vs
通用动力（GD）与强生（JNJ）财务数据对比。点击上方公司名可切换其他公司
强生的季度营收约是通用动力的1.7倍（$24.6B vs $14.4B），强生净利率更高（20.8% vs 7.9%，领先12.9%），强生同比增速更快（9.1% vs 7.8%），强生自由现金流更多（$5.5B vs $952.0M），过去两年通用动力的营收复合增速更高（15.8% vs 7.2%）
通用动力是总部位于美国弗吉尼亚州雷斯顿的工业科技企业，是全球领先的先进军工装备研发生产商，产品覆盖核潜艇、主战坦克、装甲战车等多种品类，同时生产湾流系列公务机，也提供信息技术服务，位列美国前百名国防承包商第三位。
强生是美国跨国制药、生物技术及医疗技术企业，总部位于新泽西州新不伦瑞克，在纽约证券交易所上市，普通股为道琼斯工业平均指数成分股，2025年位列财富美国500强第48位、福布斯全球企业2000强第42位。
GD vs JNJ — 直观对比
营收规模更大
JNJ
是对方的1.7倍
$14.4B
营收增速更快
JNJ
高出1.3%
7.8%
净利率更高
JNJ
高出12.9%
7.9%
自由现金流更多
JNJ
多$4.5B
$952.0M
两年增速更快
GD
近两年复合增速
7.2%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $14.4B | $24.6B |
| 净利润 | $1.1B | $5.1B |
| 毛利率 | — | 67.6% |
| 营业利润率 | 10.1% | 20.2% |
| 净利率 | 7.9% | 20.8% |
| 营收同比 | 7.8% | 9.1% |
| 净利润同比 | -0.4% | 49.1% |
| 每股收益（稀释后） | — | $2.08 |
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GDJNJ
| Q4 25 | $14.4B | $24.6B | ||
| Q3 25 | $12.9B | $24.0B | ||
| Q2 25 | $13.0B | $23.7B | ||
| Q1 25 | $12.2B | $21.9B | ||
| Q4 24 | $13.3B | $22.5B | ||
| Q3 24 | $11.7B | $22.5B | ||
| Q2 24 | $12.0B | $22.4B | ||
| Q1 24 | $10.7B | $21.4B |
净利润GDJNJ
| Q4 25 | $1.1B | $5.1B | ||
| Q3 25 | $1.1B | $5.2B | ||
| Q2 25 | $1.0B | $5.5B | ||
| Q1 25 | $994.0M | $11.0B | ||
| Q4 24 | $1.1B | $3.4B | ||
| Q3 24 | $930.0M | $2.7B | ||
| Q2 24 | $905.0M | $4.7B | ||
| Q1 24 | $799.0M | $3.3B |
毛利率GDJNJ
| Q4 25 | — | 67.6% | ||
| Q3 25 | — | 69.6% | ||
| Q2 25 | — | 67.9% | ||
| Q1 25 | — | 66.4% | ||
| Q4 24 | — | 68.3% | ||
| Q3 24 | — | 69.0% | ||
| Q2 24 | — | 69.4% | ||
| Q1 24 | — | 69.6% |
营业利润率GDJNJ
| Q4 25 | 10.1% | 20.2% | ||
| Q3 25 | 10.3% | 31.2% | ||
| Q2 25 | 10.0% | 27.3% | ||
| Q1 25 | 10.4% | 62.3% | ||
| Q4 24 | 10.7% | 17.3% | ||
| Q3 24 | 10.1% | 14.9% | ||
| Q2 24 | 9.7% | 25.6% | ||
| Q1 24 | 9.7% | 17.4% |
净利率GDJNJ
| Q4 25 | 7.9% | 20.8% | ||
| Q3 25 | 8.2% | 21.5% | ||
| Q2 25 | 7.8% | 23.3% | ||
| Q1 25 | 8.1% | 50.2% | ||
| Q4 24 | 8.6% | 15.2% | ||
| Q3 24 | 8.0% | 12.0% | ||
| Q2 24 | 7.6% | 20.9% | ||
| Q1 24 | 7.4% | 15.2% |
每股收益（稀释后）GDJNJ
| Q4 25 | — | $2.08 | ||
| Q3 25 | — | $2.12 | ||
| Q2 25 | — | $2.29 | ||
| Q1 25 | — | $4.54 | ||
| Q4 24 | — | $1.41 | ||
| Q3 24 | — | $1.11 | ||
| Q2 24 | — | $1.93 | ||
| Q1 24 | — | $1.34 |
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 | $2.3B | $20.1B |
| 总债务越低越好 | $8.1B | $41.4B |
| 股东权益账面价值 | $25.6B | $81.5B |
| 总资产 | $57.2B | $199.2B |
| 负债/权益比越低杠杆越低 | 0.32× | 0.51× |
8季度趋势，按日历期对齐
现金及短期投资GDJNJ
| Q4 25 | $2.3B | $20.1B | ||
| Q3 25 | $2.5B | $18.6B | ||
| Q2 25 | $1.5B | $18.9B | ||
| Q1 25 | $1.2B | $38.8B | ||
| Q4 24 | $1.7B | $24.5B | ||
| Q3 24 | $2.1B | $20.3B | ||
| Q2 24 | $1.4B | $25.5B | ||
| Q1 24 | $1.0B | $26.2B |
总债务GDJNJ
| Q4 25 | $8.1B | $41.4B | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $8.8B | $32.4B | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
股东权益GDJNJ
| Q4 25 | $25.6B | $81.5B | ||
| Q3 25 | $24.4B | $79.3B | ||
