vs
汉瑞祥（HSIC）与福泰制药（VRTX）财务数据对比。点击上方公司名可切换其他公司
汉瑞祥的季度营收约是福泰制药的1.1倍（$3.4B vs $3.2B），福泰制药净利率更高（37.3% vs 2.9%，领先34.4%），福泰制药同比增速更快（9.5% vs 7.7%），福泰制药自由现金流更多（$348.6M vs $338.0M），过去两年福泰制药的营收复合增速更高（8.9% vs 4.1%）
汉瑞祥（Henry Schein, Inc.）是美国的医疗保健产品及服务分销商，业务覆盖全球33个国家和地区，是全球面向诊所类牙科及医疗从业者的最大医疗解决方案供应商。公司连续14年入选Ethisphere评选的「全球最具道德企业」榜单，2025年再次登榜。
福泰制药是总部位于美国马萨诸塞州波士顿的生物制药企业，是全球首批明确采用理性药物设计策略、而非组合化学方法开发药物的生物技术公司之一。除波士顿总部外，公司还在加州圣迭戈、英国牛津郡米尔顿公园设有三处研发中心。
HSIC vs VRTX — 直观对比
营收规模更大
HSIC
是对方的1.1倍
$3.2B
营收增速更快
VRTX
高出1.8%
7.7%
净利率更高
VRTX
高出34.4%
2.9%
自由现金流更多
VRTX
多$10.6M
$338.0M
两年增速更快
VRTX
近两年复合增速
4.1%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $3.4B | $3.2B |
| 净利润 | $101.0M | $1.2B |
| 毛利率 | 30.9% | 85.4% |
| 营业利润率 | 4.7% | 37.8% |
| 净利率 | 2.9% | 37.3% |
| 营收同比 | 7.7% | 9.5% |
| 净利润同比 | 7.4% | 30.5% |
| 每股收益（稀释后） | $0.85 | $4.64 |
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HSICVRTX
| Q4 25 | $3.4B | $3.2B | ||
| Q3 25 | $3.3B | $3.1B | ||
| Q2 25 | $3.2B | $3.0B | ||
| Q1 25 | $3.2B | $2.8B | ||
| Q4 24 | $3.2B | $2.9B | ||
| Q3 24 | $3.2B | $2.8B | ||
| Q2 24 | $3.1B | $2.6B | ||
| Q1 24 | $3.2B | $2.7B |
净利润HSICVRTX
| Q4 25 | $101.0M | $1.2B | ||
| Q3 25 | $101.0M | $1.1B | ||
| Q2 25 | $86.0M | $1.0B | ||
| Q1 25 | $110.0M | $646.3M | ||
| Q4 24 | $94.0M | $913.0M | ||
| Q3 24 | $99.0M | $1.0B | ||
| Q2 24 | $104.0M | $-3.6B | ||
| Q1 24 | $93.0M | $1.1B |
毛利率HSICVRTX
| Q4 25 | 30.9% | 85.4% | ||
| Q3 25 | 30.7% | 86.5% | ||
| Q2 25 | 31.4% | 86.3% | ||
| Q1 25 | 31.6% | 86.9% | ||
| Q4 24 | 31.1% | 85.5% | ||
| Q3 24 | 31.3% | 85.8% | ||
| Q2 24 | 32.5% | 85.9% | ||
| Q1 24 | 31.9% | 87.3% |
营业利润率HSICVRTX
| Q4 25 | 4.7% | 37.8% | ||
| Q3 25 | 4.9% | 38.6% | ||
| Q2 25 | 4.7% | 38.8% | ||
| Q1 25 | 5.5% | 22.7% | ||
| Q4 24 | 4.9% | 35.2% | ||
| Q3 24 | 4.9% | 40.3% | ||
| Q2 24 | 5.1% | -132.9% | ||
| Q1 24 | 4.7% | 42.4% |
净利率HSICVRTX
| Q4 25 | 2.9% | 37.3% | ||
| Q3 25 | 3.0% | 35.2% | ||
| Q2 25 | 2.7% | 34.8% | ||
| Q1 25 | 3.5% | 23.3% | ||
| Q4 24 | 2.9% | 31.4% | ||
| Q3 24 | 3.1% | 37.7% | ||
| Q2 24 | 3.3% | -135.8% | ||
| Q1 24 | 2.9% | 40.9% |
每股收益（稀释后）HSICVRTX
| Q4 25 | $0.85 | $4.64 | ||
| Q3 25 | $0.84 | $4.20 | ||
| Q2 25 | $0.70 | $3.99 | ||
| Q1 25 | $0.88 | $2.49 | ||
| Q4 24 | $0.75 | $3.62 | ||
| Q3 24 | $0.78 | $4.01 | ||
| Q2 24 | $0.80 | $-13.92 | ||
| Q1 24 | $0.72 | $4.21 |
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 | $156.0M | $6.6B |
| 总债务越低越好 | $2.3B | — |
| 股东权益账面价值 | $3.2B | $18.7B |
| 总资产 | $11.2B | $25.6B |
| 负债/权益比越低杠杆越低 | 0.71× | — |
8季度趋势，按日历期对齐
现金及短期投资HSICVRTX
| Q4 25 | $156.0M | $6.6B | ||
| Q3 25 | $136.0M | $6.3B | ||
| Q2 25 | $145.0M | $6.4B | ||
| Q1 25 | $127.0M | $6.2B | ||
| Q4 24 | $122.0M | $6.1B | ||
| Q3 24 | $126.0M | $6.5B | ||
| Q2 24 | $138.0M | $5.8B | ||
| Q1 24 | $159.0M | $10.2B |
总债务HSICVRTX
| Q4 25 | $2.3B | — | ||
