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鲍德温（BWIN）与Orthofix Medical Inc.（OFIX）财务数据对比。点击上方公司名可切换其他公司
鲍德温的季度营收约是Orthofix Medical Inc.的1.6倍（$347.3M vs $219.9M），Orthofix Medical Inc.净利率更高（-1.0% vs -7.5%，领先6.5%），鲍德温同比增速更快（5.3% vs 2.0%），Orthofix Medical Inc.自由现金流更多（$16.8M vs $-68.9M），过去两年Orthofix Medical Inc.的营收复合增速更高（8.0% vs -4.4%）
鲍德温钢琴是美国知名钢琴品牌，曾是美国最大的键盘乐器制造商，主打 slogan 为「美国人最喜爱的钢琴」。2001年起成为吉普森品牌旗下子公司，2008年12月停止美国本土生产，将钢琴制造生产线迁至中国。
Orthofix医疗是全球知名骨科医疗器械企业，专注于研发、生产及销售脊柱植入物、骨科创伤产品、骨生长刺激治疗设备及再生医疗产品，服务全球多地的骨科医师与医疗机构，致力于提升肌肉骨骼疾病患者的诊疗效果。
BWIN vs OFIX — 直观对比
营收规模更大
BWIN
是对方的1.6倍
$219.9M
营收增速更快
BWIN
高出3.3%
2.0%
净利率更高
OFIX
高出6.5%
-7.5%
自由现金流更多
OFIX
多$85.8M
$-68.9M
两年增速更快
OFIX
近两年复合增速
-4.4%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $347.3M | $219.9M |
| 净利润 | $-25.9M | $-2.2M |
| 毛利率 | — | 71.1% |
| 营业利润率 | -3.8% | 0.2% |
| 净利率 | -7.5% | -1.0% |
| 营收同比 | 5.3% | 2.0% |
| 净利润同比 | -28.3% | 92.4% |
| 每股收益（稀释后） | $-0.38 | $-0.05 |
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BWINOFIX
| Q4 25 | $347.3M | $219.9M | ||
| Q3 25 | $365.4M | $205.6M | ||
| Q2 25 | $378.8M | $203.1M | ||
| Q1 25 | $413.4M | $193.6M | ||
| Q4 24 | $329.9M | $215.7M | ||
| Q3 24 | $338.9M | $196.6M | ||
| Q2 24 | $339.8M | $198.6M | ||
| Q1 24 | $380.4M | $188.6M |
净利润BWINOFIX
| Q4 25 | $-25.9M | $-2.2M | ||
| Q3 25 | $-18.7M | $-22.8M | ||
| Q2 25 | $-3.2M | $-14.1M | ||
| Q1 25 | $13.9M | $-53.1M | ||
| Q4 24 | $-20.2M | $-29.1M | ||
| Q3 24 | $-8.4M | $-27.4M | ||
| Q2 24 | $-17.6M | $-33.4M | ||
| Q1 24 | $21.6M | $-36.0M |
毛利率BWINOFIX
| Q4 25 | — | 71.1% | ||
| Q3 25 | — | 72.2% | ||
| Q2 25 | — | 68.7% | ||
| Q1 25 | — | 62.8% | ||
| Q4 24 | — | 69.0% | ||
| Q3 24 | — | 68.7% | ||
| Q2 24 | — | 67.8% | ||
| Q1 24 | — | 67.5% |
营业利润率BWINOFIX
| Q4 25 | -3.8% | 0.2% | ||
| Q3 25 | 0.9% | -8.3% | ||
| Q2 25 | 7.4% | -7.9% | ||
| Q1 25 | 13.6% | -25.2% | ||
| Q4 24 | -1.7% | -5.3% | ||
| Q3 24 | 4.5% | -9.6% | ||
| Q2 24 | 4.8% | -12.5% | ||
| Q1 24 | 9.0% | -15.6% |
净利率BWINOFIX
| Q4 25 | -7.5% | -1.0% | ||
| Q3 25 | -5.1% | -11.1% | ||
| Q2 25 | -0.8% | -6.9% | ||
| Q1 25 | 3.4% | -27.4% | ||
| Q4 24 | -6.2% | -13.5% | ||
| Q3 24 | -2.5% | -13.9% | ||
| Q2 24 | -5.2% | -16.8% | ||
| Q1 24 | 5.7% | -19.1% |
每股收益（稀释后）BWINOFIX
| Q4 25 | $-0.38 | $-0.05 | ||
| Q3 25 | $-0.27 | $-0.57 | ||
| Q2 25 | $-0.05 | $-0.36 | ||
| Q1 25 | $0.20 | $-1.35 | ||
| Q4 24 | $-0.31 | $-0.76 | ||
| Q3 24 | $-0.13 | $-0.71 | ||
| Q2 24 | $-0.28 | $-0.88 | ||
| Q1 24 | $0.33 | $-0.95 |
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 | $123.7M | $82.0M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $600.2M | $450.0M |
| 总资产 | $3.9B | $850.6M |
| 负债/权益比越低杠杆越低 | — | — |
8季度趋势，按日历期对齐
现金及短期投资BWINOFIX
| Q4 25 | $123.7M | $82.0M | ||
| Q3 25 | $89.7M | $62.9M | ||
| Q2 25 | $105.7M | $65.6M | ||
| Q1 25 | $81.8M | $58.0M | ||
| Q4 24 | $90.0M | $83.2M | ||
| Q3 24 | $181.8M | $30.1M | ||
| Q2 24 | $208.3M | $26.4M | ||
| Q1 24 | $112.1M | $27.0M |
