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西部数据（WDC）与硕腾（ZTS）财务数据对比。点击上方公司名可切换其他公司
西部数据的季度营收约是硕腾的1.3倍（$3.0B vs $2.4B），西部数据净利率更高（61.1% vs 25.3%，领先35.8%），西部数据同比增速更快（31.5% vs 3.0%），过去两年硕腾的营收复合增速更高（4.4% vs -6.6%）
西部数据（简称WD）是总部位于美国加利福尼亚州圣何塞的知名数据存储企业，成立于1970年，是全球最大的硬盘驱动器（HDD）制造商之一，产品覆盖消费级、企业级等多元存储场景，为全球客户提供高性能、高可靠性的存储解决方案。
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。
WDC vs ZTS — 直观对比
营收规模更大
WDC
是对方的1.3倍
$2.4B
营收增速更快
WDC
高出28.5%
3.0%
净利率更高
WDC
高出35.8%
25.3%
两年增速更快
ZTS
近两年复合增速
-6.6%
损益表 — Q2 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $3.0B | $2.4B |
| 净利润 | $1.8B | $603.0M |
| 毛利率 | 45.7% | 70.2% |
| 营业利润率 | 30.1% | 31.9% |
| 净利率 | 61.1% | 25.3% |
| 营收同比 | 31.5% | 3.0% |
| 净利润同比 | 254.2% | 3.8% |
| 每股收益（稀释后） | $4.73 | $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WDCZTS
| Q1 26 | $3.0B | — | ||
| Q4 25 | $2.8B | $2.4B | ||
| Q3 25 | — | $2.4B | ||
| Q2 25 | $-1.2B | $2.5B | ||
| Q1 25 | $2.3B | $2.2B | ||
| Q4 24 | $4.3B | $2.3B | ||
| Q3 24 | $4.1B | $2.4B | ||
| Q2 24 | $3.8B | $2.4B |
净利润WDCZTS
| Q1 26 | $1.8B | — | ||
| Q4 25 | $1.2B | $603.0M | ||
| Q3 25 | — | $721.0M | ||
| Q2 25 | $282.0M | $718.0M | ||
| Q1 25 | $520.0M | $631.0M | ||
| Q4 24 | $594.0M | $581.0M | ||
| Q3 24 | $493.0M | $682.0M | ||
| Q2 24 | $39.0M | $624.0M |
毛利率WDCZTS
| Q1 26 | 45.7% | — | ||
| Q4 25 | 43.5% | 70.2% | ||
| Q3 25 | — | 71.5% | ||
| Q2 25 | — | 73.6% | ||
| Q1 25 | 39.8% | 72.0% | ||
| Q4 24 | 35.4% | 69.5% | ||
| Q3 24 | 37.9% | 70.6% | ||
| Q2 24 | 35.9% | 71.7% |
营业利润率WDCZTS
| Q1 26 | 30.1% | — | ||
| Q4 25 | 28.1% | 31.9% | ||
| Q3 25 | — | 37.0% | ||
| Q2 25 | — | 36.7% | ||
| Q1 25 | 33.1% | 36.5% | ||
| Q4 24 | 19.9% | 31.6% | ||
| Q3 24 | 18.1% | 36.6% | ||
| Q2 24 | 5.7% | 33.0% |
净利率WDCZTS
| Q1 26 | 61.1% | — | ||
| Q4 25 | 41.9% | 25.3% | ||
| Q3 25 | — | 30.0% | ||
| Q2 25 | -24.4% | 29.2% | ||
| Q1 25 | 22.7% | 28.4% | ||
| Q4 24 | 13.9% | 25.1% | ||
| Q3 24 | 12.0% | 28.6% | ||
| Q2 24 | 1.0% | 26.4% |
每股收益（稀释后）WDCZTS
| Q1 26 | $4.73 | — | ||
| Q4 25 | $3.07 | $1.37 | ||
| Q3 25 | — | $1.63 | ||
| Q2 25 | $0.72 | $1.61 | ||
| Q1 25 | $1.42 | $1.41 | ||
| Q4 24 | $1.63 | $1.29 | ||
| Q3 24 | $1.35 | $1.50 | ||
| Q2 24 | $0.15 | $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 | $2.0B | — |
| 总债务越低越好 | $4.7B | — |
| 股东权益账面价值 | $7.1B | $3.3B |
| 总资产 | $15.6B | $15.5B |
| 负债/权益比越低杠杆越低 | 0.65× | — |
8季度趋势，按日历期对齐
现金及短期投资WDCZTS
| Q1 26 | $2.0B | — | ||
| Q4 25 | $2.0B | — | ||
| Q3 25 | — | $2.1B | ||
| Q2 25 | $2.1B | $1.4B | ||
| Q1 25 | $3.5B | $1.7B | ||
| Q4 24 | $2.3B | $2.0B | ||