| Q3 25 | $2.2B | — | ||
| Q2 25 | $2.1B | — | ||
| Q1 25 | $2.0B | — | ||
| Q4 24 | $1.8B | — | ||
| Q3 24 | $1.9B | — | ||
| Q2 24 | $1.9B | — | ||
| Q1 24 | $2.0B | — |
股东权益HSICVRTX
| Q4 25 | $3.2B | $18.7B | ||
| Q3 25 | $3.4B | $17.3B | ||
| Q2 25 | $3.4B | $17.2B | ||
| Q1 25 | $3.3B | $16.5B | ||
| Q4 24 | $3.4B | $16.4B | ||
| Q3 24 | $3.5B | $15.6B | ||
| Q2 24 | $3.5B | $14.8B | ||
| Q1 24 | $3.6B | $18.5B |
总资产HSICVRTX
| Q4 25 | $11.2B | $25.6B | ||
| Q3 25 | $11.1B | $24.9B | ||
| Q2 25 | $10.9B | $24.0B | ||
| Q1 25 | $10.5B | $22.9B | ||
| Q4 24 | $10.2B | $22.5B | ||
| Q3 24 | $10.6B | $22.2B | ||
| Q2 24 | $10.3B | $20.1B | ||
| Q1 24 | $10.1B | $23.9B |
负债/权益比HSICVRTX
| Q4 25 | 0.71× | — | ||
| Q3 25 | 0.64× | — | ||
| Q2 25 | 0.61× | — | ||
| Q1 25 | 0.59× | — | ||
| Q4 24 | 0.54× | — | ||
| Q3 24 | 0.54× | — | ||
| Q2 24 | 0.54× | — | ||
| Q1 24 | 0.56× | — |
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 | $381.0M | $498.0M |
| 自由现金流经营现金流 - 资本支出 | $338.0M | $348.6M |
| 自由现金流率自由现金流/营收 | 9.8% | 10.9% |
| 资本支出强度资本支出/营收 | 1.3% | 4.7% |
| 现金转化率经营现金流/净利润 | 3.77× | 0.42× |
| 过去12个月自由现金流最近4个季度 | $573.0M | $3.2B |
8季度趋势，按日历期对齐
经营现金流HSICVRTX
| Q4 25 | $381.0M | $498.0M | ||
| Q3 25 | $174.0M | $1.2B | ||
| Q2 25 | $120.0M | $1.1B | ||
| Q1 25 | $37.0M | $818.9M | ||
| Q4 24 | $204.0M | $584.6M | ||
| Q3 24 | $151.0M | $1.4B | ||
| Q2 24 | $296.0M | $-3.8B | ||
| Q1 24 | $197.0M | $1.3B |
自由现金流HSICVRTX
| Q4 25 | $338.0M | $348.6M | ||
| Q3 25 | $141.0M | $1.1B | ||
| Q2 25 | $88.0M | $927.4M | ||
| Q1 25 | $6.0M | $778.2M | ||
| Q4 24 | $168.0M | $492.0M | ||
| Q3 24 | $117.0M | $1.3B | ||
| Q2 24 | $259.0M | $-3.8B | ||
| Q1 24 | $156.0M | $1.2B |
自由现金流率HSICVRTX
| Q4 25 | 9.8% | 10.9% | ||
| Q3 25 | 4.2% | 37.0% | ||
| Q2 25 | 2.7% | 31.3% | ||
| Q1 25 | 0.2% | 28.1% | ||
| Q4 24 | 5.3% | 16.9% | ||
| Q3 24 | 3.7% | 47.0% | ||
| Q2 24 | 8.3% | -144.5% | ||
| Q1 24 | 4.9% | 46.0% |
资本支出强度HSICVRTX
| Q4 25 | 1.3% | 4.7% | ||
| Q3 25 | 1.0% | 3.3% | ||
| Q2 25 | 1.0% | 4.9% | ||
| Q1 25 | 1.0% | 1.5% | ||
| Q4 24 | 1.1% | 3.2% | ||
| Q3 24 | 1.1% | 2.4% | ||
| Q2 24 | 1.2% | 2.6% | ||
| Q1 24 | 1.3% | 2.5% |
现金转化率HSICVRTX
| Q4 25 | 3.77× | 0.42× | ||
| Q3 25 | 1.72× | 1.15× | ||
| Q2 25 | 1.40× | 1.04× | ||
| Q1 25 | 0.34× | 1.27× | ||
| Q4 24 | 2.17× | 0.64× | ||
| Q3 24 | 1.53× | 1.31× | ||
| Q2 24 | 2.85× | — | ||
| Q1 24 | 2.12× | 1.19× |
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
HSIC
| Global Dental Merchandise | $1.2B | 35% |
| Global Medical | $1.1B | 31% |
| Global Dental Equipment | $536.0M | 16% |
| Global Specialty Products | $422.0M | 12% |
| Global Technology | $173.0M | 5% |
| Global Value Added Services | $64.0M | 2% |
| Equity Method Investee | $14.0M | 0% |
VRTX
| TRIKAFTAKAFTRIO | $2.6B | 81% |
| ALYFTREK | $380.1M | 12% |
| Manufactured Product Other | $237.4M | 7% |
