vs
达维塔（DVA）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的季度营收约是达维塔的1.5倍（$5.5B vs $3.6B），TENET HEALTHCARE CORP净利率更高（11.7% vs 6.5%，领先5.2%），达维塔同比增速更快（12.3% vs 9.0%），过去两年达维塔的营收复合增速更高（6.6% vs 1.5%）
达维塔是美国肾脏透析服务提供商，在美国运营2675家门诊中心，服务20.08万名患者；同时在其他11个国家布局367家门诊中心，服务4.94万名患者。公司主要服务终末期肾病患者，这类患者除非接受捐肾移植，否则通常需要终生每周接受三次透析治疗。
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
DVA vs THC — 直观对比
营收规模更大
THC
是对方的1.5倍
$3.6B
营收增速更快
DVA
高出3.3%
9.0%
净利率更高
THC
高出5.2%
6.5%
两年增速更快
DVA
近两年复合增速
1.5%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $3.6B | $5.5B |
| 净利润 | $234.2M | $644.0M |
| 毛利率 | — | — |
| 营业利润率 | 15.5% | 15.4% |
| 净利率 | 6.5% | 11.7% |
| 营收同比 | 12.3% | 9.0% |
| 净利润同比 | 43.8% | 12.6% |
| 每股收益（稀释后） | $3.22 | $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DVATHC
| Q1 26 | $3.6B | — | ||
| Q4 25 | $3.6B | $5.5B | ||
| Q3 25 | $3.4B | $5.3B | ||
| Q2 25 | $3.4B | $5.3B | ||
| Q1 25 | $3.2B | $5.2B | ||
| Q4 24 | $3.3B | $5.1B | ||
| Q3 24 | $3.3B | $5.1B | ||
| Q2 24 | $3.2B | $5.1B |
净利润DVATHC
| Q1 26 | $234.2M | — | ||
| Q4 25 | $234.2M | $644.0M | ||
| Q3 25 | $150.3M | $579.0M | ||
| Q2 25 | $199.3M | $522.0M | ||
| Q1 25 | $162.9M | $622.0M | ||
| Q4 24 | $259.3M | $572.0M | ||
| Q3 24 | $214.7M | $681.0M | ||
| Q2 24 | $222.7M | $477.0M |
营业利润率DVATHC
| Q1 26 | 15.5% | — | ||
| Q4 25 | 15.5% | 15.4% | ||
| Q3 25 | 14.8% | 16.8% | ||
| Q2 25 | 15.9% | 15.6% | ||
| Q1 25 | 13.6% | 18.1% | ||
| Q4 24 | 17.2% | 16.2% | ||
| Q3 24 | 16.4% | 21.3% | ||
| Q2 24 | 15.9% | 14.9% |
净利率DVATHC
| Q1 26 | 6.5% | — | ||
| Q4 25 | 6.5% | 11.7% | ||
| Q3 25 | 4.4% | 10.9% | ||
| Q2 25 | 5.9% | 9.9% | ||
| Q1 25 | 5.1% | 11.9% | ||
| Q4 24 | 7.9% | 11.3% | ||
| Q3 24 | 6.6% | 13.3% | ||
| Q2 24 | 7.0% | 9.3% |
每股收益（稀释后）DVATHC
| Q1 26 | $3.22 | — | ||
| Q4 25 | $3.22 | $4.22 | ||
| Q3 25 | $2.04 | $3.86 | ||
| Q2 25 | $2.58 | $3.14 | ||
| Q1 25 | $2.00 | $4.27 | ||
| Q4 24 | $3.08 | $3.79 | ||
| Q3 24 | $2.50 | $4.89 | ||
| Q2 24 | $2.50 | $2.64 |
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 | $700.7M | $2.9B |
| 总债务越低越好 | $10.2B | $13.1B |
| 股东权益账面价值 | $-651.1M | $4.2B |
| 总资产 | $17.5B | $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DVATHC
| Q1 26 | $700.7M | — | ||
| Q4 25 | $700.7M | $2.9B | ||
| Q3 25 | $736.5M | $3.0B | ||
| Q2 25 | $739.4M | $2.6B | ||
| Q1 25 | $511.9M | $3.0B | ||
| Q4 24 | $846.0M | $3.0B | ||
| Q3 24 | $1.1B | $4.1B | ||
| Q2 24 | $437.2M | $2.9B |
总债务DVATHC
| Q1 26 | $10.2B | — | ||
| Q4 25 | $10.2B | $13.1B | ||
