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MERCURY SYSTEMS INC（MRCY）与威世（VSH）财务数据对比。点击上方公司名可切换其他公司
威世的季度营收约是MERCURY SYSTEMS INC的3.4倍（$800.9M vs $232.9M）。威世净利率更高（0.1% vs -6.5%，领先6.6%）。威世同比增速更快（12.1% vs 4.4%）。威世自由现金流更多（$54.6M vs $45.7M）。过去两年MERCURY SYSTEMS INC的营收复合增速更高（5.7% vs 3.6%）
Mercury Systems是一家服务于航空航天与国防领域的科技企业，专注于设计、研发及生产开放式架构计算机软硬件产品，覆盖安全嵌入式处理模块与子系统、航电任务计算机及显示器、加固型安全服务器、可信微电子组件与子系统等多类产品。
威世（Vishay Intertechnology）是美国知名的分立半导体与被动电子元器件制造商，由企业家菲利克斯·赞德曼创立。公司在以色列、亚洲、欧洲、美洲均设有生产基地，产品覆盖整流器、二极管、MOSFET、光电器件、精选集成电路、电阻器、电容器、电感器等品类，2024年营收达29亿美元，全球全职员工约2.27万人。
MRCY vs VSH — 直观对比
营收规模更大
VSH
是对方的3.4倍
$232.9M
营收增速更快
VSH
高出7.7%
4.4%
净利率更高
VSH
高出6.6%
-6.5%
自由现金流更多
VSH
多$8.9M
$45.7M
两年增速更快
MRCY
近两年复合增速
3.6%
损益表 — Q2 2026 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $232.9M | $800.9M |
| 净利润 | $-15.1M | $986.0K |
| 毛利率 | 26.0% | 19.6% |
| 营业利润率 | -4.6% | 1.8% |
| 净利率 | -6.5% | 0.1% |
| 营收同比 | 4.4% | 12.1% |
| 净利润同比 | 14.1% | 101.5% |
| 每股收益（稀释后） | $-0.26 | $0.01 |
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MRCYVSH
| Q4 25 | $232.9M | $800.9M | ||
| Q3 25 | $225.2M | $790.6M | ||
| Q2 25 | $273.1M | $762.3M | ||
| Q1 25 | $211.4M | $715.2M | ||
| Q4 24 | $223.1M | $714.7M | ||
| Q3 24 | $204.4M | $735.4M | ||
| Q2 24 | $248.6M | $741.2M | ||
| Q1 24 | $208.3M | $746.3M |
净利润MRCYVSH
| Q4 25 | $-15.1M | $986.0K | ||
| Q3 25 | $-12.5M | $-7.9M | ||
| Q2 25 | $16.4M | $2.0M | ||
| Q1 25 | $-19.2M | $-4.1M | ||
| Q4 24 | $-17.6M | $-66.1M | ||
| Q3 24 | $-17.5M | $-19.3M | ||
| Q2 24 | $-10.8M | $23.5M | ||
| Q1 24 | $-44.6M | $30.9M |
毛利率MRCYVSH
| Q4 25 | 26.0% | 19.6% | ||
| Q3 25 | 27.9% | 19.5% | ||
| Q2 25 | 31.0% | 19.5% | ||
| Q1 25 | 27.0% | 19.0% | ||
| Q4 24 | 27.3% | 19.9% | ||
| Q3 24 | 25.3% | 20.5% | ||
| Q2 24 | 29.5% | 22.0% | ||
| Q1 24 | 19.5% | 22.8% |
营业利润率MRCYVSH
| Q4 25 | -4.6% | 1.8% | ||
| Q3 25 | -3.8% | 2.4% | ||
| Q2 25 | 8.6% | 2.9% | ||
| Q1 25 | -8.2% | 0.1% | ||
| Q4 24 | -5.6% | -7.9% | ||
| Q3 24 | -6.6% | -2.5% | ||
| Q2 24 | -3.2% | 5.1% | ||
| Q1 24 | -21.9% | 5.7% |
净利率MRCYVSH
| Q4 25 | -6.5% | 0.1% | ||
| Q3 25 | -5.6% | -1.0% | ||
| Q2 25 | 6.0% | 0.3% | ||
| Q1 25 | -9.1% | -0.6% | ||
| Q4 24 | -7.9% | -9.2% | ||
| Q3 24 | -8.6% | -2.6% | ||
| Q2 24 | -4.3% | 3.2% | ||
| Q1 24 | -21.4% | 4.1% |
每股收益（稀释后）MRCYVSH
| Q4 25 | $-0.26 | $0.01 | ||
| Q3 25 | $-0.21 | $-0.06 | ||
| Q2 25 | $0.28 | $0.01 | ||
| Q1 25 | $-0.33 | $-0.03 | ||
| Q4 24 | $-0.30 | $-0.48 | ||
| Q3 24 | $-0.30 | $-0.14 | ||
| Q2 24 | $-0.18 | $0.17 | ||
| Q1 24 | $-0.77 | $0.22 |
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 | $335.0M | $515.0M |
| 总债务越低越好 | — | $950.9M |
| 股东权益账面价值 | $1.5B | $2.1B |
| 总资产 | $2.5B | $4.2B |
| 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MRCYVSH
| Q4 25 | $335.0M | $515.0M | ||
| Q3 25 | $304.7M | $443.9M | ||
| Q2 25 | $309.1M | $473.9M | ||
| Q1 25 | $269.8M | $609.4M | ||
| Q4 24 | $242.6M | $590.3M | ||
| Q3 24 | $158.1M | $643.8M | ||
