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NORTECH SYSTEMS INC（NSYS）与Varex Imaging Corp（VREX）财务数据对比。点击上方公司名可切换其他公司
Varex Imaging Corp的季度营收约是NORTECH SYSTEMS INC的6.9倍（$209.6M vs $30.3M）。NORTECH SYSTEMS INC净利率更高（3.0% vs 1.1%，领先1.9%）。NORTECH SYSTEMS INC同比增速更快（5.9% vs 4.9%）。NORTECH SYSTEMS INC自由现金流更多（$5.5M vs $-26.8M）。过去两年Varex Imaging Corp的营收复合增速更高（0.8% vs -5.9%）
Nortech Systems Inc是一家全球电子制造服务提供商，为医疗科技、工业自动化、航空航天国防、交通运输等领域客户提供产品设计、原型制作、规模生产、供应链管理等全链路解决方案，主打符合行业规范的高可靠性电子组件与装配产品。
Varex Imaging是全球知名的影像组件及解决方案供应商，核心产品涵盖X射线管、数字平板探测器和图像处理软件，广泛应用于医疗诊断、放射肿瘤治疗及工业无损检测等领域，客户覆盖全球主要市场。
NSYS vs VREX — 直观对比
营收规模更大
VREX
是对方的6.9倍
$30.3M
营收增速更快
NSYS
高出1.0%
4.9%
净利率更高
NSYS
高出1.9%
1.1%
自由现金流更多
NSYS
多$32.3M
$-26.8M
两年增速更快
VREX
近两年复合增速
-5.9%
损益表 — Q4 2025 vs Q1 2026
| 指标 | | |
|---|---|---|
| 营收 | $30.3M | $209.6M |
| 净利润 | $897.0K | $2.3M |
| 毛利率 | 16.7% | 33.3% |
| 营业利润率 | 3.0% | 7.3% |
| 净利率 | 3.0% | 1.1% |
| 营收同比 | 5.9% | 4.9% |
| 净利润同比 | 160.7% | 866.7% |
| 每股收益（稀释后） | $0.32 | $0.05 |
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NSYSVREX
| Q1 26 | — | $209.6M | ||
| Q4 25 | $30.3M | $228.9M | ||
| Q3 25 | $30.5M | $203.0M | ||
| Q2 25 | $30.7M | $212.9M | ||
| Q1 25 | $26.9M | $199.8M | ||
| Q4 24 | $28.6M | — | ||
| Q3 24 | $31.4M | $205.7M | ||
| Q2 24 | $33.9M | $209.1M |
净利润NSYSVREX
| Q1 26 | — | $2.3M | ||
| Q4 25 | $897.0K | $12.2M | ||
| Q3 25 | $-146.0K | $-89.1M | ||
| Q2 25 | $313.0K | $6.9M | ||
| Q1 25 | $-1.3M | $-300.0K | ||
| Q4 24 | $-1.5M | — | ||
| Q3 24 | $-739.0K | $-51.1M | ||
| Q2 24 | $157.0K | $1.4M |
毛利率NSYSVREX
| Q1 26 | — | 33.3% | ||
| Q4 25 | 16.7% | 34.0% | ||
| Q3 25 | 16.5% | 33.3% | ||
| Q2 25 | 15.8% | 36.0% | ||
| Q1 25 | 11.4% | 34.3% | ||
| Q4 24 | 9.9% | — | ||
| Q3 24 | 12.2% | 32.6% | ||
| Q2 24 | 13.6% | 32.0% |
营业利润率NSYSVREX
| Q1 26 | — | 7.3% | ||
| Q4 25 | 3.0% | 8.6% | ||
| Q3 25 | 3.1% | -39.8% | ||
| Q2 25 | 2.4% | 10.4% | ||
| Q1 25 | -6.0% | 5.6% | ||
| Q4 24 | -4.3% | — | ||
| Q3 24 | -1.5% | 5.3% | ||
| Q2 24 | 1.0% | 4.4% |
净利率NSYSVREX
| Q1 26 | — | 1.1% | ||
| Q4 25 | 3.0% | 5.3% | ||
| Q3 25 | -0.5% | -43.9% | ||
| Q2 25 | 1.0% | 3.2% | ||
| Q1 25 | -4.9% | -0.2% | ||
| Q4 24 | -5.2% | — | ||
| Q3 24 | -2.4% | -24.8% | ||
| Q2 24 | 0.5% | 0.7% |
每股收益（稀释后）NSYSVREX
| Q1 26 | — | $0.05 | ||
| Q4 25 | $0.32 | $0.29 | ||
| Q3 25 | $-0.05 | $-2.15 | ||
| Q2 25 | $0.12 | $0.17 | ||
| Q1 25 | $-0.48 | $-0.01 | ||
| Q4 24 | $-0.51 | — | ||
| Q3 24 | $-0.27 | $-1.25 | ||
| Q2 24 | $0.05 | $0.03 |
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 | $1.7M | $125.6M |
| 总债务越低越好 | — | $367.6M |
| 股东权益账面价值 | $34.5M | $476.9M |
| 总资产 | $71.9M | $1.1B |
| 负债/权益比越低杠杆越低 | — | 0.77× |
8季度趋势，按日历期对齐
现金及短期投资NSYSVREX
| Q1 26 | — | $125.6M | ||
| Q4 25 | $1.7M | $155.1M | ||
| Q3 25 | $1.3M | $152.6M | ||
