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卡地纳健康（CAH）与CVS Health（CVS）财务数据对比。点击上方公司名可切换其他公司
CVS Health的季度营收约是卡地纳健康的1.6倍（$105.7B vs $65.6B），CVS Health净利率更高（2.8% vs 0.7%，领先2.1%），卡地纳健康同比增速更快（19.6% vs 8.2%），过去两年CVS Health的营收复合增速更高（9.3% vs 6.9%）
卡地纳健康是美国跨国医疗服务企业，位列美国企业营收榜第15位，总部位于俄亥俄州都柏林。公司主营药品及医疗产品分销业务，服务覆盖超10万个网点，同时生产手套、手术服、流体管理产品等医疗及外科用品。
CVS Health是美国跨国医疗健康企业，由戈德斯坦兄弟与合伙人拉尔夫·霍格兰德在马萨诸塞州洛厄尔创立，旗下拥有连锁零售药房CVS Pharmacy、药房福利管理机构CVS Caremark、健康保险服务商安泰（Aetna）等诸多品牌，是仅次于联合健康集团的全球第二大医疗企业，2023年位列福布斯全球2000强第64位。
CAH vs CVS — 直观对比
营收规模更大
CVS
是对方的1.6倍
$65.6B
营收增速更快
CAH
高出11.4%
8.2%
净利率更高
CVS
高出2.1%
0.7%
两年增速更快
CVS
近两年复合增速
6.9%
损益表 — Q2 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $65.6B | $105.7B |
| 净利润 | $467.0M | $2.9B |
| 毛利率 | 3.7% | 44.1% |
| 营业利润率 | 1.1% | 2.0% |
| 净利率 | 0.7% | 2.8% |
| 营收同比 | 19.6% | 8.2% |
| 净利润同比 | -7.7% | 79.0% |
| 每股收益（稀释后） | — | $2.31 |
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CAHCVS
| Q4 25 | $65.6B | $105.7B | ||
| Q3 25 | — | $102.9B | ||
| Q2 25 | $60.2B | $98.9B | ||
| Q1 25 | $54.9B | $94.6B | ||
| Q4 24 | $55.3B | $97.7B | ||
| Q3 24 | $52.3B | $95.4B | ||
| Q2 24 | $59.7B | $91.2B | ||
| Q1 24 | $54.9B | $88.4B |
净利润CAHCVS
| Q4 25 | $467.0M | $2.9B | ||
| Q3 25 | — | $-4.0B | ||
| Q2 25 | $239.0M | $1.0B | ||
| Q1 25 | $506.0M | $1.8B | ||
| Q4 24 | $400.0M | $1.6B | ||
| Q3 24 | $416.0M | $87.0M | ||
| Q2 24 | $236.0M | $1.8B | ||
| Q1 24 | $258.0M | $1.1B |
毛利率CAHCVS
| Q4 25 | 3.7% | 44.1% | ||
| Q3 25 | — | 44.5% | ||
| Q2 25 | 3.7% | 45.4% | ||
| Q1 25 | 3.9% | 46.0% | ||
| Q4 24 | 3.5% | 43.4% | ||
| Q3 24 | 3.6% | 44.5% | ||
| Q2 24 | 3.1% | 45.2% | ||
| Q1 24 | 3.5% | 45.6% |
营业利润率CAHCVS
| Q4 25 | 1.1% | 2.0% | ||
| Q3 25 | — | -3.1% | ||
| Q2 25 | 0.7% | 2.4% | ||
| Q1 25 | 1.3% | 3.6% | ||
| Q4 24 | 1.0% | 2.4% | ||
| Q3 24 | 1.1% | 0.9% | ||
| Q2 24 | 0.7% | 3.3% | ||
| Q1 24 | 0.7% | 2.6% |
净利率CAHCVS
| Q4 25 | 0.7% | 2.8% | ||
| Q3 25 | — | -3.9% | ||
| Q2 25 | 0.4% | 1.0% | ||
| Q1 25 | 0.9% | 1.9% | ||
| Q4 24 | 0.7% | 1.7% | ||
| Q3 24 | 0.8% | 0.1% | ||
| Q2 24 | 0.4% | 1.9% | ||
| Q1 24 | 0.5% | 1.3% |
每股收益（稀释后）CAHCVS
| Q4 25 | — | $2.31 | ||
| Q3 25 | — | $-3.13 | ||
| Q2 25 | — | $0.80 | ||
| Q1 25 | — | $1.41 | ||
| Q4 24 | — | $1.30 | ||
| Q3 24 | $1.70 | $0.07 | ||
| Q2 24 | $0.86 | $1.41 | ||
| Q1 24 | $1.07 | $0.88 |
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 | $2.8B | $10.6B |
| 总债务越低越好 | $8.3B | $60.5B |
| 股东权益账面价值 | $-2.9B | $75.2B |
| 总资产 | $58.1B | $253.5B |
| 负债/权益比越低杠杆越低 | — | 0.80× |
8季度趋势，按日历期对齐
现金及短期投资CAHCVS
| Q4 25 | $2.8B | $10.6B | ||
| Q3 25 | — | $11.2B | ||
| Q2 25 | $3.9B | $14.2B | ||
| Q1 25 | $3.3B | $12.7B | ||
| Q4 24 | $3.8B | $11.0B | ||
| Q3 24 | $2.9B | $9.7B | ||
| Q2 24 | $5.3B | $16.3B | ||
| Q1 24 | $3.7B | $13.1B |
总债务CAHCVS
| Q4 25 | $8.3B | $60.5B | ||
| Q3 25 | — | $60.5B | ||
