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Astrana Health, Inc.（ASTH）与SBA Communications（SBAC）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SBA Communications的1.4倍（$950.5M vs $703.4M），SBA Communications净利率更高（26.3% vs 0.7%，领先25.6%），Astrana Health, Inc.同比增速更快（42.9% vs -1.6%），过去两年Astrana Health, Inc.的营收复合增速更高（53.3% vs 3.2%）
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。
SBA Communications是一家房地产投资信托企业，核心业务为持有、运营无线通信基础设施，市场覆盖美国、加拿大、中南美洲及南非地区。公司由Steven Bernstein于1989年创立，前身为Steven Bernstein and Associates。
ASTH vs SBAC — 直观对比
营收规模更大
ASTH
是对方的1.4倍
$703.4M
营收增速更快
ASTH
高出44.5%
-1.6%
净利率更高
SBAC
高出25.6%
0.7%
两年增速更快
ASTH
近两年复合增速
3.2%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $950.5M | $703.4M |
| 净利润 | $6.6M | $184.9M |
| 毛利率 | — | — |
| 营业利润率 | 1.9% | 48.7% |
| 净利率 | 0.7% | 26.3% |
| 营收同比 | 42.9% | -1.6% |
| 净利润同比 | 184.4% | -15.1% |
| 每股收益（稀释后） | $0.12 | $1.74 |
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ASTHSBAC
| Q1 26 | — | $703.4M | ||
| Q4 25 | $950.5M | $719.6M | ||
| Q3 25 | $956.0M | $732.3M | ||
| Q2 25 | $654.8M | $699.0M | ||
| Q1 25 | $620.4M | $664.2M | ||
| Q4 24 | $665.2M | $693.7M | ||
| Q3 24 | $478.7M | $667.6M | ||
| Q2 24 | $486.3M | $660.5M |
净利润ASTHSBAC
| Q1 26 | — | $184.9M | ||
| Q4 25 | $6.6M | $370.4M | ||
| Q3 25 | $373.0K | $236.8M | ||
| Q2 25 | $9.4M | $225.8M | ||
| Q1 25 | $6.7M | $220.7M | ||
| Q4 24 | $-7.8M | $178.8M | ||
| Q3 24 | $16.1M | $258.5M | ||
| Q2 24 | $19.2M | $162.8M |
毛利率ASTHSBAC
| Q1 26 | — | — | ||
| Q4 25 | — | 75.6% | ||
| Q3 25 | — | 74.1% | ||
| Q2 25 | — | 75.4% | ||
| Q1 25 | — | 76.9% | ||
| Q4 24 | — | 78.1% | ||
| Q3 24 | — | 77.5% | ||
| Q2 24 | — | 78.6% |
营业利润率ASTHSBAC
| Q1 26 | — | 48.7% | ||
| Q4 25 | 1.9% | 41.5% | ||
| Q3 25 | 2.0% | 51.1% | ||
| Q2 25 | 3.1% | 47.9% | ||
| Q1 25 | 3.3% | 50.4% | ||
| Q4 24 | 0.1% | 55.1% | ||
| Q3 24 | 5.9% | 56.3% | ||
| Q2 24 | 6.2% | 53.7% |
净利率ASTHSBAC
| Q1 26 | — | 26.3% | ||
| Q4 25 | 0.7% | 51.5% | ||
| Q3 25 | 0.0% | 32.3% | ||
| Q2 25 | 1.4% | 32.3% | ||
| Q1 25 | 1.1% | 33.2% | ||
| Q4 24 | -1.2% | 25.8% | ||
| Q3 24 | 3.4% | 38.7% | ||
| Q2 24 | 3.9% | 24.7% |
每股收益（稀释后）ASTHSBAC
| Q1 26 | — | $1.74 | ||
| Q4 25 | $0.12 | $3.47 | ||
| Q3 25 | $0.01 | $2.20 | ||
| Q2 25 | $0.19 | $2.09 | ||
| Q1 25 | $0.14 | $2.04 | ||
| Q4 24 | $-0.14 | $1.61 | ||
| Q3 24 | $0.33 | $2.40 | ||
| Q2 24 | $0.40 | $1.51 |
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 | $269.1M |
| 总债务越低越好 | — | $2.7B |
| 股东权益账面价值 | $779.3M | — |
| 总资产 | $2.2B | $11.7B |
| 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ASTHSBAC
