vs
高盛（GS）与强生（JNJ）财务数据对比。点击上方公司名可切换其他公司
强生的季度营收约是高盛的1.8倍（$24.6B vs $13.5B），高盛净利率更高（34.3% vs 20.8%，领先13.5%），强生自由现金流更多（$5.5B vs $-16.8B）
高盛集团是美国跨国投资银行及金融服务提供商，创立于1869年，总部位于纽约市曼哈顿下城，在全球多个国际金融中心设有区域总部。按营收计算，高盛是全球规模最大的投资银行之一，位列美国《财富》500强总营收榜单第55位。
强生是美国跨国制药、生物技术及医疗技术企业，总部位于新泽西州新不伦瑞克，在纽约证券交易所上市，普通股为道琼斯工业平均指数成分股，2025年位列财富美国500强第48位、福布斯全球企业2000强第42位。
GS vs JNJ — 直观对比
营收规模更大
JNJ
是对方的1.8倍
$13.5B
净利率更高
GS
高出13.5%
20.8%
自由现金流更多
JNJ
多$22.3B
$-16.8B
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $13.5B | $24.6B |
| 净利润 | $4.6B | $5.1B |
| 毛利率 | — | 67.6% |
| 营业利润率 | 43.5% | 20.2% |
| 净利率 | 34.3% | 20.8% |
| 营收同比 | — | 9.1% |
| 净利润同比 | — | 49.1% |
| 每股收益（稀释后） | $14.04 | $2.08 |
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GSJNJ
| Q4 25 | $13.5B | $24.6B | ||
| Q3 25 | $15.2B | $24.0B | ||
| Q2 25 | $14.6B | $23.7B | ||
| Q1 25 | $15.1B | $21.9B | ||
| Q4 24 | — | $22.5B | ||
| Q3 24 | $12.7B | $22.5B | ||
| Q2 24 | $12.7B | $22.4B | ||
| Q1 24 | $14.2B | $21.4B |
净利润GSJNJ
| Q4 25 | $4.6B | $5.1B | ||
| Q3 25 | $4.1B | $5.2B | ||
| Q2 25 | $3.7B | $5.5B | ||
| Q1 25 | $4.7B | $11.0B | ||
| Q4 24 | — | $3.4B | ||
| Q3 24 | $3.0B | $2.7B | ||
| Q2 24 | $3.0B | $4.7B | ||
| Q1 24 | $4.1B | $3.3B |
毛利率GSJNJ
| Q4 25 | — | 67.6% | ||
| Q3 25 | — | 69.6% | ||
| Q2 25 | — | 67.9% | ||
| Q1 25 | — | 66.4% | ||
| Q4 24 | — | 68.3% | ||
| Q3 24 | — | 69.0% | ||
| Q2 24 | — | 69.4% | ||
| Q1 24 | — | 69.6% |
营业利润率GSJNJ
| Q4 25 | 43.5% | 20.2% | ||
| Q3 25 | 35.5% | 31.2% | ||
| Q2 25 | 34.0% | 27.3% | ||
| Q1 25 | 37.5% | 62.3% | ||
| Q4 24 | — | 17.3% | ||
| Q3 24 | 31.4% | 14.9% | ||
| Q2 24 | 30.8% | 25.6% | ||
| Q1 24 | 36.8% | 17.4% |
净利率GSJNJ
| Q4 25 | 34.3% | 20.8% | ||
| Q3 25 | 27.0% | 21.5% | ||
| Q2 25 | 25.5% | 23.3% | ||
| Q1 25 | 31.5% | 50.2% | ||
| Q4 24 | — | 15.2% | ||
| Q3 24 | 23.5% | 12.0% | ||
| Q2 24 | 23.9% | 20.9% | ||
| Q1 24 | 29.1% | 15.2% |
每股收益（稀释后）GSJNJ
| Q4 25 | $14.04 | $2.08 | ||
| Q3 25 | $12.25 | $2.12 | ||
| Q2 25 | $10.91 | $2.29 | ||
| Q1 25 | $14.12 | $4.54 | ||
| Q4 24 | — | $1.41 | ||
| Q3 24 | $8.40 | $1.11 | ||
| Q2 24 | $8.62 | $1.93 | ||
| Q1 24 | $11.58 | $1.34 |
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 | $164.3B | $20.1B |
| 总债务越低越好 | — | $41.4B |
| 股东权益账面价值 | $125.0B | $81.5B |
| 总资产 | $1809.3B | $199.2B |
| 负债/权益比越低杠杆越低 | — | 0.51× |
8季度趋势，按日历期对齐
现金及短期投资GSJNJ
| Q4 25 | $164.3B | $20.1B | ||
| Q3 25 | $169.6B | $18.6B | ||
| Q2 25 | $153.0B | $18.9B | ||
| Q1 25 | $167.4B | $38.8B | ||
| Q4 24 | — | $24.5B | ||
| Q3 24 | $154.7B | $20.3B | ||
| Q2 24 | $206.3B | $25.5B | ||
| Q1 24 | $209.4B | $26.2B |
总债务GSJNJ
