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杜比实验室（DLB）与ICU MEDICAL INC（ICUI）财务数据对比。点击上方公司名可切换其他公司
ICU MEDICAL INC的季度营收约是杜比实验室的1.6倍（$540.7M vs $346.7M），杜比实验室净利率更高（15.4% vs -2.9%，领先18.3%），杜比实验室同比增速更快（-2.9% vs -14.1%），杜比实验室自由现金流更多（$50.2M vs $36.0M），过去两年ICU MEDICAL INC的营收复合增速更高（-2.3% vs -2.5%）
杜比实验室是一家美国科技企业，专注于音频降噪、音频编码压缩、空间音频及高动态范围（HDR）影像等技术的研发，旗下技术广泛授权给全球各地的消费电子制造商使用，助力终端产品为用户带来更出色的视听体验。
ICU医疗是总部位于美国加利福尼亚州圣克莱门特的医疗科技企业，专注于研发预防血流感染、保护医护人员免受传染病或危险药物侵害的医疗产品，产品线覆盖静脉治疗用品、输液泵、无针血管通路设备、定制输液套装、危险药物密闭处理系统、传感导管以及无针封闭式血液采样系统等。
DLB vs ICUI — 直观对比
营收规模更大
ICUI
是对方的1.6倍
$346.7M
营收增速更快
DLB
高出11.3%
-14.1%
净利率更高
DLB
高出18.3%
-2.9%
自由现金流更多
DLB
多$14.2M
$36.0M
两年增速更快
ICUI
近两年复合增速
-2.5%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $346.7M | $540.7M |
| 净利润 | $53.3M | $-15.7M |
| 毛利率 | 87.5% | 37.5% |
| 营业利润率 | 17.9% | 1.0% |
| 净利率 | 15.4% | -2.9% |
| 营收同比 | -2.9% | -14.1% |
| 净利润同比 | -21.4% | 34.0% |
| 每股收益（稀释后） | $0.55 | $-0.63 |
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DLBICUI
| Q4 25 | $346.7M | $540.7M | ||
| Q3 25 | $307.0M | $537.0M | ||
| Q2 25 | $315.5M | $548.9M | ||
| Q1 25 | $369.6M | $604.7M | ||
| Q4 24 | $357.0M | $629.8M | ||
| Q3 24 | $304.8M | $589.1M | ||
| Q2 24 | $288.8M | $596.5M | ||
| Q1 24 | $364.5M | $566.7M |
净利润DLBICUI
| Q4 25 | $53.3M | $-15.7M | ||
| Q3 25 | $49.3M | $-3.4M | ||
| Q2 25 | $46.1M | $35.3M | ||
| Q1 25 | $91.8M | $-15.5M | ||
| Q4 24 | $67.8M | $-23.8M | ||
| Q3 24 | $58.6M | $-33.0M | ||
| Q2 24 | $38.4M | $-21.4M | ||
| Q1 24 | $97.8M | $-39.5M |
毛利率DLBICUI
| Q4 25 | 87.5% | 37.5% | ||
| Q3 25 | 87.1% | 37.4% | ||
| Q2 25 | 86.1% | 37.9% | ||
| Q1 25 | 90.3% | 34.7% | ||
| Q4 24 | 88.6% | 36.1% | ||
| Q3 24 | 88.8% | 34.8% | ||
| Q2 24 | 87.7% | 34.8% | ||
| Q1 24 | 89.4% | 32.7% |
营业利润率DLBICUI
| Q4 25 | 17.9% | 1.0% | ||
| Q3 25 | 9.7% | 2.6% | ||
| Q2 25 | 15.1% | 1.9% | ||
| Q1 25 | 29.2% | 2.1% | ||
| Q4 24 | 22.4% | 6.0% | ||
| Q3 24 | 15.2% | 1.4% | ||
| Q2 24 | 12.7% | 1.3% | ||
| Q1 24 | 29.9% | -1.9% |
净利率DLBICUI
| Q4 25 | 15.4% | -2.9% | ||
| Q3 25 | 16.1% | -0.6% | ||
| Q2 25 | 14.6% | 6.4% | ||
| Q1 25 | 24.8% | -2.6% | ||
| Q4 24 | 19.0% | -3.8% | ||
| Q3 24 | 19.2% | -5.6% | ||
| Q2 24 | 13.3% | -3.6% | ||
| Q1 24 | 26.8% | -7.0% |
每股收益（稀释后）DLBICUI
| Q4 25 | $0.55 | $-0.63 | ||
| Q3 25 | $0.50 | $-0.14 | ||
| Q2 25 | $0.48 | $1.43 | ||
| Q1 25 | $0.94 | $-0.63 | ||
| Q4 24 | $0.70 | $-0.97 | ||
| Q3 24 | $0.59 | $-1.35 | ||
| Q2 24 | $0.40 | $-0.88 | ||
| Q1 24 | $1.01 | $-1.63 |
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 | $644.6M | — |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $2.6B | $2.1B |
| 总资产 | $3.2B | $4.1B |
