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Keurig Dr Pepper（KDP）与梯瓦制药（TEVA）财务数据对比。点击上方公司名可切换其他公司
梯瓦制药的季度营收约是Keurig Dr Pepper的1.2倍（$4.7B vs $4.0B），梯瓦制药净利率更高（10.2% vs 6.8%，领先3.4%），梯瓦制药同比增速更快（11.4% vs 9.4%），梯瓦制药自由现金流更多（$1.0B vs $184.0M），过去两年梯瓦制药的营收复合增速更高（11.1% vs 0.7%）
Keurig Dr Pepper是美国上市的饮品与咖啡机综合企业，2018年由克里格绿山和胡椒博士斯奈普集团合并成立，在马萨诸塞州伯灵顿及得克萨斯州弗里斯科设有双总部，旗下拥有超125款冷热饮品，加拿大区域业务由当地子公司负责运营。
梯瓦制药工业有限公司是以色列跨国制药企业，核心业务聚焦仿制药研发生产，同时布局品牌药、药用活性成分（API）业务，也小范围开展合同生产服务及对外授权合作相关业务。
KDP vs TEVA — 直观对比
营收规模更大
TEVA
是对方的1.2倍
$4.0B
营收增速更快
TEVA
高出2.0%
9.4%
净利率更高
TEVA
高出3.4%
6.8%
自由现金流更多
TEVA
多$832.0M
$184.0M
两年增速更快
TEVA
近两年复合增速
0.7%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $4.0B | $4.7B |
| 净利润 | $270.0M | $481.0M |
| 毛利率 | 52.8% | 56.4% |
| 营业利润率 | 19.0% | 6.4% |
| 净利率 | 6.8% | 10.2% |
| 营收同比 | 9.4% | 11.4% |
| 净利润同比 | -47.8% | 321.7% |
| 每股收益（稀释后） | $0.20 | $0.42 |
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KDPTEVA
| Q1 26 | $4.0B | — | ||
| Q4 25 | $4.5B | $4.7B | ||
| Q3 25 | $4.3B | $4.5B | ||
| Q2 25 | $4.2B | $4.2B | ||
| Q1 25 | $3.6B | $3.9B | ||
| Q4 24 | $4.1B | $4.2B | ||
| Q3 24 | $3.9B | $4.3B | ||
| Q2 24 | $3.9B | $4.2B |
净利润KDPTEVA
| Q1 26 | $270.0M | — | ||
| Q4 25 | $353.0M | $481.0M | ||
| Q3 25 | $662.0M | $433.0M | ||
| Q2 25 | $547.0M | $282.0M | ||
| Q1 25 | $517.0M | $214.0M | ||
| Q4 24 | $-144.0M | $-217.0M | ||
| Q3 24 | $616.0M | $-437.0M | ||
| Q2 24 | $515.0M | $-846.0M |
毛利率KDPTEVA
| Q1 26 | 52.8% | — | ||
| Q4 25 | 53.8% | 56.4% | ||
| Q3 25 | 54.3% | 51.4% | ||
| Q2 25 | 54.2% | 50.3% | ||
| Q1 25 | 54.6% | 48.2% | ||
| Q4 24 | 55.9% | 50.2% | ||
| Q3 24 | 55.0% | 49.6% | ||
| Q2 24 | 55.4% | 48.6% |
营业利润率KDPTEVA
| Q1 26 | 19.0% | — | ||
| Q4 25 | 19.6% | 6.4% | ||
| Q3 25 | 23.1% | 19.7% | ||
| Q2 25 | 21.6% | 10.9% | ||
| Q1 25 | 22.0% | 13.3% | ||
| Q4 24 | 1.5% | -0.7% | ||
| Q3 24 | 23.2% | -1.2% | ||
| Q2 24 | 22.0% | -0.1% |
净利率KDPTEVA
| Q1 26 | 6.8% | — | ||
| Q4 25 | 7.8% | 10.2% | ||
| Q3 25 | 15.4% | 9.7% | ||
| Q2 25 | 13.1% | 6.8% | ||
| Q1 25 | 14.2% | 5.5% | ||
| Q4 24 | -3.5% | -5.1% | ||
| Q3 24 | 15.8% | -10.1% | ||
| Q2 24 | 13.1% | -20.3% |
每股收益（稀释后）KDPTEVA
| Q1 26 | $0.20 | — | ||
| Q4 25 | $0.26 | $0.42 | ||
| Q3 25 | $0.49 | $0.37 | ||
| Q2 25 | $0.40 | $0.24 | ||
| Q1 25 | $0.38 | $0.18 | ||
| Q4 24 | $-0.11 | $-0.19 | ||
| Q3 24 | $0.45 | $-0.39 | ||
| Q2 24 | $0.38 | $-0.75 |
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 | $898.0M | $3.6B |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $25.3B | $7.9B |
| 总资产 | $73.1B | $40.7B |
| 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KDPTEVA
| Q1 26 | $898.0M | — | ||
| Q4 25 | $1.0B | $3.6B | ||