| Q2 24 | $180.5M | $672.7M | ||
| Q1 24 | $142.6M | $796.5M |
总债务MRCYVSH
| Q4 25 | — | $950.9M | ||
| Q3 25 | — | $919.7M | ||
| Q2 25 | — | $914.5M | ||
| Q1 25 | — | $988.2M | ||
| Q4 24 | — | $905.0M | ||
| Q3 24 | — | $820.8M | ||
| Q2 24 | — | $820.6M | ||
| Q1 24 | — | $819.4M |
股东权益MRCYVSH
| Q4 25 | $1.5B | $2.1B | ||
| Q3 25 | $1.5B | $2.1B | ||
| Q2 25 | $1.5B | $2.1B | ||
| Q1 25 | $1.5B | $2.0B | ||
| Q4 24 | $1.5B | $2.0B | ||
| Q3 24 | $1.5B | $2.2B | ||
| Q2 24 | $1.5B | $2.2B | ||
| Q1 24 | $1.5B | $2.2B |
总资产MRCYVSH
| Q4 25 | $2.5B | $4.2B | ||
| Q3 25 | $2.5B | $4.2B | ||
| Q2 25 | $2.4B | $4.2B | ||
| Q1 25 | $2.4B | $4.2B | ||
| Q4 24 | $2.4B | $4.1B | ||
| Q3 24 | $2.4B | $4.2B | ||
| Q2 24 | $2.4B | $4.2B | ||
| Q1 24 | $2.4B | $4.3B |
负债/权益比MRCYVSH
| Q4 25 | — | 0.46× | ||
| Q3 25 | — | 0.44× | ||
| Q2 25 | — | 0.44× | ||
| Q1 25 | — | 0.49× | ||
| Q4 24 | — | 0.45× | ||
| Q3 24 | — | 0.38× | ||
| Q2 24 | — | 0.38× | ||
| Q1 24 | — | 0.38× |
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 | $51.6M | $149.4M |
| 自由现金流经营现金流 - 资本支出 | $45.7M | $54.6M |
| 自由现金流率自由现金流/营收 | 19.6% | 6.8% |
| 资本支出强度资本支出/营收 | 2.5% | 11.8% |
| 现金转化率经营现金流/净利润 | — | 151.48× |
| 过去12个月自由现金流最近4个季度 | $99.4M | $-89.0M |
8季度趋势，按日历期对齐
经营现金流MRCYVSH
| Q4 25 | $51.6M | $149.4M | ||
| Q3 25 | $2.2M | $27.6M | ||
| Q2 25 | $38.1M | $-8.8M | ||
| Q1 25 | $30.0M | $16.1M | ||
| Q4 24 | $85.5M | $67.7M | ||
| Q3 24 | $-14.7M | $50.6M | ||
| Q2 24 | $71.8M | $-24.7M | ||
| Q1 24 | $-17.8M | $80.2M |
自由现金流MRCYVSH
| Q4 25 | $45.7M | $54.6M | ||
| Q3 25 | $-4.4M | $-24.7M | ||
| Q2 25 | $34.0M | $-73.4M | ||
| Q1 25 | $24.1M | $-45.5M | ||
| Q4 24 | $81.9M | $-77.2M | ||
| Q3 24 | $-20.9M | $-9.0M | ||
| Q2 24 | $61.4M | $-87.3M | ||
| Q1 24 | $-25.7M | $27.1M |
自由现金流率MRCYVSH
| Q4 25 | 19.6% | 6.8% | ||
| Q3 25 | -1.9% | -3.1% | ||
| Q2 25 | 12.4% | -9.6% | ||
| Q1 25 | 11.4% | -6.4% | ||
| Q4 24 | 36.7% | -10.8% | ||
| Q3 24 | -10.2% | -1.2% | ||
| Q2 24 | 24.7% | -11.8% | ||
| Q1 24 | -12.4% | 3.6% |
资本支出强度MRCYVSH
| Q4 25 | 2.5% | 11.8% | ||
| Q3 25 | 2.9% | 6.6% | ||
| Q2 25 | 1.5% | 8.5% | ||
| Q1 25 | 2.8% | 8.6% | ||
| Q4 24 | 1.6% | 20.3% | ||
| Q3 24 | 3.1% | 8.1% | ||
| Q2 24 | 4.2% | 8.4% | ||
| Q1 24 | 3.8% | 7.1% |
现金转化率MRCYVSH
| Q4 25 | — | 151.48× | ||
| Q3 25 | — | — | ||
| Q2 25 | 2.33× | -4.39× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | -1.05× | ||
| Q1 24 | — | 2.59× |
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
MRCY
| Airborne | $84.2M | 36% |
| Components | $48.7M | 21% |
| Other End Applications | $36.8M | 16% |
| Electronic Warfare | $27.5M | 12% |
| Other Sensor And Effector Applications | $23.9M | 10% |
| Space | $11.9M | 5% |
VSH
| Resistors Segment | $189.4M | 24% |
| Diodes Segment | $154.2M | 19% |
| Capacitors Segment | $136.5M | 17% |
| Other | $126.4M | 16% |
| Inductors Segment | $92.6M | 12% |
| Optoelectronic Components Segment | $55.7M | 7% |
| EMS Companies | $51.6M | 6% |
