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MERIT MEDICAL SYSTEMS INC（MMSI）与Penumbra Inc（PEN）财务数据对比。点击上方公司名可切换其他公司
MERIT MEDICAL SYSTEMS INC的季度营收约是Penumbra Inc的1.0倍（$393.9M vs $385.4M）。Penumbra Inc净利率更高（12.3% vs 9.6%，领先2.6%）。Penumbra Inc同比增速更快（22.1% vs 10.9%）。MERIT MEDICAL SYSTEMS INC自由现金流更多（$74.0M vs $68.0M）。过去两年Penumbra Inc的营收复合增速更高（17.6% vs 10.3%）
梅里特医疗系统公司是一家全球性医疗设备企业，设计、生产和销售适用于心脏病学、放射学、肿瘤学、内窥镜及重症监护领域的介入和诊断产品，为全球医院及医疗机构提供微创医疗解决方案，助力提升患者疗效和临床操作效率。
Penumbra Inc是2004年由Arani Bose与Adam Elsesser联合创立的美国医疗器械企业，总部位于加利福尼亚州阿拉米达，核心业务为研发、生产中风、动脉瘤等血管疾病介入治疗所用的专业医疗设备，产品已在全球多个国家的临床诊疗场景中投入使用。
MMSI vs PEN — 直观对比
营收规模更大
MMSI
是对方的1.0倍
$385.4M
营收增速更快
PEN
高出11.2%
10.9%
净利率更高
PEN
高出2.6%
9.6%
自由现金流更多
MMSI
多$6.0M
$68.0M
两年增速更快
PEN
近两年复合增速
10.3%
损益表 — Q4 2025 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $393.9M | $385.4M |
| 净利润 | $38.0M | $47.3M |
| 毛利率 | 49.6% | 68.0% |
| 营业利润率 | 13.8% | 15.4% |
| 净利率 | 9.6% | 12.3% |
| 营收同比 | 10.9% | 22.1% |
| 净利润同比 | 36.0% | 40.6% |
| 每股收益（稀释后） | $0.64 | $1.20 |
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MMSIPEN
| Q4 25 | $393.9M | $385.4M | ||
| Q3 25 | $384.2M | $354.7M | ||
| Q2 25 | $382.5M | $339.5M | ||
| Q1 25 | $355.4M | $324.1M | ||
| Q4 24 | $355.2M | $315.5M | ||
| Q3 24 | $339.8M | $301.0M | ||
| Q2 24 | $338.0M | $299.4M | ||
| Q1 24 | $323.5M | $278.7M |
净利润MMSIPEN
| Q4 25 | $38.0M | $47.3M | ||
| Q3 25 | $27.8M | $45.9M | ||
| Q2 25 | $32.6M | $45.3M | ||
| Q1 25 | $30.1M | $39.2M | ||
| Q4 24 | $27.9M | $33.7M | ||
| Q3 24 | $28.4M | $29.5M | ||
| Q2 24 | $35.7M | $-60.2M | ||
| Q1 24 | $28.2M | $11.0M |
毛利率MMSIPEN
| Q4 25 | 49.6% | 68.0% | ||
| Q3 25 | 48.5% | 67.8% | ||
| Q2 25 | 48.2% | 66.0% | ||
| Q1 25 | 48.4% | 66.6% | ||
| Q4 24 | 48.7% | 66.8% | ||
| Q3 24 | 46.4% | 66.5% | ||
| Q2 24 | 47.7% | 54.4% | ||
| Q1 24 | 46.9% | 65.0% |
营业利润率MMSIPEN
| Q4 25 | 13.8% | 15.4% | ||
| Q3 25 | 11.1% | 13.8% | ||
| Q2 25 | 12.3% | 12.0% | ||
| Q1 25 | 11.5% | 12.4% | ||
| Q4 24 | 10.3% | 13.6% | ||
| Q3 24 | 11.0% | 11.7% | ||
| Q2 24 | 13.6% | -27.0% | ||
| Q1 24 | 11.1% | 4.3% |
净利率MMSIPEN
| Q4 25 | 9.6% | 12.3% | ||
| Q3 25 | 7.2% | 12.9% | ||
| Q2 25 | 8.5% | 13.3% | ||
| Q1 25 | 8.5% | 12.1% | ||
| Q4 24 | 7.9% | 10.7% | ||
| Q3 24 | 8.4% | 9.8% | ||
| Q2 24 | 10.6% | -20.1% | ||
| Q1 24 | 8.7% | 3.9% |
每股收益（稀释后）MMSIPEN
| Q4 25 | $0.64 | $1.20 | ||
| Q3 25 | $0.46 | $1.17 | ||
| Q2 25 | $0.54 | $1.15 | ||
| Q1 25 | $0.49 | $1.00 | ||
| Q4 24 | $0.46 | $0.88 | ||
| Q3 24 | $0.48 | $0.75 | ||
| Q2 24 | $0.61 | $-1.55 | ||
| Q1 24 | $0.48 | $0.28 |
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 | $446.4M | $186.9M |
| 总债务越低越好 | $734.0M | — |
| 股东权益账面价值 | $1.6B | $1.4B |
| 总资产 | $2.7B | $1.8B |
| 负债/权益比越低杠杆越低 | 0.46× | — |
8季度趋势，按日历期对齐
现金及短期投资MMSIPEN
| Q4 25 | $446.4M | $186.9M | ||
| Q3 25 | $392.5M | $321.0M | ||
| Q2 25 | $341.8M | $421.8M | ||
