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Astrana Health, Inc.（ASTH）与Encompass Health Corp（EHC）财务数据对比。点击上方公司名可切换其他公司
Encompass Health Corp的季度营收约是Astrana Health, Inc.的1.6倍（$1.5B vs $950.5M），Encompass Health Corp净利率更高（9.5% vs 0.7%，领先8.8%），Astrana Health, Inc.同比增速更快（42.9% vs 9.9%），Encompass Health Corp自由现金流更多（$116.7M vs $-6.0M），过去两年Astrana Health, Inc.的营收复合增速更高（53.3% vs 8.3%）
Astrana Health是一家总部位于美国的价值导向型医疗服务提供商，主要服务全美符合联邦医保资格的老年群体，提供上门初级护理、慢性病管理及护理协调服务，致力于提升患者健康水平、降低不必要的医疗支出。
Encompass Health Corp前身为Amcare及HealthSouth，总部位于美国阿拉巴马州伯明翰，是美国规模最大的住院康复服务提供商，在39个州及波多黎各拥有173家住院康复医院，为中风、神经系统疾病、心肺病症、脑损伤等患者提供专业康复诊疗服务。
ASTH vs EHC — 直观对比
营收规模更大
EHC
是对方的1.6倍
$950.5M
营收增速更快
ASTH
高出33.0%
9.9%
净利率更高
EHC
高出8.8%
0.7%
自由现金流更多
EHC
多$122.7M
$-6.0M
两年增速更快
ASTH
近两年复合增速
8.3%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $950.5M | $1.5B |
| 净利润 | $6.6M | $146.1M |
| 毛利率 | — | — |
| 营业利润率 | 1.9% | 16.7% |
| 净利率 | 0.7% | 9.5% |
| 营收同比 | 42.9% | 9.9% |
| 净利润同比 | 184.4% | 20.8% |
| 每股收益（稀释后） | $0.12 | $1.43 |
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ASTHEHC
| Q4 25 | $950.5M | $1.5B | ||
| Q3 25 | $956.0M | $1.5B | ||
| Q2 25 | $654.8M | $1.5B | ||
| Q1 25 | $620.4M | $1.5B | ||
| Q4 24 | $665.2M | $1.4B | ||
| Q3 24 | $478.7M | $1.4B | ||
| Q2 24 | $486.3M | $1.3B | ||
| Q1 24 | $404.4M | $1.3B |
净利润ASTHEHC
| Q4 25 | $6.6M | $146.1M | ||
| Q3 25 | $373.0K | $126.5M | ||
| Q2 25 | $9.4M | $142.1M | ||
| Q1 25 | $6.7M | $151.5M | ||
| Q4 24 | $-7.8M | $120.9M | ||
| Q3 24 | $16.1M | $108.2M | ||
| Q2 24 | $19.2M | $114.1M | ||
| Q1 24 | $14.8M | $112.5M |
营业利润率ASTHEHC
| Q4 25 | 1.9% | 16.7% | ||
| Q3 25 | 2.0% | 14.9% | ||
| Q2 25 | 3.1% | 16.2% | ||
| Q1 25 | 3.3% | 16.4% | ||
| Q4 24 | 0.1% | 14.3% | ||
| Q3 24 | 5.9% | 13.6% | ||
| Q2 24 | 6.2% | 14.3% | ||
| Q1 24 | 7.5% | 13.6% |
净利率ASTHEHC
| Q4 25 | 0.7% | 9.5% | ||
| Q3 25 | 0.0% | 8.6% | ||
| Q2 25 | 1.4% | 9.7% | ||
| Q1 25 | 1.1% | 10.4% | ||
| Q4 24 | -1.2% | 8.6% | ||
| Q3 24 | 3.4% | 8.0% | ||
| Q2 24 | 3.9% | 8.8% | ||
| Q1 24 | 3.7% | 8.5% |
每股收益（稀释后）ASTHEHC
| Q4 25 | $0.12 | $1.43 | ||
| Q3 25 | $0.01 | $1.24 | ||
| Q2 25 | $0.19 | $1.39 | ||
| Q1 25 | $0.14 | $1.48 | ||
| Q4 24 | $-0.14 | $1.18 | ||
| Q3 24 | $0.33 | $1.06 | ||
| Q2 24 | $0.40 | $1.12 | ||
| Q1 24 | $0.31 | $1.10 |
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 | $429.5M | $72.2M |
| 总债务越低越好 | — | $2.4B |
| 股东权益账面价值 | $779.3M | $2.4B |
| 总资产 | $2.2B | $7.1B |
| 负债/权益比越低杠杆越低 | — | 1.00× |
8季度趋势，按日历期对齐
现金及短期投资ASTHEHC
| Q4 25 | $429.5M | $72.2M | ||
| Q3 25 | $463.4M | $48.7M | ||
| Q2 25 | $342.1M | $99.1M | ||
| Q1 25 | $260.9M | $95.8M | ||
| Q4 24 | $290.8M | $85.4M | ||
| Q3 24 | $350.3M | $147.8M | ||
| Q2 24 | $327.7M | $154.4M | ||
| Q1 24 | $337.3M | $134.4M |
总债务ASTHEHC
| Q4 25 | — | $2.4B | ||
| Q3 25 | — | $2.4B | ||
| Q2 25 | — | $2.3B | ||
| Q1 25 | — | $2.3B | ||
| Q4 24 | — | $2.4B | ||
| Q3 24 | — | $2.3B | ||
