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Encompass Health Corp（EHC）与美泰（MAT）财务数据对比。点击上方公司名可切换其他公司
美泰的季度营收约是Encompass Health Corp的1.1倍（$1.8B vs $1.5B），Encompass Health Corp净利率更高（9.5% vs 6.0%，领先3.4%），Encompass Health Corp同比增速更快（9.9% vs 7.3%），过去两年美泰的营收复合增速更高（47.7% vs 8.3%）
Encompass Health Corp前身为Amcare及HealthSouth，总部位于美国阿拉巴马州伯明翰，是美国规模最大的住院康复服务提供商，在39个州及波多黎各拥有173家住院康复医院，为中风、神经系统疾病、心肺病症、脑损伤等患者提供专业康复诊疗服务。
美泰是美国知名玩具及娱乐企业，旗下影视制作部门美泰影业运营时间为2018年9月6日至2025年6月2日。其前身为2013年10月16日成立的美泰Playground Productions，更早可追溯至美泰娱乐、美泰工作室等集团原有娱乐业务品牌。
EHC vs MAT — 直观对比
营收规模更大
MAT
是对方的1.1倍
$1.5B
营收增速更快
EHC
高出2.6%
7.3%
净利率更高
EHC
高出3.4%
6.0%
两年增速更快
MAT
近两年复合增速
8.3%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.5B | $1.8B |
| 净利润 | $146.1M | $106.2M |
| 毛利率 | — | 45.9% |
| 营业利润率 | 16.7% | 8.0% |
| 净利率 | 9.5% | 6.0% |
| 营收同比 | 9.9% | 7.3% |
| 净利润同比 | 20.8% | -24.6% |
| 每股收益（稀释后） | $1.43 | $0.32 |
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EHCMAT
| Q4 25 | $1.5B | $1.8B | ||
| Q3 25 | $1.5B | $1.7B | ||
| Q2 25 | $1.5B | $1.0B | ||
| Q1 25 | $1.5B | $826.6M | ||
| Q4 24 | $1.4B | $1.6B | ||
| Q3 24 | $1.4B | $1.8B | ||
| Q2 24 | $1.3B | $1.1B | ||
| Q1 24 | $1.3B | $809.5M |
净利润EHCMAT
| Q4 25 | $146.1M | $106.2M | ||
| Q3 25 | $126.5M | $278.4M | ||
| Q2 25 | $142.1M | $53.4M | ||
| Q1 25 | $151.5M | $-40.3M | ||
| Q4 24 | $120.9M | $140.9M | ||
| Q3 24 | $108.2M | $372.4M | ||
| Q2 24 | $114.1M | $56.9M | ||
| Q1 24 | $112.5M | $-28.3M |
毛利率EHCMAT
| Q4 25 | — | 45.9% | ||
| Q3 25 | — | 50.0% | ||
| Q2 25 | — | 50.9% | ||
| Q1 25 | — | 49.4% | ||
| Q4 24 | — | 50.7% | ||
| Q3 24 | — | 53.1% | ||
| Q2 24 | — | 49.2% | ||
| Q1 24 | — | 48.0% |
营业利润率EHCMAT
| Q4 25 | 16.7% | 8.0% | ||
| Q3 25 | 14.9% | 21.9% | ||
| Q2 25 | 16.2% | 7.7% | ||
| Q1 25 | 16.4% | -6.4% | ||
| Q4 24 | 14.3% | 9.6% | ||
| Q3 24 | 13.6% | 26.5% | ||
| Q2 24 | 14.3% | 7.7% | ||
| Q1 24 | 13.6% | -4.4% |
净利率EHCMAT
| Q4 25 | 9.5% | 6.0% | ||
| Q3 25 | 8.6% | 16.0% | ||
| Q2 25 | 9.7% | 5.2% | ||
| Q1 25 | 10.4% | -4.9% | ||
| Q4 24 | 8.6% | 8.6% | ||
| Q3 24 | 8.0% | 20.2% | ||
| Q2 24 | 8.8% | 5.3% | ||
| Q1 24 | 8.5% | -3.5% |
每股收益（稀释后）EHCMAT
| Q4 25 | $1.43 | $0.32 | ||
| Q3 25 | $1.24 | $0.88 | ||
| Q2 25 | $1.39 | $0.16 | ||
| Q1 25 | $1.48 | $-0.12 | ||
| Q4 24 | $1.18 | $0.40 | ||
| Q3 24 | $1.06 | $1.09 | ||
| Q2 24 | $1.12 | $0.17 | ||
| Q1 24 | $1.10 | $-0.08 |
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 | $72.2M | $1.2B |
| 总债务越低越好 | $2.4B | $2.3B |
| 股东权益账面价值 | $2.4B | $2.2B |
| 总资产 | $7.1B | $6.6B |
| 负债/权益比越低杠杆越低 | 1.00× | 1.04× |
8季度趋势，按日历期对齐
现金及短期投资EHCMAT
| Q4 25 | $72.2M | $1.2B | ||
| Q3 25 | $48.7M | $691.9M | ||
| Q2 25 | $99.1M | $870.5M | ||
| Q1 25 | $95.8M | $1.2B | ||
| Q4 24 | $85.4M | $1.4B | ||
| Q3 24 | $147.8M | $723.5M | ||
| Q2 24 | $154.4M | $722.4M | ||
