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Orthofix Medical Inc.（OFIX）与VSE CORP（VSEC）财务数据对比。点击上方公司名可切换其他公司
VSE CORP的季度营收约是Orthofix Medical Inc.的1.5倍（$324.6M vs $219.9M），VSE CORP净利率更高（9.0% vs -1.0%，领先10.0%），VSE CORP同比增速更快（26.8% vs 2.0%），Orthofix Medical Inc.自由现金流更多（$16.8M vs $-68.7M），过去两年VSE CORP的营收复合增速更高（10.5% 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。
VSE Corporation是全球领先的后市场分销与维修服务供应商，依托两大核心业务板块助力客户提升高价值核心业务资产的运营效率与使用寿命。旗下航空板块为商用、公务及通用航空运营商提供售后零件配送、零部件与发动机附件的维护、维修及大修（MRO）服务，车队板块聚焦商用资产运维支持。
OFIX vs VSEC — 直观对比
营收规模更大
VSEC
是对方的1.5倍
$219.9M
营收增速更快
VSEC
高出24.8%
2.0%
净利率更高
VSEC
高出10.0%
-1.0%
自由现金流更多
OFIX
多$85.5M
$-68.7M
两年增速更快
VSEC
近两年复合增速
8.0%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $219.9M | $324.6M |
| 净利润 | $-2.2M | $29.1M |
| 毛利率 | 71.1% | — |
| 营业利润率 | 0.2% | 10.1% |
| 净利率 | -1.0% | 9.0% |
| 营收同比 | 2.0% | 26.8% |
| 净利润同比 | 92.4% | — |
| 每股收益（稀释后） | $-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OFIXVSEC
| Q1 26 | — | $324.6M | ||
| Q4 25 | $219.9M | $301.2M | ||
| Q3 25 | $205.6M | $282.9M | ||
| Q2 25 | $203.1M | $272.1M | ||
| Q1 25 | $193.6M | $256.0M | ||
| Q4 24 | $215.7M | $299.0M | ||
| Q3 24 | $196.6M | $273.6M | ||
| Q2 24 | $198.6M | $266.0M |
净利润OFIXVSEC
| Q1 26 | — | $29.1M | ||
| Q4 25 | $-2.2M | $13.6M | ||
| Q3 25 | $-22.8M | $3.9M | ||
| Q2 25 | $-14.1M | $3.2M | ||
| Q1 25 | $-53.1M | $-9.0M | ||
| Q4 24 | $-29.1M | $13.1M | ||
| Q3 24 | $-27.4M | $11.7M | ||
| Q2 24 | $-33.4M | $-2.8M |
毛利率OFIXVSEC
| Q1 26 | — | — | ||
| Q4 25 | 71.1% | — | ||
| Q3 25 | 72.2% | — | ||
| Q2 25 | 68.7% | — | ||
| Q1 25 | 62.8% | — | ||
| Q4 24 | 69.0% | — | ||
| Q3 24 | 68.7% | — | ||
| Q2 24 | 67.8% | — |
营业利润率OFIXVSEC
| Q1 26 | — | 10.1% | ||
| Q4 25 | 0.2% | 10.8% | ||
| Q3 25 | -8.3% | 3.6% | ||
| Q2 25 | -7.9% | 8.3% | ||
| Q1 25 | -25.2% | 9.6% | ||
| Q4 24 | -5.3% | 9.2% | ||
| Q3 24 | -9.6% | 8.7% | ||
| Q2 24 | -12.5% | 2.3% |
净利率OFIXVSEC
| Q1 26 | — | 9.0% | ||
| Q4 25 | -1.0% | 4.5% | ||
| Q3 25 | -11.1% | 1.4% | ||
| Q2 25 | -6.9% | 1.2% | ||
| Q1 25 | -27.4% | -3.5% | ||
| Q4 24 | -13.5% | 4.4% | ||
| Q3 24 | -13.9% | 4.3% | ||
| Q2 24 | -16.8% | -1.0% |
每股收益（稀释后）OFIXVSEC
| Q1 26 | — | — | ||
| Q4 25 | $-0.05 | $0.64 | ||
| Q3 25 | $-0.57 | $0.19 | ||
| Q2 25 | $-0.36 | $0.16 | ||
| Q1 25 | $-1.35 | $-0.44 | ||
| Q4 24 | $-0.76 | $0.79 | ||
| Q3 24 | $-0.71 | $0.63 | ||
| Q2 24 | $-0.88 | $-0.16 |
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 | $-1.2B |
| 总债务越低越好 | — | $361.0M |
| 股东权益账面价值 | $450.0M | $2.7B |
| 总资产 | $850.6M | $3.3B |
| 负债/权益比越低杠杆越低 | — | 0.14× |
8季度趋势，按日历期对齐
现金及短期投资OFIXVSEC
| Q1 26 | — | $-1.2B | ||
| Q4 25 | $82.0M | $69.4M | ||
| Q3 25 | $62.9M | $8.8M | ||
| Q2 25 | $65.6M | $16.9M | ||
