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Centene Corporation（CNC）与麦克森（MCK）财务数据对比。点击上方公司名可切换其他公司
麦克森的季度营收约是Centene Corporation的2.4倍（$106.2B vs $44.7B），麦克森净利率更高（1.1% vs -2.5%，领先3.6%），Centene Corporation同比增速更快（23.2% vs 11.4%），麦克森自由现金流更多（$1.1B vs $224.0M），过去两年麦克森的营收复合增速更高（17.9% vs 10.9%）
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。
麦克森是美国上市医疗健康企业，核心业务包括药品分销、医疗信息技术服务、医疗耗材供应及健康管理工具提供。其分销的药品占北美市场总使用量的三分之一，员工超8万人，2024年营收达3089亿美元，为美国第九大企业及本土最大医疗企业。
CNC vs MCK — 直观对比
营收规模更大
MCK
是对方的2.4倍
$44.7B
营收增速更快
CNC
高出11.8%
11.4%
净利率更高
MCK
高出3.6%
-2.5%
自由现金流更多
MCK
多$900.0M
$224.0M
两年增速更快
MCK
近两年复合增速
10.9%
损益表 — Q4 FY2025 vs Q3 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $44.7B | $106.2B |
| 净利润 | $-1.1B | $1.2B |
| 毛利率 | 5.7% | 3.5% |
| 营业利润率 | -3.9% | 1.5% |
| 净利率 | -2.5% | 1.1% |
| 营收同比 | 23.2% | 11.4% |
| 净利润同比 | -489.0% | 34.9% |
| 每股收益（稀释后） | $-2.15 | $9.59 |
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CNCMCK
| Q4 25 | $44.7B | $106.2B | ||
| Q3 25 | $44.9B | $103.2B | ||
| Q2 25 | $42.5B | $97.8B | ||
| Q1 25 | $42.5B | $90.8B | ||
| Q4 24 | $36.3B | $95.3B | ||
| Q3 24 | $36.9B | $93.7B | ||
| Q2 24 | $36.0B | $79.3B | ||
| Q1 24 | $36.3B | $76.4B |
净利润CNCMCK
| Q4 25 | $-1.1B | $1.2B | ||
| Q3 25 | $-6.6B | $1.1B | ||
| Q2 25 | $-253.0M | $784.0M | ||
| Q1 25 | $1.3B | $1.3B | ||
| Q4 24 | $283.0M | $879.0M | ||
| Q3 24 | $713.0M | $241.0M | ||
| Q2 24 | $1.1B | $915.0M | ||
| Q1 24 | $1.2B | $791.0M |
毛利率CNCMCK
| Q4 25 | 5.7% | 3.5% | ||
| Q3 25 | 7.5% | 3.4% | ||
| Q2 25 | 7.1% | 3.4% | ||
| Q1 25 | 12.4% | 4.0% | ||
| Q4 24 | 10.5% | 3.4% | ||
| Q3 24 | 10.9% | 3.5% | ||
| Q2 24 | 12.6% | 4.0% | ||
| Q1 24 | 13.0% | 4.7% |
营业利润率CNCMCK
| Q4 25 | -3.9% | 1.5% | ||
| Q3 25 | -15.5% | 1.4% | ||
| Q2 25 | -1.1% | 1.1% | ||
| Q1 25 | 3.6% | 1.8% | ||
| Q4 24 | 0.5% | 1.3% | ||
| Q3 24 | 1.8% | 0.6% | ||
| Q2 24 | 3.4% | 1.3% | ||
| Q1 24 | 3.0% | 1.6% |
净利率CNCMCK
| Q4 25 | -2.5% | 1.1% | ||
| Q3 25 | -14.8% | 1.1% | ||
| Q2 25 | -0.6% | 0.8% | ||
| Q1 25 | 3.1% | 1.4% | ||
| Q4 24 | 0.8% | 0.9% | ||
| Q3 24 | 1.9% | 0.3% | ||
| Q2 24 | 3.2% | 1.2% | ||
| Q1 24 | 3.2% | 1.0% |
每股收益（稀释后）CNCMCK
| Q4 25 | $-2.15 | $9.59 | ||
| Q3 25 | $-13.50 | $8.92 | ||
| Q2 25 | $-0.51 | $6.25 | ||
| Q1 25 | $2.63 | $9.90 | ||
| Q4 24 | $0.63 | $6.95 | ||
| Q3 24 | $1.36 | $1.87 | ||
| Q2 24 | $2.16 | $7.00 | ||
| Q1 24 | $2.16 | $6.03 |
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 | $3.0B |
| 总债务越低越好 | $17.5B | $5.4B |
| 股东权益账面价值 | $20.0B | $-1.3B |
| 总资产 | $76.7B | $84.2B |
| 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CNCMCK
| Q4 25 | $20.3B | $3.0B | ||
| Q3 25 | $19.2B | $4.0B | ||
| Q2 25 | $17.3B | $2.4B | ||
| Q1 25 | $17.3B | $5.7B | ||
