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Alignment Healthcare, Inc.（ALHC）与TRUPANION, INC.（TRUP）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TRUPANION, INC.的2.7倍（$1.0B vs $376.9M）。Alignment Healthcare, Inc.同比增速更快（44.4% vs 11.7%）。TRUPANION, INC.自由现金流更多（$25.3M vs $-55.4M）。过去两年Alignment Healthcare, Inc.的营收复合增速更高（26.9% vs 11.0%）
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。
Trupanion是总部位于美国华盛顿州西雅图的宠物保险服务商，创立于1999年，业务覆盖美国、加拿大、澳大利亚与波多黎各地区。该公司为宠物提供保险保障服务，所有保单由旗下美国宠物保险公司（APIC）独家承保。
ALHC vs TRUP — 直观对比
营收规模更大
ALHC
是对方的2.7倍
$376.9M
营收增速更快
ALHC
高出32.7%
11.7%
自由现金流更多
TRUP
多$80.7M
$-55.4M
两年增速更快
ALHC
近两年复合增速
11.0%
损益表 — Q4 2025 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $1.0B | $376.9M |
| 净利润 | $-11.0M | — |
| 毛利率 | — | 17.3% |
| 营业利润率 | -1.0% | 1.9% |
| 净利率 | -1.1% | — |
| 营收同比 | 44.4% | 11.7% |
| 净利润同比 | 64.6% | — |
| 每股收益（稀释后） | $-0.04 | $0.13 |
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ALHCTRUP
| Q4 25 | $1.0B | $376.9M | ||
| Q3 25 | $993.7M | $366.9M | ||
| Q2 25 | $1.0B | $353.6M | ||
| Q1 25 | $926.9M | $342.0M | ||
| Q4 24 | $701.2M | $337.3M | ||
| Q3 24 | $692.4M | $327.5M | ||
| Q2 24 | $681.3M | $314.8M | ||
| Q1 24 | $628.6M | $306.1M |
净利润ALHCTRUP
| Q4 25 | $-11.0M | — | ||
| Q3 25 | $3.7M | — | ||
| Q2 25 | $15.7M | — | ||
| Q1 25 | $-9.1M | — | ||
| Q4 24 | $-31.1M | — | ||
| Q3 24 | $-26.4M | — | ||
| Q2 24 | $-24.0M | — | ||
| Q1 24 | $-46.5M | — |
毛利率ALHCTRUP
| Q4 25 | — | 17.3% | ||
| Q3 25 | — | 16.4% | ||
| Q2 25 | — | 15.5% | ||
| Q1 25 | — | 14.9% | ||
| Q4 24 | — | 15.7% | ||
| Q3 24 | — | 15.1% | ||
| Q2 24 | — | 12.8% | ||
| Q1 24 | — | 11.8% |
营业利润率ALHCTRUP
| Q4 25 | -1.0% | 1.9% | ||
| Q3 25 | 0.8% | 1.6% | ||
| Q2 25 | 2.2% | 0.7% | ||
| Q1 25 | -0.6% | -0.4% | ||
| Q4 24 | -3.2% | 0.1% | ||
| Q3 24 | -2.8% | 0.5% | ||
| Q2 24 | -2.7% | -1.7% | ||
| Q1 24 | -6.5% | -2.0% |
净利率ALHCTRUP
| Q4 25 | -1.1% | — | ||
| Q3 25 | 0.4% | — | ||
| Q2 25 | 1.5% | — | ||
| Q1 25 | -1.0% | — | ||
| Q4 24 | -4.4% | — | ||
| Q3 24 | -3.8% | — | ||
| Q2 24 | -3.5% | — | ||
| Q1 24 | -7.4% | — |
每股收益（稀释后）ALHCTRUP
| Q4 25 | $-0.04 | $0.13 | ||
| Q3 25 | $0.02 | $0.13 | ||
| Q2 25 | $0.07 | $0.22 | ||
| Q1 25 | $-0.05 | $-0.03 | ||
| Q4 24 | $-0.15 | $0.04 | ||
| Q3 24 | $-0.14 | $0.03 | ||
| Q2 24 | $-0.13 | $-0.14 | ||
| Q1 24 | $-0.25 | $-0.16 |
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 | $370.7M |
| 总债务越低越好 | $323.2M | $101.8M |
| 股东权益账面价值 | $179.3M | $383.9M |
| 总资产 | $1.1B | $915.0M |
| 负债/权益比越低杠杆越低 | 1.80× | 0.27× |
8季度趋势，按日历期对齐
现金及短期投资ALHCTRUP
