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美敦力（MDT）与Stryker Corporation（SYK）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Stryker Corporation的1.2倍（$9.0B vs $7.2B），美敦力净利率更高（15.3% vs 11.8%，领先3.5%），Stryker Corporation同比增速更快（11.4% vs 6.6%），Stryker Corporation自由现金流更多（$1.9B vs $457.0M），过去两年Stryker Corporation的营收复合增速更高（16.9% 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。
斯特赖克是一款八轮装甲战车，衍生自加拿大LAV III步兵战车，而后者源自瑞士莫瓦格食人鱼系列装甲车。该型战车由加拿大通用动力陆地系统公司为美国陆军生产，制造工厂位于安大略省伦敦市。它默认采用8×4四轮驱动，可切换为8×8全轮驱动模式。
MDT vs SYK — 直观对比
营收规模更大
MDT
是对方的1.2倍
$7.2B
营收增速更快
SYK
高出4.8%
6.6%
净利率更高
MDT
高出3.5%
11.8%
自由现金流更多
SYK
多$1.4B
$457.0M
两年增速更快
SYK
近两年复合增速
5.3%
损益表 — Q2 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $9.0B | $7.2B |
| 净利润 | $1.4B | $849.0M |
| 毛利率 | 65.8% | 64.5% |
| 营业利润率 | 18.8% | 25.2% |
| 净利率 | 15.3% | 11.8% |
| 营收同比 | 6.6% | 11.4% |
| 净利润同比 | 8.2% | 55.5% |
| 每股收益（稀释后） | $1.07 | $2.20 |
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MDTSYK
| Q4 25 | $9.0B | $7.2B | ||
| Q3 25 | $8.6B | $6.1B | ||
| Q2 25 | $8.9B | $6.0B | ||
| Q1 25 | $8.3B | $5.9B | ||
| Q4 24 | $8.4B | $6.4B | ||
| Q3 24 | $7.9B | $5.5B | ||
| Q2 24 | $8.6B | $5.4B | ||
| Q1 24 | $8.1B | $5.2B |
净利润MDTSYK
| Q4 25 | $1.4B | $849.0M | ||
| Q3 25 | $1.0B | $859.0M | ||
| Q2 25 | $1.1B | $884.0M | ||
| Q1 25 | $1.3B | $654.0M | ||
| Q4 24 | $1.3B | $546.0M | ||
| Q3 24 | $1.0B | $834.0M | ||
| Q2 24 | $654.0M | $825.0M | ||
| Q1 24 | $1.3B | $788.0M |
毛利率MDTSYK
| Q4 25 | 65.8% | 64.5% | ||
| Q3 25 | 65.0% | 63.6% | ||
| Q2 25 | 64.8% | 63.8% | ||
| Q1 25 | 66.5% | 63.8% | ||
| Q4 24 | 64.9% | 64.9% | ||
| Q3 24 | 65.1% | 64.0% | ||
| Q2 24 | 64.5% | 63.0% | ||
| Q1 24 | 65.6% | 63.6% |
营业利润率MDTSYK
| Q4 25 | 18.8% | 25.2% | ||
| Q3 25 | 16.8% | 18.7% | ||
| Q2 25 | 16.1% | 18.5% | ||
| Q1 25 | 19.9% | 14.3% | ||
| Q4 24 | 19.0% | 9.0% | ||
| Q3 24 | 16.1% | 19.7% | ||
| Q2 24 | 12.3% | 19.4% | ||
| Q1 24 | 18.3% | 18.5% |
净利率MDTSYK
| Q4 25 | 15.3% | 11.8% | ||
| Q3 25 | 12.1% | 14.2% | ||
| Q2 25 | 11.8% | 14.7% | ||
| Q1 25 | 15.6% | 11.1% | ||
| Q4 24 | 15.1% | 8.5% | ||
| Q3 24 | 13.2% | 15.2% | ||
| Q2 24 | 7.6% | 15.2% | ||
| Q1 24 | 16.3% | 15.0% |
每股收益（稀释后）MDTSYK
| Q4 25 | $1.07 | $2.20 | ||
| Q3 25 | $0.81 | $2.22 | ||
| Q2 25 | $0.81 | $2.29 | ||
| Q1 25 | $1.01 | $1.69 | ||
| Q4 24 | $0.99 | $1.41 | ||
| Q3 24 | $0.80 | $2.16 | ||
| Q2 24 | $0.50 | $2.14 | ||
| Q1 24 | $0.99 | $2.05 |
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 | $4.0B |
| 总债务越低越好 | $27.7B | — |
| 股东权益账面价值 | $48.7B | $22.4B |
| 总资产 | $91.3B | $47.8B |
| 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MDTSYK
