vs
康美（CNMD）与Penumbra Inc（PEN）财务数据对比。点击上方公司名可切换其他公司
Penumbra Inc的季度营收约是康美的1.0倍（$385.4M vs $373.2M），Penumbra Inc同比增速更快（22.1% vs 7.9%），Penumbra Inc自由现金流更多（$68.0M vs $41.2M），过去两年Penumbra Inc的营收复合增速更高（17.6% 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。
Penumbra Inc是2004年由Arani Bose与Adam Elsesser联合创立的美国医疗器械企业，总部位于加利福尼亚州阿拉米达，核心业务为研发、生产中风、动脉瘤等血管疾病介入治疗所用的专业医疗设备，产品已在全球多个国家的临床诊疗场景中投入使用。
CNMD vs PEN — 直观对比
营收规模更大
PEN
是对方的1.0倍
$373.2M
营收增速更快
PEN
高出14.3%
7.9%
自由现金流更多
PEN
多$26.8M
$41.2M
两年增速更快
PEN
近两年复合增速
9.3%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $373.2M | $385.4M |
| 净利润 | — | $47.3M |
| 毛利率 | 58.5% | 68.0% |
| 营业利润率 | 9.8% | 15.4% |
| 净利率 | — | 12.3% |
| 营收同比 | 7.9% | 22.1% |
| 净利润同比 | — | 40.6% |
| 每股收益（稀释后） | $0.54 | $1.20 |
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CNMDPEN
| Q4 25 | $373.2M | $385.4M | ||
| Q3 25 | $337.9M | $354.7M | ||
| Q2 25 | $342.3M | $339.5M | ||
| Q1 25 | $321.3M | $324.1M | ||
| Q4 24 | $345.9M | $315.5M | ||
| Q3 24 | $316.7M | $301.0M | ||
| Q2 24 | $332.1M | $299.4M | ||
| Q1 24 | $312.3M | $278.7M |
净利润CNMDPEN
| Q4 25 | — | $47.3M | ||
| Q3 25 | $2.9M | $45.9M | ||
| Q2 25 | $21.4M | $45.3M | ||
| Q1 25 | $6.0M | $39.2M | ||
| Q4 24 | — | $33.7M | ||
| Q3 24 | $49.0M | $29.5M | ||
| Q2 24 | $30.0M | $-60.2M | ||
| Q1 24 | $19.7M | $11.0M |
毛利率CNMDPEN
| Q4 25 | 58.5% | 68.0% | ||
| Q3 25 | 49.2% | 67.8% | ||
| Q2 25 | 55.0% | 66.0% | ||
| Q1 25 | 55.3% | 66.6% | ||
| Q4 24 | 57.3% | 66.8% | ||
| Q3 24 | 56.5% | 66.5% | ||
| Q2 24 | 55.3% | 54.4% | ||
| Q1 24 | 55.1% | 65.0% |
营业利润率CNMDPEN
| Q4 25 | 9.8% | 15.4% | ||
| Q3 25 | 3.5% | 13.8% | ||
| Q2 25 | 11.1% | 12.0% | ||
| Q1 25 | 5.0% | 12.4% | ||
| Q4 24 | 15.2% | 13.6% | ||
| Q3 24 | 20.7% | 11.7% | ||
| Q2 24 | 14.2% | -27.0% | ||
| Q1 24 | 11.2% | 4.3% |
净利率CNMDPEN
| Q4 25 | — | 12.3% | ||
| Q3 25 | 0.8% | 12.9% | ||
| Q2 25 | 6.3% | 13.3% | ||
| Q1 25 | 1.9% | 12.1% | ||
| Q4 24 | — | 10.7% | ||
| Q3 24 | 15.5% | 9.8% | ||
| Q2 24 | 9.0% | -20.1% | ||
| Q1 24 | 6.3% | 3.9% |
每股收益（稀释后）CNMDPEN
| Q4 25 | $0.54 | $1.20 | ||
| Q3 25 | $0.09 | $1.17 | ||
| Q2 25 | $0.69 | $1.15 | ||
| Q1 25 | $0.19 | $1.00 | ||
| Q4 24 | $1.09 | $0.88 | ||
| Q3 24 | $1.57 | $0.75 | ||
| Q2 24 | $0.96 | $-1.55 | ||
| Q1 24 | $0.63 | $0.28 |
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 | — | $186.9M |
| 总债务越低越好 | $834.2M | — |
| 股东权益账面价值 | $1.0B | $1.4B |
| 总资产 | $2.3B | $1.8B |
| 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CNMDPEN
| Q4 25 | — | $186.9M | ||
