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MERIT MEDICAL SYSTEMS INC（MMSI）与特诺控股（TROX）财务数据对比。点击上方公司名可切换其他公司
特诺控股的季度营收约是MERIT MEDICAL SYSTEMS INC的1.9倍（$730.0M vs $393.9M），MERIT MEDICAL SYSTEMS INC净利率更高（9.6% vs -24.1%，领先33.8%），MERIT MEDICAL SYSTEMS INC同比增速更快（10.9% vs 8.0%），MERIT MEDICAL SYSTEMS INC自由现金流更多（$74.0M vs $53.0M），过去两年MERIT MEDICAL SYSTEMS INC的营收复合增速更高（10.3% vs -2.9%）
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。
特诺控股是一家业务遍及全球的美国化工企业，专注于钛制品领域，现有员工约6500名。在收购南非埃萨罗资源原有的矿砂业务后，特诺已成为全球规模最大的全产业链二氧化钛颜料供应商。二氧化钛颜料主要为涂料、塑料、纸张等产品增白增亮，特诺还拥有钛矿砂开采及加工业务。
MMSI vs TROX — 直观对比
营收规模更大
TROX
是对方的1.9倍
$393.9M
营收增速更快
MMSI
高出2.9%
8.0%
净利率更高
MMSI
高出33.8%
-24.1%
自由现金流更多
MMSI
多$21.0M
$53.0M
两年增速更快
MMSI
近两年复合增速
-2.9%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $393.9M | $730.0M |
| 净利润 | $38.0M | $-176.0M |
| 毛利率 | 49.6% | 5.3% |
| 营业利润率 | 13.8% | -15.6% |
| 净利率 | 9.6% | -24.1% |
| 营收同比 | 10.9% | 8.0% |
| 净利润同比 | 36.0% | -486.7% |
| 每股收益（稀释后） | $0.64 | $-1.11 |
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MMSITROX
| Q4 25 | $393.9M | $730.0M | ||
| Q3 25 | $384.2M | $699.0M | ||
| Q2 25 | $382.5M | $731.0M | ||
| Q1 25 | $355.4M | $738.0M | ||
| Q4 24 | $355.2M | $676.0M | ||
| Q3 24 | $339.8M | $804.0M | ||
| Q2 24 | $338.0M | $820.0M | ||
| Q1 24 | $323.5M | $774.0M |
净利润MMSITROX
| Q4 25 | $38.0M | $-176.0M | ||
| Q3 25 | $27.8M | $-99.0M | ||
| Q2 25 | $32.6M | $-84.0M | ||
| Q1 25 | $30.1M | $-111.0M | ||
| Q4 24 | $27.9M | $-30.0M | ||
| Q3 24 | $28.4M | $-25.0M | ||
| Q2 24 | $35.7M | $16.0M | ||
| Q1 24 | $28.2M | $-9.0M |
毛利率MMSITROX
| Q4 25 | 49.6% | 5.3% | ||
| Q3 25 | 48.5% | 7.4% | ||
| Q2 25 | 48.2% | 10.8% | ||
| Q1 25 | 48.4% | 13.4% | ||
| Q4 24 | 48.7% | 17.3% | ||
| Q3 24 | 46.4% | 15.9% | ||
| Q2 24 | 47.7% | 18.3% | ||
| Q1 24 | 46.9% | 15.5% |
营业利润率MMSITROX
| Q4 25 | 13.8% | -15.6% | ||
| Q3 25 | 11.1% | -6.2% | ||
| Q2 25 | 12.3% | -4.8% | ||
| Q1 25 | 11.5% | -8.3% | ||
| Q4 24 | 10.3% | 7.1% | ||
| Q3 24 | 11.0% | 6.7% | ||
| Q2 24 | 13.6% | 9.3% | ||
| Q1 24 | 11.1% | 5.3% |
净利率MMSITROX
| Q4 25 | 9.6% | -24.1% | ||
| Q3 25 | 7.2% | -14.2% | ||
| Q2 25 | 8.5% | -11.5% | ||
| Q1 25 | 8.5% | -15.0% | ||
| Q4 24 | 7.9% | -4.4% | ||
| Q3 24 | 8.4% | -3.1% | ||
| Q2 24 | 10.6% | 2.0% | ||
| Q1 24 | 8.7% | -1.2% |
每股收益（稀释后）MMSITROX
| Q4 25 | $0.64 | $-1.11 | ||
| Q3 25 | $0.46 | $-0.63 | ||
| Q2 25 | $0.54 | $-0.53 | ||
| Q1 25 | $0.49 | $-0.70 | ||
| Q4 24 | $0.46 | $-0.19 | ||
| Q3 24 | $0.48 | $-0.16 | ||
| Q2 24 | $0.61 | $0.10 | ||
| Q1 24 | $0.48 | $-0.06 |
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 | $446.4M | $199.0M |
| 总债务越低越好 | $734.0M | $3.1B |
| 股东权益账面价值 | $1.6B | $1.4B |
| 总资产 | $2.7B | $6.2B |
| 负债/权益比越低杠杆越低 | 0.46× | 2.21× |
8季度趋势，按日历期对齐
现金及短期投资MMSITROX
| Q4 25 | $446.4M | $199.0M | ||
| Q3 25 | $392.5M | $185.0M | ||
| Q2 25 | $341.8M | $132.0M | ||
