vs
Astrana Health, Inc.（ASTH）与明晟（MSCI）财务数据对比。点击上方公司名可切换其他公司
Astrana Health, Inc.的季度营收约是明晟的1.2倍（$950.5M vs $822.5M），明晟净利率更高（34.6% vs 0.7%，领先33.9%），Astrana Health, Inc.同比增速更快（42.9% vs 10.6%），明晟自由现金流更多（$488.7M vs $-6.0M），过去两年Astrana Health, Inc.的营收复合增速更高（53.3% vs 10.0%）
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。
MSCI（明晟）是总部位于美国纽约的金融服务企业，为全球市场提供股票、固定收益、房地产指数、多资产组合分析工具及ESG、气候金融相关产品，旗下运营MSCI全球指数、MSCI新兴市场指数、MSCI全球所有国家（ACWI）指数等多款知名指数产品。
ASTH vs MSCI — 直观对比
营收规模更大
ASTH
是对方的1.2倍
$822.5M
营收增速更快
ASTH
高出32.3%
10.6%
净利率更高
MSCI
高出33.9%
0.7%
自由现金流更多
MSCI
多$494.6M
$-6.0M
两年增速更快
ASTH
近两年复合增速
10.0%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $950.5M | $822.5M |
| 净利润 | $6.6M | $284.7M |
| 毛利率 | — | — |
| 营业利润率 | 1.9% | 56.4% |
| 净利率 | 0.7% | 34.6% |
| 营收同比 | 42.9% | 10.6% |
| 净利润同比 | 184.4% | -6.8% |
| 每股收益（稀释后） | $0.12 | $3.81 |
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ASTHMSCI
| Q4 25 | $950.5M | $822.5M | ||
| Q3 25 | $956.0M | $793.4M | ||
| Q2 25 | $654.8M | $772.7M | ||
| Q1 25 | $620.4M | $745.8M | ||
| Q4 24 | $665.2M | $743.5M | ||
| Q3 24 | $478.7M | $724.7M | ||
| Q2 24 | $486.3M | $707.9M | ||
| Q1 24 | $404.4M | $680.0M |
净利润ASTHMSCI
| Q4 25 | $6.6M | $284.7M | ||
| Q3 25 | $373.0K | $325.4M | ||
| Q2 25 | $9.4M | $303.6M | ||
| Q1 25 | $6.7M | $288.6M | ||
| Q4 24 | $-7.8M | $305.5M | ||
| Q3 24 | $16.1M | $280.9M | ||
| Q2 24 | $19.2M | $266.8M | ||
| Q1 24 | $14.8M | $256.0M |
营业利润率ASTHMSCI
| Q4 25 | 1.9% | 56.4% | ||
| Q3 25 | 2.0% | 56.4% | ||
| Q2 25 | 3.1% | 55.0% | ||
| Q1 25 | 3.3% | 50.6% | ||
| Q4 24 | 0.1% | 54.5% | ||
| Q3 24 | 5.9% | 55.4% | ||
| Q2 24 | 6.2% | 54.0% | ||
| Q1 24 | 7.5% | 49.9% |
净利率ASTHMSCI
| Q4 25 | 0.7% | 34.6% | ||
| Q3 25 | 0.0% | 41.0% | ||
| Q2 25 | 1.4% | 39.3% | ||
| Q1 25 | 1.1% | 38.7% | ||
| Q4 24 | -1.2% | 41.1% | ||
| Q3 24 | 3.4% | 38.8% | ||
| Q2 24 | 3.9% | 37.7% | ||
| Q1 24 | 3.7% | 37.6% |
每股收益（稀释后）ASTHMSCI
| Q4 25 | $0.12 | $3.81 | ||
| Q3 25 | $0.01 | $4.25 | ||
| Q2 25 | $0.19 | $3.92 | ||
| Q1 25 | $0.14 | $3.71 | ||
| Q4 24 | $-0.14 | $3.89 | ||
| Q3 24 | $0.33 | $3.57 | ||
| Q2 24 | $0.40 | $3.37 | ||
| Q1 24 | $0.31 | $3.22 |
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 | $515.3M |
| 总债务越低越好 | — | $6.2B |
| 股东权益账面价值 | $779.3M | $-2.7B |
| 总资产 | $2.2B | $5.7B |
| 负债/权益比越低杠杆越低 | — | — |
8季度趋势，按日历期对齐
现金及短期投资ASTHMSCI
| Q4 25 | $429.5M | $515.3M | ||
| Q3 25 | $463.4M | $400.1M | ||
| Q2 25 | $342.1M | $347.3M | ||
| Q1 25 | $260.9M | $360.7M | ||
| Q4 24 | $290.8M | $409.4M | ||
| Q3 24 | $350.3M | $501.0M | ||
| Q2 24 | $327.7M | $451.4M | ||
