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美敦力（MDT）与美高梅国际度假村（MGM）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美高梅国际度假村的1.9倍（$9.0B vs $4.6B），美敦力净利率更高（15.3% vs 6.4%，领先9.0%），美敦力同比增速更快（6.6% vs 6.0%），美敦力自由现金流更多（$457.0M vs $358.5M），过去两年美敦力的营收复合增速更高（5.3% vs 2.5%）
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。
美高梅国际度假村是美国跨国文旅、体育及娱乐集团，在拉斯维加斯、美国多个州以及中国澳门、上海、成都、杭州、三亚等地运营度假项目，旗下拥有百乐宫、曼德勒海湾、米高梅大酒店、Park MGM等知名物业。
MDT vs MGM — 直观对比
营收规模更大
MDT
是对方的1.9倍
$4.6B
营收增速更快
MDT
高出0.7%
6.0%
净利率更高
MDT
高出9.0%
6.4%
自由现金流更多
MDT
多$98.5M
$358.5M
两年增速更快
MDT
近两年复合增速
2.5%
损益表 — Q2 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $9.0B | $4.6B |
| 净利润 | $1.4B | $293.6M |
| 毛利率 | 65.8% | — |
| 营业利润率 | 18.8% | 7.1% |
| 净利率 | 15.3% | 6.4% |
| 营收同比 | 6.6% | 6.0% |
| 净利润同比 | 8.2% | 86.5% |
| 每股收益（稀释后） | $1.07 | $1.12 |
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MDTMGM
| Q4 25 | $9.0B | $4.6B | ||
| Q3 25 | $8.6B | $4.3B | ||
| Q2 25 | $8.9B | $4.4B | ||
| Q1 25 | $8.3B | $4.3B | ||
| Q4 24 | $8.4B | $4.3B | ||
| Q3 24 | $7.9B | $4.2B | ||
| Q2 24 | $8.6B | $4.3B | ||
| Q1 24 | $8.1B | $4.4B |
净利润MDTMGM
| Q4 25 | $1.4B | $293.6M | ||
| Q3 25 | $1.0B | $-285.3M | ||
| Q2 25 | $1.1B | $49.0M | ||
| Q1 25 | $1.3B | $148.6M | ||
| Q4 24 | $1.3B | $157.4M | ||
| Q3 24 | $1.0B | $184.6M | ||
| Q2 24 | $654.0M | $187.1M | ||
| Q1 24 | $1.3B | $217.5M |
毛利率MDTMGM
| 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% | — | ||
| Q1 24 | 65.6% | — |
营业利润率MDTMGM
| Q4 25 | 18.8% | 7.1% | ||
| Q3 25 | 16.8% | -2.7% | ||
| Q2 25 | 16.1% | 9.2% | ||
| Q1 25 | 19.9% | 9.0% | ||
| Q4 24 | 19.0% | 6.7% | ||
| Q3 24 | 16.1% | 7.5% | ||
| Q2 24 | 12.3% | 9.8% | ||
| Q1 24 | 18.3% | 10.5% |
净利率MDTMGM
| Q4 25 | 15.3% | 6.4% | ||
| Q3 25 | 12.1% | -6.7% | ||
| Q2 25 | 11.8% | 1.1% | ||
| Q1 25 | 15.6% | 3.5% | ||
| Q4 24 | 15.1% | 3.6% | ||
| Q3 24 | 13.2% | 4.4% | ||
| Q2 24 | 7.6% | 4.3% | ||
| Q1 24 | 16.3% | 5.0% |
每股收益（稀释后）MDTMGM
| Q4 25 | $1.07 | $1.12 | ||
| Q3 25 | $0.81 | $-1.05 | ||
| Q2 25 | $0.81 | $0.18 | ||
| Q1 25 | $1.01 | $0.51 | ||
| Q4 24 | $0.99 | $0.52 | ||
| Q3 24 | $0.80 | $0.61 | ||
| Q2 24 | $0.50 | $0.60 | ||
| Q1 24 | $0.99 | $0.67 |
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 | $8.3B | $2.1B |
| 总债务越低越好 | $27.7B | $6.2B |
| 股东权益账面价值 | $48.7B | $2.4B |
| 总资产 | $91.3B | $41.4B |
| 负债/权益比越低杠杆越低 | 0.57× | 2.56× |
8季度趋势，按日历期对齐
现金及短期投资MDTMGM
| Q4 25 | $8.3B | $2.1B | ||
| Q3 25 | $8.1B | $2.1B | ||
| Q2 25 | $9.0B | $2.0B | ||
| Q1 25 | $7.9B | $2.3B | ||
| Q4 24 | $8.0B | $2.4B | ||
| Q3 24 | $7.8B | $3.0B | ||
| Q2 24 | $8.0B | $2.4B | ||
| Q1 24 | $8.3B | $2.7B |
总债务MDTMGM
| Q4 25 | $27.7B | $6.2B | ||
| Q3 25 | $26.2B | $6.2B | ||
