vs
CVS Health（CVS）与麦克森（MCK）财务数据对比。点击上方公司名可切换其他公司
麦克森的季度营收约是CVS Health的1.0倍（$106.2B vs $105.7B），CVS Health净利率更高（2.8% vs 1.1%，领先1.7%），麦克森同比增速更快（11.4% vs 8.2%），CVS Health自由现金流更多（$2.6B vs $1.1B），过去两年麦克森的营收复合增速更高（17.9% vs 9.3%）
CVS Health是美国跨国医疗健康企业，由戈德斯坦兄弟与合伙人拉尔夫·霍格兰德在马萨诸塞州洛厄尔创立，旗下拥有连锁零售药房CVS Pharmacy、药房福利管理机构CVS Caremark、健康保险服务商安泰（Aetna）等诸多品牌，是仅次于联合健康集团的全球第二大医疗企业，2023年位列福布斯全球2000强第64位。
麦克森是美国上市医疗健康企业，核心业务包括药品分销、医疗信息技术服务、医疗耗材供应及健康管理工具提供。其分销的药品占北美市场总使用量的三分之一，员工超8万人，2024年营收达3089亿美元，为美国第九大企业及本土最大医疗企业。
CVS vs MCK — 直观对比
营收规模更大
MCK
是对方的1.0倍
$105.7B
营收增速更快
MCK
高出3.2%
8.2%
净利率更高
CVS
高出1.7%
1.1%
自由现金流更多
CVS
多$1.5B
$1.1B
两年增速更快
MCK
近两年复合增速
9.3%
损益表 — Q4 FY2025 vs Q3 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $105.7B | $106.2B |
| 净利润 | $2.9B | $1.2B |
| 毛利率 | 44.1% | 3.5% |
| 营业利润率 | 2.0% | 1.5% |
| 净利率 | 2.8% | 1.1% |
| 营收同比 | 8.2% | 11.4% |
| 净利润同比 | 79.0% | 34.9% |
| 每股收益（稀释后） | $2.31 | $9.59 |
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CVSMCK
| Q4 25 | $105.7B | $106.2B | ||
| Q3 25 | $102.9B | $103.2B | ||
| Q2 25 | $98.9B | $97.8B | ||
| Q1 25 | $94.6B | $90.8B | ||
| Q4 24 | $97.7B | $95.3B | ||
| Q3 24 | $95.4B | $93.7B | ||
| Q2 24 | $91.2B | $79.3B | ||
| Q1 24 | $88.4B | $76.4B |
净利润CVSMCK
| Q4 25 | $2.9B | $1.2B | ||
| Q3 25 | $-4.0B | $1.1B | ||
| Q2 25 | $1.0B | $784.0M | ||
| Q1 25 | $1.8B | $1.3B | ||
| Q4 24 | $1.6B | $879.0M | ||
| Q3 24 | $87.0M | $241.0M | ||
| Q2 24 | $1.8B | $915.0M | ||
| Q1 24 | $1.1B | $791.0M |
毛利率CVSMCK
| Q4 25 | 44.1% | 3.5% | ||
| Q3 25 | 44.5% | 3.4% | ||
| Q2 25 | 45.4% | 3.4% | ||
| Q1 25 | 46.0% | 4.0% | ||
| Q4 24 | 43.4% | 3.4% | ||
| Q3 24 | 44.5% | 3.5% | ||
| Q2 24 | 45.2% | 4.0% | ||
| Q1 24 | 45.6% | 4.7% |
营业利润率CVSMCK
| Q4 25 | 2.0% | 1.5% | ||
| Q3 25 | -3.1% | 1.4% | ||
| Q2 25 | 2.4% | 1.1% | ||
| Q1 25 | 3.6% | 1.8% | ||
| Q4 24 | 2.4% | 1.3% | ||
| Q3 24 | 0.9% | 0.6% | ||
| Q2 24 | 3.3% | 1.3% | ||
| Q1 24 | 2.6% | 1.6% |
净利率CVSMCK
| Q4 25 | 2.8% | 1.1% | ||
| Q3 25 | -3.9% | 1.1% | ||
| Q2 25 | 1.0% | 0.8% | ||
| Q1 25 | 1.9% | 1.4% | ||
| Q4 24 | 1.7% | 0.9% | ||
| Q3 24 | 0.1% | 0.3% | ||
| Q2 24 | 1.9% | 1.2% | ||
| Q1 24 | 1.3% | 1.0% |
每股收益（稀释后）CVSMCK
| Q4 25 | $2.31 | $9.59 | ||
| Q3 25 | $-3.13 | $8.92 | ||
| Q2 25 | $0.80 | $6.25 | ||
| Q1 25 | $1.41 | $9.90 | ||
| Q4 24 | $1.30 | $6.95 | ||
| Q3 24 | $0.07 | $1.87 | ||
| Q2 24 | $1.41 | $7.00 | ||
| Q1 24 | $0.88 | $6.03 |
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 | $10.6B | $3.0B |
| 总债务越低越好 | $60.5B | $5.4B |
| 股东权益账面价值 | $75.2B | $-1.3B |
| 总资产 | $253.5B | $84.2B |
| 负债/权益比越低杠杆越低 | 0.80× | — |
8季度趋势，按日历期对齐
现金及短期投资CVSMCK
| Q4 25 | $10.6B | $3.0B | ||
| Q3 25 | $11.2B | $4.0B | ||
| Q2 25 | $14.2B | $2.4B | ||
| Q1 25 | $12.7B | $5.7B | ||
| Q4 24 | $11.0B | $1.1B | ||
| Q3 24 | $9.7B | $2.5B | ||
| Q2 24 | $16.3B | $2.3B | ||
| Q1 24 | $13.1B | $4.6B |
总债务CVSMCK
| Q4 25 | $60.5B | $5.4B | ||
| Q3 25 | $60.5B | $6.0B | ||
