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Alignment Healthcare, Inc.（ALHC）与Astrana Health, Inc.（ASTH）财务数据对比。点击上方公司名可切换其他公司
Alignment Healthcare, Inc.的季度营收约是Astrana Health, Inc.的1.1倍（$1.0B vs $950.5M），Astrana Health, Inc.净利率更高（0.7% vs -1.1%，领先1.8%），Alignment Healthcare, Inc.同比增速更快（44.4% vs 42.9%），Astrana Health, Inc.自由现金流更多（$-6.0M vs $-55.4M），过去两年Astrana Health, Inc.的营收复合增速更高（53.3% vs 26.9%）
Alignment Healthcare是总部位于美国的医疗保健企业，主打联邦医疗保险优势计划，为老年群体提供协调医疗服务、处方药保障及补充福利，采用价值导向医疗模式，与本土医疗机构合作，业务覆盖美国多个州，致力提升患者健康水平。
Astrana Health是一家总部位于美国的价值导向型医疗服务提供商，主要服务全美符合联邦医保资格的老年群体，提供上门初级护理、慢性病管理及护理协调服务，致力于提升患者健康水平、降低不必要的医疗支出。
ALHC vs ASTH — 直观对比
营收规模更大
ALHC
是对方的1.1倍
$950.5M
营收增速更快
ALHC
高出1.5%
42.9%
净利率更高
ASTH
高出1.8%
-1.1%
自由现金流更多
ASTH
多$49.5M
$-55.4M
两年增速更快
ASTH
近两年复合增速
26.9%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.0B | $950.5M |
| 净利润 | $-11.0M | $6.6M |
| 毛利率 | — | — |
| 营业利润率 | -1.0% | 1.9% |
| 净利率 | -1.1% | 0.7% |
| 营收同比 | 44.4% | 42.9% |
| 净利润同比 | 64.6% | 184.4% |
| 每股收益（稀释后） | $-0.04 | $0.12 |
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ALHCASTH
| Q4 25 | $1.0B | $950.5M | ||
| Q3 25 | $993.7M | $956.0M | ||
| Q2 25 | $1.0B | $654.8M | ||
| Q1 25 | $926.9M | $620.4M | ||
| Q4 24 | $701.2M | $665.2M | ||
| Q3 24 | $692.4M | $478.7M | ||
| Q2 24 | $681.3M | $486.3M | ||
| Q1 24 | $628.6M | $404.4M |
净利润ALHCASTH
| Q4 25 | $-11.0M | $6.6M | ||
| Q3 25 | $3.7M | $373.0K | ||
| Q2 25 | $15.7M | $9.4M | ||
| Q1 25 | $-9.1M | $6.7M | ||
| Q4 24 | $-31.1M | $-7.8M | ||
| Q3 24 | $-26.4M | $16.1M | ||
| Q2 24 | $-24.0M | $19.2M | ||
| Q1 24 | $-46.5M | $14.8M |
营业利润率ALHCASTH
| Q4 25 | -1.0% | 1.9% | ||
| Q3 25 | 0.8% | 2.0% | ||
| Q2 25 | 2.2% | 3.1% | ||
| Q1 25 | -0.6% | 3.3% | ||
| Q4 24 | -3.2% | 0.1% | ||
| Q3 24 | -2.8% | 5.9% | ||
| Q2 24 | -2.7% | 6.2% | ||
| Q1 24 | -6.5% | 7.5% |
净利率ALHCASTH
| Q4 25 | -1.1% | 0.7% | ||
| Q3 25 | 0.4% | 0.0% | ||
| Q2 25 | 1.5% | 1.4% | ||
| Q1 25 | -1.0% | 1.1% | ||
| Q4 24 | -4.4% | -1.2% | ||
| Q3 24 | -3.8% | 3.4% | ||
| Q2 24 | -3.5% | 3.9% | ||
| Q1 24 | -7.4% | 3.7% |
每股收益（稀释后）ALHCASTH
| Q4 25 | $-0.04 | $0.12 | ||
| Q3 25 | $0.02 | $0.01 | ||
| Q2 25 | $0.07 | $0.19 | ||
| Q1 25 | $-0.05 | $0.14 | ||
| Q4 24 | $-0.15 | $-0.14 | ||
| Q3 24 | $-0.14 | $0.33 | ||
| Q2 24 | $-0.13 | $0.40 | ||
| Q1 24 | $-0.25 | $0.31 |
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 | $604.2M | $429.5M |
| 总债务越低越好 | $323.2M | — |
| 股东权益账面价值 | $179.3M | $779.3M |
| 总资产 | $1.1B | $2.2B |
| 负债/权益比越低杠杆越低 | 1.80× | — |
8季度趋势，按日历期对齐
现金及短期投资ALHCASTH
| Q4 25 | $604.2M | $429.5M | ||
| Q3 25 | $644.1M | $463.4M | ||
| Q2 25 | $503.8M | $342.1M | ||
| Q1 25 | $479.5M | $260.9M | ||
| Q4 24 | $470.6M | $290.8M | ||
| Q3 24 | $381.0M | $350.3M | ||
| Q2 24 | $363.7M | $327.7M | ||
| Q1 24 | $301.7M | $337.3M |
总债务ALHCASTH
