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强生（JNJ）与马拉松石油（MPC）财务数据对比。点击上方公司名可切换其他公司
马拉松石油的季度营收约是强生的1.3倍（$32.6B vs $24.6B），强生净利率更高（20.8% vs 4.7%，领先16.1%），强生同比增速更快（9.1% vs -1.7%），强生自由现金流更多（$5.5B vs $1.9B），过去两年强生的营收复合增速更高（7.2% vs -0.2%）
强生是美国跨国制药、生物技术及医疗技术企业，总部位于新泽西州新不伦瑞克，在纽约证券交易所上市，普通股为道琼斯工业平均指数成分股，2025年位列财富美国500强第48位、福布斯全球企业2000强第42位。
马拉松石油是总部位于美国俄亥俄州芬德利的能源企业，核心业务覆盖石油炼制、销售与运输全链条。该公司此前为马拉松石油集团的全资子公司，于2011年完成分拆后独立运营。
JNJ vs MPC — 直观对比
营收规模更大
MPC
是对方的1.3倍
$24.6B
营收增速更快
JNJ
高出10.8%
-1.7%
净利率更高
JNJ
高出16.1%
4.7%
自由现金流更多
JNJ
多$3.6B
$1.9B
两年增速更快
JNJ
近两年复合增速
-0.2%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $24.6B | $32.6B |
| 净利润 | $5.1B | $1.5B |
| 毛利率 | 67.6% | 11.4% |
| 营业利润率 | 20.2% | 8.3% |
| 净利率 | 20.8% | 4.7% |
| 营收同比 | 9.1% | -1.7% |
| 净利润同比 | 49.1% | 313.7% |
| 每股收益（稀释后） | $2.08 | $4.99 |
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JNJMPC
| Q4 25 | $24.6B | $32.6B | ||
| Q3 25 | $24.0B | $34.8B | ||
| Q2 25 | $23.7B | $33.8B | ||
| Q1 25 | $21.9B | $31.5B | ||
| Q4 24 | $22.5B | $33.1B | ||
| Q3 24 | $22.5B | $35.1B | ||
| Q2 24 | $22.4B | $37.9B | ||
| Q1 24 | $21.4B | $32.7B |
净利润JNJMPC
| Q4 25 | $5.1B | $1.5B | ||
| Q3 25 | $5.2B | $1.4B | ||
| Q2 25 | $5.5B | $1.2B | ||
| Q1 25 | $11.0B | $-74.0M | ||
| Q4 24 | $3.4B | $371.0M | ||
| Q3 24 | $2.7B | $622.0M | ||
| Q2 24 | $4.7B | $1.5B | ||
| Q1 24 | $3.3B | $937.0M |
毛利率JNJMPC
| Q4 25 | 67.6% | 11.4% | ||
| Q3 25 | 69.6% | 10.4% | ||
| Q2 25 | 67.9% | 11.2% | ||
| Q1 25 | 66.4% | 6.8% | ||
| Q4 24 | 68.3% | 7.8% | ||
| Q3 24 | 69.0% | 8.4% | ||
| Q2 24 | 69.4% | 10.5% | ||
| Q1 24 | 69.6% | 9.5% |
营业利润率JNJMPC
| Q4 25 | 20.2% | 8.3% | ||
| Q3 25 | 31.2% | 7.8% | ||
| Q2 25 | 27.3% | 6.5% | ||
| Q1 25 | 62.3% | 2.2% | ||
| Q4 24 | 17.3% | 3.4% | ||
| Q3 24 | 14.9% | 3.8% | ||
| Q2 24 | 25.6% | 6.7% | ||
| Q1 24 | 17.4% | 5.5% |
净利率JNJMPC
| Q4 25 | 20.8% | 4.7% | ||
| Q3 25 | 21.5% | 3.9% | ||
| Q2 25 | 23.3% | 3.6% | ||
| Q1 25 | 50.2% | -0.2% | ||
| Q4 24 | 15.2% | 1.1% | ||
| Q3 24 | 12.0% | 1.8% | ||
| Q2 24 | 20.9% | 4.0% | ||
| Q1 24 | 15.2% | 2.9% |
每股收益（稀释后）JNJMPC
| Q4 25 | $2.08 | $4.99 | ||
| Q3 25 | $2.12 | $4.51 | ||
| Q2 25 | $2.29 | $3.96 | ||
| Q1 25 | $4.54 | $-0.24 | ||
| Q4 24 | $1.41 | $1.30 | ||
| Q3 24 | $1.11 | $1.87 | ||
| Q2 24 | $1.93 | $4.33 | ||
| Q1 24 | $1.34 | $2.58 |
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 | $20.1B | $3.7B |
| 总债务越低越好 | $41.4B | $30.5B |
| 股东权益账面价值 | $81.5B | $17.3B |
| 总资产 | $199.2B | $84.0B |
| 负债/权益比越低杠杆越低 | 0.51× | 1.76× |
8季度趋势，按日历期对齐
现金及短期投资JNJMPC
| Q4 25 | $20.1B | $3.7B | ||
| Q3 25 | $18.6B | $2.7B | ||
| Q2 25 | $18.9B | $1.7B | ||
| Q1 25 | $38.8B | $3.8B | ||
| Q4 24 | $24.5B | $3.2B | ||
| Q3 24 | $20.3B | $5.1B | ||
| Q2 24 | $25.5B | $8.5B | ||
| Q1 24 | $26.2B | $7.6B |
总债务JNJMPC
| Q4 25 | $41.4B | $30.5B | ||
| Q3 25 | — | $31.2B | ||
| Q2 25 | — | $26.8B | ||
| Q1 25 | — | $26.8B | ||
