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孩之宝（HAS）与Solventum（SOLV）财务数据对比。点击上方公司名可切换其他公司
Solventum的季度营收约是孩之宝的1.4倍（$2.0B vs $1.4B），孩之宝净利率更高（13.9% vs 3.2%，领先10.8%），孩之宝同比增速更快（31.3% vs -3.7%），孩之宝自由现金流更多（$389.5M vs $32.0M），过去两年孩之宝的营收复合增速更高（38.2% vs -0.4%）
孩之宝是1923年12月6日成立的美国跨国玩具制造与娱乐控股企业，总部位于罗德岛州波塔基特。旗下拥有Kenner、米尔顿·布拉德利、派克兄弟、威世智等知名品牌，持有大量热门IP商标权，业务覆盖玩具生产、游戏开发、娱乐内容出品等多个领域。
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。
HAS vs SOLV — 直观对比
营收规模更大
SOLV
是对方的1.4倍
$1.4B
营收增速更快
HAS
高出35.0%
-3.7%
净利率更高
HAS
高出10.8%
3.2%
自由现金流更多
HAS
多$357.5M
$32.0M
两年增速更快
HAS
近两年复合增速
-0.4%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.4B | $2.0B |
| 净利润 | $201.6M | $63.0M |
| 毛利率 | 68.7% | 51.4% |
| 营业利润率 | 20.6% | 6.3% |
| 净利率 | 13.9% | 3.2% |
| 营收同比 | 31.3% | -3.7% |
| 净利润同比 | 687.8% | 103.2% |
| 每股收益（稀释后） | $1.46 | $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HASSOLV
| Q4 25 | $1.4B | $2.0B | ||
| Q3 25 | $1.4B | $2.1B | ||
| Q2 25 | $980.8M | $2.2B | ||
| Q1 25 | $887.1M | $2.1B | ||
| Q4 24 | $1.1B | $2.1B | ||
| Q3 24 | $1.3B | $2.1B | ||
| Q2 24 | $995.3M | $2.1B | ||
| Q1 24 | $757.3M | $2.0B |
净利润HASSOLV
| Q4 25 | $201.6M | $63.0M | ||
| Q3 25 | $233.2M | $1.3B | ||
| Q2 25 | $-855.8M | $90.0M | ||
| Q1 25 | $98.6M | $137.0M | ||
| Q4 24 | $-34.3M | $31.0M | ||
| Q3 24 | $223.2M | $122.0M | ||
| Q2 24 | $138.5M | $89.0M | ||
| Q1 24 | $58.2M | $237.0M |
毛利率HASSOLV
| Q4 25 | 68.7% | 51.4% | ||
| Q3 25 | 70.1% | 54.2% | ||
| Q2 25 | 77.0% | 54.4% | ||
| Q1 25 | 76.9% | 53.8% | ||
| Q4 24 | 67.4% | 53.9% | ||
| Q3 24 | 70.4% | 56.0% | ||
| Q2 24 | 76.1% | 54.6% | ||
| Q1 24 | 73.0% | 58.1% |
营业利润率HASSOLV
| Q4 25 | 20.6% | 6.3% | ||
| Q3 25 | 24.6% | 80.6% | ||
| Q2 25 | -81.4% | 9.9% | ||
| Q1 25 | 19.2% | 7.3% | ||
| Q4 24 | 5.4% | 6.6% | ||
| Q3 24 | 23.6% | 13.2% | ||
| Q2 24 | 21.3% | 11.7% | ||
| Q1 24 | 15.3% | 18.9% |
净利率HASSOLV
| Q4 25 | 13.9% | 3.2% | ||
| Q3 25 | 16.8% | 60.4% | ||
| Q2 25 | -87.3% | 4.2% | ||
| Q1 25 | 11.1% | 6.6% | ||
| Q4 24 | -3.1% | 1.5% | ||
| Q3 24 | 17.4% | 5.9% | ||
| Q2 24 | 13.9% | 4.3% | ||
| Q1 24 | 7.7% | 11.8% |
每股收益（稀释后）HASSOLV
| Q4 25 | $1.46 | $0.37 | ||
| Q3 25 | $1.64 | $7.22 | ||
| Q2 25 | $-6.10 | $0.51 | ||
| Q1 25 | $0.70 | $0.78 | ||
| Q4 24 | $-0.25 | $0.18 | ||
| Q3 24 | $1.59 | $0.70 | ||
| Q2 24 | $0.99 | $0.51 | ||
| Q1 24 | $0.42 | $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 | — | $878.0M |
| 总债务越低越好 | — | $5.0B |
| 股东权益账面价值 | $565.5M | $5.0B |
| 总资产 | $5.6B | $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HASSOLV
| Q4 25 | — | $878.0M | ||
