.1M | $647.3M | ||
| Q1 25 | $52.3M | $369.4M | ||
| Q4 24 | $61.3M | $1.5B | ||
| Q3 24 | $36.0M | $1.5B | ||
| Q2 24 | $25.0M | $265.1M | ||
| Q1 24 | $58.0M | $99.3M |
总债务BTSGLH
| 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BTSGLH
| Q4 25 | $1.9B | $8.6B | ||
| Q3 25 | $1.8B | $8.7B | ||
| Q2 25 | $1.7B | $8.5B | ||
| Q1 25 | $1.7B | $8.3B | ||
| Q4 24 | $1.6B | $8.1B | ||
| Q3 24 | $1.6B | $8.2B | ||
| Q2 24 | $1.6B | $8.0B | ||
| Q1 24 | $1.6B | $8.0B |
总资产BTSGLH
| Q4 25 | $6.4B | $18.4B | ||
| Q3 25 | $6.0B | $18.3B | ||
| Q2 25 | $5.9B | $18.1B | ||
| Q1 25 | $5.8B | $17.6B | ||
| Q4 24 | $5.9B | $18.4B | ||
| Q3 24 | $5.8B | $18.6B | ||
| Q2 24 | $5.6B | $16.7B | ||
| Q1 24 | $5.7B | $16.5B |
负债/权益比BTSGLH
| 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 | $614.2M |
| 自由现金流经营现金流 - 资本支出 | $193.9M | $490.3M |
| 自由现金流率自由现金流/营收 | 5.5% | 13.9% |
| 资本支出强度资本支出/营收 | 1.1% | 3.5% |
| 现金转化率经营现金流/净利润 | 3.00× | 3.73× |
| 过去12个月自由现金流最近4个季度 | $394.7M | $1.2B |
8季度趋势，按日历期对齐
经营现金流BTSGLH
| Q4 25 | $231.6M | $614.2M | ||
| Q3 25 | $107.9M | $387.2M | ||
| Q2 25 | $49.1M | $620.6M | ||
| Q1 25 | $101.6M | $18.5M | ||
| Q4 24 | $90.6M | $777.2M | ||
| Q3 24 | $27.2M | $277.3M | ||
| Q2 24 | $-15.2M | $561.1M | ||
| Q1 24 | $-78.9M | $-29.8M |
自由现金流BTSGLH
| Q4 25 | $193.9M | $490.3M | ||
| Q3 25 | $92.2M | $280.5M | ||
| Q2 25 | $24.7M | $542.7M | ||
| Q1 25 | $84.0M | $-107.5M | ||
| Q4 24 | $75.3M | $665.1M | ||
| Q3 24 | $7.2M | $161.5M | ||
| Q2 24 | $-39.0M | $432.9M | ||
| Q1 24 | $-100.7M | $-163.6M |
自由现金流率BTSGLH
| Q4 25 | 5.5% | 13.9% | ||
| Q3 25 | 2.8% | 7.9% | ||
| Q2 25 | 0.8% | 15.4% | ||
| Q1 25 | 2.9% | -3.2% | ||
| Q4 24 | 2.5% | 20.0% | ||
| Q3 24 | 0.2% | 4.9% | ||
| Q2 24 | -1.4% | 13.4% | ||
| Q1 24 | -3.9% | -5.2% |
资本支出强度BTSGLH
| Q4 25 | 1.1% | 3.5% | ||
| Q3 25 | 0.5% | 3.0% | ||
| Q2 25 | 0.8% | 2.2% | ||
| Q1 25 | 0.6% | 3.8% | ||
| Q4 24 | 0.5% | 3.4% | ||
| Q3 24 | 0.7% | 3.5% | ||
| Q2 24 | 0.9% | 4.0% | ||
| Q1 24 | 0.8% | 4.2% |
现金转化率BTSGLH
| Q4 25 | 3.00× | 3.73× | ||
| Q3 25 | 1.93× | 1.48× | ||
| Q2 25 | 1.74× | 2.61× | ||
| Q1 25 | 3.44× | 0.09× | ||
| Q4 24 | 5.66× | 5.42× | ||
| Q3 24 | — | 1.64× | ||
| Q2 24 | -0.76× | 2.73× | ||
| Q1 24 | — | -0.13× |
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% |
LH
| Diagnostics | $2.7B | 78% |
| Biopharma Laboratory Services | $793.0M | 23% |
