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嘉德诺（BTSG）与道富集团（STT）财务数据对比。点击上方公司名可切换其他公司
道富集团的季度营收约是嘉德诺的1.0倍（$3.7B vs $3.6B），道富集团净利率更高（20.4% vs 2.2%，领先18.2%），嘉德诺同比增速更快（16.3% vs 7.5%），道富集团自由现金流更多（$9.8B vs $193.9M），过去两年嘉德诺的营收复合增速更高（17.4% vs 8.1%）
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。
道富集团是总部位于美国波士顿的跨国金融服务及银行控股公司，历史可追溯至1792年成立的联合银行，是美国运营历史第二悠久的存续银行。作为全球顶尖的资产管理与托管机构，截至2025年第三季度，其管理资产规模约5.4万亿美元，托管及管理资产总规模达51.7万亿美元。
BTSG vs STT — 直观对比
营收规模更大
STT
是对方的1.0倍
$3.6B
营收增速更快
BTSG
高出8.8%
7.5%
净利率更高
STT
高出18.2%
2.2%
自由现金流更多
STT
多$9.6B
$193.9M
两年增速更快
BTSG
近两年复合增速
8.1%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $3.6B | $3.7B |
| 净利润 | $77.1M | $747.0M |
| 毛利率 | 11.6% | — |
| 营业利润率 | 3.0% | 25.0% |
| 净利率 | 2.2% | 20.4% |
| 营收同比 | 16.3% | 7.5% |
| 净利润同比 | 381.8% | -4.6% |
| 每股收益（稀释后） | $0.34 | $2.41 |
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BTSGSTT
| Q4 25 | $3.6B | $3.7B | ||
| Q3 25 | $3.3B | $3.5B | ||
| Q2 25 | $3.1B | $3.4B | ||
| Q1 25 | $2.9B | $3.3B | ||
| Q4 24 | $3.1B | $3.4B | ||
| Q3 24 | $2.9B | $3.3B | ||
| Q2 24 | $2.7B | $3.2B | ||
| Q1 24 | $2.6B | $3.1B |
净利润BTSGSTT
| Q4 25 | $77.1M | $747.0M | ||
| Q3 25 | $55.8M | $861.0M | ||
| Q2 25 | $28.2M | $693.0M | ||
| Q1 25 | $29.5M | $644.0M | ||
| Q4 24 | $16.0M | $783.0M | ||
| Q3 24 | $-8.2M | $730.0M | ||
| Q2 24 | $19.9M | $711.0M | ||
| Q1 24 | $-45.8M | $463.0M |
毛利率BTSGSTT
| Q4 25 | 11.6% | — | ||
| Q3 25 | 11.8% | — | ||
| Q2 25 | 11.9% | — | ||
| Q1 25 | 11.8% | — | ||
| Q4 24 | 13.8% | — | ||
| Q3 24 | 14.0% | — | ||
| Q2 24 | 14.2% | — | ||
| Q1 24 | 14.3% | — |
营业利润率BTSGSTT
| Q4 25 | 3.0% | 25.0% | ||
| Q3 25 | 2.6% | 31.1% | ||
| Q2 25 | 1.5% | 25.8% | ||
| Q1 25 | 1.8% | 25.0% | ||
| Q4 24 | 2.6% | 28.1% | ||
| Q3 24 | 2.0% | 28.4% | ||
| Q2 24 | 2.3% | 28.6% | ||
| Q1 24 | 0.3% | 19.1% |
净利率BTSGSTT
| Q4 25 | 2.2% | 20.4% | ||
| Q3 25 | 1.7% | 24.3% | ||
| Q2 25 | 0.9% | 20.1% | ||
| Q1 25 | 1.0% | 19.6% | ||
| Q4 24 | 0.5% | 22.9% | ||
| Q3 24 | -0.3% | 22.4% | ||
| Q2 24 | 0.7% | 22.3% | ||
| Q1 24 | -1.8% | 14.8% |
每股收益（稀释后）BTSGSTT
| Q4 25 | $0.34 | $2.41 | ||
| Q3 25 | $0.26 | $2.78 | ||
| Q2 25 | $0.13 | $2.17 | ||
| Q1 25 | $0.14 | $2.04 | ||
| Q4 24 | $0.11 | $2.43 | ||
| Q3 24 | $-0.04 | $2.26 | ||
| Q2 24 | $0.10 | $2.15 | ||
| Q1 24 | $-0.26 | $1.37 |
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 | — |
| 总债务越低越好 | $2.5B | — |
| 股东权益账面价值 | $1.9B | $27.8B |
| 总资产 | $6.4B | $366.0B |
| 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BTSGSTT
| Q4 25 | $88.4M | — | ||
