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Astrana Health, Inc.（ASTH）与VEEVA SYSTEMS INC（VEEV）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VEEVA SYSTEMS INC的1.2倍（$950.5M vs $811.2M），VEEVA SYSTEMS INC净利率更高（29.1% vs 0.7%，领先28.4%），Astrana Health, Inc.同比增速更快（42.9% vs 16.0%），过去两年Astrana Health, Inc.的营收复合增速更高（53.3% vs 13.4%）
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。
Veeva Systems Inc总部位于美国加利福尼亚州普莱森顿，是一家公益类上市企业，专注为生命科学行业提供云软件、数据服务及商业咨询，旗下产品可实现数据管理、监管注册跟踪、供应链全流程监督等多项功能。
ASTH vs VEEV — 直观对比
营收规模更大
ASTH
是对方的1.2倍
$811.2M
营收增速更快
ASTH
高出26.9%
16.0%
净利率更高
VEEV
高出28.4%
0.7%
两年增速更快
ASTH
近两年复合增速
13.4%
损益表 — Q4 FY2025 vs Q3 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $950.5M | $811.2M |
| 净利润 | $6.6M | $236.2M |
| 毛利率 | — | 75.4% |
| 营业利润率 | 1.9% | 29.7% |
| 净利率 | 0.7% | 29.1% |
| 营收同比 | 42.9% | 16.0% |
| 净利润同比 | 184.4% | 27.1% |
| 每股收益（稀释后） | $0.12 | $1.40 |
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ASTHVEEV
| Q4 25 | $950.5M | $811.2M | ||
| Q3 25 | $956.0M | $789.1M | ||
| Q2 25 | $654.8M | $759.0M | ||
| Q1 25 | $620.4M | $720.9M | ||
| Q4 24 | $665.2M | $699.2M | ||
| Q3 24 | $478.7M | $676.2M | ||
| Q2 24 | $486.3M | $650.3M | ||
| Q1 24 | $404.4M | $630.6M |
净利润ASTHVEEV
| Q4 25 | $6.6M | $236.2M | ||
| Q3 25 | $373.0K | $200.3M | ||
| Q2 25 | $9.4M | $228.2M | ||
| Q1 25 | $6.7M | $195.6M | ||
| Q4 24 | $-7.8M | $185.8M | ||
| Q3 24 | $16.1M | $171.0M | ||
| Q2 24 | $19.2M | $161.7M | ||
| Q1 24 | $14.8M | $147.4M |
毛利率ASTHVEEV
| Q4 25 | — | 75.4% | ||
| Q3 25 | — | 75.3% | ||
| Q2 25 | — | 77.1% | ||
| Q1 25 | — | 74.9% | ||
| Q4 24 | — | 75.1% | ||
| Q3 24 | — | 74.8% | ||
| Q2 24 | — | 73.3% | ||
| Q1 24 | — | 72.4% |
营业利润率ASTHVEEV
| Q4 25 | 1.9% | 29.7% | ||
| Q3 25 | 2.0% | 24.8% | ||
| Q2 25 | 3.1% | 30.8% | ||
| Q1 25 | 3.3% | 26.1% | ||
| Q4 24 | 0.1% | 25.9% | ||
| Q3 24 | 5.9% | 24.6% | ||
| Q2 24 | 6.2% | 23.9% | ||
| Q1 24 | 7.5% | 21.4% |
净利率ASTHVEEV
| Q4 25 | 0.7% | 29.1% | ||
| Q3 25 | 0.0% | 25.4% | ||
| Q2 25 | 1.4% | 30.1% | ||
| Q1 25 | 1.1% | 27.1% | ||
| Q4 24 | -1.2% | 26.6% | ||
| Q3 24 | 3.4% | 25.3% | ||
| Q2 24 | 3.9% | 24.9% | ||
| Q1 24 | 3.7% | 23.4% |
每股收益（稀释后）ASTHVEEV
| Q4 25 | $0.12 | $1.40 | ||
| Q3 25 | $0.01 | $1.19 | ||
| Q2 25 | $0.19 | $1.37 | ||
| Q1 25 | $0.14 | $1.17 | ||
| Q4 24 | $-0.14 | $1.13 | ||
| Q3 24 | $0.33 | $1.04 | ||
| Q2 24 | $0.40 | $0.98 | ||
| Q1 24 | $0.31 | $0.90 |
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 | $1.7B |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $779.3M | $7.0B |
