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FEDERAL SIGNAL CORP（FSS）与UNITED THERAPEUTICS Corp（UTHR）财务数据对比。点击上方公司名可切换其他公司
UNITED THERAPEUTICS Corp的季度营收约是FEDERAL SIGNAL CORP的1.3倍（$790.2M vs $597.1M），UNITED THERAPEUTICS Corp净利率更高（46.1% vs 10.2%，领先35.9%），FEDERAL SIGNAL CORP同比增速更快（26.5% vs 7.4%），UNITED THERAPEUTICS Corp自由现金流更多（$173.3M vs $89.5M），过去两年FEDERAL SIGNAL CORP的营收复合增速更高（18.5% vs 8.0%）
联邦信号公司是20世纪早期的美国企业，主营铁路信号设备的制造业务，总部坐落于美国纽约州奥尔巴尼市，其生产的相关信号产品在当时的美国轨道交通行业得到了广泛应用，具备一定的行业知名度。
United Therapeutics是美国生物技术企业，专注开发包含异种移植在内的器官移植相关药物与技术，多款产品布局肺部疾病及器官制造赛道，双总部位于马里兰州银泉与北卡罗来纳州三角研究园，在美加多地设有研发及运营分支机构。
FSS vs UTHR — 直观对比
营收规模更大
UTHR
是对方的1.3倍
$597.1M
营收增速更快
FSS
高出19.1%
7.4%
净利率更高
UTHR
高出35.9%
10.2%
自由现金流更多
UTHR
多$83.8M
$89.5M
两年增速更快
FSS
近两年复合增速
8.0%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $597.1M | $790.2M |
| 净利润 | $60.8M | $364.3M |
| 毛利率 | 28.4% | 86.9% |
| 营业利润率 | 14.0% | 45.1% |
| 净利率 | 10.2% | 46.1% |
| 营收同比 | 26.5% | 7.4% |
| 净利润同比 | 21.6% | 20.9% |
| 每股收益（稀释后） | $0.99 | $7.66 |
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FSSUTHR
| Q4 25 | $597.1M | $790.2M | ||
| Q3 25 | $555.0M | $799.5M | ||
| Q2 25 | $564.6M | $798.6M | ||
| Q1 25 | $463.8M | $794.4M | ||
| Q4 24 | $472.0M | $735.9M | ||
| Q3 24 | $474.2M | $748.9M | ||
| Q2 24 | $490.4M | $714.9M | ||
| Q1 24 | $424.9M | $677.7M |
净利润FSSUTHR
| Q4 25 | $60.8M | $364.3M | ||
| Q3 25 | $68.1M | $338.7M | ||
| Q2 25 | $71.4M | $309.5M | ||
| Q1 25 | $46.3M | $322.2M | ||
| Q4 24 | $50.0M | $301.3M | ||
| Q3 24 | $53.9M | $309.1M | ||
| Q2 24 | $60.8M | $278.1M | ||
| Q1 24 | $51.6M | $306.6M |
毛利率FSSUTHR
| Q4 25 | 28.4% | 86.9% | ||
| Q3 25 | 29.1% | 87.4% | ||
| Q2 25 | 30.0% | 89.0% | ||
| Q1 25 | 28.2% | 88.4% | ||
| Q4 24 | 28.1% | 89.7% | ||
| Q3 24 | 29.6% | 88.9% | ||
| Q2 24 | 29.4% | 89.1% | ||
| Q1 24 | 27.3% | 89.2% |
营业利润率FSSUTHR
| Q4 25 | 14.0% | 45.1% | ||
| Q3 25 | 16.9% | 48.6% | ||
| Q2 25 | 17.3% | 45.6% | ||
| Q1 25 | 14.2% | 48.2% | ||
| Q4 24 | 14.9% | 48.6% | ||
| Q3 24 | 16.0% | 45.8% | ||
| Q2 24 | 16.5% | 44.7% | ||
| Q1 24 | 12.8% | 52.6% |
净利率FSSUTHR
| Q4 25 | 10.2% | 46.1% | ||
| Q3 25 | 12.3% | 42.4% | ||
| Q2 25 | 12.6% | 38.8% | ||
| Q1 25 | 10.0% | 40.6% | ||
| Q4 24 | 10.6% | 40.9% | ||
| Q3 24 | 11.4% | 41.3% | ||
| Q2 24 | 12.4% | 38.9% | ||
| Q1 24 | 12.1% | 45.2% |
每股收益（稀释后）FSSUTHR
| Q4 25 | $0.99 | $7.66 | ||
| Q3 25 | $1.11 | $7.16 | ||
| Q2 25 | $1.16 | $6.41 | ||
| Q1 25 | $0.75 | $6.63 | ||
| Q4 24 | $0.80 | $6.23 | ||
| Q3 24 | $0.87 | $6.39 | ||
| Q2 24 | $0.99 | $5.85 | ||
| Q1 24 | $0.84 | $6.17 |
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 | $63.7M | $2.9B |
| 总债务越低越好 | $564.6M | — |
| 股东权益账面价值 | $1.4B | $7.1B |
| 总资产 | $2.4B | $7.9B |
| 负债/权益比越低杠杆越低 | 0.41× | — |
8季度趋势，按日历期对齐
现金及短期投资FSSUTHR
| Q4 25 | $63.7M | $2.9B | ||
| Q3 25 | $54.4M | $2.8B | ||
| Q2 25 | $64.7M | $3.0B | ||
| Q1 25 | $57.5M | $3.3B | ||
| Q4 24 | $91.1M | $3.3B | ||
| Q3 24 | $73.7M | $3.3B | ||
| Q2 24 | $48.6M | $3.0B | ||
