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Centene Corporation（CNC）与HCA Healthcare（HCA）财务数据对比。点击上方公司名可切换其他公司
Centene Corporation的季度营收约是HCA Healthcare的2.3倍（$44.7B vs $19.1B），HCA Healthcare净利率更高（9.7% vs -2.5%，领先12.2%），Centene Corporation同比增速更快（23.2% vs 4.3%），过去两年Centene Corporation的营收复合增速更高（10.9% vs 4.5%）
Centene Corporation是总部位于美国大圣路易斯地区的营利性医疗企业，主营业务为政府资助医保项目及私人保险计划提供中介服务，2025年位列《财富》美国500强榜单第23名。
HCA Healthcare是1968年成立的美国营利性医疗服务运营商，总部位于田纳西州纳什维尔。截至2020年5月，其在全美20个州及英国运营186家医院，以及手术中心、独立急诊室、急症护理中心、医师诊所等约2400个各类医疗站点，业务覆盖范围广泛。
CNC vs HCA — 直观对比
营收规模更大
CNC
是对方的2.3倍
$19.1B
营收增速更快
CNC
高出18.9%
4.3%
净利率更高
HCA
高出12.2%
-2.5%
两年增速更快
CNC
近两年复合增速
4.5%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $44.7B | $19.1B |
| 净利润 | $-1.1B | $1.9B |
| 毛利率 | 5.7% | — |
| 营业利润率 | -3.9% | — |
| 净利率 | -2.5% | 9.7% |
| 营收同比 | 23.2% | 4.3% |
| 净利润同比 | -489.0% | 1.8% |
| 每股收益（稀释后） | $-2.15 | $7.15 |
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CNCHCA
| Q1 26 | — | $19.1B | ||
| Q4 25 | $44.7B | $19.5B | ||
| Q3 25 | $44.9B | $19.2B | ||
| Q2 25 | $42.5B | $18.6B | ||
| Q1 25 | $42.5B | $18.3B | ||
| Q4 24 | $36.3B | $18.3B | ||
| Q3 24 | $36.9B | $17.5B | ||
| Q2 24 | $36.0B | $17.5B |
净利润CNCHCA
| Q1 26 | — | $1.9B | ||
| Q4 25 | $-1.1B | $1.9B | ||
| Q3 25 | $-6.6B | $1.6B | ||
| Q2 25 | $-253.0M | $1.7B | ||
| Q1 25 | $1.3B | $1.6B | ||
| Q4 24 | $283.0M | $1.4B | ||
| Q3 24 | $713.0M | $1.3B | ||
| Q2 24 | $1.1B | $1.5B |
毛利率CNCHCA
| Q1 26 | — | — | ||
| Q4 25 | 5.7% | — | ||
| Q3 25 | 7.5% | — | ||
| Q2 25 | 7.1% | — | ||
| Q1 25 | 12.4% | — | ||
| Q4 24 | 10.5% | — | ||
| Q3 24 | 10.9% | — | ||
| Q2 24 | 12.6% | — |
营业利润率CNCHCA
| Q1 26 | — | — | ||
| Q4 25 | -3.9% | 13.7% | ||
| Q3 25 | -15.5% | 12.6% | ||
| Q2 25 | -1.1% | 13.0% | ||
| Q1 25 | 3.6% | 12.7% | ||
| Q4 24 | 0.5% | 11.7% | ||
| Q3 24 | 1.8% | 10.9% | ||
| Q2 24 | 3.4% | 12.8% |
净利率CNCHCA
| Q1 26 | — | 9.7% | ||
| Q4 25 | -2.5% | 9.6% | ||
| Q3 25 | -14.8% | 8.6% | ||
| Q2 25 | -0.6% | 8.9% | ||
| Q1 25 | 3.1% | 8.8% | ||
| Q4 24 | 0.8% | 7.9% | ||
| Q3 24 | 1.9% | 7.3% | ||
| Q2 24 | 3.2% | 8.4% |
每股收益（稀释后）CNCHCA
| Q1 26 | — | $7.15 | ||
| Q4 25 | $-2.15 | $8.09 | ||
| Q3 25 | $-13.50 | $6.96 | ||
| Q2 25 | $-0.51 | $6.83 | ||
| Q1 25 | $2.63 | $6.45 | ||
| Q4 24 | $0.63 | $5.66 | ||
| Q3 24 | $1.36 | $4.88 | ||
| Q2 24 | $2.16 | $5.53 |
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 | $20.3B | $940.0M |
| 总债务越低越好 | $17.5B | — |
| 股东权益账面价值 | $20.0B | — |
| 总资产 | $76.7B | $19.3B |
| 负债/权益比越低杠杆越低 | 0.88× | — |
8季度趋势，按日历期对齐
现金及短期投资CNCHCA
| Q1 26 | — | $940.0M | ||
| Q4 25 | $20.3B | $1.0B | ||
| Q3 25 | $19.2B | $997.0M | ||
