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威富集团（VFC）与硕腾（ZTS）财务数据对比。点击上方公司名可切换其他公司
威富集团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 10.5%，领先14.8%），硕腾同比增速更快（3.0% vs 1.5%），威富集团自由现金流更多（$977.9M vs $732.0M），过去两年威富集团的营收复合增速更高（10.1% vs 4.4%）
威富集团前身为F.W.伍尔沃斯公司，是全球知名零售企业，也是五分一角平价商店业态的先驱之一。作为美国乃至全球最成功的平价零售企业之一，它曾引领行业发展潮流，构建了如今全球各地门店普遍遵循的现代零售模式。
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。
VFC vs ZTS — 直观对比
营收规模更大
VFC
是对方的1.2倍
$2.4B
营收增速更快
ZTS
高出1.5%
1.5%
净利率更高
ZTS
高出14.8%
10.5%
自由现金流更多
VFC
多$245.9M
$732.0M
两年增速更快
VFC
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 | $300.8M | $603.0M |
| 毛利率 | 56.6% | 70.2% |
| 营业利润率 | 10.1% | 31.9% |
| 净利率 | 10.5% | 25.3% |
| 营收同比 | 1.5% | 3.0% |
| 净利润同比 | 79.3% | 3.8% |
| 每股收益（稀释后） | $0.76 | $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VFCZTS
| Q4 25 | $2.9B | $2.4B | ||
| Q3 25 | $2.8B | $2.4B | ||
| Q2 25 | $1.8B | $2.5B | ||
| Q1 25 | $2.0B | $2.2B | ||
| Q4 24 | $2.8B | $2.3B | ||
| Q3 24 | $2.8B | $2.4B | ||
| Q2 24 | $1.9B | $2.4B | ||
| Q1 24 | $2.4B | $2.2B |
净利润VFCZTS
| Q4 25 | $300.8M | $603.0M | ||
| Q3 25 | $189.8M | $721.0M | ||
| Q2 25 | $-116.4M | $718.0M | ||
| Q1 25 | $-150.8M | $631.0M | ||
| Q4 24 | $167.8M | $581.0M | ||
| Q3 24 | $52.2M | $682.0M | ||
| Q2 24 | $-258.9M | $624.0M | ||
| Q1 24 | $-418.3M | $599.0M |
毛利率VFCZTS
| Q4 25 | 56.6% | 70.2% | ||
| Q3 25 | 52.2% | 71.5% | ||
| Q2 25 | 53.9% | 73.6% | ||
| Q1 25 | 52.7% | 72.0% | ||
| Q4 24 | 56.3% | 69.5% | ||
| Q3 24 | 52.2% | 70.6% | ||
| Q2 24 | 52.0% | 71.7% | ||
| Q1 24 | 48.4% | 70.6% |
营业利润率VFCZTS
| Q4 25 | 10.1% | 31.9% | ||
| Q3 25 | 11.2% | 37.0% | ||
| Q2 25 | -4.9% | 36.7% | ||
| Q1 25 | 2.2% | 36.5% | ||
| Q4 24 | 8.0% | 31.6% | ||
| Q3 24 | 9.9% | 36.6% | ||
| Q2 24 | -12.6% | 33.0% | ||
| Q1 24 | -15.0% | 34.1% |
净利率VFCZTS
| Q4 25 | 10.5% | 25.3% | ||
| Q3 25 | 6.8% | 30.0% | ||
| Q2 25 | -6.6% | 29.2% | ||
| Q1 25 | -7.5% | 28.4% | ||
| Q4 24 | 5.9% | 25.1% | ||
| Q3 24 | 1.9% | 28.6% | ||
| Q2 24 | -13.6% | 26.4% | ||
| Q1 24 | -17.6% | 27.4% |
每股收益（稀释后）VFCZTS
| Q4 25 | $0.76 | $1.37 | ||
| Q3 25 | $0.48 | $1.63 | ||
| Q2 25 | $-0.30 | $1.61 | ||
| Q1 25 | $-0.37 | $1.41 | ||
| Q4 24 | $0.43 | $1.29 | ||
| Q3 24 | $0.13 | $1.50 | ||
| Q2 24 | $-0.67 | $1.37 | ||
| Q1 24 | $-1.07 | $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 | $1.5B | — |
| 总债务越低越好 | $3.6B | — |
| 股东权益账面价值 | $1.8B | $3.3B |
| 总资产 | $10.4B | $15.5B |
| 负债/权益比越低杠杆越低 | 1.99× | — |
8季度趋势，按日历期对齐
现金及短期投资VFCZTS
| Q4 25 | $1.5B | — | ||
| Q3 25 | $419.1M | $2.1B | ||
| Q2 25 | $642.4M | $1.4B | ||
| Q1 25 | $429.4M | $1.7B | ||
| Q4 24 | $1.4B | $2.0B | ||
| Q3 24 | $492.2M | $1.7B | ||
