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默沙东（MRK）与拼多多（PDD）财务数据对比。点击上方公司名可切换其他公司
默沙东的季度营收约是拼多多的1.1倍（$16.4B vs $15.2B），拼多多净利率更高（27.1% vs 18.1%，领先9.0%），过去两年拼多多的营收复合增速更高（74.6% vs 2.0%）
默沙东是总部位于美国新泽西州拉威的跨国制药企业，在美国及加拿大境外通常以默沙东（MSD）名义开展业务，按营收规模位列全球生物医学企业第四名，在制药领域拥有领先的技术实力与市场影响力。
PDD控股是总部位于爱尔兰的跨国企业，旗下拥有中国头部线上零售平台拼多多和跨境电商平台Temu。拼多多主打农业供应链数字化升级，助力农产品直接对接广大消费者需求。
MRK vs PDD — 直观对比
营收规模更大
MRK
是对方的1.1倍
$15.2B
净利率更高
PDD
高出9.0%
18.1%
两年增速更快
PDD
近两年复合增速
2.0%
损益表 — Q4 FY2025 vs Q3 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $16.4B | $15.2B |
| 净利润 | $3.0B | $4.1B |
| 毛利率 | 66.2% | 56.7% |
| 营业利润率 | 20.9% | 23.1% |
| 净利率 | 18.1% | 27.1% |
| 营收同比 | 5.0% | — |
| 净利润同比 | -20.8% | — |
| 每股收益（稀释后） | $1.19 | — |
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MRKPDD
| Q4 25 | $16.4B | — | ||
| Q3 25 | $17.3B | $15.2B | ||
| Q2 25 | $15.8B | $14.5B | ||
| Q1 25 | $15.5B | — | ||
| Q4 24 | $15.6B | — | ||
| Q3 24 | $16.7B | $14.2B | ||
| Q2 24 | $16.1B | — | ||
| Q1 24 | $15.8B | $12.0B |
净利润MRKPDD
| Q4 25 | $3.0B | — | ||
| Q3 25 | $5.8B | $4.1B | ||
| Q2 25 | $4.4B | $4.3B | ||
| Q1 25 | $5.1B | — | ||
| Q4 24 | $3.7B | — | ||
| Q3 24 | $3.2B | $3.6B | ||
| Q2 24 | $5.5B | — | ||
| Q1 24 | $4.8B | $3.9B |
毛利率MRKPDD
| Q4 25 | 66.2% | — | ||
| Q3 25 | 77.7% | 56.7% | ||
| Q2 25 | 77.5% | 55.9% | ||
| Q1 25 | 78.0% | — | ||
| Q4 24 | 75.5% | — | ||
| Q3 24 | 75.5% | 60.0% | ||
| Q2 24 | 76.8% | — | ||
| Q1 24 | 77.6% | 62.3% |
营业利润率MRKPDD
| Q4 25 | 20.9% | — | ||
| Q3 25 | 39.0% | 23.1% | ||
| Q2 25 | 31.6% | 24.8% | ||
| Q1 25 | 38.0% | — | ||
| Q4 24 | 26.7% | — | ||
| Q3 24 | 24.6% | 24.5% | ||
| Q2 24 | 37.3% | — | ||
| Q1 24 | 35.9% | 29.9% |
净利率MRKPDD
| Q4 25 | 18.1% | — | ||
| Q3 25 | 33.5% | 27.1% | ||
| Q2 25 | 28.0% | 29.6% | ||
| Q1 25 | 32.7% | — | ||
| Q4 24 | 24.0% | — | ||
| Q3 24 | 19.0% | 25.1% | ||
| Q2 24 | 33.9% | — | ||
| Q1 24 | 30.2% | 32.3% |
每股收益（稀释后）MRKPDD
| Q4 25 | $1.19 | — | ||
| Q3 25 | $2.32 | — | ||
| Q2 25 | $1.76 | — | ||
| Q1 25 | $2.01 | — | ||
| Q4 24 | $1.49 | — | ||
| Q3 24 | $1.24 | — | ||
| Q2 24 | $2.14 | — | ||
| Q1 24 | $1.87 | — |
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 | $14.6B | $13.0B |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $52.6B | $55.0B |
| 总资产 | $136.9B | $86.2B |
| 负债/权益比越低杠杆越低 | — | — |
8季度趋势，按日历期对齐
现金及短期投资MRKPDD
| Q4 25 | $14.6B | — | ||
