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HAEMONETICS CORP（HAE）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
MERIT MEDICAL SYSTEMS INC的季度营收约是HAEMONETICS CORP的1.2倍（$393.9M vs $339.0M），HAEMONETICS CORP净利率更高（13.2% vs 9.6%，领先3.6%），MERIT MEDICAL SYSTEMS INC同比增速更快（10.9% vs -2.7%），HAEMONETICS CORP自由现金流更多（$87.2M vs $74.0M），过去两年MERIT MEDICAL SYSTEMS INC的营收复合增速更高（10.3% vs 0.4%）
豪洛捷（Haemonetics）是全球血液与血浆供应及服务提供商，于20世纪70年代由艾伦·（杰克）·莱瑟姆博士在马萨诸塞州内蒂克创立，业务围绕血液相关产品及配套服务展开，为全球医疗领域提供血液管理相关的专业解决方案。
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。
HAE vs MMSI — 直观对比
营收规模更大
MMSI
是对方的1.2倍
$339.0M
营收增速更快
MMSI
高出13.7%
-2.7%
净利率更高
HAE
高出3.6%
9.6%
自由现金流更多
HAE
多$13.2M
$74.0M
两年增速更快
MMSI
近两年复合增速
0.4%
损益表 — Q3 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $339.0M | $393.9M |
| 净利润 | $44.7M | $38.0M |
| 毛利率 | 59.7% | 49.6% |
| 营业利润率 | 19.9% | 13.8% |
| 净利率 | 13.2% | 9.6% |
| 营收同比 | -2.7% | 10.9% |
| 净利润同比 | 19.3% | 36.0% |
| 每股收益（稀释后） | $0.95 | $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HAEMMSI
| Q4 25 | $339.0M | $393.9M | ||
| Q3 25 | $327.3M | $384.2M | ||
| Q2 25 | $321.4M | $382.5M | ||
| Q1 25 | $330.6M | $355.4M | ||
| Q4 24 | $348.5M | $355.2M | ||
| Q3 24 | $345.5M | $339.8M | ||
| Q2 24 | $336.2M | $338.0M | ||
| Q1 24 | — | $323.5M |
净利润HAEMMSI
| Q4 25 | $44.7M | $38.0M | ||
| Q3 25 | $38.7M | $27.8M | ||
| Q2 25 | $34.0M | $32.6M | ||
| Q1 25 | $58.0M | $30.1M | ||
| Q4 24 | $37.5M | $27.9M | ||
| Q3 24 | $33.8M | $28.4M | ||
| Q2 24 | $38.4M | $35.7M | ||
| Q1 24 | — | $28.2M |
毛利率HAEMMSI
| Q4 25 | 59.7% | 49.6% | ||
| Q3 25 | 59.5% | 48.5% | ||
| Q2 25 | 59.8% | 48.2% | ||
| Q1 25 | 58.4% | 48.4% | ||
| Q4 24 | 55.5% | 48.7% | ||
| Q3 24 | 54.2% | 46.4% | ||
| Q2 24 | 52.0% | 47.7% | ||
| Q1 24 | — | 46.9% |
营业利润率HAEMMSI
| Q4 25 | 19.9% | 13.8% | ||
| Q3 25 | 17.9% | 11.1% | ||
| Q2 25 | 16.8% | 12.3% | ||
| Q1 25 | 21.6% | 11.5% | ||
| Q4 24 | 16.9% | 10.3% | ||
| Q3 24 | 15.0% | 11.0% | ||
| Q2 24 | 11.8% | 13.6% | ||
| Q1 24 | — | 11.1% |
净利率HAEMMSI
| Q4 25 | 13.2% | 9.6% | ||
| Q3 25 | 11.8% | 7.2% | ||
| Q2 25 | 10.6% | 8.5% | ||
| Q1 25 | 17.5% | 8.5% | ||
| Q4 24 | 10.8% | 7.9% | ||
| Q3 24 | 9.8% | 8.4% | ||
| Q2 24 | 11.4% | 10.6% | ||
| Q1 24 | — | 8.7% |
每股收益（稀释后）HAEMMSI
| Q4 25 | $0.95 | $0.64 | ||
| Q3 25 | $0.81 | $0.46 | ||
| Q2 25 | $0.70 | $0.54 | ||
| Q1 25 | $1.17 | $0.49 | ||
| Q4 24 | $0.74 | $0.46 | ||
| Q3 24 | $0.66 | $0.48 | ||
| Q2 24 | $0.74 | $0.61 | ||
| Q1 24 | — | $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 | $363.4M | $446.4M |
| 总债务越低越好 | $1.2B | $734.0M |
| 股东权益账面价值 | $911.5M | $1.6B |
| 总资产 | $2.5B | $2.7B |
| 负债/权益比越低杠杆越低 | 1.34× | 0.46× |
8季度趋势，按日历期对齐
现金及短期投资HAEMMSI
| Q4 25 | $363.4M | $446.4M | ||
| Q3 25 | $296.4M | $392.5M | ||
