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ICU MEDICAL INC（ICUI）与Waystar Holding Corp.（WAY）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Waystar Holding Corp.的1.8倍（$540.7M vs $303.5M），Waystar Holding Corp.净利率更高（6.6% vs -2.9%，领先9.5%），Waystar Holding Corp.同比增速更快（24.3% vs -14.1%），Waystar Holding Corp.自由现金流更多（$57.2M vs $36.0M），过去两年Waystar Holding Corp.的营收复合增速更高（16.2% 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。
Waystar Holding Corp是一家领先的医疗健康支付与营收周期管理解决方案提供商，服务覆盖美国各地的医疗机构、医疗系统和支付方，旗下工具可简化账单处理、理赔申请、患者缴费流程，帮助医疗机构降低行政负担、优化营收表现。
ICUI vs WAY — 直观对比
营收规模更大
ICUI
是对方的1.8倍
$303.5M
营收增速更快
WAY
高出38.5%
-14.1%
净利率更高
WAY
高出9.5%
-2.9%
自由现金流更多
WAY
多$21.3M
$36.0M
两年增速更快
WAY
近两年复合增速
-2.3%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $540.7M | $303.5M |
| 净利润 | $-15.7M | $20.0M |
| 毛利率 | 37.5% | — |
| 营业利润率 | 1.0% | 19.4% |
| 净利率 | -2.9% | 6.6% |
| 营收同比 | -14.1% | 24.3% |
| 净利润同比 | 34.0% | 4.8% |
| 每股收益（稀释后） | $-0.63 | $0.10 |
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ICUIWAY
| Q4 25 | $540.7M | $303.5M | ||
| Q3 25 | $537.0M | $268.7M | ||
| Q2 25 | $548.9M | $270.7M | ||
| Q1 25 | $604.7M | $256.4M | ||
| Q4 24 | $629.8M | $244.1M | ||
| Q3 24 | $589.1M | $240.1M | ||
| Q2 24 | $596.5M | $234.5M | ||
| Q1 24 | $566.7M | $224.8M |
净利润ICUIWAY
| Q4 25 | $-15.7M | $20.0M | ||
| Q3 25 | $-3.4M | $30.6M | ||
| Q2 25 | $35.3M | $32.2M | ||
| Q1 25 | $-15.5M | $29.3M | ||
| Q4 24 | $-23.8M | $19.1M | ||
| Q3 24 | $-33.0M | $5.4M | ||
| Q2 24 | $-21.4M | $-27.7M | ||
| Q1 24 | $-39.5M | $-15.9M |
毛利率ICUIWAY
| Q4 25 | 37.5% | — | ||
| Q3 25 | 37.4% | — | ||
| Q2 25 | 37.9% | — | ||
| Q1 25 | 34.7% | — | ||
| Q4 24 | 36.1% | — | ||
| Q3 24 | 34.8% | — | ||
| Q2 24 | 34.8% | — | ||
| Q1 24 | 32.7% | — |
营业利润率ICUIWAY
| Q4 25 | 1.0% | 19.4% | ||
| Q3 25 | 2.6% | 22.4% | ||
| Q2 25 | 1.9% | 24.0% | ||
| Q1 25 | 2.1% | 25.4% | ||
| Q4 24 | 6.0% | 21.8% | ||
| Q3 24 | 1.4% | 11.3% | ||
| Q2 24 | 1.3% | 3.5% | ||
| Q1 24 | -1.9% | 15.7% |
净利率ICUIWAY
| Q4 25 | -2.9% | 6.6% | ||
| Q3 25 | -0.6% | 11.4% | ||
| Q2 25 | 6.4% | 11.9% | ||
| Q1 25 | -2.6% | 11.4% | ||
| Q4 24 | -3.8% | 7.8% | ||
| Q3 24 | -5.6% | 2.3% | ||
| Q2 24 | -3.6% | -11.8% | ||
| Q1 24 | -7.0% | -7.1% |
每股收益（稀释后）ICUIWAY
| Q4 25 | $-0.63 | $0.10 | ||
| Q3 25 | $-0.14 | $0.17 | ||
| Q2 25 | $1.43 | $0.18 | ||
| Q1 25 | $-0.63 | $0.16 | ||
| Q4 24 | $-0.97 | $0.18 | ||
| Q3 24 | $-1.35 | $0.03 | ||
| Q2 24 | $-0.88 | $-0.21 | ||
| Q1 24 | $-1.63 | $-0.13 |
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 | — | $61.4M |
| 总债务越低越好 | — | $1.5B |
| 股东权益账面价值 | $2.1B | $3.9B |
| 总资产 | $4.1B | $5.8B |
| 负债/权益比越低杠杆越低 | — | 0.38× |
