vs
ServiceNow（NOW）与硕腾（ZTS）财务数据对比。点击上方公司名可切换其他公司
ServiceNow的季度营收约是硕腾的1.6倍（$3.8B vs $2.4B），硕腾净利率更高（25.3% vs 12.4%，领先12.8%），硕腾同比增速更快（3.0% vs 2.8%），ServiceNow自由现金流更多（$1.7B vs $732.0M），过去两年ServiceNow的营收复合增速更高（19.8% vs 4.4%）
ServiceNow是2003年由弗雷德·卢迪在美国加利福尼亚州圣克拉拉创立的软件企业，主打云计算平台产品，可支持企业搭建及管理自动化业务工作流。公司于纽交所上市，现为标普100及标普500指数成分股。
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。
NOW vs ZTS — 直观对比
营收规模更大
NOW
是对方的1.6倍
$2.4B
营收增速更快
ZTS
高出0.2%
2.8%
净利率更高
ZTS
高出12.8%
12.4%
自由现金流更多
NOW
多$933.0M
$732.0M
两年增速更快
NOW
近两年复合增速
4.4%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $3.8B | $2.4B |
| 净利润 | $469.0M | $603.0M |
| 毛利率 | 75.1% | 70.2% |
| 营业利润率 | 13.3% | 31.9% |
| 净利率 | 12.4% | 25.3% |
| 营收同比 | 2.8% | 3.0% |
| 净利润同比 | -53.7% | 3.8% |
| 每股收益（稀释后） | $1.04 | $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NOWZTS
| Q1 26 | $3.8B | — | ||
| Q4 25 | $3.6B | $2.4B | ||
| Q3 25 | $3.4B | $2.4B | ||
| Q2 25 | $3.2B | $2.5B | ||
| Q1 25 | $3.1B | $2.2B | ||
| Q4 24 | $3.0B | $2.3B | ||
| Q3 24 | $2.8B | $2.4B | ||
| Q2 24 | $2.6B | $2.4B |
净利润NOWZTS
| Q1 26 | $469.0M | — | ||
| Q4 25 | $401.0M | $603.0M | ||
| Q3 25 | $502.0M | $721.0M | ||
| Q2 25 | $385.0M | $718.0M | ||
| Q1 25 | $460.0M | $631.0M | ||
| Q4 24 | $384.0M | $581.0M | ||
| Q3 24 | $432.0M | $682.0M | ||
| Q2 24 | $262.0M | $624.0M |
毛利率NOWZTS
| Q1 26 | 75.1% | — | ||
| Q4 25 | 76.6% | 70.2% | ||
| Q3 25 | 77.3% | 71.5% | ||
| Q2 25 | 77.5% | 73.6% | ||
| Q1 25 | 78.9% | 72.0% | ||
| Q4 24 | 78.7% | 69.5% | ||
| Q3 24 | 79.1% | 70.6% | ||
| Q2 24 | 79.0% | 71.7% |
营业利润率NOWZTS
| Q1 26 | 13.3% | — | ||
| Q4 25 | 12.4% | 31.9% | ||
| Q3 25 | 16.8% | 37.0% | ||
| Q2 25 | 11.1% | 36.7% | ||
| Q1 25 | 14.6% | 36.5% | ||
| Q4 24 | 12.6% | 31.6% | ||
| Q3 24 | 14.9% | 36.6% | ||
| Q2 24 | 9.1% | 33.0% |
净利率NOWZTS
| Q1 26 | 12.4% | — | ||
| Q4 25 | 11.2% | 25.3% | ||
| Q3 25 | 14.7% | 30.0% | ||
| Q2 25 | 12.0% | 29.2% | ||
| Q1 25 | 14.9% | 28.4% | ||
| Q4 24 | 13.0% | 25.1% | ||
| Q3 24 | 15.4% | 28.6% | ||
| Q2 24 | 10.0% | 26.4% |
每股收益（稀释后）NOWZTS
| Q1 26 | $1.04 | — | ||
| Q4 25 | $-4.77 | $1.37 | ||
| Q3 25 | $2.40 | $1.63 | ||
| Q2 25 | $1.84 | $1.61 | ||
| Q1 25 | $2.20 | $1.41 | ||
| Q4 24 | $1.84 | $1.29 | ||
| Q3 24 | $2.07 | $1.50 | ||
| Q2 24 | $1.26 | $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 | $2.7B | — |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $11.7B | $3.3B |
| 总资产 | $24.4B | $15.5B |
