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Astrana Health, Inc.（ASTH）与MARRIOTT VACATIONS WORLDWIDE Corp（VAC）财务数据对比。点击上方公司名可切换其他公司
MARRIOTT VACATIONS WORLDWIDE Corp的季度营收约是Astrana Health, Inc.的1.3倍（$1.2B vs $950.5M），Astrana Health, Inc.净利率更高（0.7% vs -35.0%，领先35.7%），Astrana Health, Inc.同比增速更快（42.9% vs -0.7%），Astrana Health, Inc.自由现金流更多（$-6.0M vs $-6.0M），过去两年Astrana Health, Inc.的营收复合增速更高（53.3% vs 5.2%）
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。
万豪度假环球集团是专注于分时度假业务的公众企业，原为万豪国际集团旗下业务板块，2011年11月分拆为独立上市公司，核心业务为度假所有权运营。目前集团运营超过120家度假村，在万豪度假俱乐部品牌矩阵下拥有超70万名业主及会员，产品覆盖多个度假消费场景。
ASTH vs VAC — 直观对比
营收规模更大
VAC
是对方的1.3倍
$950.5M
营收增速更快
ASTH
高出43.6%
-0.7%
净利率更高
ASTH
高出35.7%
-35.0%
自由现金流更多
ASTH
多$50.0K
$-6.0M
两年增速更快
ASTH
近两年复合增速
5.2%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $950.5M | $1.2B |
| 净利润 | $6.6M | $-431.0M |
| 毛利率 | — | — |
| 营业利润率 | 1.9% | — |
| 净利率 | 0.7% | -35.0% |
| 营收同比 | 42.9% | -0.7% |
| 净利润同比 | 184.4% | -962.0% |
| 每股收益（稀释后） | $0.12 | $-12.00 |
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ASTHVAC
| Q4 25 | $950.5M | $1.2B | ||
| Q3 25 | $956.0M | $1.2B | ||
| Q2 25 | $654.8M | $1.2B | ||
| Q1 25 | $620.4M | $1.1B | ||
| Q4 24 | $665.2M | $1.2B | ||
| Q3 24 | $478.7M | $1.2B | ||
| Q2 24 | $486.3M | $1.1B | ||
| Q1 24 | $404.4M | $1.1B |
净利润ASTHVAC
| Q4 25 | $6.6M | $-431.0M | ||
| Q3 25 | $373.0K | $-2.0M | ||
| Q2 25 | $9.4M | $69.0M | ||
| Q1 25 | $6.7M | $56.0M | ||
| Q4 24 | $-7.8M | $50.0M | ||
| Q3 24 | $16.1M | $84.0M | ||
| Q2 24 | $19.2M | $37.0M | ||
| Q1 24 | $14.8M | $47.0M |
营业利润率ASTHVAC
| Q4 25 | 1.9% | — | ||
| Q3 25 | 2.0% | — | ||
| Q2 25 | 3.1% | — | ||
| Q1 25 | 3.3% | — | ||
| Q4 24 | 0.1% | — | ||
| Q3 24 | 5.9% | — | ||
| Q2 24 | 6.2% | — | ||
| Q1 24 | 7.5% | — |
净利率ASTHVAC
| Q4 25 | 0.7% | -35.0% | ||
| Q3 25 | 0.0% | -0.2% | ||
| Q2 25 | 1.4% | 6.0% | ||
| Q1 25 | 1.1% | 5.0% | ||
| Q4 24 | -1.2% | 4.0% | ||
| Q3 24 | 3.4% | 6.9% | ||
| Q2 24 | 3.9% | 3.5% | ||
| Q1 24 | 3.7% | 4.2% |
每股收益（稀释后）ASTHVAC
| Q4 25 | $0.12 | $-12.00 | ||
| Q3 25 | $0.01 | $-0.07 | ||
| Q2 25 | $0.19 | $1.77 | ||
| Q1 25 | $0.14 | $1.46 | ||
| Q4 24 | $-0.14 | $1.29 | ||
| Q3 24 | $0.33 | $2.12 | ||
| Q2 24 | $0.40 | $0.98 | ||
| Q1 24 | $0.31 | $1.22 |
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 | $406.0M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $779.3M | $2.0B |
| 总资产 | $2.2B | $9.8B |
| 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ASTHVAC
| Q4 25 | $429.5M | $406.0M | ||