| Q4 24 | $32.4B | $24.4B | ||
| Q3 24 | — | $24.1B | ||
| Q2 24 | — | $24.0B | ||
| Q1 24 | — | $24.8B |
股东权益JNJMPC
| Q4 25 | $81.5B | $17.3B | ||
| Q3 25 | $79.3B | $17.1B | ||
| Q2 25 | $78.5B | $16.6B | ||
| Q1 25 | $78.1B | $16.4B | ||
| Q4 24 | $71.5B | $17.7B | ||
| Q3 24 | $70.2B | $18.9B | ||
| Q2 24 | $71.5B | $21.3B | ||
| Q1 24 | $70.0B | $22.9B |
总资产JNJMPC
| Q4 25 | $199.2B | $84.0B | ||
| Q3 25 | $192.8B | $83.2B | ||
| Q2 25 | $193.4B | $78.5B | ||
| Q1 25 | $193.7B | $81.6B | ||
| Q4 24 | $180.1B | $78.9B | ||
| Q3 24 | $178.3B | $79.8B | ||
| Q2 24 | $181.1B | $85.2B | ||
| Q1 24 | $172.0B | $85.5B |
负债/权益比JNJMPC
| Q4 25 | 0.51× | 1.76× | ||
| Q3 25 | — | 1.83× | ||
| Q2 25 | — | 1.61× | ||
| Q1 25 | — | 1.64× | ||
| Q4 24 | 0.45× | 1.38× | ||
| Q3 24 | — | 1.27× | ||
| Q2 24 | — | 1.13× | ||
| Q1 24 | — | 1.08× |
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 | $7.3B | $3.1B |
| 自由现金流经营现金流 - 资本支出 | $5.5B | $1.9B |
| 自由现金流率自由现金流/营收 | 22.3% | 5.8% |
| 资本支出强度资本支出/营收 | 7.5% | 3.6% |
| 现金转化率经营现金流/净利润 | 1.43× | 2.00× |
| 过去12个月自由现金流最近4个季度 | $19.7B | $4.8B |
8季度趋势，按日历期对齐
经营现金流JNJMPC
| Q4 25 | $7.3B | $3.1B | ||
| Q3 25 | $9.2B | $2.6B | ||
| Q2 25 | $3.9B | $2.6B | ||
| Q1 25 | $4.2B | $-64.0M | ||
| Q4 24 | $7.0B | $2.2B | ||
| Q3 24 | $8.0B | $1.7B | ||
| Q2 24 | $5.6B | $3.2B | ||
| Q1 24 | $3.7B | $1.5B |
自由现金流JNJMPC
| Q4 25 | $5.5B | $1.9B | ||
| Q3 25 | $8.0B | $1.7B | ||
| Q2 25 | $2.8B | $1.9B | ||
| Q1 25 | $3.4B | $-727.0M | ||
| Q4 24 | $5.4B | $1.4B | ||
| Q3 24 | $7.0B | $1.0B | ||
| Q2 24 | $4.7B | $2.8B | ||
| Q1 24 | $2.9B | $947.0M |
自由现金流率JNJMPC
| Q4 25 | 22.3% | 5.8% | ||
| Q3 25 | 33.4% | 4.8% | ||
| Q2 25 | 11.9% | 5.8% | ||
| Q1 25 | 15.4% | -2.3% | ||
| Q4 24 | 23.8% | 4.2% | ||
| Q3 24 | 31.0% | 2.9% | ||
| Q2 24 | 20.7% | 7.3% | ||
| Q1 24 | 13.3% | 2.9% |
资本支出强度JNJMPC
| Q4 25 | 7.5% | 3.6% | ||
| Q3 25 | 4.8% | 2.7% | ||
| Q2 25 | 4.4% | 2.1% | ||
| Q1 25 | 3.6% | 2.1% | ||
| Q4 24 | 7.2% | 2.4% | ||
| Q3 24 | 4.6% | 1.9% | ||
| Q2 24 | 4.3% | 1.3% | ||
| Q1 24 | 3.8% | 1.8% |
现金转化率JNJMPC
| Q4 25 | 1.43× | 2.00× | ||
| Q3 25 | 1.78× | 1.90× | ||
| Q2 25 | 0.70× | 2.17× | ||
| Q1 25 | 0.38× | — | ||
| Q4 24 | 2.04× | 5.95× | ||
| Q3 24 | 2.97× | 2.71× | ||
| Q2 24 | 1.20× | 2.14× | ||
| Q1 24 | 1.12× | 1.64× |
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
JNJ
| Other | $14.2B | 58% |
| Immunology | $2.5B | 10% |
| Orthopaedics | $1.5B | 6% |
| Neuroscience | $1.4B | 6% |
| Cardiovascular | $1.4B | 6% |
| Surgery | $1.1B | 4% |
| Pulmonary Hypertension | $865.0M | 4% |
| Cardiovascular Metabolism Other | $794.0M | 3% |
| Vision | $531.0M | 2% |
| Infectious Diseases | $303.0M | 1% |
MPC
| Refined Products | $28.6B | 88% |
| Midstream | $1.4B | 4% |
| Crude Oil | $1.2B | 4% |
| Renewable Diesel | $851.0M | 3% |
| Related Party | $536.0M | 2% |
| Services & Other | $466.0M | 1% |
