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LivaNova PLC（LIVN）与RBC Bearings INC（RBC）财务数据对比。点击上方公司名可切换其他公司
RBC Bearings INC的季度营收约是LivaNova PLC的1.3倍（$461.6M vs $360.9M），RBC Bearings INC净利率更高（14.6% vs 8.6%，领先6.0%），RBC Bearings INC同比增速更快（17.0% vs 12.1%），RBC Bearings INC自由现金流更多（$99.1M vs $50.2M），过去两年LivaNova PLC的营收复合增速更高（10.6% vs 5.6%）
LivaNova PLC是一家深耕医疗设备领域的企业，总部位于英国，核心业务为研发心脏外科及神经调控类医疗设备。该公司由美国Cyberonics公司与意大利Sorin公司于2015年以27亿美元对价合并成立，目前在纳斯达克挂牌交易，股票代码为LIVN。
该文本实际介绍的并非RBC Bearings，而是美国多佛公司。多佛是一家工业产品综合制造商，1955年成立，总部位于伊利诺伊州当纳斯格罗夫。2021年其业务分为五大板块：工程产品、清洁能源与加注、成像与识别、泵与工艺解决方案、气候与可持续技术，是标普500成分股，在纽约证券交易所上市。
LIVN vs RBC — 直观对比
营收规模更大
RBC
是对方的1.3倍
$360.9M
营收增速更快
RBC
高出4.9%
12.1%
净利率更高
RBC
高出6.0%
8.6%
自由现金流更多
RBC
多$48.9M
$50.2M
两年增速更快
LIVN
近两年复合增速
5.6%
损益表 — Q4 FY2025 vs Q3 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $360.9M | $461.6M |
| 净利润 | $30.9M | $67.4M |
| 毛利率 | 65.2% | 44.3% |
| 营业利润率 | 11.8% | 22.3% |
| 净利率 | 8.6% | 14.6% |
| 营收同比 | 12.1% | 17.0% |
| 净利润同比 | -44.7% | 16.4% |
| 每股收益（稀释后） | $0.57 | $2.13 |
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LIVNRBC
| Q4 25 | $360.9M | $461.6M | ||
| Q3 25 | $357.8M | $455.3M | ||
| Q2 25 | $352.5M | $436.0M | ||
| Q1 25 | $316.9M | $437.7M | ||
| Q4 24 | $321.8M | $394.4M | ||
| Q3 24 | $318.1M | $397.9M | ||
| Q2 24 | $318.6M | $406.3M | ||
| Q1 24 | $294.9M | $413.7M |
净利润LIVNRBC
| Q4 25 | $30.9M | $67.4M | ||
| Q3 25 | $26.8M | $60.0M | ||
| Q2 25 | $27.2M | $68.5M | ||
| Q1 25 | $-327.3M | $72.7M | ||
| Q4 24 | $55.9M | $57.9M | ||
| Q3 24 | $33.0M | $54.2M | ||
| Q2 24 | $16.3M | $61.4M | ||
| Q1 24 | $-41.9M | — |
毛利率LIVNRBC
| Q4 25 | 65.2% | 44.3% | ||
| Q3 25 | 68.4% | 44.1% | ||
| Q2 25 | 67.8% | 44.8% | ||
| Q1 25 | 69.7% | 44.2% | ||
| Q4 24 | 68.2% | 44.3% | ||
| Q3 24 | 70.8% | 43.7% | ||
| Q2 24 | 68.7% | 45.3% | ||
| Q1 24 | 70.3% | 43.1% |
营业利润率LIVNRBC
| Q4 25 | 11.8% | 22.3% | ||
| Q3 25 | 15.1% | 21.5% | ||
| Q2 25 | 15.4% | 23.2% | ||
| Q1 25 | 15.3% | 23.0% | ||
| Q4 24 | 11.5% | 21.7% | ||
| Q3 24 | 11.2% | 21.6% | ||
| Q2 24 | 12.6% | 24.0% | ||
| Q1 24 | 5.5% | 22.8% |
净利率LIVNRBC
| Q4 25 | 8.6% | 14.6% | ||
| Q3 25 | 7.5% | 13.2% | ||
| Q2 25 | 7.7% | 15.7% | ||
| Q1 25 | -103.3% | 16.6% | ||
| Q4 24 | 17.4% | 14.7% | ||
| Q3 24 | 10.4% | 13.6% | ||
| Q2 24 | 5.1% | 15.1% | ||
| Q1 24 | -14.2% | — |
每股收益（稀释后）LIVNRBC
| Q4 25 | $0.57 | $2.13 | ||
| Q3 25 | $0.49 | $1.90 | ||
| Q2 25 | $0.50 | $2.17 | ||
| Q1 25 | $-6.01 | $2.33 | ||
| Q4 24 | $1.04 | $1.82 | ||
| Q3 24 | $0.60 | $1.65 | ||
| Q2 24 | $0.30 | $1.90 | ||
| Q1 24 | $-0.78 | $1.92 |
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 | $635.6M | $107.6M |
| 总债务越低越好 | $376.1M | $990.2M |
| 股东权益账面价值 | $1.2B | $3.3B |
| 总资产 | $2.6B | $5.1B |
| 负债/权益比越低杠杆越低 | 0.31× | 0.30× |
8季度趋势，按日历期对齐
现金及短期投资LIVNRBC
| Q4 25 | $635.6M | $107.6M | ||
