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百特国际（BAX）与TENET HEALTHCARE CORP（THC）财务数据对比。点击上方公司名可切换其他公司
TENET HEALTHCARE CORP的季度营收约是百特国际的1.9倍（$5.5B vs $3.0B）。TENET HEALTHCARE CORP净利率更高（11.7% vs -37.9%，领先49.6%）。百特国际同比增速更快（458.0% vs 9.0%）。过去两年TENET HEALTHCARE CORP的营收复合增速更高（1.5% vs -9.0%）
百特国际是总部位于美国伊利诺伊州迪尔菲尔德的跨国医疗健康企业，业务布局覆盖全球众多市场，专注于研发、生产及销售各类医疗相关产品与解决方案，为全球医疗机构和患者提供专业可靠的医疗支持。
Tenet Healthcare Corporation是总部位于美国达拉斯的营利性跨国医疗服务企业，旗下拥有USPI等多个品牌、子公司、合资企业及合作主体，运营65家医院及超过450个医疗设施，还通过旗下Conifer Health Solutions为各类医疗系统及其他客户提供专业医疗支持服务
BAX vs THC — 直观对比
营收规模更大
THC
是对方的1.9倍
$3.0B
营收增速更快
BAX
高出449.0%
9.0%
净利率更高
THC
高出49.6%
-37.9%
两年增速更快
THC
近两年复合增速
-9.0%
损益表 — Q4 2025 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $3.0B | $5.5B |
| 净利润 | $-1.1B | $644.0M |
| 毛利率 | 19.4% | — |
| 营业利润率 | -24.5% | 15.4% |
| 净利率 | -37.9% | 11.7% |
| 营收同比 | 458.0% | 9.0% |
| 净利润同比 | -120.3% | 12.6% |
| 每股收益（稀释后） | $-2.21 | $4.22 |
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BAXTHC
| Q4 25 | $3.0B | $5.5B | ||
| Q3 25 | $2.8B | $5.3B | ||
| Q2 25 | $2.8B | $5.3B | ||
| Q1 25 | $2.6B | $5.2B | ||
| Q4 24 | $533.0M | $5.1B | ||
| Q3 24 | $2.7B | $5.1B | ||
| Q2 24 | $3.8B | $5.1B | ||
| Q1 24 | $3.6B | $5.4B |
净利润BAXTHC
| Q4 25 | $-1.1B | $644.0M | ||
| Q3 25 | $-46.0M | $579.0M | ||
| Q2 25 | $91.0M | $522.0M | ||
| Q1 25 | $126.0M | $622.0M | ||
| Q4 24 | $-512.0M | $572.0M | ||
| Q3 24 | $140.0M | $681.0M | ||
| Q2 24 | $-314.0M | $477.0M | ||
| Q1 24 | $37.0M | $2.3B |
毛利率BAXTHC
| Q4 25 | 19.4% | — | ||
| Q3 25 | 33.5% | — | ||
| Q2 25 | 35.3% | — | ||
| Q1 25 | 32.8% | — | ||
| Q4 24 | 25.0% | — | ||
| Q3 24 | 38.3% | — | ||
| Q2 24 | 37.5% | — | ||
| Q1 24 | 38.6% | — |
营业利润率BAXTHC
| Q4 25 | -24.5% | 15.4% | ||
| Q3 25 | 6.1% | 16.8% | ||
| Q2 25 | 6.8% | 15.6% | ||
| Q1 25 | 2.2% | 18.1% | ||
| Q4 24 | -25.5% | 16.2% | ||
| Q3 24 | 5.7% | 21.3% | ||
| Q2 24 | -5.0% | 14.9% | ||
| Q1 24 | 5.2% | 61.2% |
净利率BAXTHC
| Q4 25 | -37.9% | 11.7% | ||
| Q3 25 | -1.6% | 10.9% | ||
| Q2 25 | 3.2% | 9.9% | ||
| Q1 25 | 4.8% | 11.9% | ||
| Q4 24 | -96.1% | 11.3% | ||
| Q3 24 | 5.2% | 13.3% | ||
| Q2 24 | -8.2% | 9.3% | ||
| Q1 24 | 1.0% | 43.5% |
每股收益（稀释后）BAXTHC
| Q4 25 | $-2.21 | $4.22 | ||
| Q3 25 | $-0.09 | $3.86 | ||
| Q2 25 | $0.18 | $3.14 | ||
| Q1 25 | $0.25 | $4.27 | ||
| Q4 24 | $-0.99 | $3.79 | ||
| Q3 24 | $0.27 | $4.89 | ||
| Q2 24 | $-0.62 | $2.64 | ||
| Q1 24 | $0.07 | $21.38 |
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 | $2.0B | $2.9B |
| 总债务越低越好 | $9.5B | $13.1B |
| 股东权益账面价值 | $6.1B | $4.2B |
| 总资产 | $20.1B | $29.7B |
| 负债/权益比越低杠杆越低 | 1.55× | 3.10× |
8季度趋势，按日历期对齐
现金及短期投资BAXTHC
| Q4 25 | $2.0B | $2.9B | ||
| Q3 25 | $1.7B | $3.0B | ||
| Q2 25 | $1.7B | $2.6B | ||
| Q1 25 | $2.3B | $3.0B | ||
| Q4 24 | $1.8B | $3.0B | ||
| Q3 24 | $1.4B | $4.1B | ||
| Q2 24 | $2.1B | $2.9B | ||
| Q1 24 | $3.0B | $2.5B |