| Q2 25 | $652.0K | $223.0M | ||
| Q1 25 | $1.2M | $212.6M | ||
| Q4 24 | $916.0K | — | ||
| Q3 24 | $1.2M | $200.5M | ||
| Q2 24 | $1.5M | $190.0M |
总债务NSYSVREX
| Q1 26 | — | $367.6M | ||
| Q4 25 | — | $367.5M | ||
| Q3 25 | — | $367.5M | ||
| Q2 25 | — | $567.2M | ||
| Q1 25 | — | $567.0M | ||
| Q4 24 | — | — | ||
| Q3 24 | — | $443.4M | ||
| Q2 24 | — | $443.1M |
股东权益NSYSVREX
| Q1 26 | — | $476.9M | ||
| Q4 25 | $34.5M | $472.6M | ||
| Q3 25 | $33.4M | $455.3M | ||
| Q2 25 | $33.4M | $549.7M | ||
| Q1 25 | $32.8M | $540.2M | ||
| Q4 24 | $34.0M | — | ||
| Q3 24 | $35.7M | $529.1M | ||
| Q2 24 | $36.1M | $581.2M |
总资产NSYSVREX
| Q1 26 | — | $1.1B | ||
| Q4 25 | $71.9M | $1.1B | ||
| Q3 25 | $74.8M | $1.1B | ||
| Q2 25 | $74.8M | $1.4B | ||
| Q1 25 | $73.5M | $1.3B | ||
| Q4 24 | $72.4M | — | ||
| Q3 24 | $77.0M | $1.2B | ||
| Q2 24 | $76.3M | $1.3B |
负债/权益比NSYSVREX
| Q1 26 | — | 0.77× | ||
| Q4 25 | — | 0.78× | ||
| Q3 25 | — | 0.81× | ||
| Q2 25 | — | 1.03× | ||
| Q1 25 | — | 1.05× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 0.84× | ||
| Q2 24 | — | 0.76× |
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 | $5.6M | $-16.1M |
| 自由现金流经营现金流 - 资本支出 | $5.5M | $-26.8M |
| 自由现金流率自由现金流/营收 | 18.0% | -12.8% |
| 资本支出强度资本支出/营收 | 0.5% | 5.1% |
| 现金转化率经营现金流/净利润 | 6.25× | -7.00× |
| 过去12个月自由现金流最近4个季度 | $2.1M | $-13.3M |
8季度趋势，按日历期对齐
经营现金流NSYSVREX
| Q1 26 | — | $-16.1M | ||
| Q4 25 | $5.6M | $7.9M | ||
| Q3 25 | $-92.0K | $7.7M | ||
| Q2 25 | $157.0K | $16.6M | ||
| Q1 25 | $-2.9M | $9.5M | ||
| Q4 24 | $793.0K | — | ||
| Q3 24 | $-1.6M | $25.9M | ||
| Q2 24 | $-4.3M | $8.0M |
自由现金流NSYSVREX
| Q1 26 | — | $-26.8M | ||
| Q4 25 | $5.5M | $2.3M | ||
| Q3 25 | $-242.0K | $1.4M | ||
| Q2 25 | $58.0K | $9.8M | ||
| Q1 25 | $-3.2M | $5.3M | ||
| Q4 24 | $503.0K | — | ||
| Q3 24 | $-1.6M | $19.9M | ||
| Q2 24 | $-4.6M | $3.3M |
自由现金流率NSYSVREX
| Q1 26 | — | -12.8% | ||
| Q4 25 | 18.0% | 1.0% | ||
| Q3 25 | -0.8% | 0.7% | ||
| Q2 25 | 0.2% | 4.6% | ||
| Q1 25 | -11.9% | 2.7% | ||
| Q4 24 | 1.8% | — | ||
| Q3 24 | -5.2% | 9.7% | ||
| Q2 24 | -13.5% | 1.6% |
资本支出强度NSYSVREX
| Q1 26 | — | 5.1% | ||
| Q4 25 | 0.5% | 2.4% | ||
| Q3 25 | 0.5% | 3.1% | ||
| Q2 25 | 0.3% | 3.2% | ||
| Q1 25 | 1.0% | 2.1% | ||
| Q4 24 | 1.0% | — | ||
| Q3 24 | 0.1% | 2.9% | ||
| Q2 24 | 0.8% | 2.2% |
现金转化率NSYSVREX
| Q1 26 | — | -7.00× | ||
| Q4 25 | 6.25× | 0.65× | ||
| Q3 25 | — | — | ||
| Q2 25 | 0.50× | 2.41× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | -27.30× | 5.71× |
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
NSYS
| Medical Imaging | $11.4M | 37% |
| Medical Device | $8.0M | 26% |
| Industrial | $7.3M | 24% |
| Aerospace And Defense | $3.7M | 12% |
VREX
| Medical Segment | $144.8M | 69% |
| Industrial Segment | $64.8M | 31% |
