vs
是德科技（KEYS）与帕森斯公司（PSN）财务数据对比。点击上方公司名可切换其他公司
帕森斯公司的季度营收约是是德科技的1.1倍（$1.6B vs $1.4B），是德科技净利率更高（16.4% vs 3.5%，领先13.0%），是德科技同比增速更快（10.3% vs -7.5%），是德科技自由现金流更多（$187.0M vs $135.6M），过去两年是德科技的营收复合增速更高（6.2% vs 2.2%）
是德科技是一家美国企业，主营电子测试测量设备与软件的研发、生产业务。公司由安捷伦科技拆分而来，核心产品线继承自惠普测试测量部门上世纪60年代末至千禧年间开发的相关产品，后独立为现有品牌。
帕森斯公司是一家总部位于美国弗吉尼亚州尚蒂利的跨国企业，1944年成立，核心业务覆盖国防、情报、基础设施工程领域，深耕技术研发，在全球30多个国家为政府及私营部门客户提供专业解决方案。
KEYS vs PSN — 直观对比
营收规模更大
PSN
是对方的1.1倍
$1.4B
营收增速更快
KEYS
高出17.8%
-7.5%
净利率更高
KEYS
高出13.0%
3.5%
自由现金流更多
KEYS
多$51.4M
$135.6M
两年增速更快
KEYS
近两年复合增速
2.2%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.4B | $1.6B |
| 净利润 | $233.0M | $55.6M |
| 毛利率 | 61.2% | 23.0% |
| 营业利润率 | 15.3% | 6.6% |
| 净利率 | 16.4% | 3.5% |
| 营收同比 | 10.3% | -7.5% |
| 净利润同比 | 419.2% | -72.4% |
| 每股收益（稀释后） | $1.35 | $0.51 |
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KEYSPSN
| Q4 25 | $1.4B | $1.6B | ||
| Q3 25 | $1.4B | $1.6B | ||
| Q2 25 | $1.3B | $1.6B | ||
| Q1 25 | $1.3B | $1.6B | ||
| Q4 24 | $1.3B | $1.7B | ||
| Q3 24 | $1.2B | $1.8B | ||
| Q2 24 | $1.2B | $1.7B | ||
| Q1 24 | $1.3B | $1.5B |
净利润KEYSPSN
| Q4 25 | $233.0M | $55.6M | ||
| Q3 25 | $191.0M | $64.1M | ||
| Q2 25 | $257.0M | $55.2M | ||
| Q1 25 | $169.0M | $66.2M | ||
| Q4 24 | $-73.0M | $201.3M | ||
| Q3 24 | $389.0M | $72.0M | ||
| Q2 24 | $126.0M | $69.2M | ||
| Q1 24 | $172.0M | $-107.4M |
毛利率KEYSPSN
| Q4 25 | 61.2% | 23.0% | ||
| Q3 25 | 61.7% | 22.2% | ||
| Q2 25 | 62.3% | 22.0% | ||
| Q1 25 | 63.2% | 22.8% | ||
| Q4 24 | 62.3% | 21.3% | ||
| Q3 24 | 62.0% | 19.9% | ||
| Q2 24 | 62.7% | 21.0% | ||
| Q1 24 | 64.6% | 21.2% |
营业利润率KEYSPSN
| Q4 25 | 15.3% | 6.6% | ||
| Q3 25 | 17.3% | 6.7% | ||
| Q2 25 | 15.8% | 6.0% | ||
| Q1 25 | 16.8% | 7.0% | ||
| Q4 24 | 17.9% | 5.8% | ||
| Q3 24 | 16.8% | 6.4% | ||
| Q2 24 | 14.6% | 6.7% | ||
| Q1 24 | 17.6% | 6.6% |
净利率KEYSPSN
| Q4 25 | 16.4% | 3.5% | ||
| Q3 25 | 14.1% | 4.0% | ||
| Q2 25 | 19.7% | 3.5% | ||
| Q1 25 | 13.0% | 4.3% | ||
| Q4 24 | -5.7% | 11.6% | ||
| Q3 24 | 32.0% | 4.0% | ||
| Q2 24 | 10.4% | 4.1% | ||
| Q1 24 | 13.7% | -7.0% |
每股收益（稀释后）KEYSPSN
| Q4 25 | $1.35 | $0.51 | ||
| Q3 25 | $1.10 | $0.59 | ||
| Q2 25 | $1.49 | $0.50 | ||
| Q1 25 | $0.97 | $0.60 | ||
| Q4 24 | $-0.41 | $1.85 | ||
| Q3 24 | $2.22 | $0.65 | ||
| Q2 24 | $0.72 | $0.63 | ||
| Q1 24 | $0.98 | $-1.01 |
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 | $1.9B | $466.4M |
| 总债务越低越好 | $2.5B | $1.2B |
| 股东权益账面价值 | $5.9B | $2.6B |
| 总资产 | $11.3B | $5.8B |
| 负债/权益比越低杠杆越低 | 0.43× | 0.47× |
8季度趋势，按日历期对齐
现金及短期投资KEYSPSN
| Q4 25 | $1.9B | $466.4M | ||
| Q3 25 | $2.6B | $422.6M | ||
| Q2 25 | $3.1B | $411.3M | ||
| Q1 25 | $2.1B | $269.7M | ||
| Q4 24 | $1.8B | $453.5M | ||
| Q3 24 | $1.6B | $558.8M | ||
| Q2 24 | $1.7B | $528.5M | ||
| Q1 24 | $1.7B | $423.1M |
总债务KEYSPSN
| Q4 25 | $2.5B | $1.2B | ||
| Q3 25 | $2.5B | $1.2B | ||
