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万事达卡（MA）与默沙东（MRK）财务数据对比。点击上方公司名可切换其他公司
默沙东的季度营收约是万事达卡的1.9倍（$16.4B vs $8.8B），万事达卡净利率更高（46.1% vs 18.1%，领先28.0%），万事达卡同比增速更快（17.6% vs 5.0%），万事达卡自由现金流更多（$4.9B vs $1.8B），过去两年万事达卡的营收复合增速更高（17.8% vs 2.0%）
万事达卡是总部位于美国纽约帕切斯的跨国支付卡服务企业，核心业务为处理商户收单银行与持卡人发卡机构之间的支付交易，同时提供旗下品牌借记卡、信用卡、预付卡及相关配套支付服务，服务网络覆盖全球，于2006年公开上市。
默沙东是总部位于美国新泽西州拉威的跨国制药企业，在美国及加拿大境外通常以默沙东（MSD）名义开展业务，按营收规模位列全球生物医学企业第四名，在制药领域拥有领先的技术实力与市场影响力。
MA vs MRK — 直观对比
营收规模更大
MRK
是对方的1.9倍
$8.8B
营收增速更快
MA
高出12.6%
5.0%
净利率更高
MA
高出28.0%
18.1%
自由现金流更多
MA
多$3.1B
$1.8B
两年增速更快
MA
近两年复合增速
2.0%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $8.8B | $16.4B |
| 净利润 | $4.1B | $3.0B |
| 毛利率 | — | 66.2% |
| 营业利润率 | 55.8% | 20.9% |
| 净利率 | 46.1% | 18.1% |
| 营收同比 | 17.6% | 5.0% |
| 净利润同比 | 21.5% | -20.8% |
| 每股收益（稀释后） | $4.52 | $1.19 |
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MAMRK
| Q4 25 | $8.8B | $16.4B | ||
| Q3 25 | $8.6B | $17.3B | ||
| Q2 25 | $8.1B | $15.8B | ||
| Q1 25 | $7.3B | $15.5B | ||
| Q4 24 | $7.5B | $15.6B | ||
| Q3 24 | $7.4B | $16.7B | ||
| Q2 24 | $7.0B | $16.1B | ||
| Q1 24 | $6.3B | $15.8B |
净利润MAMRK
| Q4 25 | $4.1B | $3.0B | ||
| Q3 25 | $3.9B | $5.8B | ||
| Q2 25 | $3.7B | $4.4B | ||
| Q1 25 | $3.3B | $5.1B | ||
| Q4 24 | $3.3B | $3.7B | ||
| Q3 24 | $3.3B | $3.2B | ||
| Q2 24 | $3.3B | $5.5B | ||
| Q1 24 | $3.0B | $4.8B |
毛利率MAMRK
| Q4 25 | — | 66.2% | ||
| Q3 25 | — | 77.7% | ||
| Q2 25 | — | 77.5% | ||
| Q1 25 | — | 78.0% | ||
| Q4 24 | — | 75.5% | ||
| Q3 24 | — | 75.5% | ||
| Q2 24 | — | 76.8% | ||
| Q1 24 | — | 77.6% |
营业利润率MAMRK
| Q4 25 | 55.8% | 20.9% | ||
| Q3 25 | 58.8% | 39.0% | ||
| Q2 25 | 58.7% | 31.6% | ||
| Q1 25 | 57.2% | 38.0% | ||
| Q4 24 | 52.6% | 26.7% | ||
| Q3 24 | 54.3% | 24.6% | ||
| Q2 24 | 58.0% | 37.3% | ||
| Q1 24 | 56.8% | 35.9% |
净利率MAMRK
| Q4 25 | 46.1% | 18.1% | ||
| Q3 25 | 45.7% | 33.5% | ||
| Q2 25 | 45.5% | 28.0% | ||
| Q1 25 | 45.2% | 32.7% | ||
| Q4 24 | 44.6% | 24.0% | ||
| Q3 24 | 44.3% | 19.0% | ||
| Q2 24 | 46.8% | 33.9% | ||
| Q1 24 | 47.4% | 30.2% |
每股收益（稀释后）MAMRK
| Q4 25 | $4.52 | $1.19 | ||
| Q3 25 | $4.34 | $2.32 | ||
| Q2 25 | $4.07 | $1.76 | ||
| Q1 25 | $3.59 | $2.01 | ||
| Q4 24 | $3.64 | $1.49 | ||
| Q3 24 | $3.53 | $1.24 | ||
| Q2 24 | $3.50 | $2.14 | ||
| Q1 24 | $3.22 | $1.87 |
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 | $10.6B | $14.6B |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $7.7B | $52.6B |
| 总资产 | $54.2B | $136.9B |
| 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MAMRK
| Q4 25 | $10.6B | $14.6B | ||
| Q3 25 | $10.3B | $18.2B | ||
