vs
Alignment Healthcare, Inc.（ALHC）与北极星（PII）财务数据对比。点击上方公司名可切换其他公司
北极星的季度营收约是Alignment Healthcare, Inc.的1.3倍（$1.7B vs $1.2B），Alignment Healthcare, Inc.净利率更高（0.9% vs -2.8%，领先3.8%），北极星同比增速更快（8.0% vs -74.7%），过去两年Alignment Healthcare, Inc.的营收复合增速更高（34.6% vs -8.0%）
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。
北极星公司（Polaris Inc.）是总部位于美国明尼苏达州麦地那的机动车制造企业，创立于明尼苏达州罗索，当地目前仍保留其工程研发与生产设施。公司曾通过胜利摩托子公司生产摩托车，2011年收购印第安摩托品牌后转由该子公司运营摩托业务，此前还曾生产私人水上摩托艇产品。
ALHC vs PII — 直观对比
营收规模更大
PII
是对方的1.3倍
$1.2B
营收增速更快
PII
高出82.7%
-74.7%
净利率更高
ALHC
高出3.8%
-2.8%
两年增速更快
ALHC
近两年复合增速
-8.0%
损益表 — Q1 FY2026 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $1.2B | $1.7B |
| 净利润 | $11.4M | $-47.2M |
| 毛利率 | — | 20.2% |
| 营业利润率 | — | 76.5% |
| 净利率 | 0.9% | -2.8% |
| 营收同比 | -74.7% | 8.0% |
| 净利润同比 | — | 29.0% |
| 每股收益（稀释后） | — | $-0.83 |
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ALHCPII
| Q1 26 | $1.2B | $1.7B | ||
| Q4 25 | $1.0B | $1.9B | ||
| Q3 25 | $993.7M | $1.8B | ||
| Q2 25 | $1.0B | $1.9B | ||
| Q1 25 | $926.9M | $1.5B | ||
| Q4 24 | $701.2M | $1.8B | ||
| Q3 24 | $692.4M | $1.7B | ||
| Q2 24 | $681.3M | $2.0B |
净利润ALHCPII
| Q1 26 | $11.4M | $-47.2M | ||
| Q4 25 | $-11.0M | $-303.6M | ||
| Q3 25 | $3.7M | $-15.8M | ||
| Q2 25 | $15.7M | $-79.3M | ||
| Q1 25 | $-9.1M | $-66.8M | ||
| Q4 24 | $-31.1M | $10.6M | ||
| Q3 24 | $-26.4M | $27.7M | ||
| Q2 24 | $-24.0M | $68.7M |
毛利率ALHCPII
| Q1 26 | — | 20.2% | ||
| Q4 25 | — | 20.0% | ||
| Q3 25 | — | 20.7% | ||
| Q2 25 | — | 19.4% | ||
| Q1 25 | — | 16.0% | ||
| Q4 24 | — | 20.4% | ||
| Q3 24 | — | 20.6% | ||
| Q2 24 | — | 21.6% |
营业利润率ALHCPII
| Q1 26 | — | 76.5% | ||
| Q4 25 | -1.0% | -16.7% | ||
| Q3 25 | 0.8% | 1.1% | ||
| Q2 25 | 2.2% | -0.7% | ||
| Q1 25 | -0.6% | -2.4% | ||
| Q4 24 | -3.2% | 3.7% | ||
| Q3 24 | -2.8% | 3.8% | ||
| Q2 24 | -2.7% | 6.1% |
净利率ALHCPII
| Q1 26 | 0.9% | -2.8% | ||
| Q4 25 | -1.1% | -15.8% | ||
| Q3 25 | 0.4% | -0.9% | ||
| Q2 25 | 1.5% | -4.3% | ||
| Q1 25 | -1.0% | -4.3% | ||
| Q4 24 | -4.4% | 0.6% | ||
| Q3 24 | -3.8% | 1.6% | ||
| Q2 24 | -3.5% | 3.5% |
每股收益（稀释后）ALHCPII
| Q1 26 | — | $-0.83 | ||
| Q4 25 | $-0.04 | $-5.34 | ||
| Q3 25 | $0.02 | $-0.28 | ||
| Q2 25 | $0.07 | $-1.39 | ||
| Q1 25 | $-0.05 | $-1.17 | ||
| Q4 24 | $-0.15 | $0.18 | ||
| Q3 24 | $-0.14 | $0.49 | ||
| Q2 24 | $-0.13 | $1.21 |
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 | $705.6M | $282.0M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $206.9M | $750.4M |
| 总资产 | $1.3B | $5.2B |
| 负债/权益比越低杠杆越低 | — | — |
8季度趋势，按日历期对齐
现金及短期投资ALHCPII
| Q1 26 | $705.6M | $282.0M | ||
| Q4 25 | $604.2M | $138.0M | ||
| Q3 25 | $644.1M | $335.5M | ||
