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Solventum（SOLV）与Teledyne Technologies（TDY）财务数据对比。点击上方公司名可切换其他公司
Solventum的季度营收约是Teledyne Technologies的1.2倍（$2.0B vs $1.6B），Teledyne Technologies净利率更高（17.1% vs 3.2%，领先13.9%），Teledyne Technologies同比增速更快（7.3% vs -3.7%），Teledyne Technologies自由现金流更多（$339.2M vs $32.0M），过去两年Teledyne Technologies的营收复合增速更高（9.3% vs -0.4%）
Solventum是一家总部位于美国的医疗健康企业，于2024年4月1日正式从全球知名多元化工业集团3M分拆后独立运营，继承了原3M旗下医疗板块的技术积累与业务资源，面向全球市场提供专业医疗相关产品及服务。
Teledyne Technologies是美国大型工业集团企业，1960年由亨利·辛格尔顿与乔治·科兹梅茨基共同创立，最初成立时名为Teledyne Inc.，发展至今在全球工业技术领域拥有较高的行业知名度与市场影响力。
SOLV vs TDY — 直观对比
营收规模更大
SOLV
是对方的1.2倍
$1.6B
营收增速更快
TDY
高出11.0%
-3.7%
净利率更高
TDY
高出13.9%
3.2%
自由现金流更多
TDY
多$307.2M
$32.0M
两年增速更快
TDY
近两年复合增速
-0.4%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $2.0B | $1.6B |
| 净利润 | $63.0M | $275.6M |
| 毛利率 | 51.4% | 42.9% |
| 营业利润率 | 6.3% | 20.4% |
| 净利率 | 3.2% | 17.1% |
| 营收同比 | -3.7% | 7.3% |
| 净利润同比 | 103.2% | 38.8% |
| 每股收益（稀释后） | $0.37 | $5.81 |
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SOLVTDY
| Q4 25 | $2.0B | $1.6B | ||
| Q3 25 | $2.1B | $1.5B | ||
| Q2 25 | $2.2B | $1.5B | ||
| Q1 25 | $2.1B | $1.4B | ||
| Q4 24 | $2.1B | $1.5B | ||
| Q3 24 | $2.1B | $1.4B | ||
| Q2 24 | $2.1B | $1.4B | ||
| Q1 24 | $2.0B | $1.4B |
净利润SOLVTDY
| Q4 25 | $63.0M | $275.6M | ||
| Q3 25 | $1.3B | $220.7M | ||
| Q2 25 | $90.0M | $209.9M | ||
| Q1 25 | $137.0M | $188.6M | ||
| Q4 24 | $31.0M | $198.5M | ||
| Q3 24 | $122.0M | $262.0M | ||
| Q2 24 | $89.0M | $180.2M | ||
| Q1 24 | $237.0M | $178.5M |
毛利率SOLVTDY
| Q4 25 | 51.4% | 42.9% | ||
| Q3 25 | 54.2% | 42.8% | ||
| Q2 25 | 54.4% | 42.6% | ||
| Q1 25 | 53.8% | 42.7% | ||
| Q4 24 | 53.9% | 42.8% | ||
| Q3 24 | 56.0% | 42.9% | ||
| Q2 24 | 54.6% | 43.1% | ||
| Q1 24 | 58.1% | 43.0% |
营业利润率SOLVTDY
| Q4 25 | 6.3% | 20.4% | ||
| Q3 25 | 80.6% | 18.4% | ||
| Q2 25 | 9.9% | 18.4% | ||
| Q1 25 | 7.3% | 17.9% | ||
| Q4 24 | 6.6% | 15.8% | ||
| Q3 24 | 13.2% | 18.8% | ||
| Q2 24 | 11.7% | 18.0% | ||
| Q1 24 | 18.9% | 17.4% |
净利率SOLVTDY
| Q4 25 | 3.2% | 17.1% | ||
| Q3 25 | 60.4% | 14.3% | ||
| Q2 25 | 4.2% | 13.9% | ||
| Q1 25 | 6.6% | 13.0% | ||
| Q4 24 | 1.5% | 13.2% | ||
| Q3 24 | 5.9% | 18.2% | ||
| Q2 24 | 4.3% | 13.1% | ||
| Q1 24 | 11.8% | 13.2% |
每股收益（稀释后）SOLVTDY
| Q4 25 | $0.37 | $5.81 | ||
| Q3 25 | $7.22 | $4.65 | ||
| Q2 25 | $0.51 | $4.43 | ||
| Q1 25 | $0.78 | $3.99 | ||
| Q4 24 | $0.18 | $4.18 | ||
| Q3 24 | $0.70 | $5.54 | ||
| Q2 24 | $0.51 | $3.77 | ||
| Q1 24 | $1.37 | $3.72 |
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 | $878.0M | $352.4M |
| 总债务越低越好 | $5.0B | $2.5B |
| 股东权益账面价值 | $5.0B | $10.5B |
| 总资产 | $14.3B | $15.3B |
| 负债/权益比越低杠杆越低 | 1.00× | 0.24× |
8季度趋势，按日历期对齐
现金及短期投资SOLVTDY
| Q4 25 | $878.0M | $352.4M | ||
| Q3 25 | $1.6B | $528.6M | ||
| Q2 25 | $492.0M | $310.9M | ||
| Q1 25 | $534.0M | $461.5M | ||
| Q4 24 | $762.0M | $649.8M | ||
| Q3 24 | $772.0M | $561.0M | ||
| Q2 24 | $897.0M | $443.2M | ||
| Q1 24 | $996.0M | $912.4M |
总债务SOLVTDY
| Q4 25 | $5.0B | $2.5B | ||
| Q3 25 | $5.1B | $2.5B | ||