| Q4 25 | $8.3B | $4.0B | ||
| Q3 25 | $8.1B | $3.3B | ||
| Q2 25 | $9.0B | $2.4B | ||
| Q1 25 | $7.9B | $2.3B | ||
| Q4 24 | $8.0B | $3.7B | ||
| Q3 24 | $7.8B | $3.9B | ||
| Q2 24 | $8.0B | $1.9B | ||
| Q1 24 | $8.3B | $2.3B |
总债务MDTSYK
| 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MDTSYK
| Q4 25 | $48.7B | $22.4B | ||
| Q3 25 | $47.9B | $21.8B | ||
| Q2 25 | $48.0B | $21.2B | ||
| Q1 25 | $49.4B | $20.9B | ||
| Q4 24 | $48.5B | $20.6B | ||
| Q3 24 | $47.9B | $20.1B | ||
| Q2 24 | $50.2B | $19.8B | ||
| Q1 24 | $51.8B | $19.2B |
总资产MDTSYK
| Q4 25 | $91.3B | $47.8B | ||
| Q3 25 | $91.0B | $47.1B | ||
| Q2 25 | $91.7B | $46.3B | ||
| Q1 25 | $90.0B | $46.0B | ||
| Q4 24 | $90.0B | $43.0B | ||
| Q3 24 | $89.7B | $43.8B | ||
| Q2 24 | $90.0B | $39.1B | ||
| Q1 24 | $90.8B | $39.4B |
负债/权益比MDTSYK
| 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 | $2.1B |
| 自由现金流经营现金流 - 资本支出 | $457.0M | $1.9B |
| 自由现金流率自由现金流/营收 | 5.1% | 26.1% |
| 资本支出强度资本支出/营收 | 5.2% | 3.7% |
| 现金转化率经营现金流/净利润 | 0.67× | 2.52× |
| 过去12个月自由现金流最近4个季度 | $5.2B | $4.3B |
8季度趋势，按日历期对齐
经营现金流MDTSYK
| Q4 25 | $925.0M | $2.1B | ||
| Q3 25 | $1.1B | $1.5B | ||
| Q2 25 | $2.5B | $1.1B | ||
| Q1 25 | $2.6B | $250.0M | ||
| Q4 24 | $958.0M | $1.9B | ||
| Q3 24 | $986.0M | $1.5B | ||
| Q2 24 | $2.8B | $633.0M | ||
| Q1 24 | $2.5B | $204.0M |
自由现金流MDTSYK
| Q4 25 | $457.0M | $1.9B | ||
| Q3 25 | $584.0M | $1.4B | ||
| Q2 25 | $2.1B | $928.0M | ||
| Q1 25 | $2.1B | $127.0M | ||
| Q4 24 | $554.0M | $1.7B | ||
| Q3 24 | $466.0M | $1.3B | ||
| Q2 24 | $2.4B | $481.0M | ||
| Q1 24 | $2.1B | $37.0M |
自由现金流率MDTSYK
| Q4 25 | 5.1% | 26.1% | ||
| Q3 25 | 6.8% | 22.3% | ||
| Q2 25 | 23.2% | 15.4% | ||
| Q1 25 | 25.3% | 2.2% | ||
| Q4 24 | 6.6% | 25.9% | ||
| Q3 24 | 5.9% | 23.7% | ||
| Q2 24 | 27.4% | 8.9% | ||
| Q1 24 | 26.3% | 0.7% |
资本支出强度MDTSYK
| Q4 25 | 5.2% | 3.7% | ||
| Q3 25 | 5.9% | 3.1% | ||
| Q2 25 | 5.1% | 3.0% | ||
| Q1 25 | 5.7% | 2.1% | ||
| Q4 24 | 4.8% | 4.1% | ||
| Q3 24 | 6.6% | 3.1% | ||
| Q2 24 | 5.0% | 2.8% | ||
| Q1 24 | 4.3% | 3.2% |
现金转化率MDTSYK
| Q4 25 | 0.67× | 2.52× | ||
| Q3 25 | 1.05× | 1.79× | ||
| Q2 25 | 2.39× | 1.26× | ||
| Q1 25 | 1.99× | 0.38× | ||
| Q4 24 | 0.75× | 3.54× | ||
| Q3 24 | 0.95× | 1.77× | ||
| Q2 24 | 4.25× | 0.77× | ||
| Q1 24 | 1.87× | 0.26× |
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% |
SYK
| Medical | $1.3B | 18% |
| Endoscopy | $1.1B | 16% |
| Traumaand Extremities | $1.1B | 15% |
| Instruments | $925.0M | 13% |
| Knees | $749.0M | 10% |
| Neuro Cranial | $669.0M | 9% |
| Neurovascular | $539.0M | 8% |
| Hips | $499.0M | 7% |
| Other Orthopaedics | $267.0M | 4% |
| Spine | $8.0M | 0% |