| Q1 24 | $48.9M | $2.7B |
总债务FSSUTHR
| Q4 25 | $564.6M | — | ||
| Q3 25 | $201.2M | — | ||
| Q2 25 | $258.3M | — | ||
| Q1 25 | $266.9M | — | ||
| Q4 24 | $204.4M | — | ||
| Q3 24 | $223.3M | — | ||
| Q2 24 | $248.8M | — | ||
| Q1 24 | $266.8M | — |
股东权益FSSUTHR
| Q4 25 | $1.4B | $7.1B | ||
| Q3 25 | $1.3B | $6.6B | ||
| Q2 25 | $1.3B | $7.2B | ||
| Q1 25 | $1.2B | $6.8B | ||
| Q4 24 | $1.2B | $6.4B | ||
| Q3 24 | $1.1B | $6.1B | ||
| Q2 24 | $1.1B | $5.7B | ||
| Q1 24 | $1.0B | $5.3B |
总资产FSSUTHR
| Q4 25 | $2.4B | $7.9B | ||
| Q3 25 | $1.9B | $7.4B | ||
| Q2 25 | $1.9B | $7.9B | ||
| Q1 25 | $1.9B | $7.7B | ||
| Q4 24 | $1.8B | $7.4B | ||
| Q3 24 | $1.7B | $7.1B | ||
| Q2 24 | $1.7B | $6.7B | ||
| Q1 24 | $1.7B | $6.5B |
负债/权益比FSSUTHR
| Q4 25 | 0.41× | — | ||
| Q3 25 | 0.15× | — | ||
| Q2 25 | 0.20× | — | ||
| Q1 25 | 0.22× | — | ||
| Q4 24 | 0.17× | — | ||
| Q3 24 | 0.19× | — | ||
| Q2 24 | 0.23× | — | ||
| Q1 24 | 0.26× | — |
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 | $97.2M | $346.2M |
| 自由现金流经营现金流 - 资本支出 | $89.5M | $173.3M |
| 自由现金流率自由现金流/营收 | 15.0% | 21.9% |
| 资本支出强度资本支出/营收 | 1.3% | 21.9% |
| 现金转化率经营现金流/净利润 | 1.60× | 0.95× |
| 过去12个月自由现金流最近4个季度 | $227.1M | $1.0B |
8季度趋势，按日历期对齐
经营现金流FSSUTHR
| Q4 25 | $97.2M | $346.2M | ||
| Q3 25 | $61.1M | $562.1M | ||
| Q2 25 | $59.7M | $191.7M | ||
| Q1 25 | $36.7M | $461.2M | ||
| Q4 24 | $90.6M | $341.2M | ||
| Q3 24 | $68.8M | $377.2M | ||
| Q2 24 | $40.6M | $232.2M | ||
| Q1 24 | $31.3M | $376.5M |
自由现金流FSSUTHR
| Q4 25 | $89.5M | $173.3M | ||
| Q3 25 | $54.1M | $351.6M | ||
| Q2 25 | $52.4M | $129.5M | ||
| Q1 25 | $31.1M | $386.3M | ||
| Q4 24 | $82.1M | $254.5M | ||
| Q3 24 | $60.9M | $300.7M | ||
| Q2 24 | $24.8M | $187.1M | ||
| Q1 24 | $22.9M | $338.3M |
自由现金流率FSSUTHR
| Q4 25 | 15.0% | 21.9% | ||
| Q3 25 | 9.7% | 44.0% | ||
| Q2 25 | 9.3% | 16.2% | ||
| Q1 25 | 6.7% | 48.6% | ||
| Q4 24 | 17.4% | 34.6% | ||
| Q3 24 | 12.8% | 40.2% | ||
| Q2 24 | 5.1% | 26.2% | ||
| Q1 24 | 5.4% | 49.9% |
资本支出强度FSSUTHR
| Q4 25 | 1.3% | 21.9% | ||
| Q3 25 | 1.3% | 26.3% | ||
| Q2 25 | 1.3% | 7.8% | ||
| Q1 25 | 1.2% | 9.4% | ||
| Q4 24 | 1.8% | 11.8% | ||
| Q3 24 | 1.7% | 10.2% | ||
| Q2 24 | 3.2% | 6.3% | ||
| Q1 24 | 2.0% | 5.6% |
现金转化率FSSUTHR
| Q4 25 | 1.60× | 0.95× | ||
| Q3 25 | 0.90× | 1.66× | ||
| Q2 25 | 0.84× | 0.62× | ||
| Q1 25 | 0.79× | 1.43× | ||
| Q4 24 | 1.81× | 1.13× | ||
| Q3 24 | 1.28× | 1.22× | ||
| Q2 24 | 0.67× | 0.83× | ||
| Q1 24 | 0.61× | 1.23× |
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
FSS
| Vehiclesandequipment | $403.4M | 68% |
| Parts | $66.8M | 11% |
| Publicsafetyandsecurityequipment | $62.2M | 10% |
| Rentalincome | $19.0M | 3% |
| Industrialsignalingequipment | $18.2M | 3% |
| Other | $14.9M | 2% |
| Warningsystems | $12.6M | 2% |
UTHR
| Tyvaso DPI | $338.6M | 43% |
| Remodulin | $128.0M | 16% |
| Nebulized Tyvaso | $125.7M | 16% |
| Orenitram | $121.2M | 15% |
| Unituxin | $62.3M | 8% |
| Adcirca | $7.8M | 1% |
| Other | $6.6M | 1% |
