vs
Primo Brands Corp（PRMB）与硕腾（ZTS）财务数据对比。点击上方公司名可切换其他公司
硕腾的季度营收约是Primo Brands Corp的1.5倍（$2.4B vs $1.6B），硕腾净利率更高（25.3% vs -0.8%，领先26.1%），硕腾自由现金流更多（$732.0M vs $57.3M）
Primo Brands Corp是一家美加合资饮用水企业，主营多规格桶装水、饮水机、自助补水设备及净水家电，总部位于美国佛罗里达州坦帕市，服务覆盖美国、加拿大、欧洲及以色列的住宅与商业客户。
硕腾是全球规模最大的动物保健制药企业，专注于宠物与家畜用药品、疫苗的研发和生产，前身为制药巨头辉瑞旗下的动物保健业务板块，辉瑞剥离多数股权后成为完全独立的企业。目前公司产品直销约45个国家，在全球超过100个国家和地区销售，海外业务占总营收的50%左右。
PRMB vs ZTS — 直观对比
营收规模更大
ZTS
是对方的1.5倍
$1.6B
净利率更高
ZTS
高出26.1%
-0.8%
自由现金流更多
ZTS
多$674.7M
$57.3M
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.6B | $2.4B |
| 净利润 | $-13.0M | $603.0M |
| 毛利率 | 27.7% | 70.2% |
| 营业利润率 | 1.2% | 31.9% |
| 净利率 | -0.8% | 25.3% |
| 营收同比 | — | 3.0% |
| 净利润同比 | — | 3.8% |
| 每股收益（稀释后） | $-0.03 | $1.37 |
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PRMBZTS
| Q4 25 | $1.6B | $2.4B | ||
| Q3 25 | $1.8B | $2.4B | ||
| Q2 25 | $1.7B | $2.5B | ||
| Q1 25 | $1.6B | $2.2B | ||
| Q4 24 | — | $2.3B | ||
| Q3 24 | $0 | $2.4B | ||
| Q2 24 | $1.3B | $2.4B | ||
| Q1 24 | $1.1B | $2.2B |
净利润PRMBZTS
| Q4 25 | $-13.0M | $603.0M | ||
| Q3 25 | $16.8M | $721.0M | ||
| Q2 25 | $27.6M | $718.0M | ||
| Q1 25 | $28.7M | $631.0M | ||
| Q4 24 | — | $581.0M | ||
| Q3 24 | $-2.0K | $682.0M | ||
| Q2 24 | $54.5M | $624.0M | ||
| Q1 24 | $33.5M | $599.0M |
毛利率PRMBZTS
| Q4 25 | 27.7% | 70.2% | ||
| Q3 25 | 29.9% | 71.5% | ||
| Q2 25 | 31.3% | 73.6% | ||
| Q1 25 | 32.3% | 72.0% | ||
| Q4 24 | — | 69.5% | ||
| Q3 24 | — | 70.6% | ||
| Q2 24 | 32.7% | 71.7% | ||
| Q1 24 | 30.4% | 70.6% |
营业利润率PRMBZTS
| Q4 25 | 1.2% | 31.9% | ||
| Q3 25 | 8.3% | 37.0% | ||
| Q2 25 | 6.5% | 36.7% | ||
| Q1 25 | 9.5% | 36.5% | ||
| Q4 24 | — | 31.6% | ||
| Q3 24 | — | 36.6% | ||
| Q2 24 | 12.1% | 33.0% | ||
| Q1 24 | 11.0% | 34.1% |
净利率PRMBZTS
| Q4 25 | -0.8% | 25.3% | ||
| Q3 25 | 1.0% | 30.0% | ||
| Q2 25 | 1.6% | 29.2% | ||
| Q1 25 | 1.8% | 28.4% | ||
| Q4 24 | — | 25.1% | ||
| Q3 24 | — | 28.6% | ||
| Q2 24 | 4.1% | 26.4% | ||
| Q1 24 | 2.9% | 27.4% |
每股收益（稀释后）PRMBZTS
| Q4 25 | $-0.03 | $1.37 | ||
| Q3 25 | $0.04 | $1.63 | ||
| Q2 25 | $0.07 | $1.61 | ||
| Q1 25 | $0.08 | $1.41 | ||
| Q4 24 | — | $1.29 | ||
| Q3 24 | $-20.00 | $1.50 | ||
| Q2 24 | $0.25 | $1.37 | ||
| Q1 24 | $0.15 | $1.31 |
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 | $376.7M | — |
| 总债务越低越好 | $5.2B | — |
| 股东权益账面价值 | $3.0B | $3.3B |
| 总资产 | $10.6B | $15.5B |
| 负债/权益比越低杠杆越低 | 1.72× | — |
8季度趋势，按日历期对齐
现金及短期投资PRMBZTS
| Q4 25 | $376.7M | — | ||
| Q3 25 | — | $2.1B | ||
| Q2 25 | — | $1.4B | ||
| Q1 25 | — | $1.7B | ||
| Q4 24 | — | $2.0B | ||
| Q3 24 | — | $1.7B | ||
| Q2 24 | — | $1.6B | ||
| Q1 24 | — | $2.0B |
总债务PRMBZTS
| Q4 25 | $5.2B | — | ||
| Q3 25 | $5.1B | — | ||
| Q2 25 | $5.1B | — | ||
