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康美（CNMD）与Delek Logistics Partners, LP（DKL）财务数据对比。点击上方公司名可切换其他公司
康美的季度营收约是Delek Logistics Partners, LP的1.5倍（$373.2M vs $255.8M），Delek Logistics Partners, LP同比增速更快（21.9% vs 7.9%），康美自由现金流更多（$41.2M vs $12.6M），过去两年康美的营收复合增速更高（9.3% vs 0.7%）
康美公司是一家上市的美国医疗设备制造商，主营骨科、腹腔镜、普通外科相关医疗器械以及各类患者护理产品，总部现位于佛罗里达州拉戈，2022年7月前设于纽约州尤蒂卡。该品牌秉持以人为本的文化，以助力医疗合作方及其服务的患者为核心使命，在美国和墨西哥都设有生产基地。
Delek Logistics Partners, LP是一家总部位于美国的中游能源物流企业，主要提供原油、成品油及可再生燃料的存储、运输与配送服务，客户覆盖美国墨西哥湾沿岸及东南部地区的下游能源运营商、零售燃油网络和工业客户。
CNMD vs DKL — 直观对比
营收规模更大
CNMD
是对方的1.5倍
$255.8M
营收增速更快
DKL
高出14.0%
7.9%
自由现金流更多
CNMD
多$28.6M
$12.6M
两年增速更快
CNMD
近两年复合增速
0.7%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $373.2M | $255.8M |
| 净利润 | — | $47.3M |
| 毛利率 | 58.5% | 17.2% |
| 营业利润率 | 9.8% | 14.2% |
| 净利率 | — | 18.5% |
| 营收同比 | 7.9% | 21.9% |
| 净利润同比 | — | 34.0% |
| 每股收益（稀释后） | $0.54 | — |
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CNMDDKL
| Q4 25 | $373.2M | $255.8M | ||
| Q3 25 | $337.9M | $261.3M | ||
| Q2 25 | $342.3M | $246.3M | ||
| Q1 25 | $321.3M | $249.9M | ||
| Q4 24 | $345.9M | $209.9M | ||
| Q3 24 | $316.7M | $214.1M | ||
| Q2 24 | $332.1M | $264.6M | ||
| Q1 24 | $312.3M | $252.1M |
净利润CNMDDKL
| Q4 25 | — | $47.3M | ||
| Q3 25 | $2.9M | $45.6M | ||
| Q2 25 | $21.4M | $44.6M | ||
| Q1 25 | $6.0M | $39.0M | ||
| Q4 24 | — | $35.3M | ||
| Q3 24 | $49.0M | $33.7M | ||
| Q2 24 | $30.0M | $41.1M | ||
| Q1 24 | $19.7M | $32.6M |
毛利率CNMDDKL
| Q4 25 | 58.5% | 17.2% | ||
| Q3 25 | 49.2% | 20.6% | ||
| Q2 25 | 55.0% | 25.8% | ||
| Q1 25 | 55.3% | 21.5% | ||
| Q4 24 | 57.3% | 23.4% | ||
| Q3 24 | 56.5% | 22.8% | ||
| Q2 24 | 55.3% | 28.1% | ||
| Q1 24 | 55.1% | 28.4% |
营业利润率CNMDDKL
| Q4 25 | 9.8% | 14.2% | ||
| Q3 25 | 3.5% | 17.4% | ||
| Q2 25 | 11.1% | 21.3% | ||
| Q1 25 | 5.0% | 19.0% | ||
| Q4 24 | 15.2% | 18.1% | ||
| Q3 24 | 20.7% | 14.9% | ||
| Q2 24 | 14.2% | 25.9% | ||
| Q1 24 | 11.2% | 25.6% |
净利率CNMDDKL
| Q4 25 | — | 18.5% | ||
| Q3 25 | 0.8% | 17.4% | ||
| Q2 25 | 6.3% | 18.1% | ||
| Q1 25 | 1.9% | 15.6% | ||
| Q4 24 | — | 16.8% | ||
| Q3 24 | 15.5% | 15.7% | ||
| Q2 24 | 9.0% | 15.5% | ||
| Q1 24 | 6.3% | 13.0% |
每股收益（稀释后）CNMDDKL
| Q4 25 | $0.54 | — | ||
| Q3 25 | $0.09 | — | ||
| Q2 25 | $0.69 | — | ||
| Q1 25 | $0.19 | — | ||
| Q4 24 | $1.09 | — | ||
| Q3 24 | $1.57 | — | ||
| Q2 24 | $0.96 | — | ||
| Q1 24 | $0.63 | — |
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 | — | $10.9M |
| 总债务越低越好 | $834.2M | $2.3B |
| 股东权益账面价值 | $1.0B | — |
| 总资产 | $2.3B | $2.8B |
| 负债/权益比越低杠杆越低 | 0.81× | — |
8季度趋势，按日历期对齐
现金及短期投资CNMDDKL
| Q4 25 | — | $10.9M | ||
| Q3 25 | — | $6.9M | ||
| Q2 25 | — | $1.4M | ||
| Q1 25 | — | $2.1M | ||
| Q4 24 | — | $5.4M | ||
| Q3 24 | — | $7.3M | ||
| Q2 24 | — | $5.1M | ||
| Q1 24 | — | $9.7M |
总债务CNMDDKL
| Q4 25 | $834.2M | $2.3B | ||