| Q2 25 | $9.0B | $8.6B | ||
| Q1 25 | $7.6B | $9.2B | ||
| Q4 24 | $8.4B | $13.7B | ||
| Q3 24 | $11.1B | $14.6B | ||
| Q2 24 | $7.0B | $11.4B | ||
| Q1 24 | $7.3B | $5.6B |
股东权益MAMRK
| Q4 25 | $7.7B | $52.6B | ||
| Q3 25 | $7.9B | $51.9B | ||
| Q2 25 | $7.9B | $49.0B | ||
| Q1 25 | $6.7B | $48.3B | ||
| Q4 24 | $6.5B | $46.3B | ||
| Q3 24 | $7.4B | $44.5B | ||
| Q2 24 | $7.4B | $43.6B | ||
| Q1 24 | $7.2B | $40.4B |
总资产MAMRK
| Q4 25 | $54.2B | $136.9B | ||
| Q3 25 | $53.3B | $129.5B | ||
| Q2 25 | $51.4B | $117.5B | ||
| Q1 25 | $48.5B | $115.1B | ||
| Q4 24 | $48.1B | $117.1B | ||
| Q3 24 | $47.2B | $117.5B | ||
| Q2 24 | $42.3B | $112.6B | ||
| Q1 24 | $42.6B | $105.8B |
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 | $5.0B | $2.9B |
| 自由现金流经营现金流 - 资本支出 | $4.9B | $1.8B |
| 自由现金流率自由现金流/营收 | 55.5% | 11.1% |
| 资本支出强度资本支出/营收 | 1.3% | 6.3% |
| 现金转化率经营现金流/净利润 | 1.23× | 0.96× |
| 过去12个月自由现金流最近4个季度 | $17.2B | $12.4B |
8季度趋势，按日历期对齐
经营现金流MAMRK
| Q4 25 | $5.0B | $2.9B | ||
| Q3 25 | $5.7B | $7.8B | ||
| Q2 25 | $4.6B | $3.3B | ||
| Q1 25 | $2.4B | $2.5B | ||
| Q4 24 | $4.8B | $3.5B | ||
| Q3 24 | $5.1B | $9.3B | ||
| Q2 24 | $3.1B | $5.6B | ||
| Q1 24 | $1.7B | $3.1B |
自由现金流MAMRK
| Q4 25 | $4.9B | $1.8B | ||
| Q3 25 | $5.5B | $6.8B | ||
| Q2 25 | $4.6B | $2.5B | ||
| Q1 25 | $2.2B | $1.2B | ||
| Q4 24 | $4.7B | $2.5B | ||
| Q3 24 | $5.0B | $8.5B | ||
| Q2 24 | $3.0B | $4.8B | ||
| Q1 24 | $1.5B | $2.2B |
自由现金流率MAMRK
| Q4 25 | 55.5% | 11.1% | ||
| Q3 25 | 63.8% | 39.6% | ||
| Q2 25 | 56.1% | 16.0% | ||
| Q1 25 | 30.6% | 7.5% | ||
| Q4 24 | 63.3% | 16.1% | ||
| Q3 24 | 68.2% | 51.1% | ||
| Q2 24 | 43.4% | 30.1% | ||
| Q1 24 | 23.9% | 14.1% |
资本支出强度MAMRK
| Q4 25 | 1.3% | 6.3% | ||
| Q3 25 | 2.1% | 5.7% | ||
| Q2 25 | 0.5% | 4.8% | ||
| Q1 25 | 2.2% | 8.6% | ||
| Q4 24 | 1.3% | 6.0% | ||
| Q3 24 | 1.5% | 4.7% | ||
| Q2 24 | 1.7% | 4.9% | ||
| Q1 24 | 2.5% | 5.5% |
现金转化率MAMRK
| Q4 25 | 1.23× | 0.96× | ||
| Q3 25 | 1.44× | 1.35× | ||
| Q2 25 | 1.24× | 0.74× | ||
| Q1 25 | 0.73× | 0.49× | ||
| Q4 24 | 1.45× | 0.92× | ||
| Q3 24 | 1.57× | 2.94× | ||
| Q2 24 | 0.96× | 1.03× | ||
| Q1 24 | 0.56× | 0.65× |
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
MA
| Payment Network | $4.9B | 56% |
| Value Added Services And Solutions | $3.9B | 44% |
MRK
| Pharmaceuticalsegment | $8.7B | 53% |
| Keytruda | $4.9B | 30% |
| Other | $2.7B | 16% |
| Janumet | $57.0M | 0% |
| Isentress Isentress HD | $38.0M | 0% |
| Pifeltro | $25.0M | 0% |
| Belsomra | $23.0M | 0% |
| Dificid | $17.0M | 0% |
| Delstrigo | $14.0M | 0% |
| Lagevrio | $12.0M | 0% |
| Pneumovax23 | $4.0M | 0% |
