vs
BREAD FINANCIAL HOLDINGS, INC.（BFH）与Surgery Partners, Inc.（SGRY）财务数据对比。点击上方公司名可切换其他公司
BREAD FINANCIAL HOLDINGS, INC.的季度营收约是Surgery Partners, Inc.的1.1倍（$975.0M vs $885.0M），BREAD FINANCIAL HOLDINGS, INC.同比增速更快（5.4% vs 2.4%），过去两年Surgery Partners, Inc.的营收复合增速更高（11.1% vs -0.8%）
Bread Financial Holdings, Inc.是美国上市金融科技企业，核心业务包括联名信用卡发行、联盟忠诚度计划运营及精准营销服务，依托海量交易数据的捕捉与分析为合作品牌及消费者提供定制化商业解决方案，助力合作方提升用户粘性与经营效益。
Surgery Partners, Inc.（NASDAQ代码：SGRY）旗下的United Surgical Partners International（USPI）是美国领先的日间手术护理服务商，总部位于得克萨斯州达拉斯，由唐·斯廷于1998年创立，专注于为患者提供便捷、高效的门诊外科医疗服务，运营多家合规手术中心，覆盖美国多地医疗需求场景。
BFH vs SGRY — 直观对比
营收规模更大
BFH
是对方的1.1倍
$885.0M
营收增速更快
BFH
高出3.0%
2.4%
两年增速更快
SGRY
近两年复合增速
-0.8%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $975.0M | $885.0M |
| 净利润 | — | $-15.0M |
| 毛利率 | — | — |
| 营业利润率 | 4.9% | 12.5% |
| 净利率 | — | -1.7% |
| 营收同比 | 5.4% | 2.4% |
| 净利润同比 | — | 86.2% |
| 每股收益（稀释后） | $1.21 | $-0.11 |
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BFHSGRY
| Q4 25 | $975.0M | $885.0M | ||
| Q3 25 | $971.0M | $821.5M | ||
| Q2 25 | $929.0M | $826.2M | ||
| Q1 25 | $970.0M | $776.0M | ||
| Q4 24 | $925.0M | $864.4M | ||
| Q3 24 | $983.0M | $770.4M | ||
| Q2 24 | $939.0M | $762.1M | ||
| Q1 24 | $991.0M | $717.4M |
净利润BFHSGRY
| Q4 25 | — | $-15.0M | ||
| Q3 25 | $188.0M | $-22.7M | ||
| Q2 25 | $139.0M | $-2.5M | ||
| Q1 25 | $138.0M | $-37.7M | ||
| Q4 24 | — | $-108.5M | ||
| Q3 24 | $2.0M | $-31.7M | ||
| Q2 24 | $133.0M | $-15.5M | ||
| Q1 24 | $134.0M | $-12.4M |
营业利润率BFHSGRY
| Q4 25 | 4.9% | 12.5% | ||
| Q3 25 | 20.2% | 12.9% | ||
| Q2 25 | 18.7% | 13.5% | ||
| Q1 25 | 20.3% | 8.0% | ||
| Q4 24 | -2.9% | 14.7% | ||
| Q3 24 | 4.1% | 7.9% | ||
| Q2 24 | 19.2% | 11.1% | ||
| Q1 24 | 19.0% | 10.6% |
净利率BFHSGRY
| Q4 25 | — | -1.7% | ||
| Q3 25 | 19.4% | -2.8% | ||
| Q2 25 | 15.0% | -0.3% | ||
| Q1 25 | 14.2% | -4.9% | ||
| Q4 24 | — | -12.6% | ||
| Q3 24 | 0.2% | -4.1% | ||
| Q2 24 | 14.2% | -2.0% | ||
| Q1 24 | 13.5% | -1.7% |
每股收益（稀释后）BFHSGRY
| Q4 25 | $1.21 | $-0.11 | ||
| Q3 25 | $3.96 | $-0.18 | ||
| Q2 25 | $2.94 | $-0.02 | ||
| Q1 25 | $2.78 | $-0.30 | ||
| Q4 24 | $0.08 | $-0.86 | ||
| Q3 24 | $0.05 | $-0.25 | ||
| Q2 24 | $2.66 | $-0.12 | ||
| Q1 24 | $2.70 | $-0.10 |
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 | $3.6B | $239.9M |
| 总债务越低越好 | $4.3B | $3.6B |
| 股东权益账面价值 | $3.3B | $1.7B |
| 总资产 | $22.7B | $8.1B |
| 负债/权益比越低杠杆越低 | 1.29× | 2.10× |
8季度趋势，按日历期对齐
现金及短期投资BFHSGRY
| Q4 25 | $3.6B | $239.9M | ||
| Q3 25 | $3.8B | $203.4M | ||
| Q2 25 | $3.8B | $250.1M | ||
| Q1 25 | $4.2B | $229.3M | ||
| Q4 24 | $4.0B | $269.5M | ||
| Q3 24 | $3.5B | $221.8M | ||