| Q3 25 | $853.0M | $2.3B | ||
| Q2 25 | $881.1M | $2.2B | ||
| Q1 25 | $891.4M | $2.1B | ||
| Q4 24 | $905.1M | $1.9B | ||
| Q3 24 | $940.1M | $1.9B | ||
| Q2 24 | $965.2M | $1.6B | ||
| Q1 24 | $990.1M | $1.6B |
股东权益CNMDDKL
| Q4 25 | $1.0B | — | ||
| Q3 25 | $1.0B | — | ||
| Q2 25 | $1.0B | — | ||
| Q1 25 | $977.6M | — | ||
| Q4 24 | $962.7M | — | ||
| Q3 24 | $932.9M | — | ||
| Q2 24 | $881.8M | — | ||
| Q1 24 | $854.7M | — |
总资产CNMDDKL
| Q4 25 | $2.3B | $2.8B | ||
| Q3 25 | $2.3B | $2.7B | ||
| Q2 25 | $2.3B | $2.8B | ||
| Q1 25 | $2.3B | $2.4B | ||
| Q4 24 | $2.3B | $2.0B | ||
| Q3 24 | $2.3B | $2.0B | ||
| Q2 24 | $2.3B | $1.6B | ||
| Q1 24 | $2.3B | $1.7B |
负债/权益比CNMDDKL
| Q4 25 | 0.81× | — | ||
| Q3 25 | 0.85× | — | ||
| Q2 25 | 0.88× | — | ||
| Q1 25 | 0.91× | — | ||
| Q4 24 | 0.94× | — | ||
| Q3 24 | 1.01× | — | ||
| Q2 24 | 1.09× | — | ||
| Q1 24 | 1.16× | — |
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 | $46.3M | $43.2M |
| 自由现金流经营现金流 - 资本支出 | $41.2M | $12.6M |
| 自由现金流率自由现金流/营收 | 11.0% | 4.9% |
| 资本支出强度资本支出/营收 | 1.4% | 12.0% |
| 现金转化率经营现金流/净利润 | — | 0.91× |
| 过去12个月自由现金流最近4个季度 | $150.9M | $-30.6M |
8季度趋势，按日历期对齐
经营现金流CNMDDKL
| Q4 25 | $46.3M | $43.2M | ||
| Q3 25 | $53.7M | $54.9M | ||
| Q2 25 | $29.1M | $107.4M | ||
| Q1 25 | $41.5M | $31.6M | ||
| Q4 24 | $43.3M | $49.9M | ||
| Q3 24 | $51.2M | $24.9M | ||
| Q2 24 | $43.3M | $87.6M | ||
| Q1 24 | $29.1M | $43.9M |
自由现金流CNMDDKL
| Q4 25 | $41.2M | $12.6M | ||
| Q3 25 | $48.5M | $-12.3M | ||
| Q2 25 | $23.4M | $-7.1M | ||
| Q1 25 | $37.8M | $-23.9M | ||
| Q4 24 | $39.3M | $3.9M | ||
| Q3 24 | $47.8M | $-31.7M | ||
| Q2 24 | $39.7M | $72.5M | ||
| Q1 24 | $27.1M | $32.6M |
自由现金流率CNMDDKL
| Q4 25 | 11.0% | 4.9% | ||
| Q3 25 | 14.4% | -4.7% | ||
| Q2 25 | 6.8% | -2.9% | ||
| Q1 25 | 11.8% | -9.6% | ||
| Q4 24 | 11.4% | 1.8% | ||
| Q3 24 | 15.1% | -14.8% | ||
| Q2 24 | 12.0% | 27.4% | ||
| Q1 24 | 8.7% | 12.9% |
资本支出强度CNMDDKL
| Q4 25 | 1.4% | 12.0% | ||
| Q3 25 | 1.5% | 25.7% | ||
| Q2 25 | 1.7% | 46.5% | ||
| Q1 25 | 1.2% | 22.2% | ||
| Q4 24 | 1.2% | 21.9% | ||
| Q3 24 | 1.1% | 26.4% | ||
| Q2 24 | 1.1% | 5.7% | ||
| Q1 24 | 0.7% | 4.5% |
现金转化率CNMDDKL
| Q4 25 | — | 0.91× | ||
| Q3 25 | 18.78× | 1.21× | ||
| Q2 25 | 1.36× | 2.41× | ||
| Q1 25 | 6.88× | 0.81× | ||
| Q4 24 | — | 1.41× | ||
| Q3 24 | 1.05× | 0.74× | ||
| Q2 24 | 1.44× | 2.13× | ||
| Q1 24 | 1.48× | 1.34× |
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
CNMD
| Transferred At Point In Time | $358.5M | 96% |
| Transferred Over Time | $14.7M | 4% |
DKL
| Wholesale Marketing And Terminalling | $101.6M | 40% |
| Product Revenue Third Party | $69.5M | 27% |
| Storage And Transportation | $24.7M | 10% |
| Gravity Water Holdings LLC | $22.5M | 9% |
| Service Revenue Third Party | $18.5M | 7% |
| Other | $12.3M | 5% |
| Service Revenue Affiliate | $6.7M | 3% |
