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Insulet Corporation（PODD）与West Pharmaceutical Services（WST）财务数据对比。点击上方公司名可切换其他公司
West Pharmaceutical Services的季度营收约是Insulet Corporation的1.0倍（$805.0M vs $783.7M），West Pharmaceutical Services净利率更高（16.4% vs 13.0%，领先3.4%），Insulet Corporation同比增速更快（31.2% vs 7.5%），West Pharmaceutical Services自由现金流更多（$175.0M vs $48.2M），过去两年Insulet Corporation的营收复合增速更高（33.2% vs 7.6%）
Insulet Corporation是深耕糖尿病治疗领域的医疗器械企业，核心产品为胰岛素泵，通过持续皮下输注胰岛素的疗法为患者给药。其产品通常由泵主体、一次性胰岛素储药仓，以及包含皮下植入套管和连接管路的一次性输注套件构成，满足不同患者的治疗需求。
美国West Pharmaceutical Services是注射用药品包装及给药系统的设计和制造商，1923年成立，总部位于宾夕法尼亚州埃克斯顿。成立初期主营注射类药物包装用橡胶组件，曾为青霉素和胰岛素生产商提供符合无菌要求的配套产品。
PODD vs WST — 直观对比
营收规模更大
WST
是对方的1.0倍
$783.7M
营收增速更快
PODD
高出23.7%
7.5%
净利率更高
WST
高出3.4%
13.0%
自由现金流更多
WST
多$126.8M
$48.2M
两年增速更快
PODD
近两年复合增速
7.6%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $783.7M | $805.0M |
| 净利润 | $101.6M | $132.1M |
| 毛利率 | 72.6% | 37.8% |
| 营业利润率 | 18.7% | 19.5% |
| 净利率 | 13.0% | 16.4% |
| 营收同比 | 31.2% | 7.5% |
| 净利润同比 | 0.9% | 1.5% |
| 每股收益（稀释后） | $1.42 | $1.82 |
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PODDWST
| Q4 25 | $783.7M | $805.0M | ||
| Q3 25 | $706.3M | $804.6M | ||
| Q2 25 | $649.1M | $766.5M | ||
| Q1 25 | $569.0M | $698.0M | ||
| Q4 24 | $597.5M | $748.8M | ||
| Q3 24 | $543.9M | $746.9M | ||
| Q2 24 | $488.5M | $702.1M | ||
| Q1 24 | $441.7M | $695.4M |
净利润PODDWST
| Q4 25 | $101.6M | $132.1M | ||
| Q3 25 | $87.6M | $140.0M | ||
| Q2 25 | $22.5M | $131.8M | ||
| Q1 25 | $35.4M | $89.8M | ||
| Q4 24 | $100.7M | $130.1M | ||
| Q3 24 | $77.5M | $136.0M | ||
| Q2 24 | $188.6M | $111.3M | ||
| Q1 24 | $51.5M | $115.3M |
毛利率PODDWST
| Q4 25 | 72.6% | 37.8% | ||
| Q3 25 | 72.2% | 36.6% | ||
| Q2 25 | 69.7% | 35.7% | ||
| Q1 25 | 71.9% | 33.2% | ||
| Q4 24 | 72.1% | 36.5% | ||
| Q3 24 | 69.3% | 35.4% | ||
| Q2 24 | 67.7% | 32.8% | ||
| Q1 24 | 69.5% | 33.1% |
营业利润率PODDWST
| Q4 25 | 18.7% | 19.5% | ||
| Q3 25 | 16.7% | 20.8% | ||
| Q2 25 | 18.7% | 20.1% | ||
| Q1 25 | 15.6% | 15.3% | ||
| Q4 24 | 18.3% | 21.3% | ||
| Q3 24 | 16.2% | 21.6% | ||
| Q2 24 | 11.2% | 18.0% | ||
| Q1 24 | 12.9% | 17.7% |
净利率PODDWST
| Q4 25 | 13.0% | 16.4% | ||
| Q3 25 | 12.4% | 17.4% | ||
| Q2 25 | 3.5% | 17.2% | ||
| Q1 25 | 6.2% | 12.9% | ||
| Q4 24 | 16.9% | 17.4% | ||
| Q3 24 | 14.2% | 18.2% | ||
| Q2 24 | 38.6% | 15.9% | ||
| Q1 24 | 11.7% | 16.6% |
每股收益（稀释后）PODDWST
| Q4 25 | $1.42 | $1.82 | ||
| Q3 25 | $1.24 | $1.92 | ||
| Q2 25 | $0.32 | $1.82 | ||
| Q1 25 | $0.50 | $1.23 | ||
| Q4 24 | $1.38 | $1.78 | ||
| Q3 24 | $1.08 | $1.85 | ||
| Q2 24 | $2.59 | $1.51 | ||
| Q1 24 | $0.73 | $1.55 |
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 | — | $791.3M |
| 总债务越低越好 | $930.8M | $202.8M |
| 股东权益账面价值 | $1.5B | $3.2B |
| 总资产 | $3.2B | $4.3B |
| 负债/权益比越低杠杆越低 | 0.61× | 0.06× |
8季度趋势，按日历期对齐
现金及短期投资PODDWST
| Q4 25 | — | $791.3M | ||
| Q3 25 | — | $628.5M | ||
| Q2 25 | — | $509.7M | ||
