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戴德梁行（CWK）与TENET HEALTHCARE CORP（THC）财务数据对比。点击上方公司名可切换其他公司
TENET HEALTHCARE CORP的季度营收约是戴德梁行的1.9倍（$5.5B vs $2.9B），TENET HEALTHCARE CORP净利率更高（11.7% vs -0.8%，领先12.4%），戴德梁行同比增速更快（10.8% vs 9.0%），TENET HEALTHCARE CORP自由现金流更多（$367.0M vs $234.3M），过去两年戴德梁行的营收复合增速更高（15.5% vs 1.5%）
戴德梁行是全球化的商业地产及物业管理服务提供商，总部位于美国伊利诺伊州芝加哥，由联合创始人J·克莱兹代尔·库什曼和伯纳德·韦克菲尔德共同创立，在全球商业地产服务领域拥有广泛的业务布局与专业服务能力，为各类客户提供定制化的地产相关解决方案。
Tenet Healthcare Corporation是总部位于美国达拉斯的营利性跨国医疗服务企业，旗下拥有USPI等多个品牌、子公司、合资企业及合作主体，运营65家医院及超过450个医疗设施，还通过旗下Conifer Health Solutions为各类医疗系统及其他客户提供专业医疗支持服务
CWK vs THC — 直观对比
营收规模更大
THC
是对方的1.9倍
$2.9B
营收增速更快
CWK
高出1.8%
9.0%
净利率更高
THC
高出12.4%
-0.8%
自由现金流更多
THC
多$132.7M
$234.3M
两年增速更快
CWK
近两年复合增速
1.5%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $2.9B | $5.5B |
| 净利润 | $-22.4M | $644.0M |
| 毛利率 | — | — |
| 营业利润率 | 6.1% | 15.4% |
| 净利率 | -0.8% | 11.7% |
| 营收同比 | 10.8% | 9.0% |
| 净利润同比 | -119.8% | 12.6% |
| 每股收益（稀释后） | $-0.10 | $4.22 |
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CWKTHC
| Q4 25 | $2.9B | $5.5B | ||
| Q3 25 | $2.6B | $5.3B | ||
| Q2 25 | $2.5B | $5.3B | ||
| Q1 25 | $2.3B | $5.2B | ||
| Q4 24 | $2.6B | $5.1B | ||
| Q3 24 | $2.3B | $5.1B | ||
| Q2 24 | $2.3B | $5.1B | ||
| Q1 24 | $2.2B | $5.4B |
净利润CWKTHC
| Q4 25 | $-22.4M | $644.0M | ||
| Q3 25 | $51.4M | $579.0M | ||
| Q2 25 | $57.3M | $522.0M | ||
| Q1 25 | $1.9M | $622.0M | ||
| Q4 24 | $112.9M | $572.0M | ||
| Q3 24 | $33.7M | $681.0M | ||
| Q2 24 | $13.5M | $477.0M | ||
| Q1 24 | $-28.8M | $2.3B |
营业利润率CWKTHC
| Q4 25 | 6.1% | 15.4% | ||
| Q3 25 | 4.1% | 16.8% | ||
| Q2 25 | 4.9% | 15.6% | ||
| Q1 25 | 2.0% | 18.1% | ||
| Q4 24 | 6.6% | 16.2% | ||
| Q3 24 | 3.2% | 21.3% | ||
| Q2 24 | 3.1% | 14.9% | ||
| Q1 24 | 0.9% | 61.2% |
净利率CWKTHC
| Q4 25 | -0.8% | 11.7% | ||
| Q3 25 | 2.0% | 10.9% | ||
| Q2 25 | 2.3% | 9.9% | ||
| Q1 25 | 0.1% | 11.9% | ||
| Q4 24 | 4.3% | 11.3% | ||
| Q3 24 | 1.4% | 13.3% | ||
| Q2 24 | 0.6% | 9.3% | ||
| Q1 24 | -1.3% | 43.5% |
每股收益（稀释后）CWKTHC
| Q4 25 | $-0.10 | $4.22 | ||
| Q3 25 | $0.22 | $3.86 | ||
| Q2 25 | $0.25 | $3.14 | ||
| Q1 25 | $0.01 | $4.27 | ||
| Q4 24 | $0.49 | $3.79 | ||
| Q3 24 | $0.14 | $4.89 | ||
| Q2 24 | $0.06 | $2.64 | ||
| Q1 24 | $-0.13 | $21.38 |
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 | $784.2M | $2.9B |
| 总债务越低越好 | $2.7B | $13.1B |
| 股东权益账面价值 | $2.0B | $4.2B |
| 总资产 | $7.7B | $29.7B |
| 负债/权益比越低杠杆越低 | 1.40× | 3.10× |
8季度趋势，按日历期对齐
现金及短期投资CWKTHC
| Q4 25 | $784.2M | $2.9B | ||
| Q3 25 | $634.4M | $3.0B | ||
| Q2 25 | $618.2M | $2.6B | ||
| Q1 25 | $623.2M | $3.0B | ||
| Q4 24 | $793.3M | $3.0B | ||
| Q3 24 | $775.4M | $4.1B | ||
| Q2 24 | $567.3M | $2.9B | ||
| Q1 24 | $553.5M | $2.5B |
总债务CWKTHC
| Q4 25 | $2.7B | $13.1B | ||
| Q3 25 | $2.8B | $13.1B | ||
