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Orthofix Medical Inc.（OFIX）与Waystar Holding Corp.（WAY）财务数据对比。点击上方公司名可切换其他公司
Waystar Holding Corp.的季度营收约是Orthofix Medical Inc.的1.4倍（$313.9M vs $219.9M），Waystar Holding Corp.净利率更高（13.8% vs -1.0%，领先14.8%），Waystar Holding Corp.同比增速更快（22.4% vs 2.0%），Waystar Holding Corp.自由现金流更多（$90.3M vs $16.8M），过去两年Waystar Holding Corp.的营收复合增速更高（15.7% 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。
Waystar Holding Corp是一家领先的医疗健康支付与营收周期管理解决方案提供商，服务覆盖美国各地的医疗机构、医疗系统和支付方，旗下工具可简化账单处理、理赔申请、患者缴费流程，帮助医疗机构降低行政负担、优化营收表现。
OFIX vs WAY — 直观对比
营收规模更大
WAY
是对方的1.4倍
$219.9M
营收增速更快
WAY
高出20.4%
2.0%
净利率更高
WAY
高出14.8%
-1.0%
自由现金流更多
WAY
多$73.4M
$16.8M
两年增速更快
WAY
近两年复合增速
8.0%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $219.9M | $313.9M |
| 净利润 | $-2.2M | $43.3M |
| 毛利率 | 71.1% | — |
| 营业利润率 | 0.2% | 25.6% |
| 净利率 | -1.0% | 13.8% |
| 营收同比 | 2.0% | 22.4% |
| 净利润同比 | 92.4% | 47.9% |
| 每股收益（稀释后） | $-0.05 | $0.42 |
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OFIXWAY
| Q1 26 | — | $313.9M | ||
| Q4 25 | $219.9M | $303.5M | ||
| Q3 25 | $205.6M | $268.7M | ||
| Q2 25 | $203.1M | $270.7M | ||
| Q1 25 | $193.6M | $256.4M | ||
| Q4 24 | $215.7M | $244.1M | ||
| Q3 24 | $196.6M | $240.1M | ||
| Q2 24 | $198.6M | $234.5M |
净利润OFIXWAY
| Q1 26 | — | $43.3M | ||
| Q4 25 | $-2.2M | $20.0M | ||
| Q3 25 | $-22.8M | $30.6M | ||
| Q2 25 | $-14.1M | $32.2M | ||
| Q1 25 | $-53.1M | $29.3M | ||
| Q4 24 | $-29.1M | $19.1M | ||
| Q3 24 | $-27.4M | $5.4M | ||
| Q2 24 | $-33.4M | $-27.7M |
毛利率OFIXWAY
| 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OFIXWAY
| Q1 26 | — | 25.6% | ||
| Q4 25 | 0.2% | 19.4% | ||
| Q3 25 | -8.3% | 22.4% | ||
| Q2 25 | -7.9% | 24.0% | ||
| Q1 25 | -25.2% | 25.4% | ||
| Q4 24 | -5.3% | 21.8% | ||
| Q3 24 | -9.6% | 11.3% | ||
| Q2 24 | -12.5% | 3.5% |
净利率OFIXWAY
| Q1 26 | — | 13.8% | ||
| Q4 25 | -1.0% | 6.6% | ||
| Q3 25 | -11.1% | 11.4% | ||
| Q2 25 | -6.9% | 11.9% | ||
| Q1 25 | -27.4% | 11.4% | ||
| Q4 24 | -13.5% | 7.8% | ||
| Q3 24 | -13.9% | 2.3% | ||
| Q2 24 | -16.8% | -11.8% |
每股收益（稀释后）OFIXWAY
| Q1 26 | — | $0.42 | ||
| Q4 25 | $-0.05 | $0.10 | ||
| Q3 25 | $-0.57 | $0.17 | ||
| Q2 25 | $-0.36 | $0.18 | ||
| Q1 25 | $-1.35 | $0.16 | ||
| Q4 24 | $-0.76 | $0.18 | ||
| Q3 24 | $-0.71 | $0.03 | ||
| Q2 24 | $-0.88 | $-0.21 |
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 | $34.3M |
| 总债务越低越好 | — | $13.5M |
| 股东权益账面价值 | $450.0M | $3.9B |
| 总资产 | $850.6M | $5.8B |
| 负债/权益比越低杠杆越低 | — | 0.00× |
8季度趋势，按日历期对齐
现金及短期投资OFIXWAY
| Q1 26 | — | $34.3M | ||
| Q4 25 | $82.0M | $61.4M | ||
| Q3 25 | $62.9M | $421.1M | ||