| Q2 25 | $503.8M | $324.3M | ||
| Q1 25 | $479.5M | $291.7M | ||
| Q4 24 | $470.6M | $287.8M | ||
| Q3 24 | $381.0M | $291.3M | ||
| Q2 24 | $363.7M | $322.7M |
总债务ALHCPII
| Q1 26 | — | — | ||
| Q4 25 | $323.2M | $1.5B | ||
| Q3 25 | $322.7M | $1.3B | ||
| Q2 25 | $322.3M | $1.4B | ||
| Q1 25 | $321.9M | $1.6B | ||
| Q4 24 | $321.4M | $1.6B | ||
| Q3 24 | $212.0M | $1.7B | ||
| Q2 24 | $211.7M | $2.1B |
股东权益ALHCPII
| Q1 26 | $206.9M | $750.4M | ||
| Q4 25 | $179.3M | $828.4M | ||
| Q3 25 | $161.9M | $1.1B | ||
| Q2 25 | $141.0M | $1.2B | ||
| Q1 25 | $108.1M | $1.2B | ||
| Q4 24 | $99.9M | $1.3B | ||
| Q3 24 | $114.5M | $1.3B | ||
| Q2 24 | $123.7M | $1.3B |
总资产ALHCPII
| Q1 26 | $1.3B | $5.2B | ||
| Q4 25 | $1.1B | $4.9B | ||
| Q3 25 | $1.1B | $5.3B | ||
| Q2 25 | $1.0B | $5.4B | ||
| Q1 25 | $895.6M | $5.5B | ||
| Q4 24 | $782.1M | $5.5B | ||
| Q3 24 | $692.3M | $5.6B | ||
| Q2 24 | $716.3M | $5.7B |
负债/权益比ALHCPII
| Q1 26 | — | — | ||
| Q4 25 | 1.80× | 1.82× | ||
| Q3 25 | 1.99× | 1.13× | ||
| Q2 25 | 2.29× | 1.17× | ||
| Q1 25 | 2.98× | 1.32× | ||
| Q4 24 | 3.22× | 1.27× | ||
| Q3 24 | 1.85× | 1.29× | ||
| Q2 24 | 1.71× | 1.56× |
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 | $128.7M | — |
| 自由现金流经营现金流 - 资本支出 | — | $-342.5M |
| 自由现金流率自由现金流/营收 | — | -20.6% |
| 资本支出强度资本支出/营收 | — | — |
| 现金转化率经营现金流/净利润 | 11.27× | — |
| 过去12个月自由现金流最近4个季度 | — | $168.0M |
8季度趋势，按日历期对齐
经营现金流ALHCPII
| Q1 26 | $128.7M | — | ||
| Q4 25 | $-50.4M | $178.7M | ||
| Q3 25 | $144.6M | $158.8M | ||
| Q2 25 | $29.1M | $320.3M | ||
| Q1 25 | $16.6M | $83.2M | ||
| Q4 24 | $-8.7M | $206.3M | ||
| Q3 24 | $26.2M | $21.0M | ||
| Q2 24 | $23.5M | $146.3M |
自由现金流ALHCPII
| Q1 26 | — | $-342.5M | ||
| Q4 25 | $-55.4M | $114.0M | ||
| Q3 25 | $139.1M | $116.7M | ||
| Q2 25 | $21.1M | $279.8M | ||
| Q1 25 | $8.4M | $47.6M | ||
| Q4 24 | $-18.0M | $137.3M | ||
| Q3 24 | $16.9M | $-32.4M | ||
| Q2 24 | $11.8M | $79.1M |
自由现金流率ALHCPII
| Q1 26 | — | -20.6% | ||
| Q4 25 | -5.5% | 5.9% | ||
| Q3 25 | 14.0% | 6.3% | ||
| Q2 25 | 2.1% | 15.1% | ||
| Q1 25 | 0.9% | 3.1% | ||
| Q4 24 | -2.6% | 7.8% | ||
| Q3 24 | 2.4% | -1.9% | ||
| Q2 24 | 1.7% | 4.0% |
资本支出强度ALHCPII
| Q1 26 | — | — | ||
| Q4 25 | 0.5% | 3.4% | ||
| Q3 25 | 0.6% | 2.3% | ||
| Q2 25 | 0.8% | 2.2% | ||
| Q1 25 | 0.9% | 2.3% | ||
| Q4 24 | 1.3% | 3.9% | ||
| Q3 24 | 1.3% | 3.1% | ||
| Q2 24 | 1.7% | 3.4% |
现金转化率ALHCPII
| Q1 26 | 11.27× | — | ||
| Q4 25 | — | — | ||
| Q3 25 | 38.77× | — | ||
| Q2 25 | 1.86× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 19.46× | ||
| Q3 24 | — | 0.76× | ||
| Q2 24 | — | 2.13× |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
