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鲍德温（BWIN）与eHealth, Inc.（EHTH）财务数据对比。点击上方公司名可切换其他公司
鲍德温的季度营收约是eHealth, Inc.的1.1倍（$344.6M vs $326.2M）。eHealth, Inc.净利率更高（26.7% vs -7.5%，领先34.2%）。鲍德温同比增速更快（5.5% vs 3.5%）。鲍德温自由现金流更多（$-84.0K vs $-36.1M）。过去两年eHealth, Inc.的营收复合增速更高（87.3% vs -4.5%）
鲍德温钢琴是美国知名钢琴品牌，曾是美国最大的键盘乐器制造商，主打 slogan 为「美国人最喜爱的钢琴」。2001年起成为吉普森品牌旗下子公司，2008年12月停止美国本土生产，将钢琴制造生产线迁至中国。
eHealth, Inc.以eHealthInsurance品牌开展业务，是一家公开上市的健康保险在线交易平台，公司注册于特拉华州，总部位于加利福尼亚州圣克拉拉。该平台主要提供医疗保险相关计划，涵盖联邦医疗保险处方药计划、联邦医疗保险补充计划、优势计划等产品，同时也售卖个人健康保险产品，业务覆盖美国全部50个州及华盛顿特区。
BWIN vs EHTH — 直观对比
营收规模更大
BWIN
是对方的1.1倍
$326.2M
营收增速更快
BWIN
高出2.0%
3.5%
净利率更高
EHTH
高出34.2%
-7.5%
自由现金流更多
BWIN
多$36.0M
$-36.1M
两年增速更快
EHTH
近两年复合增速
-4.5%
损益表 — Q4 2025 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $344.6M | $326.2M |
| 净利润 | $-25.9M | $87.2M |
| 毛利率 | — | 55.3% |
| 营业利润率 | -3.8% | 38.7% |
| 净利率 | -7.5% | 26.7% |
| 营收同比 | 5.5% | 3.5% |
| 净利润同比 | -28.3% | -10.6% |
| 每股收益（稀释后） | $-0.38 | $2.43 |
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BWINEHTH
| Q4 25 | $344.6M | $326.2M | ||
| Q3 25 | $362.3M | $53.9M | ||
| Q2 25 | $376.2M | $60.8M | ||
| Q1 25 | $410.5M | $113.1M | ||
| Q4 24 | $326.7M | $315.2M | ||
| Q3 24 | $335.2M | $58.4M | ||
| Q2 24 | $337.1M | $65.9M | ||
| Q1 24 | $378.1M | $93.0M |
净利润BWINEHTH
| Q4 25 | $-25.9M | $87.2M | ||
| Q3 25 | $-18.7M | $-31.7M | ||
| Q2 25 | $-3.2M | $-17.4M | ||
| Q1 25 | $13.9M | $1.9M | ||
| Q4 24 | $-20.2M | $97.5M | ||
| Q3 24 | $-8.4M | $-42.5M | ||
| Q2 24 | $-17.6M | $-28.0M | ||
| Q1 24 | $21.6M | $-17.0M |
毛利率BWINEHTH
| Q4 25 | — | 55.3% | ||
| Q3 25 | — | -0.3% | ||
| Q2 25 | — | 31.1% | ||
| Q1 25 | — | 36.9% | ||
| Q4 24 | — | 52.0% | ||
| Q3 24 | — | -6.5% | ||
| Q2 24 | — | 28.7% | ||
| Q1 24 | — | 31.7% |
营业利润率BWINEHTH
| Q4 25 | -3.8% | 38.7% | ||
| Q3 25 | 0.9% | -77.1% | ||
| Q2 25 | 7.4% | -37.9% | ||
| Q1 25 | 13.6% | 4.2% | ||
| Q4 24 | -1.7% | 35.7% | ||
| Q3 24 | 4.6% | -74.0% | ||
| Q2 24 | 4.9% | -42.5% | ||
| Q1 24 | 9.1% | -19.3% |
净利率BWINEHTH
| Q4 25 | -7.5% | 26.7% | ||
| Q3 25 | -5.2% | -58.8% | ||
| Q2 25 | -0.8% | -28.6% | ||
| Q1 25 | 3.4% | 1.7% | ||
| Q4 24 | -6.2% | 30.9% | ||
| Q3 24 | -2.5% | -72.7% | ||
| Q2 24 | -5.2% | -42.5% | ||
| Q1 24 | 5.7% | -18.3% |
每股收益（稀释后）BWINEHTH
| Q4 25 | $-0.38 | $2.43 | ||
| Q3 25 | $-0.27 | $-1.46 | ||
| Q2 25 | $-0.05 | $-0.98 | ||
| Q1 25 | $0.20 | $-0.33 | ||
| Q4 24 | $-0.31 | $2.93 | ||
| Q3 24 | $-0.13 | $-1.83 | ||
| Q2 24 | $-0.28 | $-1.33 | ||
| Q1 24 | $0.33 | $-0.96 |
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 | $123.7M | $73.7M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $600.2M | $591.6M |
| 总资产 | $3.9B | $1.3B |
| 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BWINEHTH
| Q4 25 | $123.7M | $73.7M | ||
