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GLAUKOS Corp（GKOS）与MERIT MEDICAL SYSTEMS INC（MMSI）财务数据对比。点击上方公司名可切换其他公司
MERIT MEDICAL SYSTEMS INC的季度营收约是GLAUKOS Corp的2.8倍（$393.9M vs $143.1M）。MERIT MEDICAL SYSTEMS INC净利率更高（9.6% vs -93.4%，领先103.0%）。GLAUKOS Corp同比增速更快（35.7% vs 10.9%）。MERIT MEDICAL SYSTEMS INC自由现金流更多（$74.0M vs $3.9M）。过去两年GLAUKOS Corp的营收复合增速更高（29.3% vs 10.3%）
Glaukos Corp是一家专注于眼科领域的医疗科技企业，开发并商业化用于治疗青光眼、角膜疾病等眼部病症的微创手术器械、处方药物及消费级产品，主要市场覆盖北美、欧洲及亚太地区，为全球医院、眼科诊所及患者提供服务。
梅里特医疗系统公司是一家全球性医疗设备企业，设计、生产和销售适用于心脏病学、放射学、肿瘤学、内窥镜及重症监护领域的介入和诊断产品，为全球医院及医疗机构提供微创医疗解决方案，助力提升患者疗效和临床操作效率。
GKOS vs MMSI — 直观对比
营收规模更大
MMSI
是对方的2.8倍
$143.1M
营收增速更快
GKOS
高出24.7%
10.9%
净利率更高
MMSI
高出103.0%
-93.4%
自由现金流更多
MMSI
多$70.1M
$3.9M
两年增速更快
GKOS
近两年复合增速
10.3%
损益表 — Q4 2025 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $143.1M | $393.9M |
| 净利润 | $-133.7M | $38.0M |
| 毛利率 | -1.1% | 49.6% |
| 营业利润率 | -97.7% | 13.8% |
| 净利率 | -93.4% | 9.6% |
| 营收同比 | 35.7% | 10.9% |
| 净利润同比 | -298.0% | 36.0% |
| 每股收益（稀释后） | $-2.34 | $0.64 |
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GKOSMMSI
| Q4 25 | $143.1M | $393.9M | ||
| Q3 25 | $133.5M | $384.2M | ||
| Q2 25 | $124.1M | $382.5M | ||
| Q1 25 | $106.7M | $355.4M | ||
| Q4 24 | $105.5M | $355.2M | ||
| Q3 24 | $96.7M | $339.8M | ||
| Q2 24 | $95.7M | $338.0M | ||
| Q1 24 | $85.6M | $323.5M |
净利润GKOSMMSI
| Q4 25 | $-133.7M | $38.0M | ||
| Q3 25 | $-16.2M | $27.8M | ||
| Q2 25 | $-19.7M | $32.6M | ||
| Q1 25 | $-18.1M | $30.1M | ||
| Q4 24 | $-33.6M | $27.9M | ||
| Q3 24 | $-21.4M | $28.4M | ||
| Q2 24 | $-50.5M | $35.7M | ||
| Q1 24 | $-40.8M | $28.2M |
毛利率GKOSMMSI
| Q4 25 | -1.1% | 49.6% | ||
| Q3 25 | 78.4% | 48.5% | ||
| Q2 25 | 78.3% | 48.2% | ||
| Q1 25 | 77.2% | 48.4% | ||
| Q4 24 | 72.9% | 48.7% | ||
| Q3 24 | 76.6% | 46.4% | ||
| Q2 24 | 76.4% | 47.7% | ||
| Q1 24 | 76.3% | 46.9% |
营业利润率GKOSMMSI
| Q4 25 | -97.7% | 13.8% | ||
| Q3 25 | -12.3% | 11.1% | ||
| Q2 25 | -18.3% | 12.3% | ||
| Q1 25 | -19.4% | 11.5% | ||
| Q4 24 | -27.2% | 10.3% | ||
| Q3 24 | -25.5% | 11.0% | ||
| Q2 24 | -31.3% | 13.6% | ||
| Q1 24 | -45.6% | 11.1% |
净利率GKOSMMSI
| Q4 25 | -93.4% | 9.6% | ||
| Q3 25 | -12.2% | 7.2% | ||
| Q2 25 | -15.8% | 8.5% | ||
| Q1 25 | -17.0% | 8.5% | ||
| Q4 24 | -31.8% | 7.9% | ||
| Q3 24 | -22.1% | 8.4% | ||
| Q2 24 | -52.8% | 10.6% | ||
| Q1 24 | -47.7% | 8.7% |
每股收益（稀释后）GKOSMMSI
| Q4 25 | $-2.34 | $0.64 | ||
| Q3 25 | $-0.28 | $0.46 | ||
| Q2 25 | $-0.34 | $0.54 | ||
| Q1 25 | $-0.32 | $0.49 | ||
| Q4 24 | $-0.56 | $0.46 | ||
| Q3 24 | $-0.39 | $0.48 | ||
| Q2 24 | $-1.00 | $0.61 | ||
| Q1 24 | $-0.82 | $0.48 |
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 | $90.8M | $446.4M |
| 总债务越低越好 | — | $734.0M |
| 股东权益账面价值 | $656.2M | $1.6B |
| 总资产 | $893.5M | $2.7B |
| 负债/权益比越低杠杆越低 | — | 0.46× |
8季度趋势，按日历期对齐
现金及短期投资GKOSMMSI
| Q4 25 | $90.8M | $446.4M | ||
| Q3 25 | $98.2M | $392.5M | ||
| Q2 25 | $100.8M | $341.8M | ||
| Q1 25 | $114.3M | $395.5M | ||