| Q2 25 | $57.3B | $6.5B | ||
| Q1 25 | $59.0B | $4.5B | ||
| Q4 24 | $60.5B | $4.4B | ||
| Q3 24 | $59.8B | $5.7B | ||
| Q2 24 | $62.6B | $5.6B | ||
| Q1 24 | $57.7B | $5.6B |
股东权益CVSMCK
| Q4 25 | $75.2B | $-1.3B | ||
| Q3 25 | $72.9B | $-1.7B | ||
| Q2 25 | $77.4B | $-2.0B | ||
| Q1 25 | $76.9B | $-2.1B | ||
| Q4 24 | $75.6B | $-3.1B | ||
| Q3 24 | $74.9B | $-3.0B | ||
| Q2 24 | $74.9B | $-1.8B | ||
| Q1 24 | $74.0B | $-2.0B |
总资产CVSMCK
| Q4 25 | $253.5B | $84.2B | ||
| Q3 25 | $255.3B | $84.2B | ||
| Q2 25 | $258.3B | $81.3B | ||
| Q1 25 | $255.6B | $75.1B | ||
| Q4 24 | $253.2B | $71.1B | ||
| Q3 24 | $252.4B | $72.4B | ||
| Q2 24 | $252.5B | $71.7B | ||
| Q1 24 | $249.7B | $67.4B |
负债/权益比CVSMCK
| Q4 25 | 0.80× | — | ||
| Q3 25 | 0.83× | — | ||
| Q2 25 | 0.74× | — | ||
| Q1 25 | 0.77× | — | ||
| Q4 24 | 0.80× | — | ||
| Q3 24 | 0.80× | — | ||
| Q2 24 | 0.84× | — | ||
| Q1 24 | 0.78× | — |
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 | $3.4B | $1.2B |
| 自由现金流经营现金流 - 资本支出 | $2.6B | $1.1B |
| 自由现金流率自由现金流/营收 | 2.5% | 1.1% |
| 资本支出强度资本支出/营收 | 0.7% | 0.1% |
| 现金转化率经营现金流/净利润 | 1.15× | 1.04× |
| 过去12个月自由现金流最近4个季度 | $7.8B | $10.0B |
8季度趋势，按日历期对齐
经营现金流CVSMCK
| Q4 25 | $3.4B | $1.2B | ||
| Q3 25 | $796.0M | $2.4B | ||
| Q2 25 | $1.9B | $-918.0M | ||
| Q1 25 | $4.6B | $7.7B | ||
| Q4 24 | $1.9B | $-2.4B | ||
| Q3 24 | $-745.0M | $2.1B | ||
| Q2 24 | $3.1B | $-1.4B | ||
| Q1 24 | $4.9B | $4.1B |
自由现金流CVSMCK
| Q4 25 | $2.6B | $1.1B | ||
| Q3 25 | $98.0M | $2.3B | ||
| Q2 25 | $1.3B | $-1.0B | ||
| Q1 25 | $3.8B | $7.6B | ||
| Q4 24 | $1.1B | $-2.5B | ||
| Q3 24 | $-1.4B | $2.0B | ||
| Q2 24 | $2.5B | $-1.5B | ||
| Q1 24 | $4.2B | $4.0B |
自由现金流率CVSMCK
| Q4 25 | 2.5% | 1.1% | ||
| Q3 25 | 0.1% | 2.2% | ||
| Q2 25 | 1.3% | -1.1% | ||
| Q1 25 | 4.0% | 8.3% | ||
| Q4 24 | 1.1% | -2.6% | ||
| Q3 24 | -1.5% | 2.1% | ||
| Q2 24 | 2.7% | -1.9% | ||
| Q1 24 | 4.7% | 5.2% |
资本支出强度CVSMCK
| Q4 25 | 0.7% | 0.1% | ||
| Q3 25 | 0.7% | 0.1% | ||
| Q2 25 | 0.6% | 0.1% | ||
| Q1 25 | 0.8% | 0.2% | ||
| Q4 24 | 0.8% | 0.1% | ||
| Q3 24 | 0.7% | 0.1% | ||
| Q2 24 | 0.7% | 0.1% | ||
| Q1 24 | 0.8% | 0.2% |
现金转化率CVSMCK
| Q4 25 | 1.15× | 1.04× | ||
| Q3 25 | — | 2.18× | ||
| Q2 25 | 1.86× | -1.17× | ||
| Q1 25 | 2.56× | 6.15× | ||
| Q4 24 | 1.13× | -2.71× | ||
| Q3 24 | -8.56× | 8.71× | ||
| Q2 24 | 1.75× | -1.51× | ||
| Q1 24 | 4.41× | 5.24× |
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
CVS
| Health Care Benefits Segment | $36.3B | 34% |
| Premiums | $34.0B | 32% |
| Sales Channel Directly To Consumer | $21.3B | 20% |
| Front Store Revenue | $5.7B | 5% |
| Services | $4.0B | 4% |
| Sales Channel Other | $2.4B | 2% |
| Other | $1.8B | 2% |
| Corporate And Other Segment | $13.0M | 0% |
MCK
| North American Pharmaceutical Segment | $88.3B | 83% |
| Oncology And Multispecialty Segment | $13.0B | 12% |
| Medical Surgical Solutions Segment | $3.0B | 3% |
| Prescription Technology Solutions Segment | $1.5B | 1% |
