vs
戴尔科技（DELL）与默沙东（MRK）财务数据对比。点击上方公司名可切换其他公司
戴尔科技的季度营收约是默沙东的1.6倍（$27.0B vs $16.4B），默沙东净利率更高（18.1% vs 5.7%，领先12.3%），戴尔科技同比增速更快（10.8% vs 5.0%），默沙东自由现金流更多（$1.8B vs $503.0M），过去两年戴尔科技的营收复合增速更高（8.5% vs 2.0%）
戴尔科技是美国知名跨国科技企业，自1994年起总部设立于得克萨斯州朗德罗克。2016年9月戴尔与EMC公司完成合并后组建为现主体，为全球个人及企业用户提供多领域技术产品、解决方案及配套服务。
默沙东是总部位于美国新泽西州拉威的跨国制药企业，在美国及加拿大境外通常以默沙东（MSD）名义开展业务，按营收规模位列全球生物医学企业第四名，在制药领域拥有领先的技术实力与市场影响力。
DELL vs MRK — 直观对比
营收规模更大
DELL
是对方的1.6倍
$16.4B
营收增速更快
DELL
高出5.9%
5.0%
净利率更高
MRK
高出12.3%
5.7%
自由现金流更多
MRK
多$1.3B
$503.0M
两年增速更快
DELL
近两年复合增速
2.0%
损益表 — Q3 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $27.0B | $16.4B |
| 净利润 | $1.5B | $3.0B |
| 毛利率 | 20.7% | 66.2% |
| 营业利润率 | 7.8% | 20.9% |
| 净利率 | 5.7% | 18.1% |
| 营收同比 | 10.8% | 5.0% |
| 净利润同比 | 36.7% | -20.8% |
| 每股收益（稀释后） | $2.28 | $1.19 |
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DELLMRK
| Q4 25 | $27.0B | $16.4B | ||
| Q3 25 | — | $17.3B | ||
| Q2 25 | $23.4B | $15.8B | ||
| Q1 25 | — | $15.5B | ||
| Q4 24 | $24.4B | $15.6B | ||
| Q3 24 | $25.0B | $16.7B | ||
| Q2 24 | $22.2B | $16.1B | ||
| Q1 24 | $22.3B | $15.8B |
净利润DELLMRK
| Q4 25 | $1.5B | $3.0B | ||
| Q3 25 | — | $5.8B | ||
| Q2 25 | $965.0M | $4.4B | ||
| Q1 25 | — | $5.1B | ||
| Q4 24 | $1.1B | $3.7B | ||
| Q3 24 | $846.0M | $3.2B | ||
| Q2 24 | $960.0M | $5.5B | ||
| Q1 24 | $1.2B | $4.8B |
毛利率DELLMRK
| Q4 25 | 20.7% | 66.2% | ||
| Q3 25 | — | 77.7% | ||
| Q2 25 | 21.1% | 77.5% | ||
| Q1 25 | — | 78.0% | ||
| Q4 24 | 21.8% | 75.5% | ||
| Q3 24 | 21.2% | 75.5% | ||
| Q2 24 | 21.6% | 76.8% | ||
| Q1 24 | 23.8% | 77.6% |
营业利润率DELLMRK
| Q4 25 | 7.8% | 20.9% | ||
| Q3 25 | — | 39.0% | ||
| Q2 25 | 5.0% | 31.6% | ||
| Q1 25 | — | 38.0% | ||
| Q4 24 | 6.8% | 26.7% | ||
| Q3 24 | 5.4% | 24.6% | ||
| Q2 24 | 4.1% | 37.3% | ||
| Q1 24 | 6.7% | 35.9% |
净利率DELLMRK
| Q4 25 | 5.7% | 18.1% | ||
| Q3 25 | — | 33.5% | ||
| Q2 25 | 4.1% | 28.0% | ||
| Q1 25 | — | 32.7% | ||
| Q4 24 | 4.6% | 24.0% | ||
| Q3 24 | 3.4% | 19.0% | ||
| Q2 24 | 4.3% | 33.9% | ||
| Q1 24 | 5.2% | 30.2% |
每股收益（稀释后）DELLMRK
| Q4 25 | $2.28 | $1.19 | ||
| Q3 25 | — | $2.32 | ||
| Q2 25 | $1.37 | $1.76 | ||
| Q1 25 | — | $2.01 | ||
| Q4 24 | $1.58 | $1.49 | ||
| Q3 24 | $1.17 | $1.24 | ||
| Q2 24 | $1.32 | $2.14 | ||
| Q1 24 | $1.82 | $1.87 |
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 | $9.6B | $14.6B |
| 总债务越低越好 | $31.2B | — |
| 股东权益账面价值 | $-2.6B | $52.6B |
| 总资产 | $87.5B | $136.9B |
| 负债/权益比越低杠杆越低 | — | — |
8季度趋势，按日历期对齐
现金及短期投资DELLMRK
| Q4 25 | $9.6B | $14.6B | ||
| Q3 25 | — | $18.2B | ||
| Q2 25 | $7.7B | $8.6B | ||
| Q1 25 | — | $9.2B | ||
| Q4 24 | $5.2B | $13.7B | ||
| Q3 24 | $4.5B | $14.6B | ||
| Q2 24 | $5.8B | $11.4B | ||
