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嘉德诺（BTSG）与Masco（MAS）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Masco的2.0倍（$3.6B vs $1.8B），Masco净利率更高（9.2% vs 2.2%，领先7.0%），嘉德诺同比增速更快（16.3% vs -1.9%），Masco自由现金流更多（$371.0M vs $193.9M），过去两年嘉德诺的营收复合增速更高（17.4% vs -3.5%）
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。
美国家居建材企业Masco主营家装及新建住宅市场相关产品，旗下拥有20余家子公司，在全球运营近80座生产工厂，其中美国本土近60座，海外地区超20座。公司1969年于纽交所挂牌上市，后实现快速增长，成功跻身美国财富500强榜单。
BTSG vs MAS — 直观对比
营收规模更大
BTSG
是对方的2.0倍
$1.8B
营收增速更快
BTSG
高出18.2%
-1.9%
净利率更高
MAS
高出7.0%
2.2%
自由现金流更多
MAS
多$177.1M
$193.9M
两年增速更快
BTSG
近两年复合增速
-3.5%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $3.6B | $1.8B |
| 净利润 | $77.1M | $165.0M |
| 毛利率 | 11.6% | 33.9% |
| 营业利润率 | 3.0% | 13.8% |
| 净利率 | 2.2% | 9.2% |
| 营收同比 | 16.3% | -1.9% |
| 净利润同比 | 381.8% | -9.3% |
| 每股收益（稀释后） | $0.34 | $0.81 |
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BTSGMAS
| Q4 25 | $3.6B | $1.8B | ||
| Q3 25 | $3.3B | $1.9B | ||
| Q2 25 | $3.1B | $2.1B | ||
| Q1 25 | $2.9B | $1.8B | ||
| Q4 24 | $3.1B | $1.8B | ||
| Q3 24 | $2.9B | $2.0B | ||
| Q2 24 | $2.7B | $2.1B | ||
| Q1 24 | $2.6B | $1.9B |
净利润BTSGMAS
| Q4 25 | $77.1M | $165.0M | ||
| Q3 25 | $55.8M | $189.0M | ||
| Q2 25 | $28.2M | $270.0M | ||
| Q1 25 | $29.5M | $186.0M | ||
| Q4 24 | $16.0M | $182.0M | ||
| Q3 24 | $-8.2M | $167.0M | ||
| Q2 24 | $19.9M | $258.0M | ||
| Q1 24 | $-45.8M | $215.0M |
毛利率BTSGMAS
| Q4 25 | 11.6% | 33.9% | ||
| Q3 25 | 11.8% | 34.2% | ||
| Q2 25 | 11.9% | 37.6% | ||
| Q1 25 | 11.8% | 35.8% | ||
| Q4 24 | 13.8% | 34.8% | ||
| Q3 24 | 14.0% | 36.6% | ||
| Q2 24 | 14.2% | 37.5% | ||
| Q1 24 | 14.3% | 35.6% |
营业利润率BTSGMAS
| Q4 25 | 3.0% | 13.8% | ||
| Q3 25 | 2.6% | 15.8% | ||
| Q2 25 | 1.5% | 20.1% | ||
| Q1 25 | 1.8% | 15.9% | ||
| Q4 24 | 2.6% | 15.9% | ||
| Q3 24 | 2.0% | 18.0% | ||
| Q2 24 | 2.3% | 19.0% | ||
| Q1 24 | 0.3% | 16.5% |
净利率BTSGMAS
| Q4 25 | 2.2% | 9.2% | ||
| Q3 25 | 1.7% | 9.9% | ||
| Q2 25 | 0.9% | 13.2% | ||
| Q1 25 | 1.0% | 10.3% | ||
| Q4 24 | 0.5% | 10.0% | ||
| Q3 24 | -0.3% | 8.4% | ||
| Q2 24 | 0.7% | 12.3% | ||
| Q1 24 | -1.8% | 11.2% |
每股收益（稀释后）BTSGMAS
| Q4 25 | $0.34 | $0.81 | ||
| Q3 25 | $0.26 | $0.90 | ||
| Q2 25 | $0.13 | $1.28 | ||
| Q1 25 | $0.14 | $0.87 | ||
| Q4 24 | $0.11 | $0.85 | ||
| Q3 24 | $-0.04 | $0.77 | ||
| Q2 24 | $0.10 | $1.17 | ||
| Q1 24 | $-0.26 | $0.97 |
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 | $647.0M |
| 总债务越低越好 | $2.5B | $2.9B |
| 股东权益账面价值 | $1.9B | $-185.0M |
| 总资产 | $6.4B | $5.2B |
| 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BTSGMAS
| Q4 25 | $88.4M | $647.0M | ||
| Q3 25 | $140.3M | $559.0M | ||