| Q2 25 | $2.5B | $1.2B | ||
| Q1 25 | $1.8B | $785.2M | ||
| Q4 24 | $1.8B | $784.1M | ||
| Q3 24 | $1.8B | $1.1B | ||
| Q2 24 | $1.8B | $1.2B | ||
| Q1 24 | $1.8B | $1.2B |
股东权益KEYSPSN
| Q4 25 | $5.9B | $2.6B | ||
| Q3 25 | $5.7B | $2.6B | ||
| Q2 25 | $5.5B | $2.5B | ||
| Q1 25 | $5.2B | $2.5B | ||
| Q4 24 | $5.1B | $2.4B | ||
| Q3 24 | $5.2B | $2.3B | ||
| Q2 24 | $4.9B | $2.2B | ||
| Q1 24 | $4.8B | $2.1B |
总资产KEYSPSN
| Q4 25 | $11.3B | $5.8B | ||
| Q3 25 | $10.7B | $5.7B | ||
| Q2 25 | $10.5B | $5.7B | ||
| Q1 25 | $9.4B | $5.4B | ||
| Q4 24 | $9.3B | $5.5B | ||
| Q3 24 | $9.3B | $5.4B | ||
| Q2 24 | $9.0B | $5.2B | ||
| Q1 24 | $9.1B | $5.1B |
负债/权益比KEYSPSN
| Q4 25 | 0.43× | 0.47× | ||
| Q3 25 | 0.45× | 0.48× | ||
| Q2 25 | 0.46× | 0.49× | ||
| Q1 25 | 0.35× | 0.32× | ||
| Q4 24 | 0.35× | 0.32× | ||
| Q3 24 | 0.34× | 0.49× | ||
| Q2 24 | 0.37× | 0.56× | ||
| Q1 24 | 0.38× | 0.58× |
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 | $225.0M | $167.5M |
| 自由现金流经营现金流 - 资本支出 | $187.0M | $135.6M |
| 自由现金流率自由现金流/营收 | 13.2% | 8.5% |
| 资本支出强度资本支出/营收 | 2.7% | 2.0% |
| 现金转化率经营现金流/净利润 | 0.97× | 3.01× |
| 过去12个月自由现金流最近4个季度 | $1.3B | $410.4M |
8季度趋势，按日历期对齐
经营现金流KEYSPSN
| Q4 25 | $225.0M | $167.5M | ||
| Q3 25 | $322.0M | $162.8M | ||
| Q2 25 | $484.0M | $159.8M | ||
| Q1 25 | $378.0M | $-11.8M | ||
| Q4 24 | $359.0M | $126.8M | ||
| Q3 24 | $255.0M | $299.0M | ||
| Q2 24 | $110.0M | $161.2M | ||
| Q1 24 | $328.0M | $-63.4M |
自由现金流KEYSPSN
| Q4 25 | $187.0M | $135.6M | ||
| Q3 25 | $291.0M | $149.7M | ||
| Q2 25 | $457.0M | $150.4M | ||
| Q1 25 | $346.0M | $-25.3M | ||
| Q4 24 | $321.0M | $108.0M | ||
| Q3 24 | $222.0M | $287.3M | ||
| Q2 24 | $74.0M | $152.0M | ||
| Q1 24 | $281.0M | $-72.9M |
自由现金流率KEYSPSN
| Q4 25 | 13.2% | 8.5% | ||
| Q3 25 | 21.5% | 9.2% | ||
| Q2 25 | 35.0% | 9.5% | ||
| Q1 25 | 26.7% | -1.6% | ||
| Q4 24 | 24.9% | 6.2% | ||
| Q3 24 | 18.2% | 15.9% | ||
| Q2 24 | 6.1% | 9.1% | ||
| Q1 24 | 22.3% | -4.7% |
资本支出强度KEYSPSN
| Q4 25 | 2.7% | 2.0% | ||
| Q3 25 | 2.3% | 0.8% | ||
| Q2 25 | 2.1% | 0.6% | ||
| Q1 25 | 2.5% | 0.9% | ||
| Q4 24 | 3.0% | 1.1% | ||
| Q3 24 | 2.7% | 0.6% | ||
| Q2 24 | 3.0% | 0.6% | ||
| Q1 24 | 3.7% | 0.6% |
现金转化率KEYSPSN
| Q4 25 | 0.97× | 3.01× | ||
| Q3 25 | 1.69× | 2.54× | ||
| Q2 25 | 1.88× | 2.89× | ||
| Q1 25 | 2.24× | -0.18× | ||
| Q4 24 | — | 0.63× | ||
| Q3 24 | 0.66× | 4.16× | ||
| Q2 24 | 0.87× | 2.33× | ||
| Q1 24 | 1.91× | — |
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
KEYS
| Transferred At Point In Time | $790.0M | 56% |
| Electronicindustrial | $429.0M | 30% |
| Transferred Over Time | $200.0M | 14% |
PSN
| Unconsolidated Joint Ventures | $582.1M | 36% |
| Defense And Intelligence | $502.8M | 31% |
| Engineered Systems | $281.4M | 18% |
| Consolidated Joint Ventures | $216.7M | 14% |
| TRS Group Inc | $9.4M | 1% |
