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直觉外科（ISRG）与硕腾（ZTS）财务数据对比。点击上方公司名可切换其他公司
直觉外科的季度营收约是硕腾的1.2倍（$2.8B vs $2.4B），直觉外科净利率更高（29.8% vs 25.3%，领先4.5%），直觉外科同比增速更快（23.0% vs 3.0%），过去两年直觉外科的营收复合增速更高（17.4% vs 4.4%）
直觉外科（Intuitive Surgical）是美国医疗科技企业，主打研发、生产及销售微创外科手术机器人产品，核心产品为达芬奇手术系统，可有效提升患者临床治疗效果。该公司为纳斯达克100、标普100及标普500指数成分股，截至2021年末全球达芬奇系统装机量达6730台，其中美国市场占4139台。
硕腾是全球规模最大的动物保健制药企业，专注于宠物与家畜用药品、疫苗的研发和生产，前身为制药巨头辉瑞旗下的动物保健业务板块，辉瑞剥离多数股权后成为完全独立的企业。目前公司产品直销约45个国家，在全球超过100个国家和地区销售，海外业务占总营收的50%左右。
ISRG vs ZTS — 直观对比
营收规模更大
ISRG
是对方的1.2倍
$2.4B
营收增速更快
ISRG
高出19.9%
3.0%
净利率更高
ISRG
高出4.5%
25.3%
两年增速更快
ISRG
近两年复合增速
4.4%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $2.8B | $2.4B |
| 净利润 | $826.0M | $603.0M |
| 毛利率 | 66.1% | 70.2% |
| 营业利润率 | — | 31.9% |
| 净利率 | 29.8% | 25.3% |
| 营收同比 | 23.0% | 3.0% |
| 净利润同比 | 17.4% | 3.8% |
| 每股收益（稀释后） | $2.28 | $1.37 |
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ISRGZTS
| Q1 26 | $2.8B | — | ||
| Q4 25 | $2.9B | $2.4B | ||
| Q3 25 | $2.5B | $2.4B | ||
| Q2 25 | $2.4B | $2.5B | ||
| Q1 25 | $2.3B | $2.2B | ||
| Q4 24 | $2.4B | $2.3B | ||
| Q3 24 | $2.0B | $2.4B | ||
| Q2 24 | $2.0B | $2.4B |
净利润ISRGZTS
| Q1 26 | $826.0M | — | ||
| Q4 25 | $794.8M | $603.0M | ||
| Q3 25 | $704.4M | $721.0M | ||
| Q2 25 | $658.4M | $718.0M | ||
| Q1 25 | $698.4M | $631.0M | ||
| Q4 24 | $685.7M | $581.0M | ||
| Q3 24 | $565.1M | $682.0M | ||
| Q2 24 | $526.9M | $624.0M |
毛利率ISRGZTS
| Q1 26 | 66.1% | — | ||
| Q4 25 | 66.4% | 70.2% | ||
| Q3 25 | 66.4% | 71.5% | ||
| Q2 25 | 66.3% | 73.6% | ||
| Q1 25 | 64.7% | 72.0% | ||
| Q4 24 | 68.0% | 69.5% | ||
| Q3 24 | 67.4% | 70.6% | ||
| Q2 24 | 68.3% | 71.7% |
营业利润率ISRGZTS
| Q1 26 | — | — | ||
| Q4 25 | 30.2% | 31.9% | ||
| Q3 25 | 30.3% | 37.0% | ||
| Q2 25 | 30.5% | 36.7% | ||
| Q1 25 | 25.7% | 36.5% | ||
| Q4 24 | 30.4% | 31.6% | ||
| Q3 24 | 28.3% | 36.6% | ||
| Q2 24 | 28.2% | 33.0% |
净利率ISRGZTS
| Q1 26 | 29.8% | — | ||
| Q4 25 | 27.7% | 25.3% | ||
| Q3 25 | 28.1% | 30.0% | ||
| Q2 25 | 27.0% | 29.2% | ||
| Q1 25 | 31.0% | 28.4% | ||
| Q4 24 | 28.4% | 25.1% | ||
| Q3 24 | 27.7% | 28.6% | ||
| Q2 24 | 26.2% | 26.4% |
每股收益（稀释后）ISRGZTS
| Q1 26 | $2.28 | — | ||
| Q4 25 | $2.19 | $1.37 | ||
| Q3 25 | $1.95 | $1.63 | ||
| Q2 25 | $1.81 | $1.61 | ||
| Q1 25 | $1.92 | $1.41 | ||
| Q4 24 | $1.89 | $1.29 | ||
| Q3 24 | $1.56 | $1.50 | ||
| Q2 24 | $1.46 | $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 | — | — |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $17.6B | $3.3B |
| 总资产 | $20.1B | $15.5B |
| 负债/权益比越低杠杆越低 | — | — |
8季度趋势，按日历期对齐
现金及短期投资ISRGZTS
| Q1 26 | — | — | ||
| Q4 25 | $5.9B | — | ||
