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MSA Safety Inc（MSA）与捷迈邦美（ZBH）财务数据对比。点击上方公司名可切换其他公司
捷迈邦美的季度营收约是MSA Safety Inc的4.4倍（$2.2B vs $510.9M）。MSA Safety Inc净利率更高（17.0% vs 6.2%，领先10.8%）。捷迈邦美同比增速更快（10.9% vs 2.2%）。捷迈邦美自由现金流更多（$442.6M vs $106.0M）。过去两年MSA Safety Inc的营收复合增速更高（11.2% vs 9.0%）
MSA安全是美国专业安全设备生产供应商，面向建筑、军事、消防、化工、油气等存在高危作业场景的多个行业提供安全防护产品及解决方案，总部位于美国匹兹堡近郊的克兰伯里。
捷迈邦美是一家美国上市的医疗设备企业，1927年成立，最初以生产铝制夹板为核心业务，总部设于印第安纳州华沙市，是当地医疗设备产业集群的核心成员，在全球骨科医疗器械领域拥有较高知名度。
MSA vs ZBH — 直观对比
营收规模更大
ZBH
是对方的4.4倍
$510.9M
营收增速更快
ZBH
高出8.7%
2.2%
净利率更高
MSA
高出10.8%
6.2%
自由现金流更多
ZBH
多$336.6M
$106.0M
两年增速更快
MSA
近两年复合增速
9.0%
损益表 — Q4 2025 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $510.9M | $2.2B |
| 净利润 | $86.9M | $139.4M |
| 毛利率 | 46.9% | 64.7% |
| 营业利润率 | 22.3% | 6.9% |
| 净利率 | 17.0% | 6.2% |
| 营收同比 | 2.2% | 10.9% |
| 净利润同比 | -1.2% | -41.8% |
| 每股收益（稀释后） | $2.22 | $0.71 |
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MSAZBH
| Q4 25 | $510.9M | $2.2B | ||
| Q3 25 | $468.4M | $2.0B | ||
| Q2 25 | $474.1M | $2.1B | ||
| Q1 25 | $421.3M | $1.9B | ||
| Q4 24 | $499.7M | $2.0B | ||
| Q3 24 | $432.7M | $1.8B | ||
| Q2 24 | $462.5M | $1.9B | ||
| Q1 24 | $413.3M | $1.9B |
净利润MSAZBH
| Q4 25 | $86.9M | $139.4M | ||
| Q3 25 | $69.6M | $230.9M | ||
| Q2 25 | $62.8M | $152.8M | ||
| Q1 25 | $59.6M | $182.0M | ||
| Q4 24 | $87.9M | $239.5M | ||
| Q3 24 | $66.6M | $249.1M | ||
| Q2 24 | $72.2M | $242.8M | ||
| Q1 24 | $58.1M | $172.4M |
毛利率MSAZBH
| Q4 25 | 46.9% | 64.7% | ||
| Q3 25 | 46.5% | 72.1% | ||
| Q2 25 | 46.6% | 71.5% | ||
| Q1 25 | 45.9% | 71.2% | ||
| Q4 24 | 46.9% | 71.0% | ||
| Q3 24 | 47.9% | 70.5% | ||
| Q2 24 | 48.2% | 71.5% | ||
| Q1 24 | 47.3% | 72.9% |
营业利润率MSAZBH
| Q4 25 | 22.3% | 6.9% | ||
| Q3 25 | 20.1% | 17.6% | ||
| Q2 25 | 18.1% | 14.4% | ||
| Q1 25 | 18.5% | 15.3% | ||
| Q4 24 | 23.5% | 19.2% | ||
| Q3 24 | 21.1% | 15.3% | ||
| Q2 24 | 21.6% | 18.1% | ||
| Q1 24 | 19.4% | 14.1% |
净利率MSAZBH
| Q4 25 | 17.0% | 6.2% | ||
| Q3 25 | 14.9% | 11.5% | ||
| Q2 25 | 13.2% | 7.4% | ||
| Q1 25 | 14.1% | 9.5% | ||
| Q4 24 | 17.6% | 11.8% | ||
| Q3 24 | 15.4% | 13.7% | ||
| Q2 24 | 15.6% | 12.5% | ||
| Q1 24 | 14.1% | 9.1% |
每股收益（稀释后）MSAZBH
| Q4 25 | $2.22 | $0.71 | ||
| Q3 25 | $1.77 | $1.16 | ||
| Q2 25 | $1.59 | $0.77 | ||
| Q1 25 | $1.51 | $0.91 | ||
| Q4 24 | $2.22 | $1.18 | ||
| Q3 24 | $1.69 | $1.23 | ||
| Q2 24 | $1.83 | $1.18 | ||
| Q1 24 | $1.47 | $0.84 |
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 | $165.1M | $591.9M |
| 总债务越低越好 | $580.9M | — |
| 股东权益账面价值 | $1.4B | $12.7B |
| 总资产 | $2.6B | $23.1B |
| 负债/权益比越低杠杆越低 | 0.42× | — |
8季度趋势，按日历期对齐
现金及短期投资MSAZBH
| Q4 25 | $165.1M | $591.9M | ||
| Q3 25 | $170.0M | $1.3B | ||
| Q2 25 | $147.0M | $556.9M | ||
| Q1 25 | $170.6M | $1.4B | ||
| Q4 24 | $164.6M | $525.5M | ||
| Q3 24 | $154.4M | $569.0M | ||
