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Centene Corporation（CNC）与Meta Platforms（META）财务数据对比。点击上方公司名可切换其他公司
Meta Platforms的季度营收约是Centene Corporation的1.3倍（$59.9B vs $44.7B），Meta Platforms净利率更高（38.0% vs -2.5%，领先40.5%），Meta Platforms同比增速更快（23.8% vs 23.2%），Meta Platforms自由现金流更多（$14.8B vs $224.0M），过去两年Meta Platforms的营收复合增速更高（28.2% 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。
Meta Platforms是总部位于美国加利福尼亚州门洛帕克的跨国科技巨头，属于全球头部科技企业阵营。旗下运营Facebook、Instagram、WhatsApp、Messenger、Threads等多款知名社交媒体及通讯服务，同时开展自有及第三方站点广告业务，2023年广告收入占其总营收的97.8%。
CNC vs META — 直观对比
营收规模更大
META
是对方的1.3倍
$44.7B
营收增速更快
META
高出0.6%
23.2%
净利率更高
META
高出40.5%
-2.5%
自由现金流更多
META
多$14.6B
$224.0M
两年增速更快
META
近两年复合增速
10.9%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $44.7B | $59.9B |
| 净利润 | $-1.1B | $22.8B |
| 毛利率 | 5.7% | 81.8% |
| 营业利润率 | -3.9% | 41.3% |
| 净利率 | -2.5% | 38.0% |
| 营收同比 | 23.2% | 23.8% |
| 净利润同比 | -489.0% | 9.3% |
| 每股收益（稀释后） | $-2.15 | $8.87 |
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CNCMETA
| Q4 25 | $44.7B | $59.9B | ||
| Q3 25 | $44.9B | $51.2B | ||
| Q2 25 | $42.5B | $47.5B | ||
| Q1 25 | $42.5B | $42.3B | ||
| Q4 24 | $36.3B | $48.4B | ||
| Q3 24 | $36.9B | $40.6B | ||
| Q2 24 | $36.0B | $39.1B | ||
| Q1 24 | $36.3B | $36.5B |
净利润CNCMETA
| Q4 25 | $-1.1B | $22.8B | ||
| Q3 25 | $-6.6B | $2.7B | ||
| Q2 25 | $-253.0M | $18.3B | ||
| Q1 25 | $1.3B | $16.6B | ||
| Q4 24 | $283.0M | $20.8B | ||
| Q3 24 | $713.0M | $15.7B | ||
| Q2 24 | $1.1B | $13.5B | ||
| Q1 24 | $1.2B | $12.4B |
毛利率CNCMETA
| Q4 25 | 5.7% | 81.8% | ||
| Q3 25 | 7.5% | 82.0% | ||
| Q2 25 | 7.1% | 82.1% | ||
| Q1 25 | 12.4% | 82.1% | ||
| Q4 24 | 10.5% | 81.7% | ||
| Q3 24 | 10.9% | 81.8% | ||
| Q2 24 | 12.6% | 81.3% | ||
| Q1 24 | 13.0% | 81.8% |
营业利润率CNCMETA
| Q4 25 | -3.9% | 41.3% | ||
| Q3 25 | -15.5% | 40.1% | ||
| Q2 25 | -1.1% | 43.0% | ||
| Q1 25 | 3.6% | 41.5% | ||
| Q4 24 | 0.5% | 48.3% | ||
| Q3 24 | 1.8% | 42.7% | ||
| Q2 24 | 3.4% | 38.0% | ||
| Q1 24 | 3.0% | 37.9% |
净利率CNCMETA
| Q4 25 | -2.5% | 38.0% | ||
| Q3 25 | -14.8% | 5.3% | ||
| Q2 25 | -0.6% | 38.6% | ||
| Q1 25 | 3.1% | 39.3% | ||
| Q4 24 | 0.8% | 43.1% | ||
| Q3 24 | 1.9% | 38.7% | ||
| Q2 24 | 3.2% | 34.5% | ||
| Q1 24 | 3.2% | 33.9% |
每股收益（稀释后）CNCMETA
| Q4 25 | $-2.15 | $8.87 | ||
| Q3 25 | $-13.50 | $1.05 | ||
| Q2 25 | $-0.51 | $7.14 | ||
| Q1 25 | $2.63 | $6.43 | ||
| Q4 24 | $0.63 | $7.96 | ||
| Q3 24 | $1.36 | $6.03 | ||
| Q2 24 | $2.16 | $5.16 | ||
| Q1 24 | $2.16 | $4.71 |
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 | $81.6B |
| 总债务越低越好 | $17.5B | $58.7B |
| 股东权益账面价值 | $20.0B | $217.2B |
| 总资产 | $76.7B | $366.0B |
| 负债/权益比越低杠杆越低 | 0.88× | 0.27× |
8季度趋势，按日历期对齐
现金及短期投资CNCMETA
| Q4 25 | $20.3B | $81.6B | ||