| Q3 25 | $4.9B | $2.1B | ||
| Q2 25 | $5.3B | $1.4B | ||
| Q1 25 | $4.5B | $1.7B | ||
| Q4 24 | $4.0B | $2.0B | ||
| Q3 24 | $4.2B | $1.7B | ||
| Q2 24 | $4.8B | $1.6B |
股东权益ISRGZTS
| Q1 26 | $17.6B | — | ||
| Q4 25 | $17.8B | $3.3B | ||
| Q3 25 | $16.9B | $5.4B | ||
| Q2 25 | $17.8B | $5.0B | ||
| Q1 25 | $17.1B | $4.7B | ||
| Q4 24 | $16.4B | $4.8B | ||
| Q3 24 | $15.6B | $5.2B | ||
| Q2 24 | $14.7B | $5.0B |
总资产ISRGZTS
| Q1 26 | $20.1B | — | ||
| Q4 25 | $20.5B | $15.5B | ||
| Q3 25 | $19.4B | $15.2B | ||
| Q2 25 | $20.2B | $14.5B | ||
| Q1 25 | $19.2B | $14.1B | ||
| Q4 24 | $18.7B | $14.2B | ||
| Q3 24 | $17.7B | $14.4B | ||
| Q2 24 | $16.6B | $14.2B |
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 | — | $893.0M |
| 自由现金流经营现金流 - 资本支出 | — | $732.0M |
| 自由现金流率自由现金流/营收 | — | 30.7% |
| 资本支出强度资本支出/营收 | — | 6.7% |
| 现金转化率经营现金流/净利润 | — | 1.48× |
| 过去12个月自由现金流最近4个季度 | — | $2.3B |
8季度趋势，按日历期对齐
经营现金流ISRGZTS
| Q1 26 | — | — | ||
| Q4 25 | $892.5M | $893.0M | ||
| Q3 25 | $841.0M | $938.0M | ||
| Q2 25 | $715.4M | $486.0M | ||
| Q1 25 | $581.6M | $587.0M | ||
| Q4 24 | $822.6M | $905.0M | ||
| Q3 24 | $706.5M | $951.0M | ||
| Q2 24 | $620.5M | $502.0M |
自由现金流ISRGZTS
| Q1 26 | — | — | ||
| Q4 25 | $730.0M | $732.0M | ||
| Q3 25 | $735.6M | $805.0M | ||
| Q2 25 | $560.1M | $308.0M | ||
| Q1 25 | $465.0M | $438.0M | ||
| Q4 24 | $510.6M | $689.0M | ||
| Q3 24 | $458.6M | $784.0M | ||
| Q2 24 | $311.1M | $370.0M |
自由现金流率ISRGZTS
| Q1 26 | — | — | ||
| Q4 25 | 25.5% | 30.7% | ||
| Q3 25 | 29.4% | 33.5% | ||
| Q2 25 | 23.0% | 12.5% | ||
| Q1 25 | 20.6% | 19.7% | ||
| Q4 24 | 21.2% | 29.7% | ||
| Q3 24 | 22.5% | 32.8% | ||
| Q2 24 | 15.5% | 15.7% |
资本支出强度ISRGZTS
| Q1 26 | — | — | ||
| Q4 25 | 5.7% | 6.7% | ||
| Q3 25 | 4.2% | 5.5% | ||
| Q2 25 | 6.4% | 7.2% | ||
| Q1 25 | 5.2% | 6.7% | ||
| Q4 24 | 12.9% | 9.3% | ||
| Q3 24 | 12.2% | 7.0% | ||
| Q2 24 | 15.4% | 5.6% |
现金转化率ISRGZTS
| Q1 26 | — | — | ||
| Q4 25 | 1.12× | 1.48× | ||
| Q3 25 | 1.19× | 1.30× | ||
| Q2 25 | 1.09× | 0.68× | ||
| Q1 25 | 0.83× | 0.93× | ||
| Q4 24 | 1.20× | 1.56× | ||
| Q3 24 | 1.25× | 1.39× | ||
| Q2 24 | 1.18× | 0.80× |
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
ISRG
| Instruments and accessories | $1.7B | 61% |
| Systems | $650.7M | 23% |
| Services | $433.7M | 16% |
ZTS
| Other | $1.3B | 56% |
| Livestock | $234.0M | 10% |
| Pain Sedation | $209.0M | 9% |
| Other Pharmaceuticals | $188.0M | 8% |
| Swine | $125.0M | 5% |
| Poultry | $117.0M | 5% |
| Fish | $81.0M | 3% |
| Other Non Pharmaceuticals | $70.0M | 3% |
| Manufactured Product Other | $18.0M | 1% |
| Medicated Feed Additives | $12.0M | 1% |
