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Solventum（SOLV）与Wayfair Inc.（W）财务数据对比。点击上方公司名可切换其他公司
Wayfair Inc.的季度营收约是Solventum的1.7倍（$3.3B vs $2.0B），Solventum净利率更高（3.2% vs -3.5%，领先6.6%），Wayfair Inc.同比增速更快（6.9% vs -3.7%），Wayfair Inc.自由现金流更多（$177.0M vs $32.0M），过去两年Wayfair Inc.的营收复合增速更高（10.6% 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。
Wayfair Inc.是总部位于美国马萨诸塞州波士顿的电商企业，2002年成立，前身为CSN Stores，专注于家具及家居用品线上销售。目前平台提供来自全球11000余家供应商的1400万款商品，业务遍及北美、加拿大、德国、爱尔兰、中国、英国等国家和地区。
SOLV vs W — 直观对比
营收规模更大
W
是对方的1.7倍
$2.0B
营收增速更快
W
高出10.6%
-3.7%
净利率更高
SOLV
高出6.6%
-3.5%
自由现金流更多
W
多$145.0M
$32.0M
两年增速更快
W
近两年复合增速
-0.4%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $2.0B | $3.3B |
| 净利润 | $63.0M | $-116.0M |
| 毛利率 | 51.4% | 30.3% |
| 营业利润率 | 6.3% | 2.5% |
| 净利率 | 3.2% | -3.5% |
| 营收同比 | -3.7% | 6.9% |
| 净利润同比 | 103.2% | 9.4% |
| 每股收益（稀释后） | $0.37 | $-0.90 |
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SOLVW
| Q4 25 | $2.0B | $3.3B | ||
| Q3 25 | $2.1B | $3.1B | ||
| Q2 25 | $2.2B | $3.3B | ||
| Q1 25 | $2.1B | $2.7B | ||
| Q4 24 | $2.1B | $3.1B | ||
| Q3 24 | $2.1B | $2.9B | ||
| Q2 24 | $2.1B | $3.1B | ||
| Q1 24 | $2.0B | $2.7B |
净利润SOLVW
| Q4 25 | $63.0M | $-116.0M | ||
| Q3 25 | $1.3B | $-99.0M | ||
| Q2 25 | $90.0M | $15.0M | ||
| Q1 25 | $137.0M | $-113.0M | ||
| Q4 24 | $31.0M | $-128.0M | ||
| Q3 24 | $122.0M | $-74.0M | ||
| Q2 24 | $89.0M | $-42.0M | ||
| Q1 24 | $237.0M | $-248.0M |
毛利率SOLVW
| Q4 25 | 51.4% | 30.3% | ||
| Q3 25 | 54.2% | 30.0% | ||
| Q2 25 | 54.4% | 30.1% | ||
| Q1 25 | 53.8% | 30.7% | ||
| Q4 24 | 53.9% | 30.2% | ||
| Q3 24 | 56.0% | 30.3% | ||
| Q2 24 | 54.6% | 30.2% | ||
| Q1 24 | 58.1% | 30.0% |
营业利润率SOLVW
| Q4 25 | 6.3% | 2.5% | ||
| Q3 25 | 80.6% | 1.2% | ||
| Q2 25 | 9.9% | 0.5% | ||
| Q1 25 | 7.3% | -4.5% | ||
| Q4 24 | 6.6% | -3.7% | ||
| Q3 24 | 13.2% | -2.6% | ||
| Q2 24 | 11.7% | -1.1% | ||
| Q1 24 | 18.9% | -8.6% |
净利率SOLVW
| Q4 25 | 3.2% | -3.5% | ||
| Q3 25 | 60.4% | -3.2% | ||
| Q2 25 | 4.2% | 0.5% | ||
| Q1 25 | 6.6% | -4.1% | ||
| Q4 24 | 1.5% | -4.1% | ||
| Q3 24 | 5.9% | -2.6% | ||
| Q2 24 | 4.3% | -1.3% | ||
| Q1 24 | 11.8% | -9.1% |
每股收益（稀释后）SOLVW
| Q4 25 | $0.37 | $-0.90 | ||
| Q3 25 | $7.22 | $-0.76 | ||
| Q2 25 | $0.51 | $0.11 | ||
| Q1 25 | $0.78 | $-0.89 | ||
| Q4 24 | $0.18 | $-1.01 | ||
| Q3 24 | $0.70 | $-0.60 | ||
| Q2 24 | $0.51 | $-0.34 | ||
| Q1 24 | $1.37 | $-2.06 |
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 | $1.5B |
| 总债务越低越好 | $5.0B | $3.3B |
| 股东权益账面价值 | $5.0B | $-2.8B |
| 总资产 | $14.3B | $3.4B |
| 负债/权益比越低杠杆越低 | 1.00× | — |
8季度趋势，按日历期对齐
现金及短期投资SOLVW
| Q4 25 | $878.0M | $1.5B | ||
| Q3 25 | $1.6B | $1.2B | ||
| Q2 25 | $492.0M | $1.4B | ||