| Q1 24 | $337.3M | $519.3M |
总债务ASTHMSCI
| Q4 25 | — | $6.2B | ||
| Q3 25 | — | $5.5B | ||
| Q2 25 | — | $4.5B | ||
| Q1 25 | — | $4.5B | ||
| Q4 24 | — | $4.5B | ||
| Q3 24 | — | $4.5B | ||
| Q2 24 | — | $4.5B | ||
| Q1 24 | — | $4.5B |
股东权益ASTHMSCI
| Q4 25 | $779.3M | $-2.7B | ||
| Q3 25 | $775.5M | $-1.9B | ||
| Q2 25 | $765.5M | $-886.2M | ||
| Q1 25 | $745.4M | $-958.6M | ||
| Q4 24 | $712.7M | $-940.0M | ||
| Q3 24 | $704.6M | $-751.0M | ||
| Q2 24 | $678.9M | $-734.5M | ||
| Q1 24 | $653.5M | $-650.5M |
总资产ASTHMSCI
| Q4 25 | $2.2B | $5.7B | ||
| Q3 25 | $2.2B | $5.4B | ||
| Q2 25 | $1.4B | $5.4B | ||
| Q1 25 | $1.3B | $5.3B | ||
| Q4 24 | $1.4B | $5.4B | ||
| Q3 24 | $1.3B | $5.4B | ||
| Q2 24 | $1.3B | $5.5B | ||
| Q1 24 | $1.2B | $5.5B |
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 | $501.1M |
| 自由现金流经营现金流 - 资本支出 | $-6.0M | $488.7M |
| 自由现金流率自由现金流/营收 | -0.6% | 59.4% |
| 资本支出强度资本支出/营收 | 0.3% | 1.5% |
| 现金转化率经营现金流/净利润 | -0.44× | 1.76× |
| 过去12个月自由现金流最近4个季度 | $104.5M | $1.5B |
8季度趋势，按日历期对齐
经营现金流ASTHMSCI
| Q4 25 | $-2.9M | $501.1M | ||
| Q3 25 | $10.0M | $449.4M | ||
| Q2 25 | $90.9M | $336.1M | ||
| Q1 25 | $16.6M | $301.7M | ||
| Q4 24 | $-10.9M | $430.6M | ||
| Q3 24 | $34.0M | $421.6M | ||
| Q2 24 | $23.2M | $349.2M | ||
| Q1 24 | $6.0M | $300.1M |
自由现金流ASTHMSCI
| Q4 25 | $-6.0M | $488.7M | ||
| Q3 25 | $7.4M | $445.5M | ||
| Q2 25 | $89.5M | $324.7M | ||
| Q1 25 | $13.6M | $290.2M | ||
| Q4 24 | $-13.5M | $416.4M | ||
| Q3 24 | $31.7M | $415.0M | ||
| Q2 24 | $20.4M | $340.6M | ||
| Q1 24 | $5.6M | $295.9M |
自由现金流率ASTHMSCI
| Q4 25 | -0.6% | 59.4% | ||
| Q3 25 | 0.8% | 56.2% | ||
| Q2 25 | 13.7% | 42.0% | ||
| Q1 25 | 2.2% | 38.9% | ||
| Q4 24 | -2.0% | 56.0% | ||
| Q3 24 | 6.6% | 57.3% | ||
| Q2 24 | 4.2% | 48.1% | ||
| Q1 24 | 1.4% | 43.5% |
资本支出强度ASTHMSCI
| Q4 25 | 0.3% | 1.5% | ||
| Q3 25 | 0.3% | 0.5% | ||
| Q2 25 | 0.2% | 1.5% | ||
| Q1 25 | 0.5% | 1.5% | ||
| Q4 24 | 0.4% | 1.9% | ||
| Q3 24 | 0.5% | 0.9% | ||
| Q2 24 | 0.6% | 1.2% | ||
| Q1 24 | 0.1% | 0.6% |
现金转化率ASTHMSCI
| Q4 25 | -0.44× | 1.76× | ||
| Q3 25 | 26.69× | 1.38× | ||
| Q2 25 | 9.65× | 1.11× | ||
| Q1 25 | 2.48× | 1.05× | ||
| Q4 24 | — | 1.41× | ||
| Q3 24 | 2.11× | 1.50× | ||
| Q2 24 | 1.21× | 1.31× | ||
| Q1 24 | 0.40× | 1.17× |
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% |
MSCI
| Recurring Subscriptions | $246.4M | 30% |
| Asset Based Fees | $211.7M | 26% |
| Analytics Segment | $182.3M | 22% |
| Sustainability And Climate Segment | $90.3M | 11% |
| Other | $70.9M | 9% |
| Non Recurring | $21.1M | 3% |
