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亚什兰（ASH）与U S PHYSICAL THERAPY INC（USPH）财务数据对比。点击上方公司名可切换其他公司
亚什兰的季度营收约是U S PHYSICAL THERAPY INC的1.9倍（$386.0M vs $202.7M），U S PHYSICAL THERAPY INC净利率更高（2.0% vs -3.1%，领先5.2%），U S PHYSICAL THERAPY INC同比增速更快（12.3% vs -4.7%），亚什兰自由现金流更多（$111.0M vs $21.0M），过去两年U S PHYSICAL THERAPY INC的营收复合增速更高（14.1% vs -18.1%）
亚什兰是一家总部位于美国特拉华州威尔明顿的化工企业，1924年始创于肯塔基州亚什兰市，最初以炼油业务起家，1994年迁至现总部。公司拥有多个业务板块，覆盖化工中间体与溶剂、复合材料、工业特种化学品、个人及家居护理、制药、食品饮料以及农业相关领域，2017年之前曾是胜牌润滑油的主要生产商。
该企业是美国领先的门诊康复服务提供商，运营数百间线下物理治疗门诊，为受伤、术后、慢性疼痛及行动障碍人群提供康复护理，同时覆盖运动医学、职业治疗、儿童康复等特色服务领域。
ASH vs USPH — 直观对比
营收规模更大
ASH
是对方的1.9倍
$202.7M
营收增速更快
USPH
高出17.0%
-4.7%
净利率更高
USPH
高出5.2%
-3.1%
自由现金流更多
ASH
多$90.0M
$21.0M
两年增速更快
USPH
近两年复合增速
-18.1%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $386.0M | $202.7M |
| 净利润 | $-12.0M | $4.2M |
| 毛利率 | 27.2% | 19.8% |
| 营业利润率 | -1.6% | 8.3% |
| 净利率 | -3.1% | 2.0% |
| 营收同比 | -4.7% | 12.3% |
| 净利润同比 | 92.7% | -55.1% |
| 每股收益（稀释后） | $-0.26 | $-0.44 |
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ASHUSPH
| Q4 25 | $386.0M | $202.7M | ||
| Q3 25 | $477.0M | $197.1M | ||
| Q2 25 | $463.0M | $197.3M | ||
| Q1 25 | $479.0M | $183.8M | ||
| Q4 24 | $405.0M | $180.4M | ||
| Q3 24 | $521.0M | $168.0M | ||
| Q2 24 | $544.0M | $167.2M | ||
| Q1 24 | $575.0M | $155.7M |
净利润ASHUSPH
| Q4 25 | $-12.0M | $4.2M | ||
| Q3 25 | $31.0M | $13.1M | ||
| Q2 25 | $-742.0M | $12.4M | ||
| Q1 25 | $31.0M | $9.9M | ||
| Q4 24 | $-165.0M | $9.2M | ||
| Q3 24 | $17.0M | $6.6M | ||
| Q2 24 | $6.0M | $7.5M | ||
| Q1 24 | $120.0M | $8.0M |
毛利率ASHUSPH
| Q4 25 | 27.2% | 19.8% | ||
| Q3 25 | 33.3% | 18.7% | ||
| Q2 25 | 28.5% | 21.1% | ||
| Q1 25 | 30.7% | 16.9% | ||
| Q4 24 | 27.4% | 18.0% | ||
| Q3 24 | 33.2% | 17.3% | ||
| Q2 24 | 34.2% | 20.3% | ||
| Q1 24 | 28.0% | 18.2% |
营业利润率ASHUSPH
| Q4 25 | -1.6% | 8.3% | ||
| Q3 25 | 12.8% | 12.8% | ||
| Q2 25 | -152.9% | 12.6% | ||
| Q1 25 | 10.6% | 10.7% | ||
| Q4 24 | -44.2% | 10.9% | ||
| Q3 24 | 6.1% | 7.6% | ||
| Q2 24 | -11.2% | 9.3% | ||
| Q1 24 | 3.7% | 9.6% |
净利率ASHUSPH
| Q4 25 | -3.1% | 2.0% | ||
| Q3 25 | 6.5% | 6.7% | ||
| Q2 25 | -160.3% | 6.3% | ||
| Q1 25 | 6.5% | 5.4% | ||
| Q4 24 | -40.7% | 5.1% | ||
| Q3 24 | 3.3% | 3.9% | ||
| Q2 24 | 1.1% | 4.5% | ||
| Q1 24 | 20.9% | 5.2% |
每股收益（稀释后）ASHUSPH
| Q4 25 | $-0.26 | $-0.44 | ||
| Q3 25 | $0.83 | $0.48 | ||
| Q2 25 | $-16.21 | $0.58 | ||
| Q1 25 | $0.65 | $0.80 | ||
| Q4 24 | $-3.50 | $0.52 | ||
| Q3 24 | $0.34 | $0.39 | ||
| Q2 24 | $0.12 | $0.47 | ||
| Q1 24 | $2.39 | $0.46 |
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 | $304.0M | $35.6M |
| 总债务越低越好 | $1.4B | — |
| 股东权益账面价值 | $1.9B | $476.4M |
| 总资产 | $4.5B | $1.2B |
| 负债/权益比越低杠杆越低 | 0.74× | — |
8季度趋势，按日历期对齐
现金及短期投资ASHUSPH
| Q4 25 | $304.0M | $35.6M | ||
| Q3 25 | $215.0M | $31.1M | ||
| Q2 25 | $207.0M | $34.1M | ||
| Q1 25 | $168.0M | $39.2M | ||
| Q4 24 | $219.0M | $41.4M | ||
| Q3 24 | $300.0M | $117.0M | ||
