vs
迈心诺（MASI）与医疗房产信托（SVC）财务数据对比。点击上方公司名可切换其他公司
迈心诺的季度营收约是医疗房产信托的1.3倍（$371.5M vs $296.5M），医疗房产信托净利率更高（-0.3% vs -27.0%，领先26.8%），医疗房产信托同比增速更快（-17.0% vs -26.4%），迈心诺自由现金流更多（$50.9M vs $-95.2M），过去两年医疗房产信托的营收复合增速更高（-6.1% vs -17.7%）
迈心诺（Masimo Corporation）是总部位于美国加利福尼亚州尔湾的健康科技及消费电子企业，核心产品包括面向医院及家用场景的患者监护设备、无创传感器及配套软件平台，同时也布局了消费级音频和可穿戴设备赛道。
医疗房产信托（MPT）是总部位于阿拉巴马州伯明翰的国际房地产投资信托（REIT），主要在美国和欧洲地区收购投资医疗设施与营利性医疗控股公司。该公司的房产收购多采用售后回租模式，原产权方出售房产给MPT后成为承租租户，其租户普遍签订长期三净租约。
MASI vs SVC — 直观对比
营收规模更大
MASI
是对方的1.3倍
$296.5M
营收增速更快
SVC
高出9.4%
-26.4%
净利率更高
SVC
高出26.8%
-27.0%
自由现金流更多
MASI
多$146.1M
$-95.2M
两年增速更快
SVC
近两年复合增速
-17.7%
损益表 — Q3 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $371.5M | $296.5M |
| 净利润 | $-100.4M | $-782.0K |
| 毛利率 | 62.1% | — |
| 营业利润率 | 22.5% | -3.9% |
| 净利率 | -27.0% | -0.3% |
| 营收同比 | -26.4% | -17.0% |
| 净利润同比 | -1124.5% | 99.0% |
| 每股收益（稀释后） | $-1.84 | $-0.01 |
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MASISVC
| Q4 25 | — | $296.5M | ||
| Q3 25 | $371.5M | $377.6M | ||
| Q2 25 | $370.9M | $404.4M | ||
| Q1 25 | $372.0M | $335.0M | ||
| Q4 24 | $600.7M | $357.0M | ||
| Q3 24 | $504.6M | $390.9M | ||
| Q2 24 | $496.3M | $412.5M | ||
| Q1 24 | $492.8M | $336.2M |
净利润MASISVC
| Q4 25 | — | $-782.0K | ||
| Q3 25 | $-100.4M | $-46.9M | ||
| Q2 25 | $51.3M | $-38.2M | ||
| Q1 25 | $-170.7M | $-116.4M | ||
| Q4 24 | $-349.6M | $-76.4M | ||
| Q3 24 | $9.8M | $-46.9M | ||
| Q2 24 | $16.0M | $-73.8M | ||
| Q1 24 | $18.9M | $-78.4M |
毛利率MASISVC
| Q4 25 | — | — | ||
| Q3 25 | 62.1% | — | ||
| Q2 25 | 62.9% | — | ||
| Q1 25 | 62.9% | — | ||
| Q4 24 | 40.7% | — | ||
| Q3 24 | 52.2% | — | ||
| Q2 24 | 51.3% | — | ||
| Q1 24 | 49.0% | — |
营业利润率MASISVC
| Q4 25 | — | -3.9% | ||
| Q3 25 | 22.5% | -12.8% | ||
| Q2 25 | 17.4% | -9.2% | ||
| Q1 25 | 21.0% | -33.3% | ||
| Q4 24 | -59.8% | -19.4% | ||
| Q3 24 | 6.0% | -12.8% | ||
| Q2 24 | 5.7% | -17.1% | ||
| Q1 24 | 6.9% | -21.4% |
净利率MASISVC
| Q4 25 | — | -0.3% | ||
| Q3 25 | -27.0% | -12.4% | ||
| Q2 25 | 13.8% | -9.4% | ||
| Q1 25 | -45.9% | -34.8% | ||
| Q4 24 | -58.2% | -21.4% | ||
| Q3 24 | 1.9% | -12.0% | ||
| Q2 24 | 3.2% | -17.9% | ||
| Q1 24 | 3.8% | -23.3% |
每股收益（稀释后）MASISVC
| Q4 25 | — | $-0.01 | ||
| Q3 25 | $-1.84 | $-0.28 | ||
| Q2 25 | $0.94 | $-0.23 | ||
| Q1 25 | $-3.12 | $-0.70 | ||
| Q4 24 | $-6.54 | $-0.46 | ||
| Q3 24 | $0.18 | $-0.28 | ||
| Q2 24 | $0.29 | $-0.45 | ||
| Q1 24 | $0.35 | $-0.48 |
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 | $312.3M | $346.8M |
| 总债务越低越好 | $559.1M | $5.5B |
| 股东权益账面价值 | $810.0M | $646.1M |
| 总资产 | $1.8B | $6.5B |
| 负债/权益比越低杠杆越低 | 0.69× | 8.52× |
8季度趋势，按日历期对齐
现金及短期投资MASISVC
| Q4 25 | — | $346.8M | ||
