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佳明（GRMN）与Solventum（SOLV）财务数据对比。点击上方公司名可切换其他公司
佳明的季度营收约是Solventum的1.1倍（$2.1B vs $2.0B），佳明净利率更高（24.9% vs 3.2%，领先21.7%），佳明同比增速更快（16.6% vs -3.7%），佳明自由现金流更多（$429.6M vs $32.0M），过去两年佳明的营收复合增速更高（24.0% vs -0.4%）
佳明（Garmin）是总部位于美国堪萨斯州奥拉西的跨国科技企业，专注于设计、研发、生产及销售GPS功能产品，以及导航、通讯、传感类信息产品，业务覆盖汽车、航空、航海、户外、运动健身等多个领域。
Solventum是一家总部位于美国的医疗健康企业，于2024年4月1日正式从全球知名多元化工业集团3M分拆后独立运营，继承了原3M旗下医疗板块的技术积累与业务资源，面向全球市场提供专业医疗相关产品及服务。
GRMN vs SOLV — 直观对比
营收规模更大
GRMN
是对方的1.1倍
$2.0B
营收增速更快
GRMN
高出20.3%
-3.7%
净利率更高
GRMN
高出21.7%
3.2%
自由现金流更多
GRMN
多$397.6M
$32.0M
两年增速更快
GRMN
近两年复合增速
-0.4%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $2.1B | $2.0B |
| 净利润 | $528.7M | $63.0M |
| 毛利率 | 59.2% | 51.4% |
| 营业利润率 | 28.9% | 6.3% |
| 净利率 | 24.9% | 3.2% |
| 营收同比 | 16.6% | -3.7% |
| 净利润同比 | 21.3% | 103.2% |
| 每股收益（稀释后） | $2.72 | $0.37 |
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GRMNSOLV
| Q4 25 | $2.1B | $2.0B | ||
| Q3 25 | $1.8B | $2.1B | ||
| Q2 25 | $1.8B | $2.2B | ||
| Q1 25 | $1.5B | $2.1B | ||
| Q4 24 | $1.8B | $2.1B | ||
| Q3 24 | $1.6B | $2.1B | ||
| Q2 24 | $1.5B | $2.1B | ||
| Q1 24 | $1.4B | $2.0B |
净利润GRMNSOLV
| Q4 25 | $528.7M | $63.0M | ||
| Q3 25 | $401.6M | $1.3B | ||
| Q2 25 | $400.8M | $90.0M | ||
| Q1 25 | $332.8M | $137.0M | ||
| Q4 24 | $435.7M | $31.0M | ||
| Q3 24 | $399.1M | $122.0M | ||
| Q2 24 | $300.6M | $89.0M | ||
| Q1 24 | $276.0M | $237.0M |
毛利率GRMNSOLV
| Q4 25 | 59.2% | 51.4% | ||
| Q3 25 | 59.1% | 54.2% | ||
| Q2 25 | 58.8% | 54.4% | ||
| Q1 25 | 57.6% | 53.8% | ||
| Q4 24 | 59.3% | 53.9% | ||
| Q3 24 | 60.0% | 56.0% | ||
| Q2 24 | 57.3% | 54.6% | ||
| Q1 24 | 58.1% | 58.1% |
营业利润率GRMNSOLV
| Q4 25 | 28.9% | 6.3% | ||
| Q3 25 | 25.8% | 80.6% | ||
| Q2 25 | 26.0% | 9.9% | ||
| Q1 25 | 21.7% | 7.3% | ||
| Q4 24 | 28.3% | 6.6% | ||
| Q3 24 | 27.6% | 13.2% | ||
| Q2 24 | 22.7% | 11.7% | ||
| Q1 24 | 21.6% | 18.9% |
净利率GRMNSOLV
| Q4 25 | 24.9% | 3.2% | ||
| Q3 25 | 22.7% | 60.4% | ||
| Q2 25 | 22.1% | 4.2% | ||
| Q1 25 | 21.7% | 6.6% | ||
| Q4 24 | 23.9% | 1.5% | ||
| Q3 24 | 25.2% | 5.9% | ||
| Q2 24 | 20.0% | 4.3% | ||
| Q1 24 | 20.0% | 11.8% |
每股收益（稀释后）GRMNSOLV
| Q4 25 | $2.72 | $0.37 | ||
| Q3 25 | $2.08 | $7.22 | ||
| Q2 25 | $2.07 | $0.51 | ||
| Q1 25 | $1.72 | $0.78 | ||
| Q4 24 | $2.24 | $0.18 | ||
| Q3 24 | $2.07 | $0.70 | ||
| Q2 24 | $1.56 | $0.51 | ||
| Q1 24 | $1.43 | $1.37 |
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 | $878.0M |
| 总债务越低越好 | — | $5.0B |
| 股东权益账面价值 | $9.0B | $5.0B |
| 总资产 | $11.0B | $14.3B |
| 负债/权益比越低杠杆越低 | — | 1.00× |
8季度趋势，按日历期对齐
现金及短期投资GRMNSOLV
| Q4 25 | $2.3B | $878.0M | ||
| Q3 25 | $2.1B | $1.6B | ||
| Q2 25 | $2.1B | $492.0M | ||
| Q1 25 | $2.2B | $534.0M | ||
| Q4 24 | $2.1B | $762.0M | ||
| Q3 24 | $2.0B | $772.0M | ||
| Q2 24 | $1.9B | $897.0M | ||
| Q1 24 | $1.9B | $996.0M |
总债务GRMNSOLV
| Q4 25 | — | $5.0B | ||
| Q3 25 | — | $5.1B | ||
