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Astrana Health, Inc.（ASTH）与UNITED THERAPEUTICS Corp（UTHR）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UNITED THERAPEUTICS Corp的1.2倍（$950.5M vs $790.2M），UNITED THERAPEUTICS Corp净利率更高（46.1% vs 0.7%，领先45.4%），Astrana Health, Inc.同比增速更快（42.9% vs 7.4%），UNITED THERAPEUTICS Corp自由现金流更多（$173.3M vs $-6.0M），过去两年Astrana Health, Inc.的营收复合增速更高（53.3% vs 8.0%）
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。
United Therapeutics是美国生物技术企业，专注开发包含异种移植在内的器官移植相关药物与技术，多款产品布局肺部疾病及器官制造赛道，双总部位于马里兰州银泉与北卡罗来纳州三角研究园，在美加多地设有研发及运营分支机构。
ASTH vs UTHR — 直观对比
营收规模更大
ASTH
是对方的1.2倍
$790.2M
营收增速更快
ASTH
高出35.5%
7.4%
净利率更高
UTHR
高出45.4%
0.7%
自由现金流更多
UTHR
多$179.3M
$-6.0M
两年增速更快
ASTH
近两年复合增速
8.0%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $950.5M | $790.2M |
| 净利润 | $6.6M | $364.3M |
| 毛利率 | — | 86.9% |
| 营业利润率 | 1.9% | 45.1% |
| 净利率 | 0.7% | 46.1% |
| 营收同比 | 42.9% | 7.4% |
| 净利润同比 | 184.4% | 20.9% |
| 每股收益（稀释后） | $0.12 | $7.66 |
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ASTHUTHR
| Q4 25 | $950.5M | $790.2M | ||
| Q3 25 | $956.0M | $799.5M | ||
| Q2 25 | $654.8M | $798.6M | ||
| Q1 25 | $620.4M | $794.4M | ||
| Q4 24 | $665.2M | $735.9M | ||
| Q3 24 | $478.7M | $748.9M | ||
| Q2 24 | $486.3M | $714.9M | ||
| Q1 24 | $404.4M | $677.7M |
净利润ASTHUTHR
| Q4 25 | $6.6M | $364.3M | ||
| Q3 25 | $373.0K | $338.7M | ||
| Q2 25 | $9.4M | $309.5M | ||
| Q1 25 | $6.7M | $322.2M | ||
| Q4 24 | $-7.8M | $301.3M | ||
| Q3 24 | $16.1M | $309.1M | ||
| Q2 24 | $19.2M | $278.1M | ||
| Q1 24 | $14.8M | $306.6M |
毛利率ASTHUTHR
| Q4 25 | — | 86.9% | ||
| Q3 25 | — | 87.4% | ||
| Q2 25 | — | 89.0% | ||
| Q1 25 | — | 88.4% | ||
| Q4 24 | — | 89.7% | ||
| Q3 24 | — | 88.9% | ||
| Q2 24 | — | 89.1% | ||
| Q1 24 | — | 89.2% |
营业利润率ASTHUTHR
| Q4 25 | 1.9% | 45.1% | ||
| Q3 25 | 2.0% | 48.6% | ||
| Q2 25 | 3.1% | 45.6% | ||
| Q1 25 | 3.3% | 48.2% | ||
| Q4 24 | 0.1% | 48.6% | ||
| Q3 24 | 5.9% | 45.8% | ||
| Q2 24 | 6.2% | 44.7% | ||
| Q1 24 | 7.5% | 52.6% |
净利率ASTHUTHR
| Q4 25 | 0.7% | 46.1% | ||
| Q3 25 | 0.0% | 42.4% | ||
| Q2 25 | 1.4% | 38.8% | ||
| Q1 25 | 1.1% | 40.6% | ||
| Q4 24 | -1.2% | 40.9% | ||
| Q3 24 | 3.4% | 41.3% | ||
| Q2 24 | 3.9% | 38.9% | ||
| Q1 24 | 3.7% | 45.2% |
每股收益（稀释后）ASTHUTHR
| Q4 25 | $0.12 | $7.66 | ||
| Q3 25 | $0.01 | $7.16 | ||
| Q2 25 | $0.19 | $6.41 | ||
| Q1 25 | $0.14 | $6.63 | ||
| Q4 24 | $-0.14 | $6.23 | ||
| Q3 24 | $0.33 | $6.39 | ||
| Q2 24 | $0.40 | $5.85 | ||
| Q1 24 | $0.31 | $6.17 |
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 | — | — |
| 股东权益账面价值 | $779.3M | $7.1B |
