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世邦魏理仕（CBRE）与美敦力（MDT）财务数据对比。点击上方公司名可切换其他公司
世邦魏理仕的季度营收约是美敦力的1.3倍（$11.5B vs $9.0B），美敦力净利率更高（15.3% vs 3.6%，领先11.7%），世邦魏理仕同比增速更快（12.3% vs 6.6%），世邦魏理仕自由现金流更多（$1.1B vs $457.0M），过去两年世邦魏理仕的营收复合增速更高（21.1% vs 5.3%）
世邦魏理仕（CBRE Group）是全球领先的跨国商业地产服务与投资企业，业务涵盖物业顾问、交易撮合、资产管理、项目开发咨询等范畴，为全球各类企业及机构客户提供全链条不动产相关解决方案，服务网络覆盖全球各大主要城市。
美敦力是全球知名的医疗设备企业，法定及行政总部位于爱尔兰，运营总部设在美国明尼苏达州明尼阿波利斯。2015年集团收购爱尔兰企业柯惠后将注册地迁至爱尔兰，目前业务覆盖超150个国家，员工逾9万名，专注于研发生产各类医疗技术产品及治疗解决方案。
CBRE vs MDT — 直观对比
营收规模更大
CBRE
是对方的1.3倍
$9.0B
营收增速更快
CBRE
高出5.7%
6.6%
净利率更高
MDT
高出11.7%
3.6%
自由现金流更多
CBRE
多$620.0M
$457.0M
两年增速更快
CBRE
近两年复合增速
5.3%
损益表 — Q4 FY2025 vs Q2 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $11.5B | $9.0B |
| 净利润 | $416.0M | $1.4B |
| 毛利率 | 17.3% | 65.8% |
| 营业利润率 | 5.4% | 18.8% |
| 净利率 | 3.6% | 15.3% |
| 营收同比 | 12.3% | 6.6% |
| 净利润同比 | -14.6% | 8.2% |
| 每股收益（稀释后） | $1.38 | $1.07 |
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CBREMDT
| Q4 25 | $11.5B | $9.0B | ||
| Q3 25 | $10.1B | $8.6B | ||
| Q2 25 | $9.6B | $8.9B | ||
| Q1 25 | $8.8B | $8.3B | ||
| Q4 24 | $10.2B | $8.4B | ||
| Q3 24 | $8.8B | $7.9B | ||
| Q2 24 | $8.2B | $8.6B | ||
| Q1 24 | $7.8B | $8.1B |
净利润CBREMDT
| Q4 25 | $416.0M | $1.4B | ||
| Q3 25 | $363.0M | $1.0B | ||
| Q2 25 | $215.0M | $1.1B | ||
| Q1 25 | $163.0M | $1.3B | ||
| Q4 24 | $487.0M | $1.3B | ||
| Q3 24 | $225.0M | $1.0B | ||
| Q2 24 | $130.0M | $654.0M | ||
| Q1 24 | $126.0M | $1.3B |
毛利率CBREMDT
| Q4 25 | 17.3% | 65.8% | ||
| Q3 25 | 17.7% | 65.0% | ||
| Q2 25 | 17.1% | 64.8% | ||
| Q1 25 | 17.1% | 66.5% | ||
| Q4 24 | 18.7% | 64.9% | ||
| Q3 24 | 18.1% | 65.1% | ||
| Q2 24 | 17.6% | 64.5% | ||
| Q1 24 | 17.1% | 65.6% |
营业利润率CBREMDT
| Q4 25 | 5.4% | 18.8% | ||
| Q3 25 | 4.8% | 16.8% | ||
| Q2 25 | 3.9% | 16.1% | ||
| Q1 25 | 3.1% | 19.9% | ||
| Q4 24 | 5.8% | 19.0% | ||
| Q3 24 | 4.2% | 16.1% | ||
| Q2 24 | 3.0% | 12.3% | ||
| Q1 24 | 2.6% | 18.3% |
净利率CBREMDT
| Q4 25 | 3.6% | 15.3% | ||
| Q3 25 | 3.6% | 12.1% | ||
| Q2 25 | 2.2% | 11.8% | ||
| Q1 25 | 1.9% | 15.6% | ||
| Q4 24 | 4.8% | 15.1% | ||
| Q3 24 | 2.5% | 13.2% | ||
| Q2 24 | 1.6% | 7.6% | ||
| Q1 24 | 1.6% | 16.3% |
每股收益（稀释后）CBREMDT
| Q4 25 | $1.38 | $1.07 | ||
| Q3 25 | $1.21 | $0.81 | ||
| Q2 25 | $0.72 | $0.81 | ||
| Q1 25 | $0.54 | $1.01 | ||
| Q4 24 | $1.58 | $0.99 | ||
| Q3 24 | $0.73 | $0.80 | ||
| Q2 24 | $0.42 | $0.50 | ||
| Q1 24 | $0.41 | $0.99 |
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 | $1.9B | $8.3B |
| 总债务越低越好 | — | $27.7B |
| 股东权益账面价值 | $8.9B | $48.7B |
| 总资产 | $30.9B | $91.3B |
| 负债/权益比越低杠杆越低 | — | 0.57× |
8季度趋势，按日历期对齐
现金及短期投资CBREMDT
| Q4 25 | $1.9B | $8.3B | ||
| Q3 25 | $1.7B | $8.1B | ||
| Q2 25 | $1.4B | $9.0B | ||
| Q1 25 | $1.4B | $7.9B | ||
| Q4 24 | $1.1B | $8.0B | ||
| Q3 24 | $1.0B | $7.8B | ||
| Q2 24 | $928.0M | $8.0B | ||
| Q1 24 | $1.0B | $8.3B |
总债务CBREMDT
| Q4 25 | — | $27.7B | ||
| Q3 25 | — | $26.2B | ||
| Q2 25 | — | $25.6B | ||
| Q1 25 | — | $24.0B | ||
| Q4 24 | — | $24.6B | ||
| Q3 24 | — | $26.3B | ||
| Q2 24 | — | $23.9B | ||
| Q1 24 | — | $24.2B |
股东权益CBREMDT
| Q4 25 | $8.9B | $48.7B | ||
