vs
GLOBUS MEDICAL INC（GMED）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
GLOBUS MEDICAL INC的季度营收约是MERIT MEDICAL SYSTEMS INC的2.1倍（$826.4M vs $393.9M）。GLOBUS MEDICAL INC净利率更高（17.0% vs 9.6%，领先7.4%）。GLOBUS MEDICAL INC同比增速更快（25.7% vs 10.9%）。GLOBUS MEDICAL INC自由现金流更多（$202.4M vs $74.0M）。过去两年GLOBUS MEDICAL INC的营收复合增速更高（16.7% vs 10.3%）
Globus Medical是总部位于美国宾夕法尼亚州奥杜邦的上市骨科医疗器械企业，专注于相关产品的设计、研发与商业化，助力外科医生为肌肉骨骼系统疾病患者提供治疗方案，促进患者康复。
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。
GMED vs MMSI — 直观对比
营收规模更大
GMED
是对方的2.1倍
$393.9M
营收增速更快
GMED
高出14.8%
10.9%
净利率更高
GMED
高出7.4%
9.6%
自由现金流更多
GMED
多$128.3M
$74.0M
两年增速更快
GMED
近两年复合增速
10.3%
损益表 — Q4 2025 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $826.4M | $393.9M |
| 净利润 | $140.6M | $38.0M |
| 毛利率 | 68.4% | 49.6% |
| 营业利润率 | 20.5% | 13.8% |
| 净利率 | 17.0% | 9.6% |
| 营收同比 | 25.7% | 10.9% |
| 净利润同比 | 430.4% | 36.0% |
| 每股收益（稀释后） | $1.01 | $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GMEDMMSI
| Q4 25 | $826.4M | $393.9M | ||
| Q3 25 | $769.0M | $384.2M | ||
| Q2 25 | $745.3M | $382.5M | ||
| Q1 25 | $598.1M | $355.4M | ||
| Q4 24 | $657.3M | $355.2M | ||
| Q3 24 | $625.7M | $339.8M | ||
| Q2 24 | $629.7M | $338.0M | ||
| Q1 24 | $606.7M | $323.5M |
净利润GMEDMMSI
| Q4 25 | $140.6M | $38.0M | ||
| Q3 25 | $119.0M | $27.8M | ||
| Q2 25 | $202.8M | $32.6M | ||
| Q1 25 | $75.5M | $30.1M | ||
| Q4 24 | $26.5M | $27.9M | ||
| Q3 24 | $51.8M | $28.4M | ||
| Q2 24 | $31.8M | $35.7M | ||
| Q1 24 | $-7.1M | $28.2M |
毛利率GMEDMMSI
| Q4 25 | 68.4% | 49.6% | ||
| Q3 25 | 67.2% | 48.5% | ||
| Q2 25 | 66.6% | 48.2% | ||
| Q1 25 | 67.3% | 48.4% | ||
| Q4 24 | 59.9% | 48.7% | ||
| Q3 24 | 56.8% | 46.4% | ||
| Q2 24 | 58.7% | 47.7% | ||
| Q1 24 | 60.2% | 46.9% |
营业利润率GMEDMMSI
| Q4 25 | 20.5% | 13.8% | ||
| Q3 25 | 17.9% | 11.1% | ||
| Q2 25 | 10.2% | 12.3% | ||
| Q1 25 | 16.2% | 11.5% | ||
| Q4 24 | 9.2% | 10.3% | ||
| Q3 24 | 7.7% | 11.0% | ||
| Q2 24 | 7.9% | 13.6% | ||
| Q1 24 | 1.3% | 11.1% |
净利率GMEDMMSI
| Q4 25 | 17.0% | 9.6% | ||
| Q3 25 | 15.5% | 7.2% | ||
| Q2 25 | 27.2% | 8.5% | ||
| Q1 25 | 12.6% | 8.5% | ||
| Q4 24 | 4.0% | 7.9% | ||
| Q3 24 | 8.3% | 8.4% | ||
| Q2 24 | 5.0% | 10.6% | ||
| Q1 24 | -1.2% | 8.7% |
每股收益（稀释后）GMEDMMSI
| Q4 25 | $1.01 | $0.64 | ||
| Q3 25 | $0.88 | $0.46 | ||
| Q2 25 | $1.49 | $0.54 | ||
| Q1 25 | $0.54 | $0.49 | ||
| Q4 24 | $0.19 | $0.46 | ||
| Q3 24 | $0.38 | $0.48 | ||
| Q2 24 | $0.23 | $0.61 | ||
| Q1 24 | $-0.05 | $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 | $557.2M | $446.4M |
| 总债务越低越好 | — | $734.0M |
| 股东权益账面价值 | $4.6B | $1.6B |
