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西南航空（LUV）与美敦力（MDT）财务数据对比。点击上方公司名可切换其他公司
美敦力的季度营收约是西南航空的1.2倍（$9.0B vs $7.2B），美敦力净利率更高（15.3% vs 3.1%，领先12.2%），西南航空同比增速更快（12.8% vs 6.6%），过去两年美敦力的营收复合增速更高（5.3% vs -0.7%）
西南航空是美国知名低成本航空公司，总部位于得克萨斯州达拉斯市洛夫菲尔德片区。截至2024年，按客运量计算其为北美第四大航空公司，旗下机队全部采用波音737机型，运营航线覆盖美国42个州、华盛顿哥伦比亚特区的100余个目的地。
美敦力是全球知名的医疗设备企业，法定及行政总部位于爱尔兰，运营总部设在美国明尼苏达州明尼阿波利斯。2015年集团收购爱尔兰企业柯惠后将注册地迁至爱尔兰，目前业务覆盖超150个国家，员工逾9万名，专注于研发生产各类医疗技术产品及治疗解决方案。
LUV vs MDT — 直观对比
营收规模更大
MDT
是对方的1.2倍
$7.2B
营收增速更快
LUV
高出6.1%
6.6%
净利率更高
MDT
高出12.2%
3.1%
两年增速更快
MDT
近两年复合增速
-0.7%
损益表 — Q1 FY2026 vs Q2 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $7.2B | $9.0B |
| 净利润 | $227.0M | $1.4B |
| 毛利率 | — | 65.8% |
| 营业利润率 | — | 18.8% |
| 净利率 | 3.1% | 15.3% |
| 营收同比 | 12.8% | 6.6% |
| 净利润同比 | 252.3% | 8.2% |
| 每股收益（稀释后） | $0.45 | $1.07 |
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LUVMDT
| Q1 26 | $7.2B | — | ||
| Q4 25 | $7.4B | $9.0B | ||
| Q3 25 | $6.9B | $8.6B | ||
| Q2 25 | $7.2B | $8.9B | ||
| Q1 25 | $6.4B | $8.3B | ||
| Q4 24 | $6.9B | $8.4B | ||
| Q3 24 | $6.9B | $7.9B | ||
| Q2 24 | $7.4B | $8.6B |
净利润LUVMDT
| Q1 26 | $227.0M | — | ||
| Q4 25 | $323.0M | $1.4B | ||
| Q3 25 | $54.0M | $1.0B | ||
| Q2 25 | $213.0M | $1.1B | ||
| Q1 25 | $-149.0M | $1.3B | ||
| Q4 24 | $262.0M | $1.3B | ||
| Q3 24 | $67.0M | $1.0B | ||
| Q2 24 | $367.0M | $654.0M |
毛利率LUVMDT
| Q1 26 | — | — | ||
| Q4 25 | — | 65.8% | ||
| Q3 25 | — | 65.0% | ||
| Q2 25 | — | 64.8% | ||
| Q1 25 | — | 66.5% | ||
| Q4 24 | — | 64.9% | ||
| Q3 24 | — | 65.1% | ||
| Q2 24 | — | 64.5% |
营业利润率LUVMDT
| Q1 26 | — | — | ||
| Q4 25 | 5.3% | 18.8% | ||
| Q3 25 | 0.5% | 16.8% | ||
| Q2 25 | 3.1% | 16.1% | ||
| Q1 25 | -3.5% | 19.9% | ||
| Q4 24 | 4.0% | 19.0% | ||
| Q3 24 | 0.6% | 16.1% | ||
| Q2 24 | 5.4% | 12.3% |
净利率LUVMDT
| Q1 26 | 3.1% | — | ||
| Q4 25 | 4.3% | 15.3% | ||
| Q3 25 | 0.8% | 12.1% | ||
| Q2 25 | 2.9% | 11.8% | ||
| Q1 25 | -2.3% | 15.6% | ||
| Q4 24 | 3.8% | 15.1% | ||
| Q3 24 | 1.0% | 13.2% | ||
| Q2 24 | 5.0% | 7.6% |
每股收益（稀释后）LUVMDT
| Q1 26 | $0.45 | — | ||
| Q4 25 | $0.56 | $1.07 | ||
| Q3 25 | $0.10 | $0.81 | ||
| Q2 25 | $0.39 | $0.81 | ||
| Q1 25 | $-0.26 | $1.01 | ||
| Q4 24 | $0.46 | $0.99 | ||
| Q3 24 | $0.11 | $0.80 | ||
| Q2 24 | $0.58 | $0.50 |
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 | $3.3B | $8.3B |
| 总债务越低越好 | $5.4B | $27.7B |
| 股东权益账面价值 | $6.9B | $48.7B |
| 总资产 | $20.4B | $91.3B |
| 负债/权益比越低杠杆越低 | 0.78× | 0.57× |
8季度趋势，按日历期对齐
现金及短期投资LUVMDT
| Q1 26 | $3.3B | — | ||
| Q4 25 | $3.2B | $8.3B | ||
| Q3 25 | $3.0B | $8.1B | ||
| Q2 25 | $3.8B | $9.0B | ||
| Q1 25 | $8.3B | $7.9B | ||
| Q4 24 | $8.7B | $8.0B | ||
| Q3 24 | $9.4B | $7.8B | ||
| Q2 24 | $10.0B | $8.0B |
总债务LUVMDT
| Q1 26 | $5.4B | — | ||
| Q4 25 | $4.6B | $27.7B | ||
| Q3 25 | $4.1B | $26.2B | ||
| Q2 25 | $4.1B | $25.6B | ||
| Q1 25 | $4.1B | $24.0B | ||
