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芝商所（CME）与硕腾（ZTS）财务数据对比。点击上方公司名可切换其他公司
硕腾的季度营收约是芝商所的1.3倍（$2.4B vs $1.9B），硕腾净利率更高（25.3% vs 0.1%，领先25.2%），芝商所同比增速更快（14.5% vs 3.0%），过去两年芝商所的营收复合增速更高（10.8% vs 4.4%）
芝商所是总部位于美国伊利诺伊州芝加哥的金融服务企业，为全球规模最大的金融衍生品交易所运营商，旗下拥有芝加哥商品交易所、芝加哥期货交易所、纽约商业交易所、纽约商品交易所等交易平台，覆盖农产品、货币、能源等品类交易，同时持有标普道琼斯指数27%的股权。
硕腾是全球规模最大的动物保健制药企业，专注于宠物与家畜用药品、疫苗的研发和生产，前身为制药巨头辉瑞旗下的动物保健业务板块，辉瑞剥离多数股权后成为完全独立的企业。目前公司产品直销约45个国家，在全球超过100个国家和地区销售，海外业务占总营收的50%左右。
CME vs ZTS — 直观对比
营收规模更大
ZTS
是对方的1.3倍
$1.9B
营收增速更快
CME
高出11.5%
3.0%
净利率更高
ZTS
高出25.2%
0.1%
两年增速更快
CME
近两年复合增速
4.4%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.9B | $2.4B |
| 净利润 | $1.2M | $603.0M |
| 毛利率 | — | 70.2% |
| 营业利润率 | 0.1% | 31.9% |
| 净利率 | 0.1% | 25.3% |
| 营收同比 | 14.5% | 3.0% |
| 净利润同比 | 20.7% | 3.8% |
| 每股收益（稀释后） | — | $1.37 |
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CMEZTS
| Q1 26 | $1.9B | — | ||
| Q4 25 | $1.6B | $2.4B | ||
| Q3 25 | $1.5B | $2.4B | ||
| Q2 25 | $1.7B | $2.5B | ||
| Q1 25 | $1.6B | $2.2B | ||
| Q4 24 | $1.5B | $2.3B | ||
| Q3 24 | $1.6B | $2.4B | ||
| Q2 24 | $1.5B | $2.4B |
净利润CMEZTS
| Q1 26 | $1.2M | — | ||
| Q4 25 | $1.2B | $603.0M | ||
| Q3 25 | $908.0M | $721.0M | ||
| Q2 25 | $1.0B | $718.0M | ||
| Q1 25 | $956.2M | $631.0M | ||
| Q4 24 | $874.6M | $581.0M | ||
| Q3 24 | $912.8M | $682.0M | ||
| Q2 24 | $883.2M | $624.0M |
毛利率CMEZTS
| Q1 26 | — | — | ||
| Q4 25 | — | 70.2% | ||
| Q3 25 | — | 71.5% | ||
| Q2 25 | — | 73.6% | ||
| Q1 25 | — | 72.0% | ||
| Q4 24 | — | 69.5% | ||
| Q3 24 | — | 70.6% | ||
| Q2 24 | — | 71.7% |
营业利润率CMEZTS
| Q1 26 | 0.1% | — | ||
| Q4 25 | 61.8% | 31.9% | ||
| Q3 25 | 63.3% | 37.0% | ||
| Q2 25 | 66.7% | 36.7% | ||
| Q1 25 | 67.5% | 36.5% | ||
| Q4 24 | 62.1% | 31.6% | ||
| Q3 24 | 64.6% | 36.6% | ||
| Q2 24 | 65.3% | 33.0% |
净利率CMEZTS
| Q1 26 | 0.1% | — | ||
| Q4 25 | 71.7% | 25.3% | ||
| Q3 25 | 59.1% | 30.0% | ||
| Q2 25 | 60.6% | 29.2% | ||
| Q1 25 | 58.2% | 28.4% | ||
| Q4 24 | 57.3% | 25.1% | ||
| Q3 24 | 57.6% | 28.6% | ||
| Q2 24 | 57.6% | 26.4% |
每股收益（稀释后）CMEZTS
| Q1 26 | — | — | ||
| Q4 25 | $3.24 | $1.37 | ||
| Q3 25 | $2.49 | $1.63 | ||
| Q2 25 | $2.81 | $1.61 | ||
| Q1 25 | $2.62 | $1.41 | ||
| Q4 24 | $2.40 | $1.29 | ||
| Q3 24 | $2.50 | $1.50 | ||
| Q2 24 | $2.42 | $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 | $2.4B | — |
| 总债务越低越好 | $3.4B | — |
| 股东权益账面价值 | — | $3.3B |
| 总资产 | $202.0B | $15.5B |
| 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CMEZTS
| Q1 26 | $2.4B | — | ||
| Q4 25 | $4.5B | — | ||
| Q3 25 | $2.6B | $2.1B | ||