| 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DLBICUI
| Q4 25 | $644.6M | — | ||
| Q3 25 | $702.6M | — | ||
| Q2 25 | $699.3M | — | ||
| Q1 25 | $626.6M | — | ||
| Q4 24 | $520.8M | $308.6M | ||
| Q3 24 | $482.0M | $312.5M | ||
| Q2 24 | $869.0M | $302.6M | ||
| Q1 24 | $825.4M | $251.4M |
股东权益DLBICUI
| Q4 25 | $2.6B | $2.1B | ||
| Q3 25 | $2.6B | $2.1B | ||
| Q2 25 | $2.6B | $2.1B | ||
| Q1 25 | $2.6B | $2.0B | ||
| Q4 24 | $2.5B | $2.0B | ||
| Q3 24 | $2.5B | $2.0B | ||
| Q2 24 | $2.4B | $2.0B | ||
| Q1 24 | $2.4B | $2.1B |
总资产DLBICUI
| Q4 25 | $3.2B | $4.1B | ||
| Q3 25 | $3.2B | $4.1B | ||
| Q2 25 | $3.2B | $4.1B | ||
| Q1 25 | $3.2B | $4.2B | ||
| Q4 24 | $3.2B | $4.2B | ||
| Q3 24 | $3.1B | $4.3B | ||
| Q2 24 | $3.0B | $4.3B | ||
| Q1 24 | $3.0B | $4.3B |
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 | $54.8M | $60.6M |
| 自由现金流经营现金流 - 资本支出 | $50.2M | $36.0M |
| 自由现金流率自由现金流/营收 | 14.5% | 6.6% |
| 资本支出强度资本支出/营收 | 1.3% | 4.6% |
| 现金转化率经营现金流/净利润 | 1.03× | — |
| 过去12个月自由现金流最近4个季度 | $715.3M | $91.8M |
8季度趋势，按日历期对齐
经营现金流DLBICUI
| Q4 25 | $54.8M | $60.6M | ||
| Q3 25 | $472.2M | $56.7M | ||
| Q2 25 | $67.7M | $11.2M | ||
| Q1 25 | $174.9M | $51.3M | ||
| Q4 24 | $106.8M | $40.2M | ||
| Q3 24 | $327.3M | $36.1M | ||
| Q2 24 | $21.3M | $82.0M | ||
| Q1 24 | $181.4M | $45.8M |
自由现金流DLBICUI
| Q4 25 | $50.2M | $36.0M | ||
| Q3 25 | $435.9M | $27.6M | ||
| Q2 25 | $61.3M | $-8.5M | ||
| Q1 25 | $168.0M | $36.7M | ||
| Q4 24 | $100.0M | $16.1M | ||
| Q3 24 | $297.2M | $16.2M | ||
| Q2 24 | $13.7M | $62.5M | ||
| Q1 24 | $172.5M | $29.9M |
自由现金流率DLBICUI
| Q4 25 | 14.5% | 6.6% | ||
| Q3 25 | 142.0% | 5.1% | ||
| Q2 25 | 19.4% | -1.5% | ||
| Q1 25 | 45.5% | 6.1% | ||
| Q4 24 | 28.0% | 2.6% | ||
| Q3 24 | 97.5% | 2.7% | ||
| Q2 24 | 4.7% | 10.5% | ||
| Q1 24 | 47.3% | 5.3% |
资本支出强度DLBICUI
| Q4 25 | 1.3% | 4.6% | ||
| Q3 25 | 11.8% | 5.4% | ||
| Q2 25 | 2.0% | 3.6% | ||
| Q1 25 | 1.9% | 2.4% | ||
| Q4 24 | 1.9% | 3.8% | ||
| Q3 24 | 9.8% | 3.4% | ||
| Q2 24 | 2.6% | 3.3% | ||
| Q1 24 | 2.4% | 2.8% |
现金转化率DLBICUI
| Q4 25 | 1.03× | — | ||
| Q3 25 | 9.57× | — | ||
| Q2 25 | 1.47× | 0.32× | ||
| Q1 25 | 1.91× | — | ||
| Q4 24 | 1.57× | — | ||
| Q3 24 | 5.59× | — | ||
| Q2 24 | 0.55× | — | ||
| Q1 24 | 1.85× | — |
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
DLB
| Licensing Brodcast Revenue | $100.3M | 29% |
| Licensing Mobile Revenue | $74.9M | 22% |
| Licensing Other Revenue | $70.2M | 20% |
| Licensing CE Revenue | $45.6M | 13% |
| Licensing PC Revenue | $28.7M | 8% |
| Products And Services | $26.9M | 8% |
ICUI
| Infusion Consumables | $284.7M | 53% |
| Infusion Systems | $176.3M | 33% |
| Vital Care | $79.7M | 15% |