| Q2 25 | $17.3B | $939.0M | ||
| Q1 25 | $17.3B | $1.1B | ||
| Q4 24 | $16.7B | $1.9B | ||
| Q3 24 | $17.6B | $2.9B | ||
| Q2 24 | $20.2B | $831.0M |
总债务CNCHCA
| Q1 26 | — | — | ||
| Q4 25 | $17.5B | $44.3B | ||
| Q3 25 | — | $42.6B | ||
| Q2 25 | — | $42.7B | ||
| Q1 25 | — | $44.6B | ||
| Q4 24 | $18.6B | $43.0B | ||
| Q3 24 | — | $43.0B | ||
| Q2 24 | — | $40.9B |
股东权益CNCHCA
| Q1 26 | — | — | ||
| Q4 25 | $20.0B | $-6.0B | ||
| Q3 25 | $20.9B | $-5.3B | ||
| Q2 25 | $27.4B | $-4.4B | ||
| Q1 25 | $27.9B | $-3.5B | ||
| Q4 24 | $26.4B | $-2.5B | ||
| Q3 24 | $27.3B | $-2.2B | ||
| Q2 24 | $27.4B | $-1.6B |
总资产CNCHCA
| Q1 26 | — | $19.3B | ||
| Q4 25 | $76.7B | $60.7B | ||
| Q3 25 | $82.1B | $59.7B | ||
| Q2 25 | $86.4B | $59.5B | ||
| Q1 25 | $87.0B | $59.8B | ||
| Q4 24 | $82.4B | $59.5B | ||
| Q3 24 | $82.4B | $59.5B | ||
| Q2 24 | $83.1B | $57.4B |
负债/权益比CNCHCA
| Q1 26 | — | — | ||
| Q4 25 | 0.88× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 0.71× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
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 | $437.0M | $2.0B |
| 自由现金流经营现金流 - 资本支出 | $224.0M | — |
| 自由现金流率自由现金流/营收 | 0.5% | — |
| 资本支出强度资本支出/营收 | 0.5% | — |
| 现金转化率经营现金流/净利润 | — | 1.08× |
| 过去12个月自由现金流最近4个季度 | $4.3B | — |
8季度趋势，按日历期对齐
经营现金流CNCHCA
| Q1 26 | — | $2.0B | ||
| Q4 25 | $437.0M | $2.4B | ||
| Q3 25 | $1.4B | $4.4B | ||
| Q2 25 | $1.8B | $4.2B | ||
| Q1 25 | $1.5B | $1.7B | ||
| Q4 24 | $-587.0M | $2.6B | ||
| Q3 24 | $-978.0M | $3.5B | ||
| Q2 24 | $2.2B | $2.0B |
自由现金流CNCHCA
| Q1 26 | — | — | ||
| Q4 25 | $224.0M | $870.0M | ||
| Q3 25 | $1.1B | $3.1B | ||
| Q2 25 | $1.6B | $3.0B | ||
| Q1 25 | $1.4B | $660.0M | ||
| Q4 24 | $-741.0M | $1.3B | ||
| Q3 24 | $-1.1B | $2.3B | ||
| Q2 24 | $2.0B | $690.0M |
自由现金流率CNCHCA
| Q1 26 | — | — | ||
| Q4 25 | 0.5% | 4.5% | ||
| Q3 25 | 2.6% | 16.3% | ||
| Q2 25 | 3.7% | 16.3% | ||
| Q1 25 | 3.2% | 3.6% | ||
| Q4 24 | -2.0% | 7.0% | ||
| Q3 24 | -3.1% | 13.3% | ||
| Q2 24 | 5.5% | 3.9% |
资本支出强度CNCHCA
| Q1 26 | — | — | ||
| Q4 25 | 0.5% | 7.6% | ||
| Q3 25 | 0.5% | 6.7% | ||
| Q2 25 | 0.5% | 6.3% | ||
| Q1 25 | 0.3% | 5.4% | ||
| Q4 24 | 0.4% | 7.0% | ||
| Q3 24 | 0.4% | 6.8% | ||
| Q2 24 | 0.5% | 7.3% |
现金转化率CNCHCA
| Q1 26 | — | 1.08× | ||
| Q4 25 | — | 1.26× | ||
| Q3 25 | — | 2.69× | ||
| Q2 25 | — | 2.55× | ||
| Q1 25 | 1.15× | 1.03× | ||
| Q4 24 | -2.07× | 1.78× | ||
| Q3 24 | -1.37× | 2.77× | ||
| Q2 24 | 1.90× | 1.35× |
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
CNC
| Total Premium And Service | $23.0B | 52% |
| Commercial Segment | $10.8B | 24% |
| Medicare Segment | $9.6B | 21% |
| Services | $749.0M | 2% |
HCA
暂无分部数据