| Q3 25 | — | $1.6B | ||
| Q2 25 | — | $492.0M | ||
| Q1 25 | — | $534.0M | ||
| Q4 24 | — | $762.0M | ||
| Q3 24 | — | $772.0M | ||
| Q2 24 | — | $897.0M | ||
| Q1 24 | — | $996.0M |
总债务HASSOLV
| 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HASSOLV
| Q4 25 | $565.5M | $5.0B | ||
| Q3 25 | $433.8M | $5.0B | ||
| Q2 25 | $269.7M | $3.6B | ||
| Q1 25 | $1.2B | $3.3B | ||
| Q4 24 | $1.2B | $3.0B | ||
| Q3 24 | $1.3B | $3.2B | ||
| Q2 24 | $1.2B | $2.9B | ||
| Q1 24 | $1.0B | $3.9B |
总资产HASSOLV
| Q4 25 | $5.6B | $14.3B | ||
| Q3 25 | $5.5B | $14.0B | ||
| Q2 25 | $5.2B | $15.1B | ||
| Q1 25 | $6.0B | $14.5B | ||
| Q4 24 | $6.3B | $14.5B | ||
| Q3 24 | $7.2B | $14.7B | ||
| Q2 24 | $6.9B | $14.6B | ||
| Q1 24 | $6.2B | $14.7B |
负债/权益比HASSOLV
| 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 | $403.2M | $95.0M |
| 自由现金流经营现金流 - 资本支出 | $389.5M | $32.0M |
| 自由现金流率自由现金流/营收 | 26.9% | 1.6% |
| 资本支出强度资本支出/营收 | 0.9% | 3.2% |
| 现金转化率经营现金流/净利润 | 2.00× | 1.51× |
| 过去12个月自由现金流最近4个季度 | $829.9M | $-10.0M |
8季度趋势，按日历期对齐
经营现金流HASSOLV
| Q4 25 | $403.2M | $95.0M | ||
| Q3 25 | $280.6M | $76.0M | ||
| Q2 25 | $71.3M | $169.0M | ||
| Q1 25 | $138.1M | $29.0M | ||
| Q4 24 | $259.8M | $219.0M | ||
| Q3 24 | $222.5M | $169.0M | ||
| Q2 24 | $187.3M | $355.0M | ||
| Q1 24 | $177.8M | $442.0M |
自由现金流HASSOLV
| Q4 25 | $389.5M | $32.0M | ||
| Q3 25 | $260.9M | $-21.0M | ||
| Q2 25 | $55.2M | $59.0M | ||
| Q1 25 | $124.3M | $-80.0M | ||
| Q4 24 | $200.8M | $92.0M | ||
| Q3 24 | $174.0M | $76.0M | ||
| Q2 24 | $135.4M | $297.0M | ||
| Q1 24 | $132.0M | $340.0M |
自由现金流率HASSOLV
| Q4 25 | 26.9% | 1.6% | ||
| Q3 25 | 18.8% | -1.0% | ||
| Q2 25 | 5.6% | 2.7% | ||
| Q1 25 | 14.0% | -3.9% | ||
| Q4 24 | 18.2% | 4.4% | ||
| Q3 24 | 13.6% | 3.7% | ||
| Q2 24 | 13.6% | 14.3% | ||
| Q1 24 | 17.4% | 16.9% |
资本支出强度HASSOLV
| Q4 25 | 0.9% | 3.2% | ||
| Q3 25 | 1.4% | 4.6% | ||
| Q2 25 | 1.6% | 5.1% | ||
| Q1 25 | 1.6% | 5.3% | ||
| Q4 24 | 5.4% | 6.1% | ||
| Q3 24 | 3.8% | 4.5% | ||
| Q2 24 | 5.2% | 2.8% | ||
| Q1 24 | 6.0% | 5.1% |
现金转化率HASSOLV
| Q4 25 | 2.00× | 1.51× | ||
| Q3 25 | 1.20× | 0.06× | ||
| Q2 25 | — | 1.88× | ||
| Q1 25 | 1.40× | 0.21× | ||
| Q4 24 | — | 7.06× | ||
| Q3 24 | 1.00× | 1.39× | ||
| Q2 24 | 1.35× | 3.99× | ||
| Q1 24 | 3.05× | 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
HAS
| Grow Brands | $1.1B | 75% |
| Optimize Brands | $188.7M | 13% |
| Digital And Licensing Gaming | $135.7M | 9% |
| Class Of Principal Product Family Brands | $13.1M | 1% |
| Filmand TV | $2.4M | 0% |
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% |
