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COMMUNITY HEALTH SYSTEMS INC（CYH）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COMMUNITY HEALTH SYSTEMS INC的1.8倍（$5.5B vs $3.1B）。TENET HEALTHCARE CORP净利率更高（11.7% vs 3.5%，领先8.1%）。TENET HEALTHCARE CORP同比增速更快（9.0% vs -4.8%）。TENET HEALTHCARE CORP自由现金流更多（$367.0M vs $172.0M）。过去两年TENET HEALTHCARE CORP的营收复合增速更高（1.5% vs -0.5%）
社区卫生系统公司总部位于美国田纳西州富兰克林，是财富500强企业。按急症护理机构数量计算，该公司曾是美国最大的综合医院医疗服务提供商。2014年它旗下有约200家医院，到2021年机构数量缩减至约85家。
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
CYH vs THC — 直观对比
营收规模更大
THC
是对方的1.8倍
$3.1B
营收增速更快
THC
高出13.8%
-4.8%
净利率更高
THC
高出8.1%
3.5%
自由现金流更多
THC
多$195.0M
$172.0M
两年增速更快
THC
近两年复合增速
-0.5%
损益表 — Q4 2025 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $3.1B | $5.5B |
| 净利润 | $110.0M | $644.0M |
| 毛利率 | 85.6% | — |
| 营业利润率 | 14.5% | 15.4% |
| 净利率 | 3.5% | 11.7% |
| 营收同比 | -4.8% | 9.0% |
| 净利润同比 | 254.9% | 12.6% |
| 每股收益（稀释后） | $0.82 | $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CYHTHC
| Q4 25 | $3.1B | $5.5B | ||
| Q3 25 | $3.1B | $5.3B | ||
| Q2 25 | $3.1B | $5.3B | ||
| Q1 25 | $3.2B | $5.2B | ||
| Q4 24 | $3.3B | $5.1B | ||
| Q3 24 | $3.1B | $5.1B | ||
| Q2 24 | $3.1B | $5.1B | ||
| Q1 24 | $3.1B | $5.4B |
净利润CYHTHC
| Q4 25 | $110.0M | $644.0M | ||
| Q3 25 | $130.0M | $579.0M | ||
| Q2 25 | $282.0M | $522.0M | ||
| Q1 25 | $-13.0M | $622.0M | ||
| Q4 24 | $-71.0M | $572.0M | ||
| Q3 24 | $-391.0M | $681.0M | ||
| Q2 24 | $-13.0M | $477.0M | ||
| Q1 24 | $-41.0M | $2.3B |
毛利率CYHTHC
| Q4 25 | 85.6% | — | ||
| Q3 25 | 85.1% | — | ||
| Q2 25 | 85.0% | — | ||
| Q1 25 | 84.5% | — | ||
| Q4 24 | 84.5% | — | ||
| Q3 24 | 84.8% | — | ||
| Q2 24 | 84.6% | — | ||
| Q1 24 | 84.5% | — |
营业利润率CYHTHC
| Q4 25 | 14.5% | 15.4% | ||
| Q3 25 | 7.9% | 16.8% | ||
| Q2 25 | 16.3% | 15.6% | ||
| Q1 25 | 9.0% | 18.1% | ||
| Q4 24 | 8.5% | 16.2% | ||
| Q3 24 | -6.6% | 21.3% | ||
| Q2 24 | 7.6% | 14.9% | ||
| Q1 24 | 7.4% | 61.2% |
净利率CYHTHC
| Q4 25 | 3.5% | 11.7% | ||
| Q3 25 | 4.2% | 10.9% | ||
| Q2 25 | 9.0% | 9.9% | ||
| Q1 25 | -0.4% | 11.9% | ||
| Q4 24 | -2.2% | 11.3% | ||
| Q3 24 | -12.7% | 13.3% | ||
| Q2 24 | -0.4% | 9.3% | ||
| Q1 24 | -1.3% | 43.5% |
每股收益（稀释后）CYHTHC
| Q4 25 | $0.82 | $4.22 | ||
| Q3 25 | $0.96 | $3.86 | ||
| Q2 25 | $2.09 | $3.14 | ||
| Q1 25 | $-0.10 | $4.27 | ||
| Q4 24 | $-0.53 | $3.79 | ||
| Q3 24 | $-2.95 | $4.89 | ||
| Q2 24 | $-0.10 | $2.64 | ||
| Q1 24 | $-0.32 | $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 | $260.0M | $2.9B |
| 总债务越低越好 | $10.4B | $13.1B |
| 股东权益账面价值 | $-1.4B | $4.2B |
| 总资产 | $13.2B | $29.7B |
| 负债/权益比越低杠杆越低 | — | 3.10× |
8季度趋势，按日历期对齐
现金及短期投资CYHTHC
| Q4 25 | $260.0M | $2.9B | ||
| Q3 25 | $123.0M | $3.0B | ||
| Q2 25 | $456.0M | $2.6B | ||
| Q1 25 | $431.0M | $3.0B | ||
| Q4 24 | $37.0M | $3.0B | ||