总债务BAXTHC
| Q4 25 | $9.5B | $13.1B | ||
| Q3 25 | — | $13.1B | ||
| Q2 25 | — | $13.1B | ||
| Q1 25 | — | $13.1B | ||
| Q4 24 | $10.4B | $13.1B | ||
| Q3 24 | $10.4B | $12.8B | ||
| Q2 24 | $10.4B | $12.8B | ||
| Q1 24 | $11.1B | $12.8B |
股东权益BAXTHC
| Q4 25 | $6.1B | $4.2B | ||
| Q3 25 | $7.2B | $4.0B | ||
| Q2 25 | $7.3B | $3.7B | ||
| Q1 25 | $7.1B | $4.2B | ||
| Q4 24 | $7.0B | $4.2B | ||
| Q3 24 | $7.9B | $3.8B | ||
| Q2 24 | $7.6B | $3.5B | ||
| Q1 24 | $8.2B | $3.5B |
总资产BAXTHC
| Q4 25 | $20.1B | $29.7B | ||
| Q3 25 | $21.1B | $29.4B | ||
| Q2 25 | $21.0B | $28.7B | ||
| Q1 25 | $21.3B | $29.2B | ||
| Q4 24 | $25.8B | $28.9B | ||
| Q3 24 | $26.7B | $29.4B | ||
| Q2 24 | $26.3B | $29.3B | ||
| Q1 24 | $27.8B | $28.9B |
负债/权益比BAXTHC
| Q4 25 | 1.55× | 3.10× | ||
| Q3 25 | — | 3.26× | ||
| Q2 25 | — | 3.49× | ||
| Q1 25 | — | 3.13× | ||
| Q4 24 | 1.49× | 3.14× | ||
| Q3 24 | 1.33× | 3.33× | ||
| Q2 24 | 1.37× | 3.67× | ||
| Q1 24 | 1.36× | 3.70× |
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 | $584.0M | $731.0M |
| 自由现金流经营现金流 - 资本支出 | — | $367.0M |
| 自由现金流率自由现金流/营收 | — | 6.6% |
| 资本支出强度资本支出/营收 | — | 6.6% |
| 现金转化率经营现金流/净利润 | — | 1.14× |
| 过去12个月自由现金流最近4个季度 | — | $2.5B |
8季度趋势，按日历期对齐
经营现金流BAXTHC
| Q4 25 | $584.0M | $731.0M | ||
| Q3 25 | $237.0M | $1.1B | ||
| Q2 25 | $217.0M | $936.0M | ||
| Q1 25 | $-193.0M | $815.0M | ||
| Q4 24 | $488.0M | $-331.0M | ||
| Q3 24 | $253.0M | $1.0B | ||
| Q2 24 | $115.0M | $747.0M | ||
| Q1 24 | $163.0M | $586.0M |
自由现金流BAXTHC
| Q4 25 | — | $367.0M | ||
| Q3 25 | — | $778.0M | ||
| Q2 25 | — | $743.0M | ||
| Q1 25 | — | $642.0M | ||
| Q4 24 | — | $-661.0M | ||
| Q3 24 | — | $829.0M | ||
| Q2 24 | — | $602.0M | ||
| Q1 24 | — | $346.0M |
自由现金流率BAXTHC
| Q4 25 | — | 6.6% | ||
| Q3 25 | — | 14.7% | ||
| Q2 25 | — | 14.1% | ||
| Q1 25 | — | 12.3% | ||
| Q4 24 | — | -13.0% | ||
| Q3 24 | — | 16.2% | ||
| Q2 24 | — | 11.8% | ||
| Q1 24 | — | 6.4% |
资本支出强度BAXTHC
| Q4 25 | — | 6.6% | ||
| Q3 25 | — | 5.3% | ||
| Q2 25 | — | 3.7% | ||
| Q1 25 | — | 3.3% | ||
| Q4 24 | — | 6.5% | ||
| Q3 24 | — | 4.2% | ||
| Q2 24 | — | 2.8% | ||
| Q1 24 | — | 4.5% |
现金转化率BAXTHC
| Q4 25 | — | 1.14× | ||
| Q3 25 | — | 1.83× | ||
| Q2 25 | 2.38× | 1.79× | ||
| Q1 25 | -1.53× | 1.31× | ||
| Q4 24 | — | -0.58× | ||
| Q3 24 | 1.81× | 1.53× | ||
| Q2 24 | — | 1.57× | ||
| Q1 24 | 4.41× | 0.25× |
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
BAX
| Other | $1.5B | 51% |
| Infusion Therapies And Technologies | $543.0M | 18% |
| Pharmaceutical Compounding | $316.0M | 11% |
| Front Line Care | $219.0M | 7% |
| Injectables And Anesthesia | $190.0M | 6% |
| Advanced Surgery | $177.0M | 6% |
THC
| Other | $2.9B | 52% |
| Health Care Patient Service | $1.4B | 25% |
| Equity Method Investment Nonconsolidated Investee Or Group Of Investees | $1.2B | 22% |
| Health Care Other Sources | $56.0M | 1% |
