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BOSTON BEER CO INC（SAM）与UNITED THERAPEUTICS Corp（UTHR）财务数据对比。点击上方公司名可切换其他公司
UNITED THERAPEUTICS Corp的季度营收约是BOSTON BEER CO INC的1.7倍（$790.2M vs $461.6M），UNITED THERAPEUTICS Corp同比增速更快（7.4% vs -4.1%），过去两年UNITED THERAPEUTICS Corp的营收复合增速更高（8.0% vs -10.7%）
波士顿啤酒公司是美国知名酿酒企业，1984年由吉姆·科赫与朗达·卡尔曼联合创立。旗下首款产品以美国开国元勋、独立运动先驱塞缪尔·亚当斯命名，后续陆续推出多个自有品牌，2019年正式完成与角鲨头酿酒厂的合并，是北美精酿啤酒行业的核心参与者之一。
United Therapeutics是美国生物技术企业，专注开发包含异种移植在内的器官移植相关药物与技术，多款产品布局肺部疾病及器官制造赛道，双总部位于马里兰州银泉与北卡罗来纳州三角研究园，在美加多地设有研发及运营分支机构。
SAM vs UTHR — 直观对比
营收规模更大
UTHR
是对方的1.7倍
$461.6M
营收增速更快
UTHR
高出11.5%
-4.1%
两年增速更快
UTHR
近两年复合增速
-10.7%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $461.6M | $790.2M |
| 净利润 | — | $364.3M |
| 毛利率 | 46.4% | 86.9% |
| 营业利润率 | 12.4% | 45.1% |
| 净利率 | — | 46.1% |
| 营收同比 | -4.1% | 7.4% |
| 净利润同比 | — | 20.9% |
| 每股收益（稀释后） | $2.16 | $7.66 |
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SAMUTHR
| Q1 26 | $461.6M | — | ||
| Q4 25 | $385.7M | $790.2M | ||
| Q3 25 | $537.5M | $799.5M | ||
| Q2 25 | $587.9M | $798.6M | ||
| Q1 25 | $453.9M | $794.4M | ||
| Q4 24 | $402.3M | $735.9M | ||
| Q3 24 | $605.5M | $748.9M | ||
| Q2 24 | $579.1M | $714.9M |
净利润SAMUTHR
| Q1 26 | — | — | ||
| Q4 25 | $-22.5M | $364.3M | ||
| Q3 25 | $46.2M | $338.7M | ||
| Q2 25 | $60.4M | $309.5M | ||
| Q1 25 | $24.4M | $322.2M | ||
| Q4 24 | $-38.8M | $301.3M | ||
| Q3 24 | $33.5M | $309.1M | ||
| Q2 24 | $52.3M | $278.1M |
毛利率SAMUTHR
| Q1 26 | 46.4% | — | ||
| Q4 25 | 43.5% | 86.9% | ||
| Q3 25 | 50.8% | 87.4% | ||
| Q2 25 | 49.8% | 89.0% | ||
| Q1 25 | 48.3% | 88.4% | ||
| Q4 24 | 39.9% | 89.7% | ||
| Q3 24 | 46.3% | 88.9% | ||
| Q2 24 | 46.0% | 89.1% |
营业利润率SAMUTHR
| Q1 26 | 12.4% | — | ||
| Q4 25 | -8.6% | 45.1% | ||
| Q3 25 | 11.5% | 48.6% | ||
| Q2 25 | 14.0% | 45.6% | ||
| Q1 25 | 7.4% | 48.2% | ||
| Q4 24 | -13.9% | 48.6% | ||
| Q3 24 | 7.6% | 45.8% | ||
| Q2 24 | 12.2% | 44.7% |
净利率SAMUTHR
| Q1 26 | — | — | ||
| Q4 25 | -5.8% | 46.1% | ||
| Q3 25 | 8.6% | 42.4% | ||
| Q2 25 | 10.3% | 38.8% | ||
| Q1 25 | 5.4% | 40.6% | ||
| Q4 24 | -9.6% | 40.9% | ||
| Q3 24 | 5.5% | 41.3% | ||
| Q2 24 | 9.0% | 38.9% |
每股收益（稀释后）SAMUTHR
| Q1 26 | $2.16 | — | ||
| Q4 25 | $-1.97 | $7.66 | ||
| Q3 25 | $4.25 | $7.16 | ||
| Q2 25 | $5.45 | $6.41 | ||
| Q1 25 | $2.16 | $6.63 | ||
| Q4 24 | $-3.23 | $6.23 | ||
| Q3 24 | $2.86 | $6.39 | ||
| Q2 24 | $4.39 | $5.85 |
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 | $164.1M | $2.9B |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $682.6M | $7.1B |
