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3M（MMM）与福泰制药（VRTX）财务数据对比。点击上方公司名可切换其他公司
3M的季度营收约是福泰制药的1.9倍（$6.0B vs $3.2B），福泰制药净利率更高（37.3% vs 10.8%，领先26.5%），福泰制药同比增速更快（9.5% vs 1.3%），3M自由现金流更多（$2.0B vs $348.6M），过去两年福泰制药的营收复合增速更高（8.9% vs -1.8%）
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。
福泰制药是总部位于美国马萨诸塞州波士顿的生物制药企业，是全球首批明确采用理性药物设计策略、而非组合化学方法开发药物的生物技术公司之一。除波士顿总部外，公司还在加州圣迭戈、英国牛津郡米尔顿公园设有三处研发中心。
MMM vs VRTX — 直观对比
营收规模更大
MMM
是对方的1.9倍
$3.2B
营收增速更快
VRTX
高出8.2%
1.3%
净利率更高
VRTX
高出26.5%
10.8%
自由现金流更多
MMM
多$1.7B
$348.6M
两年增速更快
VRTX
近两年复合增速
-1.8%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $6.0B | $3.2B |
| 净利润 | $653.0M | $1.2B |
| 毛利率 | 40.7% | 85.4% |
| 营业利润率 | 23.2% | 37.8% |
| 净利率 | 10.8% | 37.3% |
| 营收同比 | 1.3% | 9.5% |
| 净利润同比 | -41.5% | 30.5% |
| 每股收益（稀释后） | $1.23 | $4.64 |
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MMMVRTX
| Q1 26 | $6.0B | — | ||
| Q4 25 | $6.1B | $3.2B | ||
| Q3 25 | $6.5B | $3.1B | ||
| Q2 25 | $6.3B | $3.0B | ||
| Q1 25 | $6.0B | $2.8B | ||
| Q4 24 | $6.0B | $2.9B | ||
| Q3 24 | $6.3B | $2.8B | ||
| Q2 24 | $6.3B | $2.6B |
净利润MMMVRTX
| Q1 26 | $653.0M | — | ||
| Q4 25 | $577.0M | $1.2B | ||
| Q3 25 | $834.0M | $1.1B | ||
| Q2 25 | $723.0M | $1.0B | ||
| Q1 25 | $1.1B | $646.3M | ||
| Q4 24 | $728.0M | $913.0M | ||
| Q3 24 | $1.4B | $1.0B | ||
| Q2 24 | $1.1B | $-3.6B |
毛利率MMMVRTX
| Q1 26 | 40.7% | — | ||
| Q4 25 | 33.6% | 85.4% | ||
| Q3 25 | 41.8% | 86.5% | ||
| Q2 25 | 42.5% | 86.3% | ||
| Q1 25 | 41.6% | 86.9% | ||
| Q4 24 | 51.7% | 85.5% | ||
| Q3 24 | 42.1% | 85.8% | ||
| Q2 24 | 42.9% | 85.9% |
营业利润率MMMVRTX
| Q1 26 | 23.2% | — | ||
| Q4 25 | 13.0% | 37.8% | ||
| Q3 25 | 22.2% | 38.6% | ||
| Q2 25 | 18.0% | 38.8% | ||
| Q1 25 | 20.9% | 22.7% | ||
| Q4 24 | 12.2% | 35.2% | ||
| Q3 24 | 20.9% | 40.3% | ||
| Q2 24 | 20.3% | -132.9% |
净利率MMMVRTX
| Q1 26 | 10.8% | — | ||
| Q4 25 | 9.4% | 37.3% | ||
| Q3 25 | 12.8% | 35.2% | ||
| Q2 25 | 11.4% | 34.8% | ||
| Q1 25 | 18.7% | 23.3% | ||
| Q4 24 | 12.1% | 31.4% | ||
| Q3 24 | 21.8% | 37.7% | ||
| Q2 24 | 18.3% | -135.8% |
每股收益（稀释后）MMMVRTX
| Q1 26 | $1.23 | — | ||
| Q4 25 | $1.07 | $4.64 | ||
| Q3 25 | $1.55 | $4.20 | ||
| Q2 25 | $1.34 | $3.99 | ||
| Q1 25 | $2.04 | $2.49 | ||
| Q4 24 | $1.33 | $3.62 | ||
| Q3 24 | $2.48 | $4.01 | ||
| Q2 24 | $2.07 | $-13.92 |
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 | $3.7B | $6.6B |
| 总债务越低越好 | $10.9B | — |
| 股东权益账面价值 | $3.3B | $18.7B |
| 总资产 | $35.4B | $25.6B |
| 负债/权益比越低杠杆越低 | 3.29× | — |
8季度趋势，按日历期对齐
现金及短期投资MMMVRTX
| Q1 26 | $3.7B | — | ||
| Q4 25 | — | $6.6B | ||
| Q3 25 | — | $6.3B | ||
| Q2 25 | — | $6.4B | ||
| Q1 25 | — | $6.2B | ||
