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Centene Corporation（CNC）与微软（MSFT）财务数据对比。点击上方公司名可切换其他公司
微软的季度营收约是Centene Corporation的1.8倍（$81.3B vs $44.7B），微软净利率更高（47.3% vs -2.5%，领先49.8%），Centene Corporation同比增速更快（23.2% vs 16.7%），微软自由现金流更多（$5.9B vs $224.0M），过去两年微软的营收复合增速更高（14.6% 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。
微软是总部位于美国华盛顿州雷德蒙德的跨国科技集团，1975年成立。凭借Windows等软件推动个人计算机普及并奠定行业影响力，目前业务已覆盖互联网服务、云计算、人工智能、电子游戏等多个领域。
CNC vs MSFT — 直观对比
营收规模更大
MSFT
是对方的1.8倍
$44.7B
营收增速更快
CNC
高出6.5%
16.7%
净利率更高
MSFT
高出49.8%
-2.5%
自由现金流更多
MSFT
多$5.7B
$224.0M
两年增速更快
MSFT
近两年复合增速
10.9%
损益表 — Q4 FY2025 vs Q2 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $44.7B | $81.3B |
| 净利润 | $-1.1B | $38.5B |
| 毛利率 | 5.7% | 68.0% |
| 营业利润率 | -3.9% | 47.1% |
| 净利率 | -2.5% | 47.3% |
| 营收同比 | 23.2% | 16.7% |
| 净利润同比 | -489.0% | 59.5% |
| 每股收益（稀释后） | $-2.15 | $5.16 |
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CNCMSFT
| Q4 25 | $44.7B | $81.3B | ||
| Q3 25 | $44.9B | $77.7B | ||
| Q2 25 | $42.5B | $76.4B | ||
| Q1 25 | $42.5B | $70.1B | ||
| Q4 24 | $36.3B | $69.6B | ||
| Q3 24 | $36.9B | $65.6B | ||
| Q2 24 | $36.0B | $64.7B | ||
| Q1 24 | $36.3B | $61.9B |
净利润CNCMSFT
| Q4 25 | $-1.1B | $38.5B | ||
| Q3 25 | $-6.6B | $27.7B | ||
| Q2 25 | $-253.0M | $27.2B | ||
| Q1 25 | $1.3B | $25.8B | ||
| Q4 24 | $283.0M | $24.1B | ||
| Q3 24 | $713.0M | $24.7B | ||
| Q2 24 | $1.1B | $22.0B | ||
| Q1 24 | $1.2B | $21.9B |
毛利率CNCMSFT
| Q4 25 | 5.7% | 68.0% | ||
| Q3 25 | 7.5% | 69.0% | ||
| Q2 25 | 7.1% | 68.6% | ||
| Q1 25 | 12.4% | 68.7% | ||
| Q4 24 | 10.5% | 68.7% | ||
| Q3 24 | 10.9% | 69.4% | ||
| Q2 24 | 12.6% | 69.6% | ||
| Q1 24 | 13.0% | 70.1% |
营业利润率CNCMSFT
| Q4 25 | -3.9% | 47.1% | ||
| Q3 25 | -15.5% | 48.9% | ||
| Q2 25 | -1.1% | 44.9% | ||
| Q1 25 | 3.6% | 45.7% | ||
| Q4 24 | 0.5% | 45.5% | ||
| Q3 24 | 1.8% | 46.6% | ||
| Q2 24 | 3.4% | 43.1% | ||
| Q1 24 | 3.0% | 44.6% |
净利率CNCMSFT
| Q4 25 | -2.5% | 47.3% | ||
| Q3 25 | -14.8% | 35.7% | ||
| Q2 25 | -0.6% | 35.6% | ||
| Q1 25 | 3.1% | 36.9% | ||
| Q4 24 | 0.8% | 34.6% | ||
| Q3 24 | 1.9% | 37.6% | ||
| Q2 24 | 3.2% | 34.0% | ||
| Q1 24 | 3.2% | 35.5% |
每股收益（稀释后）CNCMSFT
| Q4 25 | $-2.15 | $5.16 | ||
| Q3 25 | $-13.50 | $3.72 | ||
| Q2 25 | $-0.51 | $3.65 | ||
| Q1 25 | $2.63 | $3.46 | ||
| Q4 24 | $0.63 | $3.23 | ||
| Q3 24 | $1.36 | $3.30 | ||
| Q2 24 | $2.16 | $2.94 | ||
| Q1 24 | $2.16 | $2.94 |
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 | $89.5B |
| 总债务越低越好 | $17.5B | $40.3B |
| 股东权益账面价值 | $20.0B | $390.9B |
| 总资产 | $76.7B | $665.3B |
| 负债/权益比越低杠杆越低 | 0.88× | 0.10× |
8季度趋势，按日历期对齐
现金及短期投资CNCMSFT
| Q4 25 | $20.3B | $89.5B | ||
| Q3 25 | $19.2B | $102.0B | ||
| Q2 25 | $17.3B | $94.6B | ||
| Q1 25 | $17.3B | $79.6B | ||
| Q4 24 | $16.7B | $71.6B | ||
| Q3 24 | $17.6B | $78.4B | ||
| Q2 24 | $20.2B | $75.5B | ||
| Q1 24 | $19.7B | $80.0B |
总债务CNCMSFT
| Q4 25 | $17.5B | $40.3B | ||
| Q3 25 | — | $43.2B | ||
| Q2 25 | — | $43.2B | ||