| Q1 26 | — | $269.1M | ||
| Q4 25 | $429.5M | $271.2M | ||
| Q3 25 | $463.4M | $431.1M | ||
| Q2 25 | $342.1M | $276.8M | ||
| Q1 25 | $260.9M | $702.2M | ||
| Q4 24 | $290.8M | $444.4M | ||
| Q3 24 | $350.3M | $202.6M | ||
| Q2 24 | $327.7M | $250.9M |
总债务ASTHSBAC
| Q1 26 | — | $2.7B | ||
| Q4 25 | — | $12.9B | ||
| Q3 25 | — | $12.7B | ||
| Q2 25 | — | $12.5B | ||
| Q1 25 | — | $12.4B | ||
| Q4 24 | — | $13.6B | ||
| Q3 24 | — | $12.3B | ||
| Q2 24 | — | $12.3B |
股东权益ASTHSBAC
| Q1 26 | — | — | ||
| Q4 25 | $779.3M | $-4.9B | ||
| Q3 25 | $775.5M | $-4.9B | ||
| Q2 25 | $765.5M | $-4.9B | ||
| Q1 25 | $745.4M | $-5.0B | ||
| Q4 24 | $712.7M | $-5.1B | ||
| Q3 24 | $704.6M | $-5.2B | ||
| Q2 24 | $678.9M | $-5.3B |
总资产ASTHSBAC
| Q1 26 | — | $11.7B | ||
| Q4 25 | $2.2B | $11.6B | ||
| Q3 25 | $2.2B | $11.3B | ||
| Q2 25 | $1.4B | $10.8B | ||
| Q1 25 | $1.3B | $10.4B | ||
| Q4 24 | $1.4B | $11.4B | ||
| Q3 24 | $1.3B | $10.2B | ||
| Q2 24 | $1.3B | $9.8B |
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 | $255.1M |
| 自由现金流经营现金流 - 资本支出 | $-6.0M | — |
| 自由现金流率自由现金流/营收 | -0.6% | — |
| 资本支出强度资本支出/营收 | 0.3% | 9.5% |
| 现金转化率经营现金流/净利润 | -0.44× | 1.38× |
| 过去12个月自由现金流最近4个季度 | $104.5M | — |
8季度趋势，按日历期对齐
经营现金流ASTHSBAC
| Q1 26 | — | $255.1M | ||
| Q4 25 | $-2.9M | $1.3B | ||
| Q3 25 | $10.0M | $318.0M | ||
| Q2 25 | $90.9M | $368.1M | ||
| Q1 25 | $16.6M | $301.2M | ||
| Q4 24 | $-10.9M | $1.3B | ||
| Q3 24 | $34.0M | $304.7M | ||
| Q2 24 | $23.2M | $425.6M |
自由现金流ASTHSBAC
| Q1 26 | — | — | ||
| Q4 25 | $-6.0M | $833.3M | ||
| Q3 25 | $7.4M | $258.0M | ||
| Q2 25 | $89.5M | $312.2M | ||
| Q1 25 | $13.6M | $255.0M | ||
| Q4 24 | $-13.5M | $1.2B | ||
| Q3 24 | $31.7M | $239.9M | ||
| Q2 24 | $20.4M | $375.6M |
自由现金流率ASTHSBAC
| Q1 26 | — | — | ||
| Q4 25 | -0.6% | 115.8% | ||
| Q3 25 | 0.8% | 35.2% | ||
| Q2 25 | 13.7% | 44.7% | ||
| Q1 25 | 2.2% | 38.4% | ||
| Q4 24 | -2.0% | 179.9% | ||
| Q3 24 | 6.6% | 35.9% | ||
| Q2 24 | 4.2% | 56.9% |
资本支出强度ASTHSBAC
| Q1 26 | — | 9.5% | ||
| Q4 25 | 0.3% | 63.7% | ||
| Q3 25 | 0.3% | 8.2% | ||
| Q2 25 | 0.2% | 8.0% | ||
| Q1 25 | 0.5% | 7.0% | ||
| Q4 24 | 0.4% | 12.6% | ||
| Q3 24 | 0.5% | 9.7% | ||
| Q2 24 | 0.6% | 7.6% |
现金转化率ASTHSBAC
| Q1 26 | — | 1.38× | ||
| Q4 25 | -0.44× | 3.49× | ||
| Q3 25 | 26.69× | 1.34× | ||
| Q2 25 | 9.65× | 1.63× | ||
| Q1 25 | 2.48× | 1.36× | ||
| Q4 24 | — | 7.47× | ||
| Q3 24 | 2.11× | 1.18× | ||
| Q2 24 | 1.21× | 2.61× |
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% |
SBAC
| Site leasing | $656.1M | 93% |
| Site development | $47.3M | 7% |
