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默沙东（MRK）与贝宝（PYPL）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贝宝的1.9倍（$16.4B vs $8.7B），默沙东净利率更高（18.1% vs 16.6%，领先1.5%），默沙东同比增速更快（5.0% vs 3.7%），贝宝自由现金流更多（$2.2B vs $1.8B），过去两年贝宝的营收复合增速更高（6.2% 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。
贝宝控股（PayPal Holdings, Inc.）是美国跨国金融科技企业，在全球多数支持线上转账的国家运营在线支付系统，可作为支票、汇票等传统纸质支付方式的电子替代选项，同时为线上商户、拍卖网站及各类商业用户提供支付处理服务。
MRK vs PYPL — 直观对比
营收规模更大
MRK
是对方的1.9倍
$8.7B
营收增速更快
MRK
高出1.3%
3.7%
净利率更高
MRK
高出1.5%
16.6%
自由现金流更多
PYPL
多$366.0M
$1.8B
两年增速更快
PYPL
近两年复合增速
2.0%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $16.4B | $8.7B |
| 净利润 | $3.0B | $1.4B |
| 毛利率 | 66.2% | — |
| 营业利润率 | 20.9% | 17.4% |
| 净利率 | 18.1% | 16.6% |
| 营收同比 | 5.0% | 3.7% |
| 净利润同比 | -20.8% | 28.2% |
| 每股收益（稀释后） | $1.19 | $1.53 |
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MRKPYPL
| Q4 25 | $16.4B | $8.7B | ||
| Q3 25 | $17.3B | $8.4B | ||
| Q2 25 | $15.8B | $8.3B | ||
| Q1 25 | $15.5B | $7.8B | ||
| Q4 24 | $15.6B | $8.4B | ||
| Q3 24 | $16.7B | $7.8B | ||
| Q2 24 | $16.1B | $7.9B | ||
| Q1 24 | $15.8B | $7.7B |
净利润MRKPYPL
| Q4 25 | $3.0B | $1.4B | ||
| Q3 25 | $5.8B | $1.2B | ||
| Q2 25 | $4.4B | $1.3B | ||
| Q1 25 | $5.1B | $1.3B | ||
| Q4 24 | $3.7B | $1.1B | ||
| Q3 24 | $3.2B | $1.0B | ||
| Q2 24 | $5.5B | $1.1B | ||
| Q1 24 | $4.8B | $888.0M |
毛利率MRKPYPL
| Q4 25 | 66.2% | — | ||
| Q3 25 | 77.7% | — | ||
| Q2 25 | 77.5% | — | ||
| Q1 25 | 78.0% | — | ||
| Q4 24 | 75.5% | — | ||
| Q3 24 | 75.5% | — | ||
| Q2 24 | 76.8% | — | ||
| Q1 24 | 77.6% | — |
营业利润率MRKPYPL
| Q4 25 | 20.9% | 17.4% | ||
| Q3 25 | 39.0% | 18.1% | ||
| Q2 25 | 31.6% | 18.1% | ||
| Q1 25 | 38.0% | 19.6% | ||
| Q4 24 | 26.7% | 17.2% | ||
| Q3 24 | 24.6% | 17.7% | ||
| Q2 24 | 37.3% | 16.8% | ||
| Q1 24 | 35.9% | 15.2% |
净利率MRKPYPL
| Q4 25 | 18.1% | 16.6% | ||
| Q3 25 | 33.5% | 14.8% | ||
| Q2 25 | 28.0% | 15.2% | ||
| Q1 25 | 32.7% | 16.5% | ||
| Q4 24 | 24.0% | 13.4% | ||
| Q3 24 | 19.0% | 12.9% | ||
| Q2 24 | 33.9% | 14.3% | ||
| Q1 24 | 30.2% | 11.5% |
每股收益（稀释后）MRKPYPL
| Q4 25 | $1.19 | $1.53 | ||
| Q3 25 | $2.32 | $1.30 | ||
| Q2 25 | $1.76 | $1.29 | ||
| Q1 25 | $2.01 | $1.29 | ||
| Q4 24 | $1.49 | $1.09 | ||
| Q3 24 | $1.24 | $0.99 | ||
| Q2 24 | $2.14 | $1.08 | ||
| Q1 24 | $1.87 | $0.83 |
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 | $10.4B |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $52.6B | $20.3B |
