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美敦力（MDT）与高通（QCOM）财务数据对比。点击上方公司名可切换其他公司
高通的季度营收约是美敦力的1.4倍（$12.3B vs $9.0B），高通净利率更高（24.5% vs 15.3%，领先9.2%），美敦力同比增速更快（6.6% vs 5.0%），高通自由现金流更多（$4.4B vs $457.0M），过去两年高通的营收复合增速更高（14.2% 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。
高通是总部位于美国加利福尼亚州圣迭戈、在特拉华州注册的跨国企业，主营无线技术相关的半导体、软件及服务业务，持有5G、4G、CDMA2000、TD-SCDMA、WCDMA等移动通信标准的核心专利，是全球无线通信领域的核心供应商。
MDT vs QCOM — 直观对比
营收规模更大
QCOM
是对方的1.4倍
$9.0B
营收增速更快
MDT
高出1.6%
5.0%
净利率更高
QCOM
高出9.2%
15.3%
自由现金流更多
QCOM
多$4.0B
$457.0M
两年增速更快
QCOM
近两年复合增速
5.3%
损益表 — Q2 FY2026 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $9.0B | $12.3B |
| 净利润 | $1.4B | $3.0B |
| 毛利率 | 65.8% | 54.6% |
| 营业利润率 | 18.8% | 27.5% |
| 净利率 | 15.3% | 24.5% |
| 营收同比 | 6.6% | 5.0% |
| 净利润同比 | 8.2% | -5.5% |
| 每股收益（稀释后） | $1.07 | $2.78 |
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MDTQCOM
| Q4 25 | $9.0B | $12.3B | ||
| Q3 25 | $8.6B | $11.3B | ||
| Q2 25 | $8.9B | $10.4B | ||
| Q1 25 | $8.3B | $11.0B | ||
| Q4 24 | $8.4B | $11.7B | ||
| Q3 24 | $7.9B | $10.2B | ||
| Q2 24 | $8.6B | $9.4B | ||
| Q1 24 | $8.1B | $9.4B |
净利润MDTQCOM
| Q4 25 | $1.4B | $3.0B | ||
| Q3 25 | $1.0B | $-3.1B | ||
| Q2 25 | $1.1B | $2.7B | ||
| Q1 25 | $1.3B | $2.8B | ||
| Q4 24 | $1.3B | $3.2B | ||
| Q3 24 | $1.0B | $2.9B | ||
| Q2 24 | $654.0M | $2.1B | ||
| Q1 24 | $1.3B | $2.3B |
毛利率MDTQCOM
| Q4 25 | 65.8% | 54.6% | ||
| Q3 25 | 65.0% | 55.3% | ||
| Q2 25 | 64.8% | 55.6% | ||
| Q1 25 | 66.5% | 55.0% | ||
| Q4 24 | 64.9% | 55.8% | ||
| Q3 24 | 65.1% | 56.4% | ||
| Q2 24 | 64.5% | 55.6% | ||
| Q1 24 | 65.6% | 56.3% |
营业利润率MDTQCOM
| Q4 25 | 18.8% | 27.5% | ||
| Q3 25 | 16.8% | 25.9% | ||
| Q2 25 | 16.1% | 26.6% | ||
| Q1 25 | 19.9% | 28.4% | ||
| Q4 24 | 19.0% | 30.5% | ||
| Q3 24 | 16.1% | 25.2% | ||
| Q2 24 | 12.3% | 23.6% | ||
| Q1 24 | 18.3% | 24.9% |
净利率MDTQCOM
| Q4 25 | 15.3% | 24.5% | ||
| Q3 25 | 12.1% | -27.7% | ||
| Q2 25 | 11.8% | 25.7% | ||
| Q1 25 | 15.6% | 25.6% | ||
| Q4 24 | 15.1% | 27.3% | ||
| Q3 24 | 13.2% | 28.5% | ||
| Q2 24 | 7.6% | 22.7% | ||
| Q1 24 | 16.3% | 24.8% |
每股收益（稀释后）MDTQCOM
| Q4 25 | $1.07 | $2.78 | ||
| Q3 25 | $0.81 | $-2.77 | ||
| Q2 25 | $0.81 | $2.43 | ||
| Q1 25 | $1.01 | $2.52 | ||
| Q4 24 | $0.99 | $2.83 | ||
| Q3 24 | $0.80 | $2.57 | ||
| Q2 24 | $0.50 | $1.88 | ||
| Q1 24 | $0.99 | $2.06 |
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 | $11.8B |
| 总债务越低越好 | $27.7B | $14.8B |
| 股东权益账面价值 | $48.7B | $23.1B |
| 总资产 | $91.3B | $53.0B |
| 负债/权益比越低杠杆越低 | 0.57× | 0.64× |
8季度趋势，按日历期对齐
现金及短期投资MDTQCOM
| Q4 25 | $8.3B | $11.8B | ||
| Q3 25 | $8.1B | $10.2B | ||
| Q2 25 | $9.0B | $10.0B | ||
| Q1 25 | $7.9B | $13.8B | ||
| Q4 24 | $8.0B | $14.3B | ||
| Q3 24 | $7.8B | $13.3B | ||