| Q3 25 | $646.1M | $91.2M | ||
| Q2 25 | $593.6M | $132.9M | ||
| Q1 25 | $738.4M | $36.8M | ||
| Q4 24 | $428.9M | — | ||
| Q3 24 | $346.4M | — | ||
| Q2 24 | $329.2M | $76.8M | ||
| Q1 24 | $309.2M | $63.5M |
总债务LIVNRBC
| Q4 25 | $376.1M | $990.2M | ||
| Q3 25 | $434.5M | $1.1B | ||
| Q2 25 | $430.6M | $915.6M | ||
| Q1 25 | $628.2M | $920.1M | ||
| Q4 24 | $627.0M | — | ||
| Q3 24 | $625.5M | — | ||
| Q2 24 | $624.5M | — | ||
| Q1 24 | $623.8M | $1.2B |
股东权益LIVNRBC
| Q4 25 | $1.2B | $3.3B | ||
| Q3 25 | $1.2B | $3.2B | ||
| Q2 25 | $1.1B | $3.1B | ||
| Q1 25 | $1.0B | $3.0B | ||
| Q4 24 | $1.3B | $2.9B | ||
| Q3 24 | $1.3B | $2.9B | ||
| Q2 24 | $1.2B | $2.8B | ||
| Q1 24 | $1.2B | $2.8B |
总资产LIVNRBC
| Q4 25 | $2.6B | $5.1B | ||
| Q3 25 | $2.6B | $5.1B | ||
| Q2 25 | $2.5B | $4.8B | ||
| Q1 25 | $2.6B | $4.7B | ||
| Q4 24 | $2.5B | $4.7B | ||
| Q3 24 | $2.5B | $4.7B | ||
| Q2 24 | $2.5B | $4.7B | ||
| Q1 24 | $2.5B | $4.7B |
负债/权益比LIVNRBC
| Q4 25 | 0.31× | 0.30× | ||
| Q3 25 | 0.38× | 0.34× | ||
| Q2 25 | 0.38× | 0.29× | ||
| Q1 25 | 0.61× | 0.30× | ||
| Q4 24 | 0.47× | — | ||
| Q3 24 | 0.48× | — | ||
| Q2 24 | 0.50× | — | ||
| Q1 24 | 0.51× | 0.43× |
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 | $82.4M | $122.1M |
| 自由现金流经营现金流 - 资本支出 | $50.2M | $99.1M |
| 自由现金流率自由现金流/营收 | 13.9% | 21.5% |
| 资本支出强度资本支出/营收 | 8.9% | 5.0% |
| 现金转化率经营现金流/净利润 | 2.67× | 1.81× |
| 过去12个月自由现金流最近4个季度 | $173.3M | — |
8季度趋势，按日历期对齐
经营现金流LIVNRBC
| Q4 25 | $82.4M | $122.1M | ||
| Q3 25 | $85.1M | $88.4M | ||
| Q2 25 | $62.9M | $120.0M | ||
| Q1 25 | $24.0M | — | ||
| Q4 24 | $78.7M | $84.0M | ||
| Q3 24 | $51.0M | — | ||
| Q2 24 | $43.4M | $97.4M | ||
| Q1 24 | $10.0M | — |
自由现金流LIVNRBC
| Q4 25 | $50.2M | $99.1M | ||
| Q3 25 | $62.2M | $71.7M | ||
| Q2 25 | $47.8M | $104.3M | ||
| Q1 25 | $13.2M | — | ||
| Q4 24 | $68.3M | $73.6M | ||
| Q3 24 | $32.8M | — | ||
| Q2 24 | $31.2M | $88.4M | ||
| Q1 24 | $3.6M | — |
自由现金流率LIVNRBC
| Q4 25 | 13.9% | 21.5% | ||
| Q3 25 | 17.4% | 15.7% | ||
| Q2 25 | 13.6% | 23.9% | ||
| Q1 25 | 4.2% | — | ||
| Q4 24 | 21.2% | 18.7% | ||
| Q3 24 | 10.3% | — | ||
| Q2 24 | 9.8% | 21.8% | ||
| Q1 24 | 1.2% | — |
资本支出强度LIVNRBC
| Q4 25 | 8.9% | 5.0% | ||
| Q3 25 | 6.4% | 3.7% | ||
| Q2 25 | 4.3% | 3.6% | ||
| Q1 25 | 3.4% | 3.2% | ||
| Q4 24 | 3.2% | 2.6% | ||
| Q3 24 | 5.7% | 4.1% | ||
| Q2 24 | 3.8% | 2.2% | ||
| Q1 24 | 2.2% | — |
现金转化率LIVNRBC
| Q4 25 | 2.67× | 1.81× | ||
| Q3 25 | 3.18× | 1.47× | ||
| Q2 25 | 2.32× | 1.75× | ||
| Q1 25 | — | — | ||
| Q4 24 | 1.41× | 1.45× | ||
| Q3 24 | 1.55× | — | ||
| Q2 24 | 2.65× | 1.59× | ||
| Q1 24 | — | — |
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
LIVN
| Other | $169.4M | 47% |
| Neuromodulation Segment | $119.7M | 33% |
| Cardiopulmonary Segment | $71.8M | 20% |
RBC
| Domestic | $413.3M | 90% |
| Foreign | $48.3M | 10% |