| Q2 25 | — | $7.8B | ||
| Q1 25 | — | $7.9B | ||
| Q4 24 | — | $8.0B | ||
| Q3 24 | — | $8.1B | ||
| Q2 24 | — | $8.3B | ||
| Q1 24 | — | $8.3B |
股东权益GRMNSOLV
| Q4 25 | $9.0B | $5.0B | ||
| Q3 25 | $8.5B | $5.0B | ||
| Q2 25 | $8.1B | $3.6B | ||
| Q1 25 | $8.2B | $3.3B | ||
| Q4 24 | $7.8B | $3.0B | ||
| Q3 24 | $7.5B | $3.2B | ||
| Q2 24 | $7.0B | $2.9B | ||
| Q1 24 | $7.2B | $3.9B |
总资产GRMNSOLV
| Q4 25 | $11.0B | $14.3B | ||
| Q3 25 | $10.5B | $14.0B | ||
| Q2 25 | $10.3B | $15.1B | ||
| Q1 25 | $9.8B | $14.5B | ||
| Q4 24 | $9.6B | $14.5B | ||
| Q3 24 | $9.3B | $14.7B | ||
| Q2 24 | $8.9B | $14.6B | ||
| Q1 24 | $8.6B | $14.7B |
负债/权益比GRMNSOLV
| Q4 25 | — | 1.00× | ||
| Q3 25 | — | 1.03× | ||
| Q2 25 | — | 2.14× | ||
| Q1 25 | — | 2.43× | ||
| Q4 24 | — | 2.71× | ||
| Q3 24 | — | 2.54× | ||
| Q2 24 | — | 2.90× | ||
| Q1 24 | — | 2.16× |
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 | $553.8M | $95.0M |
| 自由现金流经营现金流 - 资本支出 | $429.6M | $32.0M |
| 自由现金流率自由现金流/营收 | 20.2% | 1.6% |
| 资本支出强度资本支出/营收 | 5.8% | 3.2% |
| 现金转化率经营现金流/净利润 | 1.05× | 1.51× |
| 过去12个月自由现金流最近4个季度 | $1.4B | $-10.0M |
8季度趋势，按日历期对齐
经营现金流GRMNSOLV
| Q4 25 | $553.8M | $95.0M | ||
| Q3 25 | $485.6M | $76.0M | ||
| Q2 25 | $173.2M | $169.0M | ||
| Q1 25 | $420.8M | $29.0M | ||
| Q4 24 | $483.9M | $219.0M | ||
| Q3 24 | $258.0M | $169.0M | ||
| Q2 24 | $255.3M | $355.0M | ||
| Q1 24 | $435.3M | $442.0M |
自由现金流GRMNSOLV
| Q4 25 | $429.6M | $32.0M | ||
| Q3 25 | $425.1M | $-21.0M | ||
| Q2 25 | $127.5M | $59.0M | ||
| Q1 25 | $380.7M | $-80.0M | ||
| Q4 24 | $399.2M | $92.0M | ||
| Q3 24 | $219.4M | $76.0M | ||
| Q2 24 | $218.2M | $297.0M | ||
| Q1 24 | $402.1M | $340.0M |
自由现金流率GRMNSOLV
| Q4 25 | 20.2% | 1.6% | ||
| Q3 25 | 24.0% | -1.0% | ||
| Q2 25 | 7.0% | 2.7% | ||
| Q1 25 | 24.8% | -3.9% | ||
| Q4 24 | 21.9% | 4.4% | ||
| Q3 24 | 13.8% | 3.7% | ||
| Q2 24 | 14.5% | 14.3% | ||
| Q1 24 | 29.1% | 16.9% |
资本支出强度GRMNSOLV
| Q4 25 | 5.8% | 3.2% | ||
| Q3 25 | 3.4% | 4.6% | ||
| Q2 25 | 2.5% | 5.1% | ||
| Q1 25 | 2.6% | 5.3% | ||
| Q4 24 | 4.6% | 6.1% | ||
| Q3 24 | 2.4% | 4.5% | ||
| Q2 24 | 2.5% | 2.8% | ||
| Q1 24 | 2.4% | 5.1% |
现金转化率GRMNSOLV
| Q4 25 | 1.05× | 1.51× | ||
| Q3 25 | 1.21× | 0.06× | ||
| Q2 25 | 0.43× | 1.88× | ||
| Q1 25 | 1.26× | 0.21× | ||
| Q4 24 | 1.11× | 7.06× | ||
| Q3 24 | 0.65× | 1.39× | ||
| Q2 24 | 0.85× | 3.99× | ||
| Q1 24 | 1.58× | 1.86× |
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
GRMN
| Fitness Segment | $765.8M | 36% |
| Outdoor Segment | $627.6M | 30% |
| Marine Segment | $296.9M | 14% |
| Aviation Segment | $274.2M | 13% |
| Auto Oem Segment | $160.4M | 8% |
SOLV
| Infection Prevention And Surgical Solutions | $752.0M | 38% |
| Cost Of Software And Rentals | $508.0M | 25% |
| Health Information Systems Segment | $347.0M | 17% |
| Dental Solutions Segment | $343.0M | 17% |
| Related Party | $14.0M | 1% |
