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空气化工产品公司（APD）与TENET HEALTHCARE CORP（THC）财务数据对比。点击上方公司名可切换其他公司
TENET HEALTHCARE CORP的季度营收约是空气化工产品公司的1.8倍（$5.5B vs $3.1B），空气化工产品公司净利率更高（21.9% vs 11.7%，领先10.2%），TENET HEALTHCARE CORP同比增速更快（9.0% vs 5.8%），TENET HEALTHCARE CORP自由现金流更多（$367.0M vs $-350.5M），过去两年空气化工产品公司的营收复合增速更高（2.9% vs 1.5%）
空气化工产品公司是全球知名的工业气体供应商，业务覆盖全球各地，主营大气气体、工艺气体、特种气体、相关设备及服务，产品涵盖氧气、氮气、氩气、氢气、氦气、二氧化碳、一氧化碳、合成气等，同时供应空分装置、非低温发生器等气体生产处理设备，服务炼油、化工、气化等多个行业领域。
Tenet Healthcare Corporation是总部位于美国达拉斯的营利性跨国医疗服务企业，旗下拥有USPI等多个品牌、子公司、合资企业及合作主体，运营65家医院及超过450个医疗设施，还通过旗下Conifer Health Solutions为各类医疗系统及其他客户提供专业医疗支持服务
APD vs THC — 直观对比
营收规模更大
THC
是对方的1.8倍
$3.1B
营收增速更快
THC
高出3.1%
5.8%
净利率更高
APD
高出10.2%
11.7%
自由现金流更多
THC
多$717.5M
$-350.5M
两年增速更快
APD
近两年复合增速
1.5%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $3.1B | $5.5B |
| 净利润 | $678.2M | $644.0M |
| 毛利率 | 32.1% | — |
| 营业利润率 | 23.7% | 15.4% |
| 净利率 | 21.9% | 11.7% |
| 营收同比 | 5.8% | 9.0% |
| 净利润同比 | 9.8% | 12.6% |
| 每股收益（稀释后） | $3.04 | $4.22 |
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APDTHC
| Q4 25 | $3.1B | $5.5B | ||
| Q3 25 | $3.2B | $5.3B | ||
| Q2 25 | $3.0B | $5.3B | ||
| Q1 25 | $2.9B | $5.2B | ||
| Q4 24 | $2.9B | $5.1B | ||
| Q3 24 | $3.2B | $5.1B | ||
| Q2 24 | $3.0B | $5.1B | ||
| Q1 24 | $2.9B | $5.4B |
净利润APDTHC
| Q4 25 | $678.2M | $644.0M | ||
| Q3 25 | $4.9M | $579.0M | ||
| Q2 25 | $713.8M | $522.0M | ||
| Q1 25 | $-1.7B | $622.0M | ||
| Q4 24 | $617.4M | $572.0M | ||
| Q3 24 | $1.9B | $681.0M | ||
| Q2 24 | $696.6M | $477.0M | ||
| Q1 24 | $572.4M | $2.3B |
毛利率APDTHC
| Q4 25 | 32.1% | — | ||
| Q3 25 | 32.3% | — | ||
| Q2 25 | 32.5% | — | ||
| Q1 25 | 29.6% | — | ||
| Q4 24 | 31.2% | — | ||
| Q3 24 | 34.0% | — | ||
| Q2 24 | 32.8% | — | ||
| Q1 24 | 32.0% | — |
营业利润率APDTHC
| Q4 25 | 23.7% | 15.4% | ||
| Q3 25 | 0.5% | 16.8% | ||
| Q2 25 | 26.2% | 15.6% | ||
| Q1 25 | -79.8% | 18.1% | ||
| Q4 24 | 22.0% | 16.2% | ||
| Q3 24 | 76.1% | 21.3% | ||
| Q2 24 | 24.7% | 14.9% | ||
| Q1 24 | 21.7% | 61.2% |
净利率APDTHC
| Q4 25 | 21.9% | 11.7% | ||
| Q3 25 | 0.2% | 10.9% | ||
| Q2 25 | 23.6% | 9.9% | ||
| Q1 25 | -59.3% | 11.9% | ||
| Q4 24 | 21.1% | 11.3% | ||
| Q3 24 | 61.2% | 13.3% | ||
| Q2 24 | 23.3% | 9.3% | ||
| Q1 24 | 19.5% | 43.5% |
每股收益（稀释后）APDTHC
| Q4 25 | $3.04 | $4.22 | ||
| Q3 25 | $0.03 | $3.86 | ||
| Q2 25 | $3.20 | $3.14 | ||
| Q1 25 | $-7.77 | $4.27 | ||
| Q4 24 | $2.77 | $3.79 | ||
| Q3 24 | $8.75 | $4.89 | ||
| Q2 24 | $3.13 | $2.64 | ||
| Q1 24 | $2.57 | $21.38 |
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 | $1.0B | $2.9B |
| 总债务越低越好 | — | $13.1B |
| 股东权益账面价值 | $15.4B | $4.2B |
| 总资产 | $41.2B | $29.7B |
| 负债/权益比越低杠杆越低 | — | 3.10× |
8季度趋势，按日历期对齐
现金及短期投资APDTHC
| Q4 25 | $1.0B | $2.9B | ||
| Q3 25 | $1.9B | $3.0B | ||
| Q2 25 | $2.3B | $2.6B | ||
| Q1 25 | $1.6B | $3.0B | ||
| Q4 24 | $2.0B | $3.0B | ||
| Q3 24 | $3.0B | $4.1B | ||
