vs
Galaxy Digital Inc.（GLXY）与默沙东（MRK）财务数据对比。点击上方公司名可切换其他公司
Galaxy Digital Inc.的季度营收约是默沙东的1.4倍（$23.3B vs $16.4B），默沙东净利率更高（18.1% vs -3.3%，领先21.4%）
Digital Chocolate是总部位于美国加州圣马特奥的电子游戏开发发行商，由艺电（EA）及3DO公司创始人特里普·霍金斯于2003年创立，主打Java ME功能机、iOS、Windows平台游戏，也推出过部分非娱乐类产品，品牌口号为「把握当下」。
默沙东是总部位于美国新泽西州拉威的跨国制药企业，在美国及加拿大境外通常以默沙东（MSD）名义开展业务，按营收规模位列全球生物医学企业第四名，在制药领域拥有领先的技术实力与市场影响力。
GLXY vs MRK — 直观对比
营收规模更大
GLXY
是对方的1.4倍
$16.4B
净利率更高
MRK
高出21.4%
-3.3%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $23.3B | $16.4B |
| 净利润 | $-777.1M | $3.0B |
| 毛利率 | — | 66.2% |
| 营业利润率 | -3.7% | 20.9% |
| 净利率 | -3.3% | 18.1% |
| 营收同比 | — | 5.0% |
| 净利润同比 | — | -20.8% |
| 每股收益（稀释后） | — | $1.19 |
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GLXYMRK
| Q4 25 | $23.3B | $16.4B | ||
| Q3 25 | $28.4B | $17.3B | ||
| Q2 25 | $8.6B | $15.8B | ||
| Q1 25 | $0 | $15.5B | ||
| Q4 24 | — | $15.6B | ||
| Q3 24 | $8.5B | $16.7B | ||
| Q2 24 | $8.9B | $16.1B | ||
| Q1 24 | $0 | $15.8B |
净利润GLXYMRK
| Q4 25 | $-777.1M | $3.0B | ||
| Q3 25 | $505.1M | $5.8B | ||
| Q2 25 | $30.7M | $4.4B | ||
| Q1 25 | $0 | $5.1B | ||
| Q4 24 | — | $3.7B | ||
| Q3 24 | $-33.3M | $3.2B | ||
| Q2 24 | $-125.6M | $5.5B | ||
| Q1 24 | $-1.0K | $4.8B |
毛利率GLXYMRK
| Q4 25 | — | 66.2% | ||
| Q3 25 | — | 77.7% | ||
| Q2 25 | — | 77.5% | ||
| Q1 25 | — | 78.0% | ||
| Q4 24 | — | 75.5% | ||
| Q3 24 | — | 75.5% | ||
| Q2 24 | — | 76.8% | ||
| Q1 24 | — | 77.6% |
营业利润率GLXYMRK
| Q4 25 | -3.7% | 20.9% | ||
| Q3 25 | 1.9% | 39.0% | ||
| Q2 25 | 0.5% | 31.6% | ||
| Q1 25 | — | 38.0% | ||
| Q4 24 | — | 26.7% | ||
| Q3 24 | -0.5% | 24.6% | ||
| Q2 24 | -1.6% | 37.3% | ||
| Q1 24 | — | 35.9% |
净利率GLXYMRK
| Q4 25 | -3.3% | 18.1% | ||
| Q3 25 | 1.8% | 33.5% | ||
| Q2 25 | 0.4% | 28.0% | ||
| Q1 25 | — | 32.7% | ||
| Q4 24 | — | 24.0% | ||
| Q3 24 | -0.4% | 19.0% | ||
| Q2 24 | -1.4% | 33.9% | ||
| Q1 24 | — | 30.2% |
每股收益（稀释后）GLXYMRK
| Q4 25 | — | $1.19 | ||
| Q3 25 | — | $2.32 | ||
| Q2 25 | — | $1.76 | ||
| Q1 25 | — | $2.01 | ||
| Q4 24 | — | $1.49 | ||
| Q3 24 | — | $1.24 | ||
| Q2 24 | — | $2.14 | ||
| Q1 24 | — | $1.87 |
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 | $2.0B | $14.6B |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $2.0B | $52.6B |
| 总资产 | $11.3B | $136.9B |
| 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GLXYMRK
| Q4 25 | $2.0B | $14.6B | ||
| Q3 25 | $2.0B | $18.2B | ||
| Q2 25 | $1.4B | $8.6B | ||
| Q1 25 | $1.0K | $9.2B | ||
| Q4 24 | — | $13.7B | ||