| Q3 24 | $33.0M | $4.1B | ||
| Q2 24 | $39.0M | $2.9B | ||
| Q1 24 | $48.0M | $2.5B |
总债务CYHTHC
| Q4 25 | $10.4B | $13.1B | ||
| Q3 25 | — | $13.1B | ||
| Q2 25 | — | $13.1B | ||
| Q1 25 | — | $13.1B | ||
| Q4 24 | $11.5B | $13.1B | ||
| Q3 24 | — | $12.8B | ||
| Q2 24 | — | $12.8B | ||
| Q1 24 | — | $12.8B |
股东权益CYHTHC
| Q4 25 | $-1.4B | $4.2B | ||
| Q3 25 | $-1.5B | $4.0B | ||
| Q2 25 | $-1.6B | $3.7B | ||
| Q1 25 | $-1.9B | $4.2B | ||
| Q4 24 | $-1.9B | $4.2B | ||
| Q3 24 | $-1.8B | $3.8B | ||
| Q2 24 | $-1.4B | $3.5B | ||
| Q1 24 | $-1.4B | $3.5B |
总资产CYHTHC
| Q4 25 | $13.2B | $29.7B | ||
| Q3 25 | $13.2B | $29.4B | ||
| Q2 25 | $13.6B | $28.7B | ||
| Q1 25 | $13.9B | $29.2B | ||
| Q4 24 | $14.1B | $28.9B | ||
| Q3 24 | $13.9B | $29.4B | ||
| Q2 24 | $14.4B | $29.3B | ||
| Q1 24 | $14.4B | $28.9B |
负债/权益比CYHTHC
| Q4 25 | — | 3.10× | ||
| Q3 25 | — | 3.26× | ||
| Q2 25 | — | 3.49× | ||
| Q1 25 | — | 3.13× | ||
| Q4 24 | — | 3.14× | ||
| Q3 24 | — | 3.33× | ||
| Q2 24 | — | 3.67× | ||
| Q1 24 | — | 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 | $266.0M | $731.0M |
| 自由现金流经营现金流 - 资本支出 | $172.0M | $367.0M |
| 自由现金流率自由现金流/营收 | 5.5% | 6.6% |
| 资本支出强度资本支出/营收 | 3.0% | 6.6% |
| 现金转化率经营现金流/净利润 | 2.42× | 1.14× |
| 过去12个月自由现金流最近4个季度 | $208.0M | $2.5B |
8季度趋势，按日历期对齐
经营现金流CYHTHC
| Q4 25 | $266.0M | $731.0M | ||
| Q3 25 | $69.0M | $1.1B | ||
| Q2 25 | $88.0M | $936.0M | ||
| Q1 25 | $120.0M | $815.0M | ||
| Q4 24 | $216.0M | $-331.0M | ||
| Q3 24 | $67.0M | $1.0B | ||
| Q2 24 | $101.0M | $747.0M | ||
| Q1 24 | $96.0M | $586.0M |
自由现金流CYHTHC
| Q4 25 | $172.0M | $367.0M | ||
| Q3 25 | $4.0M | $778.0M | ||
| Q2 25 | $-3.0M | $743.0M | ||
| Q1 25 | $35.0M | $642.0M | ||
| Q4 24 | $107.0M | $-661.0M | ||
| Q3 24 | $-3.0M | $829.0M | ||
| Q2 24 | $13.0M | $602.0M | ||
| Q1 24 | $3.0M | $346.0M |
自由现金流率CYHTHC
| Q4 25 | 5.5% | 6.6% | ||
| Q3 25 | 0.1% | 14.7% | ||
| Q2 25 | -0.1% | 14.1% | ||
| Q1 25 | 1.1% | 12.3% | ||
| Q4 24 | 3.3% | -13.0% | ||
| Q3 24 | -0.1% | 16.2% | ||
| Q2 24 | 0.4% | 11.8% | ||
| Q1 24 | 0.1% | 6.4% |
资本支出强度CYHTHC
| Q4 25 | 3.0% | 6.6% | ||
| Q3 25 | 2.1% | 5.3% | ||
| Q2 25 | 2.9% | 3.7% | ||
| Q1 25 | 2.7% | 3.3% | ||
| Q4 24 | 3.3% | 6.5% | ||
| Q3 24 | 2.3% | 4.2% | ||
| Q2 24 | 2.8% | 2.8% | ||
| Q1 24 | 3.0% | 4.5% |
现金转化率CYHTHC
| Q4 25 | 2.42× | 1.14× | ||
| Q3 25 | 0.53× | 1.83× | ||
| Q2 25 | 0.31× | 1.79× | ||
| Q1 25 | — | 1.31× | ||
| Q4 24 | — | -0.58× | ||
| Q3 24 | — | 1.53× | ||
| Q2 24 | — | 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
CYH
| Managed Care And Other Third Party Payors | $1.5B | 49% |
| Medicare Managed Care | $570.0M | 18% |
| Medicare | $512.0M | 16% |
| Medicaid | $464.0M | 15% |
| Self Pay Revenue | $34.0M | 1% |
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% |