| Q2 25 | $23.6B | $78.5B | ||
| Q1 25 | $22.2B | $78.1B | ||
| Q4 24 | $22.1B | $71.5B | ||
| Q3 24 | $23.0B | $70.2B | ||
| Q2 24 | $22.0B | $71.5B | ||
| Q1 24 | $21.4B | $70.0B |
总资产GDJNJ
| Q4 25 | $57.2B | $199.2B | ||
| Q3 25 | $57.6B | $192.8B | ||
| Q2 25 | $56.9B | $193.4B | ||
| Q1 25 | $56.6B | $193.7B | ||
| Q4 24 | $55.9B | $180.1B | ||
| Q3 24 | $57.3B | $178.3B | ||
| Q2 24 | $55.4B | $181.1B | ||
| Q1 24 | $55.2B | $172.0B |
负债/权益比GDJNJ
| Q4 25 | 0.32× | 0.51× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 0.40× | 0.45× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
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 | $1.6B | $7.3B |
| 自由现金流经营现金流 - 资本支出 | $952.0M | $5.5B |
| 自由现金流率自由现金流/营收 | 6.6% | 22.3% |
| 资本支出强度资本支出/营收 | 4.2% | 7.5% |
| 现金转化率经营现金流/净利润 | 1.37× | 1.43× |
| 过去12个月自由现金流最近4个季度 | $4.0B | $19.7B |
8季度趋势，按日历期对齐
经营现金流GDJNJ
| Q4 25 | $1.6B | $7.3B | ||
| Q3 25 | $2.1B | $9.2B | ||
| Q2 25 | $1.6B | $3.9B | ||
| Q1 25 | $-148.0M | $4.2B | ||
| Q4 24 | $2.2B | $7.0B | ||
| Q3 24 | $1.4B | $8.0B | ||
| Q2 24 | $814.0M | $5.6B | ||
| Q1 24 | $-278.0M | $3.7B |
自由现金流GDJNJ
| Q4 25 | $952.0M | $5.5B | ||
| Q3 25 | $1.9B | $8.0B | ||
| Q2 25 | $1.4B | $2.8B | ||
| Q1 25 | $-290.0M | $3.4B | ||
| Q4 24 | $1.8B | $5.4B | ||
| Q3 24 | $1.2B | $7.0B | ||
| Q2 24 | $613.0M | $4.7B | ||
| Q1 24 | $-437.0M | $2.9B |
自由现金流率GDJNJ
| Q4 25 | 6.6% | 22.3% | ||
| Q3 25 | 14.7% | 33.4% | ||
| Q2 25 | 10.7% | 11.9% | ||
| Q1 25 | -2.4% | 15.4% | ||
| Q4 24 | 13.5% | 23.8% | ||
| Q3 24 | 10.4% | 31.0% | ||
| Q2 24 | 5.1% | 20.7% | ||
| Q1 24 | -4.1% | 13.3% |
资本支出强度GDJNJ
| Q4 25 | 4.2% | 7.5% | ||
| Q3 25 | 1.6% | 4.8% | ||
| Q2 25 | 1.5% | 4.4% | ||
| Q1 25 | 1.2% | 3.6% | ||
| Q4 24 | 2.7% | 7.2% | ||
| Q3 24 | 1.7% | 4.6% | ||
| Q2 24 | 1.7% | 4.3% | ||
| Q1 24 | 1.5% | 3.8% |
现金转化率GDJNJ
| Q4 25 | 1.37× | 1.43× | ||
| Q3 25 | 1.99× | 1.78× | ||
| Q2 25 | 1.58× | 0.70× | ||
| Q1 25 | -0.15× | 0.38× | ||
| Q4 24 | 1.88× | 2.04× | ||
| Q3 24 | 1.52× | 2.97× | ||
| Q2 24 | 0.90× | 1.20× | ||
| Q1 24 | -0.35× | 1.12× |
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
GD
| Aerospace | $3.8B | 26% |
| Cost Reimbursement | $2.5B | 17% |
| Information Technology Services | $2.1B | 15% |
| Militaryvehicles | $1.2B | 9% |
| C5ISR Solutions | $1.1B | 8% |
| Aircraft Services | $965.0M | 7% |
| Weapons Systemsand Munitions | $935.0M | 7% |
| Surfaceships | $920.0M | 6% |
| Engineeringand Other Services | $360.0M | 3% |
| Repairand Other Services | $344.0M | 2% |
| Contracts Accounted For Under Percentage Of Completion | $88.0M | 1% |
JNJ
| Other | $14.2B | 58% |
| Immunology | $2.5B | 10% |
| Orthopaedics | $1.5B | 6% |
| Neuroscience | $1.4B | 6% |
| Cardiovascular | $1.4B | 6% |
| Surgery | $1.1B | 4% |
| Pulmonary Hypertension | $865.0M | 4% |
| Cardiovascular Metabolism Other | $794.0M | 3% |
| Vision | $531.0M | 2% |
| Infectious Diseases | $303.0M | 1% |
