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费森尤斯医疗（FMS）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
费森尤斯医疗的季度营收约是梯瓦制药的1.2倍（$5.5B vs $4.7B），梯瓦制药净利率更高（10.2% vs 7.9%，领先2.3%），梯瓦制药同比增速更快（11.4% 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。
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。
FMS vs TEVA — 直观对比
营收规模更大
FMS
是对方的1.2倍
$4.7B
营收增速更快
TEVA
高出11.7%
-0.3%
净利率更高
TEVA
高出2.3%
7.9%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $5.5B | $4.7B |
| 净利润 | $434.2M | $481.0M |
| 毛利率 | 27.4% | 56.4% |
| 营业利润率 | 11.7% | 6.4% |
| 净利率 | 7.9% | 10.2% |
| 营收同比 | -0.3% | 11.4% |
| 净利润同比 | 240.4% | 321.7% |
| 每股收益（稀释后） | — | $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FMSTEVA
| Q4 25 | $5.5B | $4.7B | ||
| Q3 25 | — | $4.5B | ||
| Q2 25 | — | $4.2B | ||
| Q1 25 | — | $3.9B | ||
| Q4 24 | $5.5B | $4.2B | ||
| Q3 24 | — | $4.3B | ||
| Q2 24 | — | $4.2B | ||
| Q1 24 | — | $3.8B |
净利润FMSTEVA
| Q4 25 | $434.2M | $481.0M | ||
| Q3 25 | — | $433.0M | ||
| Q2 25 | — | $282.0M | ||
| Q1 25 | — | $214.0M | ||
| Q4 24 | $127.6M | $-217.0M | ||
| Q3 24 | — | $-437.0M | ||
| Q2 24 | — | $-846.0M | ||
| Q1 24 | — | $-139.0M |
毛利率FMSTEVA
| Q4 25 | 27.4% | 56.4% | ||
| Q3 25 | — | 51.4% | ||
| Q2 25 | — | 50.3% | ||
| Q1 25 | — | 48.2% | ||
| Q4 24 | 25.0% | 50.2% | ||
| Q3 24 | — | 49.6% | ||
| Q2 24 | — | 48.6% | ||
| Q1 24 | — | 46.4% |
营业利润率FMSTEVA
| Q4 25 | 11.7% | 6.4% | ||
| Q3 25 | — | 19.7% | ||
| Q2 25 | — | 10.9% | ||
| Q1 25 | — | 13.3% | ||
| Q4 24 | 5.1% | -0.7% | ||
| Q3 24 | — | -1.2% | ||
| Q2 24 | — | -0.1% | ||
| Q1 24 | — | -5.7% |
净利率FMSTEVA
| Q4 25 | 7.9% | 10.2% | ||
| Q3 25 | — | 9.7% | ||
| Q2 25 | — | 6.8% | ||
| Q1 25 | — | 5.5% | ||
| Q4 24 | 2.3% | -5.1% | ||
| Q3 24 | — | -10.1% | ||
| Q2 24 | — | -20.3% | ||
| Q1 24 | — | -3.6% |
每股收益（稀释后）FMSTEVA
| Q4 25 | — | $0.42 | ||
| Q3 25 | — | $0.37 | ||
| Q2 25 | — | $0.24 | ||
| Q1 25 | — | $0.18 | ||
| Q4 24 | — | $-0.19 | ||
| Q3 24 | — | $-0.39 | ||
| Q2 24 | — | $-0.75 | ||
| Q1 24 | — | $-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 | $1.7B | $3.6B |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $15.4B | $7.9B |
| 总资产 | $33.5B | $40.7B |
| 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FMSTEVA
| Q4 25 | $1.7B | $3.6B | ||
| Q3 25 | — | $2.2B | ||
| Q2 25 | — | $2.2B | ||
| Q1 25 | — | $1.7B | ||
| Q4 24 | $1.3B | $3.3B | ||
| Q3 24 | — | $3.3B | ||
| Q2 24 | — | $2.3B | ||
| Q1 24 | — | $3.0B |
股东权益FMSTEVA
| Q4 25 | $15.4B | $7.9B | ||
| Q3 25 | — | $7.3B | ||
| Q2 25 | — | $6.8B | ||
| Q1 25 | — | $6.3B | ||
| Q4 24 | $17.0B | $5.4B | ||
| Q3 24 | — | $6.1B | ||
| Q2 24 | — | $6.4B | ||
| Q1 24 | — | $7.3B |
总资产FMSTEVA
| Q4 25 | $33.5B | $40.7B | ||
| Q3 25 | — | $39.9B | ||
| Q2 25 | — | $40.1B | ||
| Q1 25 | — | $38.4B | ||
| Q4 24 | $36.3B | $39.3B | ||
| Q3 24 | — | $41.8B | ||
| Q2 24 | — | $41.3B | ||
| Q1 24 | — | $42.8B |
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 | $2.9B | $1.2B |
| 自由现金流经营现金流 - 资本支出 | — | $1.0B |
| 自由现金流率自由现金流/营收 | — | 21.6% |
| 资本支出强度资本支出/营收 | — | 3.0% |
| 现金转化率经营现金流/净利润 | 6.67× | 2.41× |
| 过去12个月自由现金流最近4个季度 | — | $1.1B |
8季度趋势，按日历期对齐
经营现金流FMSTEVA
| Q4 25 | $2.9B | $1.2B | ||
| Q3 25 | — | $369.0M | ||
| Q2 25 | — | $227.0M | ||
| Q1 25 | — | $-105.0M | ||
| Q4 24 | $2.6B | $575.0M | ||
| Q3 24 | — | $693.0M | ||
| Q2 24 | — | $103.0M | ||
| Q1 24 | — | $-124.0M |
自由现金流FMSTEVA
| Q4 25 | — | $1.0B | ||
| Q3 25 | — | $233.0M | ||
| Q2 25 | — | $131.0M | ||
| Q1 25 | — | $-232.0M | ||
| Q4 24 | — | $446.0M | ||
| Q3 24 | — | $545.0M | ||
| Q2 24 | — | $6.0M | ||
| Q1 24 | — | $-248.0M |
自由现金流率FMSTEVA
| Q4 25 | — | 21.6% | ||
| Q3 25 | — | 5.2% | ||
| Q2 25 | — | 3.1% | ||
| Q1 25 | — | -6.0% | ||
| Q4 24 | — | 10.5% | ||
| Q3 24 | — | 12.6% | ||
| Q2 24 | — | 0.1% | ||
| Q1 24 | — | -6.5% |
资本支出强度FMSTEVA
| Q4 25 | — | 3.0% | ||
| Q3 25 | — | 3.0% | ||
| Q2 25 | — | 2.3% | ||
| Q1 25 | — | 3.3% | ||
| Q4 24 | — | 3.1% | ||
| Q3 24 | — | 3.4% | ||
| Q2 24 | — | 2.3% | ||
| Q1 24 | — | 3.2% |
现金转化率FMSTEVA
| Q4 25 | 6.67× | 2.41× | ||
| Q3 25 | — | 0.85× | ||
| Q2 25 | — | 0.80× | ||
| Q1 25 | — | -0.49× | ||
| Q4 24 | 20.20× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 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
FMS
暂无分部数据
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% |
