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爱玛客（ARMK）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的季度营收约是爱玛客的1.1倍（$5.5B vs $4.8B），TENET HEALTHCARE CORP净利率更高（11.7% vs 2.0%，领先9.7%），TENET HEALTHCARE CORP同比增速更快（9.0% vs 6.1%），TENET HEALTHCARE CORP自由现金流更多（$367.0M vs $-904.4M），过去两年爱玛客的营收复合增速更高（7.3% vs 1.5%）
爱玛客是美国知名的餐饮服务与设施管理服务商，服务覆盖教育、司法监管、医疗、企业、休闲文旅等多个领域，业务遍布北美地区及英国、德国、智利、爱尔兰、西班牙在内的14个国家，为各场景客户提供专业后勤支持解决方案。
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
ARMK vs THC — 直观对比
营收规模更大
THC
是对方的1.1倍
$4.8B
营收增速更快
THC
高出2.8%
6.1%
净利率更高
THC
高出9.7%
2.0%
自由现金流更多
THC
多$1.3B
$-904.4M
两年增速更快
ARMK
近两年复合增速
1.5%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $4.8B | $5.5B |
| 净利润 | $96.2M | $644.0M |
| 毛利率 | — | — |
| 营业利润率 | 4.5% | 15.4% |
| 净利率 | 2.0% | 11.7% |
| 营收同比 | 6.1% | 9.0% |
| 净利润同比 | -9.0% | 12.6% |
| 每股收益（稀释后） | $0.36 | $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ARMKTHC
| Q1 26 | $4.8B | — | ||
| Q4 25 | $5.0B | $5.5B | ||
| Q3 25 | — | $5.3B | ||
| Q2 25 | $4.6B | $5.3B | ||
| Q1 25 | $4.3B | $5.2B | ||
| Q4 24 | $4.6B | $5.1B | ||
| Q3 24 | $4.4B | $5.1B | ||
| Q2 24 | $4.4B | $5.1B |
净利润ARMKTHC
| Q1 26 | $96.2M | — | ||
| Q4 25 | $87.1M | $644.0M | ||
| Q3 25 | — | $579.0M | ||
| Q2 25 | $71.8M | $522.0M | ||
| Q1 25 | $61.9M | $622.0M | ||
| Q4 24 | $105.6M | $572.0M | ||
| Q3 24 | $122.4M | $681.0M | ||
| Q2 24 | $58.1M | $477.0M |
营业利润率ARMKTHC
| Q1 26 | 4.5% | — | ||
| Q4 25 | 4.3% | 15.4% | ||
| Q3 25 | — | 16.8% | ||
| Q2 25 | 3.9% | 15.6% | ||
| Q1 25 | 4.1% | 18.1% | ||
| Q4 24 | 4.8% | 16.2% | ||
| Q3 24 | 5.0% | 21.3% | ||
| Q2 24 | 3.7% | 14.9% |
净利率ARMKTHC
| Q1 26 | 2.0% | — | ||
| Q4 25 | 1.7% | 11.7% | ||
| Q3 25 | — | 10.9% | ||
| Q2 25 | 1.6% | 9.9% | ||
| Q1 25 | 1.4% | 11.9% | ||
| Q4 24 | 2.3% | 11.3% | ||
| Q3 24 | 2.8% | 13.3% | ||
| Q2 24 | 1.3% | 9.3% |
每股收益（稀释后）ARMKTHC
| Q1 26 | $0.36 | — | ||
| Q4 25 | $0.33 | $4.22 | ||
| Q3 25 | — | $3.86 | ||
| Q2 25 | $0.27 | $3.14 | ||
| Q1 25 | $0.23 | $4.27 | ||
| Q4 24 | $0.39 | $3.79 | ||
| Q3 24 | $0.46 | $4.89 | ||
| Q2 24 | $0.22 | $2.64 |
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 | $439.6M | $2.9B |
| 总债务越低越好 | $6.2B | $13.1B |
| 股东权益账面价值 | $3.2B | $4.2B |
| 总资产 | $13.5B | $29.7B |
| 负债/权益比越低杠杆越低 | 1.94× | 3.10× |
8季度趋势，按日历期对齐
现金及短期投资ARMKTHC
| Q1 26 | $439.6M | — | ||
| Q4 25 | $639.1M | $2.9B | ||
| Q3 25 | — | $3.0B | ||
| Q2 25 | $501.5M | $2.6B | ||
| Q1 25 | $920.5M | $3.0B | ||
| Q4 24 | $484.1M | $3.0B | ||
| Q3 24 | $672.5M | $4.1B | ||
| Q2 24 | $436.1M | $2.9B |
总债务ARMKTHC
| Q1 26 | $6.2B | — | ||
| Q4 25 | $5.4B | $13.1B | ||
| Q3 25 | — | $13.1B | ||
| Q2 25 | $6.3B | $13.1B | ||
