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Brighthouse Financial, Inc.（BHF）与通用电气医疗（OPCH）财务数据对比。点击上方公司名可切换其他公司
Brighthouse Financial, Inc.的季度营收约是通用电气医疗的1.2倍（$1.7B vs $1.4B），Brighthouse Financial, Inc.净利率更高（8.1% vs 3.6%，领先4.5%），Brighthouse Financial, Inc.同比增速更快（40.2% vs 12.2%），过去两年通用电气医疗的营收复合增速更高（13.0% vs 9.8%）
Brighthouse Financial是总部位于美国北卡罗来纳州夏洛特的保险公司，核心业务为销售年金和人寿保险产品。截至2018年3月，该公司是美国规模领先的年金和人寿保险提供商之一，总资产达2190亿美元，有效保单及年金合约数量约260万份。
通用电气医疗是总部位于美国伊利诺伊州芝加哥的医疗科技企业，旗下设四大业务板块：医学影像（含分子成像、CT、磁共振、女性健康筛查及X线设备）、超声、患者护理解决方案（覆盖远程患者监测、麻醉呼吸护理、心脏病诊断、婴儿护理等）及制药相关业务。
BHF vs OPCH — 直观对比
营收规模更大
BHF
是对方的1.2倍
$1.4B
营收增速更快
BHF
高出27.9%
12.2%
净利率更高
BHF
高出4.5%
3.6%
两年增速更快
OPCH
近两年复合增速
9.8%
损益表 — Q4 FY2025 vs Q3 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.7B | $1.4B |
| 净利润 | $137.0M | $51.8M |
| 毛利率 | — | 19.0% |
| 营业利润率 | 8.9% | 5.9% |
| 净利率 | 8.1% | 3.6% |
| 营收同比 | 40.2% | 12.2% |
| 净利润同比 | -79.6% | -3.8% |
| 每股收益（稀释后） | $1.84 | $0.32 |
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BHFOPCH
| Q4 25 | $1.7B | — | ||
| Q3 25 | $1.8B | $1.4B | ||
| Q2 25 | $871.0M | $1.4B | ||
| Q1 25 | $2.4B | $1.3B | ||
| Q4 24 | $1.2B | $1.3B | ||
| Q3 24 | $2.0B | $1.3B | ||
| Q2 24 | $1.4B | $1.2B | ||
| Q1 24 | — | $1.1B |
净利润BHFOPCH
| Q4 25 | $137.0M | — | ||
| Q3 25 | $479.0M | $51.8M | ||
| Q2 25 | $85.0M | $50.5M | ||
| Q1 25 | $-268.0M | $46.7M | ||
| Q4 24 | $671.0M | $60.1M | ||
| Q3 24 | $176.0M | $53.9M | ||
| Q2 24 | $34.0M | $53.0M | ||
| Q1 24 | — | $44.8M |
毛利率BHFOPCH
| Q4 25 | — | — | ||
| Q3 25 | — | 19.0% | ||
| Q2 25 | — | 19.0% | ||
| Q1 25 | — | 19.7% | ||
| Q4 24 | — | 21.3% | ||
| Q3 24 | — | 20.1% | ||
| Q2 24 | — | 20.3% | ||
| Q1 24 | — | 20.8% |
营业利润率BHFOPCH
| Q4 25 | 8.9% | — | ||
| Q3 25 | 32.2% | 5.9% | ||
| Q2 25 | 10.7% | 5.8% | ||
| Q1 25 | -14.8% | 5.9% | ||
| Q4 24 | 69.2% | 6.9% | ||
| Q3 24 | 9.3% | 6.7% | ||
| Q2 24 | 1.0% | 6.6% | ||
| Q1 24 | — | 6.0% |
净利率BHFOPCH
| Q4 25 | 8.1% | — | ||
| Q3 25 | 26.4% | 3.6% | ||
| Q2 25 | 9.8% | 3.6% | ||
| Q1 25 | -11.2% | 3.5% | ||
| Q4 24 | 55.7% | 4.8% | ||
| Q3 24 | 8.7% | 4.2% | ||
| Q2 24 | 2.4% | 4.3% | ||
| Q1 24 | — | 3.9% |
每股收益（稀释后）BHFOPCH
| Q4 25 | $1.84 | — | ||
| Q3 25 | $7.89 | $0.32 | ||
| Q2 25 | $1.02 | $0.31 | ||
| Q1 25 | $-5.04 | $0.28 | ||
| Q4 24 | $10.27 | $0.36 | ||
| Q3 24 | $2.47 | $0.31 | ||
| Q2 24 | $0.12 | $0.30 | ||
| Q1 24 | — | $0.26 |
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 | — | $309.8M |
| 总债务越低越好 | $3.2B | $1.2B |
| 股东权益账面价值 | $6.8B | $1.4B |
| 总资产 | $241.8B | $3.5B |
| 负债/权益比越低杠杆越低 | 0.47× | 0.86× |
8季度趋势，按日历期对齐
现金及短期投资BHFOPCH
| Q4 25 | — | — | ||
| Q3 25 | — | $309.8M | ||
| Q2 25 | — | $198.8M | ||
| Q1 25 | — | $171.4M | ||
| Q4 24 | $1.9B | $412.6M | ||
| Q3 24 | $1.8B | $483.0M | ||
| Q2 24 | $1.4B | $376.9M | ||