| Q1 25 | — | $42.9B | ||
| Q4 24 | $18.6B | $45.0B | ||
| Q3 24 | — | $45.1B | ||
| Q2 24 | — | $44.9B | ||
| Q1 24 | — | $44.9B |
股东权益CNCMSFT
| Q4 25 | $20.0B | $390.9B | ||
| Q3 25 | $20.9B | $363.1B | ||
| Q2 25 | $27.4B | $343.5B | ||
| Q1 25 | $27.9B | $321.9B | ||
| Q4 24 | $26.4B | $302.7B | ||
| Q3 24 | $27.3B | $287.7B | ||
| Q2 24 | $27.4B | $268.5B | ||
| Q1 24 | $27.0B | $253.2B |
总资产CNCMSFT
| Q4 25 | $76.7B | $665.3B | ||
| Q3 25 | $82.1B | $636.4B | ||
| Q2 25 | $86.4B | $619.0B | ||
| Q1 25 | $87.0B | $562.6B | ||
| Q4 24 | $82.4B | $533.9B | ||
| Q3 24 | $82.4B | $523.0B | ||
| Q2 24 | $83.1B | $512.2B | ||
| Q1 24 | $82.6B | $484.3B |
负债/权益比CNCMSFT
| Q4 25 | 0.88× | 0.10× | ||
| Q3 25 | — | 0.12× | ||
| Q2 25 | — | 0.13× | ||
| Q1 25 | — | 0.13× | ||
| Q4 24 | 0.71× | 0.15× | ||
| Q3 24 | — | 0.16× | ||
| Q2 24 | — | 0.17× | ||
| Q1 24 | — | 0.18× |
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 | $35.8B |
| 自由现金流经营现金流 - 资本支出 | $224.0M | $5.9B |
| 自由现金流率自由现金流/营收 | 0.5% | 7.2% |
| 资本支出强度资本支出/营收 | 0.5% | 36.8% |
| 现金转化率经营现金流/净利润 | — | 0.93× |
| 过去12个月自由现金流最近4个季度 | $4.3B | $77.4B |
8季度趋势，按日历期对齐
经营现金流CNCMSFT
| Q4 25 | $437.0M | $35.8B | ||
| Q3 25 | $1.4B | $45.1B | ||
| Q2 25 | $1.8B | $42.6B | ||
| Q1 25 | $1.5B | $37.0B | ||
| Q4 24 | $-587.0M | $22.3B | ||
| Q3 24 | $-978.0M | $34.2B | ||
| Q2 24 | $2.2B | $37.2B | ||
| Q1 24 | $-456.0M | $31.9B |
自由现金流CNCMSFT
| Q4 25 | $224.0M | $5.9B | ||
| Q3 25 | $1.1B | $25.7B | ||
| Q2 25 | $1.6B | $25.6B | ||
| Q1 25 | $1.4B | $20.3B | ||
| Q4 24 | $-741.0M | $6.5B | ||
| Q3 24 | $-1.1B | $19.3B | ||
| Q2 24 | $2.0B | $23.3B | ||
| Q1 24 | $-607.0M | $21.0B |
自由现金流率CNCMSFT
| Q4 25 | 0.5% | 7.2% | ||
| Q3 25 | 2.6% | 33.0% | ||
| Q2 25 | 3.7% | 33.4% | ||
| Q1 25 | 3.2% | 29.0% | ||
| Q4 24 | -2.0% | 9.3% | ||
| Q3 24 | -3.1% | 29.4% | ||
| Q2 24 | 5.5% | 36.0% | ||
| Q1 24 | -1.7% | 33.9% |
资本支出强度CNCMSFT
| Q4 25 | 0.5% | 36.8% | ||
| Q3 25 | 0.5% | 25.0% | ||
| Q2 25 | 0.5% | 22.3% | ||
| Q1 25 | 0.3% | 23.9% | ||
| Q4 24 | 0.4% | 22.7% | ||
| Q3 24 | 0.4% | 22.8% | ||
| Q2 24 | 0.5% | 21.4% | ||
| Q1 24 | 0.4% | 17.7% |
现金转化率CNCMSFT
| Q4 25 | — | 0.93× | ||
| Q3 25 | — | 1.62× | ||
| Q2 25 | — | 1.57× | ||
| Q1 25 | 1.15× | 1.43× | ||
| Q4 24 | -2.07× | 0.92× | ||
| Q3 24 | -1.37× | 1.39× | ||
| Q2 24 | 1.90× | 1.69× | ||
| Q1 24 | -0.39× | 1.45× |
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% |
MSFT
| Microsoft Three Six Five Commercial Products And Cloud Services | $24.5B | 30% |
| Products | $16.5B | 20% |
| More Personal Computing | $14.3B | 18% |
| Gaming | $6.0B | 7% |
| Linked In Corporation | $5.1B | 6% |
| Windows And Devices | $4.5B | 6% |
| Search And News Advertising | $3.8B | 5% |
| Microsoft Three Six Five Consumer Products And Cloud Services | $2.3B | 3% |
| Dynamics Products And Cloud Services | $2.2B | 3% |
| Enterprise And Partner Services | $2.0B | 3% |
| Other Products And Services | $6.0M | 0% |
