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美敦力（MDT）与3M（MMM）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3M的1.5倍（$9.0B vs $6.0B），美敦力净利率更高（15.3% vs 10.8%，领先4.5%），美敦力同比增速更快（6.6% vs 1.3%），3M自由现金流更多（$2.0B vs $457.0M），过去两年美敦力的营收复合增速更高（5.3% vs -1.8%）
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。
3M是美国知名跨国综合企业，业务覆盖工业、劳动者安全防护、消费品等多个领域，总部位于圣保罗郊区的枫木市。公司现有超6万款产品，涵盖胶粘剂、研磨材料、防火防护产品、个人防护装备、窗膜、车漆保护膜、电子连接绝缘材料、汽车养护产品、光学膜等品类。
MDT vs MMM — 直观对比
营收规模更大
MDT
是对方的1.5倍
$6.0B
营收增速更快
MDT
高出5.3%
1.3%
净利率更高
MDT
高出4.5%
10.8%
自由现金流更多
MMM
多$1.6B
$457.0M
两年增速更快
MDT
近两年复合增速
-1.8%
损益表 — Q2 FY2026 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $9.0B | $6.0B |
| 净利润 | $1.4B | $653.0M |
| 毛利率 | 65.8% | 40.7% |
| 营业利润率 | 18.8% | 23.2% |
| 净利率 | 15.3% | 10.8% |
| 营收同比 | 6.6% | 1.3% |
| 净利润同比 | 8.2% | -41.5% |
| 每股收益（稀释后） | $1.07 | $1.23 |
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MDTMMM
| Q1 26 | — | $6.0B | ||
| Q4 25 | $9.0B | $6.1B | ||
| Q3 25 | $8.6B | $6.5B | ||
| Q2 25 | $8.9B | $6.3B | ||
| Q1 25 | $8.3B | $6.0B | ||
| Q4 24 | $8.4B | $6.0B | ||
| Q3 24 | $7.9B | $6.3B | ||
| Q2 24 | $8.6B | $6.3B |
净利润MDTMMM
| Q1 26 | — | $653.0M | ||
| Q4 25 | $1.4B | $577.0M | ||
| Q3 25 | $1.0B | $834.0M | ||
| Q2 25 | $1.1B | $723.0M | ||
| Q1 25 | $1.3B | $1.1B | ||
| Q4 24 | $1.3B | $728.0M | ||
| Q3 24 | $1.0B | $1.4B | ||
| Q2 24 | $654.0M | $1.1B |
毛利率MDTMMM
| Q1 26 | — | 40.7% | ||
| Q4 25 | 65.8% | 33.6% | ||
| Q3 25 | 65.0% | 41.8% | ||
| Q2 25 | 64.8% | 42.5% | ||
| Q1 25 | 66.5% | 41.6% | ||
| Q4 24 | 64.9% | 51.7% | ||
| Q3 24 | 65.1% | 42.1% | ||
| Q2 24 | 64.5% | 42.9% |
营业利润率MDTMMM
| Q1 26 | — | 23.2% | ||
| Q4 25 | 18.8% | 13.0% | ||
| Q3 25 | 16.8% | 22.2% | ||
| Q2 25 | 16.1% | 18.0% | ||
| Q1 25 | 19.9% | 20.9% | ||
| Q4 24 | 19.0% | 12.2% | ||
| Q3 24 | 16.1% | 20.9% | ||
| Q2 24 | 12.3% | 20.3% |
净利率MDTMMM
| Q1 26 | — | 10.8% | ||
| Q4 25 | 15.3% | 9.4% | ||
| Q3 25 | 12.1% | 12.8% | ||
| Q2 25 | 11.8% | 11.4% | ||
| Q1 25 | 15.6% | 18.7% | ||
| Q4 24 | 15.1% | 12.1% | ||
| Q3 24 | 13.2% | 21.8% | ||
| Q2 24 | 7.6% | 18.3% |
每股收益（稀释后）MDTMMM
| Q1 26 | — | $1.23 | ||
| Q4 25 | $1.07 | $1.07 | ||
| Q3 25 | $0.81 | $1.55 | ||
| Q2 25 | $0.81 | $1.34 | ||
| Q1 25 | $1.01 | $2.04 | ||
| Q4 24 | $0.99 | $1.33 | ||
| Q3 24 | $0.80 | $2.48 | ||
| Q2 24 | $0.50 | $2.07 |
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 | $3.7B |
| 总债务越低越好 | $27.7B | $10.9B |
| 股东权益账面价值 | $48.7B | $3.3B |
| 总资产 | $91.3B | $35.4B |
| 负债/权益比越低杠杆越低 | 0.57× | 3.29× |
8季度趋势，按日历期对齐
现金及短期投资MDTMMM
| Q1 26 | — | $3.7B | ||
| Q4 25 | $8.3B | — | ||
| Q3 25 | $8.1B | — | ||
| Q2 25 | $9.0B | — | ||
| Q1 25 | $7.9B | — | ||
| Q4 24 | $8.0B | — | ||
| Q3 24 | $7.8B | — | ||