| Q3 25 | $312.3M | $417.4M | ||
| Q2 25 | $149.6M | $63.2M | ||
| Q1 25 | $130.8M | $80.1M | ||
| Q4 24 | $177.6M | $143.5M | ||
| Q3 24 | $158.5M | $48.6M | ||
| Q2 24 | $129.6M | $14.6M | ||
| Q1 24 | $157.6M | $71.3M |
总债务MASISVC
| Q4 25 | — | $5.5B | ||
| Q3 25 | $559.1M | — | ||
| Q2 25 | $613.7M | — | ||
| Q1 25 | $651.0M | — | ||
| Q4 24 | $765.2M | $5.8B | ||
| Q3 24 | $772.6M | — | ||
| Q2 24 | $781.6M | — | ||
| Q1 24 | $876.0M | — |
股东权益MASISVC
| Q4 25 | — | $646.1M | ||
| Q3 25 | $810.0M | $647.9M | ||
| Q2 25 | $1.0B | $695.9M | ||
| Q1 25 | $946.4M | $734.6M | ||
| Q4 24 | $1.1B | $851.9M | ||
| Q3 24 | $1.5B | $929.0M | ||
| Q2 24 | $1.4B | $1.0B | ||
| Q1 24 | $1.4B | $1.1B |
总资产MASISVC
| Q4 25 | — | $6.5B | ||
| Q3 25 | $1.8B | $7.0B | ||
| Q2 25 | $2.4B | $6.9B | ||
| Q1 25 | $2.3B | $7.0B | ||
| Q4 24 | $2.6B | $7.1B | ||
| Q3 24 | $3.1B | $7.1B | ||
| Q2 24 | $2.9B | $7.1B | ||
| Q1 24 | $3.0B | $7.2B |
负债/权益比MASISVC
| Q4 25 | — | 8.52× | ||
| Q3 25 | 0.69× | — | ||
| Q2 25 | 0.59× | — | ||
| Q1 25 | 0.69× | — | ||
| Q4 24 | 0.73× | 6.85× | ||
| Q3 24 | 0.53× | — | ||
| Q2 24 | 0.57× | — | ||
| Q1 24 | 0.64× | — |
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 | $56.8M | $-18.5M |
| 自由现金流经营现金流 - 资本支出 | $50.9M | $-95.2M |
| 自由现金流率自由现金流/营收 | 13.7% | -32.1% |
| 资本支出强度资本支出/营收 | 1.6% | 25.9% |
| 现金转化率经营现金流/净利润 | — | — |
| 过去12个月自由现金流最近4个季度 | $191.0M | $-107.0M |
8季度趋势，按日历期对齐
经营现金流MASISVC
| Q4 25 | — | $-18.5M | ||
| Q3 25 | $56.8M | $98.1M | ||
| Q2 25 | $69.4M | $-7.0K | ||
| Q1 25 | $31.1M | $38.2M | ||
| Q4 24 | $50.5M | $-9.7M | ||
| Q3 24 | $25.6M | $106.2M | ||
| Q2 24 | $74.5M | $43.8M | ||
| Q1 24 | $45.8M | $-926.0K |
自由现金流MASISVC
| Q4 25 | — | $-95.2M | ||
| Q3 25 | $50.9M | $57.9M | ||
| Q2 25 | $65.6M | $-46.6M | ||
| Q1 25 | $28.5M | $-23.2M | ||
| Q4 24 | $46.0M | $-88.9M | ||
| Q3 24 | $16.9M | $24.1M | ||
| Q2 24 | $66.9M | $-22.3M | ||
| Q1 24 | $37.6M | $-77.2M |
自由现金流率MASISVC
| Q4 25 | — | -32.1% | ||
| Q3 25 | 13.7% | 15.3% | ||
| Q2 25 | 17.7% | -11.5% | ||
| Q1 25 | 7.7% | -6.9% | ||
| Q4 24 | 7.7% | -24.9% | ||
| Q3 24 | 3.3% | 6.2% | ||
| Q2 24 | 13.5% | -5.4% | ||
| Q1 24 | 7.6% | -23.0% |
资本支出强度MASISVC
| Q4 25 | — | 25.9% | ||
| Q3 25 | 1.6% | 10.6% | ||
| Q2 25 | 1.0% | 11.5% | ||
| Q1 25 | 0.7% | 18.3% | ||
| Q4 24 | 0.7% | 22.2% | ||
| Q3 24 | 1.7% | 21.0% | ||
| Q2 24 | 1.5% | 16.0% | ||
| Q1 24 | 1.7% | 22.7% |
现金转化率MASISVC
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | 1.35× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 2.61× | — | ||
| Q2 24 | 4.66× | — | ||
| Q1 24 | 2.42× | — |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