| Q2 25 | $25.6B | $6.2B | ||
| Q1 25 | $24.0B | $6.4B | ||
| Q4 24 | $24.6B | $6.4B | ||
| Q3 24 | $26.3B | $6.9B | ||
| Q2 24 | $23.9B | $6.3B | ||
| Q1 24 | $24.2B | $6.3B |
股东权益MDTMGM
| Q4 25 | $48.7B | $2.4B | ||
| Q3 25 | $47.9B | $2.7B | ||
| Q2 25 | $48.0B | $3.0B | ||
| Q1 25 | $49.4B | $2.9B | ||
| Q4 24 | $48.5B | $3.0B | ||
| Q3 24 | $47.9B | $3.2B | ||
| Q2 24 | $50.2B | $3.2B | ||
| Q1 24 | $51.8B | $3.5B |
总资产MDTMGM
| Q4 25 | $91.3B | $41.4B | ||
| Q3 25 | $91.0B | $41.4B | ||
| Q2 25 | $91.7B | $41.7B | ||
| Q1 25 | $90.0B | $41.9B | ||
| Q4 24 | $90.0B | $42.2B | ||
| Q3 24 | $89.7B | $42.7B | ||
| Q2 24 | $90.0B | $41.8B | ||
| Q1 24 | $90.8B | $42.1B |
负债/权益比MDTMGM
| Q4 25 | 0.57× | 2.56× | ||
| Q3 25 | 0.55× | 2.30× | ||
| Q2 25 | 0.53× | 2.09× | ||
| Q1 25 | 0.49× | 2.25× | ||
| Q4 24 | 0.51× | 2.10× | ||
| Q3 24 | 0.55× | 2.14× | ||
| Q2 24 | 0.48× | 1.96× | ||
| Q1 24 | 0.47× | 1.81× |
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 | $925.0M | $655.0M |
| 自由现金流经营现金流 - 资本支出 | $457.0M | $358.5M |
| 自由现金流率自由现金流/营收 | 5.1% | 7.8% |
| 资本支出强度资本支出/营收 | 5.2% | 6.4% |
| 现金转化率经营现金流/净利润 | 0.67× | 2.23× |
| 过去12个月自由现金流最近4个季度 | $5.2B | $1.5B |
8季度趋势，按日历期对齐
经营现金流MDTMGM
| Q4 25 | $925.0M | $655.0M | ||
| Q3 25 | $1.1B | $681.4M | ||
| Q2 25 | $2.5B | $645.9M | ||
| Q1 25 | $2.6B | $547.1M | ||
| Q4 24 | $958.0M | $671.6M | ||
| Q3 24 | $986.0M | $667.4M | ||
| Q2 24 | $2.8B | $474.2M | ||
| Q1 24 | $2.5B | $549.3M |
自由现金流MDTMGM
| Q4 25 | $457.0M | $358.5M | ||
| Q3 25 | $584.0M | $405.4M | ||
| Q2 25 | $2.1B | $377.4M | ||
| Q1 25 | $2.1B | $319.0M | ||
| Q4 24 | $554.0M | $267.5M | ||
| Q3 24 | $466.0M | $331.2M | ||
| Q2 24 | $2.4B | $236.0M | ||
| Q1 24 | $2.1B | $377.2M |
自由现金流率MDTMGM
| Q4 25 | 5.1% | 7.8% | ||
| Q3 25 | 6.8% | 9.5% | ||
| Q2 25 | 23.2% | 8.6% | ||
| Q1 25 | 25.3% | 7.5% | ||
| Q4 24 | 6.6% | 6.2% | ||
| Q3 24 | 5.9% | 7.9% | ||
| Q2 24 | 27.4% | 5.5% | ||
| Q1 24 | 26.3% | 8.6% |
资本支出强度MDTMGM
| Q4 25 | 5.2% | 6.4% | ||
| Q3 25 | 5.9% | 6.5% | ||
| Q2 25 | 5.1% | 6.1% | ||
| Q1 25 | 5.7% | 5.3% | ||
| Q4 24 | 4.8% | 9.3% | ||
| Q3 24 | 6.6% | 8.0% | ||
| Q2 24 | 5.0% | 5.5% | ||
| Q1 24 | 4.3% | 3.9% |
现金转化率MDTMGM
| Q4 25 | 0.67× | 2.23× | ||
| Q3 25 | 1.05× | — | ||
| Q2 25 | 2.39× | 13.19× | ||
| Q1 25 | 1.99× | 3.68× | ||
| Q4 24 | 0.75× | 4.27× | ||
| Q3 24 | 0.95× | 3.62× | ||
| Q2 24 | 4.25× | 2.54× | ||
| Q1 24 | 1.87× | 2.53× |
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
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% |
MGM
| Casino | $2.6B | 56% |
| Occupancy | $858.4M | 19% |
| Food And Beverage | $749.0M | 16% |
| Entertainment Retail And Other | $423.0M | 9% |