| Q1 24 | — | $219.5M |
总债务BHFOPCH
| Q4 25 | $3.2B | — | ||
| Q3 25 | $3.2B | $1.2B | ||
| Q2 25 | $3.2B | $1.1B | ||
| Q1 25 | $3.2B | $1.1B | ||
| Q4 24 | $3.2B | $1.1B | ||
| Q3 24 | $3.2B | $1.1B | ||
| Q2 24 | $3.2B | $1.1B | ||
| Q1 24 | — | $1.1B |
股东权益BHFOPCH
| Q4 25 | $6.8B | — | ||
| Q3 25 | $6.4B | $1.4B | ||
| Q2 25 | $5.7B | $1.4B | ||
| Q1 25 | $5.2B | $1.4B | ||
| Q4 24 | $5.0B | $1.4B | ||
| Q3 24 | $5.5B | $1.4B | ||
| Q2 24 | $4.1B | $1.4B | ||
| Q1 24 | — | $1.4B |
总资产BHFOPCH
| Q4 25 | $241.8B | — | ||
| Q3 25 | $244.7B | $3.5B | ||
| Q2 25 | $242.6B | $3.4B | ||
| Q1 25 | $234.7B | $3.3B | ||
| Q4 24 | $238.5B | $3.4B | ||
| Q3 24 | $245.2B | $3.4B | ||
| Q2 24 | $237.4B | $3.3B | ||
| Q1 24 | — | $3.2B |
负债/权益比BHFOPCH
| Q4 25 | 0.47× | — | ||
| Q3 25 | 0.50× | 0.86× | ||
| Q2 25 | 0.56× | 0.82× | ||
| Q1 25 | 0.60× | 0.82× | ||
| Q4 24 | 0.64× | 0.79× | ||
| Q3 24 | 0.57× | 0.78× | ||
| Q2 24 | 0.76× | 0.79× | ||
| Q1 24 | — | 0.74× |
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 | $-3.0M | $139.4M |
| 自由现金流经营现金流 - 资本支出 | — | $130.2M |
| 自由现金流率自由现金流/营收 | — | 9.1% |
| 资本支出强度资本支出/营收 | — | 0.6% |
| 现金转化率经营现金流/净利润 | -0.02× | 2.69× |
| 过去12个月自由现金流最近4个季度 | — | $220.7M |
8季度趋势，按日历期对齐
经营现金流BHFOPCH
| Q4 25 | $-3.0M | — | ||
| Q3 25 | $117.0M | $139.4M | ||
| Q2 25 | $-1.0M | $90.3M | ||
| Q1 25 | $146.0M | $-7.2M | ||
| Q4 24 | $-118.0M | $36.1M | ||
| Q3 24 | $24.0M | $160.4M | ||
| Q2 24 | $334.0M | $195.7M | ||
| Q1 24 | — | $-68.8M |
自由现金流BHFOPCH
| Q4 25 | — | — | ||
| Q3 25 | — | $130.2M | ||
| Q2 25 | — | $81.2M | ||
| Q1 25 | — | $-16.6M | ||
| Q4 24 | — | $25.8M | ||
| Q3 24 | — | $150.7M | ||
| Q2 24 | — | $185.9M | ||
| Q1 24 | — | $-74.6M |
自由现金流率BHFOPCH
| Q4 25 | — | — | ||
| Q3 25 | — | 9.1% | ||
| Q2 25 | — | 5.7% | ||
| Q1 25 | — | -1.2% | ||
| Q4 24 | — | 2.0% | ||
| Q3 24 | — | 11.8% | ||
| Q2 24 | — | 15.1% | ||
| Q1 24 | — | -6.5% |
资本支出强度BHFOPCH
| Q4 25 | — | — | ||
| Q3 25 | — | 0.6% | ||
| Q2 25 | — | 0.6% | ||
| Q1 25 | — | 0.7% | ||
| Q4 24 | — | 0.8% | ||
| Q3 24 | — | 0.8% | ||
| Q2 24 | — | 0.8% | ||
| Q1 24 | — | 0.5% |
现金转化率BHFOPCH
| Q4 25 | -0.02× | — | ||
| Q3 25 | 0.24× | 2.69× | ||
| Q2 25 | -0.01× | 1.79× | ||
| Q1 25 | — | -0.15× | ||
| Q4 24 | -0.18× | 0.60× | ||
| Q3 24 | 0.14× | 2.98× | ||
| Q2 24 | 9.82× | 3.69× | ||
| Q1 24 | — | -1.54× |
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
BHF
| Annuities | $926.0M | 55% |
| Runoff | $319.0M | 19% |
| Life | $298.0M | 18% |
| Other | $78.0M | 5% |
| Distribution Service | $66.0M | 4% |
| Accident And Health Insurance Segment | $2.0M | 0% |
OPCH
| Commercial Customer | $1.3B | 87% |
| Government Customer | $172.8M | 12% |
| Patient Customer | $10.1M | 1% |
| Corporate Joint Venture | $1.9M | 0% |
