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默沙东（MRK）与星巴克（SBUX）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星巴克的1.7倍（$16.4B vs $9.9B），默沙东净利率更高（18.1% vs 3.0%，领先15.1%），星巴克同比增速更快（5.5% vs 5.0%），默沙东自由现金流更多（$1.8B vs $1.3B），过去两年星巴克的营收复合增速更高（7.6% 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。
星巴克是总部位于美国华盛顿州西雅图的跨国连锁咖啡店及烘焙工坊品牌，1971年由杰里·鲍德温、泽夫·西格尔和戈登·鲍克在西雅图派克市场创立，最初以咖啡豆批发业务起家，如今门店遍布全球多国，是全球极具知名度的咖啡零售品牌。
MRK vs SBUX — 直观对比
营收规模更大
MRK
是对方的1.7倍
$9.9B
营收增速更快
SBUX
高出0.5%
5.0%
净利率更高
MRK
高出15.1%
3.0%
自由现金流更多
MRK
多$550.0M
$1.3B
两年增速更快
SBUX
近两年复合增速
2.0%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $16.4B | $9.9B |
| 净利润 | $3.0B | $293.3M |
| 毛利率 | 66.2% | — |
| 营业利润率 | 20.9% | 9.0% |
| 净利率 | 18.1% | 3.0% |
| 营收同比 | 5.0% | 5.5% |
| 净利润同比 | -20.8% | -62.4% |
| 每股收益（稀释后） | $1.19 | $0.26 |
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MRKSBUX
| Q4 25 | $16.4B | $9.9B | ||
| Q3 25 | $17.3B | $9.6B | ||
| Q2 25 | $15.8B | $9.5B | ||
| Q1 25 | $15.5B | $8.8B | ||
| Q4 24 | $15.6B | $9.4B | ||
| Q3 24 | $16.7B | $9.1B | ||
| Q2 24 | $16.1B | $9.1B | ||
| Q1 24 | $15.8B | $8.6B |
净利润MRKSBUX
| Q4 25 | $3.0B | $293.3M | ||
| Q3 25 | $5.8B | $133.1M | ||
| Q2 25 | $4.4B | $558.3M | ||
| Q1 25 | $5.1B | $384.2M | ||
| Q4 24 | $3.7B | $780.8M | ||
| Q3 24 | $3.2B | $909.3M | ||
| Q2 24 | $5.5B | $1.1B | ||
| Q1 24 | $4.8B | $772.4M |
毛利率MRKSBUX
| 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MRKSBUX
| Q4 25 | 20.9% | 9.0% | ||
| Q3 25 | 39.0% | 2.9% | ||
| Q2 25 | 31.6% | 9.9% | ||
| Q1 25 | 38.0% | 6.9% | ||
| Q4 24 | 26.7% | 11.9% | ||
| Q3 24 | 24.6% | 14.4% | ||
| Q2 24 | 37.3% | 16.7% | ||
| Q1 24 | 35.9% | 12.8% |
净利率MRKSBUX
| Q4 25 | 18.1% | 3.0% | ||
| Q3 25 | 33.5% | 1.4% | ||
| Q2 25 | 28.0% | 5.9% | ||
| Q1 25 | 32.7% | 4.4% | ||
| Q4 24 | 24.0% | 8.3% | ||
| Q3 24 | 19.0% | 10.0% | ||
| Q2 24 | 33.9% | 11.6% | ||
| Q1 24 | 30.2% | 9.0% |
每股收益（稀释后）MRKSBUX
| Q4 25 | $1.19 | $0.26 | ||
| Q3 25 | $2.32 | $0.11 | ||
| Q2 25 | $1.76 | $0.49 | ||
| Q1 25 | $2.01 | $0.34 | ||
| Q4 24 | $1.49 | $0.69 | ||
| Q3 24 | $1.24 | $0.80 | ||
| Q2 24 | $2.14 | $0.93 | ||
| Q1 24 | $1.87 | $0.68 |
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 | $184.9M |
| 总债务越低越好 | — | $16.1B |
| 股东权益账面价值 | $52.6B | $-8.4B |
| 总资产 | $136.9B | $32.2B |
| 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MRKSBUX
| Q4 25 | $14.6B | $184.9M | ||
| Q3 25 | $18.2B | $247.2M | ||
| Q2 25 | $8.6B | $333.3M | ||