| Q2 25 | $2.1B | $1.4B | ||
| Q1 25 | $1.5B | $1.7B | ||
| Q4 24 | $3.0B | $2.0B | ||
| Q3 24 | $2.4B | $1.7B | ||
| Q2 24 | $1.9B | $1.6B |
总债务CMEZTS
| Q1 26 | $3.4B | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
股东权益CMEZTS
| Q1 26 | — | — | ||
| Q4 25 | $28.7B | $3.3B | ||
| Q3 25 | $28.2B | $5.4B | ||
| Q2 25 | $27.7B | $5.0B | ||
| Q1 25 | $27.0B | $4.7B | ||
| Q4 24 | $26.5B | $4.8B | ||
| Q3 24 | $28.2B | $5.2B | ||
| Q2 24 | $27.6B | $5.0B |
总资产CMEZTS
| Q1 26 | $202.0B | — | ||
| Q4 25 | $198.4B | $15.5B | ||
| Q3 25 | $187.1B | $15.2B | ||
| Q2 25 | $179.9B | $14.5B | ||
| Q1 25 | $157.8B | $14.1B | ||
| Q4 24 | $137.4B | $14.2B | ||
| Q3 24 | $137.8B | $14.4B | ||
| Q2 24 | $123.4B | $14.2B |
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 | — | $893.0M |
| 自由现金流经营现金流 - 资本支出 | — | $732.0M |
| 自由现金流率自由现金流/营收 | — | 30.7% |
| 资本支出强度资本支出/营收 | — | 6.7% |
| 现金转化率经营现金流/净利润 | — | 1.48× |
| 过去12个月自由现金流最近4个季度 | — | $2.3B |
8季度趋势，按日历期对齐
经营现金流CMEZTS
| Q1 26 | — | — | ||
| Q4 25 | $1.1B | $893.0M | ||
| Q3 25 | $968.1M | $938.0M | ||
| Q2 25 | $1.1B | $486.0M | ||
| Q1 25 | $1.1B | $587.0M | ||
| Q4 24 | $1.0B | $905.0M | ||
| Q3 24 | $1.0B | $951.0M | ||
| Q2 24 | $776.9M | $502.0M |
自由现金流CMEZTS
| Q1 26 | — | — | ||
| Q4 25 | $1.1B | $732.0M | ||
| Q3 25 | $949.7M | $805.0M | ||
| Q2 25 | $1.0B | $308.0M | ||
| Q1 25 | $1.1B | $438.0M | ||
| Q4 24 | $991.7M | $689.0M | ||
| Q3 24 | $973.2M | $784.0M | ||
| Q2 24 | $758.7M | $370.0M |
自由现金流率CMEZTS
| Q1 26 | — | — | ||
| Q4 25 | 66.8% | 30.7% | ||
| Q3 25 | 61.8% | 33.5% | ||
| Q2 25 | 61.5% | 12.5% | ||
| Q1 25 | 67.1% | 19.7% | ||
| Q4 24 | 65.0% | 29.7% | ||
| Q3 24 | 61.4% | 32.8% | ||
| Q2 24 | 49.5% | 15.7% |
资本支出强度CMEZTS
| Q1 26 | — | — | ||
| Q4 25 | 2.0% | 6.7% | ||
| Q3 25 | 1.2% | 5.5% | ||
| Q2 25 | 1.1% | 7.2% | ||
| Q1 25 | 0.9% | 6.7% | ||
| Q4 24 | 1.7% | 9.3% | ||
| Q3 24 | 1.9% | 7.0% | ||
| Q2 24 | 1.2% | 5.6% |
现金转化率CMEZTS
| Q1 26 | — | — | ||
| Q4 25 | 0.96× | 1.48× | ||
| Q3 25 | 1.07× | 1.30× | ||
| Q2 25 | 1.03× | 0.68× | ||
| Q1 25 | 1.17× | 0.93× | ||
| Q4 24 | 1.16× | 1.56× | ||
| Q3 24 | 1.10× | 1.39× | ||
| Q2 24 | 0.88× | 0.80× |
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
CME
暂无分部数据
ZTS
| Other | $1.3B | 56% |
| Livestock | $234.0M | 10% |
| Pain Sedation | $209.0M | 9% |
| Other Pharmaceuticals | $188.0M | 8% |
| Swine | $125.0M | 5% |
| Poultry | $117.0M | 5% |
| Fish | $81.0M | 3% |
| Other Non Pharmaceuticals | $70.0M | 3% |
| Manufactured Product Other | $18.0M | 1% |
| Medicated Feed Additives | $12.0M | 1% |
