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Orthofix Medical Inc.（OFIX）与Penumbra Inc（PEN）财务数据对比。点击上方公司名可切换其他公司
Penumbra Inc的季度营收约是Orthofix Medical Inc.的1.8倍（$385.4M vs $219.9M），Penumbra Inc净利率更高（12.3% vs -1.0%，领先13.3%），Penumbra Inc同比增速更快（22.1% vs 2.0%），Penumbra Inc自由现金流更多（$68.0M vs $16.8M），过去两年Penumbra Inc的营收复合增速更高（17.6% vs 8.0%）
Orthofix医疗是全球知名骨科医疗器械企业，专注于研发、生产及销售脊柱植入物、骨科创伤产品、骨生长刺激治疗设备及再生医疗产品，服务全球多地的骨科医师与医疗机构，致力于提升肌肉骨骼疾病患者的诊疗效果。
Penumbra Inc是2004年由Arani Bose与Adam Elsesser联合创立的美国医疗器械企业，总部位于加利福尼亚州阿拉米达，核心业务为研发、生产中风、动脉瘤等血管疾病介入治疗所用的专业医疗设备，产品已在全球多个国家的临床诊疗场景中投入使用。
OFIX vs PEN — 直观对比
营收规模更大
PEN
是对方的1.8倍
$219.9M
营收增速更快
PEN
高出20.2%
2.0%
净利率更高
PEN
高出13.3%
-1.0%
自由现金流更多
PEN
多$51.2M
$16.8M
两年增速更快
PEN
近两年复合增速
8.0%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $219.9M | $385.4M |
| 净利润 | $-2.2M | $47.3M |
| 毛利率 | 71.1% | 68.0% |
| 营业利润率 | 0.2% | 15.4% |
| 净利率 | -1.0% | 12.3% |
| 营收同比 | 2.0% | 22.1% |
| 净利润同比 | 92.4% | 40.6% |
| 每股收益（稀释后） | $-0.05 | $1.20 |
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OFIXPEN
| Q4 25 | $219.9M | $385.4M | ||
| Q3 25 | $205.6M | $354.7M | ||
| Q2 25 | $203.1M | $339.5M | ||
| Q1 25 | $193.6M | $324.1M | ||
| Q4 24 | $215.7M | $315.5M | ||
| Q3 24 | $196.6M | $301.0M | ||
| Q2 24 | $198.6M | $299.4M | ||
| Q1 24 | $188.6M | $278.7M |
净利润OFIXPEN
| Q4 25 | $-2.2M | $47.3M | ||
| Q3 25 | $-22.8M | $45.9M | ||
| Q2 25 | $-14.1M | $45.3M | ||
| Q1 25 | $-53.1M | $39.2M | ||
| Q4 24 | $-29.1M | $33.7M | ||
| Q3 24 | $-27.4M | $29.5M | ||
| Q2 24 | $-33.4M | $-60.2M | ||
| Q1 24 | $-36.0M | $11.0M |
毛利率OFIXPEN
| Q4 25 | 71.1% | 68.0% | ||
| Q3 25 | 72.2% | 67.8% | ||
| Q2 25 | 68.7% | 66.0% | ||
| Q1 25 | 62.8% | 66.6% | ||
| Q4 24 | 69.0% | 66.8% | ||
| Q3 24 | 68.7% | 66.5% | ||
| Q2 24 | 67.8% | 54.4% | ||
| Q1 24 | 67.5% | 65.0% |
营业利润率OFIXPEN
| Q4 25 | 0.2% | 15.4% | ||
| Q3 25 | -8.3% | 13.8% | ||
| Q2 25 | -7.9% | 12.0% | ||
| Q1 25 | -25.2% | 12.4% | ||
| Q4 24 | -5.3% | 13.6% | ||
| Q3 24 | -9.6% | 11.7% | ||
| Q2 24 | -12.5% | -27.0% | ||
| Q1 24 | -15.6% | 4.3% |
净利率OFIXPEN
| Q4 25 | -1.0% | 12.3% | ||
| Q3 25 | -11.1% | 12.9% | ||
| Q2 25 | -6.9% | 13.3% | ||
| Q1 25 | -27.4% | 12.1% | ||
| Q4 24 | -13.5% | 10.7% | ||
| Q3 24 | -13.9% | 9.8% | ||
| Q2 24 | -16.8% | -20.1% | ||
| Q1 24 | -19.1% | 3.9% |
每股收益（稀释后）OFIXPEN
| Q4 25 | $-0.05 | $1.20 | ||
| Q3 25 | $-0.57 | $1.17 | ||
| Q2 25 | $-0.36 | $1.15 | ||
| Q1 25 | $-1.35 | $1.00 | ||
| Q4 24 | $-0.76 | $0.88 | ||
| Q3 24 | $-0.71 | $0.75 | ||
| Q2 24 | $-0.88 | $-1.55 | ||
| Q1 24 | $-0.95 | $0.28 |
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 | $82.0M | $186.9M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $450.0M | $1.4B |
| 总资产 | $850.6M | $1.8B |
| 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OFIXPEN
| Q4 25 | $82.0M | $186.9M | ||
| Q3 25 | $62.9M | $321.0M | ||
| Q2 25 | $65.6M | $421.8M | ||
