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CNO Financial Group, Inc.（CNO）与SELECT MEDICAL HOLDINGS CORP（SEM）财务数据对比。点击上方公司名可切换其他公司
SELECT MEDICAL HOLDINGS CORP的季度营收约是CNO Financial Group, Inc.的1.2倍（$1.4B vs $1.1B），CNO Financial Group, Inc.净利率更高（8.8% vs 1.4%，领先7.4%），SELECT MEDICAL HOLDINGS CORP同比增速更快（6.4% vs 4.2%），过去两年SELECT MEDICAL HOLDINGS CORP的营收复合增速更高（2.8% vs -0.6%）
CNO金融集团是总部位于美国印第安纳州卡梅尔的金融服务控股公司，前身为康塞科公司。集团旗下保险子公司为美国超400万客户提供人寿保险、年金和补充健康保险产品，通过独立代理人、专属代理人，以及电视广告、直邮等直销触达用户。
Select Medical是总部位于美国宾夕法尼亚州的医疗健康企业，业务涵盖长期急症护理、住院康复医院运营，同时开设有职业健康与物理治疗诊所，母公司Select Medical Holdings在纽约证券交易所挂牌上市。
CNO vs SEM — 直观对比
营收规模更大
SEM
是对方的1.2倍
$1.1B
营收增速更快
SEM
高出2.2%
4.2%
净利率更高
CNO
高出7.4%
1.4%
两年增速更快
SEM
近两年复合增速
-0.6%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.1B | $1.4B |
| 净利润 | $100.7M | $20.2M |
| 毛利率 | — | — |
| 营业利润率 | 15.2% | 4.6% |
| 净利率 | 8.8% | 1.4% |
| 营收同比 | 4.2% | 6.4% |
| 净利润同比 | -39.4% | 225.7% |
| 每股收益（稀释后） | $1.02 | $0.17 |
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CNOSEM
| Q4 25 | $1.1B | $1.4B | ||
| Q3 25 | $1.2B | $1.4B | ||
| Q2 25 | $1.2B | $1.3B | ||
| Q1 25 | $1.0B | $1.4B | ||
| Q4 24 | $1.1B | $1.3B | ||
| Q3 24 | $1.1B | $1.3B | ||
| Q2 24 | $1.1B | $1.3B | ||
| Q1 24 | $1.2B | $1.3B |
净利润CNOSEM
| Q4 25 | $100.7M | $20.2M | ||
| Q3 25 | $23.1M | $28.8M | ||
| Q2 25 | $91.8M | $40.6M | ||
| Q1 25 | $13.7M | $56.7M | ||
| Q4 24 | $166.1M | $-16.1M | ||
| Q3 24 | $9.3M | $55.6M | ||
| Q2 24 | $116.3M | $77.6M | ||
| Q1 24 | $112.3M | $96.9M |
营业利润率CNOSEM
| Q4 25 | 15.2% | 4.6% | ||
| Q3 25 | 13.7% | 5.4% | ||
| Q2 25 | 9.8% | 6.5% | ||
| Q1 25 | 10.4% | 8.3% | ||
| Q4 24 | 15.8% | 1.6% | ||
| Q3 24 | 13.6% | 4.3% | ||
| Q2 24 | 13.9% | 5.8% | ||
| Q1 24 | 6.5% | 9.0% |
净利率CNOSEM
| Q4 25 | 8.8% | 1.4% | ||
| Q3 25 | 1.9% | 2.1% | ||
| Q2 25 | 8.0% | 3.0% | ||
| Q1 25 | 1.4% | 4.2% | ||
| Q4 24 | 15.1% | -1.2% | ||
| Q3 24 | 0.8% | 4.4% | ||
| Q2 24 | 10.9% | 6.1% | ||
| Q1 24 | 9.7% | 7.3% |
每股收益（稀释后）CNOSEM
| Q4 25 | $1.02 | $0.17 | ||
| Q3 25 | $0.24 | $0.23 | ||
| Q2 25 | $0.91 | $0.32 | ||
| Q1 25 | $0.13 | $0.44 | ||
| Q4 24 | $1.58 | $-0.12 | ||
| Q3 24 | $0.09 | $0.43 | ||
| Q2 24 | $1.06 | $0.60 | ||
| Q1 24 | $1.01 | $0.75 |
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 | — | $26.5M |
| 总债务越低越好 | — | $1.8B |
| 股东权益账面价值 | $2.6B | $1.7B |
| 总资产 | $38.8B | $5.9B |
| 负债/权益比越低杠杆越低 | — | 1.06× |
8季度趋势，按日历期对齐
现金及短期投资CNOSEM
| Q4 25 | — | $26.5M | ||
| Q3 25 | — | $60.1M | ||
| Q2 25 | — | $52.3M | ||
| Q1 25 | — | $53.2M | ||
| Q4 24 | — | $59.7M | ||
| Q3 24 | — | $191.5M | ||
| Q2 24 | — | $111.2M | ||
| Q1 24 | — | $92.6M |
总债务CNOSEM
| Q4 25 | — | $1.8B | ||