| Q1 24 | $7.4B | $5.6B |
总债务DELLMRK
| Q4 25 | $31.2B | — | ||
| Q3 25 | — | — | ||
| Q2 25 | $28.8B | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $25.0B | — | ||
| Q3 24 | $24.5B | — | ||
| Q2 24 | $25.5B | — | ||
| Q1 24 | $26.0B | — |
股东权益DELLMRK
| Q4 25 | $-2.6B | $52.6B | ||
| Q3 25 | — | $51.9B | ||
| Q2 25 | $-3.0B | $49.0B | ||
| Q1 25 | — | $48.3B | ||
| Q4 24 | $-2.3B | $46.3B | ||
| Q3 24 | $-2.9B | $44.5B | ||
| Q2 24 | $-2.8B | $43.6B | ||
| Q1 24 | $-2.4B | $40.4B |
总资产DELLMRK
| Q4 25 | $87.5B | $136.9B | ||
| Q3 25 | — | $129.5B | ||
| Q2 25 | $86.9B | $117.5B | ||
| Q1 25 | — | $115.1B | ||
| Q4 24 | $82.0B | $117.1B | ||
| Q3 24 | $82.7B | $117.5B | ||
| Q2 24 | $80.2B | $112.6B | ||
| Q1 24 | $82.1B | $105.8B |
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 | $1.2B | $2.9B |
| 自由现金流经营现金流 - 资本支出 | $503.0M | $1.8B |
| 自由现金流率自由现金流/营收 | 1.9% | 11.1% |
| 资本支出强度资本支出/营收 | 2.5% | 6.3% |
| 现金转化率经营现金流/净利润 | 0.76× | 0.96× |
| 过去12个月自由现金流最近4个季度 | $4.3B | $12.4B |
8季度趋势，按日历期对齐
经营现金流DELLMRK
| Q4 25 | $1.2B | $2.9B | ||
| Q3 25 | — | $7.8B | ||
| Q2 25 | $2.8B | $3.3B | ||
| Q1 25 | — | $2.5B | ||
| Q4 24 | $1.6B | $3.5B | ||
| Q3 24 | $1.3B | $9.3B | ||
| Q2 24 | $1.0B | $5.6B | ||
| Q1 24 | $1.5B | $3.1B |
自由现金流DELLMRK
| Q4 25 | $503.0M | $1.8B | ||
| Q3 25 | — | $6.8B | ||
| Q2 25 | $2.2B | $2.5B | ||
| Q1 25 | — | $1.2B | ||
| Q4 24 | $914.0M | $2.5B | ||
| Q3 24 | $658.0M | $8.5B | ||
| Q2 24 | $447.0M | $4.8B | ||
| Q1 24 | $806.0M | $2.2B |
自由现金流率DELLMRK
| Q4 25 | 1.9% | 11.1% | ||
| Q3 25 | — | 39.6% | ||
| Q2 25 | 9.5% | 16.0% | ||
| Q1 25 | — | 7.5% | ||
| Q4 24 | 3.8% | 16.1% | ||
| Q3 24 | 2.6% | 51.1% | ||
| Q2 24 | 2.0% | 30.1% | ||
| Q1 24 | 3.6% | 14.1% |
资本支出强度DELLMRK
| Q4 25 | 2.5% | 6.3% | ||
| Q3 25 | — | 5.7% | ||
| Q2 25 | 2.4% | 4.8% | ||
| Q1 25 | — | 8.6% | ||
| Q4 24 | 2.6% | 6.0% | ||
| Q3 24 | 2.7% | 4.7% | ||
| Q2 24 | 2.7% | 4.9% | ||
| Q1 24 | 3.3% | 5.5% |
现金转化率DELLMRK
| Q4 25 | 0.76× | 0.96× | ||
| Q3 25 | — | 1.35× | ||
| Q2 25 | 2.90× | 0.74× | ||
| Q1 25 | — | 0.49× | ||
| Q4 24 | 1.37× | 0.92× | ||
| Q3 24 | 1.58× | 2.94× | ||
| Q2 24 | 1.09× | 1.03× | ||
| Q1 24 | 1.32× | 0.65× |
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
DELL
| Products | $21.3B | 79% |
| Storage | $4.0B | 15% |
| Consumer | $1.9B | 7% |
MRK
| Pharmaceuticalsegment | $8.7B | 53% |
| Keytruda | $4.9B | 30% |
| Other | $2.7B | 16% |
| Janumet | $57.0M | 0% |
| Isentress Isentress HD | $38.0M | 0% |
| Pifeltro | $25.0M | 0% |
| Belsomra | $23.0M | 0% |
| Dificid | $17.0M | 0% |
| Delstrigo | $14.0M | 0% |
| Lagevrio | $12.0M | 0% |
| Pneumovax23 | $4.0M | 0% |