| Q1 25 | $58.0M | $376.1M | ||
| Q4 24 | $83.2M | $324.4M | ||
| Q3 24 | $30.1M | $280.5M | ||
| Q2 24 | $26.4M | $288.3M | ||
| Q1 24 | $27.0M | $223.1M |
总债务OFIXPEN
| Q4 25 | — | — | ||
| Q3 25 | $157.2M | — | ||
| Q2 25 | $157.0M | — | ||
| Q1 25 | $156.9M | — | ||
| Q4 24 | $157.0M | — | ||
| Q3 24 | $118.5M | — | ||
| Q2 24 | $118.0M | — | ||
| Q1 24 | $118.2M | — |
股东权益OFIXPEN
| Q4 25 | $450.0M | $1.4B | ||
| Q3 25 | $442.5M | $1.4B | ||
| Q2 25 | $458.3M | $1.3B | ||
| Q1 25 | $458.3M | $1.2B | ||
| Q4 24 | $503.1M | $1.2B | ||
| Q3 24 | $525.9M | $1.1B | ||
| Q2 24 | $546.0M | $1.2B | ||
| Q1 24 | $570.3M | $1.2B |
总资产OFIXPEN
| Q4 25 | $850.6M | $1.8B | ||
| Q3 25 | $832.6M | $1.7B | ||
| Q2 25 | $837.2M | $1.7B | ||
| Q1 25 | $823.1M | $1.6B | ||
| Q4 24 | $893.3M | $1.5B | ||
| Q3 24 | $867.9M | $1.5B | ||
| Q2 24 | $882.0M | $1.5B | ||
| Q1 24 | $906.0M | $1.6B |
负债/权益比OFIXPEN
| Q4 25 | — | — | ||
| Q3 25 | 0.36× | — | ||
| Q2 25 | 0.34× | — | ||
| Q1 25 | 0.34× | — | ||
| Q4 24 | 0.31× | — | ||
| Q3 24 | 0.23× | — | ||
| Q2 24 | 0.22× | — | ||
| Q1 24 | 0.21× | — |
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 | $27.7M | $86.5M |
| 自由现金流经营现金流 - 资本支出 | $16.8M | $68.0M |
| 自由现金流率自由现金流/营收 | 7.6% | 17.7% |
| 资本支出强度资本支出/营收 | 4.9% | 4.8% |
| 现金转化率经营现金流/净利润 | — | 1.83× |
| 过去12个月自由现金流最近4个季度 | $-1.3M | $174.9M |
8季度趋势，按日历期对齐
经营现金流OFIXPEN
| Q4 25 | $27.7M | $86.5M | ||
| Q3 25 | $12.4M | $58.3M | ||
| Q2 25 | $11.6M | $44.9M | ||
| Q1 25 | $-18.4M | $49.0M | ||
| Q4 24 | $23.7M | $51.1M | ||
| Q3 24 | $11.7M | $56.5M | ||
| Q2 24 | $9.0M | $22.6M | ||
| Q1 24 | $-18.6M | $38.3M |
自由现金流OFIXPEN
| Q4 25 | $16.8M | $68.0M | ||
| Q3 25 | $2.5M | $42.0M | ||
| Q2 25 | $4.5M | $29.4M | ||
| Q1 25 | $-25.1M | $35.5M | ||
| Q4 24 | $15.2M | $45.7M | ||
| Q3 24 | $6.3M | $51.0M | ||
| Q2 24 | $-360.0K | $18.1M | ||
| Q1 24 | $-29.1M | $32.5M |
自由现金流率OFIXPEN
| Q4 25 | 7.6% | 17.7% | ||
| Q3 25 | 1.2% | 11.8% | ||
| Q2 25 | 2.2% | 8.7% | ||
| Q1 25 | -13.0% | 11.0% | ||
| Q4 24 | 7.0% | 14.5% | ||
| Q3 24 | 3.2% | 16.9% | ||
| Q2 24 | -0.2% | 6.0% | ||
| Q1 24 | -15.4% | 11.7% |
资本支出强度OFIXPEN
| Q4 25 | 4.9% | 4.8% | ||
| Q3 25 | 4.8% | 4.6% | ||
| Q2 25 | 3.5% | 4.6% | ||
| Q1 25 | 3.5% | 4.2% | ||
| Q4 24 | 4.0% | 1.7% | ||
| Q3 24 | 2.7% | 1.8% | ||
| Q2 24 | 4.7% | 1.5% | ||
| Q1 24 | 5.6% | 2.1% |
现金转化率OFIXPEN
| Q4 25 | — | 1.83× | ||
| Q3 25 | — | 1.27× | ||
| Q2 25 | — | 0.99× | ||
| Q1 25 | — | 1.25× | ||
| Q4 24 | — | 1.52× | ||
| Q3 24 | — | 1.91× | ||
| Q2 24 | — | — | ||
| Q1 24 | — | 3.48× |
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
OFIX
| Spinal Implants Biologics And Enabling Technologies | $113.6M | 52% |
| Bone Growth Therapies | $68.3M | 31% |
| Other | $22.7M | 10% |
| IT | $5.9M | 3% |
| GB | $3.5M | 2% |
| FR | $3.5M | 2% |
| DE | $2.3M | 1% |
PEN
| Thrombectomy | $254.7M | 66% |
| Other | $130.7M | 34% |
