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Alignment Healthcare, Inc.（ALHC）与Graham Holdings Co（GHC）财务数据对比。点击上方公司名可切换其他公司
Graham Holdings Co的季度营收约是Alignment Healthcare, Inc.的1.2倍（$1.3B vs $1.0B），Graham Holdings Co净利率更高（8.7% vs -1.1%，领先9.8%），Alignment Healthcare, Inc.同比增速更快（44.4% vs 0.4%），Graham Holdings Co自由现金流更多（$5.0M vs $-55.4M），过去两年Alignment Healthcare, Inc.的营收复合增速更高（26.9% vs 4.2%）
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。
Graham Holdings是一家总部位于美国弗吉尼亚州阿灵顿县、在特拉华州注册的多元化综合控股集团，曾持有知名媒体《华盛顿邮报》与《新闻周刊》的所有权，旗下业务覆盖多个领域，在北美市场拥有深厚的行业运营积淀。
ALHC vs GHC — 直观对比
营收规模更大
GHC
是对方的1.2倍
$1.0B
营收增速更快
ALHC
高出44.0%
0.4%
净利率更高
GHC
高出9.8%
-1.1%
自由现金流更多
GHC
多$60.4M
$-55.4M
两年增速更快
ALHC
近两年复合增速
4.2%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.0B | $1.3B |
| 净利润 | $-11.0M | $108.7M |
| 毛利率 | — | — |
| 营业利润率 | -1.0% | 3.8% |
| 净利率 | -1.1% | 8.7% |
| 营收同比 | 44.4% | 0.4% |
| 净利润同比 | 64.6% | -80.2% |
| 每股收益（稀释后） | $-0.04 | $24.76 |
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ALHCGHC
| Q4 25 | $1.0B | $1.3B | ||
| Q3 25 | $993.7M | $1.3B | ||
| Q2 25 | $1.0B | $1.2B | ||
| Q1 25 | $926.9M | $1.2B | ||
| Q4 24 | $701.2M | $1.2B | ||
| Q3 24 | $692.4M | $1.2B | ||
| Q2 24 | $681.3M | $1.2B | ||
| Q1 24 | $628.6M | $1.2B |
净利润ALHCGHC
| Q4 25 | $-11.0M | $108.7M | ||
| Q3 25 | $3.7M | $122.9M | ||
| Q2 25 | $15.7M | $36.7M | ||
| Q1 25 | $-9.1M | $23.9M | ||
| Q4 24 | $-31.1M | $548.8M | ||
| Q3 24 | $-26.4M | $72.5M | ||
| Q2 24 | $-24.0M | $-21.0M | ||
| Q1 24 | $-46.5M | $124.4M |
营业利润率ALHCGHC
| Q4 25 | -1.0% | 3.8% | ||
| Q3 25 | 0.8% | 5.2% | ||
| Q2 25 | 2.2% | 6.0% | ||
| Q1 25 | -0.6% | 4.1% | ||
| Q4 24 | -3.2% | 5.8% | ||
| Q3 24 | -2.8% | 6.8% | ||
| Q2 24 | -2.7% | 2.2% | ||
| Q1 24 | -6.5% | 3.1% |
净利率ALHCGHC
| Q4 25 | -1.1% | 8.7% | ||
| Q3 25 | 0.4% | 9.6% | ||
| Q2 25 | 1.5% | 3.0% | ||
| Q1 25 | -1.0% | 2.0% | ||
| Q4 24 | -4.4% | 44.1% | ||
| Q3 24 | -3.8% | 6.0% | ||
| Q2 24 | -3.5% | -1.8% | ||
| Q1 24 | -7.4% | 10.8% |
每股收益（稀释后）ALHCGHC
| Q4 25 | $-0.04 | $24.76 | ||
| Q3 25 | $0.02 | $27.91 | ||
| Q2 25 | $0.07 | $8.35 | ||
| Q1 25 | $-0.05 | $5.45 | ||
| Q4 24 | $-0.15 | $124.05 | ||
| Q3 24 | $-0.14 | $16.42 | ||
| Q2 24 | $-0.13 | $-4.79 | ||
| Q1 24 | $-0.25 | $27.72 |
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 | $267.0M |
| 总债务越低越好 | $323.2M | — |
| 股东权益账面价值 | $179.3M | $4.8B |
| 总资产 | $1.1B | $8.4B |
| 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ALHCGHC
| Q4 25 | $604.2M | $267.0M | ||
| Q3 25 | $644.1M | $190.8M | ||
| Q2 25 | $503.8M | $176.2M | ||
