vs
佳明（GRMN）与硕腾（ZTS）财务数据对比。点击上方公司名可切换其他公司
硕腾的季度营收约是佳明的1.1倍（$2.4B vs $2.1B），硕腾净利率更高（25.3% vs 24.9%，领先0.4%），佳明同比增速更快（16.6% vs 3.0%），硕腾自由现金流更多（$732.0M vs $429.6M），过去两年佳明的营收复合增速更高（24.0% vs 4.4%）
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。
硕腾是全球规模最大的动物保健制药企业，专注于宠物与家畜用药品、疫苗的研发和生产，前身为制药巨头辉瑞旗下的动物保健业务板块，辉瑞剥离多数股权后成为完全独立的企业。目前公司产品直销约45个国家，在全球超过100个国家和地区销售，海外业务占总营收的50%左右。
GRMN vs ZTS — 直观对比
营收规模更大
ZTS
是对方的1.1倍
$2.1B
营收增速更快
GRMN
高出13.6%
3.0%
净利率更高
ZTS
高出0.4%
24.9%
自由现金流更多
ZTS
多$302.4M
$429.6M
两年增速更快
GRMN
近两年复合增速
4.4%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $2.1B | $2.4B |
| 净利润 | $528.7M | $603.0M |
| 毛利率 | 59.2% | 70.2% |
| 营业利润率 | 28.9% | 31.9% |
| 净利率 | 24.9% | 25.3% |
| 营收同比 | 16.6% | 3.0% |
| 净利润同比 | 21.3% | 3.8% |
| 每股收益（稀释后） | $2.72 | $1.37 |
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GRMNZTS
| Q4 25 | $2.1B | $2.4B | ||
| Q3 25 | $1.8B | $2.4B | ||
| Q2 25 | $1.8B | $2.5B | ||
| Q1 25 | $1.5B | $2.2B | ||
| Q4 24 | $1.8B | $2.3B | ||
| Q3 24 | $1.6B | $2.4B | ||
| Q2 24 | $1.5B | $2.4B | ||
| Q1 24 | $1.4B | $2.2B |
净利润GRMNZTS
| Q4 25 | $528.7M | $603.0M | ||
| Q3 25 | $401.6M | $721.0M | ||
| Q2 25 | $400.8M | $718.0M | ||
| Q1 25 | $332.8M | $631.0M | ||
| Q4 24 | $435.7M | $581.0M | ||
| Q3 24 | $399.1M | $682.0M | ||
| Q2 24 | $300.6M | $624.0M | ||
| Q1 24 | $276.0M | $599.0M |
毛利率GRMNZTS
| Q4 25 | 59.2% | 70.2% | ||
| Q3 25 | 59.1% | 71.5% | ||
| Q2 25 | 58.8% | 73.6% | ||
| Q1 25 | 57.6% | 72.0% | ||
| Q4 24 | 59.3% | 69.5% | ||
| Q3 24 | 60.0% | 70.6% | ||
| Q2 24 | 57.3% | 71.7% | ||
| Q1 24 | 58.1% | 70.6% |
营业利润率GRMNZTS
| Q4 25 | 28.9% | 31.9% | ||
| Q3 25 | 25.8% | 37.0% | ||
| Q2 25 | 26.0% | 36.7% | ||
| Q1 25 | 21.7% | 36.5% | ||
| Q4 24 | 28.3% | 31.6% | ||
| Q3 24 | 27.6% | 36.6% | ||
| Q2 24 | 22.7% | 33.0% | ||
| Q1 24 | 21.6% | 34.1% |
净利率GRMNZTS
| Q4 25 | 24.9% | 25.3% | ||
| Q3 25 | 22.7% | 30.0% | ||
| Q2 25 | 22.1% | 29.2% | ||
| Q1 25 | 21.7% | 28.4% | ||
| Q4 24 | 23.9% | 25.1% | ||
| Q3 24 | 25.2% | 28.6% | ||
| Q2 24 | 20.0% | 26.4% | ||
| Q1 24 | 20.0% | 27.4% |
每股收益（稀释后）GRMNZTS
| Q4 25 | $2.72 | $1.37 | ||
| Q3 25 | $2.08 | $1.63 | ||
| Q2 25 | $2.07 | $1.61 | ||
| Q1 25 | $1.72 | $1.41 | ||
| Q4 24 | $2.24 | $1.29 | ||
| Q3 24 | $2.07 | $1.50 | ||
| Q2 24 | $1.56 | $1.37 | ||
| Q1 24 | $1.43 | $1.31 |
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 | — |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $9.0B | $3.3B |
| 总资产 | $11.0B | $15.5B |
| 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GRMNZTS
| Q4 25 | $2.3B | — | ||
| Q3 25 | $2.1B | $2.1B | ||
