vs
网易（NTES）与Stryker Corporation（SYK）财务数据对比。点击上方公司名可切换其他公司
Stryker Corporation的季度营收约是网易的1.8倍（$7.2B vs $4.0B），网易净利率更高（31.0% vs 11.8%，领先19.2%），Stryker Corporation自由现金流更多（$1.9B vs $1.8B），过去两年Stryker Corporation的营收复合增速更高（16.9% vs 9.7%）
网易由丁磊于1997年6月创立，是全球规模领先的互联网与网络游戏企业之一。公司核心业务涵盖PC及移动端网络游戏的研发与发行，同时布局广告服务、电子邮箱服务及电商平台等多元业务板块。
斯特赖克是一款八轮装甲战车，衍生自加拿大LAV III步兵战车，而后者源自瑞士莫瓦格食人鱼系列装甲车。该型战车由加拿大通用动力陆地系统公司为美国陆军生产，制造工厂位于安大略省伦敦市。它默认采用8×4四轮驱动，可切换为8×8全轮驱动模式。
NTES vs SYK — 直观对比
营收规模更大
SYK
是对方的1.8倍
$4.0B
净利率更高
NTES
高出19.2%
11.8%
自由现金流更多
SYK
多$96.1M
$1.8B
两年增速更快
SYK
近两年复合增速
9.7%
损益表 — Q3 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $4.0B | $7.2B |
| 净利润 | $1.2B | $849.0M |
| 毛利率 | 64.1% | 64.5% |
| 营业利润率 | 28.3% | 25.2% |
| 净利率 | 31.0% | 11.8% |
| 营收同比 | — | 11.4% |
| 净利润同比 | — | 55.5% |
| 每股收益（稀释后） | — | $2.20 |
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NTESSYK
| Q4 25 | — | $7.2B | ||
| Q3 25 | $4.0B | $6.1B | ||
| Q2 25 | $3.9B | $6.0B | ||
| Q1 25 | $4.0B | $5.9B | ||
| Q4 24 | — | $6.4B | ||
| Q3 24 | $3.7B | $5.5B | ||
| Q2 24 | $3.5B | $5.4B | ||
| Q1 24 | $3.7B | $5.2B |
净利润NTESSYK
| Q4 25 | — | $849.0M | ||
| Q3 25 | $1.2B | $859.0M | ||
| Q2 25 | $1.3B | $884.0M | ||
| Q1 25 | $1.5B | $654.0M | ||
| Q4 24 | — | $546.0M | ||
| Q3 24 | $955.7M | $834.0M | ||
| Q2 24 | $939.6M | $825.0M | ||
| Q1 24 | $1.1B | $788.0M |
毛利率NTESSYK
| Q4 25 | — | 64.5% | ||
| Q3 25 | 64.1% | 63.6% | ||
| Q2 25 | 64.7% | 63.8% | ||
| Q1 25 | 64.1% | 63.8% | ||
| Q4 24 | — | 64.9% | ||
| Q3 24 | 62.9% | 64.0% | ||
| Q2 24 | 62.9% | 63.0% | ||
| Q1 24 | 63.4% | 63.6% |
营业利润率NTESSYK
| Q4 25 | — | 25.2% | ||
| Q3 25 | 28.3% | 18.7% | ||
| Q2 25 | 32.5% | 18.5% | ||
| Q1 25 | 36.2% | 14.3% | ||
| Q4 24 | — | 9.0% | ||
| Q3 24 | 27.3% | 19.7% | ||
| Q2 24 | 27.4% | 19.4% | ||
| Q1 24 | 28.4% | 18.5% |
净利率NTESSYK
| Q4 25 | — | 11.8% | ||
| Q3 25 | 31.0% | 14.2% | ||
| Q2 25 | 32.6% | 14.7% | ||
| Q1 25 | 36.6% | 11.1% | ||
| Q4 24 | — | 8.5% | ||
| Q3 24 | 25.6% | 15.2% | ||
| Q2 24 | 26.8% | 15.2% | ||
| Q1 24 | 29.1% | 15.0% |
每股收益（稀释后）NTESSYK
| Q4 25 | — | $2.20 | ||
| Q3 25 | — | $2.22 | ||
| Q2 25 | — | $2.29 | ||
| Q1 25 | — | $1.69 | ||
| Q4 24 | — | $1.41 | ||
| Q3 24 | — | $2.16 | ||
| Q2 24 | — | $2.14 | ||
| Q1 24 | — | $2.05 |
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 | $31.3B | $4.0B |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $160.8B | $22.4B |
| 总资产 | $214.5B | $47.8B |
| 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NTESSYK
| Q4 25 | — | $4.0B | ||
| Q3 25 | $31.3B | $3.3B | ||
| Q2 25 | $54.4B | $2.4B | ||
| Q1 25 | $41.7B | $2.3B | ||
