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罗技（LOGI）与硕腾（ZTS）财务数据对比。点击上方公司名可切换其他公司
硕腾的季度营收约是罗技的1.7倍（$2.4B vs $1.4B），硕腾净利率更高（25.3% vs 17.7%，领先7.6%），罗技同比增速更快（6.1% vs 3.0%），硕腾自由现金流更多（$732.0M vs $465.6M），过去两年罗技的营收复合增速更高（18.5% vs 4.4%）
罗技国际是总部位于瑞士洛桑的跨国企业，专注于计算机外设及相关软件的研发与生产，在欧洲、亚洲、大洋洲、美洲均设有分支机构，为瑞士市场指数成分股，同时在纳斯达克交易所挂牌上市。
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。
LOGI vs ZTS — 直观对比
营收规模更大
ZTS
是对方的1.7倍
$1.4B
营收增速更快
LOGI
高出3.0%
3.0%
净利率更高
ZTS
高出7.6%
17.7%
自由现金流更多
ZTS
多$266.4M
$465.6M
两年增速更快
LOGI
近两年复合增速
4.4%
损益表 — Q3 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.4B | $2.4B |
| 净利润 | $251.0M | $603.0M |
| 毛利率 | 43.2% | 70.2% |
| 营业利润率 | 20.1% | 31.9% |
| 净利率 | 17.7% | 25.3% |
| 营收同比 | 6.1% | 3.0% |
| 净利润同比 | 25.4% | 3.8% |
| 每股收益（稀释后） | $1.69 | $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LOGIZTS
| Q4 25 | $1.4B | $2.4B | ||
| Q3 25 | $1.2B | $2.4B | ||
| Q2 25 | $1.1B | $2.5B | ||
| Q1 25 | $1.0B | $2.2B | ||
| Q4 24 | $1.3B | $2.3B | ||
| Q3 24 | $1.1B | $2.4B | ||
| Q2 24 | $1.1B | $2.4B | ||
| Q1 24 | $1.0B | $2.2B |
净利润LOGIZTS
| Q4 25 | $251.0M | $603.0M | ||
| Q3 25 | $170.7M | $721.0M | ||
| Q2 25 | $146.0M | $718.0M | ||
| Q1 25 | $144.1M | $631.0M | ||
| Q4 24 | $200.1M | $581.0M | ||
| Q3 24 | $145.5M | $682.0M | ||
| Q2 24 | $141.8M | $624.0M | ||
| Q1 24 | $167.6M | $599.0M |
毛利率LOGIZTS
| Q4 25 | 43.2% | 70.2% | ||
| Q3 25 | 43.4% | 71.5% | ||
| Q2 25 | 41.7% | 73.6% | ||
| Q1 25 | 43.1% | 72.0% | ||
| Q4 24 | 42.9% | 69.5% | ||
| Q3 24 | 43.6% | 70.6% | ||
| Q2 24 | 42.8% | 71.7% | ||
| Q1 24 | 43.2% | 70.6% |
营业利润率LOGIZTS
| Q4 25 | 20.1% | 31.9% | ||
| Q3 25 | 16.1% | 37.0% | ||
| Q2 25 | 14.1% | 36.7% | ||
| Q1 25 | 10.5% | 36.5% | ||
| Q4 24 | 17.5% | 31.6% | ||
| Q3 24 | 14.4% | 36.6% | ||
| Q2 24 | 14.1% | 33.0% | ||
| Q1 24 | 12.9% | 34.1% |
净利率LOGIZTS
| Q4 25 | 17.7% | 25.3% | ||
| Q3 25 | 14.4% | 30.0% | ||
| Q2 25 | 12.7% | 29.2% | ||
| Q1 25 | 14.3% | 28.4% | ||
| Q4 24 | 14.9% | 25.1% | ||
| Q3 24 | 13.0% | 28.6% | ||
| Q2 24 | 13.0% | 26.4% | ||
| Q1 24 | 16.6% | 27.4% |
每股收益（稀释后）LOGIZTS
| Q4 25 | $1.69 | $1.37 | ||
| Q3 25 | $1.15 | $1.63 | ||
| Q2 25 | $0.98 | $1.61 | ||
| Q1 25 | $0.94 | $1.41 | ||
| Q4 24 | $1.32 | $1.29 | ||
| Q3 24 | $0.95 | $1.50 | ||
| Q2 24 | $0.92 | $1.37 | ||
| Q1 24 | $1.07 | $1.31 |
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 | $1.8B | — |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $2.3B | $3.3B |
| 总资产 | $4.1B | $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LOGIZTS
| Q4 25 | $1.8B | — | ||
| Q3 25 | $1.4B | $2.1B | ||
| Q2 25 | $1.5B | $1.4B | ||