总债务BWINOFIX
| Q4 25 | — | — | ||
| Q3 25 | — | $157.2M | ||
| Q2 25 | — | $157.0M | ||
| Q1 25 | — | $156.9M | ||
| Q4 24 | — | $157.0M | ||
| Q3 24 | — | $118.5M | ||
| Q2 24 | — | $118.0M | ||
| Q1 24 | — | $118.2M |
股东权益BWINOFIX
| Q4 25 | $600.2M | $450.0M | ||
| Q3 25 | $619.7M | $442.5M | ||
| Q2 25 | $630.8M | $458.3M | ||
| Q1 25 | $619.6M | $458.3M | ||
| Q4 24 | $583.2M | $503.1M | ||
| Q3 24 | $595.4M | $525.9M | ||
| Q2 24 | $590.9M | $546.0M | ||
| Q1 24 | $597.9M | $570.3M |
总资产BWINOFIX
| Q4 25 | $3.9B | $850.6M | ||
| Q3 25 | $3.8B | $832.6M | ||
| Q2 25 | $3.7B | $837.2M | ||
| Q1 25 | $3.5B | $823.1M | ||
| Q4 24 | $3.5B | $893.3M | ||
| Q3 24 | $3.5B | $867.9M | ||
| Q2 24 | $3.7B | $882.0M | ||
| Q1 24 | $3.5B | $906.0M |
负债/权益比BWINOFIX
| Q4 25 | — | — | ||
| Q3 25 | — | 0.36× | ||
| Q2 25 | — | 0.34× | ||
| Q1 25 | — | 0.34× | ||
| Q4 24 | — | 0.31× | ||
| Q3 24 | — | 0.23× | ||
| Q2 24 | — | 0.22× | ||
| Q1 24 | — | 0.21× |
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 | $-29.4M | $27.7M |
| 自由现金流经营现金流 - 资本支出 | $-68.9M | $16.8M |
| 自由现金流率自由现金流/营收 | -19.9% | 7.6% |
| 资本支出强度资本支出/营收 | 11.4% | 4.9% |
| 现金转化率经营现金流/净利润 | — | — |
| 过去12个月自由现金流最近4个季度 | $-137.8M | $-1.3M |
8季度趋势，按日历期对齐
经营现金流BWINOFIX
| Q4 25 | $-29.4M | $27.7M | ||
| Q3 25 | $41.0M | $12.4M | ||
| Q2 25 | $-16.7M | $11.6M | ||
| Q1 25 | $-64.0M | $-18.4M | ||
| Q4 24 | $51.5M | $23.7M | ||
| Q3 24 | $32.4M | $11.7M | ||
| Q2 24 | $18.3M | $9.0M | ||
| Q1 24 | $3.0M | $-18.6M |
自由现金流BWINOFIX
| Q4 25 | $-68.9M | $16.8M | ||
| Q3 25 | $32.2M | $2.5M | ||
| Q2 25 | $-28.1M | $4.5M | ||
| Q1 25 | $-72.9M | $-25.1M | ||
| Q4 24 | $10.4M | $15.2M | ||
| Q3 24 | $22.2M | $6.3M | ||
| Q2 24 | $7.8M | $-360.0K | ||
| Q1 24 | $-5.1M | $-29.1M |
自由现金流率BWINOFIX
| Q4 25 | -19.9% | 7.6% | ||
| Q3 25 | 8.8% | 1.2% | ||
| Q2 25 | -7.4% | 2.2% | ||
| Q1 25 | -17.6% | -13.0% | ||
| Q4 24 | 3.2% | 7.0% | ||
| Q3 24 | 6.6% | 3.2% | ||
| Q2 24 | 2.3% | -0.2% | ||
| Q1 24 | -1.4% | -15.4% |
资本支出强度BWINOFIX
| Q4 25 | 11.4% | 4.9% | ||
| Q3 25 | 2.4% | 4.8% | ||
| Q2 25 | 3.0% | 3.5% | ||
| Q1 25 | 2.2% | 3.5% | ||
| Q4 24 | 12.4% | 4.0% | ||
| Q3 24 | 3.0% | 2.7% | ||
| Q2 24 | 3.1% | 4.7% | ||
| Q1 24 | 2.1% | 5.6% |
现金转化率BWINOFIX
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | -4.59× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | 0.14× | — |
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
BWIN
| Insurance Advisory Solutions | $157.9M | 45% |
| Underwriting Capacity Technology Solutions | $129.5M | 37% |
| Consultingand Service Fee Revenue | $20.9M | 6% |
| Policy Feeand Installment Fee Revenue | $20.4M | 6% |
| Other | $7.3M | 2% |
| Earned Premium | $6.9M | 2% |
| Other Insurance Product Line | $4.4M | 1% |
OFIX
| Spinal Implants Biologics And Enabling Technologies | $113.6M | 52% |
| Bone Growth Therapies | $68.3M | 31% |
| Other | $22.7M | 10% |
| IT | $5.9M | 3% |
| GB | $3.5M | 2% |
| FR | $3.5M | 2% |
| DE | $2.3M | 1% |