| Q1 25 | — | $404.2M | ||
| Q4 24 | — | $484.6M | ||
| Q3 24 | — | $490.9M | ||
| Q2 24 | — | $446.2M | ||
| Q1 24 | — | $601.8M |
总债务PODDWST
| Q4 25 | $930.8M | $202.8M | ||
| Q3 25 | $934.9M | $202.7M | ||
| Q2 25 | $939.0M | $202.6M | ||
| Q1 25 | $1.6B | $202.6M | ||
| Q4 24 | $1.3B | $202.6M | ||
| Q3 24 | $1.4B | $202.6M | ||
| Q2 24 | $1.4B | $205.8M | ||
| Q1 24 | $1.4B | $206.2M |
股东权益PODDWST
| Q4 25 | $1.5B | $3.2B | ||
| Q3 25 | $1.4B | $3.1B | ||
| Q2 25 | $1.5B | $2.9B | ||
| Q1 25 | $1.3B | $2.7B | ||
| Q4 24 | $1.2B | $2.7B | ||
| Q3 24 | $1.1B | $2.8B | ||
| Q2 24 | $998.4M | $2.6B | ||
| Q1 24 | $790.7M | $2.7B |
总资产PODDWST
| Q4 25 | $3.2B | $4.3B | ||
| Q3 25 | $3.0B | $4.1B | ||
| Q2 25 | $3.5B | $4.0B | ||
| Q1 25 | $3.5B | $3.6B | ||
| Q4 24 | $3.1B | $3.6B | ||
| Q3 24 | $3.0B | $3.7B | ||
| Q2 24 | $2.9B | $3.5B | ||
| Q1 24 | $2.6B | $3.6B |
负债/权益比PODDWST
| Q4 25 | 0.61× | 0.06× | ||
| Q3 25 | 0.68× | 0.07× | ||
| Q2 25 | 0.64× | 0.07× | ||
| Q1 25 | 1.21× | 0.08× | ||
| Q4 24 | 1.07× | 0.08× | ||
| Q3 24 | 1.21× | 0.07× | ||
| Q2 24 | 1.36× | 0.08× | ||
| Q1 24 | 1.72× | 0.08× |
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 | $183.3M | $251.1M |
| 自由现金流经营现金流 - 资本支出 | $48.2M | $175.0M |
| 自由现金流率自由现金流/营收 | 6.2% | 21.7% |
| 资本支出强度资本支出/营收 | 17.2% | 9.5% |
| 现金转化率经营现金流/净利润 | 1.80× | 1.90× |
| 过去12个月自由现金流最近4个季度 | $377.7M | $468.9M |
8季度趋势，按日历期对齐
经营现金流PODDWST
| Q4 25 | $183.3M | $251.1M | ||
| Q3 25 | $125.7M | $197.2M | ||
| Q2 25 | $196.5M | $177.1M | ||
| Q1 25 | $63.8M | $129.4M | ||
| Q4 24 | $147.7M | $190.1M | ||
| Q3 24 | $98.5M | $180.1M | ||
| Q2 24 | $96.5M | $165.0M | ||
| Q1 24 | $87.6M | $118.2M |
自由现金流PODDWST
| Q4 25 | $48.2M | $175.0M | ||
| Q3 25 | $100.1M | $133.9M | ||
| Q2 25 | $177.9M | $101.9M | ||
| Q1 25 | $51.5M | $58.1M | ||
| Q4 24 | $94.1M | $85.2M | ||
| Q3 24 | $71.8M | $98.8M | ||
| Q2 24 | $74.0M | $64.8M | ||
| Q1 24 | $65.5M | $27.6M |
自由现金流率PODDWST
| Q4 25 | 6.2% | 21.7% | ||
| Q3 25 | 14.2% | 16.6% | ||
| Q2 25 | 27.4% | 13.3% | ||
| Q1 25 | 9.1% | 8.3% | ||
| Q4 24 | 15.7% | 11.4% | ||
| Q3 24 | 13.2% | 13.2% | ||
| Q2 24 | 15.1% | 9.2% | ||
| Q1 24 | 14.8% | 4.0% |
资本支出强度PODDWST
| Q4 25 | 17.2% | 9.5% | ||
| Q3 25 | 3.6% | 7.9% | ||
| Q2 25 | 2.9% | 9.8% | ||
| Q1 25 | 2.2% | 10.2% | ||
| Q4 24 | 9.0% | 14.0% | ||
| Q3 24 | 4.9% | 10.9% | ||
| Q2 24 | 4.6% | 14.3% | ||
| Q1 24 | 5.0% | 13.0% |
现金转化率PODDWST
| Q4 25 | 1.80× | 1.90× | ||
| Q3 25 | 1.43× | 1.41× | ||
| Q2 25 | 8.73× | 1.34× | ||
| Q1 25 | 1.80× | 1.44× | ||
| Q4 24 | 1.47× | 1.46× | ||
| Q3 24 | 1.27× | 1.32× | ||
| Q2 24 | 0.51× | 1.48× | ||
| Q1 24 | 1.70× | 1.03× |
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
PODD
| U.S.Omnipod | $567.8M | 72% |
| International Omnipod | $214.0M | 27% |
| Drug Delivery | $1.9M | 0% |
WST
| Proprietary Products | $661.8M | 82% |
| Contract Manufactured Products | $143.2M | 18% |
| Affiliated Entity | $3.3M | 0% |
