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康美（CNMD）与LivaNova PLC（LIVN）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LivaNova PLC的1.0倍（$373.2M vs $360.9M）。LivaNova PLC同比增速更快（12.1% vs 7.9%）。LivaNova PLC自由现金流更多（$50.2M vs $41.2M）。过去两年LivaNova PLC的营收复合增速更高（10.6% vs 9.3%）
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。
LivaNova PLC是一家深耕医疗设备领域的企业，总部位于英国，核心业务为研发心脏外科及神经调控类医疗设备。该公司由美国Cyberonics公司与意大利Sorin公司于2015年以27亿美元对价合并成立，目前在纳斯达克挂牌交易，股票代码为LIVN。
CNMD vs LIVN — 直观对比
营收规模更大
CNMD
是对方的1.0倍
$360.9M
营收增速更快
LIVN
高出4.3%
7.9%
自由现金流更多
LIVN
多$8.9M
$41.2M
两年增速更快
LIVN
近两年复合增速
9.3%
损益表 — Q4 2025 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $373.2M | $360.9M |
| 净利润 | — | $30.9M |
| 毛利率 | 58.5% | 65.2% |
| 营业利润率 | 9.8% | 11.8% |
| 净利率 | — | 8.6% |
| 营收同比 | 7.9% | 12.1% |
| 净利润同比 | — | -44.7% |
| 每股收益（稀释后） | $0.54 | $0.57 |
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CNMDLIVN
| Q4 25 | $373.2M | $360.9M | ||
| Q3 25 | $337.9M | $357.8M | ||
| Q2 25 | $342.3M | $352.5M | ||
| Q1 25 | $321.3M | $316.9M | ||
| Q4 24 | $345.9M | $321.8M | ||
| Q3 24 | $316.7M | $318.1M | ||
| Q2 24 | $332.1M | $318.6M | ||
| Q1 24 | $312.3M | $294.9M |
净利润CNMDLIVN
| Q4 25 | — | $30.9M | ||
| Q3 25 | $2.9M | $26.8M | ||
| Q2 25 | $21.4M | $27.2M | ||
| Q1 25 | $6.0M | $-327.3M | ||
| Q4 24 | — | $55.9M | ||
| Q3 24 | $49.0M | $33.0M | ||
| Q2 24 | $30.0M | $16.3M | ||
| Q1 24 | $19.7M | $-41.9M |
毛利率CNMDLIVN
| Q4 25 | 58.5% | 65.2% | ||
| Q3 25 | 49.2% | 68.4% | ||
| Q2 25 | 55.0% | 67.8% | ||
| Q1 25 | 55.3% | 69.7% | ||
| Q4 24 | 57.3% | 68.2% | ||
| Q3 24 | 56.5% | 70.8% | ||
| Q2 24 | 55.3% | 68.7% | ||
| Q1 24 | 55.1% | 70.3% |
营业利润率CNMDLIVN
| Q4 25 | 9.8% | 11.8% | ||
| Q3 25 | 3.5% | 15.1% | ||
| Q2 25 | 11.1% | 15.4% | ||
| Q1 25 | 5.0% | 15.3% | ||
| Q4 24 | 15.2% | 11.5% | ||
| Q3 24 | 20.7% | 11.2% | ||
| Q2 24 | 14.2% | 12.6% | ||
| Q1 24 | 11.2% | 5.5% |
净利率CNMDLIVN
| Q4 25 | — | 8.6% | ||
| Q3 25 | 0.8% | 7.5% | ||
| Q2 25 | 6.3% | 7.7% | ||
| Q1 25 | 1.9% | -103.3% | ||
| Q4 24 | — | 17.4% | ||
| Q3 24 | 15.5% | 10.4% | ||
| Q2 24 | 9.0% | 5.1% | ||
| Q1 24 | 6.3% | -14.2% |
每股收益（稀释后）CNMDLIVN
| Q4 25 | $0.54 | $0.57 | ||
| Q3 25 | $0.09 | $0.49 | ||
| Q2 25 | $0.69 | $0.50 | ||
| Q1 25 | $0.19 | $-6.01 | ||
| Q4 24 | $1.09 | $1.04 | ||
| Q3 24 | $1.57 | $0.60 | ||
| Q2 24 | $0.96 | $0.30 | ||
| Q1 24 | $0.63 | $-0.78 |
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 | — | $635.6M |
| 总债务越低越好 | $834.2M | $376.1M |
| 股东权益账面价值 | $1.0B | $1.2B |
| 总资产 | $2.3B | $2.6B |
| 负债/权益比越低杠杆越低 | 0.81× | 0.31× |
8季度趋势，按日历期对齐
现金及短期投资CNMDLIVN
| Q4 25 | — | $635.6M | ||
| Q3 25 | — | $646.1M | ||
| Q2 25 | — | $593.6M | ||
| Q1 25 | — | $738.4M | ||
| Q4 24 | — | $428.9M | ||