| Q3 25 | $8.5B | $47.9B | ||
| Q2 25 | $8.3B | $48.0B | ||
| Q1 25 | $8.3B | $49.4B | ||
| Q4 24 | $8.4B | $48.5B | ||
| Q3 24 | $8.7B | $47.9B | ||
| Q2 24 | $8.4B | $50.2B | ||
| Q1 24 | $8.3B | $51.8B |
总资产CBREMDT
| Q4 25 | $30.9B | $91.3B | ||
| Q3 25 | $28.6B | $91.0B | ||
| Q2 25 | $27.7B | $91.7B | ||
| Q1 25 | $26.4B | $90.0B | ||
| Q4 24 | $24.4B | $90.0B | ||
| Q3 24 | $24.8B | $89.7B | ||
| Q2 24 | $23.5B | $90.0B | ||
| Q1 24 | $23.0B | $90.8B |
负债/权益比CBREMDT
| Q4 25 | — | 0.57× | ||
| Q3 25 | — | 0.55× | ||
| Q2 25 | — | 0.53× | ||
| Q1 25 | — | 0.49× | ||
| Q4 24 | — | 0.51× | ||
| Q3 24 | — | 0.55× | ||
| Q2 24 | — | 0.48× | ||
| Q1 24 | — | 0.47× |
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 | $1.2B | $925.0M |
| 自由现金流经营现金流 - 资本支出 | $1.1B | $457.0M |
| 自由现金流率自由现金流/营收 | 9.4% | 5.1% |
| 资本支出强度资本支出/营收 | 1.3% | 5.2% |
| 现金转化率经营现金流/净利润 | 2.94× | 0.67× |
| 过去12个月自由现金流最近4个季度 | $1.2B | $5.2B |
8季度趋势，按日历期对齐
经营现金流CBREMDT
| Q4 25 | $1.2B | $925.0M | ||
| Q3 25 | $827.0M | $1.1B | ||
| Q2 25 | $57.0M | $2.5B | ||
| Q1 25 | $-546.0M | $2.6B | ||
| Q4 24 | $1.3B | $958.0M | ||
| Q3 24 | $573.0M | $986.0M | ||
| Q2 24 | $287.0M | $2.8B | ||
| Q1 24 | $-492.0M | $2.5B |
自由现金流CBREMDT
| Q4 25 | $1.1B | $457.0M | ||
| Q3 25 | $743.0M | $584.0M | ||
| Q2 25 | $-17.0M | $2.1B | ||
| Q1 25 | $-610.0M | $2.1B | ||
| Q4 24 | $1.2B | $554.0M | ||
| Q3 24 | $494.0M | $466.0M | ||
| Q2 24 | $220.0M | $2.4B | ||
| Q1 24 | $-560.0M | $2.1B |
自由现金流率CBREMDT
| Q4 25 | 9.4% | 5.1% | ||
| Q3 25 | 7.4% | 6.8% | ||
| Q2 25 | -0.2% | 23.2% | ||
| Q1 25 | -7.0% | 25.3% | ||
| Q4 24 | 12.2% | 6.6% | ||
| Q3 24 | 5.6% | 5.9% | ||
| Q2 24 | 2.7% | 27.4% | ||
| Q1 24 | -7.2% | 26.3% |
资本支出强度CBREMDT
| Q4 25 | 1.3% | 5.2% | ||
| Q3 25 | 0.8% | 5.9% | ||
| Q2 25 | 0.8% | 5.1% | ||
| Q1 25 | 0.7% | 5.7% | ||
| Q4 24 | 0.9% | 4.8% | ||
| Q3 24 | 0.9% | 6.6% | ||
| Q2 24 | 0.8% | 5.0% | ||
| Q1 24 | 0.9% | 4.3% |
现金转化率CBREMDT
| Q4 25 | 2.94× | 0.67× | ||
| Q3 25 | 2.28× | 1.05× | ||
| Q2 25 | 0.27× | 2.39× | ||
| Q1 25 | -3.35× | 1.99× | ||
| Q4 24 | 2.75× | 0.75× | ||
| Q3 24 | 2.55× | 0.95× | ||
| Q2 24 | 2.21× | 4.25× | ||
| Q1 24 | -3.90× | 1.87× |
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
CBRE
| Other | $5.8B | 51% |
| Project Management Segment | $2.2B | 19% |
| Advisory Leasing | $1.5B | 13% |
| Advisory Sales | $756.0M | 7% |
| Property Management | $695.0M | 6% |
| Investment Management Property Management Brokerage And Other Professional Services | $156.0M | 1% |
| Commercial Mortgage Origination | $95.0M | 1% |
| Other Portfolio Services | $87.0M | 1% |
| Loan Servicing | $73.0M | 1% |
| Real Estate Development Services | $60.0M | 1% |
MDT
| Cardiac Rhythm And Heart Failure Division | $1.8B | 20% |
| Surgical Endoscopy | $1.7B | 19% |
| Other | $1.3B | 14% |
| Structural Heart And Aortic Division | $956.0M | 11% |
| Diabetes Group | $757.0M | 8% |
| Specialty Therapies Division | $744.0M | 8% |
| Coronary And Peripheral Vascular Division | $655.0M | 7% |
| Neuromodulation Division | $520.0M | 6% |
| Acute Care Monitoring | $493.0M | 6% |
| IE | $35.0M | 0% |