| Q4 25 | $323.2M | — | ||
| Q3 25 | $322.7M | — | ||
| Q2 25 | $322.3M | — | ||
| Q1 25 | $321.9M | — | ||
| Q4 24 | $321.4M | — | ||
| Q3 24 | $212.0M | — | ||
| Q2 24 | $211.7M | — | ||
| Q1 24 | $162.0M | — |
股东权益ALHCASTH
| Q4 25 | $179.3M | $779.3M | ||
| Q3 25 | $161.9M | $775.5M | ||
| Q2 25 | $141.0M | $765.5M | ||
| Q1 25 | $108.1M | $745.4M | ||
| Q4 24 | $99.9M | $712.7M | ||
| Q3 24 | $114.5M | $704.6M | ||
| Q2 24 | $123.7M | $678.9M | ||
| Q1 24 | $130.9M | $653.5M |
总资产ALHCASTH
| Q4 25 | $1.1B | $2.2B | ||
| Q3 25 | $1.1B | $2.2B | ||
| Q2 25 | $1.0B | $1.4B | ||
| Q1 25 | $895.6M | $1.3B | ||
| Q4 24 | $782.1M | $1.4B | ||
| Q3 24 | $692.3M | $1.3B | ||
| Q2 24 | $716.3M | $1.3B | ||
| Q1 24 | $633.2M | $1.2B |
负债/权益比ALHCASTH
| Q4 25 | 1.80× | — | ||
| Q3 25 | 1.99× | — | ||
| Q2 25 | 2.29× | — | ||
| Q1 25 | 2.98× | — | ||
| Q4 24 | 3.22× | — | ||
| Q3 24 | 1.85× | — | ||
| Q2 24 | 1.71× | — | ||
| Q1 24 | 1.24× | — |
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 | $-50.4M | $-2.9M |
| 自由现金流经营现金流 - 资本支出 | $-55.4M | $-6.0M |
| 自由现金流率自由现金流/营收 | -5.5% | -0.6% |
| 资本支出强度资本支出/营收 | 0.5% | 0.3% |
| 现金转化率经营现金流/净利润 | — | -0.44× |
| 过去12个月自由现金流最近4个季度 | $113.1M | $104.5M |
8季度趋势，按日历期对齐
经营现金流ALHCASTH
| Q4 25 | $-50.4M | $-2.9M | ||
| Q3 25 | $144.6M | $10.0M | ||
| Q2 25 | $29.1M | $90.9M | ||
| Q1 25 | $16.6M | $16.6M | ||
| Q4 24 | $-8.7M | $-10.9M | ||
| Q3 24 | $26.2M | $34.0M | ||
| Q2 24 | $23.5M | $23.2M | ||
| Q1 24 | $-6.2M | $6.0M |
自由现金流ALHCASTH
| Q4 25 | $-55.4M | $-6.0M | ||
| Q3 25 | $139.1M | $7.4M | ||
| Q2 25 | $21.1M | $89.5M | ||
| Q1 25 | $8.4M | $13.6M | ||
| Q4 24 | $-18.0M | $-13.5M | ||
| Q3 24 | $16.9M | $31.7M | ||
| Q2 24 | $11.8M | $20.4M | ||
| Q1 24 | $-17.4M | $5.6M |
自由现金流率ALHCASTH
| Q4 25 | -5.5% | -0.6% | ||
| Q3 25 | 14.0% | 0.8% | ||
| Q2 25 | 2.1% | 13.7% | ||
| Q1 25 | 0.9% | 2.2% | ||
| Q4 24 | -2.6% | -2.0% | ||
| Q3 24 | 2.4% | 6.6% | ||
| Q2 24 | 1.7% | 4.2% | ||
| Q1 24 | -2.8% | 1.4% |
资本支出强度ALHCASTH
| Q4 25 | 0.5% | 0.3% | ||
| Q3 25 | 0.6% | 0.3% | ||
| Q2 25 | 0.8% | 0.2% | ||
| Q1 25 | 0.9% | 0.5% | ||
| Q4 24 | 1.3% | 0.4% | ||
| Q3 24 | 1.3% | 0.5% | ||
| Q2 24 | 1.7% | 0.6% | ||
| Q1 24 | 1.8% | 0.1% |
现金转化率ALHCASTH
| Q4 25 | — | -0.44× | ||
| Q3 25 | 38.77× | 26.69× | ||
| Q2 25 | 1.86× | 9.65× | ||
| Q1 25 | — | 2.48× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 2.11× | ||
| Q2 24 | — | 1.21× | ||
| Q1 24 | — | 0.40× |
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
ALHC
暂无分部数据
ASTH
| Medicare | $542.4M | 57% |
| Commercial | $99.1M | 10% |
| Care Delivery | $92.1M | 10% |
| Care Enablement | $78.9M | 8% |
| Other Third Parties | $58.0M | 6% |
| Health Care Patient Service | $39.8M | 4% |
| Health Care Other | $25.5M | 3% |
| Other | $12.1M | 1% |
| Management Service | $10.3M | 1% |
