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Orthofix Medical Inc.（OFIX）与SPS COMMERCE INC（SPSC）财务数据对比。点击上方公司名可切换其他公司
Orthofix Medical Inc.的季度营收约是SPS COMMERCE INC的1.1倍（$219.9M vs $192.7M），SPS COMMERCE INC净利率更高（13.4% vs -1.0%，领先14.4%），SPS COMMERCE INC同比增速更快（12.7% vs 2.0%），SPS COMMERCE INC自由现金流更多（$38.2M vs $16.8M），过去两年SPS COMMERCE INC的营收复合增速更高（13.5% 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。
SPS Commerce是美国的应用软件科技企业，主打云端供应链管理软件解决方案，总部位于明尼苏达州明尼阿波利斯。除新泽西的美国本土办公室外，公司还在阿姆斯特丹、北京、香港、墨尔本、悉尼、多伦多等全球多地设有分支机构。
OFIX vs SPSC — 直观对比
营收规模更大
OFIX
是对方的1.1倍
$192.7M
营收增速更快
SPSC
高出10.8%
2.0%
净利率更高
SPSC
高出14.4%
-1.0%
自由现金流更多
SPSC
多$21.4M
$16.8M
两年增速更快
SPSC
近两年复合增速
8.0%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $219.9M | $192.7M |
| 净利润 | $-2.2M | $25.8M |
| 毛利率 | 71.1% | 70.4% |
| 营业利润率 | 0.2% | 18.0% |
| 净利率 | -1.0% | 13.4% |
| 营收同比 | 2.0% | 12.7% |
| 净利润同比 | 92.4% | 47.2% |
| 每股收益（稀释后） | $-0.05 | $0.69 |
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OFIXSPSC
| Q4 25 | $219.9M | $192.7M | ||
| Q3 25 | $205.6M | $189.9M | ||
| Q2 25 | $203.1M | $187.4M | ||
| Q1 25 | $193.6M | $181.5M | ||
| Q4 24 | $215.7M | $170.9M | ||
| Q3 24 | $196.6M | $163.7M | ||
| Q2 24 | $198.6M | $153.6M | ||
| Q1 24 | $188.6M | $149.6M |
净利润OFIXSPSC
| Q4 25 | $-2.2M | $25.8M | ||
| Q3 25 | $-22.8M | $25.6M | ||
| Q2 25 | $-14.1M | $19.7M | ||
| Q1 25 | $-53.1M | $22.2M | ||
| Q4 24 | $-29.1M | $17.6M | ||
| Q3 24 | $-27.4M | $23.5M | ||
| Q2 24 | $-33.4M | $18.0M | ||
| Q1 24 | $-36.0M | $18.0M |
毛利率OFIXSPSC
| Q4 25 | 71.1% | 70.4% | ||
| Q3 25 | 72.2% | 69.5% | ||
| Q2 25 | 68.7% | 68.1% | ||
| Q1 25 | 62.8% | 68.7% | ||
| Q4 24 | 69.0% | 67.5% | ||
| Q3 24 | 68.7% | 68.5% | ||
| Q2 24 | 67.8% | 66.1% | ||
| Q1 24 | 67.5% | 65.6% |
营业利润率OFIXSPSC
| Q4 25 | 0.2% | 18.0% | ||
| Q3 25 | -8.3% | 16.4% | ||
| Q2 25 | -7.9% | 14.1% | ||
| Q1 25 | -25.2% | 14.3% | ||
| Q4 24 | -5.3% | 14.5% | ||
| Q3 24 | -9.6% | 15.6% | ||
| Q2 24 | -12.5% | 15.1% | ||
| Q1 24 | -15.6% | 10.3% |
净利率OFIXSPSC
| Q4 25 | -1.0% | 13.4% | ||
| Q3 25 | -11.1% | 13.5% | ||
| Q2 25 | -6.9% | 10.5% | ||
| Q1 25 | -27.4% | 12.2% | ||
| Q4 24 | -13.5% | 10.3% | ||
| Q3 24 | -13.9% | 14.3% | ||
| Q2 24 | -16.8% | 11.7% | ||
| Q1 24 | -19.1% | 12.0% |
每股收益（稀释后）OFIXSPSC
| Q4 25 | $-0.05 | $0.69 | ||
| Q3 25 | $-0.57 | $0.67 | ||
| Q2 25 | $-0.36 | $0.52 | ||
| Q1 25 | $-1.35 | $0.58 | ||
| Q4 24 | $-0.76 | $0.46 | ||
| Q3 24 | $-0.71 | $0.62 | ||
| Q2 24 | $-0.88 | $0.48 | ||
| Q1 24 | $-0.95 | $0.48 |
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 | $151.4M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $450.0M | $973.9M |