| Q2 25 | $3.0B | $13.1B | ||
| Q1 25 | $3.0B | $13.1B | ||
| Q4 24 | $3.0B | $13.1B | ||
| Q3 24 | $3.1B | $12.8B | ||
| Q2 24 | $3.1B | $12.8B | ||
| Q1 24 | $3.2B | $12.8B |
股东权益CWKTHC
| Q4 25 | $2.0B | $4.2B | ||
| Q3 25 | $2.0B | $4.0B | ||
| Q2 25 | $1.9B | $3.7B | ||
| Q1 25 | $1.8B | $4.2B | ||
| Q4 24 | $1.8B | $4.2B | ||
| Q3 24 | $1.7B | $3.8B | ||
| Q2 24 | $1.6B | $3.5B | ||
| Q1 24 | $1.6B | $3.5B |
总资产CWKTHC
| Q4 25 | $7.7B | $29.7B | ||
| Q3 25 | $7.7B | $29.4B | ||
| Q2 25 | $7.6B | $28.7B | ||
| Q1 25 | $7.4B | $29.2B | ||
| Q4 24 | $7.5B | $28.9B | ||
| Q3 24 | $7.5B | $29.4B | ||
| Q2 24 | $7.3B | $29.3B | ||
| Q1 24 | $7.5B | $28.9B |
负债/权益比CWKTHC
| Q4 25 | 1.40× | 3.10× | ||
| Q3 25 | 1.45× | 3.26× | ||
| Q2 25 | 1.57× | 3.49× | ||
| Q1 25 | 1.70× | 3.13× | ||
| Q4 24 | 1.73× | 3.14× | ||
| Q3 24 | 1.81× | 3.33× | ||
| Q2 24 | 1.91× | 3.67× | ||
| Q1 24 | 1.96× | 3.70× |
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 | $257.3M | $731.0M |
| 自由现金流经营现金流 - 资本支出 | $234.3M | $367.0M |
| 自由现金流率自由现金流/营收 | 8.0% | 6.6% |
| 资本支出强度资本支出/营收 | 0.8% | 6.6% |
| 现金转化率经营现金流/净利润 | — | 1.14× |
| 过去12个月自由现金流最近4个季度 | $293.0M | $2.5B |
8季度趋势，按日历期对齐
经营现金流CWKTHC
| Q4 25 | $257.3M | $731.0M | ||
| Q3 25 | $235.5M | $1.1B | ||
| Q2 25 | $9.6M | $936.0M | ||
| Q1 25 | $-162.0M | $815.0M | ||
| Q4 24 | $115.2M | $-331.0M | ||
| Q3 24 | $196.1M | $1.0B | ||
| Q2 24 | $21.8M | $747.0M | ||
| Q1 24 | $-125.1M | $586.0M |
自由现金流CWKTHC
| Q4 25 | $234.3M | $367.0M | ||
| Q3 25 | $225.0M | $778.0M | ||
| Q2 25 | $300.0K | $743.0M | ||
| Q1 25 | $-166.6M | $642.0M | ||
| Q4 24 | $105.9M | $-661.0M | ||
| Q3 24 | $186.7M | $829.0M | ||
| Q2 24 | $10.0M | $602.0M | ||
| Q1 24 | $-135.6M | $346.0M |
自由现金流率CWKTHC
| Q4 25 | 8.0% | 6.6% | ||
| Q3 25 | 8.6% | 14.7% | ||
| Q2 25 | 0.0% | 14.1% | ||
| Q1 25 | -7.3% | 12.3% | ||
| Q4 24 | 4.0% | -13.0% | ||
| Q3 24 | 8.0% | 16.2% | ||
| Q2 24 | 0.4% | 11.8% | ||
| Q1 24 | -6.2% | 6.4% |
资本支出强度CWKTHC
| Q4 25 | 0.8% | 6.6% | ||
| Q3 25 | 0.4% | 5.3% | ||
| Q2 25 | 0.4% | 3.7% | ||
| Q1 25 | 0.2% | 3.3% | ||
| Q4 24 | 0.4% | 6.5% | ||
| Q3 24 | 0.4% | 4.2% | ||
| Q2 24 | 0.5% | 2.8% | ||
| Q1 24 | 0.5% | 4.5% |
现金转化率CWKTHC
| Q4 25 | — | 1.14× | ||
| Q3 25 | 4.58× | 1.83× | ||
| Q2 25 | 0.17× | 1.79× | ||
| Q1 25 | -85.26× | 1.31× | ||
| Q4 24 | 1.02× | -0.58× | ||
| Q3 24 | 5.82× | 1.53× | ||
| Q2 24 | 1.61× | 1.57× | ||
| Q1 24 | — | 0.25× |
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
CWK
| Equity Method Investment Nonconsolidated Investee Or Group Of Investees | $1.8B | 61% |
| Other | $1.1B | 39% |
THC
| Other | $2.9B | 52% |
| Health Care Patient Service | $1.4B | 25% |
| Equity Method Investment Nonconsolidated Investee Or Group Of Investees | $1.2B | 22% |
| Health Care Other Sources | $56.0M | 1% |
