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美敦力（MDT）与贝宝（PYPL）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贝宝的1.0倍（$9.0B vs $8.7B），贝宝净利率更高（16.6% vs 15.3%，领先1.2%），美敦力同比增速更快（6.6% vs 3.7%），贝宝自由现金流更多（$2.2B vs $457.0M），过去两年贝宝的营收复合增速更高（6.2% vs 5.3%）
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。
贝宝控股（PayPal Holdings, Inc.）是美国跨国金融科技企业，在全球多数支持线上转账的国家运营在线支付系统，可作为支票、汇票等传统纸质支付方式的电子替代选项，同时为线上商户、拍卖网站及各类商业用户提供支付处理服务。
MDT vs PYPL — 直观对比
营收规模更大
MDT
是对方的1.0倍
$8.7B
营收增速更快
MDT
高出2.9%
3.7%
净利率更高
PYPL
高出1.2%
15.3%
自由现金流更多
PYPL
多$1.7B
$457.0M
两年增速更快
PYPL
近两年复合增速
5.3%
损益表 — Q2 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $9.0B | $8.7B |
| 净利润 | $1.4B | $1.4B |
| 毛利率 | 65.8% | — |
| 营业利润率 | 18.8% | 17.4% |
| 净利率 | 15.3% | 16.6% |
| 营收同比 | 6.6% | 3.7% |
| 净利润同比 | 8.2% | 28.2% |
| 每股收益（稀释后） | $1.07 | $1.53 |
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MDTPYPL
| Q4 25 | $9.0B | $8.7B | ||
| Q3 25 | $8.6B | $8.4B | ||
| Q2 25 | $8.9B | $8.3B | ||
| Q1 25 | $8.3B | $7.8B | ||
| Q4 24 | $8.4B | $8.4B | ||
| Q3 24 | $7.9B | $7.8B | ||
| Q2 24 | $8.6B | $7.9B | ||
| Q1 24 | $8.1B | $7.7B |
净利润MDTPYPL
| Q4 25 | $1.4B | $1.4B | ||
| Q3 25 | $1.0B | $1.2B | ||
| Q2 25 | $1.1B | $1.3B | ||
| Q1 25 | $1.3B | $1.3B | ||
| Q4 24 | $1.3B | $1.1B | ||
| Q3 24 | $1.0B | $1.0B | ||
| Q2 24 | $654.0M | $1.1B | ||
| Q1 24 | $1.3B | $888.0M |
毛利率MDTPYPL
| 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MDTPYPL
| Q4 25 | 18.8% | 17.4% | ||
| Q3 25 | 16.8% | 18.1% | ||
| Q2 25 | 16.1% | 18.1% | ||
| Q1 25 | 19.9% | 19.6% | ||
| Q4 24 | 19.0% | 17.2% | ||
| Q3 24 | 16.1% | 17.7% | ||
| Q2 24 | 12.3% | 16.8% | ||
| Q1 24 | 18.3% | 15.2% |
净利率MDTPYPL
| Q4 25 | 15.3% | 16.6% | ||
| Q3 25 | 12.1% | 14.8% | ||
| Q2 25 | 11.8% | 15.2% | ||
| Q1 25 | 15.6% | 16.5% | ||
| Q4 24 | 15.1% | 13.4% | ||
| Q3 24 | 13.2% | 12.9% | ||
| Q2 24 | 7.6% | 14.3% | ||
| Q1 24 | 16.3% | 11.5% |
每股收益（稀释后）MDTPYPL
| Q4 25 | $1.07 | $1.53 | ||
| Q3 25 | $0.81 | $1.30 | ||
| Q2 25 | $0.81 | $1.29 | ||
| Q1 25 | $1.01 | $1.29 | ||
| Q4 24 | $0.99 | $1.09 | ||
| Q3 24 | $0.80 | $0.99 | ||
| Q2 24 | $0.50 | $1.08 | ||
| Q1 24 | $0.99 | $0.83 |
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 | $10.4B |
| 总债务越低越好 | $27.7B | — |
| 股东权益账面价值 | $48.7B | $20.3B |
| 总资产 | $91.3B | $80.2B |
| 负债/权益比越低杠杆越低 | 0.57× | — |
8季度趋势，按日历期对齐
现金及短期投资MDTPYPL
| Q4 25 | $8.3B | $10.4B | ||
| Q3 25 | $8.1B | $10.8B | ||
| Q2 25 | $9.0B | $10.0B | ||
| Q1 25 | $7.9B | $11.2B | ||
| Q4 24 | $8.0B | $10.8B | ||
| Q3 24 | $7.8B | $11.9B | ||
