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默沙东（MRK）与华纳兄弟探索（WBD）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华纳兄弟探索的1.7倍（$16.4B vs $9.5B），默沙东净利率更高（18.1% vs -2.7%，领先20.7%），默沙东同比增速更快（5.0% vs -5.7%），默沙东自由现金流更多（$1.8B vs $1.4B），过去两年默沙东的营收复合增速更高（2.0% vs -2.5%）
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。
华纳兄弟探索是一家总部位于美国纽约的跨国大众传媒与娱乐集团，于2022年4月8日由AT&T拆分出的华纳媒体与原探索公司合并成立，旗下拥有丰富的影视内容、流媒体平台及纪实娱乐IP资源，业务覆盖全球多个国家和地区。
MRK vs WBD — 直观对比
营收规模更大
MRK
是对方的1.7倍
$9.5B
营收增速更快
MRK
高出10.6%
-5.7%
净利率更高
MRK
高出20.7%
-2.7%
自由现金流更多
MRK
多$441.0M
$1.4B
两年增速更快
MRK
近两年复合增速
-2.5%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $16.4B | $9.5B |
| 净利润 | $3.0B | $-252.0M |
| 毛利率 | 66.2% | — |
| 营业利润率 | 20.9% | 3.7% |
| 净利率 | 18.1% | -2.7% |
| 营收同比 | 5.0% | -5.7% |
| 净利润同比 | -20.8% | 49.0% |
| 每股收益（稀释后） | $1.19 | $-0.10 |
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MRKWBD
| Q4 25 | $16.4B | $9.5B | ||
| Q3 25 | $17.3B | $9.0B | ||
| Q2 25 | $15.8B | $9.8B | ||
| Q1 25 | $15.5B | $9.0B | ||
| Q4 24 | $15.6B | $10.0B | ||
| Q3 24 | $16.7B | $9.6B | ||
| Q2 24 | $16.1B | $9.7B | ||
| Q1 24 | $15.8B | $10.0B |
净利润MRKWBD
| Q4 25 | $3.0B | $-252.0M | ||
| Q3 25 | $5.8B | $-148.0M | ||
| Q2 25 | $4.4B | $1.6B | ||
| Q1 25 | $5.1B | $-453.0M | ||
| Q4 24 | $3.7B | $-494.0M | ||
| Q3 24 | $3.2B | $135.0M | ||
| Q2 24 | $5.5B | $-10.0B | ||
| Q1 24 | $4.8B | $-966.0M |
毛利率MRKWBD
| 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MRKWBD
| Q4 25 | 20.9% | 3.7% | ||
| Q3 25 | 39.0% | 6.8% | ||
| Q2 25 | 31.6% | -1.9% | ||
| Q1 25 | 38.0% | -0.4% | ||
| Q4 24 | 26.7% | 1.6% | ||
| Q3 24 | 24.6% | 2.9% | ||
| Q2 24 | 37.3% | -105.1% | ||
| Q1 24 | 35.9% | -2.7% |
净利率MRKWBD
| Q4 25 | 18.1% | -2.7% | ||
| Q3 25 | 33.5% | -1.6% | ||
| Q2 25 | 28.0% | 16.1% | ||
| Q1 25 | 32.7% | -5.0% | ||
| Q4 24 | 24.0% | -4.9% | ||
| Q3 24 | 19.0% | 1.4% | ||
| Q2 24 | 33.9% | -102.8% | ||
| Q1 24 | 30.2% | -9.7% |
每股收益（稀释后）MRKWBD
| Q4 25 | $1.19 | $-0.10 | ||
| Q3 25 | $2.32 | $-0.06 | ||
| Q2 25 | $1.76 | $0.63 | ||
| Q1 25 | $2.01 | $-0.18 | ||
| Q4 24 | $1.49 | $-0.20 | ||
| Q3 24 | $1.24 | $0.05 | ||
| Q2 24 | $2.14 | $-4.07 | ||
| Q1 24 | $1.87 | $-0.40 |
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 | $4.6B |
| 总债务越低越好 | — | $32.4B |
| 股东权益账面价值 | $52.6B | $35.9B |
| 总资产 | $136.9B | $100.1B |
| 负债/权益比越低杠杆越低 | — | 0.90× |
8季度趋势，按日历期对齐
现金及短期投资MRKWBD
| Q4 25 | $14.6B | $4.6B | ||
| Q3 25 | $18.2B | $4.3B | ||
| Q2 25 | $8.6B | $4.9B | ||
| Q1 25 | $9.2B | $3.9B | ||
| Q4 24 | $13.7B | $5.3B | ||
| Q3 24 | $14.6B | $3.3B | ||
| Q2 24 | $11.4B | $3.6B | ||
| Q1 24 | $5.6B | $3.0B |