| Q1 25 | $58.0M | $5.7M | ||
| Q4 24 | $83.2M | $29.0M | ||
| Q3 24 | $30.1M | $7.9M | ||
| Q2 24 | $26.4M | $19.0M |
总债务OFIXVSEC
| Q1 26 | — | $361.0M | ||
| Q4 25 | — | $292.8M | ||
| Q3 25 | $157.2M | $356.1M | ||
| Q2 25 | $157.0M | $379.2M | ||
| Q1 25 | $156.9M | $465.0M | ||
| Q4 24 | $157.0M | $430.2M | ||
| Q3 24 | $118.5M | $450.3M | ||
| Q2 24 | $118.0M | $463.5M |
股东权益OFIXVSEC
| Q1 26 | — | $2.7B | ||
| Q4 25 | $450.0M | $1.4B | ||
| Q3 25 | $442.5M | $983.3M | ||
| Q2 25 | $458.3M | $979.5M | ||
| Q1 25 | $458.3M | $975.7M | ||
| Q4 24 | $503.1M | $988.2M | ||
| Q3 24 | $525.9M | $787.8M | ||
| Q2 24 | $546.0M | $781.3M |
总资产OFIXVSEC
| Q1 26 | — | $3.3B | ||
| Q4 25 | $850.6M | $2.0B | ||
| Q3 25 | $832.6M | $1.6B | ||
| Q2 25 | $837.2M | $1.6B | ||
| Q1 25 | $823.1M | $1.7B | ||
| Q4 24 | $893.3M | $1.7B | ||
| Q3 24 | $867.9M | $1.5B | ||
| Q2 24 | $882.0M | $1.5B |
负债/权益比OFIXVSEC
| Q1 26 | — | 0.14× | ||
| Q4 25 | — | 0.20× | ||
| Q3 25 | 0.36× | 0.36× | ||
| Q2 25 | 0.34× | 0.39× | ||
| Q1 25 | 0.34× | 0.48× | ||
| Q4 24 | 0.31× | 0.44× | ||
| Q3 24 | 0.23× | 0.57× | ||
| Q2 24 | 0.22× | 0.59× |
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 | $-62.3M |
| 自由现金流经营现金流 - 资本支出 | $16.8M | $-68.7M |
| 自由现金流率自由现金流/营收 | 7.6% | -21.2% |
| 资本支出强度资本支出/营收 | 4.9% | 2.0% |
| 现金转化率经营现金流/净利润 | — | -2.14× |
| 过去12个月自由现金流最近4个季度 | $-1.3M | $-13.5M |
8季度趋势，按日历期对齐
经营现金流OFIXVSEC
| Q1 26 | — | $-62.3M | ||
| Q4 25 | $27.7M | $37.6M | ||
| Q3 25 | $12.4M | $24.1M | ||
| Q2 25 | $11.6M | $11.9M | ||
| Q1 25 | $-18.4M | $-46.6M | ||
| Q4 24 | $23.7M | $55.4M | ||
| Q3 24 | $11.7M | $10.2M | ||
| Q2 24 | $9.0M | $-17.5M |
自由现金流OFIXVSEC
| Q1 26 | — | $-68.7M | ||
| Q4 25 | $16.8M | $30.9M | ||
| Q3 25 | $2.5M | $18.0M | ||
| Q2 25 | $4.5M | $6.3M | ||
| Q1 25 | $-25.1M | $-49.5M | ||
| Q4 24 | $15.2M | $52.1M | ||
| Q3 24 | $6.3M | $4.4M | ||
| Q2 24 | $-360.0K | $-21.5M |
自由现金流率OFIXVSEC
| Q1 26 | — | -21.2% | ||
| Q4 25 | 7.6% | 10.3% | ||
| Q3 25 | 1.2% | 6.4% | ||
| Q2 25 | 2.2% | 2.3% | ||
| Q1 25 | -13.0% | -19.3% | ||
| Q4 24 | 7.0% | 17.4% | ||
| Q3 24 | 3.2% | 1.6% | ||
| Q2 24 | -0.2% | -8.1% |
资本支出强度OFIXVSEC
| Q1 26 | — | 2.0% | ||
| Q4 25 | 4.9% | 2.2% | ||
| Q3 25 | 4.8% | 2.1% | ||
| Q2 25 | 3.5% | 2.1% | ||
| Q1 25 | 3.5% | 1.1% | ||
| Q4 24 | 4.0% | 1.1% | ||
| Q3 24 | 2.7% | 2.1% | ||
| Q2 24 | 4.7% | 1.5% |
现金转化率OFIXVSEC
| Q1 26 | — | -2.14× | ||
| Q4 25 | — | 2.77× | ||
| Q3 25 | — | 6.16× | ||
| Q2 25 | — | 3.72× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 4.24× | ||
| Q3 24 | — | 0.87× | ||
| Q2 24 | — | — |
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% |
VSEC
| Products | $202.3M | 62% |
| Services | $122.2M | 38% |
