vs
美世（MERC）与Progyny, Inc.（PGNY）财务数据对比。点击上方公司名可切换其他公司
美世的季度营收约是Progyny, Inc.的1.4倍（$449.5M vs $318.4M），Progyny, Inc.净利率更高（3.9% vs -68.7%，领先72.6%），Progyny, Inc.同比增速更快（6.7% vs -8.0%），Progyny, Inc.自由现金流更多（$48.6M vs $32.0M），过去两年Progyny, Inc.的营收复合增速更高（7.0% vs -9.9%）
美世是1945年成立的美国咨询公司，为全球专业服务集团威达信的四大运营子公司之一，总部位于纽约，在43个国家设有办事处，业务覆盖130个国家，主要为客户提供人力资源与金融咨询服务。
Progyny, Inc.是总部位于美国的领先生育与家庭构建福利服务商，主要与企业雇主合作，提供试管婴儿、生育力保存、收养协助、代孕支持等综合生育相关福利方案，覆盖多个行业的雇员群体。
MERC vs PGNY — 直观对比
营收规模更大
MERC
是对方的1.4倍
$318.4M
营收增速更快
PGNY
高出14.7%
-8.0%
净利率更高
PGNY
高出72.6%
-68.7%
自由现金流更多
PGNY
多$16.6M
$32.0M
两年增速更快
PGNY
近两年复合增速
-9.9%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $449.5M | $318.4M |
| 净利润 | $-308.7M | $12.5M |
| 毛利率 | — | 24.1% |
| 营业利润率 | -62.0% | 4.8% |
| 净利率 | -68.7% | 3.9% |
| 营收同比 | -8.0% | 6.7% |
| 净利润同比 | -1947.7% | 18.5% |
| 每股收益（稀释后） | $-4.61 | $0.14 |
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MERCPGNY
| Q4 25 | $449.5M | $318.4M | ||
| Q3 25 | $458.1M | $313.3M | ||
| Q2 25 | $453.5M | $332.9M | ||
| Q1 25 | $507.0M | $324.0M | ||
| Q4 24 | $488.4M | $298.4M | ||
| Q3 24 | $502.1M | $286.6M | ||
| Q2 24 | $499.4M | $304.1M | ||
| Q1 24 | $553.4M | $278.1M |
净利润MERCPGNY
| Q4 25 | $-308.7M | $12.5M | ||
| Q3 25 | $-80.8M | $13.9M | ||
| Q2 25 | $-86.1M | $17.1M | ||
| Q1 25 | $-22.3M | $15.1M | ||
| Q4 24 | $16.7M | $10.5M | ||
| Q3 24 | $-17.6M | $10.4M | ||
| Q2 24 | $-67.6M | $16.5M | ||
| Q1 24 | $-16.7M | $16.9M |
毛利率MERCPGNY
| Q4 25 | — | 24.1% | ||
| Q3 25 | — | 23.2% | ||
| Q2 25 | — | 23.7% | ||
| Q1 25 | — | 23.4% | ||
| Q4 24 | — | 21.3% | ||
| Q3 24 | — | 20.7% | ||
| Q2 24 | — | 22.5% | ||
| Q1 24 | — | 22.4% |
营业利润率MERCPGNY
| Q4 25 | -62.0% | 4.8% | ||
| Q3 25 | -14.8% | 6.9% | ||
| Q2 25 | -12.9% | 7.3% | ||
| Q1 25 | 1.3% | 7.5% | ||
| Q4 24 | 10.3% | 5.3% | ||
| Q3 24 | 1.8% | 4.3% | ||
| Q2 24 | -8.8% | 6.8% | ||
| Q1 24 | -0.1% | 6.7% |
净利率MERCPGNY
| Q4 25 | -68.7% | 3.9% | ||
| Q3 25 | -17.6% | 4.4% | ||
| Q2 25 | -19.0% | 5.1% | ||
| Q1 25 | -4.4% | 4.6% | ||
| Q4 24 | 3.4% | 3.5% | ||
| Q3 24 | -3.5% | 3.6% | ||
| Q2 24 | -13.5% | 5.4% | ||
| Q1 24 | -3.0% | 6.1% |
每股收益（稀释后）MERCPGNY
| Q4 25 | $-4.61 | $0.14 | ||
| Q3 25 | $-1.21 | $0.15 | ||
| Q2 25 | $-1.29 | $0.19 | ||
| Q1 25 | $-0.33 | $0.17 | ||
| Q4 24 | $0.25 | $0.12 | ||
| Q3 24 | $-0.26 | $0.11 | ||
| Q2 24 | $-1.01 | $0.17 | ||
| Q1 24 | $-0.25 | $0.17 |
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 | $186.8M | $112.2M |
| 总债务越低越好 | $1.6B | — |
| 股东权益账面价值 | $68.1M | $516.0M |
| 总资产 | $2.0B | $742.4M |
| 负债/权益比越低杠杆越低 | 23.58× | — |
8季度趋势，按日历期对齐
现金及短期投资MERCPGNY
| Q4 25 | $186.8M | $112.2M | ||
| Q3 25 | $98.1M | $134.0M | ||
| Q2 25 | $146.5M | $132.5M | ||
| Q1 25 | $181.5M | $109.2M | ||
| Q4 24 | $184.9M | $162.3M | ||
| Q3 24 | $239.0M | $91.5M | ||
| Q2 24 | $263.2M | $95.0M | ||
| Q1 24 | $274.3M | $115.0M |