| Q3 25 | $89.7M | $63.1M | ||
| Q2 25 | $105.7M | $65.9M | ||
| Q1 25 | $81.8M | $121.1M | ||
| Q4 24 | $90.0M | $39.2M | ||
| Q3 24 | $181.8M | $64.0M | ||
| Q2 24 | $208.3M | $126.3M | ||
| Q1 24 | $112.1M | $175.0M |
股东权益BWINEHTH
| Q4 25 | $600.2M | $591.6M | ||
| Q3 25 | $619.7M | $514.2M | ||
| Q2 25 | $630.8M | $554.9M | ||
| Q1 25 | $619.6M | $581.6M | ||
| Q4 24 | $583.2M | $588.4M | ||
| Q3 24 | $595.4M | $499.3M | ||
| Q2 24 | $590.9M | $548.9M | ||
| Q1 24 | $597.9M | $582.8M |
总资产BWINEHTH
| Q4 25 | $3.9B | $1.3B | ||
| Q3 25 | $3.8B | $1.0B | ||
| Q2 25 | $3.7B | $1.1B | ||
| Q1 25 | $3.5B | $1.1B | ||
| Q4 24 | $3.5B | $1.2B | ||
| Q3 24 | $3.5B | $1.0B | ||
| Q2 24 | $3.7B | $1.0B | ||
| Q1 24 | $3.5B | $1.1B |
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 | $10.3M | $-35.9M |
| 自由现金流经营现金流 - 资本支出 | $-84.0K | $-36.1M |
| 自由现金流率自由现金流/营收 | -0.0% | -11.1% |
| 资本支出强度资本支出/营收 | 3.0% | 0.0% |
| 现金转化率经营现金流/净利润 | — | -0.41× |
| 过去12个月自由现金流最近4个季度 | $-68.9M | $-27.6M |
8季度趋势，按日历期对齐
经营现金流BWINEHTH
| Q4 25 | $10.3M | $-35.9M | ||
| Q3 25 | $41.0M | $-25.3M | ||
| Q2 25 | $-16.7M | $-41.2M | ||
| Q1 25 | $-64.0M | $77.1M | ||
| Q4 24 | $-2.3M | $-27.7M | ||
| Q3 24 | $32.4M | $-29.3M | ||
| Q2 24 | $18.3M | $-32.2M | ||
| Q1 24 | $3.0M | $70.8M |
自由现金流BWINEHTH
| Q4 25 | $-84.0K | $-36.1M | ||
| Q3 25 | $32.2M | $-25.5M | ||
| Q2 25 | $-28.1M | $-42.8M | ||
| Q1 25 | $-72.9M | $76.8M | ||
| Q4 24 | $-14.5M | $-28.3M | ||
| Q3 24 | $22.2M | $-30.3M | ||
| Q2 24 | $7.8M | $-32.4M | ||
| Q1 24 | $-5.1M | $70.6M |
自由现金流率BWINEHTH
| Q4 25 | -0.0% | -11.1% | ||
| Q3 25 | 8.9% | -47.4% | ||
| Q2 25 | -7.5% | -70.4% | ||
| Q1 25 | -17.8% | 67.9% | ||
| Q4 24 | -4.4% | -9.0% | ||
| Q3 24 | 6.6% | -51.8% | ||
| Q2 24 | 2.3% | -49.3% | ||
| Q1 24 | -1.4% | 75.9% |
资本支出强度BWINEHTH
| Q4 25 | 3.0% | 0.0% | ||
| Q3 25 | 2.4% | 0.4% | ||
| Q2 25 | 3.0% | 2.6% | ||
| Q1 25 | 2.2% | 0.3% | ||
| Q4 24 | 3.7% | 0.2% | ||
| Q3 24 | 3.0% | 1.7% | ||
| Q2 24 | 3.1% | 0.4% | ||
| Q1 24 | 2.2% | 0.2% |
现金转化率BWINEHTH
| Q4 25 | — | -0.41× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | -4.59× | 39.55× | ||
| Q4 24 | — | -0.28× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | 0.14× | — |
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
BWIN
| Insurance Advisory Solutions | $157.9M | 46% |
| Underwriting Capacity Technology Solutions | $129.5M | 38% |
| Consultingand Service Fee Revenue | $20.9M | 6% |
| Policy Feeand Installment Fee Revenue | $20.4M | 6% |
| Earned Premium | $6.9M | 2% |
| Other Insurance Product Line | $4.4M | 1% |
EHTH
| Medicare | $282.7M | 87% |
| Other | $29.2M | 9% |
| Ancillaries | $7.9M | 2% |
| Commission Members Approved In Prior Periods | $3.8M | 1% |
| Small Business | $3.1M | 1% |
| Commission Revenue From Renewals | $2.4M | 1% |
