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Inspire Medical Systems, Inc.（INSP）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Inspire Medical Systems, Inc.的1.5倍（$393.9M vs $269.1M），Inspire Medical Systems, Inc.净利率更高（50.6% vs 9.6%，领先40.9%），Inspire Medical Systems, Inc.同比增速更快（12.2% vs 10.9%），MERIT MEDICAL SYSTEMS INC自由现金流更多（$74.0M vs $41.8M），过去两年Inspire Medical Systems, Inc.的营收复合增速更高（28.1% vs 10.3%）
Inspire Medical Systems是一家专注于阻塞性睡眠呼吸暂停治疗的医疗科技企业，研发、生产并销售植入式神经刺激设备，面向无法耐受持续气道正压通气治疗的患者，核心市场覆盖北美、欧洲及部分亚太地区，服务睡眠医学、耳鼻喉科等临床领域。
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。
INSP vs MMSI — 直观对比
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $269.1M | $393.9M |
| 净利润 | $136.1M | $38.0M |
| 毛利率 | 86.6% | 49.6% |
| 营业利润率 | 17.1% | 13.8% |
| 净利率 | 50.6% | 9.6% |
| 营收同比 | 12.2% | 10.9% |
| 净利润同比 | 286.4% | 36.0% |
| 每股收益（稀释后） | $4.57 | $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
| Q4 25 | $269.1M | $393.9M | ||
| Q3 25 | $224.5M | $384.2M | ||
| Q2 25 | $217.1M | $382.5M | ||
| Q1 25 | $201.3M | $355.4M | ||
| Q4 24 | $239.7M | $355.2M | ||
| Q3 24 | $203.2M | $339.8M | ||
| Q2 24 | $195.9M | $338.0M | ||
| Q1 24 | $164.0M | $323.5M |
| Q4 25 | $136.1M | $38.0M | ||
| Q3 25 | $9.9M | $27.8M | ||
| Q2 25 | $-3.6M | $32.6M | ||
| Q1 25 | $3.0M | $30.1M | ||
| Q4 24 | $35.2M | $27.9M | ||
| Q3 24 | $18.5M | $28.4M | ||
| Q2 24 | $9.8M | $35.7M | ||
| Q1 24 | $-10.0M | $28.2M |
| Q4 25 | 86.6% | 49.6% | ||
| Q3 25 | 85.8% | 48.5% | ||
| Q2 25 | 84.0% | 48.2% | ||
| Q1 25 | 84.7% | 48.4% | ||
| Q4 24 | 85.0% | 48.7% | ||
| Q3 24 | 84.1% | 46.4% | ||
| Q2 24 | 84.8% | 47.7% | ||
| Q1 24 | 84.9% | 46.9% |
| Q4 25 | 17.1% | 13.8% | ||
| Q3 25 | 4.3% | 11.1% | ||
| Q2 25 | -1.5% | 12.3% | ||
| Q1 25 | -0.7% | 11.5% | ||
| Q4 24 | 13.3% | 10.3% | ||
| Q3 24 | 7.0% | 11.0% | ||
| Q2 24 | 2.6% | 13.6% | ||
| Q1 24 | -9.3% | 11.1% |
| Q4 25 | 50.6% | 9.6% | ||
| Q3 25 | 4.4% | 7.2% | ||
| Q2 25 | -1.7% | 8.5% | ||
| Q1 25 | 1.5% | 8.5% | ||
| Q4 24 | 14.7% | 7.9% | ||
| Q3 24 | 9.1% | 8.4% | ||
| Q2 24 | 5.0% | 10.6% | ||
| Q1 24 | -6.1% | 8.7% |
| Q4 25 | $4.57 | $0.64 | ||
| Q3 25 | $0.34 | $0.46 | ||
| Q2 25 | $-0.12 | $0.54 | ||
| Q1 25 | $0.10 | $0.49 | ||
| Q4 24 | $1.17 | $0.46 | ||
| Q3 24 | $0.60 | $0.48 | ||
| Q2 24 | $0.32 | $0.61 | ||
| Q1 24 | $-0.34 | $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 | $308.3M | $446.4M |
| 总债务越低越好 | — | $734.0M |