| Q4 24 | $169.6M | $376.7M | ||
| Q3 24 | $100.1M | $523.1M | ||
| Q2 24 | $68.1M | $636.7M | ||
| Q1 24 | $42.5M | $581.9M |
总债务GKOSMMSI
| Q4 25 | — | $734.0M | ||
| Q3 25 | — | $732.9M | ||
| Q2 25 | — | $731.8M | ||
| Q1 25 | — | $730.7M | ||
| Q4 24 | — | $729.6M | ||
| Q3 24 | — | $750.5M | ||
| Q2 24 | — | $801.3M | ||
| Q1 24 | — | $800.1M |
股东权益GKOSMMSI
| Q4 25 | $656.2M | $1.6B | ||
| Q3 25 | $769.5M | $1.5B | ||
| Q2 25 | $765.1M | $1.5B | ||
| Q1 25 | $764.0M | $1.4B | ||
| Q4 24 | $766.9M | $1.4B | ||
| Q3 24 | $668.5M | $1.3B | ||
| Q2 24 | $665.2M | $1.3B | ||
| Q1 24 | $450.7M | $1.2B |
总资产GKOSMMSI
| Q4 25 | $893.5M | $2.7B | ||
| Q3 25 | $999.4M | $2.6B | ||
| Q2 25 | $987.0M | $2.6B | ||
| Q1 25 | $966.2M | $2.5B | ||
| Q4 24 | $974.8M | $2.4B | ||
| Q3 24 | $926.5M | $2.4B | ||
| Q2 24 | $919.7M | $2.4B | ||
| Q1 24 | $933.3M | $2.3B |
负债/权益比GKOSMMSI
| Q4 25 | — | 0.46× | ||
| Q3 25 | — | 0.48× | ||
| Q2 25 | — | 0.49× | ||
| Q1 25 | — | 0.51× | ||
| Q4 24 | — | 0.53× | ||
| Q3 24 | — | 0.57× | ||
| Q2 24 | — | 0.62× | ||
| Q1 24 | — | 0.65× |
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 | $6.8M | $98.5M |
| 自由现金流经营现金流 - 资本支出 | $3.9M | $74.0M |
| 自由现金流率自由现金流/营收 | 2.7% | 18.8% |
| 资本支出强度资本支出/营收 | 2.0% | 6.2% |
| 现金转化率经营现金流/净利润 | — | 2.59× |
| 过去12个月自由现金流最近4个季度 | $-22.5M | $215.7M |
8季度趋势，按日历期对齐
经营现金流GKOSMMSI
| Q4 25 | $6.8M | $98.5M | ||
| Q3 25 | $-10.1M | $75.0M | ||
| Q2 25 | $7.0M | $83.3M | ||
| Q1 25 | $-18.5M | $40.6M | ||
| Q4 24 | $507.0K | $68.7M | ||
| Q3 24 | $-9.6M | $47.3M | ||
| Q2 24 | $-18.4M | $68.5M | ||
| Q1 24 | $-33.9M | $36.2M |
自由现金流GKOSMMSI
| Q4 25 | $3.9M | $74.0M | ||
| Q3 25 | $-11.7M | $52.5M | ||
| Q2 25 | $5.8M | $69.6M | ||
| Q1 25 | $-20.5M | $19.5M | ||
| Q4 24 | $-1.2M | $65.3M | ||
| Q3 24 | $-11.0M | $38.0M | ||
| Q2 24 | $-20.5M | $57.9M | ||
| Q1 24 | $-34.8M | $24.5M |
自由现金流率GKOSMMSI
| Q4 25 | 2.7% | 18.8% | ||
| Q3 25 | -8.8% | 13.7% | ||
| Q2 25 | 4.7% | 18.2% | ||
| Q1 25 | -19.2% | 5.5% | ||
| Q4 24 | -1.2% | 18.4% | ||
| Q3 24 | -11.4% | 11.2% | ||
| Q2 24 | -21.4% | 17.1% | ||
| Q1 24 | -40.7% | 7.6% |
资本支出强度GKOSMMSI
| Q4 25 | 2.0% | 6.2% | ||
| Q3 25 | 1.2% | 5.8% | ||
| Q2 25 | 0.9% | 3.6% | ||
| Q1 25 | 1.8% | 5.9% | ||
| Q4 24 | 1.6% | 1.0% | ||
| Q3 24 | 1.5% | 2.8% | ||
| Q2 24 | 2.2% | 3.1% | ||
| Q1 24 | 1.1% | 3.6% |
现金转化率GKOSMMSI
| Q4 25 | — | 2.59× | ||
| Q3 25 | — | 2.70× | ||
| Q2 25 | — | 2.56× | ||
| Q1 25 | — | 1.35× | ||
| Q4 24 | — | 2.46× | ||
| Q3 24 | — | 1.66× | ||
| Q2 24 | — | 1.92× | ||
| Q1 24 | — | 1.28× |
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
GKOS
| Glaucoma | $86.4M | 60% |
| Other | $35.1M | 25% |
| Corneal Health | $21.6M | 15% |
MMSI
| Other | $154.6M | 39% |
| Peripheral Intervention | $93.2M | 24% |
| Cardiac Intervention | $50.2M | 13% |
| OEM | $42.6M | 11% |
| Custom Procedural Solutions | $33.1M | 8% |
| Endoscopy Segment | $20.1M | 5% |