| Q2 25 | $292.9M | $341.8M | ||
| Q1 25 | $306.8M | $395.5M | ||
| Q4 24 | $320.8M | $376.7M | ||
| Q3 24 | $299.3M | $523.1M | ||
| Q2 24 | $344.4M | $636.7M | ||
| Q1 24 | — | $581.9M |
总债务HAEMMSI
| Q4 25 | $1.2B | $734.0M | ||
| Q3 25 | $1.2B | $732.9M | ||
| Q2 25 | $1.2B | $731.8M | ||
| Q1 25 | $1.2B | $730.7M | ||
| Q4 24 | — | $729.6M | ||
| Q3 24 | — | $750.5M | ||
| Q2 24 | — | $801.3M | ||
| Q1 24 | — | $800.1M |
股东权益HAEMMSI
| Q4 25 | $911.5M | $1.6B | ||
| Q3 25 | $849.2M | $1.5B | ||
| Q2 25 | $882.3M | $1.5B | ||
| Q1 25 | $820.8M | $1.4B | ||
| Q4 24 | $906.9M | $1.4B | ||
| Q3 24 | $878.9M | $1.3B | ||
| Q2 24 | $905.4M | $1.3B | ||
| Q1 24 | — | $1.2B |
总资产HAEMMSI
| Q4 25 | $2.5B | $2.7B | ||
| Q3 25 | $2.4B | $2.6B | ||
| Q2 25 | $2.5B | $2.6B | ||
| Q1 25 | $2.5B | $2.5B | ||
| Q4 24 | $2.5B | $2.4B | ||
| Q3 24 | $2.5B | $2.4B | ||
| Q2 24 | $2.5B | $2.4B | ||
| Q1 24 | — | $2.3B |
负债/权益比HAEMMSI
| Q4 25 | 1.34× | 0.46× | ||
| Q3 25 | 1.44× | 0.48× | ||
| Q2 25 | 1.39× | 0.49× | ||
| Q1 25 | 1.49× | 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 | $93.6M | $98.5M |
| 自由现金流经营现金流 - 资本支出 | $87.2M | $74.0M |
| 自由现金流率自由现金流/营收 | 25.7% | 18.8% |
| 资本支出强度资本支出/营收 | 1.9% | 6.2% |
| 现金转化率经营现金流/净利润 | 2.09× | 2.59× |
| 过去12个月自由现金流最近4个季度 | $308.1M | $215.7M |
8季度趋势，按日历期对齐
经营现金流HAEMMSI
| Q4 25 | $93.6M | $98.5M | ||
| Q3 25 | $111.3M | $75.0M | ||
| Q2 25 | $17.4M | $83.3M | ||
| Q1 25 | $116.6M | $40.6M | ||
| Q4 24 | $43.8M | $68.7M | ||
| Q3 24 | $48.8M | $47.3M | ||
| Q2 24 | $-27.4M | $68.5M | ||
| Q1 24 | — | $36.2M |
自由现金流HAEMMSI
| Q4 25 | $87.2M | $74.0M | ||
| Q3 25 | $106.3M | $52.5M | ||
| Q2 25 | $13.6M | $69.6M | ||
| Q1 25 | $100.9M | $19.5M | ||
| Q4 24 | $35.2M | $65.3M | ||
| Q3 24 | $39.4M | $38.0M | ||
| Q2 24 | $-33.1M | $57.9M | ||
| Q1 24 | — | $24.5M |
自由现金流率HAEMMSI
| Q4 25 | 25.7% | 18.8% | ||
| Q3 25 | 32.5% | 13.7% | ||
| Q2 25 | 4.2% | 18.2% | ||
| Q1 25 | 30.5% | 5.5% | ||
| Q4 24 | 10.1% | 18.4% | ||
| Q3 24 | 11.4% | 11.2% | ||
| Q2 24 | -9.8% | 17.1% | ||
| Q1 24 | — | 7.6% |
资本支出强度HAEMMSI
| Q4 25 | 1.9% | 6.2% | ||
| Q3 25 | 1.5% | 5.8% | ||
| Q2 25 | 1.2% | 3.6% | ||
| Q1 25 | 4.7% | 5.9% | ||
| Q4 24 | 2.5% | 1.0% | ||
| Q3 24 | 2.7% | 2.8% | ||
| Q2 24 | 1.7% | 3.1% | ||
| Q1 24 | — | 3.6% |
现金转化率HAEMMSI
| Q4 25 | 2.09× | 2.59× | ||
| Q3 25 | 2.88× | 2.70× | ||
| Q2 25 | 0.51× | 2.56× | ||
| Q1 25 | 2.01× | 1.35× | ||
| Q4 24 | 1.17× | 2.46× | ||
| Q3 24 | 1.44× | 1.66× | ||
| Q2 24 | -0.71× | 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
HAE
| Hospital | $143.5M | 42% |
| Plasma Productsand Services | $138.9M | 41% |
| Blood Center Productsand Services | $56.6M | 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% |
