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Accelerant Holdings（ARX）与eHealth, Inc.（EHTH）财务数据对比。点击上方公司名可切换其他公司
eHealth, Inc.的季度营收约是Accelerant Holdings的1.2倍（$326.2M vs $267.4M）。eHealth, Inc.净利率更高（26.7% vs -511.9%，领先538.6%）
Accelerant Holdings是一家全球特种保险与再保险科技平台，依托先进数据分析和风险评估工具，为保险公司、总代理及承保合作伙伴提供定制化风险解决方案，优化承保流程，业务覆盖北美及欧洲的商业和特种保险领域。
eHealth, Inc.以eHealthInsurance品牌开展业务，是一家公开上市的健康保险在线交易平台，公司注册于特拉华州，总部位于加利福尼亚州圣克拉拉。该平台主要提供医疗保险相关计划，涵盖联邦医疗保险处方药计划、联邦医疗保险补充计划、优势计划等产品，同时也售卖个人健康保险产品，业务覆盖美国全部50个州及华盛顿特区。
ARX vs EHTH — 直观对比
营收规模更大
EHTH
是对方的1.2倍
$267.4M
净利率更高
EHTH
高出538.6%
-511.9%
损益表 — Q3 2025 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $267.4M | $326.2M |
| 净利润 | $-1.4B | $87.2M |
| 毛利率 | — | 55.3% |
| 营业利润率 | -507.7% | 38.7% |
| 净利率 | -511.9% | 26.7% |
| 营收同比 | — | 3.5% |
| 净利润同比 | — | -10.6% |
| 每股收益（稀释后） | $-6.99 | $2.43 |
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ARXEHTH
| Q4 25 | — | $326.2M | ||
| Q3 25 | $267.4M | $53.9M | ||
| Q2 25 | $219.1M | $60.8M | ||
| Q1 25 | — | $113.1M | ||
| Q4 24 | — | $315.2M | ||
| Q3 24 | — | $58.4M | ||
| Q2 24 | — | $65.9M | ||
| Q1 24 | — | $93.0M |
净利润ARXEHTH
| Q4 25 | — | $87.2M | ||
| Q3 25 | $-1.4B | $-31.7M | ||
| Q2 25 | $8.8M | $-17.4M | ||
| Q1 25 | — | $1.9M | ||
| Q4 24 | — | $97.5M | ||
| Q3 24 | — | $-42.5M | ||
| Q2 24 | — | $-28.0M | ||
| Q1 24 | — | $-17.0M |
毛利率ARXEHTH
| Q4 25 | — | 55.3% | ||
| Q3 25 | — | -0.3% | ||
| Q2 25 | — | 31.1% | ||
| Q1 25 | — | 36.9% | ||
| Q4 24 | — | 52.0% | ||
| Q3 24 | — | -6.5% | ||
| Q2 24 | — | 28.7% | ||
| Q1 24 | — | 31.7% |
营业利润率ARXEHTH
| Q4 25 | — | 38.7% | ||
| Q3 25 | -507.7% | -77.1% | ||
| Q2 25 | 10.2% | -37.9% | ||
| Q1 25 | — | 4.2% | ||
| Q4 24 | — | 35.7% | ||
| Q3 24 | — | -74.0% | ||
| Q2 24 | — | -42.5% | ||
| Q1 24 | — | -19.3% |
净利率ARXEHTH
| Q4 25 | — | 26.7% | ||
| Q3 25 | -511.9% | -58.8% | ||
| Q2 25 | 4.0% | -28.6% | ||
| Q1 25 | — | 1.7% | ||
| Q4 24 | — | 30.9% | ||
| Q3 24 | — | -72.7% | ||
| Q2 24 | — | -42.5% | ||
| Q1 24 | — | -18.3% |
每股收益（稀释后）ARXEHTH
| Q4 25 | — | $2.43 | ||
| Q3 25 | $-6.99 | $-1.46 | ||
| Q2 25 | $0.04 | $-0.98 | ||
| Q1 25 | — | $-0.33 | ||
| Q4 24 | — | $2.93 | ||
| Q3 24 | — | $-1.83 | ||
| Q2 24 | — | $-1.33 | ||
| Q1 24 | — | $-0.96 |
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 | $1.6B | $73.7M |
| 总债务越低越好 | $121.9M | — |
| 股东权益账面价值 | $676.1M | $591.6M |
| 总资产 | $7.9B | $1.3B |
| 负债/权益比越低杠杆越低 | 0.18× | — |
8季度趋势，按日历期对齐
现金及短期投资ARXEHTH
| Q4 25 | — | $73.7M | ||
| Q3 25 | $1.6B | $63.1M | ||
| Q2 25 | $1.4B | $65.9M | ||