| Q1 24 | $134.4M | $1.1B |
总债务EHCMAT
| Q4 25 | $2.4B | $2.3B | ||
| Q3 25 | $2.4B | $2.3B | ||
| Q2 25 | $2.3B | $2.3B | ||
| Q1 25 | $2.3B | $2.3B | ||
| Q4 24 | $2.4B | $2.3B | ||
| Q3 24 | $2.3B | $2.3B | ||
| Q2 24 | $2.7B | $2.3B | ||
| Q1 24 | $2.7B | $2.3B |
股东权益EHCMAT
| Q4 25 | $2.4B | $2.2B | ||
| Q3 25 | $2.4B | $2.3B | ||
| Q2 25 | $2.3B | $2.2B | ||
| Q1 25 | $2.2B | $2.1B | ||
| Q4 24 | $2.1B | $2.3B | ||
| Q3 24 | $2.0B | $2.3B | ||
| Q2 24 | $1.8B | $2.0B | ||
| Q1 24 | $1.7B | $2.0B |
总资产EHCMAT
| Q4 25 | $7.1B | $6.6B | ||
| Q3 25 | $6.9B | $6.6B | ||
| Q2 25 | $6.8B | $6.2B | ||
| Q1 25 | $6.6B | $6.2B | ||
| Q4 24 | $6.5B | $6.5B | ||
| Q3 24 | $6.5B | $6.5B | ||
| Q2 24 | $6.4B | $5.9B | ||
| Q1 24 | $6.2B | $6.1B |
负债/权益比EHCMAT
| Q4 25 | 1.00× | 1.04× | ||
| Q3 25 | 1.01× | 1.03× | ||
| Q2 25 | 1.02× | 1.08× | ||
| Q1 25 | 1.08× | 1.10× | ||
| Q4 24 | 1.14× | 1.03× | ||
| Q3 24 | 1.20× | 1.01× | ||
| Q2 24 | 1.46× | 1.18× | ||
| Q1 24 | 1.54× | 1.15× |
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 | $346.0M | $796.6M |
| 自由现金流经营现金流 - 资本支出 | $116.7M | — |
| 自由现金流率自由现金流/营收 | 7.6% | — |
| 资本支出强度资本支出/营收 | 14.8% | — |
| 现金转化率经营现金流/净利润 | 2.37× | 7.50× |
| 过去12个月自由现金流最近4个季度 | $439.2M | — |
8季度趋势，按日历期对齐
经营现金流EHCMAT
| Q4 25 | $346.0M | $796.6M | ||
| Q3 25 | $270.8M | $72.0M | ||
| Q2 25 | $270.2M | $-300.1M | ||
| Q1 25 | $288.6M | $24.8M | ||
| Q4 24 | $278.8M | $862.1M | ||
| Q3 24 | $267.8M | $155.8M | ||
| Q2 24 | $217.4M | $-252.9M | ||
| Q1 24 | $238.8M | $35.5M |
自由现金流EHCMAT
| Q4 25 | $116.7M | — | ||
| Q3 25 | $83.7M | — | ||
| Q2 25 | $113.3M | — | ||
| Q1 25 | $125.5M | — | ||
| Q4 24 | $80.1M | — | ||
| Q3 24 | $120.3M | — | ||
| Q2 24 | $60.5M | — | ||
| Q1 24 | $99.4M | — |
自由现金流率EHCMAT
| Q4 25 | 7.6% | — | ||
| Q3 25 | 5.7% | — | ||
| Q2 25 | 7.8% | — | ||
| Q1 25 | 8.6% | — | ||
| Q4 24 | 5.7% | — | ||
| Q3 24 | 8.9% | — | ||
| Q2 24 | 4.6% | — | ||
| Q1 24 | 7.6% | — |
资本支出强度EHCMAT
| Q4 25 | 14.8% | — | ||
| Q3 25 | 12.7% | — | ||
| Q2 25 | 10.8% | — | ||
| Q1 25 | 11.2% | — | ||
| Q4 24 | 14.1% | — | ||
| Q3 24 | 10.9% | — | ||
| Q2 24 | 12.1% | — | ||
| Q1 24 | 10.6% | — |
现金转化率EHCMAT
| Q4 25 | 2.37× | 7.50× | ||
| Q3 25 | 2.14× | 0.26× | ||
| Q2 25 | 1.90× | -5.62× | ||
| Q1 25 | 1.90× | — | ||
| Q4 24 | 2.31× | 6.12× | ||
| Q3 24 | 2.48× | 0.42× | ||
| Q2 24 | 1.91× | -4.45× | ||
| Q1 24 | 2.12× | — |
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
EHC
| Medicare | $1.0B | 66% |
| Medicare Advantage | $243.1M | 16% |
| Managed Care | $160.7M | 10% |
| Medicaid | $47.0M | 3% |
| Other Income Source | $44.8M | 3% |
| Other Thirdparty Payors | $11.2M | 1% |
| Workers Compensation | $7.6M | 0% |
| Patients | $4.6M | 0% |
MAT
| North America Segment | $1.0B | 58% |
| International Segment | $745.6M | 42% |
