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Astrana Health, Inc.（ASTH）与Snap Inc（SNAP）财务数据对比。点击上方公司名可切换其他公司
Snap Inc的季度营收约是Astrana Health, Inc.的1.8倍（$1.7B vs $950.5M），Snap Inc净利率更高（2.6% vs 0.7%，领先1.9%），Astrana Health, Inc.同比增速更快（42.9% vs 10.2%），Snap Inc自由现金流更多（$205.6M vs $-6.0M），过去两年Astrana Health, Inc.的营收复合增速更高（53.3% vs 19.9%）
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。
Snap Inc.是一家美国科技企业，2011年9月16日由埃文·斯皮格尔、鲍比·墨菲和雷吉·布朗联合创立，总部位于加利福尼亚州圣莫尼卡。公司核心产品包括社交应用Snapchat、智能眼镜Spectacles、虚拟形象工具Bitmoji以及营销推广解决方案SnapBoost，2016年9月24日由原Snapchat Inc.更名为现名，覆盖社交、智能硬件等多元业务领域。
ASTH vs SNAP — 直观对比
营收规模更大
SNAP
是对方的1.8倍
$950.5M
营收增速更快
ASTH
高出32.7%
10.2%
净利率更高
SNAP
高出1.9%
0.7%
自由现金流更多
SNAP
多$211.5M
$-6.0M
两年增速更快
ASTH
近两年复合增速
19.9%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $950.5M | $1.7B |
| 净利润 | $6.6M | $45.2M |
| 毛利率 | — | 59.1% |
| 营业利润率 | 1.9% | 2.9% |
| 净利率 | 0.7% | 2.6% |
| 营收同比 | 42.9% | 10.2% |
| 净利润同比 | 184.4% | 396.7% |
| 每股收益（稀释后） | $0.12 | $0.03 |
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ASTHSNAP
| Q4 25 | $950.5M | $1.7B | ||
| Q3 25 | $956.0M | $1.5B | ||
| Q2 25 | $654.8M | $1.3B | ||
| Q1 25 | $620.4M | $1.4B | ||
| Q4 24 | $665.2M | $1.6B | ||
| Q3 24 | $478.7M | $1.4B | ||
| Q2 24 | $486.3M | $1.2B | ||
| Q1 24 | $404.4M | $1.2B |
净利润ASTHSNAP
| Q4 25 | $6.6M | $45.2M | ||
| Q3 25 | $373.0K | $-103.5M | ||
| Q2 25 | $9.4M | $-262.6M | ||
| Q1 25 | $6.7M | $-139.6M | ||
| Q4 24 | $-7.8M | $9.1M | ||
| Q3 24 | $16.1M | $-153.2M | ||
| Q2 24 | $19.2M | $-248.6M | ||
| Q1 24 | $14.8M | $-305.1M |
毛利率ASTHSNAP
| Q4 25 | — | 59.1% | ||
| Q3 25 | — | 55.3% | ||
| Q2 25 | — | 51.4% | ||
| Q1 25 | — | 53.1% | ||
| Q4 24 | — | 56.9% | ||
| Q3 24 | — | 53.5% | ||
| Q2 24 | — | 52.4% | ||
| Q1 24 | — | 51.9% |
营业利润率ASTHSNAP
| Q4 25 | 1.9% | 2.9% | ||
| Q3 25 | 2.0% | -8.5% | ||
| Q2 25 | 3.1% | -19.3% | ||
| Q1 25 | 3.3% | -14.2% | ||
| Q4 24 | 0.1% | -1.7% | ||
| Q3 24 | 5.9% | -12.6% | ||
| Q2 24 | 6.2% | -20.5% | ||
| Q1 24 | 7.5% | -27.9% |
净利率ASTHSNAP
| Q4 25 | 0.7% | 2.6% | ||
| Q3 25 | 0.0% | -6.9% | ||
| Q2 25 | 1.4% | -19.5% | ||
| Q1 25 | 1.1% | -10.2% | ||
| Q4 24 | -1.2% | 0.6% | ||
| Q3 24 | 3.4% | -11.2% | ||
| Q2 24 | 3.9% | -20.1% | ||
| Q1 24 | 3.7% | -25.5% |
每股收益（稀释后）ASTHSNAP
| Q4 25 | $0.12 | $0.03 | ||
| Q3 25 | $0.01 | $-0.06 | ||
| Q2 25 | $0.19 | $-0.16 | ||
| Q1 25 | $0.14 | $-0.08 | ||
| Q4 24 | $-0.14 | $0.01 | ||
| Q3 24 | $0.33 | $-0.09 | ||
| Q2 24 | $0.40 | $-0.15 | ||
| Q1 24 | $0.31 | $-0.19 |
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 | $2.9B |
| 总债务越低越好 | — | $3.5B |
| 股东权益账面价值 | $779.3M | $2.3B |
| 总资产 | $2.2B | $7.7B |
| 负债/权益比越低杠杆越低 | — | 1.55× |
8季度趋势，按日历期对齐
现金及短期投资ASTHSNAP
| Q4 25 | $429.5M | $2.9B | ||
