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梅西百货（M）与硕腾（ZTS）财务数据对比。点击上方公司名可切换其他公司
梅西百货的季度营收约是硕腾的2.0倍（$4.7B vs $2.4B），硕腾净利率更高（25.3% vs 0.2%，领先25.0%），硕腾同比增速更快（3.0% vs -0.6%），硕腾自由现金流更多（$732.0M vs $-101.0M），过去两年硕腾的营收复合增速更高（4.4% vs -23.8%）
梅西百货是美国知名百货控股集团，1929年成立时名为联合百货，最初持有Abraham & Straus、Lazarus等多个区域连锁百货品牌，次年布鲁明戴尔正式加入。集团早年频繁开展资产并购与剥离，1994年收购1858年创立的老牌百货梅西，随后更名并发展为美国头部百货零售企业。
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。
M vs ZTS — 直观对比
营收规模更大
M
是对方的2.0倍
$2.4B
营收增速更快
ZTS
高出3.6%
-0.6%
净利率更高
ZTS
高出25.0%
0.2%
自由现金流更多
ZTS
多$833.0M
$-101.0M
两年增速更快
ZTS
近两年复合增速
-23.8%
损益表 — Q3 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $4.7B | $2.4B |
| 净利润 | $11.0M | $603.0M |
| 毛利率 | 39.4% | 70.2% |
| 营业利润率 | 0.9% | 31.9% |
| 净利率 | 0.2% | 25.3% |
| 营收同比 | -0.6% | 3.0% |
| 净利润同比 | -60.7% | 3.8% |
| 每股收益（稀释后） | $0.04 | $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MZTS
| Q4 25 | $4.7B | $2.4B | ||
| Q3 25 | $4.8B | $2.4B | ||
| Q2 25 | $4.6B | $2.5B | ||
| Q1 25 | $7.8B | $2.2B | ||
| Q4 24 | $4.7B | $2.3B | ||
| Q3 24 | $4.9B | $2.4B | ||
| Q2 24 | $4.8B | $2.4B | ||
| Q1 24 | $8.1B | $2.2B |
净利润MZTS
| Q4 25 | $11.0M | $603.0M | ||
| Q3 25 | $87.0M | $721.0M | ||
| Q2 25 | $38.0M | $718.0M | ||
| Q1 25 | $342.0M | $631.0M | ||
| Q4 24 | $28.0M | $581.0M | ||
| Q3 24 | $150.0M | $682.0M | ||
| Q2 24 | $62.0M | $624.0M | ||
| Q1 24 | $-71.0M | $599.0M |
毛利率MZTS
| Q4 25 | 39.4% | 70.2% | ||
| Q3 25 | 39.7% | 71.5% | ||
| Q2 25 | 39.2% | 73.6% | ||
| Q1 25 | 35.7% | 72.0% | ||
| Q4 24 | 39.6% | 69.5% | ||
| Q3 24 | 40.5% | 70.6% | ||
| Q2 24 | 39.2% | 71.7% | ||
| Q1 24 | 37.5% | 70.6% |
营业利润率MZTS
| Q4 25 | 0.9% | 31.9% | ||
| Q3 25 | 3.1% | 37.0% | ||
| Q2 25 | 2.0% | 36.7% | ||
| Q1 25 | 6.4% | 36.5% | ||
| Q4 24 | 1.3% | 31.6% | ||
| Q3 24 | 4.5% | 36.6% | ||
| Q2 24 | 2.6% | 33.0% | ||
| Q1 24 | -0.9% | 34.1% |
净利率MZTS
| Q4 25 | 0.2% | 25.3% | ||
| Q3 25 | 1.8% | 30.0% | ||
| Q2 25 | 0.8% | 29.2% | ||
| Q1 25 | 4.4% | 28.4% | ||
| Q4 24 | 0.6% | 25.1% | ||
| Q3 24 | 3.0% | 28.6% | ||
| Q2 24 | 1.3% | 26.4% | ||
| Q1 24 | -0.9% | 27.4% |
每股收益（稀释后）MZTS
| Q4 25 | $0.04 | $1.37 | ||
| Q3 25 | $0.31 | $1.63 | ||
| Q2 25 | $0.13 | $1.61 | ||
| Q1 25 | $1.22 | $1.41 | ||
| Q4 24 | $0.10 | $1.29 | ||
| Q3 24 | $0.53 | $1.50 | ||
| Q2 24 | $0.22 | $1.37 | ||
| Q1 24 | $-0.25 | $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 | $447.0M | — |
| 总债务越低越好 | $2.4B | — |
| 股东权益账面价值 | $4.3B | $3.3B |
| 总资产 | $17.1B | $15.5B |
| 负债/权益比越低杠杆越低 | 0.56× | — |
8季度趋势，按日历期对齐
现金及短期投资MZTS
| Q4 25 | $447.0M | — | ||
| Q3 25 | $829.0M | $2.1B | ||
| Q2 25 | $932.0M | $1.4B | ||
| Q1 25 | $1.3B | $1.7B | ||
| Q4 24 | $315.0M | $2.0B | ||
| Q3 24 | $646.0M | $1.7B | ||
| Q2 24 | $876.0M | $1.6B | ||
| Q1 24 | $1.0B | $2.0B |
总债务MZTS
