vs
ICU MEDICAL INC（ICUI）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
ICU MEDICAL INC的季度营收约是MERIT MEDICAL SYSTEMS INC的1.4倍（$540.7M vs $393.9M）。MERIT MEDICAL SYSTEMS INC净利率更高（9.6% vs -2.9%，领先12.6%）。MERIT MEDICAL SYSTEMS INC同比增速更快（10.9% vs -14.1%）。MERIT MEDICAL SYSTEMS INC自由现金流更多（$74.0M vs $36.0M）。过去两年MERIT MEDICAL SYSTEMS INC的营收复合增速更高（10.3% vs -2.3%）
ICU医疗是总部位于美国加利福尼亚州圣克莱门特的医疗科技企业，专注于研发预防血流感染、保护医护人员免受传染病或危险药物侵害的医疗产品，产品线覆盖静脉治疗用品、输液泵、无针血管通路设备、定制输液套装、危险药物密闭处理系统、传感导管以及无针封闭式血液采样系统等。
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。
ICUI vs MMSI — 直观对比
营收规模更大
ICUI
是对方的1.4倍
$393.9M
营收增速更快
MMSI
高出25.1%
-14.1%
净利率更高
MMSI
高出12.6%
-2.9%
自由现金流更多
MMSI
多$38.1M
$36.0M
两年增速更快
MMSI
近两年复合增速
-2.3%
损益表 — Q4 2025 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $540.7M | $393.9M |
| 净利润 | $-15.7M | $38.0M |
| 毛利率 | 37.5% | 49.6% |
| 营业利润率 | 1.0% | 13.8% |
| 净利率 | -2.9% | 9.6% |
| 营收同比 | -14.1% | 10.9% |
| 净利润同比 | 34.0% | 36.0% |
| 每股收益（稀释后） | $-0.63 | $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ICUIMMSI
| Q4 25 | $540.7M | $393.9M | ||
| Q3 25 | $537.0M | $384.2M | ||
| Q2 25 | $548.9M | $382.5M | ||
| Q1 25 | $604.7M | $355.4M | ||
| Q4 24 | $629.8M | $355.2M | ||
| Q3 24 | $589.1M | $339.8M | ||
| Q2 24 | $596.5M | $338.0M | ||
| Q1 24 | $566.7M | $323.5M |
净利润ICUIMMSI
| Q4 25 | $-15.7M | $38.0M | ||
| Q3 25 | $-3.4M | $27.8M | ||
| Q2 25 | $35.3M | $32.6M | ||
| Q1 25 | $-15.5M | $30.1M | ||
| Q4 24 | $-23.8M | $27.9M | ||
| Q3 24 | $-33.0M | $28.4M | ||
| Q2 24 | $-21.4M | $35.7M | ||
| Q1 24 | $-39.5M | $28.2M |
毛利率ICUIMMSI
| Q4 25 | 37.5% | 49.6% | ||
| Q3 25 | 37.4% | 48.5% | ||
| Q2 25 | 37.9% | 48.2% | ||
| Q1 25 | 34.7% | 48.4% | ||
| Q4 24 | 36.1% | 48.7% | ||
| Q3 24 | 34.8% | 46.4% | ||
| Q2 24 | 34.8% | 47.7% | ||
| Q1 24 | 32.7% | 46.9% |
营业利润率ICUIMMSI
| Q4 25 | 1.0% | 13.8% | ||
| Q3 25 | 2.6% | 11.1% | ||
| Q2 25 | 1.9% | 12.3% | ||
| Q1 25 | 2.1% | 11.5% | ||
| Q4 24 | 6.0% | 10.3% | ||
| Q3 24 | 1.4% | 11.0% | ||
| Q2 24 | 1.3% | 13.6% | ||
| Q1 24 | -1.9% | 11.1% |
净利率ICUIMMSI
| Q4 25 | -2.9% | 9.6% | ||
| Q3 25 | -0.6% | 7.2% | ||
| Q2 25 | 6.4% | 8.5% | ||
| Q1 25 | -2.6% | 8.5% | ||
| Q4 24 | -3.8% | 7.9% | ||
| Q3 24 | -5.6% | 8.4% | ||
| Q2 24 | -3.6% | 10.6% | ||
| Q1 24 | -7.0% | 8.7% |
每股收益（稀释后）ICUIMMSI
| Q4 25 | $-0.63 | $0.64 | ||
| Q3 25 | $-0.14 | $0.46 | ||
| Q2 25 | $1.43 | $0.54 | ||
| Q1 25 | $-0.63 | $0.49 | ||
| Q4 24 | $-0.97 | $0.46 | ||
| Q3 24 | $-1.35 | $0.48 | ||
| Q2 24 | $-0.88 | $0.61 | ||
| Q1 24 | $-1.63 | $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 | — | $446.4M |
| 总债务越低越好 | — | $734.0M |
| 股东权益账面价值 | $2.1B | $1.6B |
| 总资产 | $4.1B | $2.7B |
| 负债/权益比越低杠杆越低 | — | 0.46× |
8季度趋势，按日历期对齐
现金及短期投资ICUIMMSI