| Q1 25 | $395.5M | $138.0M | ||
| Q4 24 | $376.7M | $151.0M | ||
| Q3 24 | $523.1M | $167.0M | ||
| Q2 24 | $636.7M | $201.0M | ||
| Q1 24 | $581.9M | $152.0M |
总债务MMSITROX
| Q4 25 | $734.0M | $3.1B | ||
| Q3 25 | $732.9M | $3.1B | ||
| Q2 25 | $731.8M | $2.7B | ||
| Q1 25 | $730.7M | $2.8B | ||
| Q4 24 | $729.6M | $2.8B | ||
| Q3 24 | $750.5M | $2.8B | ||
| Q2 24 | $801.3M | $2.8B | ||
| Q1 24 | $800.1M | $2.8B |
股东权益MMSITROX
| Q4 25 | $1.6B | $1.4B | ||
| Q3 25 | $1.5B | $1.6B | ||
| Q2 25 | $1.5B | $1.6B | ||
| Q1 25 | $1.4B | $1.7B | ||
| Q4 24 | $1.4B | $1.8B | ||
| Q3 24 | $1.3B | $1.9B | ||
| Q2 24 | $1.3B | $1.9B | ||
| Q1 24 | $1.2B | $1.9B |
总资产MMSITROX
| Q4 25 | $2.7B | $6.2B | ||
| Q3 25 | $2.6B | $6.3B | ||
| Q2 25 | $2.6B | $6.2B | ||
| Q1 25 | $2.5B | $6.1B | ||
| Q4 24 | $2.4B | $6.0B | ||
| Q3 24 | $2.4B | $6.2B | ||
| Q2 24 | $2.4B | $6.1B | ||
| Q1 24 | $2.3B | $6.0B |
负债/权益比MMSITROX
| Q4 25 | 0.46× | 2.21× | ||
| Q3 25 | 0.48× | 2.01× | ||
| Q2 25 | 0.49× | 1.67× | ||
| Q1 25 | 0.51× | 1.64× | ||
| Q4 24 | 0.53× | 1.57× | ||
| Q3 24 | 0.57× | 1.45× | ||
| Q2 24 | 0.62× | 1.47× | ||
| Q1 24 | 0.65× | 1.48× |
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 | $121.0M |
| 自由现金流经营现金流 - 资本支出 | $74.0M | $53.0M |
| 自由现金流率自由现金流/营收 | 18.8% | 7.3% |
| 资本支出强度资本支出/营收 | 6.2% | 9.3% |
| 现金转化率经营现金流/净利润 | 2.59× | — |
| 过去12个月自由现金流最近4个季度 | $215.7M | $-281.0M |
8季度趋势，按日历期对齐
经营现金流MMSITROX
| Q4 25 | $98.5M | $121.0M | ||
| Q3 25 | $75.0M | $-57.0M | ||
| Q2 25 | $83.3M | $28.0M | ||
| Q1 25 | $40.6M | $-32.0M | ||
| Q4 24 | $68.7M | $82.0M | ||
| Q3 24 | $47.3M | $87.0M | ||
| Q2 24 | $68.5M | $160.0M | ||
| Q1 24 | $36.2M | $-29.0M |
自由现金流MMSITROX
| Q4 25 | $74.0M | $53.0M | ||
| Q3 25 | $52.5M | $-137.0M | ||
| Q2 25 | $69.6M | $-55.0M | ||
| Q1 25 | $19.5M | $-142.0M | ||
| Q4 24 | $65.3M | $-35.0M | ||
| Q3 24 | $38.0M | $-14.0M | ||
| Q2 24 | $57.9M | $84.0M | ||
| Q1 24 | $24.5M | $-105.0M |
自由现金流率MMSITROX
| Q4 25 | 18.8% | 7.3% | ||
| Q3 25 | 13.7% | -19.6% | ||
| Q2 25 | 18.2% | -7.5% | ||
| Q1 25 | 5.5% | -19.2% | ||
| Q4 24 | 18.4% | -5.2% | ||
| Q3 24 | 11.2% | -1.7% | ||
| Q2 24 | 17.1% | 10.2% | ||
| Q1 24 | 7.6% | -13.6% |
资本支出强度MMSITROX
| Q4 25 | 6.2% | 9.3% | ||
| Q3 25 | 5.8% | 11.4% | ||
| Q2 25 | 3.6% | 11.4% | ||
| Q1 25 | 5.9% | 14.9% | ||
| Q4 24 | 1.0% | 17.3% | ||
| Q3 24 | 2.8% | 12.6% | ||
| Q2 24 | 3.1% | 9.3% | ||
| Q1 24 | 3.6% | 9.8% |
现金转化率MMSITROX
| Q4 25 | 2.59× | — | ||
| Q3 25 | 2.70× | — | ||
| Q2 25 | 2.56× | — | ||
| Q1 25 | 1.35× | — | ||
| Q4 24 | 2.46× | — | ||
| Q3 24 | 1.66× | — | ||
| Q2 24 | 1.92× | 10.00× | ||
| Q1 24 | 1.28× | — |
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% |
TROX
| Ti O2 | $577.0M | 79% |
| Zircon | $78.0M | 11% |
| Idle Facility And Lower Of Cost Or Net Realizable Value Charges | $42.0M | 6% |
| Other | $20.0M | 3% |
| MGT | $13.0M | 2% |