| Q4 25 | $2.4B | — | ||
| Q3 25 | $2.4B | — | ||
| Q2 25 | $2.8B | — | ||
| Q1 25 | $2.8B | — | ||
| Q4 24 | $2.8B | — | ||
| Q3 24 | $3.0B | — | ||
| Q2 24 | $3.0B | — | ||
| Q1 24 | $3.0B | — |
股东权益MZTS
| Q4 25 | $4.3B | $3.3B | ||
| Q3 25 | $4.5B | $5.4B | ||
| Q2 25 | $4.5B | $5.0B | ||
| Q1 25 | $4.6B | $4.7B | ||
| Q4 24 | $4.1B | $4.8B | ||
| Q3 24 | $4.3B | $5.2B | ||
| Q2 24 | $4.2B | $5.0B | ||
| Q1 24 | $4.1B | $5.1B |
总资产MZTS
| Q4 25 | $17.1B | $15.5B | ||
| Q3 25 | $15.6B | $15.2B | ||
| Q2 25 | $16.1B | $14.5B | ||
| Q1 25 | $16.4B | $14.1B | ||
| Q4 24 | $17.3B | $14.2B | ||
| Q3 24 | $15.8B | $14.4B | ||
| Q2 24 | $16.4B | $14.2B | ||
| Q1 24 | $16.2B | $14.3B |
负债/权益比MZTS
| Q4 25 | 0.56× | — | ||
| Q3 25 | 0.55× | — | ||
| Q2 25 | 0.62× | — | ||
| Q1 25 | 0.61× | — | ||
| Q4 24 | 0.67× | — | ||
| Q3 24 | 0.70× | — | ||
| Q2 24 | 0.72× | — | ||
| Q1 24 | 0.72× | — |
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 | $-8.0M | $893.0M |
| 自由现金流经营现金流 - 资本支出 | $-101.0M | $732.0M |
| 自由现金流率自由现金流/营收 | -2.1% | 30.7% |
| 资本支出强度资本支出/营收 | 2.0% | 6.7% |
| 现金转化率经营现金流/净利润 | -0.73× | 1.48× |
| 过去12个月自由现金流最近4个季度 | $1.2B | $2.3B |
8季度趋势，按日历期对齐
经营现金流MZTS
| Q4 25 | $-8.0M | $893.0M | ||
| Q3 25 | $319.0M | $938.0M | ||
| Q2 25 | $-64.0M | $486.0M | ||
| Q1 25 | $1.3B | $587.0M | ||
| Q4 24 | $-167.0M | $905.0M | ||
| Q3 24 | $8.0M | $951.0M | ||
| Q2 24 | $129.0M | $502.0M | ||
| Q1 24 | $1.1B | $595.0M |
自由现金流MZTS
| Q4 25 | $-101.0M | $732.0M | ||
| Q3 25 | $240.0M | $805.0M | ||
| Q2 25 | $-164.0M | $308.0M | ||
| Q1 25 | $1.2B | $438.0M | ||
| Q4 24 | $-295.0M | $689.0M | ||
| Q3 24 | $-109.0M | $784.0M | ||
| Q2 24 | $-25.0M | $370.0M | ||
| Q1 24 | $1.0B | $455.0M |
自由现金流率MZTS
| Q4 25 | -2.1% | 30.7% | ||
| Q3 25 | 5.0% | 33.5% | ||
| Q2 25 | -3.6% | 12.5% | ||
| Q1 25 | 15.3% | 19.7% | ||
| Q4 24 | -6.2% | 29.7% | ||
| Q3 24 | -2.2% | 32.8% | ||
| Q2 24 | -0.5% | 15.7% | ||
| Q1 24 | 12.3% | 20.8% |
资本支出强度MZTS
| Q4 25 | 2.0% | 6.7% | ||
| Q3 25 | 1.6% | 5.5% | ||
| Q2 25 | 2.2% | 7.2% | ||
| Q1 25 | 1.5% | 6.7% | ||
| Q4 24 | 2.7% | 9.3% | ||
| Q3 24 | 2.4% | 7.0% | ||
| Q2 24 | 3.2% | 5.6% | ||
| Q1 24 | 1.8% | 6.4% |
现金转化率MZTS
| Q4 25 | -0.73× | 1.48× | ||
| Q3 25 | 3.67× | 1.30× | ||
| Q2 25 | -1.68× | 0.68× | ||
| Q1 25 | 3.82× | 0.93× | ||
| Q4 24 | -5.96× | 1.56× | ||
| Q3 24 | 0.05× | 1.39× | ||
| Q2 24 | 2.08× | 0.80× | ||
| Q1 24 | — | 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
M
| Womens Accessories Shoes Cosmetics And Fragrances | $1.9B | 41% |
| Womens Apparel | $1.1B | 23% |
| Mens And Kids | $1.0B | 22% |
| Home Other | $638.0M | 14% |
| Credit Card Revenues Net | $158.0M | 3% |
| Macys Media Network Revenue Net | $42.0M | 1% |
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% |
