vs
康卡斯特（CMCSA）与默沙东（MRK）财务数据对比。点击上方公司名可切换其他公司
康卡斯特的季度营收约是默沙东的1.9倍（$31.5B vs $16.4B），默沙东净利率更高（18.1% vs 6.9%，领先11.2%），康卡斯特同比增速更快（5.3% vs 5.0%），康卡斯特自由现金流更多（$3.9B vs $1.8B），过去两年康卡斯特的营收复合增速更高（2.9% vs 2.0%）
康卡斯特是美国跨国大众传媒、电信及娱乐综合集团，总部位于费城康卡斯特中心，旗下NBC环球、纽约业务及其他核心资产总部设于纽约曼哈顿中城洛克菲勒广场30号，2023年位列福布斯全球企业2000强第51位，是全球传媒娱乐领域的头部企业。
默沙东是总部位于美国新泽西州拉威的跨国制药企业，在美国及加拿大境外通常以默沙东（MSD）名义开展业务，按营收规模位列全球生物医学企业第四名，在制药领域拥有领先的技术实力与市场影响力。
CMCSA vs MRK — 直观对比
营收规模更大
CMCSA
是对方的1.9倍
$16.4B
营收增速更快
CMCSA
高出0.3%
5.0%
净利率更高
MRK
高出11.2%
6.9%
自由现金流更多
CMCSA
多$2.1B
$1.8B
两年增速更快
CMCSA
近两年复合增速
2.0%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $31.5B | $16.4B |
| 净利润 | $2.2B | $3.0B |
| 毛利率 | — | 66.2% |
| 营业利润率 | 13.1% | 20.9% |
| 净利率 | 6.9% | 18.1% |
| 营收同比 | 5.3% | 5.0% |
| 净利润同比 | -35.6% | -20.8% |
| 每股收益（稀释后） | $0.60 | $1.19 |
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CMCSAMRK
| Q1 26 | $31.5B | — | ||
| Q4 25 | $32.3B | $16.4B | ||
| Q3 25 | $31.2B | $17.3B | ||
| Q2 25 | $30.3B | $15.8B | ||
| Q1 25 | $29.9B | $15.5B | ||
| Q4 24 | $31.9B | $15.6B | ||
| Q3 24 | $32.1B | $16.7B | ||
| Q2 24 | $29.7B | $16.1B |
净利润CMCSAMRK
| Q1 26 | $2.2B | — | ||
| Q4 25 | $2.2B | $3.0B | ||
| Q3 25 | $3.3B | $5.8B | ||
| Q2 25 | $11.1B | $4.4B | ||
| Q1 25 | $3.4B | $5.1B | ||
| Q4 24 | $4.8B | $3.7B | ||
| Q3 24 | $3.6B | $3.2B | ||
| Q2 24 | $3.9B | $5.5B |
毛利率CMCSAMRK
| Q1 26 | — | — | ||
| Q4 25 | — | 66.2% | ||
| Q3 25 | — | 77.7% | ||
| Q2 25 | — | 77.5% | ||
| Q1 25 | — | 78.0% | ||
| Q4 24 | — | 75.5% | ||
| Q3 24 | — | 75.5% | ||
| Q2 24 | — | 76.8% |
营业利润率CMCSAMRK
| Q1 26 | 13.1% | — | ||
| Q4 25 | 10.8% | 20.9% | ||
| Q3 25 | 17.7% | 39.0% | ||
| Q2 25 | 19.8% | 31.6% | ||
| Q1 25 | 18.9% | 38.0% | ||
| Q4 24 | 15.6% | 26.7% | ||
| Q3 24 | 18.3% | 24.6% | ||
| Q2 24 | 22.3% | 37.3% |
净利率CMCSAMRK
| Q1 26 | 6.9% | — | ||
| Q4 25 | 6.7% | 18.1% | ||
| Q3 25 | 10.7% | 33.5% | ||
| Q2 25 | 36.7% | 28.0% | ||
| Q1 25 | 11.3% | 32.7% | ||
| Q4 24 | 15.0% | 24.0% | ||
| Q3 24 | 11.3% | 19.0% | ||
| Q2 24 | 13.2% | 33.9% |
每股收益（稀释后）CMCSAMRK
| Q1 26 | $0.60 | — | ||
| Q4 25 | $0.62 | $1.19 | ||
| Q3 25 | $0.90 | $2.32 | ||
| Q2 25 | $2.98 | $1.76 | ||
| Q1 25 | $0.89 | $2.01 | ||
| Q4 24 | $1.23 | $1.49 | ||
| Q3 24 | $0.94 | $1.24 | ||
| Q2 24 | $1.00 | $2.14 |
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 | $9.5B | $14.6B |
| 总债务越低越好 | $5.4B | — |
| 股东权益账面价值 | $88.3B | $52.6B |
| 总资产 | $260.0B | $136.9B |
| 负债/权益比越低杠杆越低 | 0.06× | — |
8季度趋势，按日历期对齐
现金及短期投资CMCSAMRK
| Q1 26 | $9.5B | — | ||
| Q4 25 | $9.5B | $14.6B | ||
| Q3 25 | $9.3B | $18.2B | ||
| Q2 25 | $9.7B | $8.6B | ||
| Q1 25 | $8.6B | $9.2B | ||
| Q4 24 | $7.3B | $13.7B | ||
| Q3 24 | $8.9B | $14.6B | ||
| Q2 24 | $6.2B | $11.4B |
总债务CMCSAMRK
| Q1 26 | $5.4B | — | ||
| Q4 25 | $93.0B | — | ||
| Q3 25 | $93.2B | — | ||
