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查尔斯河实验室（CRL）与MAXIMUS, INC.（MMS）财务数据对比。点击上方公司名可切换其他公司
MAXIMUS, INC.的季度营收约是查尔斯河实验室的1.4倍（$1.3B vs $994.2M），MAXIMUS, INC.净利率更高（7.0% vs -27.8%，领先34.8%），查尔斯河实验室同比增速更快（-0.8% vs -4.1%），查尔斯河实验室自由现金流更多（$58.6M vs $-250.7M），过去两年MAXIMUS, INC.的营收复合增速更高（-0.1% vs -0.9%）
查尔斯河实验室国际是总部位于美国马萨诸塞州威尔明顿的医药及生物技术领域合同研究组织（CRO），成立于1947年，可为新药、疫苗及医疗器械的研发提供临床前和临床阶段的专业实验室服务。
MAXIMUS是美国一家政府服务企业，业务覆盖美国、加拿大、英国等国家，为医疗补助、联邦医疗保险、医改、就业帮扶、学生贷款服务等各类政府项目提供行政及配套服务。公司总部位于弗吉尼亚州泰森斯，现有员工3.96万名，2024财年营收达53亿美元。
CRL vs MMS — 直观对比
营收规模更大
MMS
是对方的1.4倍
$994.2M
营收增速更快
CRL
高出3.3%
-4.1%
净利率更高
MMS
高出34.8%
-27.8%
自由现金流更多
CRL
多$309.2M
$-250.7M
两年增速更快
MMS
近两年复合增速
-0.9%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $994.2M | $1.3B |
| 净利润 | $-276.6M | $93.9M |
| 毛利率 | — | 23.7% |
| 营业利润率 | -28.5% | 10.9% |
| 净利率 | -27.8% | 7.0% |
| 营收同比 | -0.8% | -4.1% |
| 净利润同比 | -28.9% | 128.0% |
| 每股收益（稀释后） | $-5.57 | $1.70 |
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CRLMMS
| Q4 25 | $994.2M | $1.3B | ||
| Q3 25 | $1.0B | $1.3B | ||
| Q2 25 | $1.0B | $1.3B | ||
| Q1 25 | $984.2M | $1.4B | ||
| Q4 24 | $1.0B | $1.4B | ||
| Q3 24 | $1.0B | $1.3B | ||
| Q2 24 | $1.0B | $1.3B | ||
| Q1 24 | $1.0B | $1.3B |
净利润CRLMMS
| Q4 25 | $-276.6M | $93.9M | ||
| Q3 25 | $54.4M | $75.3M | ||
| Q2 25 | $52.3M | $106.0M | ||
| Q1 25 | $25.5M | $96.6M | ||
| Q4 24 | $-214.5M | $41.2M | ||
| Q3 24 | $69.7M | $72.5M | ||
| Q2 24 | $94.1M | $89.8M | ||
| Q1 24 | $73.0M | $80.5M |
毛利率CRLMMS
| Q4 25 | — | 23.7% | ||
| Q3 25 | — | 25.3% | ||
| Q2 25 | — | 26.7% | ||
| Q1 25 | — | 24.9% | ||
| Q4 24 | — | 21.5% | ||
| Q3 24 | 34.6% | 22.9% | ||
| Q2 24 | 34.5% | 25.3% | ||
| Q1 24 | 34.1% | 23.6% |
营业利润率CRLMMS
| Q4 25 | -28.5% | 10.9% | ||
| Q3 25 | 13.3% | 9.3% | ||
| Q2 25 | 9.7% | 12.3% | ||
| Q1 25 | 7.6% | 11.2% | ||
| Q4 24 | -16.7% | 6.2% | ||
| Q3 24 | 11.6% | 8.5% | ||
| Q2 24 | 14.8% | 10.8% | ||
| Q1 24 | 12.5% | 9.5% |
净利率CRLMMS
| Q4 25 | -27.8% | 7.0% | ||
| Q3 25 | 5.4% | 5.7% | ||
| Q2 25 | 5.1% | 7.9% | ||
| Q1 25 | 2.6% | 7.1% | ||
| Q4 24 | -21.4% | 2.9% | ||
| Q3 24 | 6.9% | 5.5% | ||
| Q2 24 | 9.2% | 6.8% | ||
| Q1 24 | 7.2% | 6.0% |
每股收益（稀释后）CRLMMS
| Q4 25 | $-5.57 | $1.70 | ||
| Q3 25 | $1.10 | $1.27 | ||
| Q2 25 | $1.06 | $1.86 | ||
| Q1 25 | $0.50 | $1.69 | ||
| Q4 24 | $-4.17 | $0.69 | ||
| Q3 24 | $1.33 | $1.18 | ||
| Q2 24 | $1.74 | $1.46 | ||
| Q1 24 | $1.30 | $1.31 |
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 | $213.8M | $137.6M |
| 总债务越低越好 | $2.1B | — |
| 股东权益账面价值 | $3.2B | $1.7B |
| 总资产 | $7.1B | $4.2B |
| 负债/权益比越低杠杆越低 | 0.68× | — |
8季度趋势，按日历期对齐
现金及短期投资CRLMMS
| Q4 25 | $213.8M | $137.6M | ||
| Q3 25 | $207.1M | $222.4M | ||
| Q2 25 | $182.8M | $59.8M | ||
| Q1 25 | $229.4M | $108.1M | ||
| Q4 24 | $194.6M | $72.7M | ||
| Q3 24 | $210.2M | $183.1M | ||
| Q2 24 | $179.2M | $102.8M | ||
| Q1 24 | $327.0M | $77.4M |
总债务CRLMMS
| Q4 25 | $2.1B | — | ||
| Q3 25 | $2.2B | — | ||
