vs
Veralto（VLTO）与硕腾（ZTS）财务数据对比。点击上方公司名可切换其他公司
硕腾的季度营收约是Veralto的1.7倍（$2.4B vs $1.4B），硕腾净利率更高（25.3% vs 17.9%，领先7.4%），Veralto同比增速更快（6.8% vs 3.0%），硕腾自由现金流更多（$732.0M vs $170.0M），过去两年Veralto的营收复合增速更高（6.8% vs 4.4%）
Veralto是总部位于美国马萨诸塞州沃尔瑟姆的科技企业，核心业务覆盖水分析、水处理、标识喷码、包装及色彩管理相关产品的研发与生产，面向全球多领域客户提供适配的技术产品及配套服务。
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。
VLTO vs ZTS — 直观对比
营收规模更大
ZTS
是对方的1.7倍
$1.4B
营收增速更快
VLTO
高出3.7%
3.0%
净利率更高
ZTS
高出7.4%
17.9%
自由现金流更多
ZTS
多$562.0M
$170.0M
两年增速更快
VLTO
近两年复合增速
4.4%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.4B | $2.4B |
| 净利润 | $254.0M | $603.0M |
| 毛利率 | 60.1% | 70.2% |
| 营业利润率 | 23.8% | 31.9% |
| 净利率 | 17.9% | 25.3% |
| 营收同比 | 6.8% | 3.0% |
| 净利润同比 | 12.9% | 3.8% |
| 每股收益（稀释后） | $1.02 | $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VLTOZTS
| Q1 26 | $1.4B | — | ||
| Q4 25 | $1.4B | $2.4B | ||
| Q3 25 | $1.4B | $2.4B | ||
| Q2 25 | $1.3B | $2.5B | ||
| Q1 25 | — | $2.2B | ||
| Q4 24 | $1.3B | $2.3B | ||
| Q3 24 | $1.3B | $2.4B | ||
| Q2 24 | $1.3B | $2.4B |
净利润VLTOZTS
| Q1 26 | $254.0M | — | ||
| Q4 25 | $239.0M | $603.0M | ||
| Q3 25 | $222.0M | $721.0M | ||
| Q2 25 | $225.0M | $718.0M | ||
| Q1 25 | — | $631.0M | ||
| Q4 24 | $227.0M | $581.0M | ||
| Q3 24 | $219.0M | $682.0M | ||
| Q2 24 | $203.0M | $624.0M |
毛利率VLTOZTS
| Q1 26 | 60.1% | — | ||
| Q4 25 | 60.1% | 70.2% | ||
| Q3 25 | 60.0% | 71.5% | ||
| Q2 25 | 60.4% | 73.6% | ||
| Q1 25 | — | 72.0% | ||
| Q4 24 | 59.6% | 69.5% | ||
| Q3 24 | 59.6% | 70.6% | ||
| Q2 24 | 60.1% | 71.7% |
营业利润率VLTOZTS
| Q1 26 | 23.8% | — | ||
| Q4 25 | 23.2% | 31.9% | ||
| Q3 25 | 22.8% | 37.0% | ||
| Q2 25 | 24.2% | 36.7% | ||
| Q1 25 | — | 36.5% | ||
| Q4 24 | 22.9% | 31.6% | ||
| Q3 24 | 23.4% | 36.6% | ||
| Q2 24 | 23.2% | 33.0% |
净利率VLTOZTS
| Q1 26 | 17.9% | — | ||
| Q4 25 | 17.0% | 25.3% | ||
| Q3 25 | 16.2% | 30.0% | ||
| Q2 25 | 16.9% | 29.2% | ||
| Q1 25 | — | 28.4% | ||
| Q4 24 | 16.9% | 25.1% | ||
| Q3 24 | 16.7% | 28.6% | ||
| Q2 24 | 15.8% | 26.4% |
每股收益（稀释后）VLTOZTS
| Q1 26 | $1.02 | — | ||
| Q4 25 | $0.95 | $1.37 | ||
| Q3 25 | $0.89 | $1.63 | ||
| Q2 25 | $0.90 | $1.61 | ||
| Q1 25 | — | $1.41 | ||
| Q4 24 | $0.91 | $1.29 | ||
| Q3 24 | $0.88 | $1.50 | ||
| Q2 24 | $0.81 | $1.37 |
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 | — | — |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | — | $3.3B |
| 总资产 | — | $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VLTOZTS
| Q1 26 | — | — | ||
| Q4 25 | $1.8B | — | ||
| Q3 25 | $1.6B | $2.1B | ||
| Q2 25 | $1.2B | $1.4B | ||
| Q1 25 | — | $1.7B | ||
| Q4 24 | $1.1B | $2.0B | ||
