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CDW Corporation（CDW）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
美敦力的季度营收约是CDW Corporation的1.6倍（$9.0B vs $5.5B），美敦力同比增速更快（6.6% vs 6.3%），美敦力自由现金流更多（$457.0M vs $395.9M），过去两年CDW Corporation的营收复合增速更高（6.3% vs 5.3%）
CDW公司是美国多品牌信息技术服务提供商，服务覆盖美国、英国、加拿大三国的商业、政府、教育、医疗领域，总部位于伊利诺伊州弗农希尔斯，位列《财富》500强，2023年全年净销售额达210亿美元。
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。
CDW vs MDT — 直观对比
营收规模更大
MDT
是对方的1.6倍
$5.5B
营收增速更快
MDT
高出0.4%
6.3%
自由现金流更多
MDT
多$61.1M
$395.9M
两年增速更快
CDW
近两年复合增速
5.3%
损益表 — Q4 FY2025 vs Q2 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $5.5B | $9.0B |
| 净利润 | — | $1.4B |
| 毛利率 | 22.8% | 65.8% |
| 营业利润率 | 7.8% | 18.8% |
| 净利率 | — | 15.3% |
| 营收同比 | 6.3% | 6.6% |
| 净利润同比 | — | 8.2% |
| 每股收益（稀释后） | $2.13 | $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CDWMDT
| Q4 25 | $5.5B | $9.0B | ||
| Q3 25 | $5.7B | $8.6B | ||
| Q2 25 | $6.0B | $8.9B | ||
| Q1 25 | $5.2B | $8.3B | ||
| Q4 24 | $5.2B | $8.4B | ||
| Q3 24 | $5.5B | $7.9B | ||
| Q2 24 | $5.4B | $8.6B | ||
| Q1 24 | $4.9B | $8.1B |
净利润CDWMDT
| Q4 25 | — | $1.4B | ||
| Q3 25 | $291.0M | $1.0B | ||
| Q2 25 | $271.2M | $1.1B | ||
| Q1 25 | $224.9M | $1.3B | ||
| Q4 24 | — | $1.3B | ||
| Q3 24 | $316.4M | $1.0B | ||
| Q2 24 | $281.1M | $654.0M | ||
| Q1 24 | $216.1M | $1.3B |
毛利率CDWMDT
| Q4 25 | 22.8% | 65.8% | ||
| Q3 25 | 21.9% | 65.0% | ||
| Q2 25 | 20.8% | 64.8% | ||
| Q1 25 | 21.6% | 66.5% | ||
| Q4 24 | 22.3% | 64.9% | ||
| Q3 24 | 21.8% | 65.1% | ||
| Q2 24 | 21.8% | 64.5% | ||
| Q1 24 | 21.8% | 65.6% |
营业利润率CDWMDT
| Q4 25 | 7.8% | 18.8% | ||
| Q3 25 | 7.7% | 16.8% | ||
| Q2 25 | 7.0% | 16.1% | ||
| Q1 25 | 7.0% | 19.9% | ||
| Q4 24 | 7.9% | 19.0% | ||
| Q3 24 | 8.7% | 16.1% | ||
| Q2 24 | 8.0% | 12.3% | ||
| Q1 24 | 6.7% | 18.3% |
净利率CDWMDT
| Q4 25 | — | 15.3% | ||
| Q3 25 | 5.1% | 12.1% | ||
| Q2 25 | 4.5% | 11.8% | ||
| Q1 25 | 4.3% | 15.6% | ||
| Q4 24 | — | 15.1% | ||
| Q3 24 | 5.7% | 13.2% | ||
| Q2 24 | 5.2% | 7.6% | ||
| Q1 24 | 4.4% | 16.3% |
每股收益（稀释后）CDWMDT
| Q4 25 | $2.13 | $1.07 | ||
| Q3 25 | $2.21 | $0.81 | ||
| Q2 25 | $2.05 | $0.81 | ||
| Q1 25 | $1.69 | $1.01 | ||
| Q4 24 | $1.97 | $0.99 | ||
| Q3 24 | $2.34 | $0.80 | ||
| Q2 24 | $2.07 | $0.50 | ||
| Q1 24 | $1.59 | $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 | $618.7M | $8.3B |
| 总债务越低越好 | — | $27.7B |
| 股东权益账面价值 | $2.6B | $48.7B |
| 总资产 | $16.0B | $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CDWMDT