| Q3 25 | $19.2B | $44.4B | ||
| Q2 25 | $17.3B | $47.1B | ||
| Q1 25 | $17.3B | $70.2B | ||
| Q4 24 | $16.7B | $77.8B | ||
| Q3 24 | $17.6B | $70.9B | ||
| Q2 24 | $20.2B | $58.1B | ||
| Q1 24 | $19.7B | $58.1B |
总债务CNCMETA
| Q4 25 | $17.5B | $58.7B | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $18.6B | $28.8B | ||
| Q3 24 | — | $28.8B | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
股东权益CNCMETA
| Q4 25 | $20.0B | $217.2B | ||
| Q3 25 | $20.9B | $194.1B | ||
| Q2 25 | $27.4B | $195.1B | ||
| Q1 25 | $27.9B | $185.0B | ||
| Q4 24 | $26.4B | $182.6B | ||
| Q3 24 | $27.3B | $164.5B | ||
| Q2 24 | $27.4B | $156.8B | ||
| Q1 24 | $27.0B | $149.5B |
总资产CNCMETA
| Q4 25 | $76.7B | $366.0B | ||
| Q3 25 | $82.1B | $303.8B | ||
| Q2 25 | $86.4B | $294.7B | ||
| Q1 25 | $87.0B | $280.2B | ||
| Q4 24 | $82.4B | $276.1B | ||
| Q3 24 | $82.4B | $256.4B | ||
| Q2 24 | $83.1B | $230.2B | ||
| Q1 24 | $82.6B | $222.8B |
负债/权益比CNCMETA
| Q4 25 | 0.88× | 0.27× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 0.71× | 0.16× | ||
| Q3 24 | — | 0.18× | ||
| 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 | $36.2B |
| 自由现金流经营现金流 - 资本支出 | $224.0M | $14.8B |
| 自由现金流率自由现金流/营收 | 0.5% | 24.8% |
| 资本支出强度资本支出/营收 | 0.5% | 35.7% |
| 现金转化率经营现金流/净利润 | — | 1.59× |
| 过去12个月自由现金流最近4个季度 | $4.3B | $46.1B |
8季度趋势，按日历期对齐
经营现金流CNCMETA
| Q4 25 | $437.0M | $36.2B | ||
| Q3 25 | $1.4B | $30.0B | ||
| Q2 25 | $1.8B | $25.6B | ||
| Q1 25 | $1.5B | $24.0B | ||
| Q4 24 | $-587.0M | $28.0B | ||
| Q3 24 | $-978.0M | $24.7B | ||
| Q2 24 | $2.2B | $19.4B | ||
| Q1 24 | $-456.0M | $19.2B |
自由现金流CNCMETA
| Q4 25 | $224.0M | $14.8B | ||
| Q3 25 | $1.1B | $11.2B | ||
| Q2 25 | $1.6B | $9.0B | ||
| Q1 25 | $1.4B | $11.1B | ||
| Q4 24 | $-741.0M | $13.6B | ||
| Q3 24 | $-1.1B | $16.5B | ||
| Q2 24 | $2.0B | $11.2B | ||
| Q1 24 | $-607.0M | $12.8B |
自由现金流率CNCMETA
| Q4 25 | 0.5% | 24.8% | ||
| Q3 25 | 2.6% | 21.8% | ||
| Q2 25 | 3.7% | 19.0% | ||
| Q1 25 | 3.2% | 26.2% | ||
| Q4 24 | -2.0% | 28.0% | ||
| Q3 24 | -3.1% | 40.6% | ||
| Q2 24 | 5.5% | 28.7% | ||
| Q1 24 | -1.7% | 35.2% |
资本支出强度CNCMETA
| Q4 25 | 0.5% | 35.7% | ||
| Q3 25 | 0.5% | 36.7% | ||
| Q2 25 | 0.5% | 34.8% | ||
| Q1 25 | 0.3% | 30.6% | ||
| Q4 24 | 0.4% | 29.8% | ||
| Q3 24 | 0.4% | 20.3% | ||
| Q2 24 | 0.5% | 20.9% | ||
| Q1 24 | 0.4% | 17.6% |
现金转化率CNCMETA
| Q4 25 | — | 1.59× | ||
| Q3 25 | — | 11.07× | ||
| Q2 25 | — | 1.39× | ||
| Q1 25 | 1.15× | 1.44× | ||
| Q4 24 | -2.07× | 1.34× | ||
| Q3 24 | -1.37× | 1.58× | ||
| Q2 24 | 1.90× | 1.44× | ||
| Q1 24 | -0.39× | 1.56× |
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% |
META
| Advertising | $58.1B | 97% |
| Reality Labs | $955.0M | 2% |
| Service Other | $801.0M | 1% |