| 总资产 | $2.2B | $8.1B |
| 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ASTHVEEV
| Q4 25 | $429.5M | $1.7B | ||
| Q3 25 | $463.4M | $1.9B | ||
| Q2 25 | $342.1M | $2.0B | ||
| Q1 25 | $260.9M | $1.1B | ||
| Q4 24 | $290.8M | $1.0B | ||
| Q3 24 | $350.3M | $1.2B | ||
| Q2 24 | $327.7M | $1.2B | ||
| Q1 24 | $337.3M | $703.5M |
股东权益ASTHVEEV
| Q4 25 | $779.3M | $7.0B | ||
| Q3 25 | $775.5M | $6.6B | ||
| Q2 25 | $765.5M | $6.2B | ||
| Q1 25 | $745.4M | $5.8B | ||
| Q4 24 | $712.7M | $5.5B | ||
| Q3 24 | $704.6M | $5.2B | ||
| Q2 24 | $678.9M | $4.9B | ||
| Q1 24 | $653.5M | $4.6B |
总资产ASTHVEEV
| Q4 25 | $2.2B | $8.1B | ||
| Q3 25 | $2.2B | $8.0B | ||
| Q2 25 | $1.4B | $7.8B | ||
| Q1 25 | $1.3B | $7.3B | ||
| Q4 24 | $1.4B | $6.5B | ||
| Q3 24 | $1.3B | $6.3B | ||
| Q2 24 | $1.3B | $6.2B | ||
| Q1 24 | $1.2B | $5.9B |
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 | $192.8M |
| 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% | — |
| 现金转化率经营现金流/净利润 | -0.44× | 0.82× |
| 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ASTHVEEV
| Q4 25 | $-2.9M | $192.8M | ||
| Q3 25 | $10.0M | $238.4M | ||
| Q2 25 | $90.9M | $877.2M | ||
| Q1 25 | $16.6M | $69.5M | ||
| Q4 24 | $-10.9M | $164.1M | ||
| Q3 24 | $34.0M | $92.9M | ||
| Q2 24 | $23.2M | $763.5M | ||
| Q1 24 | $6.0M | $57.8M |
自由现金流ASTHVEEV
| Q4 25 | $-6.0M | — | ||
| Q3 25 | $7.4M | — | ||
| Q2 25 | $89.5M | — | ||
| Q1 25 | $13.6M | — | ||
| Q4 24 | $-13.5M | — | ||
| Q3 24 | $31.7M | — | ||
| Q2 24 | $20.4M | — | ||
| Q1 24 | $5.6M | — |
自由现金流率ASTHVEEV
| Q4 25 | -0.6% | — | ||
| Q3 25 | 0.8% | — | ||
| Q2 25 | 13.7% | — | ||
| Q1 25 | 2.2% | — | ||
| Q4 24 | -2.0% | — | ||
| Q3 24 | 6.6% | — | ||
| Q2 24 | 4.2% | — | ||
| Q1 24 | 1.4% | — |
资本支出强度ASTHVEEV
| Q4 25 | 0.3% | — | ||
| Q3 25 | 0.3% | — | ||
| Q2 25 | 0.2% | — | ||
| Q1 25 | 0.5% | — | ||
| Q4 24 | 0.4% | — | ||
| Q3 24 | 0.5% | — | ||
| Q2 24 | 0.6% | — | ||
| Q1 24 | 0.1% | — |
现金转化率ASTHVEEV
| Q4 25 | -0.44× | 0.82× | ||
| Q3 25 | 26.69× | 1.19× | ||
| Q2 25 | 9.65× | 3.84× | ||
| Q1 25 | 2.48× | 0.36× | ||
| Q4 24 | — | 0.88× | ||
| Q3 24 | 2.11× | 0.54× | ||
| Q2 24 | 1.21× | 4.72× | ||
| Q1 24 | 0.40× | 0.39× |
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% |
VEEV
| Subscription Services Veeva Research And Development | $364.8M | 45% |
| Subscription Services Veeva Commercial Cloud | $317.6M | 39% |
| Professional Services Veeva Research And Development | $81.3M | 10% |
| Professional Services Veeva Commercial Cloud | $47.5M | 6% |