| Q2 24 | — | $2.7B | ||
| Q1 24 | — | $2.7B |
股东权益ASTHEHC
| Q4 25 | $779.3M | $2.4B | ||
| Q3 25 | $775.5M | $2.4B | ||
| Q2 25 | $765.5M | $2.3B | ||
| Q1 25 | $745.4M | $2.2B | ||
| Q4 24 | $712.7M | $2.1B | ||
| Q3 24 | $704.6M | $2.0B | ||
| Q2 24 | $678.9M | $1.8B | ||
| Q1 24 | $653.5M | $1.7B |
总资产ASTHEHC
| Q4 25 | $2.2B | $7.1B | ||
| Q3 25 | $2.2B | $6.9B | ||
| Q2 25 | $1.4B | $6.8B | ||
| Q1 25 | $1.3B | $6.6B | ||
| Q4 24 | $1.4B | $6.5B | ||
| Q3 24 | $1.3B | $6.5B | ||
| Q2 24 | $1.3B | $6.4B | ||
| Q1 24 | $1.2B | $6.2B |
负债/权益比ASTHEHC
| Q4 25 | — | 1.00× | ||
| Q3 25 | — | 1.01× | ||
| Q2 25 | — | 1.02× | ||
| Q1 25 | — | 1.08× | ||
| Q4 24 | — | 1.14× | ||
| Q3 24 | — | 1.20× | ||
| Q2 24 | — | 1.46× | ||
| Q1 24 | — | 1.54× |
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 | $-2.9M | $346.0M |
| 自由现金流经营现金流 - 资本支出 | $-6.0M | $116.7M |
| 自由现金流率自由现金流/营收 | -0.6% | 7.6% |
| 资本支出强度资本支出/营收 | 0.3% | 14.8% |
| 现金转化率经营现金流/净利润 | -0.44× | 2.37× |
| 过去12个月自由现金流最近4个季度 | $104.5M | $439.2M |
8季度趋势，按日历期对齐
经营现金流ASTHEHC
| Q4 25 | $-2.9M | $346.0M | ||
| Q3 25 | $10.0M | $270.8M | ||
| Q2 25 | $90.9M | $270.2M | ||
| Q1 25 | $16.6M | $288.6M | ||
| Q4 24 | $-10.9M | $278.8M | ||
| Q3 24 | $34.0M | $267.8M | ||
| Q2 24 | $23.2M | $217.4M | ||
| Q1 24 | $6.0M | $238.8M |
自由现金流ASTHEHC
| Q4 25 | $-6.0M | $116.7M | ||
| Q3 25 | $7.4M | $83.7M | ||
| Q2 25 | $89.5M | $113.3M | ||
| Q1 25 | $13.6M | $125.5M | ||
| Q4 24 | $-13.5M | $80.1M | ||
| Q3 24 | $31.7M | $120.3M | ||
| Q2 24 | $20.4M | $60.5M | ||
| Q1 24 | $5.6M | $99.4M |
自由现金流率ASTHEHC
| Q4 25 | -0.6% | 7.6% | ||
| Q3 25 | 0.8% | 5.7% | ||
| Q2 25 | 13.7% | 7.8% | ||
| Q1 25 | 2.2% | 8.6% | ||
| Q4 24 | -2.0% | 5.7% | ||
| Q3 24 | 6.6% | 8.9% | ||
| Q2 24 | 4.2% | 4.6% | ||
| Q1 24 | 1.4% | 7.6% |
资本支出强度ASTHEHC
| Q4 25 | 0.3% | 14.8% | ||
| Q3 25 | 0.3% | 12.7% | ||
| Q2 25 | 0.2% | 10.8% | ||
| Q1 25 | 0.5% | 11.2% | ||
| Q4 24 | 0.4% | 14.1% | ||
| Q3 24 | 0.5% | 10.9% | ||
| Q2 24 | 0.6% | 12.1% | ||
| Q1 24 | 0.1% | 10.6% |
现金转化率ASTHEHC
| Q4 25 | -0.44× | 2.37× | ||
| Q3 25 | 26.69× | 2.14× | ||
| Q2 25 | 9.65× | 1.90× | ||
| Q1 25 | 2.48× | 1.90× | ||
| Q4 24 | — | 2.31× | ||
| Q3 24 | 2.11× | 2.48× | ||
| Q2 24 | 1.21× | 1.91× | ||
| Q1 24 | 0.40× | 2.12× |
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
ASTH
| Medicare | $542.4M | 57% |
| Commercial | $99.1M | 10% |
| Care Delivery | $92.1M | 10% |
| Care Enablement | $78.9M | 8% |
| Other Third Parties | $58.0M | 6% |
| Health Care Patient Service | $39.8M | 4% |
| Health Care Other | $25.5M | 3% |
| Other | $12.1M | 1% |
| Management Service | $10.3M | 1% |
EHC
| Medicare | $1.0B | 66% |
| Medicare Advantage | $243.1M | 16% |
| Managed Care | $160.7M | 10% |
| Medicaid | $47.0M | 3% |
| Other Income Source | $44.8M | 3% |
| Other Thirdparty Payors | $11.2M | 1% |
| Workers Compensation | $7.6M | 0% |
| Patients | $4.6M | 0% |