| 总资产 | $5.3B | $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GMEDMMSI
| Q4 25 | $557.2M | $446.4M | ||
| Q3 25 | $18.8M | $392.5M | ||
| Q2 25 | — | $341.8M | ||
| Q1 25 | — | $395.5M | ||
| Q4 24 | $890.1M | $376.7M | ||
| Q3 24 | $71.9M | $523.1M | ||
| Q2 24 | $82.5M | $636.7M | ||
| Q1 24 | $80.4M | $581.9M |
总债务GMEDMMSI
| 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GMEDMMSI
| Q4 25 | $4.6B | $1.6B | ||
| Q3 25 | $4.4B | $1.5B | ||
| Q2 25 | $4.3B | $1.5B | ||
| Q1 25 | $4.1B | $1.4B | ||
| Q4 24 | $4.2B | $1.4B | ||
| Q3 24 | $4.1B | $1.3B | ||
| Q2 24 | $4.0B | $1.3B | ||
| Q1 24 | $3.9B | $1.2B |
总资产GMEDMMSI
| Q4 25 | $5.3B | $2.7B | ||
| Q3 25 | $5.1B | $2.6B | ||
| Q2 25 | $5.0B | $2.6B | ||
| Q1 25 | $4.7B | $2.5B | ||
| Q4 24 | $5.3B | $2.4B | ||
| Q3 24 | $5.1B | $2.4B | ||
| Q2 24 | $5.0B | $2.4B | ||
| Q1 24 | $4.9B | $2.3B |
负债/权益比GMEDMMSI
| 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 | $248.6M | $98.5M |
| 自由现金流经营现金流 - 资本支出 | $202.4M | $74.0M |
| 自由现金流率自由现金流/营收 | 24.5% | 18.8% |
| 资本支出强度资本支出/营收 | 5.6% | 6.2% |
| 现金转化率经营现金流/净利润 | 1.77× | 2.59× |
| 过去12个月自由现金流最近4个季度 | $588.8M | $215.7M |
8季度趋势，按日历期对齐
经营现金流GMEDMMSI
| Q4 25 | $248.6M | $98.5M | ||
| Q3 25 | $249.7M | $75.0M | ||
| Q2 25 | $77.9M | $83.3M | ||
| Q1 25 | $177.3M | $40.6M | ||
| Q4 24 | $210.3M | $68.7M | ||
| Q3 24 | $203.7M | $47.3M | ||
| Q2 24 | $54.3M | $68.5M | ||
| Q1 24 | $52.4M | $36.2M |
自由现金流GMEDMMSI
| Q4 25 | $202.4M | $74.0M | ||
| Q3 25 | $213.9M | $52.5M | ||
| Q2 25 | $31.3M | $69.6M | ||
| Q1 25 | $141.2M | $19.5M | ||
| Q4 24 | $193.2M | $65.3M | ||
| Q3 24 | $161.7M | $38.0M | ||
| Q2 24 | $26.5M | $57.9M | ||
| Q1 24 | $23.8M | $24.5M |
自由现金流率GMEDMMSI
| Q4 25 | 24.5% | 18.8% | ||
| Q3 25 | 27.8% | 13.7% | ||
| Q2 25 | 4.2% | 18.2% | ||
| Q1 25 | 23.6% | 5.5% | ||
| Q4 24 | 29.4% | 18.4% | ||
| Q3 24 | 25.8% | 11.2% | ||
| Q2 24 | 4.2% | 17.1% | ||
| Q1 24 | 3.9% | 7.6% |
资本支出强度GMEDMMSI
| Q4 25 | 5.6% | 6.2% | ||
| Q3 25 | 4.7% | 5.8% | ||
| Q2 25 | 6.2% | 3.6% | ||
| Q1 25 | 6.0% | 5.9% | ||
| Q4 24 | 2.6% | 1.0% | ||
| Q3 24 | 6.7% | 2.8% | ||
| Q2 24 | 4.4% | 3.1% | ||
| Q1 24 | 4.7% | 3.6% |
现金转化率GMEDMMSI
| Q4 25 | 1.77× | 2.59× | ||
| Q3 25 | 2.10× | 2.70× | ||
| Q2 25 | 0.38× | 2.56× | ||
| Q1 25 | 2.35× | 1.35× | ||
| Q4 24 | 7.94× | 2.46× | ||
| Q3 24 | 3.93× | 1.66× | ||
| Q2 24 | 1.71× | 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
GMED
| Other | $391.8M | 47% |
| Nevro Merger Agreement | $293.6M | 36% |
| Enabling Technologies | $141.0M | 17% |
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% |