| Q4 24 | $16.7B | $1.1B | ||
| Q3 24 | $17.6B | $2.5B | ||
| Q2 24 | $20.2B | $2.3B | ||
| Q1 24 | $19.7B | $4.6B |
总债务CNCMCK
| Q4 25 | $17.5B | $5.4B | ||
| Q3 25 | — | $6.0B | ||
| Q2 25 | — | $6.5B | ||
| Q1 25 | — | $4.5B | ||
| Q4 24 | $18.6B | $4.4B | ||
| Q3 24 | — | $5.7B | ||
| Q2 24 | — | $5.6B | ||
| Q1 24 | — | $5.6B |
股东权益CNCMCK
| Q4 25 | $20.0B | $-1.3B | ||
| Q3 25 | $20.9B | $-1.7B | ||
| Q2 25 | $27.4B | $-2.0B | ||
| Q1 25 | $27.9B | $-2.1B | ||
| Q4 24 | $26.4B | $-3.1B | ||
| Q3 24 | $27.3B | $-3.0B | ||
| Q2 24 | $27.4B | $-1.8B | ||
| Q1 24 | $27.0B | $-2.0B |
总资产CNCMCK
| Q4 25 | $76.7B | $84.2B | ||
| Q3 25 | $82.1B | $84.2B | ||
| Q2 25 | $86.4B | $81.3B | ||
| Q1 25 | $87.0B | $75.1B | ||
| Q4 24 | $82.4B | $71.1B | ||
| Q3 24 | $82.4B | $72.4B | ||
| Q2 24 | $83.1B | $71.7B | ||
| Q1 24 | $82.6B | $67.4B |
负债/权益比CNCMCK
| Q4 25 | 0.88× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 0.71× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 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 | $1.2B |
| 自由现金流经营现金流 - 资本支出 | $224.0M | $1.1B |
| 自由现金流率自由现金流/营收 | 0.5% | 1.1% |
| 资本支出强度资本支出/营收 | 0.5% | 0.1% |
| 现金转化率经营现金流/净利润 | — | 1.04× |
| 过去12个月自由现金流最近4个季度 | $4.3B | $10.0B |
8季度趋势，按日历期对齐
经营现金流CNCMCK
| Q4 25 | $437.0M | $1.2B | ||
| Q3 25 | $1.4B | $2.4B | ||
| Q2 25 | $1.8B | $-918.0M | ||
| Q1 25 | $1.5B | $7.7B | ||
| Q4 24 | $-587.0M | $-2.4B | ||
| Q3 24 | $-978.0M | $2.1B | ||
| Q2 24 | $2.2B | $-1.4B | ||
| Q1 24 | $-456.0M | $4.1B |
自由现金流CNCMCK
| Q4 25 | $224.0M | $1.1B | ||
| Q3 25 | $1.1B | $2.3B | ||
| Q2 25 | $1.6B | $-1.0B | ||
| Q1 25 | $1.4B | $7.6B | ||
| Q4 24 | $-741.0M | $-2.5B | ||
| Q3 24 | $-1.1B | $2.0B | ||
| Q2 24 | $2.0B | $-1.5B | ||
| Q1 24 | $-607.0M | $4.0B |
自由现金流率CNCMCK
| Q4 25 | 0.5% | 1.1% | ||
| Q3 25 | 2.6% | 2.2% | ||
| Q2 25 | 3.7% | -1.1% | ||
| Q1 25 | 3.2% | 8.3% | ||
| Q4 24 | -2.0% | -2.6% | ||
| Q3 24 | -3.1% | 2.1% | ||
| Q2 24 | 5.5% | -1.9% | ||
| Q1 24 | -1.7% | 5.2% |
资本支出强度CNCMCK
| Q4 25 | 0.5% | 0.1% | ||
| Q3 25 | 0.5% | 0.1% | ||
| Q2 25 | 0.5% | 0.1% | ||
| Q1 25 | 0.3% | 0.2% | ||
| Q4 24 | 0.4% | 0.1% | ||
| Q3 24 | 0.4% | 0.1% | ||
| Q2 24 | 0.5% | 0.1% | ||
| Q1 24 | 0.4% | 0.2% |
现金转化率CNCMCK
| Q4 25 | — | 1.04× | ||
| Q3 25 | — | 2.18× | ||
| Q2 25 | — | -1.17× | ||
| Q1 25 | 1.15× | 6.15× | ||
| Q4 24 | -2.07× | -2.71× | ||
| Q3 24 | -1.37× | 8.71× | ||
| Q2 24 | 1.90× | -1.51× | ||
| Q1 24 | -0.39× | 5.24× |
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% |
MCK
| North American Pharmaceutical Segment | $88.3B | 83% |
| Oncology And Multispecialty Segment | $13.0B | 12% |
| Medical Surgical Solutions Segment | $3.0B | 3% |
| Prescription Technology Solutions Segment | $1.5B | 1% |