| Q3 24 | — | $346.4M | ||
| Q2 24 | — | $329.2M | ||
| Q1 24 | — | $309.2M |
总债务CNMDLIVN
| Q4 25 | $834.2M | $376.1M | ||
| Q3 25 | $853.0M | $434.5M | ||
| Q2 25 | $881.1M | $430.6M | ||
| Q1 25 | $891.4M | $628.2M | ||
| Q4 24 | $905.1M | $627.0M | ||
| Q3 24 | $940.1M | $625.5M | ||
| Q2 24 | $965.2M | $624.5M | ||
| Q1 24 | $990.1M | $623.8M |
股东权益CNMDLIVN
| Q4 25 | $1.0B | $1.2B | ||
| Q3 25 | $1.0B | $1.2B | ||
| Q2 25 | $1.0B | $1.1B | ||
| Q1 25 | $977.6M | $1.0B | ||
| Q4 24 | $962.7M | $1.3B | ||
| Q3 24 | $932.9M | $1.3B | ||
| Q2 24 | $881.8M | $1.2B | ||
| Q1 24 | $854.7M | $1.2B |
总资产CNMDLIVN
| Q4 25 | $2.3B | $2.6B | ||
| Q3 25 | $2.3B | $2.6B | ||
| Q2 25 | $2.3B | $2.5B | ||
| Q1 25 | $2.3B | $2.6B | ||
| Q4 24 | $2.3B | $2.5B | ||
| Q3 24 | $2.3B | $2.5B | ||
| Q2 24 | $2.3B | $2.5B | ||
| Q1 24 | $2.3B | $2.5B |
负债/权益比CNMDLIVN
| Q4 25 | 0.81× | 0.31× | ||
| Q3 25 | 0.85× | 0.38× | ||
| Q2 25 | 0.88× | 0.38× | ||
| Q1 25 | 0.91× | 0.61× | ||
| Q4 24 | 0.94× | 0.47× | ||
| Q3 24 | 1.01× | 0.48× | ||
| Q2 24 | 1.09× | 0.50× | ||
| Q1 24 | 1.16× | 0.51× |
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 | $82.4M |
| 自由现金流经营现金流 - 资本支出 | $41.2M | $50.2M |
| 自由现金流率自由现金流/营收 | 11.0% | 13.9% |
| 资本支出强度资本支出/营收 | 1.4% | 8.9% |
| 现金转化率经营现金流/净利润 | — | 2.67× |
| 过去12个月自由现金流最近4个季度 | $150.9M | $173.3M |
8季度趋势，按日历期对齐
经营现金流CNMDLIVN
| Q4 25 | $46.3M | $82.4M | ||
| Q3 25 | $53.7M | $85.1M | ||
| Q2 25 | $29.1M | $62.9M | ||
| Q1 25 | $41.5M | $24.0M | ||
| Q4 24 | $43.3M | $78.7M | ||
| Q3 24 | $51.2M | $51.0M | ||
| Q2 24 | $43.3M | $43.4M | ||
| Q1 24 | $29.1M | $10.0M |
自由现金流CNMDLIVN
| Q4 25 | $41.2M | $50.2M | ||
| Q3 25 | $48.5M | $62.2M | ||
| Q2 25 | $23.4M | $47.8M | ||
| Q1 25 | $37.8M | $13.2M | ||
| Q4 24 | $39.3M | $68.3M | ||
| Q3 24 | $47.8M | $32.8M | ||
| Q2 24 | $39.7M | $31.2M | ||
| Q1 24 | $27.1M | $3.6M |
自由现金流率CNMDLIVN
| Q4 25 | 11.0% | 13.9% | ||
| Q3 25 | 14.4% | 17.4% | ||
| Q2 25 | 6.8% | 13.6% | ||
| Q1 25 | 11.8% | 4.2% | ||
| Q4 24 | 11.4% | 21.2% | ||
| Q3 24 | 15.1% | 10.3% | ||
| Q2 24 | 12.0% | 9.8% | ||
| Q1 24 | 8.7% | 1.2% |
资本支出强度CNMDLIVN
| Q4 25 | 1.4% | 8.9% | ||
| Q3 25 | 1.5% | 6.4% | ||
| Q2 25 | 1.7% | 4.3% | ||
| Q1 25 | 1.2% | 3.4% | ||
| Q4 24 | 1.2% | 3.2% | ||
| Q3 24 | 1.1% | 5.7% | ||
| Q2 24 | 1.1% | 3.8% | ||
| Q1 24 | 0.7% | 2.2% |
现金转化率CNMDLIVN
| Q4 25 | — | 2.67× | ||
| Q3 25 | 18.78× | 3.18× | ||
| Q2 25 | 1.36× | 2.32× | ||
| Q1 25 | 6.88× | — | ||
| Q4 24 | — | 1.41× | ||
| Q3 24 | 1.05× | 1.55× | ||
| Q2 24 | 1.44× | 2.65× | ||
| Q1 24 | 1.48× | — |
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% |
LIVN
| Other | $169.4M | 47% |
| Neuromodulation Segment | $119.7M | 33% |
| Cardiopulmonary Segment | $71.8M | 20% |