| Q1 25 | $5.0B | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
股东权益PRMBZTS
| Q4 25 | $3.0B | $3.3B | ||
| Q3 25 | $3.2B | $5.4B | ||
| Q2 25 | $3.2B | $5.0B | ||
| Q1 25 | $3.3B | $4.7B | ||
| Q4 24 | — | $4.8B | ||
| Q3 24 | $-2.0K | $5.2B | ||
| Q2 24 | $-296.8M | $5.0B | ||
| Q1 24 | $-349.8M | $5.1B |
总资产PRMBZTS
| Q4 25 | $10.6B | $15.5B | ||
| Q3 25 | $11.0B | $15.2B | ||
| Q2 25 | $11.0B | $14.5B | ||
| Q1 25 | $11.0B | $14.1B | ||
| Q4 24 | — | $14.2B | ||
| Q3 24 | $0 | $14.4B | ||
| Q2 24 | — | $14.2B | ||
| Q1 24 | — | $14.3B |
负债/权益比PRMBZTS
| Q4 25 | 1.72× | — | ||
| Q3 25 | 1.61× | — | ||
| Q2 25 | 1.57× | — | ||
| Q1 25 | 1.51× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
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 | $203.1M | $893.0M |
| 自由现金流经营现金流 - 资本支出 | $57.3M | $732.0M |
| 自由现金流率自由现金流/营收 | 3.7% | 30.7% |
| 资本支出强度资本支出/营收 | 9.4% | 6.7% |
| 现金转化率经营现金流/净利润 | — | 1.48× |
| 过去12个月自由现金流最近4个季度 | $302.9M | $2.3B |
8季度趋势，按日历期对齐
经营现金流PRMBZTS
| Q4 25 | $203.1M | $893.0M | ||
| Q3 25 | $283.4M | $938.0M | ||
| Q2 25 | $155.0M | $486.0M | ||
| Q1 25 | $38.8M | $587.0M | ||
| Q4 24 | — | $905.0M | ||
| Q3 24 | $0 | $951.0M | ||
| Q2 24 | $102.5M | $502.0M | ||
| Q1 24 | $6.0M | $595.0M |
自由现金流PRMBZTS
| Q4 25 | $57.3M | $732.0M | ||
| Q3 25 | $167.7M | $805.0M | ||
| Q2 25 | $101.1M | $308.0M | ||
| Q1 25 | $-23.2M | $438.0M | ||
| Q4 24 | — | $689.0M | ||
| Q3 24 | — | $784.0M | ||
| Q2 24 | $61.4M | $370.0M | ||
| Q1 24 | $-17.5M | $455.0M |
自由现金流率PRMBZTS
| Q4 25 | 3.7% | 30.7% | ||
| Q3 25 | 9.5% | 33.5% | ||
| Q2 25 | 5.8% | 12.5% | ||
| Q1 25 | -1.4% | 19.7% | ||
| Q4 24 | — | 29.7% | ||
| Q3 24 | — | 32.8% | ||
| Q2 24 | 4.7% | 15.7% | ||
| Q1 24 | -1.5% | 20.8% |
资本支出强度PRMBZTS
| Q4 25 | 9.4% | 6.7% | ||
| Q3 25 | 6.6% | 5.5% | ||
| Q2 25 | 3.1% | 7.2% | ||
| Q1 25 | 3.8% | 6.7% | ||
| Q4 24 | — | 9.3% | ||
| Q3 24 | — | 7.0% | ||
| Q2 24 | 3.1% | 5.6% | ||
| Q1 24 | 2.1% | 6.4% |
现金转化率PRMBZTS
| Q4 25 | — | 1.48× | ||
| Q3 25 | 16.87× | 1.30× | ||
| Q2 25 | 5.62× | 0.68× | ||
| Q1 25 | 1.35× | 0.93× | ||
| Q4 24 | — | 1.56× | ||
| Q3 24 | — | 1.39× | ||
| Q2 24 | 1.88× | 0.80× | ||
| Q1 24 | 0.18× | 0.99× |
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
PRMB
| Regional Spring Water | $765.1M | 49% |
| Purified Water | $484.5M | 31% |
| Other | $188.4M | 12% |
| Premium Water | $90.3M | 6% |
| Other Water | $25.8M | 2% |
ZTS
| Other | $1.3B | 56% |
| Livestock | $234.0M | 10% |
| Pain Sedation | $209.0M | 9% |
| Other Pharmaceuticals | $188.0M | 8% |
| Swine | $125.0M | 5% |
| Poultry | $117.0M | 5% |
| Fish | $81.0M | 3% |
| Other Non Pharmaceuticals | $70.0M | 3% |
| Manufactured Product Other | $18.0M | 1% |
| Medicated Feed Additives | $12.0M | 1% |