| Q2 24 | $399.0M | $112.9M | ||
| Q1 24 | $439.0M | $132.3M |
总债务ASHUSPH
| Q4 25 | $1.4B | — | ||
| Q3 25 | $1.4B | — | ||
| Q2 25 | $1.4B | — | ||
| Q1 25 | $1.3B | — | ||
| Q4 24 | $1.3B | — | ||
| Q3 24 | $1.3B | — | ||
| Q2 24 | $1.3B | — | ||
| Q1 24 | $1.3B | — |
股东权益ASHUSPH
| Q4 25 | $1.9B | $476.4M | ||
| Q3 25 | $1.9B | $503.6M | ||
| Q2 25 | $1.9B | $500.8M | ||
| Q1 25 | $2.6B | $497.3M | ||
| Q4 24 | $2.6B | $488.9M | ||
| Q3 24 | $2.9B | $482.8M | ||
| Q2 24 | $3.0B | $484.6M | ||
| Q1 24 | $3.1B | $479.8M |
总资产ASHUSPH
| Q4 25 | $4.5B | $1.2B | ||
| Q3 25 | $4.6B | $1.2B | ||
| Q2 25 | $4.6B | $1.2B | ||
| Q1 25 | $5.2B | $1.2B | ||
| Q4 24 | $5.2B | $1.2B | ||
| Q3 24 | $5.6B | $1.0B | ||
| Q2 24 | $5.7B | $1.0B | ||
| Q1 24 | $5.9B | $1.0B |
负债/权益比ASHUSPH
| Q4 25 | 0.74× | — | ||
| Q3 25 | 0.73× | — | ||
| Q2 25 | 0.73× | — | ||
| Q1 25 | 0.52× | — | ||
| Q4 24 | 0.51× | — | ||
| Q3 24 | 0.47× | — | ||
| Q2 24 | 0.45× | — | ||
| Q1 24 | 0.42× | — |
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 | $125.0M | $24.9M |
| 自由现金流经营现金流 - 资本支出 | $111.0M | $21.0M |
| 自由现金流率自由现金流/营收 | 28.8% | 10.4% |
| 资本支出强度资本支出/营收 | 3.6% | 1.9% |
| 现金转化率经营现金流/净利润 | — | 6.00× |
| 过去12个月自由现金流最近4个季度 | $200.0M | $61.0M |
8季度趋势，按日历期对齐
经营现金流ASHUSPH
| Q4 25 | $125.0M | $24.9M | ||
| Q3 25 | $40.0M | $19.9M | ||
| Q2 25 | $115.0M | $34.9M | ||
| Q1 25 | $9.0M | $-4.7M | ||
| Q4 24 | $-30.0M | $19.4M | ||
| Q3 24 | $80.0M | $22.1M | ||
| Q2 24 | $127.0M | $29.0M | ||
| Q1 24 | $54.0M | $4.4M |
自由现金流ASHUSPH
| Q4 25 | $111.0M | $21.0M | ||
| Q3 25 | $6.0M | $15.6M | ||
| Q2 25 | $95.0M | $31.6M | ||
| Q1 25 | $-12.0M | $-7.3M | ||
| Q4 24 | $-53.0M | $16.9M | ||
| Q3 24 | $42.0M | $19.6M | ||
| Q2 24 | $98.0M | $26.7M | ||
| Q1 24 | $20.0M | $2.6M |
自由现金流率ASHUSPH
| Q4 25 | 28.8% | 10.4% | ||
| Q3 25 | 1.3% | 7.9% | ||
| Q2 25 | 20.5% | 16.0% | ||
| Q1 25 | -2.5% | -3.9% | ||
| Q4 24 | -13.1% | 9.4% | ||
| Q3 24 | 8.1% | 11.7% | ||
| Q2 24 | 18.0% | 15.9% | ||
| Q1 24 | 3.5% | 1.7% |
资本支出强度ASHUSPH
| Q4 25 | 3.6% | 1.9% | ||
| Q3 25 | 7.1% | 2.2% | ||
| Q2 25 | 4.3% | 1.6% | ||
| Q1 25 | 4.4% | 1.4% | ||
| Q4 24 | 5.7% | 1.4% | ||
| Q3 24 | 7.3% | 1.5% | ||
| Q2 24 | 5.3% | 1.4% | ||
| Q1 24 | 5.9% | 1.2% |
现金转化率ASHUSPH
| Q4 25 | — | 6.00× | ||
| Q3 25 | 1.29× | 1.52× | ||
| Q2 25 | — | 2.81× | ||
| Q1 25 | 0.29× | -0.47× | ||
| Q4 24 | — | 2.10× | ||
| Q3 24 | 4.71× | 3.34× | ||
| Q2 24 | 21.17× | 3.86× | ||
| Q1 24 | 0.45× | 0.55× |
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
ASH
| Personal Care And Household | $123.0M | 32% |
| Other | $120.0M | 31% |
| Specialty Additives | $36.0M | 9% |
| Intermediates And Solvents | $31.0M | 8% |
| Personal Care | $30.0M | 8% |
| Life Sciences | $27.0M | 7% |
| Intermediates | $19.0M | 5% |
USPH
| Net Patient Revenues | $169.7M | 84% |
| Industrial Injury Prevention Services Revenues | $28.9M | 14% |
| Management Contract Revenues | $2.3M | 1% |
