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Alignment Healthcare, Inc.（ALHC）与PACS Group, Inc.（PACS）财务数据对比。点击上方公司名可切换其他公司
PACS Group, Inc.的季度营收约是Alignment Healthcare, Inc.的1.3倍（$1.4B vs $1.0B），PACS Group, Inc.净利率更高（4.4% vs -1.1%，领先5.5%），Alignment Healthcare, Inc.同比增速更快（44.4% vs 18.4%），过去两年Alignment Healthcare, Inc.的营收复合增速更高（26.9% vs 20.5%）
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。
ALHC vs PACS — 直观对比
营收规模更大
PACS
是对方的1.3倍
$1.0B
营收增速更快
ALHC
高出26.0%
18.4%
净利率更高
PACS
高出5.5%
-1.1%
两年增速更快
ALHC
近两年复合增速
20.5%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.0B | $1.4B |
| 净利润 | $-11.0M | $59.7M |
| 毛利率 | — | — |
| 营业利润率 | -1.0% | 7.0% |
| 净利率 | -1.1% | 4.4% |
| 营收同比 | 44.4% | 18.4% |
| 净利润同比 | 64.6% | 3022.5% |
| 每股收益（稀释后） | $-0.04 | $0.42 |
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ALHCPACS
| Q4 25 | $1.0B | $1.4B | ||
| Q3 25 | $993.7M | $1.3B | ||
| Q2 25 | $1.0B | $1.3B | ||
| Q1 25 | $926.9M | $1.3B | ||
| Q4 24 | $701.2M | $1.1B | ||
| Q3 24 | $692.4M | $1.0B | ||
| Q2 24 | $681.3M | $981.4M | ||
| Q1 24 | $628.6M | $934.3M |
净利润ALHCPACS
| Q4 25 | $-11.0M | $59.7M | ||
| Q3 25 | $3.7M | $52.4M | ||
| Q2 25 | $15.7M | $51.0M | ||
| Q1 25 | $-9.1M | $28.5M | ||
| Q4 24 | $-31.1M | $1.9M | ||
| Q3 24 | $-26.4M | $15.6M | ||
| Q2 24 | $-24.0M | $-10.9M | ||
| Q1 24 | $-46.5M | $49.1M |
毛利率ALHCPACS
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 17.1% | ||
| Q2 24 | — | 22.3% | ||
| Q1 24 | — | 21.2% |
营业利润率ALHCPACS
| Q4 25 | -1.0% | 7.0% | ||
| Q3 25 | 0.8% | 6.4% | ||
| Q2 25 | 2.2% | 6.2% | ||
| Q1 25 | -0.6% | 3.8% | ||
| Q4 24 | -3.2% | 1.7% | ||
| Q3 24 | -2.8% | 2.2% | ||
| Q2 24 | -2.7% | 0.1% | ||
| Q1 24 | -6.5% | 8.6% |
净利率ALHCPACS
| Q4 25 | -1.1% | 4.4% | ||
| Q3 25 | 0.4% | 3.9% | ||
| Q2 25 | 1.5% | 3.9% | ||
| Q1 25 | -1.0% | 2.2% | ||
| Q4 24 | -4.4% | 0.2% | ||
| Q3 24 | -3.8% | 1.5% | ||
| Q2 24 | -3.5% | -1.1% | ||
| Q1 24 | -7.4% | 5.3% |
每股收益（稀释后）ALHCPACS
| Q4 25 | $-0.04 | $0.42 | ||
| Q3 25 | $0.02 | $0.32 | ||
| Q2 25 | $0.07 | $0.31 | ||
| Q1 25 | $-0.05 | $0.17 | ||
| Q4 24 | $-0.15 | $-0.03 | ||
| Q3 24 | $-0.14 | $0.10 | ||
| Q2 24 | $-0.13 | $-0.07 | ||
| Q1 24 | $-0.25 | $0.38 |
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 | $197.0M |
| 总债务越低越好 | $323.2M | $353.2M |
| 股东权益账面价值 | $179.3M | $946.8M |
| 总资产 | $1.1B | $5.6B |
| 负债/权益比越低杠杆越低 | 1.80× | 0.37× |
8季度趋势，按日历期对齐
现金及短期投资ALHCPACS
| Q4 25 | $604.2M | $197.0M | ||
| Q3 25 | $644.1M | $355.7M | ||
| Q2 25 | $503.8M | $294.2M | ||
