vs
费森尤斯医疗（FMS）与美高梅国际度假村（MGM）财务数据对比。点击上方公司名可切换其他公司
费森尤斯医疗的季度营收约是美高梅国际度假村的1.2倍（$5.5B vs $4.6B），费森尤斯医疗净利率更高（7.9% vs 6.4%，领先1.6%），美高梅国际度假村同比增速更快（6.0% vs -0.3%）
费森尤斯医疗是德国知名医疗保健企业，核心业务为肾脏透析服务，在全球运营4171家门诊透析中心，服务约34.54万名患者。公司主要为终末期肾病患者提供治疗服务，该类患者需终身每周接受3次透析治疗以维持生命。
美高梅国际度假村是美国跨国文旅、体育及娱乐集团，在拉斯维加斯、美国多个州以及中国澳门、上海、成都、杭州、三亚等地运营度假项目，旗下拥有百乐宫、曼德勒海湾、米高梅大酒店、Park MGM等知名物业。
FMS vs MGM — 直观对比
营收规模更大
FMS
是对方的1.2倍
$4.6B
营收增速更快
MGM
高出6.3%
-0.3%
净利率更高
FMS
高出1.6%
6.4%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $5.5B | $4.6B |
| 净利润 | $434.2M | $293.6M |
| 毛利率 | 27.4% | — |
| 营业利润率 | 11.7% | 7.1% |
| 净利率 | 7.9% | 6.4% |
| 营收同比 | -0.3% | 6.0% |
| 净利润同比 | 240.4% | 86.5% |
| 每股收益（稀释后） | — | $1.12 |
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FMSMGM
| Q4 25 | $5.5B | $4.6B | ||
| Q3 25 | — | $4.3B | ||
| Q2 25 | — | $4.4B | ||
| Q1 25 | — | $4.3B | ||
| Q4 24 | $5.5B | $4.3B | ||
| Q3 24 | — | $4.2B | ||
| Q2 24 | — | $4.3B | ||
| Q1 24 | — | $4.4B |
净利润FMSMGM
| Q4 25 | $434.2M | $293.6M | ||
| Q3 25 | — | $-285.3M | ||
| Q2 25 | — | $49.0M | ||
| Q1 25 | — | $148.6M | ||
| Q4 24 | $127.6M | $157.4M | ||
| Q3 24 | — | $184.6M | ||
| Q2 24 | — | $187.1M | ||
| Q1 24 | — | $217.5M |
毛利率FMSMGM
| Q4 25 | 27.4% | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 25.0% | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
营业利润率FMSMGM
| Q4 25 | 11.7% | 7.1% | ||
| Q3 25 | — | -2.7% | ||
| Q2 25 | — | 9.2% | ||
| Q1 25 | — | 9.0% | ||
| Q4 24 | 5.1% | 6.7% | ||
| Q3 24 | — | 7.5% | ||
| Q2 24 | — | 9.8% | ||
| Q1 24 | — | 10.5% |
净利率FMSMGM
| Q4 25 | 7.9% | 6.4% | ||
| Q3 25 | — | -6.7% | ||
| Q2 25 | — | 1.1% | ||
| Q1 25 | — | 3.5% | ||
| Q4 24 | 2.3% | 3.6% | ||
| Q3 24 | — | 4.4% | ||
| Q2 24 | — | 4.3% | ||
| Q1 24 | — | 5.0% |
每股收益（稀释后）FMSMGM
| Q4 25 | — | $1.12 | ||
| Q3 25 | — | $-1.05 | ||
| Q2 25 | — | $0.18 | ||
| Q1 25 | — | $0.51 | ||
| Q4 24 | — | $0.52 | ||
| Q3 24 | — | $0.61 | ||
| Q2 24 | — | $0.60 | ||
| Q1 24 | — | $0.67 |
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 | $1.7B | $2.1B |
| 总债务越低越好 | — | $6.2B |
| 股东权益账面价值 | $15.4B | $2.4B |
| 总资产 | $33.5B | $41.4B |
| 负债/权益比越低杠杆越低 | — | 2.56× |
8季度趋势，按日历期对齐
现金及短期投资FMSMGM
| Q4 25 | $1.7B | $2.1B | ||
| Q3 25 | — | $2.1B | ||
| Q2 25 | — | $2.0B | ||
| Q1 25 | — | $2.3B | ||
| Q4 24 | $1.3B | $2.4B | ||
| Q3 24 | — | $3.0B | ||
| Q2 24 | — | $2.4B | ||
| Q1 24 | — | $2.7B |
总债务FMSMGM