| Q1 25 | $395.5M | $376.1M | ||
| Q4 24 | $376.7M | $324.4M | ||
| Q3 24 | $523.1M | $280.5M | ||
| Q2 24 | $636.7M | $288.3M | ||
| Q1 24 | $581.9M | $223.1M |
总债务MMSIPEN
| Q4 25 | $734.0M | — | ||
| Q3 25 | $732.9M | — | ||
| Q2 25 | $731.8M | — | ||
| Q1 25 | $730.7M | — | ||
| Q4 24 | $729.6M | — | ||
| Q3 24 | $750.5M | — | ||
| Q2 24 | $801.3M | — | ||
| Q1 24 | $800.1M | — |
股东权益MMSIPEN
| Q4 25 | $1.6B | $1.4B | ||
| Q3 25 | $1.5B | $1.4B | ||
| Q2 25 | $1.5B | $1.3B | ||
| Q1 25 | $1.4B | $1.2B | ||
| Q4 24 | $1.4B | $1.2B | ||
| Q3 24 | $1.3B | $1.1B | ||
| Q2 24 | $1.3B | $1.2B | ||
| Q1 24 | $1.2B | $1.2B |
总资产MMSIPEN
| Q4 25 | $2.7B | $1.8B | ||
| Q3 25 | $2.6B | $1.7B | ||
| Q2 25 | $2.6B | $1.7B | ||
| Q1 25 | $2.5B | $1.6B | ||
| Q4 24 | $2.4B | $1.5B | ||
| Q3 24 | $2.4B | $1.5B | ||
| Q2 24 | $2.4B | $1.5B | ||
| Q1 24 | $2.3B | $1.6B |
负债/权益比MMSIPEN
| Q4 25 | 0.46× | — | ||
| Q3 25 | 0.48× | — | ||
| Q2 25 | 0.49× | — | ||
| Q1 25 | 0.51× | — | ||
| Q4 24 | 0.53× | — | ||
| Q3 24 | 0.57× | — | ||
| Q2 24 | 0.62× | — | ||
| Q1 24 | 0.65× | — |
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 | $98.5M | $86.5M |
| 自由现金流经营现金流 - 资本支出 | $74.0M | $68.0M |
| 自由现金流率自由现金流/营收 | 18.8% | 17.7% |
| 资本支出强度资本支出/营收 | 6.2% | 4.8% |
| 现金转化率经营现金流/净利润 | 2.59× | 1.83× |
| 过去12个月自由现金流最近4个季度 | $215.7M | $174.9M |
8季度趋势，按日历期对齐
经营现金流MMSIPEN
| Q4 25 | $98.5M | $86.5M | ||
| Q3 25 | $75.0M | $58.3M | ||
| Q2 25 | $83.3M | $44.9M | ||
| Q1 25 | $40.6M | $49.0M | ||
| Q4 24 | $68.7M | $51.1M | ||
| Q3 24 | $47.3M | $56.5M | ||
| Q2 24 | $68.5M | $22.6M | ||
| Q1 24 | $36.2M | $38.3M |
自由现金流MMSIPEN
| Q4 25 | $74.0M | $68.0M | ||
| Q3 25 | $52.5M | $42.0M | ||
| Q2 25 | $69.6M | $29.4M | ||
| Q1 25 | $19.5M | $35.5M | ||
| Q4 24 | $65.3M | $45.7M | ||
| Q3 24 | $38.0M | $51.0M | ||
| Q2 24 | $57.9M | $18.1M | ||
| Q1 24 | $24.5M | $32.5M |
自由现金流率MMSIPEN
| Q4 25 | 18.8% | 17.7% | ||
| Q3 25 | 13.7% | 11.8% | ||
| Q2 25 | 18.2% | 8.7% | ||
| Q1 25 | 5.5% | 11.0% | ||
| Q4 24 | 18.4% | 14.5% | ||
| Q3 24 | 11.2% | 16.9% | ||
| Q2 24 | 17.1% | 6.0% | ||
| Q1 24 | 7.6% | 11.7% |
资本支出强度MMSIPEN
| Q4 25 | 6.2% | 4.8% | ||
| Q3 25 | 5.8% | 4.6% | ||
| Q2 25 | 3.6% | 4.6% | ||
| Q1 25 | 5.9% | 4.2% | ||
| Q4 24 | 1.0% | 1.7% | ||
| Q3 24 | 2.8% | 1.8% | ||
| Q2 24 | 3.1% | 1.5% | ||
| Q1 24 | 3.6% | 2.1% |
现金转化率MMSIPEN
| Q4 25 | 2.59× | 1.83× | ||
| Q3 25 | 2.70× | 1.27× | ||
| Q2 25 | 2.56× | 0.99× | ||
| Q1 25 | 1.35× | 1.25× | ||
| Q4 24 | 2.46× | 1.52× | ||
| Q3 24 | 1.66× | 1.91× | ||
| Q2 24 | 1.92× | — | ||
| Q1 24 | 1.28× | 3.48× |
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
MMSI
| Other | $154.6M | 39% |
| Peripheral Intervention | $93.2M | 24% |
| Cardiac Intervention | $50.2M | 13% |
| OEM | $42.6M | 11% |
| Custom Procedural Solutions | $33.1M | 8% |
| Endoscopy Segment | $20.1M | 5% |
PEN
暂无分部数据