| 股东权益账面价值 | $781.2M | $1.6B |
| 总资产 | $907.3M | $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
| Q4 25 | $308.3M | $446.4M | ||
| Q3 25 | $322.6M | $392.5M | ||
| Q2 25 | $300.9M | $341.8M | ||
| Q1 25 | $369.2M | $395.5M | ||
| Q4 24 | $445.5M | $376.7M | ||
| Q3 24 | $411.0M | $523.1M | ||
| Q2 24 | $439.7M | $636.7M | ||
| Q1 24 | $441.4M | $581.9M |
| 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 |
| Q4 25 | $781.2M | $1.6B | ||
| Q3 25 | $666.5M | $1.5B | ||
| Q2 25 | $677.8M | $1.5B | ||
| Q1 25 | $635.7M | $1.4B | ||
| Q4 24 | $689.7M | $1.4B | ||
| Q3 24 | $696.6M | $1.3B | ||
| Q2 24 | $638.1M | $1.3B | ||
| Q1 24 | $589.0M | $1.2B |
| Q4 25 | $907.3M | $2.7B | ||
| Q3 25 | $807.7M | $2.6B | ||
| Q2 25 | $802.2M | $2.6B | ||
| Q1 25 | $730.8M | $2.5B | ||
| Q4 24 | $808.4M | $2.4B | ||
| Q3 24 | $796.2M | $2.4B | ||
| Q2 24 | $728.4M | $2.4B | ||
| Q1 24 | $685.8M | $2.3B |
| 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 | $52.5M | $98.5M |
| 自由现金流经营现金流 - 资本支出 | $41.8M | $74.0M |
| 自由现金流率自由现金流/营收 | 15.5% | 18.8% |
| 资本支出强度资本支出/营收 | 4.0% | 6.2% |
| 现金转化率经营现金流/净利润 | 0.39× | 2.59× |
| 过去12个月自由现金流最近4个季度 | $78.5M | $215.7M |
8季度趋势，按日历期对齐
| Q4 25 | $52.5M | $98.5M | ||
| Q3 25 | $68.5M | $75.0M | ||
| Q2 25 | $2.7M | $83.3M | ||
| Q1 25 | $-6.7M | $40.6M | ||
| Q4 24 | $69.2M | $68.7M | ||
| Q3 24 | $52.3M | $47.3M | ||
| Q2 24 | $-78.0K | $68.5M | ||
| Q1 24 | $8.9M | $36.2M |
| Q4 25 | $41.8M | $74.0M | ||
| Q3 25 | $58.1M | $52.5M | ||
| Q2 25 | $-6.3M | $69.6M | ||
| Q1 25 | $-15.1M | $19.5M | ||
| Q4 24 | $62.2M | $65.3M | ||
| Q3 24 | $44.3M | $38.0M | ||
| Q2 24 | $-12.5M | $57.9M | ||
| Q1 24 | $-2.8M | $24.5M |
| Q4 25 | 15.5% | 18.8% | ||
| Q3 25 | 25.9% | 13.7% | ||
| Q2 25 | -2.9% | 18.2% | ||
| Q1 25 | -7.5% | 5.5% | ||
| Q4 24 | 25.9% | 18.4% | ||
| Q3 24 | 21.8% | 11.2% | ||
| Q2 24 | -6.4% | 17.1% | ||
| Q1 24 | -1.7% | 7.6% |
| Q4 25 | 4.0% | 6.2% | ||
| Q3 25 | 4.6% | 5.8% | ||
| Q2 25 | 4.1% | 3.6% | ||
| Q1 25 | 4.2% | 5.9% | ||
| Q4 24 | 2.9% | 1.0% | ||
| Q3 24 | 3.9% | 2.8% | ||
| Q2 24 | 6.3% | 3.1% | ||
| Q1 24 | 7.1% | 3.6% |
| Q4 25 | 0.39× | 2.59× | ||
| Q3 25 | 6.90× | 2.70× | ||
| Q2 25 | — | 2.56× | ||
| Q1 25 | -2.24× | 1.35× | ||
| Q4 24 | 1.96× | 2.46× | ||
| Q3 24 | 2.83× | 1.66× | ||
| Q2 24 | -0.01× | 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
INSP
暂无分部数据
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% |