| Q1 25 | $1.5B | $1.7B | ||
| Q4 24 | $1.5B | $2.0B | ||
| Q3 24 | $1.4B | $1.7B | ||
| Q2 24 | $1.5B | $1.6B | ||
| Q1 24 | $1.5B | $2.0B |
股东权益LOGIZTS
| Q4 25 | $2.3B | $3.3B | ||
| Q3 25 | $2.1B | $5.4B | ||
| Q2 25 | $2.2B | $5.0B | ||
| Q1 25 | $2.1B | $4.7B | ||
| Q4 24 | $2.1B | $4.8B | ||
| Q3 24 | $2.1B | $5.2B | ||
| Q2 24 | $2.2B | $5.0B | ||
| Q1 24 | $2.2B | $5.1B |
总资产LOGIZTS
| Q4 25 | $4.1B | $15.5B | ||
| Q3 25 | $3.7B | $15.2B | ||
| Q2 25 | $3.7B | $14.5B | ||
| Q1 25 | $3.5B | $14.1B | ||
| Q4 24 | $3.7B | $14.2B | ||
| Q3 24 | $3.6B | $14.4B | ||
| Q2 24 | $3.7B | $14.2B | ||
| Q1 24 | $3.6B | $14.3B |
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 | $480.5M | $893.0M |
| 自由现金流经营现金流 - 资本支出 | $465.6M | $732.0M |
| 自由现金流率自由现金流/营收 | 32.8% | 30.7% |
| 资本支出强度资本支出/营收 | 1.0% | 6.7% |
| 现金转化率经营现金流/净利润 | 1.91× | 1.48× |
| 过去12个月自由现金流最近4个季度 | $903.6M | $2.3B |
8季度趋势，按日历期对齐
经营现金流LOGIZTS
| Q4 25 | $480.5M | $893.0M | ||
| Q3 25 | $228.8M | $938.0M | ||
| Q2 25 | $125.0M | $486.0M | ||
| Q1 25 | $129.7M | $587.0M | ||
| Q4 24 | $370.9M | $905.0M | ||
| Q3 24 | $166.0M | $951.0M | ||
| Q2 24 | $176.0M | $502.0M | ||
| Q1 24 | $239.1M | $595.0M |
自由现金流LOGIZTS
| Q4 25 | $465.6M | $732.0M | ||
| Q3 25 | $212.3M | $805.0M | ||
| Q2 25 | $108.8M | $308.0M | ||
| Q1 25 | $116.9M | $438.0M | ||
| Q4 24 | $356.6M | $689.0M | ||
| Q3 24 | $151.5M | $784.0M | ||
| Q2 24 | $161.4M | $370.0M | ||
| Q1 24 | $228.8M | $455.0M |
自由现金流率LOGIZTS
| Q4 25 | 32.8% | 30.7% | ||
| Q3 25 | 17.9% | 33.5% | ||
| Q2 25 | 9.5% | 12.5% | ||
| Q1 25 | 11.6% | 19.7% | ||
| Q4 24 | 26.6% | 29.7% | ||
| Q3 24 | 13.6% | 32.8% | ||
| Q2 24 | 14.8% | 15.7% | ||
| Q1 24 | 22.6% | 20.8% |
资本支出强度LOGIZTS
| Q4 25 | 1.0% | 6.7% | ||
| Q3 25 | 1.4% | 5.5% | ||
| Q2 25 | 1.4% | 7.2% | ||
| Q1 25 | 1.3% | 6.7% | ||
| Q4 24 | 1.1% | 9.3% | ||
| Q3 24 | 1.3% | 7.0% | ||
| Q2 24 | 1.3% | 5.6% | ||
| Q1 24 | 1.0% | 6.4% |
现金转化率LOGIZTS
| Q4 25 | 1.91× | 1.48× | ||
| Q3 25 | 1.34× | 1.30× | ||
| Q2 25 | 0.86× | 0.68× | ||
| Q1 25 | 0.90× | 0.93× | ||
| Q4 24 | 1.85× | 1.56× | ||
| Q3 24 | 1.14× | 1.39× | ||
| Q2 24 | 1.24× | 0.80× | ||
| Q1 24 | 1.43× | 0.99× |
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
LOGI
| Retail Gaming | $482.7M | 34% |
| Retail Keyboards Desktops | $254.6M | 18% |
| Retail Pointing Devices | $241.2M | 17% |
| Retail Video Collaboration | $193.3M | 14% |
| Retail Tablet And Other Accessories | $93.6M | 7% |
| Retail Webcams | $82.3M | 6% |
| Retail Headsets | $45.9M | 3% |
| Other Retail Products | $28.0M | 2% |
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% |