| Q3 25 | $10.2B | $13.1B | ||
| Q2 25 | $10.1B | $13.1B | ||
| Q1 25 | $9.6B | $13.1B | ||
| Q4 24 | $9.2B | $13.1B | ||
| Q3 24 | $9.3B | $12.8B | ||
| Q2 24 | $8.5B | $12.8B |
股东权益DVATHC
| Q1 26 | $-651.1M | — | ||
| Q4 25 | $-651.1M | $4.2B | ||
| Q3 25 | $-571.9M | $4.0B | ||
| Q2 25 | $-369.6M | $3.7B | ||
| Q1 25 | $-267.1M | $4.2B | ||
| Q4 24 | $121.1M | $4.2B | ||
| Q3 24 | $386.7M | $3.8B | ||
| Q2 24 | $632.9M | $3.5B |
总资产DVATHC
| Q1 26 | $17.5B | — | ||
| Q4 25 | $17.5B | $29.7B | ||
| Q3 25 | $17.6B | $29.4B | ||
| Q2 25 | $17.5B | $28.7B | ||
| Q1 25 | $17.1B | $29.2B | ||
| Q4 24 | $17.3B | $28.9B | ||
| Q3 24 | $17.5B | $29.4B | ||
| Q2 24 | $17.0B | $29.3B |
负债/权益比DVATHC
| Q1 26 | — | — | ||
| Q4 25 | — | 3.10× | ||
| Q3 25 | — | 3.26× | ||
| Q2 25 | — | 3.49× | ||
| Q1 25 | — | 3.13× | ||
| Q4 24 | 75.76× | 3.14× | ||
| Q3 24 | 23.95× | 3.33× | ||
| Q2 24 | 13.35× | 3.67× |
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 | — | $731.0M |
| 自由现金流经营现金流 - 资本支出 | — | $367.0M |
| 自由现金流率自由现金流/营收 | — | 6.6% |
| 资本支出强度资本支出/营收 | — | 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 | — | $2.5B |
8季度趋势，按日历期对齐
经营现金流DVATHC
| Q1 26 | — | — | ||
| Q4 25 | $540.7M | $731.0M | ||
| Q3 25 | $841.5M | $1.1B | ||
| Q2 25 | $324.2M | $936.0M | ||
| Q1 25 | $180.0M | $815.0M | ||
| Q4 24 | $547.6M | $-331.0M | ||
| Q3 24 | $810.4M | $1.0B | ||
| Q2 24 | $798.8M | $747.0M |
自由现金流DVATHC
| Q1 26 | — | — | ||
| Q4 25 | $395.3M | $367.0M | ||
| Q3 25 | $675.4M | $778.0M | ||
| Q2 25 | $203.1M | $743.0M | ||
| Q1 25 | $36.8M | $642.0M | ||
| Q4 24 | $377.0M | $-661.0M | ||
| Q3 24 | $671.4M | $829.0M | ||
| Q2 24 | $674.1M | $602.0M |
自由现金流率DVATHC
| Q1 26 | — | — | ||
| Q4 25 | 10.9% | 6.6% | ||
| Q3 25 | 19.7% | 14.7% | ||
| Q2 25 | 6.0% | 14.1% | ||
| Q1 25 | 1.1% | 12.3% | ||
| Q4 24 | 11.4% | -13.0% | ||
| Q3 24 | 20.6% | 16.2% | ||
| Q2 24 | 21.2% | 11.8% |
资本支出强度DVATHC
| Q1 26 | — | — | ||
| Q4 25 | 4.0% | 6.6% | ||
| Q3 25 | 4.9% | 5.3% | ||
| Q2 25 | 3.6% | 3.7% | ||
| Q1 25 | 4.4% | 3.3% | ||
| Q4 24 | 5.2% | 6.5% | ||
| Q3 24 | 4.3% | 4.2% | ||
| Q2 24 | 3.9% | 2.8% |
现金转化率DVATHC
| Q1 26 | — | — | ||
| Q4 25 | 2.31× | 1.14× | ||
| Q3 25 | 5.60× | 1.83× | ||
| Q2 25 | 1.63× | 1.79× | ||
| Q1 25 | 1.10× | 1.31× | ||
| Q4 24 | 2.11× | -0.58× | ||
| Q3 24 | 3.77× | 1.53× | ||
| Q2 24 | 3.59× | 1.57× |
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
DVA
暂无分部数据
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% |
