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Encompass Health Corp（EHC）与NGL Energy Partners LP（NGL）财务数据对比。点击上方公司名可切换其他公司
Encompass Health Corp的季度营收约是NGL Energy Partners LP的1.7倍（$1.5B vs $909.8M），Encompass Health Corp净利率更高（9.5% vs 5.2%，领先4.3%），Encompass Health Corp同比增速更快（9.9% vs -41.3%），Encompass Health Corp自由现金流更多（$116.7M vs $45.7M），过去两年Encompass Health Corp的营收复合增速更高（8.3% vs -6.4%）
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。
NGL Energy Partners LP是一家总部位于美国的中游能源服务企业，主营原油、液化天然气、可再生燃料的运输、存储及物流服务，同时为上游能源生产商提供水资源管理解决方案，业务主要覆盖北美市场。
EHC vs NGL — 直观对比
营收规模更大
EHC
是对方的1.7倍
$909.8M
营收增速更快
EHC
高出51.2%
-41.3%
净利率更高
EHC
高出4.3%
5.2%
自由现金流更多
EHC
多$71.0M
$45.7M
两年增速更快
EHC
近两年复合增速
-6.4%
损益表 — Q4 FY2025 vs Q3 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $1.5B | $909.8M |
| 净利润 | $146.1M | $47.2M |
| 毛利率 | — | 29.0% |
| 营业利润率 | 16.7% | 12.1% |
| 净利率 | 9.5% | 5.2% |
| 营收同比 | 9.9% | -41.3% |
| 净利润同比 | 20.8% | 249.3% |
| 每股收益（稀释后） | $1.43 | — |
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EHCNGL
| Q4 25 | $1.5B | $909.8M | ||
| Q3 25 | $1.5B | $674.7M | ||
| Q2 25 | $1.5B | $622.2M | ||
| Q1 25 | $1.5B | $971.1M | ||
| Q4 24 | $1.4B | $982.4M | ||
| Q3 24 | $1.4B | $756.5M | ||
| Q2 24 | $1.3B | $759.2M | ||
| Q1 24 | $1.3B | $1.0B |
净利润EHCNGL
| Q4 25 | $146.1M | $47.2M | ||
| Q3 25 | $126.5M | $29.3M | ||
| Q2 25 | $142.1M | $68.9M | ||
| Q1 25 | $151.5M | $13.7M | ||
| Q4 24 | $120.9M | $13.5M | ||
| Q3 24 | $108.2M | $2.5M | ||
| Q2 24 | $114.1M | $9.7M | ||
| Q1 24 | $112.5M | $-236.8M |
毛利率EHCNGL
| Q4 25 | — | 29.0% | ||
| Q3 25 | — | 37.6% | ||
| Q2 25 | — | 38.5% | ||
| Q1 25 | — | 26.9% | ||
| Q4 24 | — | 25.1% | ||
| Q3 24 | — | 30.9% | ||
| Q2 24 | — | 29.0% | ||
| Q1 24 | — | 21.8% |
营业利润率EHCNGL
| Q4 25 | 16.7% | 12.1% | ||
| Q3 25 | 14.9% | 14.0% | ||
| Q2 25 | 16.2% | 15.7% | ||
| Q1 25 | 16.4% | 8.4% | ||
| Q4 24 | 14.3% | 8.6% | ||
| Q3 24 | 13.6% | 10.8% | ||
| Q2 24 | 14.3% | 10.8% | ||
| Q1 24 | 13.6% | -9.4% |
净利率EHCNGL
| Q4 25 | 9.5% | 5.2% | ||
| Q3 25 | 8.6% | 4.3% | ||
| Q2 25 | 9.7% | 11.1% | ||
| Q1 25 | 10.4% | 1.4% | ||
| Q4 24 | 8.6% | 1.4% | ||
| Q3 24 | 8.0% | 0.3% | ||
| Q2 24 | 8.8% | 1.3% | ||
| Q1 24 | 8.5% | -22.8% |
每股收益（稀释后）EHCNGL
| Q4 25 | $1.43 | — | ||
| Q3 25 | $1.24 | — | ||
| Q2 25 | $1.39 | — | ||
| Q1 25 | $1.48 | — | ||
| Q4 24 | $1.18 | — | ||
| Q3 24 | $1.06 | — | ||
| Q2 24 | $1.12 | — | ||
| Q1 24 | $1.10 | — |
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 | $6.5M |
| 总债务越低越好 | $2.4B | $2.9B |
| 股东权益账面价值 | $2.4B | — |
| 总资产 | $7.1B | $4.4B |
| 负债/权益比越低杠杆越低 | 1.00× | — |
8季度趋势，按日历期对齐
现金及短期投资EHCNGL
| Q4 25 | $72.2M | $6.5M | ||
| Q3 25 | $48.7M | $8.7M | ||
| Q2 25 | $99.1M | $5.4M | ||
| Q1 25 | $95.8M | $13.5M | ||
| Q4 24 | $85.4M | $5.7M | ||
| Q3 24 | $147.8M | $4.5M | ||
| Q2 24 | $154.4M | $5.3M | ||