| Q2 24 | $146.8M | $420.1M | ||
| Q1 24 | $148.3M | $393.0M |
总债务MSAZBH
| Q4 25 | $580.9M | — | ||
| Q3 25 | $628.6M | — | ||
| Q2 25 | $679.3M | — | ||
| Q1 25 | $502.1M | — | ||
| Q4 24 | $508.0M | — | ||
| Q3 24 | $554.7M | — | ||
| Q2 24 | $588.2M | — | ||
| Q1 24 | $596.2M | — |
股东权益MSAZBH
| Q4 25 | $1.4B | $12.7B | ||
| Q3 25 | $1.3B | $12.8B | ||
| Q2 25 | $1.3B | $12.5B | ||
| Q1 25 | $1.2B | $12.4B | ||
| Q4 24 | $1.1B | $12.5B | ||
| Q3 24 | $1.1B | $12.4B | ||
| Q2 24 | $1.0B | $12.7B | ||
| Q1 24 | $994.8M | $12.6B |
总资产MSAZBH
| Q4 25 | $2.6B | $23.1B | ||
| Q3 25 | $2.6B | $23.5B | ||
| Q2 25 | $2.6B | $22.9B | ||
| Q1 25 | $2.2B | $22.2B | ||
| Q4 24 | $2.2B | $21.4B | ||
| Q3 24 | $2.2B | $21.7B | ||
| Q2 24 | $2.2B | $21.5B | ||
| Q1 24 | $2.2B | $21.5B |
负债/权益比MSAZBH
| Q4 25 | 0.42× | — | ||
| Q3 25 | 0.48× | — | ||
| Q2 25 | 0.54× | — | ||
| Q1 25 | 0.42× | — | ||
| Q4 24 | 0.44× | — | ||
| Q3 24 | 0.51× | — | ||
| Q2 24 | 0.57× | — | ||
| Q1 24 | 0.60× | — |
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 | $122.4M | $517.4M |
| 自由现金流经营现金流 - 资本支出 | $106.0M | $442.6M |
| 自由现金流率自由现金流/营收 | 20.8% | 19.7% |
| 资本支出强度资本支出/营收 | 3.2% | 3.3% |
| 现金转化率经营现金流/净利润 | 1.41× | 3.71× |
| 过去12个月自由现金流最近4个季度 | $295.4M | $1.5B |
8季度趋势，按日历期对齐
经营现金流MSAZBH
| Q4 25 | $122.4M | $517.4M | ||
| Q3 25 | $112.5M | $418.7M | ||
| Q2 25 | $67.2M | $378.2M | ||
| Q1 25 | $61.8M | $382.8M | ||
| Q4 24 | $107.9M | $506.3M | ||
| Q3 24 | $84.3M | $395.7M | ||
| Q2 24 | $53.3M | $369.4M | ||
| Q1 24 | $50.9M | $228.0M |
自由现金流MSAZBH
| Q4 25 | $106.0M | $442.6M | ||
| Q3 25 | $100.5M | $363.7M | ||
| Q2 25 | $37.9M | $328.1M | ||
| Q1 25 | $51.0M | $338.2M | ||
| Q4 24 | $93.5M | $454.8M | ||
| Q3 24 | $70.1M | $351.2M | ||
| Q2 24 | $39.0M | $316.7M | ||
| Q1 24 | $39.7M | $172.9M |
自由现金流率MSAZBH
| Q4 25 | 20.8% | 19.7% | ||
| Q3 25 | 21.4% | 18.2% | ||
| Q2 25 | 8.0% | 15.8% | ||
| Q1 25 | 12.1% | 17.7% | ||
| Q4 24 | 18.7% | 22.5% | ||
| Q3 24 | 16.2% | 19.3% | ||
| Q2 24 | 8.4% | 16.3% | ||
| Q1 24 | 9.6% | 9.2% |
资本支出强度MSAZBH
| Q4 25 | 3.2% | 3.3% | ||
| Q3 25 | 2.6% | 2.7% | ||
| Q2 25 | 6.2% | 2.4% | ||
| Q1 25 | 2.6% | 2.3% | ||
| Q4 24 | 2.9% | 2.5% | ||
| Q3 24 | 3.3% | 2.4% | ||
| Q2 24 | 3.1% | 2.7% | ||
| Q1 24 | 2.7% | 2.9% |
现金转化率MSAZBH
| Q4 25 | 1.41× | 3.71× | ||
| Q3 25 | 1.62× | 1.81× | ||
| Q2 25 | 1.07× | 2.48× | ||
| Q1 25 | 1.04× | 2.10× | ||
| Q4 24 | 1.23× | 2.11× | ||
| Q3 24 | 1.27× | 1.59× | ||
| Q2 24 | 0.74× | 1.52× | ||
| Q1 24 | 0.88× | 1.32× |
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
MSA
| Americas Segment | $335.2M | 66% |
| International Segment | $175.7M | 34% |
ZBH
| Knees | $911.0M | 41% |
| SET | $587.6M | 26% |
| Hips | $555.4M | 25% |
| Technology And Data Bone Cement And Surgical | $189.8M | 8% |