| Q3 25 | — | $321.0M | ||
| Q2 25 | — | $421.8M | ||
| Q1 25 | — | $376.1M | ||
| Q4 24 | — | $324.4M | ||
| Q3 24 | — | $280.5M | ||
| Q2 24 | — | $288.3M | ||
| Q1 24 | — | $223.1M |
总债务CNMDPEN
| Q4 25 | $834.2M | — | ||
| Q3 25 | $853.0M | — | ||
| Q2 25 | $881.1M | — | ||
| Q1 25 | $891.4M | — | ||
| Q4 24 | $905.1M | — | ||
| Q3 24 | $940.1M | — | ||
| Q2 24 | $965.2M | — | ||
| Q1 24 | $990.1M | — |
股东权益CNMDPEN
| Q4 25 | $1.0B | $1.4B | ||
| Q3 25 | $1.0B | $1.4B | ||
| Q2 25 | $1.0B | $1.3B | ||
| Q1 25 | $977.6M | $1.2B | ||
| Q4 24 | $962.7M | $1.2B | ||
| Q3 24 | $932.9M | $1.1B | ||
| Q2 24 | $881.8M | $1.2B | ||
| Q1 24 | $854.7M | $1.2B |
总资产CNMDPEN
| Q4 25 | $2.3B | $1.8B | ||
| Q3 25 | $2.3B | $1.7B | ||
| Q2 25 | $2.3B | $1.7B | ||
| Q1 25 | $2.3B | $1.6B | ||
| Q4 24 | $2.3B | $1.5B | ||
| Q3 24 | $2.3B | $1.5B | ||
| Q2 24 | $2.3B | $1.5B | ||
| Q1 24 | $2.3B | $1.6B |
负债/权益比CNMDPEN
| 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 | $86.5M |
| 自由现金流经营现金流 - 资本支出 | $41.2M | $68.0M |
| 自由现金流率自由现金流/营收 | 11.0% | 17.7% |
| 资本支出强度资本支出/营收 | 1.4% | 4.8% |
| 现金转化率经营现金流/净利润 | — | 1.83× |
| 过去12个月自由现金流最近4个季度 | $150.9M | $174.9M |
8季度趋势，按日历期对齐
经营现金流CNMDPEN
| Q4 25 | $46.3M | $86.5M | ||
| Q3 25 | $53.7M | $58.3M | ||
| Q2 25 | $29.1M | $44.9M | ||
| Q1 25 | $41.5M | $49.0M | ||
| Q4 24 | $43.3M | $51.1M | ||
| Q3 24 | $51.2M | $56.5M | ||
| Q2 24 | $43.3M | $22.6M | ||
| Q1 24 | $29.1M | $38.3M |
自由现金流CNMDPEN
| Q4 25 | $41.2M | $68.0M | ||
| Q3 25 | $48.5M | $42.0M | ||
| Q2 25 | $23.4M | $29.4M | ||
| Q1 25 | $37.8M | $35.5M | ||
| Q4 24 | $39.3M | $45.7M | ||
| Q3 24 | $47.8M | $51.0M | ||
| Q2 24 | $39.7M | $18.1M | ||
| Q1 24 | $27.1M | $32.5M |
自由现金流率CNMDPEN
| Q4 25 | 11.0% | 17.7% | ||
| Q3 25 | 14.4% | 11.8% | ||
| Q2 25 | 6.8% | 8.7% | ||
| Q1 25 | 11.8% | 11.0% | ||
| Q4 24 | 11.4% | 14.5% | ||
| Q3 24 | 15.1% | 16.9% | ||
| Q2 24 | 12.0% | 6.0% | ||
| Q1 24 | 8.7% | 11.7% |
资本支出强度CNMDPEN
| Q4 25 | 1.4% | 4.8% | ||
| Q3 25 | 1.5% | 4.6% | ||
| Q2 25 | 1.7% | 4.6% | ||
| Q1 25 | 1.2% | 4.2% | ||
| Q4 24 | 1.2% | 1.7% | ||
| Q3 24 | 1.1% | 1.8% | ||
| Q2 24 | 1.1% | 1.5% | ||
| Q1 24 | 0.7% | 2.1% |
现金转化率CNMDPEN
| Q4 25 | — | 1.83× | ||
| Q3 25 | 18.78× | 1.27× | ||
| Q2 25 | 1.36× | 0.99× | ||
| Q1 25 | 6.88× | 1.25× | ||
| Q4 24 | — | 1.52× | ||
| Q3 24 | 1.05× | 1.91× | ||
| Q2 24 | 1.44× | — | ||
| Q1 24 | 1.48× | 3.48× |
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% |
PEN
| Thrombectomy | $254.7M | 66% |
| Other | $130.7M | 34% |