| Q3 24 | — | $14.6B | ||
| Q2 24 | — | $11.4B | ||
| Q1 24 | — | $5.6B |
股东权益GLXYMRK
| Q4 25 | $2.0B | $52.6B | ||
| Q3 25 | $1.8B | $51.9B | ||
| Q2 25 | $1.5B | $49.0B | ||
| Q1 25 | $1.0K | $48.3B | ||
| Q4 24 | — | $46.3B | ||
| Q3 24 | $2.1B | $44.5B | ||
| Q2 24 | $2.1B | $43.6B | ||
| Q1 24 | $2.0K | $40.4B |
总资产GLXYMRK
| Q4 25 | $11.3B | $136.9B | ||
| Q3 25 | $11.5B | $129.5B | ||
| Q2 25 | $9.1B | $117.5B | ||
| Q1 25 | $1.0K | $115.1B | ||
| Q4 24 | — | $117.1B | ||
| Q3 24 | — | $117.5B | ||
| Q2 24 | — | $112.6B | ||
| Q1 24 | — | $105.8B |
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 | $-1.1B | $2.9B |
| 自由现金流经营现金流 - 资本支出 | — | $1.8B |
| 自由现金流率自由现金流/营收 | — | 11.1% |
| 资本支出强度资本支出/营收 | — | 6.3% |
| 现金转化率经营现金流/净利润 | — | 0.96× |
| 过去12个月自由现金流最近4个季度 | — | $12.4B |
8季度趋势，按日历期对齐
经营现金流GLXYMRK
| Q4 25 | $-1.1B | $2.9B | ||
| Q3 25 | $427.7M | $7.8B | ||
| Q2 25 | $329.3M | $3.3B | ||
| Q1 25 | $0 | $2.5B | ||
| Q4 24 | — | $3.5B | ||
| Q3 24 | — | $9.3B | ||
| Q2 24 | — | $5.6B | ||
| Q1 24 | $-1.0K | $3.1B |
自由现金流GLXYMRK
| Q4 25 | — | $1.8B | ||
| Q3 25 | $189.6M | $6.8B | ||
| Q2 25 | — | $2.5B | ||
| Q1 25 | — | $1.2B | ||
| Q4 24 | — | $2.5B | ||
| Q3 24 | — | $8.5B | ||
| Q2 24 | — | $4.8B | ||
| Q1 24 | — | $2.2B |
自由现金流率GLXYMRK
| Q4 25 | — | 11.1% | ||
| Q3 25 | 0.7% | 39.6% | ||
| Q2 25 | — | 16.0% | ||
| Q1 25 | — | 7.5% | ||
| Q4 24 | — | 16.1% | ||
| Q3 24 | — | 51.1% | ||
| Q2 24 | — | 30.1% | ||
| Q1 24 | — | 14.1% |
资本支出强度GLXYMRK
| Q4 25 | — | 6.3% | ||
| Q3 25 | 0.8% | 5.7% | ||
| Q2 25 | — | 4.8% | ||
| Q1 25 | — | 8.6% | ||
| Q4 24 | — | 6.0% | ||
| Q3 24 | — | 4.7% | ||
| Q2 24 | — | 4.9% | ||
| Q1 24 | — | 5.5% |
现金转化率GLXYMRK
| Q4 25 | — | 0.96× | ||
| Q3 25 | 0.85× | 1.35× | ||
| Q2 25 | 10.73× | 0.74× | ||
| Q1 25 | — | 0.49× | ||
| Q4 24 | — | 0.92× | ||
| Q3 24 | — | 2.94× | ||
| Q2 24 | — | 1.03× | ||
| Q1 24 | — | 0.65× |
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
GLXY
| Other | $13.0B | 56% |
| Digital Assets Sales | $10.2B | 44% |
| Blockchain Rewards | $57.0M | 0% |
| Fee | $27.4M | 0% |
| Blockchain Rewards From Non Customers | $1.7M | 0% |
MRK
| Pharmaceuticalsegment | $8.7B | 53% |
| Keytruda | $4.9B | 30% |
| Other | $2.7B | 16% |
| Janumet | $57.0M | 0% |
| Isentress Isentress HD | $38.0M | 0% |
| Pifeltro | $25.0M | 0% |
| Belsomra | $23.0M | 0% |
| Dificid | $17.0M | 0% |
| Delstrigo | $14.0M | 0% |
| Lagevrio | $12.0M | 0% |
| Pneumovax23 | $4.0M | 0% |