| Q1 25 | $9.2B | $340.2M | ||
| Q4 24 | $13.7B | $285.8M | ||
| Q3 24 | $14.6B | $257.0M | ||
| Q2 24 | $11.4B | $212.3M | ||
| Q1 24 | $5.6B | $362.5M |
总债务MRKSBUX
| Q4 25 | — | $16.1B | ||
| Q3 25 | — | $16.1B | ||
| Q2 25 | — | $17.3B | ||
| Q1 25 | — | $15.6B | ||
| Q4 24 | — | $15.6B | ||
| Q3 24 | — | $15.6B | ||
| Q2 24 | — | $15.6B | ||
| Q1 24 | — | $15.5B |
股东权益MRKSBUX
| Q4 25 | $52.6B | $-8.4B | ||
| Q3 25 | $51.9B | $-8.1B | ||
| Q2 25 | $49.0B | $-7.7B | ||
| Q1 25 | $48.3B | $-7.6B | ||
| Q4 24 | $46.3B | $-7.5B | ||
| Q3 24 | $44.5B | $-7.4B | ||
| Q2 24 | $43.6B | $-7.9B | ||
| Q1 24 | $40.4B | $-8.4B |
总资产MRKSBUX
| Q4 25 | $136.9B | $32.2B | ||
| Q3 25 | $129.5B | $32.0B | ||
| Q2 25 | $117.5B | $33.6B | ||
| Q1 25 | $115.1B | $31.6B | ||
| Q4 24 | $117.1B | $31.9B | ||
| Q3 24 | $117.5B | $31.3B | ||
| Q2 24 | $112.6B | $30.1B | ||
| Q1 24 | $105.8B | $29.4B |
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 | $1.6B |
| 自由现金流经营现金流 - 资本支出 | $1.8B | $1.3B |
| 自由现金流率自由现金流/营收 | 11.1% | 12.8% |
| 资本支出强度资本支出/营收 | 6.3% | 3.3% |
| 现金转化率经营现金流/净利润 | 0.96× | 5.45× |
| 过去12个月自由现金流最近4个季度 | $12.4B | $2.3B |
8季度趋势，按日历期对齐
经营现金流MRKSBUX
| Q4 25 | $2.9B | $1.6B | ||
| Q3 25 | $7.8B | $1.4B | ||
| Q2 25 | $3.3B | $1.0B | ||
| Q1 25 | $2.5B | $292.0M | ||
| Q4 24 | $3.5B | $2.1B | ||
| Q3 24 | $9.3B | $1.5B | ||
| Q2 24 | $5.6B | $1.7B | ||
| Q1 24 | $3.1B | $506.0M |
自由现金流MRKSBUX
| Q4 25 | $1.8B | $1.3B | ||
| Q3 25 | $6.8B | $925.8M | ||
| Q2 25 | $2.5B | $434.3M | ||
| Q1 25 | $1.2B | $-297.2M | ||
| Q4 24 | $2.5B | $1.4B | ||
| Q3 24 | $8.5B | $737.4M | ||
| Q2 24 | $4.8B | $945.8M | ||
| Q1 24 | $2.2B | $-153.1M |
自由现金流率MRKSBUX
| Q4 25 | 11.1% | 12.8% | ||
| Q3 25 | 39.6% | 9.7% | ||
| Q2 25 | 16.0% | 4.6% | ||
| Q1 25 | 7.5% | -3.4% | ||
| Q4 24 | 16.1% | 14.7% | ||
| Q3 24 | 51.1% | 8.1% | ||
| Q2 24 | 30.1% | 10.4% | ||
| Q1 24 | 14.1% | -1.8% |
资本支出强度MRKSBUX
| Q4 25 | 6.3% | 3.3% | ||
| Q3 25 | 5.7% | 4.8% | ||
| Q2 25 | 4.8% | 6.0% | ||
| Q1 25 | 8.6% | 6.7% | ||
| Q4 24 | 6.0% | 7.4% | ||
| Q3 24 | 4.7% | 8.8% | ||
| Q2 24 | 4.9% | 7.9% | ||
| Q1 24 | 5.5% | 7.7% |
现金转化率MRKSBUX
| Q4 25 | 0.96× | 5.45× | ||
| Q3 25 | 1.35× | 10.38× | ||
| Q2 25 | 0.74× | 1.79× | ||
| Q1 25 | 0.49× | 0.76× | ||
| Q4 24 | 0.92× | 2.65× | ||
| Q3 24 | 2.94× | 1.69× | ||
| Q2 24 | 1.03× | 1.58× | ||
| Q1 24 | 0.65× | 0.66× |
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% |
SBUX
暂无分部数据