| Q2 25 | $7.8B | $2.6B | ||
| Q1 25 | $7.9B | $3.0B | ||
| Q4 24 | $8.0B | $2.6B | ||
| Q3 24 | $8.1B | $2.8B | ||
| Q2 24 | $8.3B | $2.8B | ||
| Q1 24 | $8.3B | $3.2B |
股东权益SOLVTDY
| Q4 25 | $5.0B | $10.5B | ||
| Q3 25 | $5.0B | $10.6B | ||
| Q2 25 | $3.6B | $10.4B | ||
| Q1 25 | $3.3B | $9.9B | ||
| Q4 24 | $3.0B | $9.5B | ||
| Q3 24 | $3.2B | $9.6B | ||
| Q2 24 | $2.9B | $9.3B | ||
| Q1 24 | $3.9B | $9.3B |
总资产SOLVTDY
| Q4 25 | $14.3B | $15.3B | ||
| Q3 25 | $14.0B | $15.4B | ||
| Q2 25 | $15.1B | $15.1B | ||
| Q1 25 | $14.5B | $15.0B | ||
| Q4 24 | $14.5B | $14.2B | ||
| Q3 24 | $14.7B | $14.5B | ||
| Q2 24 | $14.6B | $14.2B | ||
| Q1 24 | $14.7B | $14.6B |
负债/权益比SOLVTDY
| Q4 25 | 1.00× | 0.24× | ||
| Q3 25 | 1.03× | 0.24× | ||
| Q2 25 | 2.14× | 0.25× | ||
| Q1 25 | 2.43× | 0.30× | ||
| Q4 24 | 2.71× | 0.28× | ||
| Q3 24 | 2.54× | 0.29× | ||
| Q2 24 | 2.90× | 0.30× | ||
| Q1 24 | 2.16× | 0.35× |
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 | $95.0M | $379.0M |
| 自由现金流经营现金流 - 资本支出 | $32.0M | $339.2M |
| 自由现金流率自由现金流/营收 | 1.6% | 21.0% |
| 资本支出强度资本支出/营收 | 3.2% | 2.5% |
| 现金转化率经营现金流/净利润 | 1.51× | 1.38× |
| 过去12个月自由现金流最近4个季度 | $-10.0M | $1.1B |
8季度趋势，按日历期对齐
经营现金流SOLVTDY
| Q4 25 | $95.0M | $379.0M | ||
| Q3 25 | $76.0M | $343.1M | ||
| Q2 25 | $169.0M | $226.6M | ||
| Q1 25 | $29.0M | $242.6M | ||
| Q4 24 | $219.0M | $332.4M | ||
| Q3 24 | $169.0M | $249.8M | ||
| Q2 24 | $355.0M | $318.7M | ||
| Q1 24 | $442.0M | $291.0M |
自由现金流SOLVTDY
| Q4 25 | $32.0M | $339.2M | ||
| Q3 25 | $-21.0M | $313.9M | ||
| Q2 25 | $59.0M | $196.3M | ||
| Q1 25 | $-80.0M | $224.6M | ||
| Q4 24 | $92.0M | $303.4M | ||
| Q3 24 | $76.0M | $228.7M | ||
| Q2 24 | $297.0M | $301.0M | ||
| Q1 24 | $340.0M | $275.1M |
自由现金流率SOLVTDY
| Q4 25 | 1.6% | 21.0% | ||
| Q3 25 | -1.0% | 20.4% | ||
| Q2 25 | 2.7% | 13.0% | ||
| Q1 25 | -3.9% | 15.5% | ||
| Q4 24 | 4.4% | 20.2% | ||
| Q3 24 | 3.7% | 15.8% | ||
| Q2 24 | 14.3% | 21.9% | ||
| Q1 24 | 16.9% | 20.4% |
资本支出强度SOLVTDY
| Q4 25 | 3.2% | 2.5% | ||
| Q3 25 | 4.6% | 1.9% | ||
| Q2 25 | 5.1% | 2.0% | ||
| Q1 25 | 5.3% | 1.2% | ||
| Q4 24 | 6.1% | 1.9% | ||
| Q3 24 | 4.5% | 1.5% | ||
| Q2 24 | 2.8% | 1.3% | ||
| Q1 24 | 5.1% | 1.2% |
现金转化率SOLVTDY
| Q4 25 | 1.51× | 1.38× | ||
| Q3 25 | 0.06× | 1.55× | ||
| Q2 25 | 1.88× | 1.08× | ||
| Q1 25 | 0.21× | 1.29× | ||
| Q4 24 | 7.06× | 1.67× | ||
| Q3 24 | 1.39× | 0.95× | ||
| Q2 24 | 3.99× | 1.77× | ||
| Q1 24 | 1.86× | 1.63× |
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
SOLV
| Infection Prevention And Surgical Solutions | $752.0M | 38% |
| Cost Of Software And Rentals | $508.0M | 25% |
| Health Information Systems Segment | $347.0M | 17% |
| Dental Solutions Segment | $343.0M | 17% |
| Related Party | $14.0M | 1% |
TDY
| Commercial And Other | $681.5M | 42% |
| Aerospace And Defense Electronics | $275.9M | 17% |
| Marine Instrumentation | $177.1M | 11% |
| United States Government | $169.0M | 10% |
| Environmental Instrumentation | $120.7M | 7% |
| Engineered Systems | $103.3M | 6% |
| Test And Measurement Instrumentation | $84.8M | 5% |