| Q4 24 | — | $6.1B | ||
| Q3 24 | — | $6.5B | ||
| Q2 24 | — | $5.8B |
总债务MMMVRTX
| Q1 26 | $10.9B | — | ||
| Q4 25 | $12.6B | — | ||
| Q3 25 | $12.6B | — | ||
| Q2 25 | $13.1B | — | ||
| Q1 25 | $13.5B | — | ||
| Q4 24 | $13.0B | — | ||
| Q3 24 | $13.2B | — | ||
| Q2 24 | $13.1B | — |
股东权益MMMVRTX
| Q1 26 | $3.3B | — | ||
| Q4 25 | $4.7B | $18.7B | ||
| Q3 25 | $4.6B | $17.3B | ||
| Q2 25 | $4.3B | $17.2B | ||
| Q1 25 | $4.5B | $16.5B | ||
| Q4 24 | $3.8B | $16.4B | ||
| Q3 24 | $4.6B | $15.6B | ||
| Q2 24 | $3.9B | $14.8B |
总资产MMMVRTX
| Q1 26 | $35.4B | — | ||
| Q4 25 | $37.7B | $25.6B | ||
| Q3 25 | $37.6B | $24.9B | ||
| Q2 25 | $38.0B | $24.0B | ||
| Q1 25 | $40.0B | $22.9B | ||
| Q4 24 | $39.9B | $22.5B | ||
| Q3 24 | $40.9B | $22.2B | ||
| Q2 24 | $43.4B | $20.1B |
负债/权益比MMMVRTX
| Q1 26 | 3.29× | — | ||
| Q4 25 | 2.68× | — | ||
| Q3 25 | 2.72× | — | ||
| Q2 25 | 3.06× | — | ||
| Q1 25 | 3.02× | — | ||
| Q4 24 | 3.40× | — | ||
| Q3 24 | 2.84× | — | ||
| Q2 24 | 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 | — | $498.0M |
| 自由现金流经营现金流 - 资本支出 | $2.0B | $348.6M |
| 自由现金流率自由现金流/营收 | 33.6% | 10.9% |
| 资本支出强度资本支出/营收 | — | 4.7% |
| 现金转化率经营现金流/净利润 | — | 0.42× |
| 过去12个月自由现金流最近4个季度 | $3.7B | $3.2B |
8季度趋势，按日历期对齐
经营现金流MMMVRTX
| Q1 26 | — | — | ||
| Q4 25 | $1.6B | $498.0M | ||
| Q3 25 | $1.8B | $1.2B | ||
| Q2 25 | $-954.0M | $1.1B | ||
| Q1 25 | $-79.0M | $818.9M | ||
| Q4 24 | $1.8B | $584.6M | ||
| Q3 24 | $-1.8B | $1.4B | ||
| Q2 24 | $1.0B | $-3.8B |
自由现金流MMMVRTX
| Q1 26 | $2.0B | — | ||
| Q4 25 | $1.3B | $348.6M | ||
| Q3 25 | $1.5B | $1.1B | ||
| Q2 25 | $-1.2B | $927.4M | ||
| Q1 25 | $-315.0M | $778.2M | ||
| Q4 24 | $1.5B | $492.0M | ||
| Q3 24 | $-2.0B | $1.3B | ||
| Q2 24 | $752.0M | $-3.8B |
自由现金流率MMMVRTX
| Q1 26 | 33.6% | — | ||
| Q4 25 | 21.8% | 10.9% | ||
| Q3 25 | 23.6% | 37.0% | ||
| Q2 25 | -18.3% | 31.3% | ||
| Q1 25 | -5.3% | 28.1% | ||
| Q4 24 | 25.4% | 16.9% | ||
| Q3 24 | -32.3% | 47.0% | ||
| Q2 24 | 12.0% | -144.5% |
资本支出强度MMMVRTX
| Q1 26 | — | — | ||
| Q4 25 | 4.0% | 4.7% | ||
| Q3 25 | 3.3% | 3.3% | ||
| Q2 25 | 3.3% | 4.9% | ||
| Q1 25 | 4.0% | 1.5% | ||
| Q4 24 | 4.8% | 3.2% | ||
| Q3 24 | 3.9% | 2.4% | ||
| Q2 24 | 4.3% | 2.6% |
现金转化率MMMVRTX
| Q1 26 | — | — | ||
| Q4 25 | 2.74× | 0.42× | ||
| Q3 25 | 2.11× | 1.15× | ||
| Q2 25 | -1.32× | 1.04× | ||
| Q1 25 | -0.07× | 1.27× | ||
| Q4 24 | 2.50× | 0.64× | ||
| Q3 24 | -1.30× | 1.31× | ||
| Q2 24 | 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
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% |
VRTX
| TRIKAFTAKAFTRIO | $2.6B | 81% |
| ALYFTREK | $380.1M | 12% |
| Manufactured Product Other | $237.4M | 7% |
