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Ulta Beauty（ULTA）与硕腾（ZTS）财务数据对比。点击上方公司名可切换其他公司
Ulta Beauty的季度营收约是硕腾的1.2倍（$2.9B vs $2.4B），硕腾净利率更高（25.3% vs 8.1%，领先17.2%），Ulta Beauty同比增速更快（12.9% vs 3.0%），硕腾自由现金流更多（$732.0M vs $-81.6M），过去两年Ulta Beauty的营收复合增速更高（7.2% vs 4.4%）
Ulta Beauty是美国头部美妆连锁品牌，总部位于伊利诺伊州博林布鲁克，旗下门店在售商品覆盖高低端彩妆、香水、美甲、身体护理、美发产品及美妆工具等全品类美妆个护产品，每家门店均配备对外开放的美容沙龙，为消费者提供一站式美妆消费及服务体验。
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。
ULTA vs ZTS — 直观对比
营收规模更大
ULTA
是对方的1.2倍
$2.4B
营收增速更快
ULTA
高出9.9%
3.0%
净利率更高
ZTS
高出17.2%
8.1%
自由现金流更多
ZTS
多$813.6M
$-81.6M
两年增速更快
ULTA
近两年复合增速
4.4%
损益表 — Q3 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $2.9B | $2.4B |
| 净利润 | $230.9M | $603.0M |
| 毛利率 | 40.4% | 70.2% |
| 营业利润率 | 10.8% | 31.9% |
| 净利率 | 8.1% | 25.3% |
| 营收同比 | 12.9% | 3.0% |
| 净利润同比 | -4.7% | 3.8% |
| 每股收益（稀释后） | $5.14 | $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ULTAZTS
| Q4 25 | $2.9B | $2.4B | ||
| Q3 25 | $2.8B | $2.4B | ||
| Q2 25 | $2.8B | $2.5B | ||
| Q1 25 | — | $2.2B | ||
| Q4 24 | $2.5B | $2.3B | ||
| Q3 24 | $2.6B | $2.4B | ||
| Q2 24 | $2.7B | $2.4B | ||
| Q1 24 | $3.6B | $2.2B |
净利润ULTAZTS
| Q4 25 | $230.9M | $603.0M | ||
| Q3 25 | $260.9M | $721.0M | ||
| Q2 25 | $305.1M | $718.0M | ||
| Q1 25 | — | $631.0M | ||
| Q4 24 | $242.2M | $581.0M | ||
| Q3 24 | $252.6M | $682.0M | ||
| Q2 24 | $313.1M | $624.0M | ||
| Q1 24 | $394.4M | $599.0M |
毛利率ULTAZTS
| Q4 25 | 40.4% | 70.2% | ||
| Q3 25 | 39.2% | 71.5% | ||
| Q2 25 | 39.1% | 73.6% | ||
| Q1 25 | — | 72.0% | ||
| Q4 24 | 39.7% | 69.5% | ||
| Q3 24 | 38.3% | 70.6% | ||
| Q2 24 | 39.2% | 71.7% | ||
| Q1 24 | 37.7% | 70.6% |
营业利润率ULTAZTS
| Q4 25 | 10.8% | 31.9% | ||
| Q3 25 | 12.4% | 37.0% | ||
| Q2 25 | 14.1% | 36.7% | ||
| Q1 25 | — | 36.5% | ||
| Q4 24 | 12.6% | 31.6% | ||
| Q3 24 | 12.9% | 36.6% | ||
| Q2 24 | 14.7% | 33.0% | ||
| Q1 24 | 14.5% | 34.1% |
净利率ULTAZTS
| Q4 25 | 8.1% | 25.3% | ||
| Q3 25 | 9.4% | 30.0% | ||
| Q2 25 | 10.7% | 29.2% | ||
| Q1 25 | — | 28.4% | ||
| Q4 24 | 9.6% | 25.1% | ||
| Q3 24 | 9.9% | 28.6% | ||
| Q2 24 | 11.5% | 26.4% | ||
| Q1 24 | 11.1% | 27.4% |
每股收益（稀释后）ULTAZTS
| Q4 25 | $5.14 | $1.37 | ||
| Q3 25 | $5.78 | $1.63 | ||
| Q2 25 | $6.70 | $1.61 | ||
| Q1 25 | — | $1.41 | ||
| Q4 24 | $5.14 | $1.29 | ||
| Q3 24 | $5.30 | $1.50 | ||
| Q2 24 | $6.47 | $1.37 | ||
| Q1 24 | $8.06 | $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 | $204.9M | — |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $2.6B | $3.3B |
