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Alignment Healthcare, Inc.（ALHC）与VEEVA SYSTEMS INC（VEEV）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VEEVA SYSTEMS INC的1.2倍（$1.0B vs $811.2M），VEEVA SYSTEMS INC净利率更高（29.1% vs -1.1%，领先30.2%），Alignment Healthcare, Inc.同比增速更快（44.4% vs 16.0%），过去两年Alignment Healthcare, Inc.的营收复合增速更高（26.9% vs 13.4%）
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。
Veeva Systems Inc总部位于美国加利福尼亚州普莱森顿，是一家公益类上市企业，专注为生命科学行业提供云软件、数据服务及商业咨询，旗下产品可实现数据管理、监管注册跟踪、供应链全流程监督等多项功能。
ALHC vs VEEV — 直观对比
营收规模更大
ALHC
是对方的1.2倍
$811.2M
营收增速更快
ALHC
高出28.4%
16.0%
净利率更高
VEEV
高出30.2%
-1.1%
两年增速更快
ALHC
近两年复合增速
13.4%
损益表 — Q4 FY2025 vs Q3 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $1.0B | $811.2M |
| 净利润 | $-11.0M | $236.2M |
| 毛利率 | — | 75.4% |
| 营业利润率 | -1.0% | 29.7% |
| 净利率 | -1.1% | 29.1% |
| 营收同比 | 44.4% | 16.0% |
| 净利润同比 | 64.6% | 27.1% |
| 每股收益（稀释后） | $-0.04 | $1.40 |
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ALHCVEEV
| Q4 25 | $1.0B | $811.2M | ||
| Q3 25 | $993.7M | $789.1M | ||
| Q2 25 | $1.0B | $759.0M | ||
| Q1 25 | $926.9M | $720.9M | ||
| Q4 24 | $701.2M | $699.2M | ||
| Q3 24 | $692.4M | $676.2M | ||
| Q2 24 | $681.3M | $650.3M | ||
| Q1 24 | $628.6M | $630.6M |
净利润ALHCVEEV
| Q4 25 | $-11.0M | $236.2M | ||
| Q3 25 | $3.7M | $200.3M | ||
| Q2 25 | $15.7M | $228.2M | ||
| Q1 25 | $-9.1M | $195.6M | ||
| Q4 24 | $-31.1M | $185.8M | ||
| Q3 24 | $-26.4M | $171.0M | ||
| Q2 24 | $-24.0M | $161.7M | ||
| Q1 24 | $-46.5M | $147.4M |
毛利率ALHCVEEV
| Q4 25 | — | 75.4% | ||
| Q3 25 | — | 75.3% | ||
| Q2 25 | — | 77.1% | ||
| Q1 25 | — | 74.9% | ||
| Q4 24 | — | 75.1% | ||
| Q3 24 | — | 74.8% | ||
| Q2 24 | — | 73.3% | ||
| Q1 24 | — | 72.4% |
营业利润率ALHCVEEV
| Q4 25 | -1.0% | 29.7% | ||
| Q3 25 | 0.8% | 24.8% | ||
| Q2 25 | 2.2% | 30.8% | ||
| Q1 25 | -0.6% | 26.1% | ||
| Q4 24 | -3.2% | 25.9% | ||
| Q3 24 | -2.8% | 24.6% | ||
| Q2 24 | -2.7% | 23.9% | ||
| Q1 24 | -6.5% | 21.4% |
净利率ALHCVEEV
| Q4 25 | -1.1% | 29.1% | ||
| Q3 25 | 0.4% | 25.4% | ||
| Q2 25 | 1.5% | 30.1% | ||
| Q1 25 | -1.0% | 27.1% | ||
| Q4 24 | -4.4% | 26.6% | ||
| Q3 24 | -3.8% | 25.3% | ||
| Q2 24 | -3.5% | 24.9% | ||
| Q1 24 | -7.4% | 23.4% |
每股收益（稀释后）ALHCVEEV
| Q4 25 | $-0.04 | $1.40 | ||
| Q3 25 | $0.02 | $1.19 | ||
| Q2 25 | $0.07 | $1.37 | ||
| Q1 25 | $-0.05 | $1.17 | ||
| Q4 24 | $-0.15 | $1.13 | ||
| Q3 24 | $-0.14 | $1.04 | ||
| Q2 24 | $-0.13 | $0.98 | ||
| Q1 24 | $-0.25 | $0.90 |
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 | $1.7B |
| 总债务越低越好 | $323.2M | — |
| 股东权益账面价值 | $179.3M | $7.0B |
| 总资产 | $1.1B | $8.1B |
| 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ALHCVEEV
| Q4 25 | $604.2M | $1.7B | ||
| Q3 25 | $644.1M | $1.9B | ||
| Q2 25 | $503.8M | $2.0B | ||
| Q1 25 | $479.5M | $1.1B | ||
| Q4 24 | $470.6M | $1.0B | ||
| Q3 24 | $381.0M | $1.2B | ||
| Q2 24 | $363.7M | $1.2B | ||
| Q1 24 | $301.7M | $703.5M |
总债务ALHCVEEV
| 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ALHCVEEV
| Q4 25 | $179.3M | $7.0B | ||
| Q3 25 | $161.9M | $6.6B | ||
| Q2 25 | $141.0M | $6.2B | ||
| Q1 25 | $108.1M | $5.8B | ||
| Q4 24 | $99.9M | $5.5B | ||
| Q3 24 | $114.5M | $5.2B | ||
| Q2 24 | $123.7M | $4.9B | ||
| Q1 24 | $130.9M | $4.6B |
总资产ALHCVEEV
| Q4 25 | $1.1B | $8.1B | ||
| Q3 25 | $1.1B | $8.0B | ||
| Q2 25 | $1.0B | $7.8B | ||
| Q1 25 | $895.6M | $7.3B | ||
| Q4 24 | $782.1M | $6.5B | ||
| Q3 24 | $692.3M | $6.3B | ||
| Q2 24 | $716.3M | $6.2B | ||
| Q1 24 | $633.2M | $5.9B |
负债/权益比ALHCVEEV
| 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 | $192.8M |
| 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 | — | 0.82× |
| 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ALHCVEEV
| Q4 25 | $-50.4M | $192.8M | ||
| Q3 25 | $144.6M | $238.4M | ||
| Q2 25 | $29.1M | $877.2M | ||
| Q1 25 | $16.6M | $69.5M | ||
| Q4 24 | $-8.7M | $164.1M | ||
| Q3 24 | $26.2M | $92.9M | ||
| Q2 24 | $23.5M | $763.5M | ||
| Q1 24 | $-6.2M | $57.8M |
自由现金流ALHCVEEV
| 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ALHCVEEV
| 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ALHCVEEV
| 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ALHCVEEV
| Q4 25 | — | 0.82× | ||
| Q3 25 | 38.77× | 1.19× | ||
| Q2 25 | 1.86× | 3.84× | ||
| Q1 25 | — | 0.36× | ||
| Q4 24 | — | 0.88× | ||
| Q3 24 | — | 0.54× | ||
| Q2 24 | — | 4.72× | ||
| Q1 24 | — | 0.39× |
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
VEEV
| Subscription Services Veeva Research And Development | $364.8M | 45% |
| Subscription Services Veeva Commercial Cloud | $317.6M | 39% |
| Professional Services Veeva Research And Development | $81.3M | 10% |
| Professional Services Veeva Commercial Cloud | $47.5M | 6% |