| Q2 24 | $637.4M | $1.6B | ||
| Q1 24 | $674.6M | $2.0B |
总债务VFCZTS
| Q4 25 | $3.6B | — | ||
| Q3 25 | $3.5B | — | ||
| Q2 25 | $3.6B | — | ||
| Q1 25 | $3.4B | — | ||
| Q4 24 | $3.9B | — | ||
| Q3 24 | $4.0B | — | ||
| Q2 24 | $3.9B | — | ||
| Q1 24 | $4.7B | — |
股东权益VFCZTS
| Q4 25 | $1.8B | $3.3B | ||
| Q3 25 | $1.5B | $5.4B | ||
| Q2 25 | $1.3B | $5.0B | ||
| Q1 25 | $1.5B | $4.7B | ||
| Q4 24 | $1.7B | $4.8B | ||
| Q3 24 | $1.4B | $5.2B | ||
| Q2 24 | $1.4B | $5.0B | ||
| Q1 24 | $1.7B | $5.1B |
总资产VFCZTS
| Q4 25 | $10.4B | $15.5B | ||
| Q3 25 | $10.6B | $15.2B | ||
| Q2 25 | $10.2B | $14.5B | ||
| Q1 25 | $9.4B | $14.1B | ||
| Q4 24 | $10.6B | $14.2B | ||
| Q3 24 | $12.2B | $14.4B | ||
| Q2 24 | $11.5B | $14.2B | ||
| Q1 24 | $11.6B | $14.3B |
负债/权益比VFCZTS
| Q4 25 | 1.99× | — | ||
| Q3 25 | 2.40× | — | ||
| Q2 25 | 2.76× | — | ||
| Q1 25 | 2.30× | — | ||
| Q4 24 | 2.31× | — | ||
| Q3 24 | 2.86× | — | ||
| Q2 24 | 2.84× | — | ||
| Q1 24 | 2.84× | — |
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 | $1.0B | $893.0M |
| 自由现金流经营现金流 - 资本支出 | $977.9M | $732.0M |
| 自由现金流率自由现金流/营收 | 34.0% | 30.7% |
| 资本支出强度资本支出/营收 | 1.1% | 6.7% |
| 现金转化率经营现金流/净利润 | 3.36× | 1.48× |
| 过去12个月自由现金流最近4个季度 | $357.6M | $2.3B |
8季度趋势，按日历期对齐
经营现金流VFCZTS
| Q4 25 | $1.0B | $893.0M | ||
| Q3 25 | $-227.0M | $938.0M | ||
| Q2 25 | $-145.5M | $486.0M | ||
| Q1 25 | $-171.1M | $587.0M | ||
| Q4 24 | $918.1M | $905.0M | ||
| Q3 24 | $-301.6M | $951.0M | ||
| Q2 24 | $19.8M | $502.0M | ||
| Q1 24 | — | $595.0M |
自由现金流VFCZTS
| Q4 25 | $977.9M | $732.0M | ||
| Q3 25 | $-253.5M | $805.0M | ||
| Q2 25 | $-173.7M | $308.0M | ||
| Q1 25 | $-193.0M | $438.0M | ||
| Q4 24 | $899.7M | $689.0M | ||
| Q3 24 | $-322.4M | $784.0M | ||
| Q2 24 | $-5.4M | $370.0M | ||
| Q1 24 | — | $455.0M |
自由现金流率VFCZTS
| Q4 25 | 34.0% | 30.7% | ||
| Q3 25 | -9.0% | 33.5% | ||
| Q2 25 | -9.9% | 12.5% | ||
| Q1 25 | -9.6% | 19.7% | ||
| Q4 24 | 31.7% | 29.7% | ||
| Q3 24 | -11.7% | 32.8% | ||
| Q2 24 | -0.3% | 15.7% | ||
| Q1 24 | — | 20.8% |
资本支出强度VFCZTS
| Q4 25 | 1.1% | 6.7% | ||
| Q3 25 | 0.9% | 5.5% | ||
| Q2 25 | 1.6% | 7.2% | ||
| Q1 25 | 1.1% | 6.7% | ||
| Q4 24 | 0.6% | 9.3% | ||
| Q3 24 | 0.8% | 7.0% | ||
| Q2 24 | 1.3% | 5.6% | ||
| Q1 24 | — | 6.4% |
现金转化率VFCZTS
| Q4 25 | 3.36× | 1.48× | ||
| Q3 25 | -1.20× | 1.30× | ||
| Q2 25 | — | 0.68× | ||
| Q1 25 | — | 0.93× | ||
| Q4 24 | 5.47× | 1.56× | ||
| Q3 24 | -5.78× | 1.39× | ||
| Q2 24 | — | 0.80× | ||
| Q1 24 | — | 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
VFC
| Outdoor | $1.9B | 67% |
| Sales Channel Through Intermediary | $813.4M | 28% |
| Other | $136.3M | 5% |
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% |