| Q3 25 | $140.3M | — | ||
| Q2 25 | $70.1M | — | ||
| Q1 25 | $52.3M | — | ||
| Q4 24 | $61.3M | — | ||
| Q3 24 | $36.0M | — | ||
| Q2 24 | $25.0M | — | ||
| Q1 24 | $58.0M | — |
总债务BTSGSTT
| 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BTSGSTT
| Q4 25 | $1.9B | $27.8B | ||
| Q3 25 | $1.8B | $27.6B | ||
| Q2 25 | $1.7B | $27.3B | ||
| Q1 25 | $1.7B | $26.7B | ||
| Q4 24 | $1.6B | $25.3B | ||
| Q3 24 | $1.6B | $25.8B | ||
| Q2 24 | $1.6B | $24.8B | ||
| Q1 24 | $1.6B | $24.4B |
总资产BTSGSTT
| Q4 25 | $6.4B | $366.0B | ||
| Q3 25 | $6.0B | $371.1B | ||
| Q2 25 | $5.9B | $376.7B | ||
| Q1 25 | $5.8B | $372.7B | ||
| Q4 24 | $5.9B | $353.2B | ||
| Q3 24 | $5.8B | $338.5B | ||
| Q2 24 | $5.6B | $325.6B | ||
| Q1 24 | $5.7B | $338.0B |
负债/权益比BTSGSTT
| 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 | $10.0B |
| 自由现金流经营现金流 - 资本支出 | $193.9M | $9.8B |
| 自由现金流率自由现金流/营收 | 5.5% | 266.6% |
| 资本支出强度资本支出/营收 | 1.1% | 7.3% |
| 现金转化率经营现金流/净利润 | 3.00× | 13.44× |
| 过去12个月自由现金流最近4个季度 | $394.7M | $10.8B |
8季度趋势，按日历期对齐
经营现金流BTSGSTT
| Q4 25 | $231.6M | $10.0B | ||
| Q3 25 | $107.9M | $7.9B | ||
| Q2 25 | $49.1M | $-8.4B | ||
| Q1 25 | $101.6M | $2.4B | ||
| Q4 24 | $90.6M | $-7.4B | ||
| Q3 24 | $27.2M | $2.7B | ||
| Q2 24 | $-15.2M | $-7.6B | ||
| Q1 24 | $-78.9M | $-844.0M |
自由现金流BTSGSTT
| Q4 25 | $193.9M | $9.8B | ||
| Q3 25 | $92.2M | $7.7B | ||
| Q2 25 | $24.7M | $-8.8B | ||
| Q1 25 | $84.0M | $2.2B | ||
| Q4 24 | $75.3M | $-7.7B | ||
| Q3 24 | $7.2M | $2.5B | ||
| Q2 24 | $-39.0M | $-7.9B | ||
| Q1 24 | $-100.7M | $-1.1B |
自由现金流率BTSGSTT
| Q4 25 | 5.5% | 266.6% | ||
| Q3 25 | 2.8% | 216.0% | ||
| Q2 25 | 0.8% | -254.1% | ||
| Q1 25 | 2.9% | 66.1% | ||
| Q4 24 | 2.5% | -225.1% | ||
| Q3 24 | 0.2% | 75.9% | ||
| Q2 24 | -1.4% | -246.2% | ||
| Q1 24 | -3.9% | -34.2% |
资本支出强度BTSGSTT
| Q4 25 | 1.1% | 7.3% | ||
| Q3 25 | 0.5% | 6.9% | ||
| Q2 25 | 0.8% | 9.3% | ||
| Q1 25 | 0.6% | 6.9% | ||
| Q4 24 | 0.5% | 7.3% | ||
| Q3 24 | 0.7% | 7.2% | ||
| Q2 24 | 0.9% | 6.7% | ||
| Q1 24 | 0.8% | 7.3% |
现金转化率BTSGSTT
| Q4 25 | 3.00× | 13.44× | ||
| Q3 25 | 1.93× | 9.18× | ||
| Q2 25 | 1.74× | -12.18× | ||
| Q1 25 | 3.44× | 3.72× | ||
| Q4 24 | 5.66× | -9.49× | ||
| Q3 24 | — | 3.71× | ||
| Q2 24 | -0.76× | -10.75× | ||
| Q1 24 | — | -1.82× |
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% |
STT
| Other | $2.2B | 59% |
| Investment Management | $729.0M | 20% |
| Management Services | $662.0M | 18% |
| Other Fee Revenue | $56.0M | 2% |
| Securities Financing Services | $54.0M | 1% |