| 总资产 | $1.2B | $7.9B |
| 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SAMUTHR
| Q1 26 | $164.1M | — | ||
| Q4 25 | $223.4M | $2.9B | ||
| Q3 25 | $250.5M | $2.8B | ||
| Q2 25 | $212.4M | $3.0B | ||
| Q1 25 | $152.5M | $3.3B | ||
| Q4 24 | $211.8M | $3.3B | ||
| Q3 24 | $255.6M | $3.3B | ||
| Q2 24 | $219.3M | $3.0B |
股东权益SAMUTHR
| Q1 26 | $682.6M | — | ||
| Q4 25 | $846.3M | $7.1B | ||
| Q3 25 | $911.0M | $6.6B | ||
| Q2 25 | $912.3M | $7.2B | ||
| Q1 25 | $897.0M | $6.8B | ||
| Q4 24 | $916.2M | $6.4B | ||
| Q3 24 | $1.0B | $6.1B | ||
| Q2 24 | $1.0B | $5.7B |
总资产SAMUTHR
| Q1 26 | $1.2B | — | ||
| Q4 25 | $1.2B | $7.9B | ||
| Q3 25 | $1.2B | $7.4B | ||
| Q2 25 | $1.3B | $7.9B | ||
| Q1 25 | $1.2B | $7.7B | ||
| Q4 24 | $1.3B | $7.4B | ||
| Q3 24 | $1.4B | $7.1B | ||
| Q2 24 | $1.4B | $6.7B |
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 | — | $346.2M |
| 自由现金流经营现金流 - 资本支出 | — | $173.3M |
| 自由现金流率自由现金流/营收 | — | 21.9% |
| 资本支出强度资本支出/营收 | — | 21.9% |
| 现金转化率经营现金流/净利润 | — | 0.95× |
| 过去12个月自由现金流最近4个季度 | — | $1.0B |
8季度趋势，按日历期对齐
经营现金流SAMUTHR
| Q1 26 | — | — | ||
| Q4 25 | $39.9M | $346.2M | ||
| Q3 25 | $101.8M | $562.1M | ||
| Q2 25 | $126.5M | $191.7M | ||
| Q1 25 | $1.9M | $461.2M | ||
| Q4 24 | $41.9M | $341.2M | ||
| Q3 24 | $115.9M | $377.2M | ||
| Q2 24 | $96.0M | $232.2M |
自由现金流SAMUTHR
| Q1 26 | — | — | ||
| Q4 25 | $22.1M | $173.3M | ||
| Q3 25 | $89.2M | $351.6M | ||
| Q2 25 | $112.2M | $129.5M | ||
| Q1 25 | $-8.0M | $386.3M | ||
| Q4 24 | $18.4M | $254.5M | ||
| Q3 24 | $99.2M | $300.7M | ||
| Q2 24 | $75.6M | $187.1M |
自由现金流率SAMUTHR
| Q1 26 | — | — | ||
| Q4 25 | 5.7% | 21.9% | ||
| Q3 25 | 16.6% | 44.0% | ||
| Q2 25 | 19.1% | 16.2% | ||
| Q1 25 | -1.8% | 48.6% | ||
| Q4 24 | 4.6% | 34.6% | ||
| Q3 24 | 16.4% | 40.2% | ||
| Q2 24 | 13.1% | 26.2% |
资本支出强度SAMUTHR
| Q1 26 | — | — | ||
| Q4 25 | 4.6% | 21.9% | ||
| Q3 25 | 2.3% | 26.3% | ||
| Q2 25 | 2.4% | 7.8% | ||
| Q1 25 | 2.2% | 9.4% | ||
| Q4 24 | 5.8% | 11.8% | ||
| Q3 24 | 2.8% | 10.2% | ||
| Q2 24 | 3.5% | 6.3% |
现金转化率SAMUTHR
| Q1 26 | — | — | ||
| Q4 25 | — | 0.95× | ||
| Q3 25 | 2.21× | 1.66× | ||
| Q2 25 | 2.09× | 0.62× | ||
| Q1 25 | 0.08× | 1.43× | ||
| Q4 24 | — | 1.13× | ||
| Q3 24 | 3.46× | 1.22× | ||
| Q2 24 | 1.83× | 0.83× |
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
SAM
暂无分部数据
UTHR
| Tyvaso DPI | $338.6M | 43% |
| Remodulin | $128.0M | 16% |
| Nebulized Tyvaso | $125.7M | 16% |
| Orenitram | $121.2M | 15% |
| Unituxin | $62.3M | 8% |
| Adcirca | $7.8M | 1% |
| Other | $6.6M | 1% |