| Q3 24 | $1.3B | $1.7B | ||
| Q2 24 | $1.0B | $1.6B |
总债务VLTOZTS
| Q1 26 | — | — | ||
| Q4 25 | $2.7B | — | ||
| Q3 25 | $2.7B | — | ||
| Q2 25 | $2.6B | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $2.6B | — | ||
| Q3 24 | $2.6B | — | ||
| Q2 24 | $2.6B | — |
股东权益VLTOZTS
| Q1 26 | — | — | ||
| Q4 25 | $2.8B | $3.3B | ||
| Q3 25 | $2.7B | $5.4B | ||
| Q2 25 | $2.3B | $5.0B | ||
| Q1 25 | — | $4.7B | ||
| Q4 24 | $2.0B | $4.8B | ||
| Q3 24 | $2.0B | $5.2B | ||
| Q2 24 | $1.7B | $5.0B |
总资产VLTOZTS
| Q1 26 | — | — | ||
| Q4 25 | $7.4B | $15.5B | ||
| Q3 25 | $7.2B | $15.2B | ||
| Q2 25 | $6.6B | $14.5B | ||
| Q1 25 | — | $14.1B | ||
| Q4 24 | $6.4B | $14.2B | ||
| Q3 24 | $6.3B | $14.4B | ||
| Q2 24 | $5.9B | $14.2B |
负债/权益比VLTOZTS
| Q1 26 | — | — | ||
| Q4 25 | 0.94× | — | ||
| Q3 25 | 1.01× | — | ||
| Q2 25 | 1.14× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 1.28× | — | ||
| Q3 24 | 1.35× | — | ||
| Q2 24 | 1.57× | — |
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 | $182.0M | $893.0M |
| 自由现金流经营现金流 - 资本支出 | $170.0M | $732.0M |
| 自由现金流率自由现金流/营收 | 12.0% | 30.7% |
| 资本支出强度资本支出/营收 | 0.8% | 6.7% |
| 现金转化率经营现金流/净利润 | 0.72× | 1.48× |
| 过去12个月自由现金流最近4个季度 | $893.0M | $2.3B |
8季度趋势，按日历期对齐
经营现金流VLTOZTS
| Q1 26 | $182.0M | — | ||
| Q4 25 | $270.0M | $893.0M | ||
| Q3 25 | $339.0M | $938.0M | ||
| Q2 25 | $157.0M | $486.0M | ||
| Q1 25 | — | $587.0M | ||
| Q4 24 | $285.0M | $905.0M | ||
| Q3 24 | $224.0M | $951.0M | ||
| Q2 24 | $251.0M | $502.0M |
自由现金流VLTOZTS
| Q1 26 | $170.0M | — | ||
| Q4 25 | $258.0M | $732.0M | ||
| Q3 25 | $323.0M | $805.0M | ||
| Q2 25 | $142.0M | $308.0M | ||
| Q1 25 | — | $438.0M | ||
| Q4 24 | $263.0M | $689.0M | ||
| Q3 24 | $215.0M | $784.0M | ||
| Q2 24 | $240.0M | $370.0M |
自由现金流率VLTOZTS
| Q1 26 | 12.0% | — | ||
| Q4 25 | 18.4% | 30.7% | ||
| Q3 25 | 23.6% | 33.5% | ||
| Q2 25 | 10.7% | 12.5% | ||
| Q1 25 | — | 19.7% | ||
| Q4 24 | 19.6% | 29.7% | ||
| Q3 24 | 16.4% | 32.8% | ||
| Q2 24 | 18.6% | 15.7% |
资本支出强度VLTOZTS
| Q1 26 | 0.8% | — | ||
| Q4 25 | 0.9% | 6.7% | ||
| Q3 25 | 1.2% | 5.5% | ||
| Q2 25 | 1.1% | 7.2% | ||
| Q1 25 | — | 6.7% | ||
| Q4 24 | 1.6% | 9.3% | ||
| Q3 24 | 0.7% | 7.0% | ||
| Q2 24 | 0.9% | 5.6% |
现金转化率VLTOZTS
| Q1 26 | 0.72× | — | ||
| Q4 25 | 1.13× | 1.48× | ||
| Q3 25 | 1.53× | 1.30× | ||
| Q2 25 | 0.70× | 0.68× | ||
| Q1 25 | — | 0.93× | ||
| Q4 24 | 1.26× | 1.56× | ||
| Q3 24 | 1.02× | 1.39× | ||
| Q2 24 | 1.24× | 0.80× |
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
VLTO
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% |