| Q4 25 | $604.2M | $370.7M | ||
| Q3 25 | $644.1M | $348.5M | ||
| Q2 25 | $503.8M | $319.6M | ||
| Q1 25 | $479.5M | $321.8M | ||
| Q4 24 | $470.6M | $307.4M | ||
| Q3 24 | $381.0M | $293.1M | ||
| Q2 24 | $363.7M | $277.2M | ||
| Q1 24 | $301.7M | $275.2M |
总债务ALHCTRUP
| Q4 25 | $323.2M | $101.8M | ||
| Q3 25 | $322.7M | — | ||
| Q2 25 | $322.3M | — | ||
| Q1 25 | $321.9M | — | ||
| Q4 24 | $321.4M | $127.5M | ||
| Q3 24 | $212.0M | — | ||
| Q2 24 | $211.7M | — | ||
| Q1 24 | $162.0M | — |
股东权益ALHCTRUP
| Q4 25 | $179.3M | $383.9M | ||
| Q3 25 | $161.9M | $368.6M | ||
| Q2 25 | $141.0M | $355.5M | ||
| Q1 25 | $108.1M | $333.7M | ||
| Q4 24 | $99.9M | $323.3M | ||
| Q3 24 | $114.5M | $320.2M | ||
| Q2 24 | $123.7M | $305.8M | ||
| Q1 24 | $130.9M | $303.4M |
总资产ALHCTRUP
| Q4 25 | $1.1B | $915.0M | ||
| Q3 25 | $1.1B | $880.2M | ||
| Q2 25 | $1.0B | $847.8M | ||
| Q1 25 | $895.6M | $837.2M | ||
| Q4 24 | $782.1M | $806.9M | ||
| Q3 24 | $692.3M | $816.1M | ||
| Q2 24 | $716.3M | $795.9M | ||
| Q1 24 | $633.2M | $789.5M |
负债/权益比ALHCTRUP
| Q4 25 | 1.80× | 0.27× | ||
| Q3 25 | 1.99× | — | ||
| Q2 25 | 2.29× | — | ||
| Q1 25 | 2.98× | — | ||
| Q4 24 | 3.22× | 0.39× | ||
| 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 | $29.3M |
| 自由现金流经营现金流 - 资本支出 | $-55.4M | $25.3M |
| 自由现金流率自由现金流/营收 | -5.5% | 6.7% |
| 资本支出强度资本支出/营收 | 0.5% | 1.0% |
| 现金转化率经营现金流/净利润 | — | — |
| 过去12个月自由现金流最近4个季度 | $113.1M | $75.4M |
8季度趋势，按日历期对齐
经营现金流ALHCTRUP
| Q4 25 | $-50.4M | $29.3M | ||
| Q3 25 | $144.6M | $29.2M | ||
| Q2 25 | $29.1M | $15.0M | ||
| Q1 25 | $16.6M | $16.0M | ||
| Q4 24 | $-8.7M | $23.7M | ||
| Q3 24 | $26.2M | $15.3M | ||
| Q2 24 | $23.5M | $6.9M | ||
| Q1 24 | $-6.2M | $2.4M |
自由现金流ALHCTRUP
| Q4 25 | $-55.4M | $25.3M | ||
| Q3 25 | $139.1M | $23.9M | ||
| Q2 25 | $21.1M | $12.0M | ||
| Q1 25 | $8.4M | $14.0M | ||
| Q4 24 | $-18.0M | $21.8M | ||
| Q3 24 | $16.9M | $13.4M | ||
| Q2 24 | $11.8M | $4.0M | ||
| Q1 24 | $-17.4M | $-631.0K |
自由现金流率ALHCTRUP
| Q4 25 | -5.5% | 6.7% | ||
| Q3 25 | 14.0% | 6.5% | ||
| Q2 25 | 2.1% | 3.4% | ||
| Q1 25 | 0.9% | 4.1% | ||
| Q4 24 | -2.6% | 6.5% | ||
| Q3 24 | 2.4% | 4.1% | ||
| Q2 24 | 1.7% | 1.3% | ||
| Q1 24 | -2.8% | -0.2% |
资本支出强度ALHCTRUP
| Q4 25 | 0.5% | 1.0% | ||
| Q3 25 | 0.6% | 1.4% | ||
| Q2 25 | 0.8% | 0.8% | ||
| Q1 25 | 0.9% | 0.6% | ||
| Q4 24 | 1.3% | 0.6% | ||
| Q3 24 | 1.3% | 0.6% | ||
| Q2 24 | 1.7% | 0.9% | ||
| Q1 24 | 1.8% | 1.0% |
现金转化率ALHCTRUP
| Q4 25 | — | — | ||
| Q3 25 | 38.77× | — | ||
| Q2 25 | 1.86× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
