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福泰制药（VRTX）与Vistra Corp.（VST）财务数据对比。点击上方公司名可切换其他公司
Vistra Corp.的季度营收约是福泰制药的1.5倍（$4.8B vs $3.2B），福泰制药净利率更高（37.3% vs 4.8%，领先32.5%），Vistra Corp.同比增速更快（31.2% vs 9.5%），Vistra Corp.自由现金流更多（$596.0M vs $348.6M），过去两年Vistra Corp.的营收复合增速更高（23.3% vs 8.9%）
福泰制药是总部位于美国马萨诸塞州波士顿的生物制药企业，是全球首批明确采用理性药物设计策略、而非组合化学方法开发药物的生物技术公司之一。除波士顿总部外，公司还在加州圣迭戈、英国牛津郡米尔顿公园设有三处研发中心。
股票代码为VST的Vistra Corp是总部位于美国得克萨斯州的能源企业，主营电力生产、可再生能源开发及能源零售等业务。此外“Vistra”也可指一家总部位于中国香港的企业服务提供商，为全球客户提供公司注册、合规管理等专业服务。
VRTX vs VST — 直观对比
营收规模更大
VST
是对方的1.5倍
$3.2B
营收增速更快
VST
高出21.7%
9.5%
净利率更高
VRTX
高出32.5%
4.8%
自由现金流更多
VST
多$247.4M
$348.6M
两年增速更快
VST
近两年复合增速
8.9%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $3.2B | $4.8B |
| 净利润 | $1.2B | $233.0M |
| 毛利率 | 85.4% | — |
| 营业利润率 | 37.8% | 9.9% |
| 净利率 | 37.3% | 4.8% |
| 营收同比 | 9.5% | 31.2% |
| 净利润同比 | 30.5% | -47.2% |
| 每股收益（稀释后） | $4.64 | $0.55 |
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VRTXVST
| Q4 25 | $3.2B | $4.8B | ||
| Q3 25 | $3.1B | $4.8B | ||
| Q2 25 | $3.0B | $3.8B | ||
| Q1 25 | $2.8B | $4.3B | ||
| Q4 24 | $2.9B | $3.7B | ||
| Q3 24 | $2.8B | $4.3B | ||
| Q2 24 | $2.6B | $3.6B | ||
| Q1 24 | $2.7B | $3.2B |
净利润VRTXVST
| Q4 25 | $1.2B | $233.0M | ||
| Q3 25 | $1.1B | $652.0M | ||
| Q2 25 | $1.0B | $327.0M | ||
| Q1 25 | $646.3M | $-268.0M | ||
| Q4 24 | $913.0M | $441.0M | ||
| Q3 24 | $1.0B | $1.9B | ||
| Q2 24 | $-3.6B | $365.0M | ||
| Q1 24 | $1.1B | $-35.0M |
毛利率VRTXVST
| Q4 25 | 85.4% | — | ||
| Q3 25 | 86.5% | — | ||
| Q2 25 | 86.3% | — | ||
| Q1 25 | 86.9% | — | ||
| Q4 24 | 85.5% | — | ||
| Q3 24 | 85.8% | — | ||
| Q2 24 | 85.9% | — | ||
| Q1 24 | 87.3% | — |
营业利润率VRTXVST
| Q4 25 | 37.8% | 9.9% | ||
| Q3 25 | 38.6% | 21.7% | ||
| Q2 25 | 38.8% | 13.7% | ||
| Q1 25 | 22.7% | -2.8% | ||
| Q4 24 | 35.2% | 16.4% | ||
| Q3 24 | 40.3% | 59.6% | ||
| Q2 24 | -132.9% | 22.5% | ||
| Q1 24 | 42.4% | 2.7% |
净利率VRTXVST
| Q4 25 | 37.3% | 4.8% | ||
| Q3 25 | 35.2% | 13.6% | ||
| Q2 25 | 34.8% | 8.7% | ||
| Q1 25 | 23.3% | -6.3% | ||
| Q4 24 | 31.4% | 12.0% | ||
| Q3 24 | 37.7% | 43.5% | ||
| Q2 24 | -135.8% | 10.1% | ||
| Q1 24 | 40.9% | -1.1% |
每股收益（稀释后）VRTXVST
| Q4 25 | $4.64 | $0.55 | ||
| Q3 25 | $4.20 | $1.75 | ||
| Q2 25 | $3.99 | $0.81 | ||
| Q1 25 | $2.49 | $-0.93 | ||
| Q4 24 | $3.62 | $1.09 | ||
| Q3 24 | $4.01 | $5.25 | ||
| Q2 24 | $-13.92 | $0.90 | ||
| Q1 24 | $4.21 | $-0.24 |
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 | $6.6B | $785.0M |
| 总债务越低越好 | — | $15.8B |
| 股东权益账面价值 | $18.7B | $5.1B |
| 总资产 | $25.6B | $41.5B |
| 负债/权益比越低杠杆越低 | — | 3.11× |
8季度趋势，按日历期对齐
现金及短期投资VRTXVST
| Q4 25 | $6.6B | $785.0M | ||
| Q3 25 | $6.3B | $602.0M | ||
| Q2 25 | $6.4B | $458.0M | ||
| Q1 25 | $6.2B | $561.0M | ||
| Q4 24 | $6.1B | $1.2B | ||
| Q3 24 | $6.5B | $905.0M | ||
| Q2 24 | $5.8B | $1.6B | ||
| Q1 24 | $10.2B | $1.1B |
总债务VRTXVST
| Q4 25 | — | $15.8B | ||
| Q3 25 | — | $15.8B | ||