| Q1 25 | $479.5M | $287.5M | ||
| Q4 24 | $470.6M | $157.7M | ||
| Q3 24 | $381.0M | $49.5M | ||
| Q2 24 | $363.7M | $73.4M | ||
| Q1 24 | $301.7M | $81.2M |
总债务ALHCPACS
| Q4 25 | $323.2M | $353.2M | ||
| Q3 25 | $322.7M | — | ||
| Q2 25 | $322.3M | — | ||
| Q1 25 | $321.9M | — | ||
| Q4 24 | $321.4M | $411.9M | ||
| Q3 24 | $212.0M | — | ||
| Q2 24 | $211.7M | — | ||
| Q1 24 | $162.0M | — |
股东权益ALHCPACS
| Q4 25 | $179.3M | $946.8M | ||
| Q3 25 | $161.9M | $871.3M | ||
| Q2 25 | $141.0M | $806.8M | ||
| Q1 25 | $108.1M | $750.2M | ||
| Q4 24 | $99.9M | $709.6M | ||
| Q3 24 | $114.5M | $660.0M | ||
| Q2 24 | $123.7M | $572.1M | ||
| Q1 24 | $130.9M | $128.0M |
总资产ALHCPACS
| Q4 25 | $1.1B | $5.6B | ||
| Q3 25 | $1.1B | $5.6B | ||
| Q2 25 | $1.0B | $5.5B | ||
| Q1 25 | $895.6M | $5.5B | ||
| Q4 24 | $782.1M | $5.2B | ||
| Q3 24 | $692.3M | $4.5B | ||
| Q2 24 | $716.3M | $3.9B | ||
| Q1 24 | $633.2M | $3.9B |
负债/权益比ALHCPACS
| Q4 25 | 1.80× | 0.37× | ||
| Q3 25 | 1.99× | — | ||
| Q2 25 | 2.29× | — | ||
| Q1 25 | 2.98× | — | ||
| Q4 24 | 3.22× | 0.58× | ||
| 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 | $-3.4M |
| 自由现金流经营现金流 - 资本支出 | $-55.4M | — |
| 自由现金流率自由现金流/营收 | -5.5% | — |
| 资本支出强度资本支出/营收 | 0.5% | — |
| 现金转化率经营现金流/净利润 | — | -0.06× |
| 过去12个月自由现金流最近4个季度 | $113.1M | — |
8季度趋势，按日历期对齐
经营现金流ALHCPACS
| Q4 25 | $-50.4M | $-3.4M | ||
| Q3 25 | $144.6M | $204.8M | ||
| Q2 25 | $29.1M | $52.6M | ||
| Q1 25 | $16.6M | $150.2M | ||
| Q4 24 | $-8.7M | $64.6M | ||
| Q3 24 | $26.2M | $209.2M | ||
| Q2 24 | $23.5M | $34.8M | ||
| Q1 24 | $-6.2M | $58.8M |
自由现金流ALHCPACS
| Q4 25 | $-55.4M | — | ||
| Q3 25 | $139.1M | — | ||
| Q2 25 | $21.1M | — | ||
| Q1 25 | $8.4M | — | ||
| Q4 24 | $-18.0M | — | ||
| Q3 24 | $16.9M | — | ||
| Q2 24 | $11.8M | — | ||
| Q1 24 | $-17.4M | — |
自由现金流率ALHCPACS
| Q4 25 | -5.5% | — | ||
| Q3 25 | 14.0% | — | ||
| Q2 25 | 2.1% | — | ||
| Q1 25 | 0.9% | — | ||
| Q4 24 | -2.6% | — | ||
| Q3 24 | 2.4% | — | ||
| Q2 24 | 1.7% | — | ||
| Q1 24 | -2.8% | — |
资本支出强度ALHCPACS
| Q4 25 | 0.5% | — | ||
| Q3 25 | 0.6% | — | ||
| Q2 25 | 0.8% | — | ||
| Q1 25 | 0.9% | — | ||
| Q4 24 | 1.3% | — | ||
| Q3 24 | 1.3% | — | ||
| Q2 24 | 1.7% | — | ||
| Q1 24 | 1.8% | — |
现金转化率ALHCPACS
| Q4 25 | — | -0.06× | ||
| Q3 25 | 38.77× | 3.91× | ||
| Q2 25 | 1.86× | 1.03× | ||
| Q1 25 | — | 5.28× | ||
| Q4 24 | — | 33.78× | ||
| Q3 24 | — | 13.39× | ||
| Q2 24 | — | — | ||
| Q1 24 | — | 1.20× |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