| 总资产 | $850.6M | $1.2B |
| 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OFIXSPSC
| Q4 25 | $82.0M | $151.4M | ||
| Q3 25 | $62.9M | $133.7M | ||
| Q2 25 | $65.6M | $107.6M | ||
| Q1 25 | $58.0M | $94.9M | ||
| Q4 24 | $83.2M | $241.0M | ||
| Q3 24 | $30.1M | $205.8M | ||
| Q2 24 | $26.4M | $271.8M | ||
| Q1 24 | $27.0M | $290.8M |
总债务OFIXSPSC
| 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OFIXSPSC
| Q4 25 | $450.0M | $973.9M | ||
| Q3 25 | $442.5M | $958.9M | ||
| Q2 25 | $458.3M | $949.8M | ||
| Q1 25 | $458.3M | $920.9M | ||
| Q4 24 | $503.1M | $854.7M | ||
| Q3 24 | $525.9M | $829.4M | ||
| Q2 24 | $546.0M | $703.4M | ||
| Q1 24 | $570.3M | $683.0M |
总资产OFIXSPSC
| Q4 25 | $850.6M | $1.2B | ||
| Q3 25 | $832.6M | $1.2B | ||
| Q2 25 | $837.2M | $1.1B | ||
| Q1 25 | $823.1M | $1.1B | ||
| Q4 24 | $893.3M | $1.0B | ||
| Q3 24 | $867.9M | $1.0B | ||
| Q2 24 | $882.0M | $854.5M | ||
| Q1 24 | $906.0M | $839.8M |
负债/权益比OFIXSPSC
| 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 | $45.9M |
| 自由现金流经营现金流 - 资本支出 | $16.8M | $38.2M |
| 自由现金流率自由现金流/营收 | 7.6% | 19.8% |
| 资本支出强度资本支出/营收 | 4.9% | 4.0% |
| 现金转化率经营现金流/净利润 | — | 1.78× |
| 过去12个月自由现金流最近4个季度 | $-1.3M | $152.3M |
8季度趋势，按日历期对齐
经营现金流OFIXSPSC
| Q4 25 | $27.7M | $45.9M | ||
| Q3 25 | $12.4M | $60.6M | ||
| Q2 25 | $11.6M | $32.3M | ||
| Q1 25 | $-18.4M | $40.0M | ||
| Q4 24 | $23.7M | $40.6M | ||
| Q3 24 | $11.7M | $53.3M | ||
| Q2 24 | $9.0M | $29.4M | ||
| Q1 24 | $-18.6M | $34.1M |
自由现金流OFIXSPSC
| Q4 25 | $16.8M | $38.2M | ||
| Q3 25 | $2.5M | $54.6M | ||
| Q2 25 | $4.5M | $25.7M | ||
| Q1 25 | $-25.1M | $33.8M | ||
| Q4 24 | $15.2M | $34.3M | ||
| Q3 24 | $6.3M | $48.1M | ||
| Q2 24 | $-360.0K | $24.4M | ||
| Q1 24 | $-29.1M | $30.5M |
自由现金流率OFIXSPSC
| Q4 25 | 7.6% | 19.8% | ||
| Q3 25 | 1.2% | 28.7% | ||
| Q2 25 | 2.2% | 13.7% | ||
| Q1 25 | -13.0% | 18.6% | ||
| Q4 24 | 7.0% | 20.1% | ||
| Q3 24 | 3.2% | 29.4% | ||
| Q2 24 | -0.2% | 15.9% | ||
| Q1 24 | -15.4% | 20.4% |
资本支出强度OFIXSPSC
| Q4 25 | 4.9% | 4.0% | ||
| Q3 25 | 4.8% | 3.2% | ||
| Q2 25 | 3.5% | 3.6% | ||
| Q1 25 | 3.5% | 3.4% | ||
| Q4 24 | 4.0% | 3.6% | ||
| Q3 24 | 2.7% | 3.2% | ||
| Q2 24 | 4.7% | 3.3% | ||
| Q1 24 | 5.6% | 2.4% |
现金转化率OFIXSPSC
| Q4 25 | — | 1.78× | ||
| Q3 25 | — | 2.37× | ||
| Q2 25 | — | 1.64× | ||
| Q1 25 | — | 1.80× | ||
| Q4 24 | — | 2.31× | ||
| Q3 24 | — | 2.27× | ||
| Q2 24 | — | 1.63× | ||
| Q1 24 | — | 1.89× |
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% |
SPSC
| Recurring Revenues | $184.5M | 96% |
| One Time Revenues | $8.1M | 4% |
| Set Up Fees | $4.1M | 2% |