| Q2 24 | $8.0B | $13.6B | ||
| Q1 24 | $8.3B | $14.3B |
总债务MDTPYPL
| Q4 25 | $27.7B | — | ||
| Q3 25 | $26.2B | — | ||
| Q2 25 | $25.6B | — | ||
| Q1 25 | $24.0B | — | ||
| Q4 24 | $24.6B | — | ||
| Q3 24 | $26.3B | — | ||
| Q2 24 | $23.9B | — | ||
| Q1 24 | $24.2B | — |
股东权益MDTPYPL
| Q4 25 | $48.7B | $20.3B | ||
| Q3 25 | $47.9B | $20.2B | ||
| Q2 25 | $48.0B | $20.2B | ||
| Q1 25 | $49.4B | $20.3B | ||
| Q4 24 | $48.5B | $20.4B | ||
| Q3 24 | $47.9B | $20.2B | ||
| Q2 24 | $50.2B | $20.6B | ||
| Q1 24 | $51.8B | $20.7B |
总资产MDTPYPL
| Q4 25 | $91.3B | $80.2B | ||
| Q3 25 | $91.0B | $79.8B | ||
| Q2 25 | $91.7B | $79.8B | ||
| Q1 25 | $90.0B | $81.3B | ||
| Q4 24 | $90.0B | $81.6B | ||
| Q3 24 | $89.7B | $83.5B | ||
| Q2 24 | $90.0B | $84.0B | ||
| Q1 24 | $90.8B | $83.3B |
负债/权益比MDTPYPL
| Q4 25 | 0.57× | — | ||
| Q3 25 | 0.55× | — | ||
| Q2 25 | 0.53× | — | ||
| Q1 25 | 0.49× | — | ||
| Q4 24 | 0.51× | — | ||
| Q3 24 | 0.55× | — | ||
| Q2 24 | 0.48× | — | ||
| 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 | $925.0M | $2.4B |
| 自由现金流经营现金流 - 资本支出 | $457.0M | $2.2B |
| 自由现金流率自由现金流/营收 | 5.1% | 25.2% |
| 资本支出强度资本支出/营收 | 5.2% | 2.2% |
| 现金转化率经营现金流/净利润 | 0.67× | 1.66× |
| 过去12个月自由现金流最近4个季度 | $5.2B | $5.6B |
8季度趋势，按日历期对齐
经营现金流MDTPYPL
| Q4 25 | $925.0M | $2.4B | ||
| Q3 25 | $1.1B | $2.0B | ||
| Q2 25 | $2.5B | $898.0M | ||
| Q1 25 | $2.6B | $1.2B | ||
| Q4 24 | $958.0M | $2.4B | ||
| Q3 24 | $986.0M | $1.6B | ||
| Q2 24 | $2.8B | $1.5B | ||
| Q1 24 | $2.5B | $1.9B |
自由现金流MDTPYPL
| Q4 25 | $457.0M | $2.2B | ||
| Q3 25 | $584.0M | $1.7B | ||
| Q2 25 | $2.1B | $692.0M | ||
| Q1 25 | $2.1B | $964.0M | ||
| Q4 24 | $554.0M | $2.2B | ||
| Q3 24 | $466.0M | $1.4B | ||
| Q2 24 | $2.4B | $1.4B | ||
| Q1 24 | $2.1B | $1.8B |
自由现金流率MDTPYPL
| Q4 25 | 5.1% | 25.2% | ||
| Q3 25 | 6.8% | 20.4% | ||
| Q2 25 | 23.2% | 8.3% | ||
| Q1 25 | 25.3% | 12.4% | ||
| Q4 24 | 6.6% | 26.2% | ||
| Q3 24 | 5.9% | 18.4% | ||
| Q2 24 | 27.4% | 17.3% | ||
| Q1 24 | 26.3% | 22.9% |
资本支出强度MDTPYPL
| Q4 25 | 5.2% | 2.2% | ||
| Q3 25 | 5.9% | 3.0% | ||
| Q2 25 | 5.1% | 2.5% | ||
| Q1 25 | 5.7% | 2.5% | ||
| Q4 24 | 4.8% | 2.4% | ||
| Q3 24 | 6.6% | 2.2% | ||
| Q2 24 | 5.0% | 2.0% | ||
| Q1 24 | 4.3% | 2.0% |
现金转化率MDTPYPL
| Q4 25 | 0.67× | 1.66× | ||
| Q3 25 | 1.05× | 1.58× | ||
| Q2 25 | 2.39× | 0.71× | ||
| Q1 25 | 1.99× | 0.90× | ||
| Q4 24 | 0.75× | 2.14× | ||
| Q3 24 | 0.95× | 1.60× | ||
| Q2 24 | 4.25× | 1.35× | ||
| Q1 24 | 1.87× | 2.16× |
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% |
PYPL
| US | $4.9B | 57% |
| Non Us | $3.7B | 43% |