| Q2 25 | — | $15.5B | ||
| Q1 25 | — | $15.4B | ||
| Q4 24 | — | $15.4B | ||
| Q3 24 | — | $13.9B | ||
| Q2 24 | — | $13.9B | ||
| Q1 24 | — | $14.7B |
股东权益VRTXVST
| Q4 25 | $18.7B | $5.1B | ||
| Q3 25 | $17.3B | $5.2B | ||
| Q2 25 | $17.2B | $4.8B | ||
| Q1 25 | $16.5B | $4.8B | ||
| Q4 24 | $16.4B | $5.6B | ||
| Q3 24 | $15.6B | $5.4B | ||
| Q2 24 | $14.8B | $5.6B | ||
| Q1 24 | $18.5B | $5.7B |
总资产VRTXVST
| Q4 25 | $25.6B | $41.5B | ||
| Q3 25 | $24.9B | $38.0B | ||
| Q2 25 | $24.0B | $38.1B | ||
| Q1 25 | $22.9B | $38.2B | ||
| Q4 24 | $22.5B | $37.8B | ||
| Q3 24 | $22.2B | $37.9B | ||
| Q2 24 | $20.1B | $39.1B | ||
| Q1 24 | $23.9B | $38.2B |
负债/权益比VRTXVST
| Q4 25 | — | 3.11× | ||
| Q3 25 | — | 3.02× | ||
| Q2 25 | — | 3.22× | ||
| Q1 25 | — | 3.20× | ||
| Q4 24 | — | 2.77× | ||
| Q3 24 | — | 2.56× | ||
| Q2 24 | — | 2.49× | ||
| Q1 24 | — | 2.60× |
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 | $498.0M | $1.4B |
| 自由现金流经营现金流 - 资本支出 | $348.6M | $596.0M |
| 自由现金流率自由现金流/营收 | 10.9% | 12.4% |
| 资本支出强度资本支出/营收 | 4.7% | 17.4% |
| 现金转化率经营现金流/净利润 | 0.42× | 6.15× |
| 过去12个月自由现金流最近4个季度 | $3.2B | $1.3B |
8季度趋势，按日历期对齐
经营现金流VRTXVST
| Q4 25 | $498.0M | $1.4B | ||
| Q3 25 | $1.2B | $1.5B | ||
| Q2 25 | $1.1B | $572.0M | ||
| Q1 25 | $818.9M | $599.0M | ||
| Q4 24 | $584.6M | $1.4B | ||
| Q3 24 | $1.4B | $1.7B | ||
| Q2 24 | $-3.8B | $1.2B | ||
| Q1 24 | $1.3B | $312.0M |
自由现金流VRTXVST
| Q4 25 | $348.6M | $596.0M | ||
| Q3 25 | $1.1B | $1.0B | ||
| Q2 25 | $927.4M | $-118.0M | ||
| Q1 25 | $778.2M | $-169.0M | ||
| Q4 24 | $492.0M | $923.0M | ||
| Q3 24 | $1.3B | $1.0B | ||
| Q2 24 | $-3.8B | $698.0M | ||
| Q1 24 | $1.2B | $-153.0M |
自由现金流率VRTXVST
| Q4 25 | 10.9% | 12.4% | ||
| Q3 25 | 37.0% | 21.1% | ||
| Q2 25 | 31.3% | -3.1% | ||
| Q1 25 | 28.1% | -4.0% | ||
| Q4 24 | 16.9% | 25.2% | ||
| Q3 24 | 47.0% | 23.4% | ||
| Q2 24 | -144.5% | 19.4% | ||
| Q1 24 | 46.0% | -4.8% |
资本支出强度VRTXVST
| Q4 25 | 4.7% | 17.4% | ||
| Q3 25 | 3.3% | 9.6% | ||
| Q2 25 | 4.9% | 18.4% | ||
| Q1 25 | 1.5% | 18.1% | ||
| Q4 24 | 3.2% | 11.7% | ||
| Q3 24 | 2.4% | 15.8% | ||
| Q2 24 | 2.6% | 13.8% | ||
| Q1 24 | 2.5% | 14.7% |
现金转化率VRTXVST
| Q4 25 | 0.42× | 6.15× | ||
| Q3 25 | 1.15× | 2.25× | ||
| Q2 25 | 1.04× | 1.75× | ||
| Q1 25 | 1.27× | — | ||
| Q4 24 | 0.64× | 3.07× | ||
| Q3 24 | 1.31× | 0.90× | ||
| Q2 24 | — | 3.28× | ||
| Q1 24 | 1.19× | — |
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
VRTX
| TRIKAFTAKAFTRIO | $2.6B | 81% |
| ALYFTREK | $380.1M | 12% |
| Manufactured Product Other | $237.4M | 7% |
VST
| Retail Energy Charge In ERCOT | $2.1B | 43% |
| Retail Energy Charge In Northeast Midwest | $1.2B | 24% |
| East Segment | $1.1B | 24% |
| Hedging Revenue Realized | $170.0M | 4% |
| Revenue From Other Wholesale Contracts | $116.0M | 2% |
| Transferable Production Tax Credit Revenues | $78.0M | 2% |
| West Segment | $77.0M | 2% |
| Intersegment Sales | $25.0M | 1% |