| Q3 25 | $463.4M | $3.0B | ||
| Q2 25 | $342.1M | $2.9B | ||
| Q1 25 | $260.9M | $3.2B | ||
| Q4 24 | $290.8M | $3.4B | ||
| Q3 24 | $350.3M | $3.2B | ||
| Q2 24 | $327.7M | $3.1B | ||
| Q1 24 | $337.3M | $2.9B |
总债务ASTHSNAP
| Q4 25 | — | $3.5B | ||
| Q3 25 | — | $3.5B | ||
| Q2 25 | — | $3.6B | ||
| Q1 25 | — | $3.6B | ||
| Q4 24 | — | $3.6B | ||
| Q3 24 | — | $3.6B | ||
| Q2 24 | — | $3.6B | ||
| Q1 24 | — | $3.3B |
股东权益ASTHSNAP
| Q4 25 | $779.3M | $2.3B | ||
| Q3 25 | $775.5M | $2.2B | ||
| Q2 25 | $765.5M | $2.1B | ||
| Q1 25 | $745.4M | $2.3B | ||
| Q4 24 | $712.7M | $2.5B | ||
| Q3 24 | $704.6M | $2.2B | ||
| Q2 24 | $678.9M | $2.1B | ||
| Q1 24 | $653.5M | $2.1B |
总资产ASTHSNAP
| Q4 25 | $2.2B | $7.7B | ||
| Q3 25 | $2.2B | $7.6B | ||
| Q2 25 | $1.4B | $7.4B | ||
| Q1 25 | $1.3B | $7.6B | ||
| Q4 24 | $1.4B | $7.9B | ||
| Q3 24 | $1.3B | $7.6B | ||
| Q2 24 | $1.3B | $7.4B | ||
| Q1 24 | $1.2B | $7.2B |
负债/权益比ASTHSNAP
| Q4 25 | — | 1.55× | ||
| Q3 25 | — | 1.59× | ||
| Q2 25 | — | 1.73× | ||
| Q1 25 | — | 1.56× | ||
| Q4 24 | — | 1.49× | ||
| Q3 24 | — | 1.65× | ||
| Q2 24 | — | 1.76× | ||
| Q1 24 | — | 1.55× |
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 | $269.6M |
| 自由现金流经营现金流 - 资本支出 | $-6.0M | $205.6M |
| 自由现金流率自由现金流/营收 | -0.6% | 12.0% |
| 资本支出强度资本支出/营收 | 0.3% | 3.7% |
| 现金转化率经营现金流/净利润 | -0.44× | 5.96× |
| 过去12个月自由现金流最近4个季度 | $104.5M | $437.2M |
8季度趋势，按日历期对齐
经营现金流ASTHSNAP
| Q4 25 | $-2.9M | $269.6M | ||
| Q3 25 | $10.0M | $146.5M | ||
| Q2 25 | $90.9M | $88.5M | ||
| Q1 25 | $16.6M | $151.6M | ||
| Q4 24 | $-10.9M | $230.6M | ||
| Q3 24 | $34.0M | $115.9M | ||
| Q2 24 | $23.2M | $-21.4M | ||
| Q1 24 | $6.0M | $88.4M |
自由现金流ASTHSNAP
| Q4 25 | $-6.0M | $205.6M | ||
| Q3 25 | $7.4M | $93.4M | ||
| Q2 25 | $89.5M | $23.8M | ||
| Q1 25 | $13.6M | $114.4M | ||
| Q4 24 | $-13.5M | $182.4M | ||
| Q3 24 | $31.7M | $71.8M | ||
| Q2 24 | $20.4M | $-73.4M | ||
| Q1 24 | $5.6M | $37.9M |
自由现金流率ASTHSNAP
| Q4 25 | -0.6% | 12.0% | ||
| Q3 25 | 0.8% | 6.2% | ||
| Q2 25 | 13.7% | 1.8% | ||
| Q1 25 | 2.2% | 8.4% | ||
| Q4 24 | -2.0% | 11.7% | ||
| Q3 24 | 6.6% | 5.2% | ||
| Q2 24 | 4.2% | -5.9% | ||
| Q1 24 | 1.4% | 3.2% |
资本支出强度ASTHSNAP
| Q4 25 | 0.3% | 3.7% | ||
| Q3 25 | 0.3% | 3.5% | ||
| Q2 25 | 0.2% | 4.8% | ||
| Q1 25 | 0.5% | 2.7% | ||
| Q4 24 | 0.4% | 3.1% | ||
| Q3 24 | 0.5% | 3.2% | ||
| Q2 24 | 0.6% | 4.2% | ||
| Q1 24 | 0.1% | 4.2% |
现金转化率ASTHSNAP
| Q4 25 | -0.44× | 5.96× | ||
| Q3 25 | 26.69× | — | ||
| Q2 25 | 9.65× | — | ||
| Q1 25 | 2.48× | — | ||
| Q4 24 | — | 25.34× | ||
| Q3 24 | 2.11× | — | ||
| Q2 24 | 1.21× | — | ||
| Q1 24 | 0.40× | — |
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% |
SNAP
| Advertising Revenue | $1.5B | 86% |
| Other Revenue | $231.9M | 14% |