| Q3 25 | $516.0M | $2.2B | ||
| Q2 25 | $509.0M | $2.2B | ||
| Q1 25 | $653.0M | $1.7B | ||
| Q4 24 | $510.0M | $3.3B | ||
| Q3 24 | $552.0M | $3.3B | ||
| Q2 24 | $438.0M | $2.3B |
股东权益KDPTEVA
| Q1 26 | $25.3B | — | ||
| Q4 25 | $25.5B | $7.9B | ||
| Q3 25 | $25.3B | $7.3B | ||
| Q2 25 | $25.0B | $6.8B | ||
| Q1 25 | $24.4B | $6.3B | ||
| Q4 24 | $24.2B | $5.4B | ||
| Q3 24 | $25.0B | $6.1B | ||
| Q2 24 | $24.7B | $6.4B |
总资产KDPTEVA
| Q1 26 | $73.1B | — | ||
| Q4 25 | $55.5B | $40.7B | ||
| Q3 25 | $54.6B | $39.9B | ||
| Q2 25 | $54.4B | $40.1B | ||
| Q1 25 | $53.7B | $38.4B | ||
| Q4 24 | $53.4B | $39.3B | ||
| Q3 24 | $52.7B | $41.8B | ||
| Q2 24 | $52.3B | $41.3B |
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 | $281.0M | $1.2B |
| 自由现金流经营现金流 - 资本支出 | $184.0M | $1.0B |
| 自由现金流率自由现金流/营收 | 4.6% | 21.6% |
| 资本支出强度资本支出/营收 | — | 3.0% |
| 现金转化率经营现金流/净利润 | 1.04× | 2.41× |
| 过去12个月自由现金流最近4个季度 | $1.6B | $1.1B |
8季度趋势，按日历期对齐
经营现金流KDPTEVA
| Q1 26 | $281.0M | — | ||
| Q4 25 | $712.0M | $1.2B | ||
| Q3 25 | $639.0M | $369.0M | ||
| Q2 25 | $431.0M | $227.0M | ||
| Q1 25 | $209.0M | $-105.0M | ||
| Q4 24 | $849.0M | $575.0M | ||
| Q3 24 | $628.0M | $693.0M | ||
| Q2 24 | $657.0M | $103.0M |
自由现金流KDPTEVA
| Q1 26 | $184.0M | — | ||
| Q4 25 | $564.0M | $1.0B | ||
| Q3 25 | $527.0M | $233.0M | ||
| Q2 25 | $325.0M | $131.0M | ||
| Q1 25 | $89.0M | $-232.0M | ||
| Q4 24 | $684.0M | $446.0M | ||
| Q3 24 | $503.0M | $545.0M | ||
| Q2 24 | $542.0M | $6.0M |
自由现金流率KDPTEVA
| Q1 26 | 4.6% | — | ||
| Q4 25 | 12.5% | 21.6% | ||
| Q3 25 | 12.2% | 5.2% | ||
| Q2 25 | 7.8% | 3.1% | ||
| Q1 25 | 2.4% | -6.0% | ||
| Q4 24 | 16.8% | 10.5% | ||
| Q3 24 | 12.9% | 12.6% | ||
| Q2 24 | 13.8% | 0.1% |
资本支出强度KDPTEVA
| Q1 26 | — | — | ||
| Q4 25 | 3.3% | 3.0% | ||
| Q3 25 | 2.6% | 3.0% | ||
| Q2 25 | 2.5% | 2.3% | ||
| Q1 25 | 3.3% | 3.3% | ||
| Q4 24 | 4.1% | 3.1% | ||
| Q3 24 | 3.2% | 3.4% | ||
| Q2 24 | 2.9% | 2.3% |
现金转化率KDPTEVA
| Q1 26 | 1.04× | — | ||
| Q4 25 | 2.02× | 2.41× | ||
| Q3 25 | 0.97× | 0.85× | ||
| Q2 25 | 0.79× | 0.80× | ||
| Q1 25 | 0.40× | -0.49× | ||
| Q4 24 | — | — | ||
| Q3 24 | 1.02× | — | ||
| Q2 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
KDP
| U.S. Refreshment Beverages | $2.6B | 65% |
| U.S. Coffee | $877.0M | 22% |
| International | $435.0M | 11% |
TEVA
| Other | $2.0B | 42% |
| Generics Medicians Including Otc And Biosimilars | $672.0M | 14% |
| Other Products | $608.0M | 13% |
| License | $529.0M | 11% |
| Distribution Service | $366.0M | 8% |
| Other Activities | $227.0M | 5% |
| Ajovy | $106.0M | 2% |
| COPAXONE | $77.0M | 2% |
| Respiratory Product | $65.0M | 1% |
| Uzedy | $55.0M | 1% |
| Bendeka And Treanda | $36.0M | 1% |