| Q2 24 | $8.0B | $13.0B | ||
| Q1 24 | $8.3B | $13.9B |
总债务MDTQCOM
| Q4 25 | $27.7B | $14.8B | ||
| Q3 25 | $26.2B | $14.8B | ||
| Q2 25 | $25.6B | $14.8B | ||
| Q1 25 | $24.0B | $13.3B | ||
| Q4 24 | $24.6B | $13.2B | ||
| Q3 24 | $26.3B | $13.3B | ||
| Q2 24 | $23.9B | $13.2B | ||
| Q1 24 | $24.2B | $14.5B |
股东权益MDTQCOM
| Q4 25 | $48.7B | $23.1B | ||
| Q3 25 | $47.9B | $21.2B | ||
| Q2 25 | $48.0B | $27.2B | ||
| Q1 25 | $49.4B | $27.7B | ||
| Q4 24 | $48.5B | $26.9B | ||
| Q3 24 | $47.9B | $26.3B | ||
| Q2 24 | $50.2B | $24.7B | ||
| Q1 24 | $51.8B | $24.5B |
总资产MDTQCOM
| Q4 25 | $91.3B | $53.0B | ||
| Q3 25 | $91.0B | $50.1B | ||
| Q2 25 | $91.7B | $54.9B | ||
| Q1 25 | $90.0B | $55.4B | ||
| Q4 24 | $90.0B | $55.6B | ||
| Q3 24 | $89.7B | $55.2B | ||
| Q2 24 | $90.0B | $52.7B | ||
| Q1 24 | $90.8B | $53.2B |
负债/权益比MDTQCOM
| Q4 25 | 0.57× | 0.64× | ||
| Q3 25 | 0.55× | 0.70× | ||
| Q2 25 | 0.53× | 0.54× | ||
| Q1 25 | 0.49× | 0.48× | ||
| Q4 24 | 0.51× | 0.49× | ||
| Q3 24 | 0.55× | 0.51× | ||
| Q2 24 | 0.48× | 0.53× | ||
| Q1 24 | 0.47× | 0.59× |
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 | $5.0B |
| 自由现金流经营现金流 - 资本支出 | $457.0M | $4.4B |
| 自由现金流率自由现金流/营收 | 5.1% | 36.0% |
| 资本支出强度资本支出/营收 | 5.2% | 4.5% |
| 现金转化率经营现金流/净利润 | 0.67× | 1.65× |
| 过去12个月自由现金流最近4个季度 | $5.2B | $12.9B |
8季度趋势，按日历期对齐
经营现金流MDTQCOM
| Q4 25 | $925.0M | $5.0B | ||
| Q3 25 | $1.1B | $4.0B | ||
| Q2 25 | $2.5B | $2.9B | ||
| Q1 25 | $2.6B | $2.6B | ||
| Q4 24 | $958.0M | $4.6B | ||
| Q3 24 | $986.0M | $2.6B | ||
| Q2 24 | $2.8B | $3.1B | ||
| Q1 24 | $2.5B | $3.6B |
自由现金流MDTQCOM
| Q4 25 | $457.0M | $4.4B | ||
| Q3 25 | $584.0M | $3.6B | ||
| Q2 25 | $2.1B | $2.6B | ||
| Q1 25 | $2.1B | $2.3B | ||
| Q4 24 | $554.0M | $4.3B | ||
| Q3 24 | $466.0M | $2.4B | ||
| Q2 24 | $2.4B | $2.7B | ||
| Q1 24 | $2.1B | $3.4B |
自由现金流率MDTQCOM
| Q4 25 | 5.1% | 36.0% | ||
| Q3 25 | 6.8% | 31.8% | ||
| Q2 25 | 23.2% | 24.9% | ||
| Q1 25 | 25.3% | 21.3% | ||
| Q4 24 | 6.6% | 36.9% | ||
| Q3 24 | 5.9% | 23.3% | ||
| Q2 24 | 27.4% | 28.4% | ||
| Q1 24 | 26.3% | 35.9% |
资本支出强度MDTQCOM
| Q4 25 | 5.2% | 4.5% | ||
| Q3 25 | 5.9% | 3.6% | ||
| Q2 25 | 5.1% | 2.8% | ||
| Q1 25 | 5.7% | 1.9% | ||
| Q4 24 | 4.8% | 2.4% | ||
| Q3 24 | 6.6% | 2.5% | ||
| Q2 24 | 5.0% | 4.1% | ||
| Q1 24 | 4.3% | 2.0% |
现金转化率MDTQCOM
| Q4 25 | 0.67× | 1.65× | ||
| Q3 25 | 1.05× | — | ||
| Q2 25 | 2.39× | 1.08× | ||
| Q1 25 | 1.99× | 0.91× | ||
| Q4 24 | 0.75× | 1.44× | ||
| Q3 24 | 0.95× | 0.91× | ||
| Q2 24 | 4.25× | 1.43× | ||
| Q1 24 | 1.87× | 1.53× |
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% |
QCOM
| Handsets | $7.8B | 64% |
| Io T | $1.7B | 14% |
| Qtl | $1.6B | 13% |
| Automotive | $1.1B | 9% |
