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纳斯达克（NDAQ）与硕腾（ZTS）财务数据对比。点击上方公司名可切换其他公司
硕腾的季度营收约是纳斯达克的1.1倍（$2.4B vs $2.1B），硕腾净利率更高（25.3% vs 24.3%，领先1.0%），硕腾同比增速更快（3.0% vs 2.0%），过去两年纳斯达克的营收复合增速更高（9.2% vs 4.4%）
纳斯达克是美国的证券交易所，市值规模在全球证券交易所中排名第二，也是全球首个完全电子化的股票市场。其总部位于纽约曼哈顿，是美国交易量领先、活跃度最高的股票交易场所之一。
硕腾是全球规模最大的动物保健制药企业，专注于宠物与家畜用药品、疫苗的研发和生产，前身为制药巨头辉瑞旗下的动物保健业务板块，辉瑞剥离多数股权后成为完全独立的企业。目前公司产品直销约45个国家，在全球超过100个国家和地区销售，海外业务占总营收的50%左右。
NDAQ vs ZTS — 直观对比
营收规模更大
ZTS
是对方的1.1倍
$2.1B
营收增速更快
ZTS
高出1.1%
2.0%
净利率更高
ZTS
高出1.0%
24.3%
两年增速更快
NDAQ
近两年复合增速
4.4%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $2.1B | $2.4B |
| 净利润 | $519.0M | $603.0M |
| 毛利率 | — | 70.2% |
| 营业利润率 | 30.7% | 31.9% |
| 净利率 | 24.3% | 25.3% |
| 营收同比 | 2.0% | 3.0% |
| 净利润同比 | 31.4% | 3.8% |
| 每股收益（稀释后） | $0.91 | $1.37 |
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NDAQZTS
| Q1 26 | $2.1B | — | ||
| Q4 25 | $2.1B | $2.4B | ||
| Q3 25 | $2.0B | $2.4B | ||
| Q2 25 | $2.1B | $2.5B | ||
| Q1 25 | $2.1B | $2.2B | ||
| Q4 24 | $2.0B | $2.3B | ||
| Q3 24 | $1.9B | $2.4B | ||
| Q2 24 | $1.8B | $2.4B |
净利润NDAQZTS
| Q1 26 | $519.0M | — | ||
| Q4 25 | $518.0M | $603.0M | ||
| Q3 25 | $423.0M | $721.0M | ||
| Q2 25 | $452.0M | $718.0M | ||
| Q1 25 | $395.0M | $631.0M | ||
| Q4 24 | $355.0M | $581.0M | ||
| Q3 24 | $306.0M | $682.0M | ||
| Q2 24 | $222.0M | $624.0M |
毛利率NDAQZTS
| Q1 26 | — | — | ||
| Q4 25 | 65.5% | 70.2% | ||
| Q3 25 | 67.2% | 71.5% | ||
| Q2 25 | 62.5% | 73.6% | ||
| Q1 25 | 59.2% | 72.0% | ||
| Q4 24 | 60.4% | 69.5% | ||
| Q3 24 | 60.3% | 70.6% | ||
| Q2 24 | 64.7% | 71.7% |
营业利润率NDAQZTS
| Q1 26 | 30.7% | — | ||
| Q4 25 | 29.7% | 31.9% | ||
| Q3 25 | 29.9% | 37.0% | ||
| Q2 25 | 27.2% | 36.7% | ||
| Q1 25 | 26.2% | 36.5% | ||
| Q4 24 | 25.4% | 31.6% | ||
| Q3 24 | 23.6% | 36.6% | ||
| Q2 24 | 23.6% | 33.0% |
净利率NDAQZTS
| Q1 26 | 24.3% | — | ||
| Q4 25 | 24.4% | 25.3% | ||
| Q3 25 | 21.6% | 30.0% | ||
| Q2 25 | 21.6% | 29.2% | ||
| Q1 25 | 18.9% | 28.4% | ||
| Q4 24 | 17.5% | 25.1% | ||
| Q3 24 | 16.1% | 28.6% | ||
| Q2 24 | 12.4% | 26.4% |
每股收益（稀释后）NDAQZTS
| Q1 26 | $0.91 | — | ||
| Q4 25 | $0.90 | $1.37 | ||
| Q3 25 | $0.73 | $1.63 | ||
| Q2 25 | $0.78 | $1.61 | ||
| Q1 25 | $0.68 | $1.41 | ||
| Q4 24 | $0.62 | $1.29 | ||
| Q3 24 | $0.53 | $1.50 | ||
| Q2 24 | $0.38 | $1.37 |
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 | $515.0M | — |
| 总债务越低越好 | $9.0B | — |
| 股东权益账面价值 | $12.0B | $3.3B |
| 总资产 | $27.3B | $15.5B |
| 负债/权益比越低杠杆越低 | 0.74× | — |
8季度趋势，按日历期对齐
现金及短期投资NDAQZTS
| Q1 26 | $515.0M | — | ||
| Q4 25 | $604.0M | — | ||
| Q3 25 | $470.0M | $2.1B | ||
| Q2 25 | $732.0M | $1.4B | ||
| Q1 25 | $690.0M | $1.7B | ||
| Q4 24 | $592.0M | $2.0B | ||
| Q3 24 | $266.0M | $1.7B | ||
| Q2 24 | $416.0M | $1.6B |
总债务NDAQZTS
| Q1 26 | $9.0B | — | ||
| Q4 25 | $8.6B | — | ||
| Q3 25 | $8.7B | — | ||