| Q4 25 | — | $41.4B | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $32.4B | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
股东权益GSJNJ
| Q4 25 | $125.0B | $81.5B | ||
| Q3 25 | $124.4B | $79.3B | ||
| Q2 25 | $124.1B | $78.5B | ||
| Q1 25 | $124.3B | $78.1B | ||
| Q4 24 | — | $71.5B | ||
| Q3 24 | $121.2B | $70.2B | ||
| Q2 24 | $119.5B | $71.5B | ||
| Q1 24 | $118.5B | $70.0B |
总资产GSJNJ
| Q4 25 | $1809.3B | $199.2B | ||
| Q3 25 | $1808.0B | $192.8B | ||
| Q2 25 | $1785.0B | $193.4B | ||
| Q1 25 | $1766.2B | $193.7B | ||
| Q4 24 | — | $180.1B | ||
| Q3 24 | $1728.1B | $178.3B | ||
| Q2 24 | $1653.3B | $181.1B | ||
| Q1 24 | $1698.4B | $172.0B |
负债/权益比GSJNJ
| Q4 25 | — | 0.51× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 0.45× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
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 | $-16.3B | $7.3B |
| 自由现金流经营现金流 - 资本支出 | $-16.8B | $5.5B |
| 自由现金流率自由现金流/营收 | -124.9% | 22.3% |
| 资本支出强度资本支出/营收 | 3.9% | 7.5% |
| 现金转化率经营现金流/净利润 | -3.53× | 1.43× |
| 过去12个月自由现金流最近4个季度 | $-47.2B | $19.7B |
8季度趋势，按日历期对齐
经营现金流GSJNJ
| Q4 25 | $-16.3B | $7.3B | ||
| Q3 25 | $2.7B | $9.2B | ||
| Q2 25 | $5.7B | $3.9B | ||
| Q1 25 | $-37.2B | $4.2B | ||
| Q4 24 | — | $7.0B | ||
| Q3 24 | — | $8.0B | ||
| Q2 24 | — | $5.6B | ||
| Q1 24 | $-28.0B | $3.7B |
自由现金流GSJNJ
| Q4 25 | $-16.8B | $5.5B | ||
| Q3 25 | $2.1B | $8.0B | ||
| Q2 25 | $5.2B | $2.8B | ||
| Q1 25 | $-37.7B | $3.4B | ||
| Q4 24 | — | $5.4B | ||
| Q3 24 | — | $7.0B | ||
| Q2 24 | — | $4.7B | ||
| Q1 24 | $-28.5B | $2.9B |
自由现金流率GSJNJ
| Q4 25 | -124.9% | 22.3% | ||
| Q3 25 | 14.0% | 33.4% | ||
| Q2 25 | 35.6% | 11.9% | ||
| Q1 25 | -250.5% | 15.4% | ||
| Q4 24 | — | 23.8% | ||
| Q3 24 | — | 31.0% | ||
| Q2 24 | — | 20.7% | ||
| Q1 24 | -200.8% | 13.3% |
资本支出强度GSJNJ
| Q4 25 | 3.9% | 7.5% | ||
| Q3 25 | 3.7% | 4.8% | ||
| Q2 25 | 3.3% | 4.4% | ||
| Q1 25 | 3.3% | 3.6% | ||
| Q4 24 | — | 7.2% | ||
| Q3 24 | — | 4.6% | ||
| Q2 24 | — | 4.3% | ||
| Q1 24 | 3.5% | 3.8% |
现金转化率GSJNJ
| Q4 25 | -3.53× | 1.43× | ||
| Q3 25 | 0.65× | 1.78× | ||
| Q2 25 | 1.52× | 0.70× | ||
| Q1 25 | -7.86× | 0.38× | ||
| Q4 24 | — | 2.04× | ||
| Q3 24 | — | 2.97× | ||
| Q2 24 | — | 1.20× | ||
| Q1 24 | -6.79× | 1.12× |
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
GS
| Global Banking And Markets | $10.5B | 78% |
| Other | $2.9B | 22% |
JNJ
| Other | $14.2B | 58% |
| Immunology | $2.5B | 10% |
| Orthopaedics | $1.5B | 6% |
| Neuroscience | $1.4B | 6% |
| Cardiovascular | $1.4B | 6% |
| Surgery | $1.1B | 4% |
| Pulmonary Hypertension | $865.0M | 4% |
| Cardiovascular Metabolism Other | $794.0M | 3% |
| Vision | $531.0M | 2% |
| Infectious Diseases | $303.0M | 1% |