| Q4 24 | $5.1B | $24.6B | ||
| Q3 24 | $5.1B | $26.3B | ||
| Q2 24 | $5.1B | $23.9B |
股东权益LUVMDT
| Q1 26 | $6.9B | — | ||
| Q4 25 | $8.0B | $48.7B | ||
| Q3 25 | $7.8B | $47.9B | ||
| Q2 25 | $8.0B | $48.0B | ||
| Q1 25 | $9.4B | $49.4B | ||
| Q4 24 | $10.3B | $48.5B | ||
| Q3 24 | $10.4B | $47.9B | ||
| Q2 24 | $10.5B | $50.2B |
总资产LUVMDT
| Q1 26 | $20.4B | — | ||
| Q4 25 | $29.1B | $91.3B | ||
| Q3 25 | $28.3B | $91.0B | ||
| Q2 25 | $28.7B | $91.7B | ||
| Q1 25 | $33.2B | $90.0B | ||
| Q4 24 | $33.8B | $90.0B | ||
| Q3 24 | $34.8B | $89.7B | ||
| Q2 24 | $35.6B | $90.0B |
负债/权益比LUVMDT
| Q1 26 | 0.78× | — | ||
| Q4 25 | 0.57× | 0.57× | ||
| Q3 25 | 0.52× | 0.55× | ||
| Q2 25 | 0.51× | 0.53× | ||
| Q1 25 | 0.44× | 0.49× | ||
| Q4 24 | 0.49× | 0.51× | ||
| Q3 24 | 0.49× | 0.55× | ||
| Q2 24 | 0.48× | 0.48× |
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 | $1.4B | $925.0M |
| 自由现金流经营现金流 - 资本支出 | — | $457.0M |
| 自由现金流率自由现金流/营收 | — | 5.1% |
| 资本支出强度资本支出/营收 | 8.7% | 5.2% |
| 现金转化率经营现金流/净利润 | 6.25× | 0.67× |
| 过去12个月自由现金流最近4个季度 | — | $5.2B |
8季度趋势，按日历期对齐
经营现金流LUVMDT
| Q1 26 | $1.4B | — | ||
| Q4 25 | $294.0M | $925.0M | ||
| Q3 25 | $287.0M | $1.1B | ||
| Q2 25 | $401.0M | $2.5B | ||
| Q1 25 | $860.0M | $2.6B | ||
| Q4 24 | $476.0M | $958.0M | ||
| Q3 24 | $113.0M | $986.0M | ||
| Q2 24 | $-23.0M | $2.8B |
自由现金流LUVMDT
| Q1 26 | — | — | ||
| Q4 25 | $-565.0M | $457.0M | ||
| Q3 25 | $-391.0M | $584.0M | ||
| Q2 25 | $-234.0M | $2.1B | ||
| Q1 25 | $359.0M | $2.1B | ||
| Q4 24 | $16.0M | $554.0M | ||
| Q3 24 | $-404.0M | $466.0M | ||
| Q2 24 | $-517.0M | $2.4B |
自由现金流率LUVMDT
| Q1 26 | — | — | ||
| Q4 25 | -7.6% | 5.1% | ||
| Q3 25 | -5.6% | 6.8% | ||
| Q2 25 | -3.2% | 23.2% | ||
| Q1 25 | 5.6% | 25.3% | ||
| Q4 24 | 0.2% | 6.6% | ||
| Q3 24 | -5.9% | 5.9% | ||
| Q2 24 | -7.0% | 27.4% |
资本支出强度LUVMDT
| Q1 26 | 8.7% | — | ||
| Q4 25 | 11.5% | 5.2% | ||
| Q3 25 | 9.8% | 5.9% | ||
| Q2 25 | 8.8% | 5.1% | ||
| Q1 25 | 7.8% | 5.7% | ||
| Q4 24 | 6.6% | 4.8% | ||
| Q3 24 | 7.5% | 6.6% | ||
| Q2 24 | 6.7% | 5.0% |
现金转化率LUVMDT
| Q1 26 | 6.25× | — | ||
| Q4 25 | 0.91× | 0.67× | ||
| Q3 25 | 5.31× | 1.05× | ||
| Q2 25 | 1.88× | 2.39× | ||
| Q1 25 | — | 1.99× | ||
| Q4 24 | 1.82× | 0.75× | ||
| Q3 24 | 1.69× | 0.95× | ||
| Q2 24 | -0.06× | 4.25× |
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
LUV
| Passenger | $6.6B | 91% |
| Other | $614.0M | 8% |
| Freight | $44.0M | 1% |
MDT
| Cardiac Rhythm And Heart Failure Division | $1.8B | 20% |
| Surgical Endoscopy | $1.7B | 19% |
| Other | $1.3B | 14% |
| Structural Heart And Aortic Division | $956.0M | 11% |
| Diabetes Group | $757.0M | 8% |
| Specialty Therapies Division | $744.0M | 8% |
| Coronary And Peripheral Vascular Division | $655.0M | 7% |
| Neuromodulation Division | $520.0M | 6% |
| Acute Care Monitoring | $493.0M | 6% |
| IE | $35.0M | 0% |