| Q2 24 | $2.4B | $2.9B | ||
| Q1 24 | $2.6B | $2.5B |
总债务APDTHC
| Q4 25 | — | $13.1B | ||
| Q3 25 | — | $13.1B | ||
| Q2 25 | — | $13.1B | ||
| Q1 25 | — | $13.1B | ||
| Q4 24 | — | $13.1B | ||
| Q3 24 | — | $12.8B | ||
| Q2 24 | — | $12.8B | ||
| Q1 24 | — | $12.8B |
股东权益APDTHC
| Q4 25 | $15.4B | $4.2B | ||
| Q3 25 | $15.0B | $4.0B | ||
| Q2 25 | $15.5B | $3.7B | ||
| Q1 25 | $14.7B | $4.2B | ||
| Q4 24 | $16.7B | $4.2B | ||
| Q3 24 | $17.0B | $3.8B | ||
| Q2 24 | $15.1B | $3.5B | ||
| Q1 24 | $14.9B | $3.5B |
总资产APDTHC
| Q4 25 | $41.2B | $29.7B | ||
| Q3 25 | $41.1B | $29.4B | ||
| Q2 25 | $41.7B | $28.7B | ||
| Q1 25 | $38.9B | $29.2B | ||
| Q4 24 | $40.0B | $28.9B | ||
| Q3 24 | $39.6B | $29.4B | ||
| Q2 24 | $37.0B | $29.3B | ||
| Q1 24 | $35.9B | $28.9B |
负债/权益比APDTHC
| Q4 25 | — | 3.10× | ||
| Q3 25 | — | 3.26× | ||
| Q2 25 | — | 3.49× | ||
| Q1 25 | — | 3.13× | ||
| Q4 24 | — | 3.14× | ||
| Q3 24 | — | 3.33× | ||
| Q2 24 | — | 3.67× | ||
| Q1 24 | — | 3.70× |
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 | $900.7M | $731.0M |
| 自由现金流经营现金流 - 资本支出 | $-350.5M | $367.0M |
| 自由现金流率自由现金流/营收 | -11.3% | 6.6% |
| 资本支出强度资本支出/营收 | 40.3% | 6.6% |
| 现金转化率经营现金流/净利润 | 1.33× | 1.14× |
| 过去12个月自由现金流最近4个季度 | — | $2.5B |
8季度趋势，按日历期对齐
经营现金流APDTHC
| Q4 25 | $900.7M | $731.0M | ||
| Q3 25 | — | $1.1B | ||
| Q2 25 | $855.8M | $936.0M | ||
| Q1 25 | $328.1M | $815.0M | ||
| Q4 24 | $811.7M | $-331.0M | ||
| Q3 24 | — | $1.0B | ||
| Q2 24 | $1.3B | $747.0M | ||
| Q1 24 | $801.7M | $586.0M |
自由现金流APDTHC
| Q4 25 | $-350.5M | $367.0M | ||
| Q3 25 | — | $778.0M | ||
| Q2 25 | $-640.0M | $743.0M | ||
| Q1 25 | $-1.6B | $642.0M | ||
| Q4 24 | $-1.3B | $-661.0M | ||
| Q3 24 | — | $829.0M | ||
| Q2 24 | $-345.2M | $602.0M | ||
| Q1 24 | $-867.7M | $346.0M |
自由现金流率APDTHC
| Q4 25 | -11.3% | 6.6% | ||
| Q3 25 | — | 14.7% | ||
| Q2 25 | -21.2% | 14.1% | ||
| Q1 25 | -53.6% | 12.3% | ||
| Q4 24 | -44.5% | -13.0% | ||
| Q3 24 | — | 16.2% | ||
| Q2 24 | -11.6% | 11.8% | ||
| Q1 24 | -29.6% | 6.4% |
资本支出强度APDTHC
| Q4 25 | 40.3% | 6.6% | ||
| Q3 25 | 47.9% | 5.3% | ||
| Q2 25 | 49.5% | 3.7% | ||
| Q1 25 | 64.9% | 3.3% | ||
| Q4 24 | 72.2% | 6.5% | ||
| Q3 24 | 65.1% | 4.2% | ||
| Q2 24 | 53.8% | 2.8% | ||
| Q1 24 | 57.0% | 4.5% |
现金转化率APDTHC
| Q4 25 | 1.33× | 1.14× | ||
| Q3 25 | — | 1.83× | ||
| Q2 25 | 1.20× | 1.79× | ||
| Q1 25 | — | 1.31× | ||
| Q4 24 | 1.31× | -0.58× | ||
| Q3 24 | — | 1.53× | ||
| Q2 24 | 1.81× | 1.57× | ||
| Q1 24 | 1.40× | 0.25× |
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
APD
| Other | $1.6B | 53% |
| Onsite | $783.9M | 25% |
| Merchant | $557.8M | 18% |
| Saleof Equipment | $117.0M | 4% |
THC
| Other | $2.9B | 52% |
| Health Care Patient Service | $1.4B | 25% |
| Equity Method Investment Nonconsolidated Investee Or Group Of Investees | $1.2B | 22% |
| Health Care Other Sources | $56.0M | 1% |