| Q2 25 | $8.7B | — | ||
| Q1 25 | $8.9B | — | ||
| Q4 24 | $9.1B | — | ||
| Q3 24 | $9.4B | — | ||
| Q2 24 | $9.2B | — |
股东权益NDAQZTS
| Q1 26 | $12.0B | — | ||
| Q4 25 | $12.2B | $3.3B | ||
| Q3 25 | $12.0B | $5.4B | ||
| Q2 25 | $11.8B | $5.0B | ||
| Q1 25 | $11.5B | $4.7B | ||
| Q4 24 | $11.2B | $4.8B | ||
| Q3 24 | $11.1B | $5.2B | ||
| Q2 24 | $10.9B | $5.0B |
总资产NDAQZTS
| Q1 26 | $27.3B | — | ||
| Q4 25 | $31.1B | $15.5B | ||
| Q3 25 | $30.7B | $15.2B | ||
| Q2 25 | $30.4B | $14.5B | ||
| Q1 25 | $30.6B | $14.1B | ||
| Q4 24 | $30.4B | $14.2B | ||
| Q3 24 | $30.6B | $14.4B | ||
| Q2 24 | $30.2B | $14.2B |
负债/权益比NDAQZTS
| Q1 26 | 0.74× | — | ||
| Q4 25 | 0.70× | — | ||
| Q3 25 | 0.72× | — | ||
| Q2 25 | 0.73× | — | ||
| Q1 25 | 0.77× | — | ||
| Q4 24 | 0.81× | — | ||
| Q3 24 | 0.85× | — | ||
| Q2 24 | 0.85× | — |
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 | — | $893.0M |
| 自由现金流经营现金流 - 资本支出 | — | $732.0M |
| 自由现金流率自由现金流/营收 | — | 30.7% |
| 资本支出强度资本支出/营收 | — | 6.7% |
| 现金转化率经营现金流/净利润 | — | 1.48× |
| 过去12个月自由现金流最近4个季度 | — | $2.3B |
8季度趋势，按日历期对齐
经营现金流NDAQZTS
| Q1 26 | — | — | ||
| Q4 25 | $625.0M | $893.0M | ||
| Q3 25 | $221.0M | $938.0M | ||
| Q2 25 | $746.0M | $486.0M | ||
| Q1 25 | $663.0M | $587.0M | ||
| Q4 24 | $705.0M | $905.0M | ||
| Q3 24 | $244.0M | $951.0M | ||
| Q2 24 | $460.0M | $502.0M |
自由现金流NDAQZTS
| Q1 26 | — | — | ||
| Q4 25 | $536.0M | $732.0M | ||
| Q3 25 | $152.0M | $805.0M | ||
| Q2 25 | $687.0M | $308.0M | ||
| Q1 25 | $614.0M | $438.0M | ||
| Q4 24 | $645.0M | $689.0M | ||
| Q3 24 | $188.0M | $784.0M | ||
| Q2 24 | $408.0M | $370.0M |
自由现金流率NDAQZTS
| Q1 26 | — | — | ||
| Q4 25 | 25.2% | 30.7% | ||
| Q3 25 | 7.8% | 33.5% | ||
| Q2 25 | 32.9% | 12.5% | ||
| Q1 25 | 29.4% | 19.7% | ||
| Q4 24 | 31.7% | 29.7% | ||
| Q3 24 | 9.9% | 32.8% | ||
| Q2 24 | 22.8% | 15.7% |
资本支出强度NDAQZTS
| Q1 26 | — | — | ||
| Q4 25 | 4.2% | 6.7% | ||
| Q3 25 | 3.5% | 5.5% | ||
| Q2 25 | 2.8% | 7.2% | ||
| Q1 25 | 2.3% | 6.7% | ||
| Q4 24 | 3.0% | 9.3% | ||
| Q3 24 | 2.9% | 7.0% | ||
| Q2 24 | 2.9% | 5.6% |
现金转化率NDAQZTS
| Q1 26 | — | — | ||
| Q4 25 | 1.21× | 1.48× | ||
| Q3 25 | 0.52× | 1.30× | ||
| Q2 25 | 1.65× | 0.68× | ||
| Q1 25 | 1.68× | 0.93× | ||
| Q4 24 | 1.99× | 1.56× | ||
| Q3 24 | 0.80× | 1.39× | ||
| Q2 24 | 2.07× | 0.80× |
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
NDAQ
| Market Services | $1.0B | 49% |
| Capital Access Platforms | $565.0M | 26% |
| Financial Technology | $517.0M | 24% |
| Other Revenues | $8.0M | 0% |
ZTS
| Other | $1.3B | 56% |
| Livestock | $234.0M | 10% |
| Pain Sedation | $209.0M | 9% |
| Other Pharmaceuticals | $188.0M | 8% |
| Swine | $125.0M | 5% |
| Poultry | $117.0M | 5% |
| Fish | $81.0M | 3% |
| Other Non Pharmaceuticals | $70.0M | 3% |
| Manufactured Product Other | $18.0M | 1% |
| Medicated Feed Additives | $12.0M | 1% |
