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Solventum（SOLV）与捷迈邦美（ZBH）财务数据对比。点击上方公司名可切换其他公司
捷迈邦美的季度营收约是Solventum的1.0倍（$2.1B vs $2.0B），捷迈邦美净利率更高（11.4% vs 3.2%，领先8.3%），捷迈邦美同比增速更快（9.3% vs -3.7%），捷迈邦美自由现金流更多（$245.9M vs $32.0M），过去两年捷迈邦美的营收复合增速更高（3.7% 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。
捷迈邦美是一家美国上市的医疗设备企业，1927年成立，最初以生产铝制夹板为核心业务，总部设于印第安纳州华沙市，是当地医疗设备产业集群的核心成员，在全球骨科医疗器械领域拥有较高知名度。
SOLV vs ZBH — 直观对比
营收规模更大
ZBH
是对方的1.0倍
$2.0B
营收增速更快
ZBH
高出13.0%
-3.7%
净利率更高
ZBH
高出8.3%
3.2%
自由现金流更多
ZBH
多$213.9M
$32.0M
两年增速更快
ZBH
近两年复合增速
-0.4%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $2.0B | $2.1B |
| 净利润 | $63.0M | $238.3M |
| 毛利率 | 51.4% | 64.6% |
| 营业利润率 | 6.3% | 17.9% |
| 净利率 | 3.2% | 11.4% |
| 营收同比 | -3.7% | 9.3% |
| 净利润同比 | 103.2% | 30.5% |
| 每股收益（稀释后） | $0.37 | $1.22 |
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SOLVZBH
| Q1 26 | — | $2.1B | ||
| Q4 25 | $2.0B | $2.2B | ||
| Q3 25 | $2.1B | $2.0B | ||
| Q2 25 | $2.2B | $2.1B | ||
| Q1 25 | $2.1B | $1.9B | ||
| Q4 24 | $2.1B | $2.0B | ||
| Q3 24 | $2.1B | $1.8B | ||
| Q2 24 | $2.1B | $1.9B |
净利润SOLVZBH
| Q1 26 | — | $238.3M | ||
| Q4 25 | $63.0M | $139.4M | ||
| Q3 25 | $1.3B | $230.9M | ||
| Q2 25 | $90.0M | $152.8M | ||
| Q1 25 | $137.0M | $182.0M | ||
| Q4 24 | $31.0M | $239.5M | ||
| Q3 24 | $122.0M | $249.1M | ||
| Q2 24 | $89.0M | $242.8M |
毛利率SOLVZBH
| Q1 26 | — | 64.6% | ||
| Q4 25 | 51.4% | 64.7% | ||
| Q3 25 | 54.2% | 72.1% | ||
| Q2 25 | 54.4% | 71.5% | ||
| Q1 25 | 53.8% | 71.2% | ||
| Q4 24 | 53.9% | 71.0% | ||
| Q3 24 | 56.0% | 70.5% | ||
| Q2 24 | 54.6% | 71.5% |
营业利润率SOLVZBH
| Q1 26 | — | 17.9% | ||
| Q4 25 | 6.3% | 6.9% | ||
| Q3 25 | 80.6% | 17.6% | ||
| Q2 25 | 9.9% | 14.4% | ||
| Q1 25 | 7.3% | 15.3% | ||
| Q4 24 | 6.6% | 19.2% | ||
| Q3 24 | 13.2% | 15.3% | ||
| Q2 24 | 11.7% | 18.1% |
净利率SOLVZBH
| Q1 26 | — | 11.4% | ||
| Q4 25 | 3.2% | 6.2% | ||
| Q3 25 | 60.4% | 11.5% | ||
| Q2 25 | 4.2% | 7.4% | ||
| Q1 25 | 6.6% | 9.5% | ||
| Q4 24 | 1.5% | 11.8% | ||
| Q3 24 | 5.9% | 13.7% | ||
| Q2 24 | 4.3% | 12.5% |
每股收益（稀释后）SOLVZBH
| Q1 26 | — | $1.22 | ||
| Q4 25 | $0.37 | $0.71 | ||
| Q3 25 | $7.22 | $1.16 | ||
| Q2 25 | $0.51 | $0.77 | ||
| Q1 25 | $0.78 | $0.91 | ||
| Q4 24 | $0.18 | $1.18 | ||
| Q3 24 | $0.70 | $1.23 | ||
| Q2 24 | $0.51 | $1.18 |
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 | $424.2M |
| 总债务越低越好 | $5.0B | $7.5B |
| 股东权益账面价值 | $5.0B | $12.7B |
| 总资产 | $14.3B | $22.7B |
| 负债/权益比越低杠杆越低 | 1.00× | 0.59× |
8季度趋势，按日历期对齐
现金及短期投资SOLVZBH
| Q1 26 | — | $424.2M | ||
| Q4 25 | $878.0M | $591.9M | ||
