vs
麦克森（MCK）与沃尔玛（WMT）财务数据对比。点击上方公司名可切换其他公司
沃尔玛的季度营收约是麦克森的1.7倍（$177.8B vs $106.2B），沃尔玛净利率更高（3.5% vs 1.1%，领先2.3%），麦克森同比增速更快（11.4% vs 5.8%），沃尔玛自由现金流更多（$1.9B vs $1.1B），过去两年麦克森的营收复合增速更高（17.9% vs 1.7%）
麦克森是美国上市医疗健康企业，核心业务包括药品分销、医疗信息技术服务、医疗耗材供应及健康管理工具提供。其分销的药品占北美市场总使用量的三分之一，员工超8万人，2024年营收达3089亿美元，为美国第九大企业及本土最大医疗企业。
沃尔玛是美国知名跨国零售集团，1962年由山姆·沃尔顿与詹姆斯·“巴德”·沃尔顿兄弟创立，总部位于阿肯色州本顿维尔。其业务覆盖美国及其他19个国家，运营连锁大卖场、折扣百货店、生鲜超市等多种业态，同时拥有山姆会员店仓储零售品牌。
MCK vs WMT — 直观对比
营收规模更大
WMT
是对方的1.7倍
$106.2B
营收增速更快
MCK
高出5.6%
5.8%
净利率更高
WMT
高出2.3%
1.1%
自由现金流更多
WMT
多$758.0M
$1.1B
两年增速更快
MCK
近两年复合增速
1.7%
损益表 — Q3 FY2026 vs Q3 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $106.2B | $177.8B |
| 净利润 | $1.2B | $6.1B |
| 毛利率 | 3.5% | 24.2% |
| 营业利润率 | 1.5% | 3.8% |
| 净利率 | 1.1% | 3.5% |
| 营收同比 | 11.4% | 5.8% |
| 净利润同比 | 34.9% | 34.2% |
| 每股收益（稀释后） | $9.59 | $0.77 |
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MCKWMT
| Q4 25 | $106.2B | $177.8B | ||
| Q3 25 | $103.2B | $175.8B | ||
| Q2 25 | $97.8B | $164.0B | ||
| Q1 25 | $90.8B | $178.8B | ||
| Q4 24 | $95.3B | $168.0B | ||
| Q3 24 | $93.7B | $167.8B | ||
| Q2 24 | $79.3B | $159.9B | ||
| Q1 24 | $76.4B | $171.9B |
净利润MCKWMT
| Q4 25 | $1.2B | $6.1B | ||
| Q3 25 | $1.1B | $7.0B | ||
| Q2 25 | $784.0M | $4.5B | ||
| Q1 25 | $1.3B | $5.3B | ||
| Q4 24 | $879.0M | $4.6B | ||
| Q3 24 | $241.0M | $4.5B | ||
| Q2 24 | $915.0M | $5.1B | ||
| Q1 24 | $791.0M | $5.5B |
毛利率MCKWMT
| Q4 25 | 3.5% | 24.2% | ||
| Q3 25 | 3.4% | 24.5% | ||
| Q2 25 | 3.4% | 24.2% | ||
| Q1 25 | 4.0% | 23.9% | ||
| Q4 24 | 3.4% | 24.2% | ||
| Q3 24 | 3.5% | 24.4% | ||
| Q2 24 | 4.0% | 24.1% | ||
| Q1 24 | 4.7% | 23.3% |
营业利润率MCKWMT
| Q4 25 | 1.5% | 3.8% | ||
| Q3 25 | 1.4% | 4.1% | ||
| Q2 25 | 1.1% | 4.4% | ||
| Q1 25 | 1.8% | 4.4% | ||
| Q4 24 | 1.3% | 4.0% | ||
| Q3 24 | 0.6% | 4.7% | ||
| Q2 24 | 1.3% | 4.3% | ||
| Q1 24 | 1.6% | 4.2% |
净利率MCKWMT
| Q4 25 | 1.1% | 3.5% | ||
| Q3 25 | 1.1% | 4.0% | ||
| Q2 25 | 0.8% | 2.7% | ||
| Q1 25 | 1.4% | 2.9% | ||
| Q4 24 | 0.9% | 2.7% | ||
| Q3 24 | 0.3% | 2.7% | ||
| Q2 24 | 1.2% | 3.2% | ||
| Q1 24 | 1.0% | 3.2% |
每股收益（稀释后）MCKWMT
| Q4 25 | $9.59 | $0.77 | ||
| Q3 25 | $8.92 | $0.88 | ||
| Q2 25 | $6.25 | $0.56 | ||
| Q1 25 | $9.90 | $0.65 | ||
| Q4 24 | $6.95 | $0.57 | ||
| Q3 24 | $1.87 | $0.56 | ||
| Q2 24 | $7.00 | $0.63 | ||
| Q1 24 | $6.03 | $-1.80 |
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 | $3.0B | $10.6B |
| 总债务越低越好 | $5.4B | — |
| 股东权益账面价值 | $-1.3B | $96.1B |
| 总资产 | $84.2B | $288.7B |
| 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MCKWMT
| Q4 25 | $3.0B | $10.6B | ||
| Q3 25 | $4.0B | $9.4B | ||
| Q2 25 | $2.4B | $9.3B | ||
| Q1 25 | $5.7B | $9.0B | ||
| Q4 24 | $1.1B | $10.0B | ||
| Q3 24 | $2.5B | $8.8B | ||
| Q2 24 | $2.3B | $9.4B | ||
| Q1 24 | $4.6B | $9.9B |
总债务MCKWMT
| Q4 25 | $5.4B | — | ||