| Q4 24 | — | $3.7B | ||
| Q3 24 | $20.2B | $3.9B | ||
| Q2 24 | $19.0B | $1.9B | ||
| Q1 24 | $43.0B | $2.3B |
股东权益NTESSYK
| Q4 25 | — | $22.4B | ||
| Q3 25 | $160.8B | $21.8B | ||
| Q2 25 | $154.0B | $21.2B | ||
| Q1 25 | $147.8B | $20.9B | ||
| Q4 24 | — | $20.6B | ||
| Q3 24 | $135.6B | $20.1B | ||
| Q2 24 | $134.2B | $19.8B | ||
| Q1 24 | $130.5B | $19.2B |
总资产NTESSYK
| Q4 25 | — | $47.8B | ||
| Q3 25 | $214.5B | $47.1B | ||
| Q2 25 | $208.5B | $46.3B | ||
| Q1 25 | $200.9B | $46.0B | ||
| Q4 24 | — | $43.0B | ||
| Q3 24 | $184.9B | $43.8B | ||
| Q2 24 | $183.3B | $39.1B | ||
| Q1 24 | $195.1B | $39.4B |
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 | $1.8B | $2.1B |
| 自由现金流经营现金流 - 资本支出 | $1.8B | $1.9B |
| 自由现金流率自由现金流/营收 | 44.7% | 26.1% |
| 资本支出强度资本支出/营收 | 1.0% | 3.7% |
| 现金转化率经营现金流/净利润 | 1.47× | 2.52× |
| 过去12个月自由现金流最近4个季度 | $6.3B | $4.3B |
8季度趋势，按日历期对齐
经营现金流NTESSYK
| Q4 25 | — | $2.1B | ||
| Q3 25 | $1.8B | $1.5B | ||
| Q2 25 | $1.5B | $1.1B | ||
| Q1 25 | $1.7B | $250.0M | ||
| Q4 24 | — | $1.9B | ||
| Q3 24 | $1.5B | $1.5B | ||
| Q2 24 | $898.8M | $633.0M | ||
| Q1 24 | $1.3B | $204.0M |
自由现金流NTESSYK
| Q4 25 | — | $1.9B | ||
| Q3 25 | $1.8B | $1.4B | ||
| Q2 25 | $1.5B | $928.0M | ||
| Q1 25 | $1.6B | $127.0M | ||
| Q4 24 | — | $1.7B | ||
| Q3 24 | $1.5B | $1.3B | ||
| Q2 24 | $875.6M | $481.0M | ||
| Q1 24 | $1.3B | $37.0M |
自由现金流率NTESSYK
| Q4 25 | — | 26.1% | ||
| Q3 25 | 44.7% | 22.3% | ||
| Q2 25 | 38.3% | 15.4% | ||
| Q1 25 | 40.4% | 2.2% | ||
| Q4 24 | — | 25.9% | ||
| Q3 24 | 38.9% | 23.7% | ||
| Q2 24 | 25.0% | 8.9% | ||
| Q1 24 | 34.0% | 0.7% |
资本支出强度NTESSYK
| Q4 25 | — | 3.7% | ||
| Q3 25 | 1.0% | 3.1% | ||
| Q2 25 | 0.7% | 3.0% | ||
| Q1 25 | 1.6% | 2.1% | ||
| Q4 24 | — | 4.1% | ||
| Q3 24 | 1.4% | 3.1% | ||
| Q2 24 | 0.7% | 2.8% | ||
| Q1 24 | 1.5% | 3.2% |
现金转化率NTESSYK
| Q4 25 | — | 2.52× | ||
| Q3 25 | 1.47× | 1.79× | ||
| Q2 25 | 1.20× | 1.26× | ||
| Q1 25 | 1.15× | 0.38× | ||
| Q4 24 | — | 3.54× | ||
| Q3 24 | 1.58× | 1.77× | ||
| Q2 24 | 0.96× | 0.77× | ||
| Q1 24 | 1.22× | 0.26× |
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
NTES
| Games and related value-added services | $3.3B | 82% |
| NetEase Cloud Music | $275.9M | 7% |
| Youdao | $228.8M | 6% |
| Innovative businesses and others | $202.1M | 5% |
SYK
| Medical | $1.3B | 18% |
| Endoscopy | $1.1B | 16% |
| Traumaand Extremities | $1.1B | 15% |
| Instruments | $925.0M | 13% |
| Knees | $749.0M | 10% |
| Neuro Cranial | $669.0M | 9% |
| Neurovascular | $539.0M | 8% |
| Hips | $499.0M | 7% |
| Other Orthopaedics | $267.0M | 4% |
| Spine | $8.0M | 0% |
