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礼蓝动物保健（ELAN）与梯瓦制药（TEVA）财务数据对比。点击上方公司名可切换其他公司
梯瓦制药的季度营收约是礼蓝动物保健的4.1倍（$4.7B vs $1.1B），梯瓦制药净利率更高（10.2% vs -24.1%，领先34.3%），礼蓝动物保健同比增速更快（12.2% vs 11.4%），梯瓦制药自由现金流更多（$1.0B vs $46.0M），过去两年梯瓦制药的营收复合增速更高（11.1% vs -2.6%）
礼蓝动物保健是一家美国动物保健制药企业，专注于生产宠物及家畜用药品与疫苗。该公司原为礼来公司旗下子公司，2019年完成分拆独立，目前是全球第三大动物保健企业。
梯瓦制药工业有限公司是以色列跨国制药企业，核心业务聚焦仿制药研发生产，同时布局品牌药、药用活性成分（API）业务，也小范围开展合同生产服务及对外授权合作相关业务。
ELAN vs TEVA — 直观对比
营收规模更大
TEVA
是对方的4.1倍
$1.1B
营收增速更快
ELAN
高出0.8%
11.4%
净利率更高
TEVA
高出34.3%
-24.1%
自由现金流更多
TEVA
多$970.0M
$46.0M
两年增速更快
TEVA
近两年复合增速
-2.6%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.1B | $4.7B |
| 净利润 | $-276.0M | $481.0M |
| 毛利率 | 51.5% | 56.4% |
| 营业利润率 | -22.6% | 6.4% |
| 净利率 | -24.1% | 10.2% |
| 营收同比 | 12.2% | 11.4% |
| 净利润同比 | -3350.0% | 321.7% |
| 每股收益（稀释后） | $-0.55 | $0.42 |
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ELANTEVA
| Q4 25 | $1.1B | $4.7B | ||
| Q3 25 | $1.1B | $4.5B | ||
| Q2 25 | $1.2B | $4.2B | ||
| Q1 25 | $1.2B | $3.9B | ||
| Q4 24 | $1.0B | $4.2B | ||
| Q3 24 | $1.0B | $4.3B | ||
| Q2 24 | $1.2B | $4.2B | ||
| Q1 24 | $1.2B | $3.8B |
净利润ELANTEVA
| Q4 25 | $-276.0M | $481.0M | ||
| Q3 25 | $-34.0M | $433.0M | ||
| Q2 25 | $11.0M | $282.0M | ||
| Q1 25 | $67.0M | $214.0M | ||
| Q4 24 | $-8.0M | $-217.0M | ||
| Q3 24 | $364.0M | $-437.0M | ||
| Q2 24 | $-50.0M | $-846.0M | ||
| Q1 24 | $32.0M | $-139.0M |
毛利率ELANTEVA
| Q4 25 | 51.5% | 56.4% | ||
| Q3 25 | 53.4% | 51.4% | ||
| Q2 25 | 57.5% | 50.3% | ||
| Q1 25 | 57.3% | 48.2% | ||
| Q4 24 | 50.9% | 50.2% | ||
| Q3 24 | 52.2% | 49.6% | ||
| Q2 24 | 58.2% | 48.6% | ||
| Q1 24 | 57.3% | 46.4% |
营业利润率ELANTEVA
| Q4 25 | -22.6% | 6.4% | ||
| Q3 25 | -4.4% | 19.7% | ||
| Q2 25 | 2.0% | 10.9% | ||
| Q1 25 | 5.0% | 13.3% | ||
| Q4 24 | -5.0% | -0.7% | ||
| Q3 24 | 54.3% | -1.2% | ||
| Q2 24 | -2.7% | -0.1% | ||
| Q1 24 | 1.0% | -5.7% |
净利率ELANTEVA
| Q4 25 | -24.1% | 10.2% | ||
| Q3 25 | -3.0% | 9.7% | ||
| Q2 25 | 0.9% | 6.8% | ||
| Q1 25 | 5.6% | 5.5% | ||
| Q4 24 | -0.8% | -5.1% | ||
| Q3 24 | 35.3% | -10.1% | ||
| Q2 24 | -4.2% | -20.3% | ||
| Q1 24 | 2.7% | -3.6% |
每股收益（稀释后）ELANTEVA
| Q4 25 | $-0.55 | $0.42 | ||
| Q3 25 | $-0.07 | $0.37 | ||
| Q2 25 | $0.02 | $0.24 | ||
| Q1 25 | $0.13 | $0.18 | ||
| Q4 24 | $-0.01 | $-0.19 | ||
| Q3 24 | $0.73 | $-0.39 | ||
| Q2 24 | $-0.10 | $-0.75 | ||
| Q1 24 | $0.06 | $-0.12 |
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 | $545.0M | $3.6B |
| 总债务越低越好 | $3.9B | — |
| 股东权益账面价值 | $6.5B | $7.9B |
| 总资产 | $13.4B | $40.7B |
| 负债/权益比越低杠杆越低 | 0.60× | — |
8季度趋势，按日历期对齐
现金及短期投资ELANTEVA
| Q4 25 | $545.0M | $3.6B | ||
| Q3 25 | $505.0M | $2.2B | ||
| Q2 25 | $539.0M | $2.2B | ||
| Q1 25 | $487.0M | $1.7B | ||
| Q4 24 | $468.0M | $3.3B | ||
| Q3 24 | $490.0M | $3.3B | ||
| Q2 24 | $416.0M | $2.3B | ||
| Q1 24 | $345.0M | $3.0B |
总债务ELANTEVA
| Q4 25 | $3.9B | — | ||
| Q3 25 | $4.0B | — | ||
| Q2 25 | $4.1B | — | ||