| Q4 25 | $618.7M | $8.3B | ||
| Q3 25 | $452.9M | $8.1B | ||
| Q2 25 | $481.0M | $9.0B | ||
| Q1 25 | $688.1M | $7.9B | ||
| Q4 24 | $717.7M | $8.0B | ||
| Q3 24 | $1.2B | $7.8B | ||
| Q2 24 | $665.3M | $8.0B | ||
| Q1 24 | $803.8M | $8.3B |
总债务CDWMDT
| 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CDWMDT
| Q4 25 | $2.6B | $48.7B | ||
| Q3 25 | $2.5B | $47.9B | ||
| Q2 25 | $2.5B | $48.0B | ||
| Q1 25 | $2.3B | $49.4B | ||
| Q4 24 | $2.4B | $48.5B | ||
| Q3 24 | $2.3B | $47.9B | ||
| Q2 24 | $2.2B | $50.2B | ||
| Q1 24 | $2.1B | $51.8B |
总资产CDWMDT
| Q4 25 | $16.0B | $91.3B | ||
| Q3 25 | $15.2B | $91.0B | ||
| Q2 25 | $15.3B | $91.7B | ||
| Q1 25 | $15.0B | $90.0B | ||
| Q4 24 | $14.7B | $90.0B | ||
| Q3 24 | $14.4B | $89.7B | ||
| Q2 24 | $13.6B | $90.0B | ||
| Q1 24 | $13.2B | $90.8B |
负债/权益比CDWMDT
| 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 | $433.8M | $925.0M |
| 自由现金流经营现金流 - 资本支出 | $395.9M | $457.0M |
| 自由现金流率自由现金流/营收 | 7.2% | 5.1% |
| 资本支出强度资本支出/营收 | 0.7% | 5.2% |
| 现金转化率经营现金流/净利润 | — | 0.67× |
| 过去12个月自由现金流最近4个季度 | $1.1B | $5.2B |
8季度趋势，按日历期对齐
经营现金流CDWMDT
| Q4 25 | $433.8M | $925.0M | ||
| Q3 25 | $328.3M | $1.1B | ||
| Q2 25 | $155.9M | $2.5B | ||
| Q1 25 | $287.2M | $2.6B | ||
| Q4 24 | $345.3M | $958.0M | ||
| Q3 24 | $342.1M | $986.0M | ||
| Q2 24 | $149.9M | $2.8B | ||
| Q1 24 | $440.0M | $2.5B |
自由现金流CDWMDT
| Q4 25 | $395.9M | $457.0M | ||
| Q3 25 | $298.5M | $584.0M | ||
| Q2 25 | $133.4M | $2.1B | ||
| Q1 25 | $260.3M | $2.1B | ||
| Q4 24 | $316.7M | $554.0M | ||
| Q3 24 | $308.5M | $466.0M | ||
| Q2 24 | $119.0M | $2.4B | ||
| Q1 24 | $410.5M | $2.1B |
自由现金流率CDWMDT
| Q4 25 | 7.2% | 5.1% | ||
| Q3 25 | 5.2% | 6.8% | ||
| Q2 25 | 2.2% | 23.2% | ||
| Q1 25 | 5.0% | 25.3% | ||
| Q4 24 | 6.1% | 6.6% | ||
| Q3 24 | 5.6% | 5.9% | ||
| Q2 24 | 2.2% | 27.4% | ||
| Q1 24 | 8.4% | 26.3% |
资本支出强度CDWMDT
| Q4 25 | 0.7% | 5.2% | ||
| Q3 25 | 0.5% | 5.9% | ||
| Q2 25 | 0.4% | 5.1% | ||
| Q1 25 | 0.5% | 5.7% | ||
| Q4 24 | 0.6% | 4.8% | ||
| Q3 24 | 0.6% | 6.6% | ||
| Q2 24 | 0.6% | 5.0% | ||
| Q1 24 | 0.6% | 4.3% |
现金转化率CDWMDT
| Q4 25 | — | 0.67× | ||
| Q3 25 | 1.13× | 1.05× | ||
| Q2 25 | 0.57× | 2.39× | ||
| Q1 25 | 1.28× | 1.99× | ||
| Q4 24 | — | 0.75× | ||
| Q3 24 | 1.08× | 0.95× | ||
| Q2 24 | 0.53× | 4.25× | ||
| Q1 24 | 2.04× | 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
CDW
暂无分部数据
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% |