| Q2 25 | $8.0B | $57.3B | ||
| Q1 25 | $7.1B | $59.0B | ||
| Q4 24 | $7.1B | $60.5B | ||
| Q3 24 | $4.2B | $59.8B | ||
| Q2 24 | $4.7B | $62.6B | ||
| Q1 24 | $4.7B | $57.7B |
股东权益CAHCVS
| Q4 25 | $-2.9B | $75.2B | ||
| Q3 25 | — | $72.9B | ||
| Q2 25 | $-2.8B | $77.4B | ||
| Q1 25 | $-2.9B | $76.9B | ||
| Q4 24 | $-3.0B | $75.6B | ||
| Q3 24 | $-3.3B | $74.9B | ||
| Q2 24 | $-3.2B | $74.9B | ||
| Q1 24 | $-3.3B | $74.0B |
总资产CAHCVS
| Q4 25 | $58.1B | $253.5B | ||
| Q3 25 | — | $255.3B | ||
| Q2 25 | $53.1B | $258.3B | ||
| Q1 25 | $49.9B | $255.6B | ||
| Q4 24 | $47.0B | $253.2B | ||
| Q3 24 | $43.1B | $252.4B | ||
| Q2 24 | $45.1B | $252.5B | ||
| Q1 24 | $45.9B | $249.7B |
负债/权益比CAHCVS
| Q4 25 | — | 0.80× | ||
| Q3 25 | — | 0.83× | ||
| Q2 25 | — | 0.74× | ||
| Q1 25 | — | 0.77× | ||
| Q4 24 | — | 0.80× | ||
| Q3 24 | — | 0.80× | ||
| Q2 24 | — | 0.84× | ||
| Q1 24 | — | 0.78× |
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 | — | $3.4B |
| 自由现金流经营现金流 - 资本支出 | — | $2.6B |
| 自由现金流率自由现金流/营收 | — | 2.5% |
| 资本支出强度资本支出/营收 | — | 0.7% |
| 现金转化率经营现金流/净利润 | — | 1.15× |
| 过去12个月自由现金流最近4个季度 | — | $7.8B |
8季度趋势，按日历期对齐
经营现金流CAHCVS
| Q4 25 | — | $3.4B | ||
| Q3 25 | — | $796.0M | ||
| Q2 25 | $1.5B | $1.9B | ||
| Q1 25 | $2.9B | $4.6B | ||
| Q4 24 | $-400.0M | $1.9B | ||
| Q3 24 | $-1.6B | $-745.0M | ||
| Q2 24 | $2.1B | $3.1B | ||
| Q1 24 | $-49.0M | $4.9B |
自由现金流CAHCVS
| Q4 25 | — | $2.6B | ||
| Q3 25 | — | $98.0M | ||
| Q2 25 | $1.3B | $1.3B | ||
| Q1 25 | $2.8B | $3.8B | ||
| Q4 24 | $-499.0M | $1.1B | ||
| Q3 24 | $-1.7B | $-1.4B | ||
| Q2 24 | $1.9B | $2.5B | ||
| Q1 24 | $-161.0M | $4.2B |
自由现金流率CAHCVS
| Q4 25 | — | 2.5% | ||
| Q3 25 | — | 0.1% | ||
| Q2 25 | 2.2% | 1.3% | ||
| Q1 25 | 5.1% | 4.0% | ||
| Q4 24 | -0.9% | 1.1% | ||
| Q3 24 | -3.3% | -1.5% | ||
| Q2 24 | 3.2% | 2.7% | ||
| Q1 24 | -0.3% | 4.7% |
资本支出强度CAHCVS
| Q4 25 | — | 0.7% | ||
| Q3 25 | — | 0.7% | ||
| Q2 25 | 0.4% | 0.6% | ||
| Q1 25 | 0.2% | 0.8% | ||
| Q4 24 | 0.2% | 0.8% | ||
| Q3 24 | 0.2% | 0.7% | ||
| Q2 24 | 0.3% | 0.7% | ||
| Q1 24 | 0.2% | 0.8% |
现金转化率CAHCVS
| Q4 25 | — | 1.15× | ||
| Q3 25 | — | — | ||
| Q2 25 | 6.39× | 1.86× | ||
| Q1 25 | 5.76× | 2.56× | ||
| Q4 24 | -1.00× | 1.13× | ||
| Q3 24 | -3.96× | -8.56× | ||
| Q2 24 | 8.80× | 1.75× | ||
| Q1 24 | -0.19× | 4.41× |
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
CAH
| Pharmaceutical And Specialty Solutions | $60.7B | 92% |
| GMPD | $3.3B | 5% |
| At Home Solutions | $1.2B | 2% |
| Nuclear Precision Health Solutions | $440.0M | 1% |
| Opti Freight Logistics | $99.0M | 0% |
CVS
| Health Care Benefits Segment | $36.3B | 34% |
| Premiums | $34.0B | 32% |
| Sales Channel Directly To Consumer | $21.3B | 20% |
| Front Store Revenue | $5.7B | 5% |
| Services | $4.0B | 4% |
| Sales Channel Other | $2.4B | 2% |
| Other | $1.8B | 2% |
| Corporate And Other Segment | $13.0M | 0% |