| Q3 25 | $1.6B | $1.3B | ||
| Q2 25 | $492.0M | $556.9M | ||
| Q1 25 | $534.0M | $1.4B | ||
| Q4 24 | $762.0M | $525.5M | ||
| Q3 24 | $772.0M | $569.0M | ||
| Q2 24 | $897.0M | $420.1M |
总债务SOLVZBH
| Q1 26 | — | $7.5B | ||
| Q4 25 | $5.0B | — | ||
| Q3 25 | $5.1B | — | ||
| Q2 25 | $7.8B | — | ||
| Q1 25 | $7.9B | — | ||
| Q4 24 | $8.0B | — | ||
| Q3 24 | $8.1B | — | ||
| Q2 24 | $8.3B | — |
股东权益SOLVZBH
| Q1 26 | — | $12.7B | ||
| Q4 25 | $5.0B | $12.7B | ||
| Q3 25 | $5.0B | $12.8B | ||
| Q2 25 | $3.6B | $12.5B | ||
| Q1 25 | $3.3B | $12.4B | ||
| Q4 24 | $3.0B | $12.5B | ||
| Q3 24 | $3.2B | $12.4B | ||
| Q2 24 | $2.9B | $12.7B |
总资产SOLVZBH
| Q1 26 | — | $22.7B | ||
| Q4 25 | $14.3B | $23.1B | ||
| Q3 25 | $14.0B | $23.5B | ||
| Q2 25 | $15.1B | $22.9B | ||
| Q1 25 | $14.5B | $22.2B | ||
| Q4 24 | $14.5B | $21.4B | ||
| Q3 24 | $14.7B | $21.7B | ||
| Q2 24 | $14.6B | $21.5B |
负债/权益比SOLVZBH
| Q1 26 | — | 0.59× | ||
| 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× | — |
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 | $359.4M |
| 自由现金流经营现金流 - 资本支出 | $32.0M | $245.9M |
| 自由现金流率自由现金流/营收 | 1.6% | 11.8% |
| 资本支出强度资本支出/营收 | 3.2% | — |
| 现金转化率经营现金流/净利润 | 1.51× | 1.51× |
| 过去12个月自由现金流最近4个季度 | $-10.0M | $1.4B |
8季度趋势，按日历期对齐
经营现金流SOLVZBH
| Q1 26 | — | $359.4M | ||
| Q4 25 | $95.0M | $517.4M | ||
| Q3 25 | $76.0M | $418.7M | ||
| Q2 25 | $169.0M | $378.2M | ||
| Q1 25 | $29.0M | $382.8M | ||
| Q4 24 | $219.0M | $506.3M | ||
| Q3 24 | $169.0M | $395.7M | ||
| Q2 24 | $355.0M | $369.4M |
自由现金流SOLVZBH
| Q1 26 | — | $245.9M | ||
| Q4 25 | $32.0M | $442.6M | ||
| Q3 25 | $-21.0M | $363.7M | ||
| Q2 25 | $59.0M | $328.1M | ||
| Q1 25 | $-80.0M | $338.2M | ||
| Q4 24 | $92.0M | $454.8M | ||
| Q3 24 | $76.0M | $351.2M | ||
| Q2 24 | $297.0M | $316.7M |
自由现金流率SOLVZBH
| Q1 26 | — | 11.8% | ||
| Q4 25 | 1.6% | 19.7% | ||
| Q3 25 | -1.0% | 18.2% | ||
| Q2 25 | 2.7% | 15.8% | ||
| Q1 25 | -3.9% | 17.7% | ||
| Q4 24 | 4.4% | 22.5% | ||
| Q3 24 | 3.7% | 19.3% | ||
| Q2 24 | 14.3% | 16.3% |
资本支出强度SOLVZBH
| Q1 26 | — | — | ||
| Q4 25 | 3.2% | 3.3% | ||
| Q3 25 | 4.6% | 2.7% | ||
| Q2 25 | 5.1% | 2.4% | ||
| Q1 25 | 5.3% | 2.3% | ||
| Q4 24 | 6.1% | 2.5% | ||
| Q3 24 | 4.5% | 2.4% | ||
| Q2 24 | 2.8% | 2.7% |
现金转化率SOLVZBH
| Q1 26 | — | 1.51× | ||
| Q4 25 | 1.51× | 3.71× | ||
| Q3 25 | 0.06× | 1.81× | ||
| Q2 25 | 1.88× | 2.48× | ||
| Q1 25 | 0.21× | 2.10× | ||
| Q4 24 | 7.06× | 2.11× | ||
| Q3 24 | 1.39× | 1.59× | ||
| Q2 24 | 3.99× | 1.52× |
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% |
ZBH
暂无分部数据