| 总资产 | $7.0B | $15.5B |
| 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ULTAZTS
| Q4 25 | $204.9M | — | ||
| Q3 25 | $242.7M | $2.1B | ||
| Q2 25 | $454.6M | $1.4B | ||
| Q1 25 | — | $1.7B | ||
| Q4 24 | $177.8M | $2.0B | ||
| Q3 24 | $414.0M | $1.7B | ||
| Q2 24 | $524.6M | $1.6B | ||
| Q1 24 | $766.6M | $2.0B |
股东权益ULTAZTS
| Q4 25 | $2.6B | $3.3B | ||
| Q3 25 | $2.6B | $5.4B | ||
| Q2 25 | $2.4B | $5.0B | ||
| Q1 25 | — | $4.7B | ||
| Q4 24 | $2.3B | $4.8B | ||
| Q3 24 | $2.3B | $5.2B | ||
| Q2 24 | $2.3B | $5.0B | ||
| Q1 24 | $2.3B | $5.1B |
总资产ULTAZTS
| Q4 25 | $7.0B | $15.5B | ||
| Q3 25 | $6.6B | $15.2B | ||
| Q2 25 | $6.0B | $14.5B | ||
| Q1 25 | — | $14.1B | ||
| Q4 24 | $6.0B | $14.2B | ||
| Q3 24 | $5.7B | $14.4B | ||
| Q2 24 | $5.6B | $14.2B | ||
| Q1 24 | $5.7B | $14.3B |
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 | $5.6M | $893.0M |
| 自由现金流经营现金流 - 资本支出 | $-81.6M | $732.0M |
| 自由现金流率自由现金流/营收 | -2.9% | 30.7% |
| 资本支出强度资本支出/营收 | 3.1% | 6.7% |
| 现金转化率经营现金流/净利润 | 0.02× | 1.48× |
| 过去12个月自由现金流最近4个季度 | $-92.2M | $2.3B |
8季度趋势，按日历期对齐
经营现金流ULTAZTS
| Q4 25 | $5.6M | $893.0M | ||
| Q3 25 | $96.5M | $938.0M | ||
| Q2 25 | $220.0M | $486.0M | ||
| Q1 25 | — | $587.0M | ||
| Q4 24 | $-56.8M | $905.0M | ||
| Q3 24 | $199.5M | $951.0M | ||
| Q2 24 | $159.3M | $502.0M | ||
| Q1 24 | $1.1B | $595.0M |
自由现金流ULTAZTS
| Q4 25 | $-81.6M | $732.0M | ||
| Q3 25 | $19.6M | $805.0M | ||
| Q2 25 | $141.0M | $308.0M | ||
| Q1 25 | — | $438.0M | ||
| Q4 24 | $-171.1M | $689.0M | ||
| Q3 24 | $104.3M | $784.0M | ||
| Q2 24 | $68.3M | $370.0M | ||
| Q1 24 | $994.0M | $455.0M |
自由现金流率ULTAZTS
| Q4 25 | -2.9% | 30.7% | ||
| Q3 25 | 0.7% | 33.5% | ||
| Q2 25 | 4.9% | 12.5% | ||
| Q1 25 | — | 19.7% | ||
| Q4 24 | -6.8% | 29.7% | ||
| Q3 24 | 4.1% | 32.8% | ||
| Q2 24 | 2.5% | 15.7% | ||
| Q1 24 | 28.0% | 20.8% |
资本支出强度ULTAZTS
| Q4 25 | 3.1% | 6.7% | ||
| Q3 25 | 2.8% | 5.5% | ||
| Q2 25 | 2.8% | 7.2% | ||
| Q1 25 | — | 6.7% | ||
| Q4 24 | 4.5% | 9.3% | ||
| Q3 24 | 3.7% | 7.0% | ||
| Q2 24 | 3.3% | 5.6% | ||
| Q1 24 | 3.5% | 6.4% |
现金转化率ULTAZTS
| Q4 25 | 0.02× | 1.48× | ||
| Q3 25 | 0.37× | 1.30× | ||
| Q2 25 | 0.72× | 0.68× | ||
| Q1 25 | — | 0.93× | ||
| Q4 24 | -0.23× | 1.56× | ||
| Q3 24 | 0.79× | 1.39× | ||
| Q2 24 | 0.51× | 0.80× | ||
| Q1 24 | 2.84× | 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
ULTA
暂无分部数据
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% |