总债务MERCPGNY
| Q4 25 | $1.6B | — | ||
| Q3 25 | $1.5B | — | ||
| Q2 25 | $1.5B | — | ||
| Q1 25 | $1.5B | — | ||
| Q4 24 | $1.5B | — | ||
| Q3 24 | $1.6B | — | ||
| Q2 24 | $1.6B | — | ||
| Q1 24 | $1.6B | — |
股东权益MERCPGNY
| Q4 25 | $68.1M | $516.0M | ||
| Q3 25 | $359.5M | $560.0M | ||
| Q2 25 | $446.5M | $515.0M | ||
| Q1 25 | $437.4M | $467.2M | ||
| Q4 24 | $429.8M | $422.1M | ||
| Q3 24 | $516.8M | $434.9M | ||
| Q2 24 | $487.7M | $456.2M | ||
| Q1 24 | $573.6M | $571.6M |
总资产MERCPGNY
| Q4 25 | $2.0B | $742.4M | ||
| Q3 25 | $2.3B | $795.2M | ||
| Q2 25 | $2.4B | $761.0M | ||
| Q1 25 | $2.3B | $730.3M | ||
| Q4 24 | $2.3B | $607.1M | ||
| Q3 24 | $2.5B | $660.0M | ||
| Q2 24 | $2.5B | $698.6M | ||
| Q1 24 | $2.6B | $794.3M |
负债/权益比MERCPGNY
| Q4 25 | 23.58× | — | ||
| Q3 25 | 4.30× | — | ||
| Q2 25 | 3.42× | — | ||
| Q1 25 | 3.44× | — | ||
| Q4 24 | 3.43× | — | ||
| Q3 24 | 3.09× | — | ||
| Q2 24 | 3.22× | — | ||
| Q1 24 | 2.82× | — |
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 | $46.2M | $54.2M |
| 自由现金流经营现金流 - 资本支出 | $32.0M | $48.6M |
| 自由现金流率自由现金流/营收 | 7.1% | 15.3% |
| 资本支出强度资本支出/营收 | 3.1% | 1.8% |
| 现金转化率经营现金流/净利润 | — | 4.34× |
| 过去12个月自由现金流最近4个季度 | $-80.0M | $191.8M |
8季度趋势，按日历期对齐
经营现金流MERCPGNY
| Q4 25 | $46.2M | $54.2M | ||
| Q3 25 | $-30.1M | $50.7M | ||
| Q2 25 | $-4.5M | $55.5M | ||
| Q1 25 | $-3.0M | $49.8M | ||
| Q4 24 | $71.2M | $52.2M | ||
| Q3 24 | $-13.9M | $44.5M | ||
| Q2 24 | $62.2M | $56.7M | ||
| Q1 24 | $-29.2M | $25.7M |
自由现金流MERCPGNY
| Q4 25 | $32.0M | $48.6M | ||
| Q3 25 | $-60.1M | $46.0M | ||
| Q2 25 | $-28.9M | $50.2M | ||
| Q1 25 | $-23.1M | $47.0M | ||
| Q4 24 | $50.4M | $50.3M | ||
| Q3 24 | $-41.2M | $42.7M | ||
| Q2 24 | $44.3M | $55.8M | ||
| Q1 24 | $-47.7M | $24.9M |
自由现金流率MERCPGNY
| Q4 25 | 7.1% | 15.3% | ||
| Q3 25 | -13.1% | 14.7% | ||
| Q2 25 | -6.4% | 15.1% | ||
| Q1 25 | -4.6% | 14.5% | ||
| Q4 24 | 10.3% | 16.8% | ||
| Q3 24 | -8.2% | 14.9% | ||
| Q2 24 | 8.9% | 18.4% | ||
| Q1 24 | -8.6% | 8.9% |
资本支出强度MERCPGNY
| Q4 25 | 3.1% | 1.8% | ||
| Q3 25 | 6.6% | 1.5% | ||
| Q2 25 | 5.4% | 1.6% | ||
| Q1 25 | 4.0% | 0.9% | ||
| Q4 24 | 4.2% | 0.6% | ||
| Q3 24 | 5.4% | 0.6% | ||
| Q2 24 | 3.6% | 0.3% | ||
| Q1 24 | 3.3% | 0.3% |
现金转化率MERCPGNY
| Q4 25 | — | 4.34× | ||
| Q3 25 | — | 3.65× | ||
| Q2 25 | — | 3.24× | ||
| Q1 25 | — | 3.31× | ||
| Q4 24 | 4.26× | 4.95× | ||
| Q3 24 | — | 4.27× | ||
| Q2 24 | — | 3.44× | ||
| Q1 24 | — | 1.52× |
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
MERC
| Other | $215.3M | 48% |
| Solid Wood | $110.2M | 25% |
| Lumber | $54.9M | 12% |
| Pallets | $23.7M | 5% |
| Energyandchemicals | $18.7M | 4% |
| Manufactured Products | $14.1M | 3% |
| Biofuels | $10.0M | 2% |
| Wood Residuals | $2.6M | 1% |
PGNY
| Fertility Benefit Services | $208.6M | 66% |
| Pharmacy Benefit Services | $109.8M | 34% |