| Q3 25 | $463.4M | $474.0M | ||
| Q2 25 | $342.1M | $205.0M | ||
| Q1 25 | $260.9M | $196.0M | ||
| Q4 24 | $290.8M | $197.0M | ||
| Q3 24 | $350.3M | $197.0M | ||
| Q2 24 | $327.7M | $206.0M | ||
| Q1 24 | $337.3M | $237.0M |
股东权益ASTHVAC
| Q4 25 | $779.3M | $2.0B | ||
| Q3 25 | $775.5M | $2.5B | ||
| Q2 25 | $765.5M | $2.5B | ||
| Q1 25 | $745.4M | $2.4B | ||
| Q4 24 | $712.7M | $2.4B | ||
| Q3 24 | $704.6M | $2.4B | ||
| Q2 24 | $678.9M | $2.4B | ||
| Q1 24 | $653.5M | $2.4B |
总资产ASTHVAC
| Q4 25 | $2.2B | $9.8B | ||
| Q3 25 | $2.2B | $10.1B | ||
| Q2 25 | $1.4B | $9.9B | ||
| Q1 25 | $1.3B | $9.9B | ||
| Q4 24 | $1.4B | $9.8B | ||
| Q3 24 | $1.3B | $9.7B | ||
| Q2 24 | $1.3B | $9.6B | ||
| Q1 24 | $1.2B | $9.9B |
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 | $6.0M |
| 自由现金流经营现金流 - 资本支出 | $-6.0M | $-6.0M |
| 自由现金流率自由现金流/营收 | -0.6% | -0.5% |
| 资本支出强度资本支出/营收 | 0.3% | 1.0% |
| 现金转化率经营现金流/净利润 | -0.44× | — |
| 过去12个月自由现金流最近4个季度 | $104.5M | $-29.0M |
8季度趋势，按日历期对齐
经营现金流ASTHVAC
| Q4 25 | $-2.9M | $6.0M | ||
| Q3 25 | $10.0M | $62.0M | ||
| Q2 25 | $90.9M | $-48.0M | ||
| Q1 25 | $16.6M | $8.0M | ||
| Q4 24 | $-10.9M | $100.0M | ||
| Q3 24 | $34.0M | $72.0M | ||
| Q2 24 | $23.2M | $30.0M | ||
| Q1 24 | $6.0M | $3.0M |
自由现金流ASTHVAC
| Q4 25 | $-6.0M | $-6.0M | ||
| Q3 25 | $7.4M | $51.0M | ||
| Q2 25 | $89.5M | $-68.0M | ||
| Q1 25 | $13.6M | $-6.0M | ||
| Q4 24 | $-13.5M | $86.0M | ||
| Q3 24 | $31.7M | $58.0M | ||
| Q2 24 | $20.4M | $17.0M | ||
| Q1 24 | $5.6M | $-13.0M |
自由现金流率ASTHVAC
| Q4 25 | -0.6% | -0.5% | ||
| Q3 25 | 0.8% | 4.3% | ||
| Q2 25 | 13.7% | -5.9% | ||
| Q1 25 | 2.2% | -0.5% | ||
| Q4 24 | -2.0% | 6.9% | ||
| Q3 24 | 6.6% | 4.8% | ||
| Q2 24 | 4.2% | 1.6% | ||
| Q1 24 | 1.4% | -1.2% |
资本支出强度ASTHVAC
| Q4 25 | 0.3% | 1.0% | ||
| Q3 25 | 0.3% | 0.9% | ||
| Q2 25 | 0.2% | 1.7% | ||
| Q1 25 | 0.5% | 1.3% | ||
| Q4 24 | 0.4% | 1.1% | ||
| Q3 24 | 0.5% | 1.1% | ||
| Q2 24 | 0.6% | 1.2% | ||
| Q1 24 | 0.1% | 1.4% |
现金转化率ASTHVAC
| Q4 25 | -0.44× | — | ||
| Q3 25 | 26.69× | — | ||
| Q2 25 | 9.65× | -0.70× | ||
| Q1 25 | 2.48× | 0.14× | ||
| Q4 24 | — | 2.00× | ||
| Q3 24 | 2.11× | 0.86× | ||
| Q2 24 | 1.21× | 0.81× | ||
| Q1 24 | 0.40× | 0.06× |
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% |
VAC
| Cost Reimbursement | $467.0M | 38% |
| Time Share | $381.0M | 31% |
| Management And Exchange | $212.0M | 17% |
| Ancillary Revenues | $64.0M | 5% |
| Management Service | $55.0M | 4% |
| Service Other | $36.0M | 3% |