| Q2 25 | $2.1B | $1.4B | ||
| Q1 25 | $2.2B | $1.7B | ||
| Q4 24 | $2.1B | $2.0B | ||
| Q3 24 | $2.0B | $1.7B | ||
| Q2 24 | $1.9B | $1.6B | ||
| Q1 24 | $1.9B | $2.0B |
股东权益GRMNZTS
| Q4 25 | $9.0B | $3.3B | ||
| Q3 25 | $8.5B | $5.4B | ||
| Q2 25 | $8.1B | $5.0B | ||
| Q1 25 | $8.2B | $4.7B | ||
| Q4 24 | $7.8B | $4.8B | ||
| Q3 24 | $7.5B | $5.2B | ||
| Q2 24 | $7.0B | $5.0B | ||
| Q1 24 | $7.2B | $5.1B |
总资产GRMNZTS
| Q4 25 | $11.0B | $15.5B | ||
| Q3 25 | $10.5B | $15.2B | ||
| Q2 25 | $10.3B | $14.5B | ||
| Q1 25 | $9.8B | $14.1B | ||
| Q4 24 | $9.6B | $14.2B | ||
| Q3 24 | $9.3B | $14.4B | ||
| Q2 24 | $8.9B | $14.2B | ||
| Q1 24 | $8.6B | $14.3B |
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 | $893.0M |
| 自由现金流经营现金流 - 资本支出 | $429.6M | $732.0M |
| 自由现金流率自由现金流/营收 | 20.2% | 30.7% |
| 资本支出强度资本支出/营收 | 5.8% | 6.7% |
| 现金转化率经营现金流/净利润 | 1.05× | 1.48× |
| 过去12个月自由现金流最近4个季度 | $1.4B | $2.3B |
8季度趋势，按日历期对齐
经营现金流GRMNZTS
| Q4 25 | $553.8M | $893.0M | ||
| Q3 25 | $485.6M | $938.0M | ||
| Q2 25 | $173.2M | $486.0M | ||
| Q1 25 | $420.8M | $587.0M | ||
| Q4 24 | $483.9M | $905.0M | ||
| Q3 24 | $258.0M | $951.0M | ||
| Q2 24 | $255.3M | $502.0M | ||
| Q1 24 | $435.3M | $595.0M |
自由现金流GRMNZTS
| Q4 25 | $429.6M | $732.0M | ||
| Q3 25 | $425.1M | $805.0M | ||
| Q2 25 | $127.5M | $308.0M | ||
| Q1 25 | $380.7M | $438.0M | ||
| Q4 24 | $399.2M | $689.0M | ||
| Q3 24 | $219.4M | $784.0M | ||
| Q2 24 | $218.2M | $370.0M | ||
| Q1 24 | $402.1M | $455.0M |
自由现金流率GRMNZTS
| Q4 25 | 20.2% | 30.7% | ||
| Q3 25 | 24.0% | 33.5% | ||
| Q2 25 | 7.0% | 12.5% | ||
| Q1 25 | 24.8% | 19.7% | ||
| Q4 24 | 21.9% | 29.7% | ||
| Q3 24 | 13.8% | 32.8% | ||
| Q2 24 | 14.5% | 15.7% | ||
| Q1 24 | 29.1% | 20.8% |
资本支出强度GRMNZTS
| Q4 25 | 5.8% | 6.7% | ||
| Q3 25 | 3.4% | 5.5% | ||
| Q2 25 | 2.5% | 7.2% | ||
| Q1 25 | 2.6% | 6.7% | ||
| Q4 24 | 4.6% | 9.3% | ||
| Q3 24 | 2.4% | 7.0% | ||
| Q2 24 | 2.5% | 5.6% | ||
| Q1 24 | 2.4% | 6.4% |
现金转化率GRMNZTS
| Q4 25 | 1.05× | 1.48× | ||
| Q3 25 | 1.21× | 1.30× | ||
| Q2 25 | 0.43× | 0.68× | ||
| Q1 25 | 1.26× | 0.93× | ||
| Q4 24 | 1.11× | 1.56× | ||
| Q3 24 | 0.65× | 1.39× | ||
| Q2 24 | 0.85× | 0.80× | ||
| Q1 24 | 1.58× | 0.99× |
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% |
ZTS
| Other | $1.3B | 56% |
| Livestock | $234.0M | 10% |
| Pain Sedation | $209.0M | 9% |
| Other Pharmaceuticals | $188.0M | 8% |
| Swine | $125.0M | 5% |
| Poultry | $117.0M | 5% |
| Fish | $81.0M | 3% |
| Other Non Pharmaceuticals | $70.0M | 3% |
| Manufactured Product Other | $18.0M | 1% |
| Medicated Feed Additives | $12.0M | 1% |