| Q4 25 | — | $6.2B | ||
| Q3 25 | — | $6.2B | ||
| Q2 25 | — | $6.2B | ||
| Q1 25 | — | $6.4B | ||
| Q4 24 | — | $6.4B | ||
| Q3 24 | — | $6.9B | ||
| Q2 24 | — | $6.3B | ||
| Q1 24 | — | $6.3B |
股东权益FMSMGM
| Q4 25 | $15.4B | $2.4B | ||
| Q3 25 | — | $2.7B | ||
| Q2 25 | — | $3.0B | ||
| Q1 25 | — | $2.9B | ||
| Q4 24 | $17.0B | $3.0B | ||
| Q3 24 | — | $3.2B | ||
| Q2 24 | — | $3.2B | ||
| Q1 24 | — | $3.5B |
总资产FMSMGM
| Q4 25 | $33.5B | $41.4B | ||
| Q3 25 | — | $41.4B | ||
| Q2 25 | — | $41.7B | ||
| Q1 25 | — | $41.9B | ||
| Q4 24 | $36.3B | $42.2B | ||
| Q3 24 | — | $42.7B | ||
| Q2 24 | — | $41.8B | ||
| Q1 24 | — | $42.1B |
负债/权益比FMSMGM
| Q4 25 | — | 2.56× | ||
| Q3 25 | — | 2.30× | ||
| Q2 25 | — | 2.09× | ||
| Q1 25 | — | 2.25× | ||
| Q4 24 | — | 2.10× | ||
| Q3 24 | — | 2.14× | ||
| Q2 24 | — | 1.96× | ||
| Q1 24 | — | 1.81× |
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 | $2.9B | $655.0M |
| 自由现金流经营现金流 - 资本支出 | — | $358.5M |
| 自由现金流率自由现金流/营收 | — | 7.8% |
| 资本支出强度资本支出/营收 | — | 6.4% |
| 现金转化率经营现金流/净利润 | 6.67× | 2.23× |
| 过去12个月自由现金流最近4个季度 | — | $1.5B |
8季度趋势，按日历期对齐
经营现金流FMSMGM
| Q4 25 | $2.9B | $655.0M | ||
| Q3 25 | — | $681.4M | ||
| Q2 25 | — | $645.9M | ||
| Q1 25 | — | $547.1M | ||
| Q4 24 | $2.6B | $671.6M | ||
| Q3 24 | — | $667.4M | ||
| Q2 24 | — | $474.2M | ||
| Q1 24 | — | $549.3M |
自由现金流FMSMGM
| Q4 25 | — | $358.5M | ||
| Q3 25 | — | $405.4M | ||
| Q2 25 | — | $377.4M | ||
| Q1 25 | — | $319.0M | ||
| Q4 24 | — | $267.5M | ||
| Q3 24 | — | $331.2M | ||
| Q2 24 | — | $236.0M | ||
| Q1 24 | — | $377.2M |
自由现金流率FMSMGM
| Q4 25 | — | 7.8% | ||
| Q3 25 | — | 9.5% | ||
| Q2 25 | — | 8.6% | ||
| Q1 25 | — | 7.5% | ||
| Q4 24 | — | 6.2% | ||
| Q3 24 | — | 7.9% | ||
| Q2 24 | — | 5.5% | ||
| Q1 24 | — | 8.6% |
资本支出强度FMSMGM
| Q4 25 | — | 6.4% | ||
| Q3 25 | — | 6.5% | ||
| Q2 25 | — | 6.1% | ||
| Q1 25 | — | 5.3% | ||
| Q4 24 | — | 9.3% | ||
| Q3 24 | — | 8.0% | ||
| Q2 24 | — | 5.5% | ||
| Q1 24 | — | 3.9% |
现金转化率FMSMGM
| Q4 25 | 6.67× | 2.23× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | 13.19× | ||
| Q1 25 | — | 3.68× | ||
| Q4 24 | 20.20× | 4.27× | ||
| Q3 24 | — | 3.62× | ||
| Q2 24 | — | 2.54× | ||
| Q1 24 | — | 2.53× |
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
FMS
暂无分部数据
MGM
| Casino | $2.6B | 56% |
| Occupancy | $858.4M | 19% |
| Food And Beverage | $749.0M | 16% |
| Entertainment Retail And Other | $423.0M | 9% |