| Q3 25 | $18.2B | $13.0B | ||
| Q2 25 | $8.6B | $8.8B | ||
| Q1 25 | $9.2B | — | ||
| Q4 24 | $13.7B | — | ||
| Q3 24 | $14.6B | $9.3B | ||
| Q2 24 | $11.4B | — | ||
| Q1 24 | $5.6B | $7.7B |
股东权益MRKPDD
| Q4 25 | $52.6B | — | ||
| Q3 25 | $51.9B | $55.0B | ||
| Q2 25 | $49.0B | $50.5B | ||
| Q1 25 | $48.3B | — | ||
| Q4 24 | $46.3B | — | ||
| Q3 24 | $44.5B | $39.7B | ||
| Q2 24 | $43.6B | — | ||
| Q1 24 | $40.4B | $30.3B |
总资产MRKPDD
| Q4 25 | $136.9B | — | ||
| Q3 25 | $129.5B | $86.2B | ||
| Q2 25 | $117.5B | $79.2B | ||
| Q1 25 | $115.1B | — | ||
| Q4 24 | $117.1B | — | ||
| Q3 24 | $117.5B | $66.5B | ||
| Q2 24 | $112.6B | — | ||
| Q1 24 | $105.8B | $52.3B |
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 | $2.9B | $6.4B |
| 自由现金流经营现金流 - 资本支出 | $1.8B | — |
| 自由现金流率自由现金流/营收 | 11.1% | — |
| 资本支出强度资本支出/营收 | 6.3% | — |
| 现金转化率经营现金流/净利润 | 0.96× | 1.56× |
| 过去12个月自由现金流最近4个季度 | $12.4B | — |
8季度趋势，按日历期对齐
经营现金流MRKPDD
| Q4 25 | $2.9B | — | ||
| Q3 25 | $7.8B | $6.4B | ||
| Q2 25 | $3.3B | $3.0B | ||
| Q1 25 | $2.5B | — | ||
| Q4 24 | $3.5B | — | ||
| Q3 24 | $9.3B | $3.9B | ||
| Q2 24 | $5.6B | — | ||
| Q1 24 | $3.1B | $2.9B |
自由现金流MRKPDD
| Q4 25 | $1.8B | — | ||
| Q3 25 | $6.8B | — | ||
| Q2 25 | $2.5B | — | ||
| Q1 25 | $1.2B | — | ||
| Q4 24 | $2.5B | — | ||
| Q3 24 | $8.5B | — | ||
| Q2 24 | $4.8B | — | ||
| Q1 24 | $2.2B | — |
自由现金流率MRKPDD
| Q4 25 | 11.1% | — | ||
| Q3 25 | 39.6% | — | ||
| Q2 25 | 16.0% | — | ||
| Q1 25 | 7.5% | — | ||
| Q4 24 | 16.1% | — | ||
| Q3 24 | 51.1% | — | ||
| Q2 24 | 30.1% | — | ||
| Q1 24 | 14.1% | — |
资本支出强度MRKPDD
| Q4 25 | 6.3% | — | ||
| Q3 25 | 5.7% | — | ||
| Q2 25 | 4.8% | — | ||
| Q1 25 | 8.6% | — | ||
| Q4 24 | 6.0% | — | ||
| Q3 24 | 4.7% | — | ||
| Q2 24 | 4.9% | — | ||
| Q1 24 | 5.5% | — |
现金转化率MRKPDD
| Q4 25 | 0.96× | — | ||
| Q3 25 | 1.35× | 1.56× | ||
| Q2 25 | 0.74× | 0.70× | ||
| Q1 25 | 0.49× | — | ||
| Q4 24 | 0.92× | — | ||
| Q3 24 | 2.94× | 1.10× | ||
| Q2 24 | 1.03× | — | ||
| Q1 24 | 0.65× | 0.75× |
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
MRK
| Pharmaceuticalsegment | $8.7B | 53% |
| Keytruda | $4.9B | 30% |
| Other | $2.7B | 16% |
| Janumet | $57.0M | 0% |
| Isentress Isentress HD | $38.0M | 0% |
| Pifeltro | $25.0M | 0% |
| Belsomra | $23.0M | 0% |
| Dificid | $17.0M | 0% |
| Delstrigo | $14.0M | 0% |
| Lagevrio | $12.0M | 0% |
| Pneumovax23 | $4.0M | 0% |
PDD
暂无分部数据