总债务MRKWBD
| Q4 25 | — | $32.4B | ||
| Q3 25 | — | $33.4B | ||
| Q2 25 | — | $34.4B | ||
| Q1 25 | — | $34.6B | ||
| Q4 24 | — | $36.8B | ||
| Q3 24 | — | $37.2B | ||
| Q2 24 | — | $37.3B | ||
| Q1 24 | — | $39.1B |
股东权益MRKWBD
| Q4 25 | $52.6B | $35.9B | ||
| Q3 25 | $51.9B | $36.0B | ||
| Q2 25 | $49.0B | $36.0B | ||
| Q1 25 | $48.3B | $33.8B | ||
| Q4 24 | $46.3B | $34.0B | ||
| Q3 24 | $44.5B | $35.1B | ||
| Q2 24 | $43.6B | $34.3B | ||
| Q1 24 | $40.4B | $44.2B |
总资产MRKWBD
| Q4 25 | $136.9B | $100.1B | ||
| Q3 25 | $129.5B | $100.5B | ||
| Q2 25 | $117.5B | $101.7B | ||
| Q1 25 | $115.1B | $101.7B | ||
| Q4 24 | $117.1B | $104.6B | ||
| Q3 24 | $117.5B | $106.3B | ||
| Q2 24 | $112.6B | $108.0B | ||
| Q1 24 | $105.8B | $119.8B |
负债/权益比MRKWBD
| Q4 25 | — | 0.90× | ||
| Q3 25 | — | 0.93× | ||
| Q2 25 | — | 0.95× | ||
| Q1 25 | — | 1.02× | ||
| Q4 24 | — | 1.08× | ||
| Q3 24 | — | 1.06× | ||
| Q2 24 | — | 1.09× | ||
| Q1 24 | — | 0.89× |
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 | $1.8B |
| 自由现金流经营现金流 - 资本支出 | $1.8B | $1.4B |
| 自由现金流率自由现金流/营收 | 11.1% | 14.6% |
| 资本支出强度资本支出/营收 | 6.3% | 4.5% |
| 现金转化率经营现金流/净利润 | 0.96× | — |
| 过去12个月自由现金流最近4个季度 | $12.4B | $3.1B |
8季度趋势，按日历期对齐
经营现金流MRKWBD
| Q4 25 | $2.9B | $1.8B | ||
| Q3 25 | $7.8B | $979.0M | ||
| Q2 25 | $3.3B | $983.0M | ||
| Q1 25 | $2.5B | $553.0M | ||
| Q4 24 | $3.5B | $2.7B | ||
| Q3 24 | $9.3B | $847.0M | ||
| Q2 24 | $5.6B | $1.2B | ||
| Q1 24 | $3.1B | $585.0M |
自由现金流MRKWBD
| Q4 25 | $1.8B | $1.4B | ||
| Q3 25 | $6.8B | $701.0M | ||
| Q2 25 | $2.5B | $702.0M | ||
| Q1 25 | $1.2B | $302.0M | ||
| Q4 24 | $2.5B | $2.4B | ||
| Q3 24 | $8.5B | $632.0M | ||
| Q2 24 | $4.8B | $976.0M | ||
| Q1 24 | $2.2B | $390.0M |
自由现金流率MRKWBD
| Q4 25 | 11.1% | 14.6% | ||
| Q3 25 | 39.6% | 7.8% | ||
| Q2 25 | 16.0% | 7.2% | ||
| Q1 25 | 7.5% | 3.4% | ||
| Q4 24 | 16.1% | 24.2% | ||
| Q3 24 | 51.1% | 6.6% | ||
| Q2 24 | 30.1% | 10.0% | ||
| Q1 24 | 14.1% | 3.9% |
资本支出强度MRKWBD
| Q4 25 | 6.3% | 4.5% | ||
| Q3 25 | 5.7% | 3.1% | ||
| Q2 25 | 4.8% | 2.9% | ||
| Q1 25 | 8.6% | 2.8% | ||
| Q4 24 | 6.0% | 2.9% | ||
| Q3 24 | 4.7% | 2.2% | ||
| Q2 24 | 4.9% | 2.6% | ||
| Q1 24 | 5.5% | 2.0% |
现金转化率MRKWBD
| Q4 25 | 0.96× | — | ||
| Q3 25 | 1.35× | — | ||
| Q2 25 | 0.74× | 0.62× | ||
| Q1 25 | 0.49× | — | ||
| Q4 24 | 0.92× | — | ||
| Q3 24 | 2.94× | 6.27× | ||
| Q2 24 | 1.03× | — | ||
| Q1 24 | 0.65× | — |
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% |
WBD
| Distribution Revenue | $4.8B | 51% |
| Global Linear Networks | $4.2B | 44% |
| Service Other | $307.0M | 3% |
| Related Party | $204.0M | 2% |
| Other | $7.0M | 0% |