| Q2 25 | $2.3B | — | ||
| Q1 25 | $2.5B | — | ||
| Q4 24 | $2.2B | — | ||
| Q3 24 | $2.3B | — | ||
| Q2 24 | $2.4B | — | ||
| Q1 24 | $2.7B | — |
股东权益CRLMMS
| Q4 25 | $3.2B | $1.7B | ||
| Q3 25 | $3.4B | $1.7B | ||
| Q2 25 | $3.4B | $1.8B | ||
| Q1 25 | $3.2B | $1.7B | ||
| Q4 24 | $3.5B | $1.6B | ||
| Q3 24 | $3.8B | $1.8B | ||
| Q2 24 | $3.7B | $1.8B | ||
| Q1 24 | $3.6B | $1.8B |
总资产CRLMMS
| Q4 25 | $7.1B | $4.2B | ||
| Q3 25 | $7.5B | $4.1B | ||
| Q2 25 | $7.6B | $4.5B | ||
| Q1 25 | $7.6B | $4.2B | ||
| Q4 24 | $7.5B | $4.1B | ||
| Q3 24 | $8.0B | $4.1B | ||
| Q2 24 | $7.9B | $4.0B | ||
| Q1 24 | $8.2B | $4.0B |
负债/权益比CRLMMS
| Q4 25 | 0.68× | — | ||
| Q3 25 | 0.64× | — | ||
| Q2 25 | 0.70× | — | ||
| Q1 25 | 0.79× | — | ||
| Q4 24 | 0.65× | — | ||
| Q3 24 | 0.62× | — | ||
| Q2 24 | 0.65× | — | ||
| Q1 24 | 0.73× | — |
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 | $147.5M | $-244.4M |
| 自由现金流经营现金流 - 资本支出 | $58.6M | $-250.7M |
| 自由现金流率自由现金流/营收 | 5.9% | -18.6% |
| 资本支出强度资本支出/营收 | 8.9% | 0.5% |
| 现金转化率经营现金流/净利润 | — | -2.60× |
| 过去12个月自由现金流最近4个季度 | $518.5M | $218.5M |
8季度趋势，按日历期对齐
经营现金流CRLMMS
| Q4 25 | $147.5M | $-244.4M | ||
| Q3 25 | $213.8M | $649.4M | ||
| Q2 25 | $204.6M | $-182.7M | ||
| Q1 25 | $171.7M | $42.7M | ||
| Q4 24 | $159.4M | $-80.0M | ||
| Q3 24 | $251.8M | $163.8M | ||
| Q2 24 | $193.5M | $199.3M | ||
| Q1 24 | $129.9M | $130.5M |
自由现金流CRLMMS
| Q4 25 | $58.6M | $-250.7M | ||
| Q3 25 | $178.2M | $641.8M | ||
| Q2 25 | $169.3M | $-198.2M | ||
| Q1 25 | $112.4M | $25.5M | ||
| Q4 24 | $83.7M | $-103.0M | ||
| Q3 24 | $213.1M | $131.9M | ||
| Q2 24 | $154.0M | $164.6M | ||
| Q1 24 | $50.7M | $105.2M |
自由现金流率CRLMMS
| Q4 25 | 5.9% | -18.6% | ||
| Q3 25 | 17.7% | 48.7% | ||
| Q2 25 | 16.4% | -14.7% | ||
| Q1 25 | 11.4% | 1.9% | ||
| Q4 24 | 8.4% | -7.3% | ||
| Q3 24 | 21.1% | 10.0% | ||
| Q2 24 | 15.0% | 12.5% | ||
| Q1 24 | 5.0% | 7.8% |
资本支出强度CRLMMS
| Q4 25 | 8.9% | 0.5% | ||
| Q3 25 | 3.5% | 0.6% | ||
| Q2 25 | 3.4% | 1.1% | ||
| Q1 25 | 6.0% | 1.3% | ||
| Q4 24 | 7.5% | 1.6% | ||
| Q3 24 | 3.8% | 2.4% | ||
| Q2 24 | 3.8% | 2.6% | ||
| Q1 24 | 7.8% | 1.9% |
现金转化率CRLMMS
| Q4 25 | — | -2.60× | ||
| Q3 25 | 3.93× | 8.63× | ||
| Q2 25 | 3.91× | -1.72× | ||
| Q1 25 | 6.74× | 0.44× | ||
| Q4 24 | — | -1.94× | ||
| Q3 24 | 3.61× | 2.26× | ||
| Q2 24 | 2.06× | 2.22× | ||
| Q1 24 | 1.78× | 1.62× |
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
CRL
| Discovery And Safety Assessment Segment | $591.6M | 60% |
| Manufacturing Support Segment | $196.4M | 20% |
| Transferred At Point In Time | $108.0M | 11% |
| Transferred Over Time | $98.3M | 10% |
MMS
| Clinical Services | $523.7M | 39% |
| Cost Plus Contracts | $386.4M | 29% |
| Outside The United States | $143.2M | 11% |
| International Government Agencies | $141.0M | 10% |
| Technology Solutions | $74.8M | 6% |
| Employment And Other | $70.2M | 5% |
| Other Including Local Municipalities And Commercial Customers | $17.6M | 1% |