| Q1 24 | $134.4M | $38.9M |
总债务EHCNGL
| Q4 25 | $2.4B | $2.9B | ||
| Q3 25 | $2.4B | $2.9B | ||
| Q2 25 | $2.3B | $2.9B | ||
| Q1 25 | $2.3B | $3.0B | ||
| Q4 24 | $2.4B | $3.1B | ||
| Q3 24 | $2.3B | $3.1B | ||
| Q2 24 | $2.7B | $3.0B | ||
| Q1 24 | $2.7B | $2.9B |
股东权益EHCNGL
| Q4 25 | $2.4B | — | ||
| Q3 25 | $2.4B | — | ||
| Q2 25 | $2.3B | — | ||
| Q1 25 | $2.2B | — | ||
| Q4 24 | $2.1B | — | ||
| Q3 24 | $2.0B | — | ||
| Q2 24 | $1.8B | — | ||
| Q1 24 | $1.7B | — |
总资产EHCNGL
| Q4 25 | $7.1B | $4.4B | ||
| Q3 25 | $6.9B | $4.3B | ||
| Q2 25 | $6.8B | $4.2B | ||
| Q1 25 | $6.6B | $4.6B | ||
| Q4 24 | $6.5B | $4.8B | ||
| Q3 24 | $6.5B | $4.9B | ||
| Q2 24 | $6.4B | $4.8B | ||
| Q1 24 | $6.2B | $5.0B |
负债/权益比EHCNGL
| Q4 25 | 1.00× | — | ||
| Q3 25 | 1.01× | — | ||
| Q2 25 | 1.02× | — | ||
| Q1 25 | 1.08× | — | ||
| Q4 24 | 1.14× | — | ||
| Q3 24 | 1.20× | — | ||
| Q2 24 | 1.46× | — | ||
| Q1 24 | 1.54× | — |
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 | $182.3M |
| 自由现金流经营现金流 - 资本支出 | $116.7M | $45.7M |
| 自由现金流率自由现金流/营收 | 7.6% | 5.0% |
| 资本支出强度资本支出/营收 | 14.8% | 15.0% |
| 现金转化率经营现金流/净利润 | 2.37× | 3.86× |
| 过去12个月自由现金流最近4个季度 | $439.2M | $126.7M |
8季度趋势，按日历期对齐
经营现金流EHCNGL
| Q4 25 | $346.0M | $182.3M | ||
| Q3 25 | $270.8M | $40.5M | ||
| Q2 25 | $270.2M | $33.2M | ||
| Q1 25 | $288.6M | $155.0M | ||
| Q4 24 | $278.8M | $153.8M | ||
| Q3 24 | $267.8M | $6.7M | ||
| Q2 24 | $217.4M | $-18.1M | ||
| Q1 24 | $238.8M | $152.2M |
自由现金流EHCNGL
| Q4 25 | $116.7M | $45.7M | ||
| Q3 25 | $83.7M | $9.5M | ||
| Q2 25 | $113.3M | $11.1M | ||
| Q1 25 | $125.5M | $60.4M | ||
| Q4 24 | $80.1M | $152.1M | ||
| Q3 24 | $120.3M | $-82.9M | ||
| Q2 24 | $60.5M | $-78.0M | ||
| Q1 24 | $99.4M | $119.8M |
自由现金流率EHCNGL
| Q4 25 | 7.6% | 5.0% | ||
| Q3 25 | 5.7% | 1.4% | ||
| Q2 25 | 7.8% | 1.8% | ||
| Q1 25 | 8.6% | 6.2% | ||
| Q4 24 | 5.7% | 15.5% | ||
| Q3 24 | 8.9% | -11.0% | ||
| Q2 24 | 4.6% | -10.3% | ||
| Q1 24 | 7.6% | 11.5% |
资本支出强度EHCNGL
| Q4 25 | 14.8% | 15.0% | ||
| Q3 25 | 12.7% | 4.6% | ||
| Q2 25 | 10.8% | 3.6% | ||
| Q1 25 | 11.2% | 9.7% | ||
| Q4 24 | 14.1% | 0.2% | ||
| Q3 24 | 10.9% | 11.8% | ||
| Q2 24 | 12.1% | 7.9% | ||
| Q1 24 | 10.6% | 3.1% |
现金转化率EHCNGL
| Q4 25 | 2.37× | 3.86× | ||
| Q3 25 | 2.14× | 1.38× | ||
| Q2 25 | 1.90× | 0.48× | ||
| Q1 25 | 1.90× | 11.29× | ||
| Q4 24 | 2.31× | 11.39× | ||
| Q3 24 | 2.48× | 2.74× | ||
| Q2 24 | 1.91× | -1.87× | ||
| 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% |
NGL
| Water Solutions Segment | $208.6M | 23% |
| Services | $193.3M | 21% |
| Butane | $192.5M | 21% |
| Service Fees | $182.8M | 20% |
| Public Utilities Inventory Propane | $93.9M | 10% |
| Crude Oil | $23.3M | 3% |
| Crude Oil Transportation And Other | $6.5M | 1% |
| Liquids Logistics Segment | $2.5M | 0% |
| Crude Oil Logistics Segment | $1.2M | 0% |