| Q3 24 | $1.7B | $1.7B | ||
| Q2 24 | $1.9B | $1.6B |
总债务WDCZTS
| Q1 26 | $4.7B | — | ||
| Q4 25 | $4.7B | — | ||
| Q3 25 | — | — | ||
| Q2 25 | $4.7B | — | ||
| Q1 25 | $7.3B | — | ||
| Q4 24 | $7.4B | — | ||
| Q3 24 | $7.4B | — | ||
| Q2 24 | $7.4B | — |
股东权益WDCZTS
| Q1 26 | $7.1B | — | ||
| Q4 25 | $5.9B | $3.3B | ||
| Q3 25 | — | $5.4B | ||
| Q2 25 | $5.3B | $5.0B | ||
| Q1 25 | $5.2B | $4.7B | ||
| Q4 24 | $12.1B | $4.8B | ||
| Q3 24 | $11.6B | $5.2B | ||
| Q2 24 | $10.8B | $5.0B |
总资产WDCZTS
| Q1 26 | $15.6B | — | ||
| Q4 25 | $14.4B | $15.5B | ||
| Q3 25 | — | $15.2B | ||
| Q2 25 | $14.0B | $14.5B | ||
| Q1 25 | $16.4B | $14.1B | ||
| Q4 24 | $25.5B | $14.2B | ||
| Q3 24 | $24.8B | $14.4B | ||
| Q2 24 | $24.2B | $14.2B |
负债/权益比WDCZTS
| Q1 26 | 0.65× | — | ||
| Q4 25 | 0.80× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | 0.89× | — | ||
| Q1 25 | 1.42× | — | ||
| Q4 24 | 0.61× | — | ||
| Q3 24 | 0.64× | — | ||
| Q2 24 | 0.69× | — |
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 | — | $893.0M |
| 自由现金流经营现金流 - 资本支出 | — | $732.0M |
| 自由现金流率自由现金流/营收 | — | 30.7% |
| 资本支出强度资本支出/营收 | — | 6.7% |
| 现金转化率经营现金流/净利润 | — | 1.48× |
| 过去12个月自由现金流最近4个季度 | — | $2.3B |
8季度趋势，按日历期对齐
经营现金流WDCZTS
| Q1 26 | — | — | ||
| Q4 25 | $672.0M | $893.0M | ||
| Q3 25 | — | $938.0M | ||
| Q2 25 | $746.0M | $486.0M | ||
| Q1 25 | $508.0M | $587.0M | ||
| Q4 24 | $403.0M | $905.0M | ||
| Q3 24 | $34.0M | $951.0M | ||
| Q2 24 | $366.0M | $502.0M |
自由现金流WDCZTS
| Q1 26 | — | — | ||
| Q4 25 | $599.0M | $732.0M | ||
| Q3 25 | — | $805.0M | ||
| Q2 25 | $675.0M | $308.0M | ||
| Q1 25 | $379.0M | $438.0M | ||
| Q4 24 | $287.0M | $689.0M | ||
| Q3 24 | $-62.0M | $784.0M | ||
| Q2 24 | $250.0M | $370.0M |
自由现金流率WDCZTS
| Q1 26 | — | — | ||
| Q4 25 | 21.3% | 30.7% | ||
| Q3 25 | — | 33.5% | ||
| Q2 25 | -58.5% | 12.5% | ||
| Q1 25 | 16.5% | 19.7% | ||
| Q4 24 | 6.7% | 29.7% | ||
| Q3 24 | -1.5% | 32.8% | ||
| Q2 24 | 6.6% | 15.7% |
资本支出强度WDCZTS
| Q1 26 | — | — | ||
| Q4 25 | 2.6% | 6.7% | ||
| Q3 25 | — | 5.5% | ||
| Q2 25 | -6.2% | 7.2% | ||
| Q1 25 | 5.6% | 6.7% | ||
| Q4 24 | 2.7% | 9.3% | ||
| Q3 24 | 2.3% | 7.0% | ||
| Q2 24 | 3.1% | 5.6% |
现金转化率WDCZTS
| Q1 26 | — | — | ||
| Q4 25 | 0.57× | 1.48× | ||
| Q3 25 | — | 1.30× | ||
| Q2 25 | 2.65× | 0.68× | ||
| Q1 25 | 0.98× | 0.93× | ||
| Q4 24 | 0.68× | 1.56× | ||
| Q3 24 | 0.07× | 1.39× | ||
| Q2 24 | 9.38× | 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
WDC
| Cloud | $2.7B | 89% |
| Client Devices | $176.0M | 6% |
| Consumer | $168.0M | 6% |
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% |