| Q2 25 | $65.6M | $290.3M | ||
| Q1 25 | $58.0M | $224.0M | ||
| Q4 24 | $83.2M | $182.1M | ||
| Q3 24 | $30.1M | $127.1M | ||
| Q2 24 | $26.4M | $68.4M |
总债务OFIXWAY
| Q1 26 | — | $13.5M | ||
| Q4 25 | — | $1.5B | ||
| Q3 25 | $157.2M | — | ||
| Q2 25 | $157.0M | — | ||
| Q1 25 | $156.9M | — | ||
| Q4 24 | $157.0M | $1.2B | ||
| Q3 24 | $118.5M | — | ||
| Q2 24 | $118.0M | — |
股东权益OFIXWAY
| Q1 26 | — | $3.9B | ||
| Q4 25 | $450.0M | $3.9B | ||
| Q3 25 | $442.5M | $3.2B | ||
| Q2 25 | $458.3M | $3.2B | ||
| Q1 25 | $458.3M | $3.1B | ||
| Q4 24 | $503.1M | $3.1B | ||
| Q3 24 | $525.9M | $3.1B | ||
| Q2 24 | $546.0M | $2.9B |
总资产OFIXWAY
| Q1 26 | — | $5.8B | ||
| Q4 25 | $850.6M | $5.8B | ||
| Q3 25 | $832.6M | $4.7B | ||
| Q2 25 | $837.2M | $4.7B | ||
| Q1 25 | $823.1M | $4.6B | ||
| Q4 24 | $893.3M | $4.6B | ||
| Q3 24 | $867.9M | $4.5B | ||
| Q2 24 | $882.0M | $4.6B |
负债/权益比OFIXWAY
| Q1 26 | — | 0.00× | ||
| Q4 25 | — | 0.38× | ||
| Q3 25 | 0.36× | — | ||
| Q2 25 | 0.34× | — | ||
| Q1 25 | 0.34× | — | ||
| Q4 24 | 0.31× | 0.40× | ||
| Q3 24 | 0.23× | — | ||
| Q2 24 | 0.22× | — |
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 | $84.9M |
| 自由现金流经营现金流 - 资本支出 | $16.8M | $90.3M |
| 自由现金流率自由现金流/营收 | 7.6% | 28.8% |
| 资本支出强度资本支出/营收 | 4.9% | — |
| 现金转化率经营现金流/净利润 | — | 1.96× |
| 过去12个月自由现金流最近4个季度 | $-1.3M | $314.6M |
8季度趋势，按日历期对齐
经营现金流OFIXWAY
| Q1 26 | — | $84.9M | ||
| Q4 25 | $27.7M | $66.6M | ||
| Q3 25 | $12.4M | $82.0M | ||
| Q2 25 | $11.6M | $96.8M | ||
| Q1 25 | $-18.4M | $64.2M | ||
| Q4 24 | $23.7M | — | ||
| Q3 24 | $11.7M | $78.8M | ||
| Q2 24 | $9.0M | $15.4M |
自由现金流OFIXWAY
| Q1 26 | — | $90.3M | ||
| Q4 25 | $16.8M | $57.2M | ||
| Q3 25 | $2.5M | $76.2M | ||
| Q2 25 | $4.5M | $91.0M | ||
| Q1 25 | $-25.1M | $58.8M | ||
| Q4 24 | $15.2M | — | ||
| Q3 24 | $6.3M | $70.2M | ||
| Q2 24 | $-360.0K | $8.6M |
自由现金流率OFIXWAY
| Q1 26 | — | 28.8% | ||
| Q4 25 | 7.6% | 18.9% | ||
| Q3 25 | 1.2% | 28.3% | ||
| Q2 25 | 2.2% | 33.6% | ||
| Q1 25 | -13.0% | 22.9% | ||
| Q4 24 | 7.0% | — | ||
| Q3 24 | 3.2% | 29.2% | ||
| Q2 24 | -0.2% | 3.7% |
资本支出强度OFIXWAY
| Q1 26 | — | — | ||
| Q4 25 | 4.9% | 3.1% | ||
| Q3 25 | 4.8% | 2.2% | ||
| Q2 25 | 3.5% | 2.1% | ||
| Q1 25 | 3.5% | 2.1% | ||
| Q4 24 | 4.0% | — | ||
| Q3 24 | 2.7% | 3.6% | ||
| Q2 24 | 4.7% | 2.9% |
现金转化率OFIXWAY
| Q1 26 | — | 1.96× | ||
| Q4 25 | — | 3.33× | ||
| Q3 25 | — | 2.68× | ||
| Q2 25 | — | 3.01× | ||
| Q1 25 | — | 2.20× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 14.56× | ||
| 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% |
WAY
| Subscription | $172.2M | 55% |
| Volume-based | $139.5M | 44% |