| Q1 25 | — | $121.1M | ||
| Q4 24 | — | $39.2M | ||
| Q3 24 | — | $64.0M | ||
| Q2 24 | — | $126.3M | ||
| Q1 24 | — | $175.0M |
总债务ARXEHTH
| Q4 25 | — | — | ||
| Q3 25 | $121.9M | — | ||
| Q2 25 | $126.7M | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
股东权益ARXEHTH
| Q4 25 | — | $591.6M | ||
| Q3 25 | $676.1M | $514.2M | ||
| Q2 25 | $346.2M | $554.9M | ||
| Q1 25 | — | $581.6M | ||
| Q4 24 | — | $588.4M | ||
| Q3 24 | — | $499.3M | ||
| Q2 24 | — | $548.9M | ||
| Q1 24 | — | $582.8M |
总资产ARXEHTH
| Q4 25 | — | $1.3B | ||
| Q3 25 | $7.9B | $1.0B | ||
| Q2 25 | $7.5B | $1.1B | ||
| Q1 25 | — | $1.1B | ||
| Q4 24 | — | $1.2B | ||
| Q3 24 | — | $1.0B | ||
| Q2 24 | — | $1.0B | ||
| Q1 24 | — | $1.1B |
负债/权益比ARXEHTH
| Q4 25 | — | — | ||
| Q3 25 | 0.18× | — | ||
| Q2 25 | 0.37× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 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 | $73.9M | $-35.9M |
| 自由现金流经营现金流 - 资本支出 | — | $-36.1M |
| 自由现金流率自由现金流/营收 | — | -11.1% |
| 资本支出强度资本支出/营收 | — | 0.0% |
| 现金转化率经营现金流/净利润 | — | -0.41× |
| 过去12个月自由现金流最近4个季度 | — | $-27.6M |
8季度趋势，按日历期对齐
经营现金流ARXEHTH
| Q4 25 | — | $-35.9M | ||
| Q3 25 | $73.9M | $-25.3M | ||
| Q2 25 | $309.3M | $-41.2M | ||
| Q1 25 | — | $77.1M | ||
| Q4 24 | — | $-27.7M | ||
| Q3 24 | — | $-29.3M | ||
| Q2 24 | — | $-32.2M | ||
| Q1 24 | — | $70.8M |
自由现金流ARXEHTH
| Q4 25 | — | $-36.1M | ||
| Q3 25 | — | $-25.5M | ||
| Q2 25 | — | $-42.8M | ||
| Q1 25 | — | $76.8M | ||
| Q4 24 | — | $-28.3M | ||
| Q3 24 | — | $-30.3M | ||
| Q2 24 | — | $-32.4M | ||
| Q1 24 | — | $70.6M |
自由现金流率ARXEHTH
| Q4 25 | — | -11.1% | ||
| Q3 25 | — | -47.4% | ||
| Q2 25 | — | -70.4% | ||
| Q1 25 | — | 67.9% | ||
| Q4 24 | — | -9.0% | ||
| Q3 24 | — | -51.8% | ||
| Q2 24 | — | -49.3% | ||
| Q1 24 | — | 75.9% |
资本支出强度ARXEHTH
| Q4 25 | — | 0.0% | ||
| Q3 25 | — | 0.4% | ||
| Q2 25 | — | 2.6% | ||
| Q1 25 | — | 0.3% | ||
| Q4 24 | — | 0.2% | ||
| Q3 24 | — | 1.7% | ||
| Q2 24 | — | 0.4% | ||
| Q1 24 | — | 0.2% |
现金转化率ARXEHTH
| Q4 25 | — | -0.41× | ||
| Q3 25 | — | — | ||
| Q2 25 | 35.15× | — | ||
| Q1 25 | — | 39.55× | ||
| Q4 24 | — | -0.28× | ||
| 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
业务分部营收拆解
ARX
| Underwriting Segment | $117.6M | 44% |
| Exchange Services Segment | $85.0M | 32% |
| Other | $64.8M | 24% |
EHTH
| Medicare | $282.7M | 87% |
| Other | $29.2M | 9% |
| Ancillaries | $7.9M | 2% |
| Commission Members Approved In Prior Periods | $3.8M | 1% |
| Small Business | $3.1M | 1% |
| Commission Revenue From Renewals | $2.4M | 1% |