| 总资产 | $136.9B | $80.2B |
| 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MRKPYPL
| Q4 25 | $14.6B | $10.4B | ||
| Q3 25 | $18.2B | $10.8B | ||
| Q2 25 | $8.6B | $10.0B | ||
| Q1 25 | $9.2B | $11.2B | ||
| Q4 24 | $13.7B | $10.8B | ||
| Q3 24 | $14.6B | $11.9B | ||
| Q2 24 | $11.4B | $13.6B | ||
| Q1 24 | $5.6B | $14.3B |
股东权益MRKPYPL
| Q4 25 | $52.6B | $20.3B | ||
| Q3 25 | $51.9B | $20.2B | ||
| Q2 25 | $49.0B | $20.2B | ||
| Q1 25 | $48.3B | $20.3B | ||
| Q4 24 | $46.3B | $20.4B | ||
| Q3 24 | $44.5B | $20.2B | ||
| Q2 24 | $43.6B | $20.6B | ||
| Q1 24 | $40.4B | $20.7B |
总资产MRKPYPL
| Q4 25 | $136.9B | $80.2B | ||
| Q3 25 | $129.5B | $79.8B | ||
| Q2 25 | $117.5B | $79.8B | ||
| Q1 25 | $115.1B | $81.3B | ||
| Q4 24 | $117.1B | $81.6B | ||
| Q3 24 | $117.5B | $83.5B | ||
| Q2 24 | $112.6B | $84.0B | ||
| Q1 24 | $105.8B | $83.3B |
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 | $2.4B |
| 自由现金流经营现金流 - 资本支出 | $1.8B | $2.2B |
| 自由现金流率自由现金流/营收 | 11.1% | 25.2% |
| 资本支出强度资本支出/营收 | 6.3% | 2.2% |
| 现金转化率经营现金流/净利润 | 0.96× | 1.66× |
| 过去12个月自由现金流最近4个季度 | $12.4B | $5.6B |
8季度趋势，按日历期对齐
经营现金流MRKPYPL
| Q4 25 | $2.9B | $2.4B | ||
| Q3 25 | $7.8B | $2.0B | ||
| Q2 25 | $3.3B | $898.0M | ||
| Q1 25 | $2.5B | $1.2B | ||
| Q4 24 | $3.5B | $2.4B | ||
| Q3 24 | $9.3B | $1.6B | ||
| Q2 24 | $5.6B | $1.5B | ||
| Q1 24 | $3.1B | $1.9B |
自由现金流MRKPYPL
| Q4 25 | $1.8B | $2.2B | ||
| Q3 25 | $6.8B | $1.7B | ||
| Q2 25 | $2.5B | $692.0M | ||
| Q1 25 | $1.2B | $964.0M | ||
| Q4 24 | $2.5B | $2.2B | ||
| Q3 24 | $8.5B | $1.4B | ||
| Q2 24 | $4.8B | $1.4B | ||
| Q1 24 | $2.2B | $1.8B |
自由现金流率MRKPYPL
| Q4 25 | 11.1% | 25.2% | ||
| Q3 25 | 39.6% | 20.4% | ||
| Q2 25 | 16.0% | 8.3% | ||
| Q1 25 | 7.5% | 12.4% | ||
| Q4 24 | 16.1% | 26.2% | ||
| Q3 24 | 51.1% | 18.4% | ||
| Q2 24 | 30.1% | 17.3% | ||
| Q1 24 | 14.1% | 22.9% |
资本支出强度MRKPYPL
| Q4 25 | 6.3% | 2.2% | ||
| Q3 25 | 5.7% | 3.0% | ||
| Q2 25 | 4.8% | 2.5% | ||
| Q1 25 | 8.6% | 2.5% | ||
| Q4 24 | 6.0% | 2.4% | ||
| Q3 24 | 4.7% | 2.2% | ||
| Q2 24 | 4.9% | 2.0% | ||
| Q1 24 | 5.5% | 2.0% |
现金转化率MRKPYPL
| Q4 25 | 0.96× | 1.66× | ||
| Q3 25 | 1.35× | 1.58× | ||
| Q2 25 | 0.74× | 0.71× | ||
| Q1 25 | 0.49× | 0.90× | ||
| Q4 24 | 0.92× | 2.14× | ||
| Q3 24 | 2.94× | 1.60× | ||
| Q2 24 | 1.03× | 1.35× | ||
| Q1 24 | 0.65× | 2.16× |
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% |
PYPL
| US | $4.9B | 57% |
| Non Us | $3.7B | 43% |