| Q3 25 | $6.0B | — | ||
| Q2 25 | $6.5B | — | ||
| Q1 25 | $4.5B | $36.0B | ||
| Q4 24 | $4.4B | — | ||
| Q3 24 | $5.7B | — | ||
| Q2 24 | $5.6B | — | ||
| Q1 24 | $5.6B | $39.6B |
股东权益MCKWMT
| Q4 25 | $-1.3B | $96.1B | ||
| Q3 25 | $-1.7B | $90.1B | ||
| Q2 25 | $-2.0B | $83.8B | ||
| Q1 25 | $-2.1B | $91.0B | ||
| Q4 24 | $-3.1B | $88.1B | ||
| Q3 24 | $-3.0B | $84.4B | ||
| Q2 24 | $-1.8B | $81.3B | ||
| Q1 24 | $-2.0B | $83.9B |
总资产MCKWMT
| Q4 25 | $84.2B | $288.7B | ||
| Q3 25 | $84.2B | $270.8B | ||
| Q2 25 | $81.3B | $262.4B | ||
| Q1 25 | $75.1B | $260.8B | ||
| Q4 24 | $71.1B | $263.4B | ||
| Q3 24 | $72.4B | $254.4B | ||
| Q2 24 | $71.7B | $254.1B | ||
| Q1 24 | $67.4B | $252.4B |
负债/权益比MCKWMT
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | 0.40× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | 0.47× |
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 | $1.2B | $9.1B |
| 自由现金流经营现金流 - 资本支出 | $1.1B | $1.9B |
| 自由现金流率自由现金流/营收 | 1.1% | 1.1% |
| 资本支出强度资本支出/营收 | 0.1% | 4.1% |
| 现金转化率经营现金流/净利润 | 1.04× | 1.48× |
| 过去12个月自由现金流最近4个季度 | $10.0B | $15.3B |
8季度趋势，按日历期对齐
经营现金流MCKWMT
| Q4 25 | $1.2B | $9.1B | ||
| Q3 25 | $2.4B | $12.9B | ||
| Q2 25 | $-918.0M | $5.4B | ||
| Q1 25 | $7.7B | $13.5B | ||
| Q4 24 | $-2.4B | $6.6B | ||
| Q3 24 | $2.1B | $12.1B | ||
| Q2 24 | $-1.4B | $4.2B | ||
| Q1 24 | $4.1B | $16.7B |
自由现金流MCKWMT
| Q4 25 | $1.1B | $1.9B | ||
| Q3 25 | $2.3B | $6.5B | ||
| Q2 25 | $-1.0B | $425.0M | ||
| Q1 25 | $7.6B | $6.4B | ||
| Q4 24 | $-2.5B | $372.0M | ||
| Q3 24 | $2.0B | $6.3B | ||
| Q2 24 | $-1.5B | $-427.0M | ||
| Q1 24 | $4.0B | $10.8B |
自由现金流率MCKWMT
| Q4 25 | 1.1% | 1.1% | ||
| Q3 25 | 2.2% | 3.7% | ||
| Q2 25 | -1.1% | 0.3% | ||
| Q1 25 | 8.3% | 3.6% | ||
| Q4 24 | -2.6% | 0.2% | ||
| Q3 24 | 2.1% | 3.7% | ||
| Q2 24 | -1.9% | -0.3% | ||
| Q1 24 | 5.2% | 6.3% |
资本支出强度MCKWMT
| Q4 25 | 0.1% | 4.1% | ||
| Q3 25 | 0.1% | 3.7% | ||
| Q2 25 | 0.1% | 3.0% | ||
| Q1 25 | 0.2% | 4.0% | ||
| Q4 24 | 0.1% | 3.7% | ||
| Q3 24 | 0.1% | 3.5% | ||
| Q2 24 | 0.1% | 2.9% | ||
| Q1 24 | 0.2% | 3.5% |
现金转化率MCKWMT
| Q4 25 | 1.04× | 1.48× | ||
| Q3 25 | 2.18× | 1.84× | ||
| Q2 25 | -1.17× | 1.21× | ||
| Q1 25 | 6.15× | 2.57× | ||
| Q4 24 | -2.71× | 1.43× | ||
| Q3 24 | 8.71× | 2.69× | ||
| Q2 24 | -1.51× | 0.83× | ||
| Q1 24 | 5.24× | 3.04× |
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
MCK
| North American Pharmaceutical Segment | $88.3B | 83% |
| Oncology And Multispecialty Segment | $13.0B | 12% |
| Medical Surgical Solutions Segment | $3.0B | 3% |
| Prescription Technology Solutions Segment | $1.5B | 1% |
WMT
| Grocery | $71.7B | 40% |
| Walmart International | $33.5B | 19% |
| E Commerce | $24.8B | 14% |
| Sams Club US | $23.6B | 13% |
| Healthand Wellness | $18.4B | 10% |
| Other Categories | $3.2B | 2% |
| Fuel And Other | $3.0B | 2% |