8季度趋势，按日历期对齐
现金及短期投资ICUIWAY
| Q4 25 | — | $61.4M | ||
| Q3 25 | — | $421.1M | ||
| Q2 25 | — | $290.3M | ||
| Q1 25 | — | $224.0M | ||
| Q4 24 | $308.6M | $182.1M | ||
| Q3 24 | $312.5M | $127.1M | ||
| Q2 24 | $302.6M | $68.4M | ||
| Q1 24 | $251.4M | $57.3M |
总债务ICUIWAY
| Q4 25 | — | $1.5B | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $1.2B | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
股东权益ICUIWAY
| Q4 25 | $2.1B | $3.9B | ||
| Q3 25 | $2.1B | $3.2B | ||
| Q2 25 | $2.1B | $3.2B | ||
| Q1 25 | $2.0B | $3.1B | ||
| Q4 24 | $2.0B | $3.1B | ||
| Q3 24 | $2.0B | $3.1B | ||
| Q2 24 | $2.0B | $2.9B | ||
| Q1 24 | $2.1B | $2.0B |
总资产ICUIWAY
| Q4 25 | $4.1B | $5.8B | ||
| Q3 25 | $4.1B | $4.7B | ||
| Q2 25 | $4.1B | $4.7B | ||
| Q1 25 | $4.2B | $4.6B | ||
| Q4 24 | $4.2B | $4.6B | ||
| Q3 24 | $4.3B | $4.5B | ||
| Q2 24 | $4.3B | $4.6B | ||
| Q1 24 | $4.3B | — |
负债/权益比ICUIWAY
| Q4 25 | — | 0.38× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 0.40× | ||
| 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 | $60.6M | $66.6M |
| 自由现金流经营现金流 - 资本支出 | $36.0M | $57.2M |
| 自由现金流率自由现金流/营收 | 6.6% | 18.9% |
| 资本支出强度资本支出/营收 | 4.6% | 3.1% |
| 现金转化率经营现金流/净利润 | — | 3.33× |
| 过去12个月自由现金流最近4个季度 | $91.8M | $283.2M |
8季度趋势，按日历期对齐
经营现金流ICUIWAY
| Q4 25 | $60.6M | $66.6M | ||
| Q3 25 | $56.7M | $82.0M | ||
| Q2 25 | $11.2M | $96.8M | ||
| Q1 25 | $51.3M | $64.2M | ||
| Q4 24 | $40.2M | — | ||
| Q3 24 | $36.1M | $78.8M | ||
| Q2 24 | $82.0M | $15.4M | ||
| Q1 24 | $45.8M | $10.7M |
自由现金流ICUIWAY
| Q4 25 | $36.0M | $57.2M | ||
| Q3 25 | $27.6M | $76.2M | ||
| Q2 25 | $-8.5M | $91.0M | ||
| Q1 25 | $36.7M | $58.8M | ||
| Q4 24 | $16.1M | — | ||
| Q3 24 | $16.2M | $70.2M | ||
| Q2 24 | $62.5M | $8.6M | ||
| Q1 24 | $29.9M | $5.2M |
自由现金流率ICUIWAY
| Q4 25 | 6.6% | 18.9% | ||
| Q3 25 | 5.1% | 28.3% | ||
| Q2 25 | -1.5% | 33.6% | ||
| Q1 25 | 6.1% | 22.9% | ||
| Q4 24 | 2.6% | — | ||
| Q3 24 | 2.7% | 29.2% | ||
| Q2 24 | 10.5% | 3.7% | ||
| Q1 24 | 5.3% | 2.3% |
资本支出强度ICUIWAY
| Q4 25 | 4.6% | 3.1% | ||
| Q3 25 | 5.4% | 2.2% | ||
| Q2 25 | 3.6% | 2.1% | ||
| Q1 25 | 2.4% | 2.1% | ||
| Q4 24 | 3.8% | — | ||
| Q3 24 | 3.4% | 3.6% | ||
| Q2 24 | 3.3% | 2.9% | ||
| Q1 24 | 2.8% | 2.5% |
现金转化率ICUIWAY
| Q4 25 | — | 3.33× | ||
| Q3 25 | — | 2.68× | ||
| Q2 25 | 0.32× | 3.01× | ||
| Q1 25 | — | 2.20× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 14.56× | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
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% |
WAY
| Subscription And Circulation | $167.8M | 55% |
| Volume Based Revenue | $134.2M | 44% |
| Implementation Services And Other Revenue | $1.5M | 1% |