| Q2 25 | $95.8B | — | ||
| Q1 25 | $92.3B | — | ||
| Q4 24 | $94.2B | — | ||
| Q3 24 | $98.8B | — | ||
| Q2 24 | $97.1B | — |
股东权益CMCSAMRK
| Q1 26 | $88.3B | — | ||
| Q4 25 | $96.9B | $52.6B | ||
| Q3 25 | $97.1B | $51.9B | ||
| Q2 25 | $96.9B | $49.0B | ||
| Q1 25 | $86.6B | $48.3B | ||
| Q4 24 | $85.6B | $46.3B | ||
| Q3 24 | $85.8B | $44.5B | ||
| Q2 24 | $83.2B | $43.6B |
总资产CMCSAMRK
| Q1 26 | $260.0B | — | ||
| Q4 25 | $272.6B | $136.9B | ||
| Q3 25 | $273.0B | $129.5B | ||
| Q2 25 | $273.9B | $117.5B | ||
| Q1 25 | $267.8B | $115.1B | ||
| Q4 24 | $266.2B | $117.1B | ||
| Q3 24 | $269.9B | $117.5B | ||
| Q2 24 | $262.6B | $112.6B |
负债/权益比CMCSAMRK
| Q1 26 | 0.06× | — | ||
| Q4 25 | 0.96× | — | ||
| Q3 25 | 0.96× | — | ||
| Q2 25 | 0.99× | — | ||
| Q1 25 | 1.07× | — | ||
| Q4 24 | 1.10× | — | ||
| Q3 24 | 1.15× | — | ||
| Q2 24 | 1.17× | — |
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 | $6.9B | $2.9B |
| 自由现金流经营现金流 - 资本支出 | $3.9B | $1.8B |
| 自由现金流率自由现金流/营收 | 12.4% | 11.1% |
| 资本支出强度资本支出/营收 | 7.5% | 6.3% |
| 现金转化率经营现金流/净利润 | 3.17× | 0.96× |
| 过去12个月自由现金流最近4个季度 | $19.8B | $12.4B |
8季度趋势，按日历期对齐
经营现金流CMCSAMRK
| Q1 26 | $6.9B | — | ||
| Q4 25 | $8.8B | $2.9B | ||
| Q3 25 | $8.7B | $7.8B | ||
| Q2 25 | $7.8B | $3.3B | ||
| Q1 25 | $8.3B | $2.5B | ||
| Q4 24 | $8.1B | $3.5B | ||
| Q3 24 | $7.0B | $9.3B | ||
| Q2 24 | $4.7B | $5.6B |
自由现金流CMCSAMRK
| Q1 26 | $3.9B | — | ||
| Q4 25 | $5.1B | $1.8B | ||
| Q3 25 | $5.6B | $6.8B | ||
| Q2 25 | $5.1B | $2.5B | ||
| Q1 25 | $6.0B | $1.2B | ||
| Q4 24 | $4.2B | $2.5B | ||
| Q3 24 | $4.1B | $8.5B | ||
| Q2 24 | $2.0B | $4.8B |
自由现金流率CMCSAMRK
| Q1 26 | 12.4% | — | ||
| Q4 25 | 15.8% | 11.1% | ||
| Q3 25 | 18.0% | 39.6% | ||
| Q2 25 | 16.9% | 16.0% | ||
| Q1 25 | 20.2% | 7.5% | ||
| Q4 24 | 13.1% | 16.1% | ||
| Q3 24 | 12.8% | 51.1% | ||
| Q2 24 | 6.7% | 30.1% |
资本支出强度CMCSAMRK
| Q1 26 | 7.5% | — | ||
| Q4 25 | 11.6% | 6.3% | ||
| Q3 25 | 9.8% | 5.7% | ||
| Q2 25 | 8.8% | 4.8% | ||
| Q1 25 | 7.5% | 8.6% | ||
| Q4 24 | 12.3% | 6.0% | ||
| Q3 24 | 9.1% | 4.7% | ||
| Q2 24 | 9.2% | 4.9% |
现金转化率CMCSAMRK
| Q1 26 | 3.17× | — | ||
| Q4 25 | 4.08× | 0.96× | ||
| Q3 25 | 2.61× | 1.35× | ||
| Q2 25 | 0.70× | 0.74× | ||
| Q1 25 | 2.46× | 0.49× | ||
| Q4 24 | 1.69× | 0.92× | ||
| Q3 24 | 1.93× | 2.94× | ||
| Q2 24 | 1.20× | 1.03× |
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
CMCSA
| Connectivity & Platforms | $20.0B | 63% |
| Content & Experiences | $11.9B | 38% |
MRK
| Pharmaceuticalsegment | $8.7B | 53% |
| Keytruda | $4.9B | 30% |
| Other | $2.7B | 16% |
| Janumet | $57.0M | 0% |
| Isentress Isentress HD | $38.0M | 0% |
| Pifeltro | $25.0M | 0% |
| Belsomra | $23.0M | 0% |
| Dificid | $17.0M | 0% |
| Delstrigo | $14.0M | 0% |
| Lagevrio | $12.0M | 0% |
| Pneumovax23 | $4.0M | 0% |