| Q1 25 | $4.4B | — | ||
| Q4 24 | $4.3B | — | ||
| Q3 24 | $4.4B | — | ||
| Q2 24 | $5.7B | — | ||
| Q1 24 | $5.8B | — |
股东权益ELANTEVA
| Q4 25 | $6.5B | $7.9B | ||
| Q3 25 | $6.7B | $7.3B | ||
| Q2 25 | $6.8B | $6.8B | ||
| Q1 25 | $6.4B | $6.3B | ||
| Q4 24 | $6.1B | $5.4B | ||
| Q3 24 | $6.5B | $6.1B | ||
| Q2 24 | $5.9B | $6.4B | ||
| Q1 24 | $6.1B | $7.3B |
总资产ELANTEVA
| Q4 25 | $13.4B | $40.7B | ||
| Q3 25 | $13.6B | $39.9B | ||
| Q2 25 | $13.7B | $40.1B | ||
| Q1 25 | $12.9B | $38.4B | ||
| Q4 24 | $12.6B | $39.3B | ||
| Q3 24 | $13.3B | $41.8B | ||
| Q2 24 | $13.8B | $41.3B | ||
| Q1 24 | $14.0B | $42.8B |
负债/权益比ELANTEVA
| Q4 25 | 0.60× | — | ||
| Q3 25 | 0.59× | — | ||
| Q2 25 | 0.61× | — | ||
| Q1 25 | 0.69× | — | ||
| Q4 24 | 0.70× | — | ||
| Q3 24 | 0.67× | — | ||
| Q2 24 | 0.96× | — | ||
| Q1 24 | 0.95× | — |
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 | $108.0M | $1.2B |
| 自由现金流经营现金流 - 资本支出 | $46.0M | $1.0B |
| 自由现金流率自由现金流/营收 | 4.0% | 21.6% |
| 资本支出强度资本支出/营收 | 5.4% | 3.0% |
| 现金转化率经营现金流/净利润 | — | 2.41× |
| 过去12个月自由现金流最近4个季度 | $284.0M | $1.1B |
8季度趋势，按日历期对齐
经营现金流ELANTEVA
| Q4 25 | $108.0M | $1.2B | ||
| Q3 25 | $219.0M | $369.0M | ||
| Q2 25 | $237.0M | $227.0M | ||
| Q1 25 | $-4.0M | $-105.0M | ||
| Q4 24 | $177.0M | $575.0M | ||
| Q3 24 | $162.0M | $693.0M | ||
| Q2 24 | $200.0M | $103.0M | ||
| Q1 24 | $2.0M | $-124.0M |
自由现金流ELANTEVA
| Q4 25 | $46.0M | $1.0B | ||
| Q3 25 | $127.0M | $233.0M | ||
| Q2 25 | $180.0M | $131.0M | ||
| Q1 25 | $-69.0M | $-232.0M | ||
| Q4 24 | $130.0M | $446.0M | ||
| Q3 24 | $120.0M | $545.0M | ||
| Q2 24 | $166.0M | $6.0M | ||
| Q1 24 | $-22.0M | $-248.0M |
自由现金流率ELANTEVA
| Q4 25 | 4.0% | 21.6% | ||
| Q3 25 | 11.2% | 5.2% | ||
| Q2 25 | 14.5% | 3.1% | ||
| Q1 25 | -5.8% | -6.0% | ||
| Q4 24 | 12.7% | 10.5% | ||
| Q3 24 | 11.7% | 12.6% | ||
| Q2 24 | 14.0% | 0.1% | ||
| Q1 24 | -1.8% | -6.5% |
资本支出强度ELANTEVA
| Q4 25 | 5.4% | 3.0% | ||
| Q3 25 | 8.1% | 3.0% | ||
| Q2 25 | 4.6% | 2.3% | ||
| Q1 25 | 5.4% | 3.3% | ||
| Q4 24 | 4.6% | 3.1% | ||
| Q3 24 | 4.1% | 3.4% | ||
| Q2 24 | 2.9% | 2.3% | ||
| Q1 24 | 2.0% | 3.2% |
现金转化率ELANTEVA
| Q4 25 | — | 2.41× | ||
| Q3 25 | — | 0.85× | ||
| Q2 25 | 21.55× | 0.80× | ||
| Q1 25 | -0.06× | -0.49× | ||
| Q4 24 | — | — | ||
| Q3 24 | 0.45× | — | ||
| Q2 24 | — | — | ||
| Q1 24 | 0.06× | — |
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
ELAN
| Pet Health | $489.0M | 43% |
| Cattle | $296.0M | 26% |
| Poultry | $237.0M | 21% |
| Swine | $107.0M | 9% |
| Contract Manufacturing | $15.0M | 1% |
TEVA
| Other | $2.0B | 42% |
| Generics Medicians Including Otc And Biosimilars | $672.0M | 14% |
| Other Products | $608.0M | 13% |
| License | $529.0M | 11% |
| Distribution Service | $366.0M | 8% |
| Other Activities | $227.0M | 5% |
| Ajovy | $106.0M | 2% |
| COPAXONE | $77.0M | 2% |
| Respiratory Product | $65.0M | 1% |
| Uzedy | $55.0M | 1% |
| Bendeka And Treanda | $36.0M | 1% |