| Q2 24 | $4.1B | $213.5M | ||
| Q1 24 | $3.8B | $185.2M |
总债务BFHSGRY
| Q4 25 | $4.3B | $3.6B | ||
| Q3 25 | $3.8B | $3.5B | ||
| Q2 25 | $4.2B | $3.5B | ||
| Q1 25 | $5.1B | $3.4B | ||
| Q4 24 | $5.6B | $3.3B | ||
| Q3 24 | $4.6B | $3.1B | ||
| Q2 24 | — | $3.0B | ||
| Q1 24 | — | $2.8B |
股东权益BFHSGRY
| Q4 25 | $3.3B | $1.7B | ||
| Q3 25 | $3.3B | $1.7B | ||
| Q2 25 | $3.2B | $1.7B | ||
| Q1 25 | $3.1B | $1.7B | ||
| Q4 24 | $3.1B | $1.8B | ||
| Q3 24 | $3.1B | $1.9B | ||
| Q2 24 | $3.2B | $2.0B | ||
| Q1 24 | $3.0B | $2.0B |
总资产BFHSGRY
| Q4 25 | $22.7B | $8.1B | ||
| Q3 25 | $21.7B | $7.9B | ||
| Q2 25 | $21.8B | $8.0B | ||
| Q1 25 | $22.4B | $7.9B | ||
| Q4 24 | $22.9B | $7.9B | ||
| Q3 24 | $21.7B | $7.5B | ||
| Q2 24 | $22.1B | $7.5B | ||
| Q1 24 | $22.3B | $7.0B |
负债/权益比BFHSGRY
| Q4 25 | 1.29× | 2.10× | ||
| Q3 25 | 1.14× | 2.00× | ||
| Q2 25 | 1.34× | 1.98× | ||
| Q1 25 | 1.67× | 1.98× | ||
| Q4 24 | 1.82× | 1.83× | ||
| Q3 24 | 1.47× | 1.63× | ||
| Q2 24 | — | 1.56× | ||
| Q1 24 | — | 1.42× |
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 | $568.0M | $103.4M |
| 自由现金流经营现金流 - 资本支出 | — | $90.6M |
| 自由现金流率自由现金流/营收 | — | 10.2% |
| 资本支出强度资本支出/营收 | — | 1.4% |
| 现金转化率经营现金流/净利润 | — | — |
| 过去12个月自由现金流最近4个季度 | — | $195.6M |
8季度趋势，按日历期对齐
经营现金流BFHSGRY
| Q4 25 | $568.0M | $103.4M | ||
| Q3 25 | $605.0M | $83.6M | ||
| Q2 25 | $526.0M | $81.3M | ||
| Q1 25 | $393.0M | $6.0M | ||
| Q4 24 | $479.0M | $111.4M | ||
| Q3 24 | $456.0M | $65.2M | ||
| Q2 24 | $477.0M | $82.8M | ||
| Q1 24 | $447.0M | $40.7M |
自由现金流BFHSGRY
| Q4 25 | — | $90.6M | ||
| Q3 25 | — | $63.8M | ||
| Q2 25 | — | $57.9M | ||
| Q1 25 | — | $-16.7M | ||
| Q4 24 | — | $89.1M | ||
| Q3 24 | — | $45.0M | ||
| Q2 24 | — | $55.9M | ||
| Q1 24 | — | $19.7M |
自由现金流率BFHSGRY
| Q4 25 | — | 10.2% | ||
| Q3 25 | — | 7.8% | ||
| Q2 25 | — | 7.0% | ||
| Q1 25 | — | -2.2% | ||
| Q4 24 | — | 10.3% | ||
| Q3 24 | — | 5.8% | ||
| Q2 24 | — | 7.3% | ||
| Q1 24 | — | 2.7% |
资本支出强度BFHSGRY
| Q4 25 | — | 1.4% | ||
| Q3 25 | — | 2.4% | ||
| Q2 25 | — | 2.8% | ||
| Q1 25 | — | 2.9% | ||
| Q4 24 | — | 2.6% | ||
| Q3 24 | — | 2.6% | ||
| Q2 24 | — | 3.5% | ||
| Q1 24 | — | 2.9% |
现金转化率BFHSGRY
| Q4 25 | — | — | ||
| Q3 25 | 3.22× | — | ||
| Q2 25 | 3.78× | — | ||
| Q1 25 | 2.85× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 228.00× | — | ||
| Q2 24 | 3.59× | — | ||
| Q1 24 | 3.34× | — |
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
BFH
暂无分部数据
SGRY
| Private Insurance | $460.5M | 52% |
| Government Revenue | $368.6M | 42% |
| Other | $19.8M | 2% |
| Self Pay Revenue | $19.6M | 2% |
| Other Patient Service Revenue Sources | $16.5M | 2% |