| 总资产 | $2.2B | $7.9B |
| 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ASTHUTHR
| Q4 25 | $429.5M | $2.9B | ||
| Q3 25 | $463.4M | $2.8B | ||
| Q2 25 | $342.1M | $3.0B | ||
| Q1 25 | $260.9M | $3.3B | ||
| Q4 24 | $290.8M | $3.3B | ||
| Q3 24 | $350.3M | $3.3B | ||
| Q2 24 | $327.7M | $3.0B | ||
| Q1 24 | $337.3M | $2.7B |
股东权益ASTHUTHR
| Q4 25 | $779.3M | $7.1B | ||
| Q3 25 | $775.5M | $6.6B | ||
| Q2 25 | $765.5M | $7.2B | ||
| Q1 25 | $745.4M | $6.8B | ||
| Q4 24 | $712.7M | $6.4B | ||
| Q3 24 | $704.6M | $6.1B | ||
| Q2 24 | $678.9M | $5.7B | ||
| Q1 24 | $653.5M | $5.3B |
总资产ASTHUTHR
| Q4 25 | $2.2B | $7.9B | ||
| Q3 25 | $2.2B | $7.4B | ||
| Q2 25 | $1.4B | $7.9B | ||
| Q1 25 | $1.3B | $7.7B | ||
| Q4 24 | $1.4B | $7.4B | ||
| Q3 24 | $1.3B | $7.1B | ||
| Q2 24 | $1.3B | $6.7B | ||
| Q1 24 | $1.2B | $6.5B |
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 | $346.2M |
| 自由现金流经营现金流 - 资本支出 | $-6.0M | $173.3M |
| 自由现金流率自由现金流/营收 | -0.6% | 21.9% |
| 资本支出强度资本支出/营收 | 0.3% | 21.9% |
| 现金转化率经营现金流/净利润 | -0.44× | 0.95× |
| 过去12个月自由现金流最近4个季度 | $104.5M | $1.0B |
8季度趋势，按日历期对齐
经营现金流ASTHUTHR
| Q4 25 | $-2.9M | $346.2M | ||
| Q3 25 | $10.0M | $562.1M | ||
| Q2 25 | $90.9M | $191.7M | ||
| Q1 25 | $16.6M | $461.2M | ||
| Q4 24 | $-10.9M | $341.2M | ||
| Q3 24 | $34.0M | $377.2M | ||
| Q2 24 | $23.2M | $232.2M | ||
| Q1 24 | $6.0M | $376.5M |
自由现金流ASTHUTHR
| Q4 25 | $-6.0M | $173.3M | ||
| Q3 25 | $7.4M | $351.6M | ||
| Q2 25 | $89.5M | $129.5M | ||
| Q1 25 | $13.6M | $386.3M | ||
| Q4 24 | $-13.5M | $254.5M | ||
| Q3 24 | $31.7M | $300.7M | ||
| Q2 24 | $20.4M | $187.1M | ||
| Q1 24 | $5.6M | $338.3M |
自由现金流率ASTHUTHR
| Q4 25 | -0.6% | 21.9% | ||
| Q3 25 | 0.8% | 44.0% | ||
| Q2 25 | 13.7% | 16.2% | ||
| Q1 25 | 2.2% | 48.6% | ||
| Q4 24 | -2.0% | 34.6% | ||
| Q3 24 | 6.6% | 40.2% | ||
| Q2 24 | 4.2% | 26.2% | ||
| Q1 24 | 1.4% | 49.9% |
资本支出强度ASTHUTHR
| Q4 25 | 0.3% | 21.9% | ||
| Q3 25 | 0.3% | 26.3% | ||
| Q2 25 | 0.2% | 7.8% | ||
| Q1 25 | 0.5% | 9.4% | ||
| Q4 24 | 0.4% | 11.8% | ||
| Q3 24 | 0.5% | 10.2% | ||
| Q2 24 | 0.6% | 6.3% | ||
| Q1 24 | 0.1% | 5.6% |
现金转化率ASTHUTHR
| Q4 25 | -0.44× | 0.95× | ||
| Q3 25 | 26.69× | 1.66× | ||
| Q2 25 | 9.65× | 0.62× | ||
| Q1 25 | 2.48× | 1.43× | ||
| Q4 24 | — | 1.13× | ||
| Q3 24 | 2.11× | 1.22× | ||
| Q2 24 | 1.21× | 0.83× | ||
| Q1 24 | 0.40× | 1.23× |
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% |
UTHR
| Tyvaso DPI | $338.6M | 43% |
| Remodulin | $128.0M | 16% |
| Nebulized Tyvaso | $125.7M | 16% |
| Orenitram | $121.2M | 15% |
| Unituxin | $62.3M | 8% |
| Adcirca | $7.8M | 1% |
| Other | $6.6M | 1% |