| Q1 25 | $479.5M | $156.7M | ||
| Q4 24 | $470.6M | $260.9M | ||
| Q3 24 | $381.0M | $244.4M | ||
| Q2 24 | $363.7M | $140.7M | ||
| Q1 24 | $301.7M | $130.9M |
总债务ALHCGHC
| 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ALHCGHC
| Q4 25 | $179.3M | $4.8B | ||
| Q3 25 | $161.9M | $4.5B | ||
| Q2 25 | $141.0M | $4.4B | ||
| Q1 25 | $108.1M | $4.3B | ||
| Q4 24 | $99.9M | $4.3B | ||
| Q3 24 | $114.5M | $4.0B | ||
| Q2 24 | $123.7M | $4.0B | ||
| Q1 24 | $130.9M | $4.0B |
总资产ALHCGHC
| Q4 25 | $1.1B | $8.4B | ||
| Q3 25 | $1.1B | $7.9B | ||
| Q2 25 | $1.0B | $7.6B | ||
| Q1 25 | $895.6M | $7.6B | ||
| Q4 24 | $782.1M | $7.7B | ||
| Q3 24 | $692.3M | $7.4B | ||
| Q2 24 | $716.3M | $7.2B | ||
| Q1 24 | $633.2M | $7.3B |
负债/权益比ALHCGHC
| 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 | $28.3M |
| 自由现金流经营现金流 - 资本支出 | $-55.4M | $5.0M |
| 自由现金流率自由现金流/营收 | -5.5% | 0.4% |
| 资本支出强度资本支出/营收 | 0.5% | 1.9% |
| 现金转化率经营现金流/净利润 | — | 0.26× |
| 过去12个月自由现金流最近4个季度 | $113.1M | $275.3M |
8季度趋势，按日历期对齐
经营现金流ALHCGHC
| Q4 25 | $-50.4M | $28.3M | ||
| Q3 25 | $144.6M | $178.1M | ||
| Q2 25 | $29.1M | $94.8M | ||
| Q1 25 | $16.6M | $46.0M | ||
| Q4 24 | $-8.7M | $116.3M | ||
| Q3 24 | $26.2M | $237.6M | ||
| Q2 24 | $23.5M | $52.0M | ||
| Q1 24 | $-6.2M | $1.1M |
自由现金流ALHCGHC
| Q4 25 | $-55.4M | $5.0M | ||
| Q3 25 | $139.1M | $161.8M | ||
| Q2 25 | $21.1M | $78.0M | ||
| Q1 25 | $8.4M | $30.5M | ||
| Q4 24 | $-18.0M | $91.1M | ||
| Q3 24 | $16.9M | $219.4M | ||
| Q2 24 | $11.8M | $33.7M | ||
| Q1 24 | $-17.4M | $-20.2M |
自由现金流率ALHCGHC
| Q4 25 | -5.5% | 0.4% | ||
| Q3 25 | 14.0% | 12.6% | ||
| Q2 25 | 2.1% | 6.4% | ||
| Q1 25 | 0.9% | 2.6% | ||
| Q4 24 | -2.6% | 7.3% | ||
| Q3 24 | 2.4% | 18.2% | ||
| Q2 24 | 1.7% | 2.8% | ||
| Q1 24 | -2.8% | -1.8% |
资本支出强度ALHCGHC
| Q4 25 | 0.5% | 1.9% | ||
| Q3 25 | 0.6% | 1.3% | ||
| Q2 25 | 0.8% | 1.4% | ||
| Q1 25 | 0.9% | 1.3% | ||
| Q4 24 | 1.3% | 2.0% | ||
| Q3 24 | 1.3% | 1.5% | ||
| Q2 24 | 1.7% | 1.5% | ||
| Q1 24 | 1.8% | 1.8% |
现金转化率ALHCGHC
| Q4 25 | — | 0.26× | ||
| Q3 25 | 38.77× | 1.45× | ||
| Q2 25 | 1.86× | 2.58× | ||
| Q1 25 | — | 1.93× | ||
| Q4 24 | — | 0.21× | ||
| Q3 24 | — | 3.28× | ||
| Q2 24 | — | — | ||
| Q1 24 | — | 0.01× |
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
GHC
| Products | $602.7M | 48% |
| Kaplan International | $251.9M | 20% |
| Manufacturing | $117.8M | 9% |
| Television Broadcasting | $110.5M | 9% |
| Higher Education | $83.8M | 7% |
| Supplemental Education | $74.9M | 6% |
| Related Party | $4.4M | 0% |