| Q2 24 | $8.0B | — |
总债务MDTMMM
| Q1 26 | — | $10.9B | ||
| Q4 25 | $27.7B | $12.6B | ||
| Q3 25 | $26.2B | $12.6B | ||
| Q2 25 | $25.6B | $13.1B | ||
| Q1 25 | $24.0B | $13.5B | ||
| Q4 24 | $24.6B | $13.0B | ||
| Q3 24 | $26.3B | $13.2B | ||
| Q2 24 | $23.9B | $13.1B |
股东权益MDTMMM
| Q1 26 | — | $3.3B | ||
| Q4 25 | $48.7B | $4.7B | ||
| Q3 25 | $47.9B | $4.6B | ||
| Q2 25 | $48.0B | $4.3B | ||
| Q1 25 | $49.4B | $4.5B | ||
| Q4 24 | $48.5B | $3.8B | ||
| Q3 24 | $47.9B | $4.6B | ||
| Q2 24 | $50.2B | $3.9B |
总资产MDTMMM
| Q1 26 | — | $35.4B | ||
| Q4 25 | $91.3B | $37.7B | ||
| Q3 25 | $91.0B | $37.6B | ||
| Q2 25 | $91.7B | $38.0B | ||
| Q1 25 | $90.0B | $40.0B | ||
| Q4 24 | $90.0B | $39.9B | ||
| Q3 24 | $89.7B | $40.9B | ||
| Q2 24 | $90.0B | $43.4B |
负债/权益比MDTMMM
| Q1 26 | — | 3.29× | ||
| Q4 25 | 0.57× | 2.68× | ||
| Q3 25 | 0.55× | 2.72× | ||
| Q2 25 | 0.53× | 3.06× | ||
| Q1 25 | 0.49× | 3.02× | ||
| Q4 24 | 0.51× | 3.40× | ||
| Q3 24 | 0.55× | 2.84× | ||
| Q2 24 | 0.48× | 3.34× |
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 | — |
| 自由现金流经营现金流 - 资本支出 | $457.0M | $2.0B |
| 自由现金流率自由现金流/营收 | 5.1% | 33.6% |
| 资本支出强度资本支出/营收 | 5.2% | — |
| 现金转化率经营现金流/净利润 | 0.67× | — |
| 过去12个月自由现金流最近4个季度 | $5.2B | $3.7B |
8季度趋势，按日历期对齐
经营现金流MDTMMM
| Q1 26 | — | — | ||
| Q4 25 | $925.0M | $1.6B | ||
| Q3 25 | $1.1B | $1.8B | ||
| Q2 25 | $2.5B | $-954.0M | ||
| Q1 25 | $2.6B | $-79.0M | ||
| Q4 24 | $958.0M | $1.8B | ||
| Q3 24 | $986.0M | $-1.8B | ||
| Q2 24 | $2.8B | $1.0B |
自由现金流MDTMMM
| Q1 26 | — | $2.0B | ||
| Q4 25 | $457.0M | $1.3B | ||
| Q3 25 | $584.0M | $1.5B | ||
| Q2 25 | $2.1B | $-1.2B | ||
| Q1 25 | $2.1B | $-315.0M | ||
| Q4 24 | $554.0M | $1.5B | ||
| Q3 24 | $466.0M | $-2.0B | ||
| Q2 24 | $2.4B | $752.0M |
自由现金流率MDTMMM
| Q1 26 | — | 33.6% | ||
| Q4 25 | 5.1% | 21.8% | ||
| Q3 25 | 6.8% | 23.6% | ||
| Q2 25 | 23.2% | -18.3% | ||
| Q1 25 | 25.3% | -5.3% | ||
| Q4 24 | 6.6% | 25.4% | ||
| Q3 24 | 5.9% | -32.3% | ||
| Q2 24 | 27.4% | 12.0% |
资本支出强度MDTMMM
| Q1 26 | — | — | ||
| Q4 25 | 5.2% | 4.0% | ||
| Q3 25 | 5.9% | 3.3% | ||
| Q2 25 | 5.1% | 3.3% | ||
| Q1 25 | 5.7% | 4.0% | ||
| Q4 24 | 4.8% | 4.8% | ||
| Q3 24 | 6.6% | 3.9% | ||
| Q2 24 | 5.0% | 4.3% |
现金转化率MDTMMM
| Q1 26 | — | — | ||
| Q4 25 | 0.67× | 2.74× | ||
| Q3 25 | 1.05× | 2.11× | ||
| Q2 25 | 2.39× | -1.32× | ||
| Q1 25 | 1.99× | -0.07× | ||
| Q4 24 | 0.75× | 2.50× | ||
| Q3 24 | 0.95× | -1.30× | ||
| Q2 24 | 4.25× | 0.89× |
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% |
MMM
| Safety and Industrial business segment | $2.9B | 49% |
| Transportation and Electronics business segment | $1.8B | 31% |
| Consumer business segment | $1.1B | 19% |
| Corporate | $121.0M | 2% |