| Q4 25 | — | $446.4M | ||
| Q3 25 | — | $392.5M | ||
| Q2 25 | — | $341.8M | ||
| Q1 25 | — | $395.5M | ||
| Q4 24 | $308.6M | $376.7M | ||
| Q3 24 | $312.5M | $523.1M | ||
| Q2 24 | $302.6M | $636.7M | ||
| Q1 24 | $251.4M | $581.9M |
总债务ICUIMMSI
| Q4 25 | — | $734.0M | ||
| Q3 25 | — | $732.9M | ||
| Q2 25 | — | $731.8M | ||
| Q1 25 | — | $730.7M | ||
| Q4 24 | — | $729.6M | ||
| Q3 24 | — | $750.5M | ||
| Q2 24 | — | $801.3M | ||
| Q1 24 | — | $800.1M |
股东权益ICUIMMSI
| Q4 25 | $2.1B | $1.6B | ||
| Q3 25 | $2.1B | $1.5B | ||
| Q2 25 | $2.1B | $1.5B | ||
| Q1 25 | $2.0B | $1.4B | ||
| Q4 24 | $2.0B | $1.4B | ||
| Q3 24 | $2.0B | $1.3B | ||
| Q2 24 | $2.0B | $1.3B | ||
| Q1 24 | $2.1B | $1.2B |
总资产ICUIMMSI
| Q4 25 | $4.1B | $2.7B | ||
| Q3 25 | $4.1B | $2.6B | ||
| Q2 25 | $4.1B | $2.6B | ||
| Q1 25 | $4.2B | $2.5B | ||
| Q4 24 | $4.2B | $2.4B | ||
| Q3 24 | $4.3B | $2.4B | ||
| Q2 24 | $4.3B | $2.4B | ||
| Q1 24 | $4.3B | $2.3B |
负债/权益比ICUIMMSI
| Q4 25 | — | 0.46× | ||
| Q3 25 | — | 0.48× | ||
| Q2 25 | — | 0.49× | ||
| Q1 25 | — | 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 | $60.6M | $98.5M |
| 自由现金流经营现金流 - 资本支出 | $36.0M | $74.0M |
| 自由现金流率自由现金流/营收 | 6.6% | 18.8% |
| 资本支出强度资本支出/营收 | 4.6% | 6.2% |
| 现金转化率经营现金流/净利润 | — | 2.59× |
| 过去12个月自由现金流最近4个季度 | $91.8M | $215.7M |
8季度趋势，按日历期对齐
经营现金流ICUIMMSI
| Q4 25 | $60.6M | $98.5M | ||
| Q3 25 | $56.7M | $75.0M | ||
| Q2 25 | $11.2M | $83.3M | ||
| Q1 25 | $51.3M | $40.6M | ||
| Q4 24 | $40.2M | $68.7M | ||
| Q3 24 | $36.1M | $47.3M | ||
| Q2 24 | $82.0M | $68.5M | ||
| Q1 24 | $45.8M | $36.2M |
自由现金流ICUIMMSI
| Q4 25 | $36.0M | $74.0M | ||
| Q3 25 | $27.6M | $52.5M | ||
| Q2 25 | $-8.5M | $69.6M | ||
| Q1 25 | $36.7M | $19.5M | ||
| Q4 24 | $16.1M | $65.3M | ||
| Q3 24 | $16.2M | $38.0M | ||
| Q2 24 | $62.5M | $57.9M | ||
| Q1 24 | $29.9M | $24.5M |
自由现金流率ICUIMMSI
| Q4 25 | 6.6% | 18.8% | ||
| Q3 25 | 5.1% | 13.7% | ||
| Q2 25 | -1.5% | 18.2% | ||
| Q1 25 | 6.1% | 5.5% | ||
| Q4 24 | 2.6% | 18.4% | ||
| Q3 24 | 2.7% | 11.2% | ||
| Q2 24 | 10.5% | 17.1% | ||
| Q1 24 | 5.3% | 7.6% |
资本支出强度ICUIMMSI
| Q4 25 | 4.6% | 6.2% | ||
| Q3 25 | 5.4% | 5.8% | ||
| Q2 25 | 3.6% | 3.6% | ||
| Q1 25 | 2.4% | 5.9% | ||
| Q4 24 | 3.8% | 1.0% | ||
| Q3 24 | 3.4% | 2.8% | ||
| Q2 24 | 3.3% | 3.1% | ||
| Q1 24 | 2.8% | 3.6% |
现金转化率ICUIMMSI
| Q4 25 | — | 2.59× | ||
| Q3 25 | — | 2.70× | ||
| Q2 25 | 0.32× | 2.56× | ||
| Q1 25 | — | 1.35× | ||
| Q4 24 | — | 2.46× | ||
| Q3 24 | — | 1.66× | ||
| Q2 24 | — | 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
ICUI
| Infusion Consumables | $284.7M | 53% |
| Infusion Systems | $176.3M | 33% |
| Vital Care | $79.7M | 15% |
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% |