| Q1 25 | $534.0M | $1.4B | ||
| Q4 24 | $762.0M | $1.4B | ||
| Q3 24 | $772.0M | $1.3B | ||
| Q2 24 | $897.0M | $1.3B | ||
| Q1 24 | $996.0M | $1.2B |
总债务SOLVW
| Q4 25 | $5.0B | $3.3B | ||
| Q3 25 | $5.1B | $2.9B | ||
| Q2 25 | $7.8B | $3.0B | ||
| Q1 25 | $7.9B | $3.2B | ||
| Q4 24 | $8.0B | $3.1B | ||
| Q3 24 | $8.1B | $3.2B | ||
| Q2 24 | $8.3B | $3.2B | ||
| Q1 24 | $8.3B | $3.2B |
股东权益SOLVW
| Q4 25 | $5.0B | $-2.8B | ||
| Q3 25 | $5.0B | $-2.8B | ||
| Q2 25 | $3.6B | $-2.7B | ||
| Q1 25 | $3.3B | $-2.8B | ||
| Q4 24 | $3.0B | $-2.8B | ||
| Q3 24 | $3.2B | $-2.7B | ||
| Q2 24 | $2.9B | $-2.8B | ||
| Q1 24 | $3.9B | $-2.8B |
总资产SOLVW
| Q4 25 | $14.3B | $3.4B | ||
| Q3 25 | $14.0B | $3.1B | ||
| Q2 25 | $15.1B | $3.3B | ||
| Q1 25 | $14.5B | $3.4B | ||
| Q4 24 | $14.5B | $3.5B | ||
| Q3 24 | $14.7B | $3.4B | ||
| Q2 24 | $14.6B | $3.4B | ||
| Q1 24 | $14.7B | $3.2B |
负债/权益比SOLVW
| Q4 25 | 1.00× | — | ||
| Q3 25 | 1.03× | — | ||
| Q2 25 | 2.14× | — | ||
| Q1 25 | 2.43× | — | ||
| Q4 24 | 2.71× | — | ||
| Q3 24 | 2.54× | — | ||
| Q2 24 | 2.90× | — | ||
| Q1 24 | 2.16× | — |
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 | $202.0M |
| 自由现金流经营现金流 - 资本支出 | $32.0M | $177.0M |
| 自由现金流率自由现金流/营收 | 1.6% | 5.3% |
| 资本支出强度资本支出/营收 | 3.2% | 0.7% |
| 现金转化率经营现金流/净利润 | 1.51× | — |
| 过去12个月自由现金流最近4个季度 | $-10.0M | $464.0M |
8季度趋势，按日历期对齐
经营现金流SOLVW
| Q4 25 | $95.0M | $202.0M | ||
| Q3 25 | $76.0M | $155.0M | ||
| Q2 25 | $169.0M | $273.0M | ||
| Q1 25 | $29.0M | $-96.0M | ||
| Q4 24 | $219.0M | $162.0M | ||
| Q3 24 | $169.0M | $49.0M | ||
| Q2 24 | $355.0M | $245.0M | ||
| Q1 24 | $442.0M | $-139.0M |
自由现金流SOLVW
| Q4 25 | $32.0M | $177.0M | ||
| Q3 25 | $-21.0M | $128.0M | ||
| Q2 25 | $59.0M | $260.0M | ||
| Q1 25 | $-80.0M | $-101.0M | ||
| Q4 24 | $92.0M | $142.0M | ||
| Q3 24 | $76.0M | $32.0M | ||
| Q2 24 | $297.0M | $222.0M | ||
| Q1 24 | $340.0M | $-152.0M |
自由现金流率SOLVW
| Q4 25 | 1.6% | 5.3% | ||
| Q3 25 | -1.0% | 4.1% | ||
| Q2 25 | 2.7% | 7.9% | ||
| Q1 25 | -3.9% | -3.7% | ||
| Q4 24 | 4.4% | 4.5% | ||
| Q3 24 | 3.7% | 1.1% | ||
| Q2 24 | 14.3% | 7.1% | ||
| Q1 24 | 16.9% | -5.6% |
资本支出强度SOLVW
| Q4 25 | 3.2% | 0.7% | ||
| Q3 25 | 4.6% | 0.9% | ||
| Q2 25 | 5.1% | 0.4% | ||
| Q1 25 | 5.3% | 0.2% | ||
| Q4 24 | 6.1% | 0.6% | ||
| Q3 24 | 4.5% | 0.6% | ||
| Q2 24 | 2.8% | 0.7% | ||
| Q1 24 | 5.1% | 0.5% |
现金转化率SOLVW
| Q4 25 | 1.51× | — | ||
| Q3 25 | 0.06× | — | ||
| Q2 25 | 1.88× | 18.20× | ||
| Q1 25 | 0.21× | — | ||
| Q4 24 | 7.06× | — | ||
| Q3 24 | 1.39× | — | ||
| Q2 24 | 3.99× | — | ||
| Q1 24 | 1.86× | — |
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% |
W
| US Segment | $2.9B | 88% |
| International Segment | $395.0M | 12% |