| Q3 25 | — | $1.7B | ||
| Q2 25 | — | $1.8B | ||
| Q1 25 | — | $1.8B | ||
| Q4 24 | — | $1.7B | ||
| Q3 24 | — | $3.1B | ||
| Q2 24 | — | $3.6B | ||
| Q1 24 | — | $3.8B |
股东权益CNOSEM
| Q4 25 | $2.6B | $1.7B | ||
| Q3 25 | $2.6B | $1.7B | ||
| Q2 25 | $2.5B | $1.7B | ||
| Q1 25 | $2.5B | $1.7B | ||
| Q4 24 | $2.5B | $1.7B | ||
| Q3 24 | $2.7B | $1.9B | ||
| Q2 24 | $2.4B | $1.4B | ||
| Q1 24 | $2.4B | $1.4B |
总资产CNOSEM
| Q4 25 | $38.8B | $5.9B | ||
| Q3 25 | $38.3B | $5.7B | ||
| Q2 25 | $37.3B | $5.7B | ||
| Q1 25 | $37.4B | $5.7B | ||
| Q4 24 | $37.9B | $5.6B | ||
| Q3 24 | $37.6B | $8.0B | ||
| Q2 24 | $36.3B | $7.9B | ||
| Q1 24 | $34.9B | $7.9B |
负债/权益比CNOSEM
| Q4 25 | — | 1.06× | ||
| Q3 25 | — | 1.03× | ||
| Q2 25 | — | 1.10× | ||
| Q1 25 | — | 1.03× | ||
| Q4 24 | — | 1.01× | ||
| Q3 24 | — | 1.62× | ||
| Q2 24 | — | 2.54× | ||
| Q1 24 | — | 2.75× |
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 | $195.7M | $64.3M |
| 自由现金流经营现金流 - 资本支出 | — | $5.2M |
| 自由现金流率自由现金流/营收 | — | 0.4% |
| 资本支出强度资本支出/营收 | — | 4.2% |
| 现金转化率经营现金流/净利润 | 1.94× | 3.19× |
| 过去12个月自由现金流最近4个季度 | — | $117.2M |
8季度趋势，按日历期对齐
经营现金流CNOSEM
| Q4 25 | $195.7M | $64.3M | ||
| Q3 25 | $197.8M | $175.3M | ||
| Q2 25 | $145.5M | $110.3M | ||
| Q1 25 | $136.7M | $-3.5M | ||
| Q4 24 | $191.0M | $125.4M | ||
| Q3 24 | $231.2M | $181.0M | ||
| Q2 24 | $110.9M | $278.2M | ||
| Q1 24 | $94.6M | $-66.7M |
自由现金流CNOSEM
| Q4 25 | — | $5.2M | ||
| Q3 25 | — | $122.2M | ||
| Q2 25 | — | $45.6M | ||
| Q1 25 | — | $-55.8M | ||
| Q4 24 | — | $62.0M | ||
| Q3 24 | — | $130.3M | ||
| Q2 24 | — | $222.6M | ||
| Q1 24 | — | $-119.2M |
自由现金流率CNOSEM
| Q4 25 | — | 0.4% | ||
| Q3 25 | — | 9.0% | ||
| Q2 25 | — | 3.4% | ||
| Q1 25 | — | -4.1% | ||
| Q4 24 | — | 4.7% | ||
| Q3 24 | — | 10.2% | ||
| Q2 24 | — | 17.4% | ||
| Q1 24 | — | -9.0% |
资本支出强度CNOSEM
| Q4 25 | — | 4.2% | ||
| Q3 25 | — | 3.9% | ||
| Q2 25 | — | 4.8% | ||
| Q1 25 | — | 3.9% | ||
| Q4 24 | — | 4.8% | ||
| Q3 24 | — | 4.0% | ||
| Q2 24 | — | 4.3% | ||
| Q1 24 | — | 4.0% |
现金转化率CNOSEM
| Q4 25 | 1.94× | 3.19× | ||
| Q3 25 | 8.56× | 6.09× | ||
| Q2 25 | 1.58× | 2.72× | ||
| Q1 25 | 9.98× | -0.06× | ||
| Q4 24 | 1.15× | — | ||
| Q3 24 | 24.86× | 3.25× | ||
| Q2 24 | 0.95× | 3.59× | ||
| Q1 24 | 0.84× | -0.69× |
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
CNO
| Health Insurance Product Line | $496.4M | 43% |
| Life Insurance Segment | $268.8M | 24% |
| Other | $207.2M | 18% |
| Life And Annuity Insurance Product Line | $170.7M | 15% |
SEM
| Critical Illness Recovery Hospitals | $629.7M | 45% |
| Health Care Patient Service Non Medicare | $428.6M | 31% |
| Rehabilitation Hospitals | $339.2M | 24% |