| Q1 25 | $6.1B | $13.1B | ||
| Q4 24 | $5.0B | $13.1B | ||
| Q3 24 | $4.3B | $12.8B | ||
| Q2 24 | $5.0B | $12.8B |
股东权益ARMKTHC
| Q1 26 | $3.2B | — | ||
| Q4 25 | $3.1B | $4.2B | ||
| Q3 25 | — | $4.0B | ||
| Q2 25 | $3.1B | $3.7B | ||
| Q1 25 | $3.0B | $4.2B | ||
| Q4 24 | $3.1B | $4.2B | ||
| Q3 24 | $3.0B | $3.8B | ||
| Q2 24 | $2.9B | $3.5B |
总资产ARMKTHC
| Q1 26 | $13.5B | — | ||
| Q4 25 | $13.3B | $29.7B | ||
| Q3 25 | — | $29.4B | ||
| Q2 25 | $13.3B | $28.7B | ||
| Q1 25 | $13.5B | $29.2B | ||
| Q4 24 | $12.7B | $28.9B | ||
| Q3 24 | $12.7B | $29.4B | ||
| Q2 24 | $12.5B | $29.3B |
负债/权益比ARMKTHC
| Q1 26 | 1.94× | — | ||
| Q4 25 | 1.71× | 3.10× | ||
| Q3 25 | — | 3.26× | ||
| Q2 25 | 2.03× | 3.49× | ||
| Q1 25 | 2.02× | 3.13× | ||
| Q4 24 | 1.61× | 3.14× | ||
| Q3 24 | 1.42× | 3.33× | ||
| Q2 24 | 1.71× | 3.67× |
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 | $-782.2M | $731.0M |
| 自由现金流经营现金流 - 资本支出 | $-904.4M | $367.0M |
| 自由现金流率自由现金流/营收 | -18.7% | 6.6% |
| 资本支出强度资本支出/营收 | 2.5% | 6.6% |
| 现金转化率经营现金流/净利润 | -8.13× | 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ARMKTHC
| Q1 26 | $-782.2M | — | ||
| Q4 25 | — | $731.0M | ||
| Q3 25 | — | $1.1B | ||
| Q2 25 | $76.7M | $936.0M | ||
| Q1 25 | $255.9M | $815.0M | ||
| Q4 24 | $-587.2M | $-331.0M | ||
| Q3 24 | $1.0B | $1.0B | ||
| Q2 24 | $140.7M | $747.0M |
自由现金流ARMKTHC
| Q1 26 | $-904.4M | — | ||
| Q4 25 | — | $367.0M | ||
| Q3 25 | — | $778.0M | ||
| Q2 25 | $-34.7M | $743.0M | ||
| Q1 25 | $140.1M | $642.0M | ||
| Q4 24 | $-707.0M | $-661.0M | ||
| Q3 24 | $882.3M | $829.0M | ||
| Q2 24 | $55.6M | $602.0M |
自由现金流率ARMKTHC
| Q1 26 | -18.7% | — | ||
| Q4 25 | — | 6.6% | ||
| Q3 25 | — | 14.7% | ||
| Q2 25 | -0.8% | 14.1% | ||
| Q1 25 | 3.3% | 12.3% | ||
| Q4 24 | -15.5% | -13.0% | ||
| Q3 24 | 20.0% | 16.2% | ||
| Q2 24 | 1.3% | 11.8% |
资本支出强度ARMKTHC
| Q1 26 | 2.5% | — | ||
| Q4 25 | 2.8% | 6.6% | ||
| Q3 25 | — | 5.3% | ||
| Q2 25 | 2.4% | 3.7% | ||
| Q1 25 | 2.7% | 3.3% | ||
| Q4 24 | 2.6% | 6.5% | ||
| Q3 24 | 3.2% | 4.2% | ||
| Q2 24 | 1.9% | 2.8% |
现金转化率ARMKTHC
| Q1 26 | -8.13× | — | ||
| Q4 25 | — | 1.14× | ||
| Q3 25 | — | 1.83× | ||
| Q2 25 | 1.07× | 1.79× | ||
| Q1 25 | 4.14× | 1.31× | ||
| Q4 24 | -5.56× | -0.58× | ||
| Q3 24 | 8.35× | 1.53× | ||
| Q2 24 | 2.42× | 1.57× |
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
ARMK
| Education | $1.1B | 22% |
| Sports Leisure Corrections | $961.2M | 20% |
| Food And Support Services International | $847.8M | 18% |
| Other | $621.6M | 13% |
| Businessand Industry | $510.6M | 11% |
| Health Care | $421.3M | 9% |
| Facility Services | $382.9M | 8% |
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% |