| 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NOWZTS
| Q1 26 | $2.7B | — | ||
| Q4 25 | $3.7B | — | ||
| Q3 25 | $2.7B | $2.1B | ||
| Q2 25 | $3.1B | $1.4B | ||
| Q1 25 | $3.4B | $1.7B | ||
| Q4 24 | $2.3B | $2.0B | ||
| Q3 24 | $1.9B | $1.7B | ||
| Q2 24 | $2.2B | $1.6B |
股东权益NOWZTS
| Q1 26 | $11.7B | — | ||
| Q4 25 | $13.0B | $3.3B | ||
| Q3 25 | $11.3B | $5.4B | ||
| Q2 25 | $10.9B | $5.0B | ||
| Q1 25 | $10.1B | $4.7B | ||
| Q4 24 | $9.6B | $4.8B | ||
| Q3 24 | $9.3B | $5.2B | ||
| Q2 24 | $8.7B | $5.0B |
总资产NOWZTS
| Q1 26 | $24.4B | — | ||
| Q4 25 | $26.0B | $15.5B | ||
| Q3 25 | $21.8B | $15.2B | ||
| Q2 25 | $22.1B | $14.5B | ||
| Q1 25 | $21.0B | $14.1B | ||
| Q4 24 | $20.4B | $14.2B | ||
| Q3 24 | $18.4B | $14.4B | ||
| Q2 24 | $18.2B | $14.2B |
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 | $1.7B | $893.0M |
| 自由现金流经营现金流 - 资本支出 | $1.7B | $732.0M |
| 自由现金流率自由现金流/营收 | 44.2% | 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 | 3.56× | 1.48× |
| 过去12个月自由现金流最近4个季度 | $4.8B | $2.3B |
8季度趋势，按日历期对齐
经营现金流NOWZTS
| Q1 26 | $1.7B | — | ||
| Q4 25 | $2.2B | $893.0M | ||
| Q3 25 | $813.0M | $938.0M | ||
| Q2 25 | $716.0M | $486.0M | ||
| Q1 25 | $1.7B | $587.0M | ||
| Q4 24 | $1.6B | $905.0M | ||
| Q3 24 | $671.0M | $951.0M | ||
| Q2 24 | $620.0M | $502.0M |
自由现金流NOWZTS
| Q1 26 | $1.7B | — | ||
| Q4 25 | $2.0B | $732.0M | ||
| Q3 25 | $578.0M | $805.0M | ||
| Q2 25 | $526.0M | $308.0M | ||
| Q1 25 | $1.5B | $438.0M | ||
| Q4 24 | $1.4B | $689.0M | ||
| Q3 24 | $469.0M | $784.0M | ||
| Q2 24 | $358.0M | $370.0M |
自由现金流率NOWZTS
| Q1 26 | 44.2% | — | ||
| Q4 25 | 56.1% | 30.7% | ||
| Q3 25 | 17.0% | 33.5% | ||
| Q2 25 | 16.4% | 12.5% | ||
| Q1 25 | 47.7% | 19.7% | ||
| Q4 24 | 46.7% | 29.7% | ||
| Q3 24 | 16.8% | 32.8% | ||
| Q2 24 | 13.6% | 15.7% |
资本支出强度NOWZTS
| Q1 26 | — | — | ||
| Q4 25 | 6.7% | 6.7% | ||
| Q3 25 | 6.9% | 5.5% | ||
| Q2 25 | 5.9% | 7.2% | ||
| Q1 25 | 6.6% | 6.7% | ||
| Q4 24 | 8.6% | 9.3% | ||
| Q3 24 | 7.2% | 7.0% | ||
| Q2 24 | 10.0% | 5.6% |
现金转化率NOWZTS
| Q1 26 | 3.56× | — | ||
| Q4 25 | 5.58× | 1.48× | ||
| Q3 25 | 1.62× | 1.30× | ||
| Q2 25 | 1.86× | 0.68× | ||
| Q1 25 | 3.65× | 0.93× | ||
| Q4 24 | 4.26× | 1.56× | ||
| Q3 24 | 1.55× | 1.39× | ||
| Q2 24 | 2.37× | 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
NOW
| Subscription revenues | $3.7B | 97% |
| Other | $80.5M | 2% |
| Professional services and other revenues | $18.5M | 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% |