| Q2 25 | $70.1M | $390.0M | ||
| Q1 25 | $52.3M | $377.0M | ||
| Q4 24 | $61.3M | $634.0M | ||
| Q3 24 | $36.0M | $646.0M | ||
| Q2 24 | $25.0M | $398.0M | ||
| Q1 24 | $58.0M | $368.0M |
总债务BTSGMAS
| Q4 25 | $2.5B | $2.9B | ||
| Q3 25 | $2.5B | — | ||
| Q2 25 | $2.5B | — | ||
| Q1 25 | $2.5B | — | ||
| Q4 24 | $2.6B | $2.9B | ||
| Q3 24 | $2.7B | — | ||
| Q2 24 | $2.6B | — | ||
| Q1 24 | $2.6B | — |
股东权益BTSGMAS
| Q4 25 | $1.9B | $-185.0M | ||
| Q3 25 | $1.8B | $-78.0M | ||
| Q2 25 | $1.7B | $-84.0M | ||
| Q1 25 | $1.7B | $-254.0M | ||
| Q4 24 | $1.6B | $-279.0M | ||
| Q3 24 | $1.6B | $-88.0M | ||
| Q2 24 | $1.6B | $-26.0M | ||
| Q1 24 | $1.6B | $-75.0M |
总资产BTSGMAS
| Q4 25 | $6.4B | $5.2B | ||
| Q3 25 | $6.0B | $5.3B | ||
| Q2 25 | $5.9B | $5.3B | ||
| Q1 25 | $5.8B | $5.1B | ||
| Q4 24 | $5.9B | $5.0B | ||
| Q3 24 | $5.8B | $5.3B | ||
| Q2 24 | $5.6B | $5.4B | ||
| Q1 24 | $5.7B | $5.3B |
负债/权益比BTSGMAS
| 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 | $418.0M |
| 自由现金流经营现金流 - 资本支出 | $193.9M | $371.0M |
| 自由现金流率自由现金流/营收 | 5.5% | 20.7% |
| 资本支出强度资本支出/营收 | 1.1% | 2.6% |
| 现金转化率经营现金流/净利润 | 3.00× | 2.53× |
| 过去12个月自由现金流最近4个季度 | $394.7M | $866.0M |
8季度趋势，按日历期对齐
经营现金流BTSGMAS
| Q4 25 | $231.6M | $418.0M | ||
| Q3 25 | $107.9M | $456.0M | ||
| Q2 25 | $49.1M | $306.0M | ||
| Q1 25 | $101.6M | $-158.0M | ||
| Q4 24 | $90.6M | $407.0M | ||
| Q3 24 | $27.2M | $416.0M | ||
| Q2 24 | $-15.2M | $346.0M | ||
| Q1 24 | $-78.9M | $-94.0M |
自由现金流BTSGMAS
| Q4 25 | $193.9M | $371.0M | ||
| Q3 25 | $92.2M | $415.0M | ||
| Q2 25 | $24.7M | $270.0M | ||
| Q1 25 | $84.0M | $-190.0M | ||
| Q4 24 | $75.3M | $351.0M | ||
| Q3 24 | $7.2M | $378.0M | ||
| Q2 24 | $-39.0M | $303.0M | ||
| Q1 24 | $-100.7M | $-125.0M |
自由现金流率BTSGMAS
| Q4 25 | 5.5% | 20.7% | ||
| Q3 25 | 2.8% | 21.6% | ||
| Q2 25 | 0.8% | 13.2% | ||
| Q1 25 | 2.9% | -10.5% | ||
| Q4 24 | 2.5% | 19.2% | ||
| Q3 24 | 0.2% | 19.1% | ||
| Q2 24 | -1.4% | 14.5% | ||
| Q1 24 | -3.9% | -6.5% |
资本支出强度BTSGMAS
| Q4 25 | 1.1% | 2.6% | ||
| Q3 25 | 0.5% | 2.1% | ||
| Q2 25 | 0.8% | 1.8% | ||
| Q1 25 | 0.6% | 1.8% | ||
| Q4 24 | 0.5% | 3.1% | ||
| Q3 24 | 0.7% | 1.9% | ||
| Q2 24 | 0.9% | 2.1% | ||
| Q1 24 | 0.8% | 1.6% |
现金转化率BTSGMAS
| Q4 25 | 3.00× | 2.53× | ||
| Q3 25 | 1.93× | 2.41× | ||
| Q2 25 | 1.74× | 1.13× | ||
| Q1 25 | 3.44× | -0.85× | ||
| Q4 24 | 5.66× | 2.24× | ||
| Q3 24 | — | 2.49× | ||
| Q2 24 | -0.76× | 1.34× | ||
| Q1 24 | — | -0.44× |
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% |
MAS
| Plumbing Products | $844.0M | 47% |
| Decorative Architectural Products | $545.0M | 30% |
| Other | $404.0M | 23% |
