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Encompass Health Corp（EHC）与PENN Entertainment, Inc.（PENN）财务数据对比。点击上方公司名可切换其他公司
PENN Entertainment, Inc.的季度营收约是Encompass Health Corp的1.2倍（$1.8B vs $1.5B），Encompass Health Corp净利率更高（9.5% vs -0.2%，领先9.6%），Encompass Health Corp同比增速更快（9.9% vs 6.4%），过去两年Encompass Health Corp的营收复合增速更高（8.3% vs 3.4%）
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。
Penn Entertainment, Inc.（前称宾州国家博彩）是美国知名娱乐企业，业务涵盖综合娱乐运营、体育内容供给及赌场博彩服务，旗下运营好莱坞赌场、Ameristar、Boomtown等品牌，在全美20个州拥有43处经营场所，同时持有加拿大数字媒体企业Score Media and Gaming的所有权。
EHC vs PENN — 直观对比
营收规模更大
PENN
是对方的1.2倍
$1.5B
营收增速更快
EHC
高出3.6%
6.4%
净利率更高
EHC
高出9.6%
-0.2%
两年增速更快
EHC
近两年复合增速
3.4%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $1.5B | $1.8B |
| 净利润 | $146.1M | $-2.8M |
| 毛利率 | — | — |
| 营业利润率 | 16.7% | 5.5% |
| 净利率 | 9.5% | -0.2% |
| 营收同比 | 9.9% | 6.4% |
| 净利润同比 | 20.8% | 66.7% |
| 每股收益（稀释后） | $1.43 | $-0.02 |
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EHCPENN
| Q1 26 | — | $1.8B | ||
| Q4 25 | $1.5B | $1.8B | ||
| Q3 25 | $1.5B | $1.7B | ||
| Q2 25 | $1.5B | $1.8B | ||
| Q1 25 | $1.5B | $1.7B | ||
| Q4 24 | $1.4B | $1.7B | ||
| Q3 24 | $1.4B | $1.6B | ||
| Q2 24 | $1.3B | $1.7B |
净利润EHCPENN
| Q1 26 | — | $-2.8M | ||
| Q4 25 | $146.1M | $-72.9M | ||
| Q3 25 | $126.5M | $-864.6M | ||
| Q2 25 | $142.1M | $-17.4M | ||
| Q1 25 | $151.5M | $111.8M | ||
| Q4 24 | $120.9M | $-133.3M | ||
| Q3 24 | $108.2M | $-36.7M | ||
| Q2 24 | $114.1M | $-26.8M |
营业利润率EHCPENN
| Q1 26 | — | 5.5% | ||
| Q4 25 | 16.7% | -1.0% | ||
| Q3 25 | 14.9% | -45.2% | ||
| Q2 25 | 16.2% | 4.4% | ||
| Q1 25 | 16.4% | 2.6% | ||
| Q4 24 | 14.3% | -2.9% | ||
| Q3 24 | 13.6% | 4.1% | ||
| Q2 24 | 14.3% | 4.5% |
净利率EHCPENN
| Q1 26 | — | -0.2% | ||
| Q4 25 | 9.5% | -4.0% | ||
| Q3 25 | 8.6% | -50.3% | ||
| Q2 25 | 9.7% | -1.0% | ||
| Q1 25 | 10.4% | 6.7% | ||
| Q4 24 | 8.6% | -8.0% | ||
| Q3 24 | 8.0% | -2.2% | ||
| Q2 24 | 8.8% | -1.6% |
每股收益（稀释后）EHCPENN
| Q1 26 | — | $-0.02 | ||
| Q4 25 | $1.43 | $-0.36 | ||
| Q3 25 | $1.24 | $-6.03 | ||
| Q2 25 | $1.39 | $-0.12 | ||
| Q1 25 | $1.48 | $0.68 | ||
| Q4 24 | $1.18 | $-0.87 | ||
| Q3 24 | $1.06 | $-0.24 | ||
| Q2 24 | $1.12 | $-0.18 |
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 | $708.0M |
| 总债务越低越好 | $2.4B | — |
| 股东权益账面价值 | $2.4B | — |
| 总资产 | $7.1B | — |
| 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EHCPENN
| Q1 26 | — | $708.0M | ||
| Q4 25 | $72.2M | $686.6M | ||
| Q3 25 | $48.7M | $660.1M | ||
| Q2 25 | $99.1M | $671.6M | ||
| Q1 25 | $95.8M | $591.6M | ||
| Q4 24 | $85.4M | $706.6M | ||
| Q3 24 | $147.8M | $834.0M | ||
| Q2 24 | $154.4M | $877.6M |
总债务EHCPENN
| Q1 26 | — | — | ||
| Q4 25 | $2.4B | $2.9B | ||
| Q3 25 | $2.4B | $2.9B | ||
| Q2 25 | $2.3B | $2.8B | ||
| Q1 25 | $2.3B | $2.6B | ||
| Q4 24 | $2.4B | $2.8B | ||
| Q3 24 | $2.3B | $2.8B | ||
| Q2 24 | $2.7B | $2.8B |
股东权益EHCPENN
| Q1 26 | — | — | ||
| Q4 25 | $2.4B | $1.8B | ||
| Q3 25 | $2.4B | $2.0B | ||
| Q2 25 | $2.3B | $3.0B | ||
| Q1 25 | $2.2B | $3.0B | ||
| Q4 24 | $2.1B | $2.9B | ||
| Q3 24 | $2.0B | $3.1B | ||
| Q2 24 | $1.8B | $3.1B |
总资产EHCPENN
| Q1 26 | — | — | ||
| Q4 25 | $7.1B | $14.3B | ||
| Q3 25 | $6.9B | $14.3B | ||
| Q2 25 | $6.8B | $15.2B | ||
| Q1 25 | $6.6B | $15.1B | ||
| Q4 24 | $6.5B | $15.3B | ||
| Q3 24 | $6.5B | $15.5B | ||
| Q2 24 | $6.4B | $15.5B |
负债/权益比EHCPENN
| Q1 26 | — | — | ||
| Q4 25 | 1.00× | 1.58× | ||
| Q3 25 | 1.01× | 1.46× | ||
| Q2 25 | 1.02× | 0.94× | ||
| Q1 25 | 1.08× | 0.89× | ||
| Q4 24 | 1.14× | 0.98× | ||
| Q3 24 | 1.20× | 0.91× | ||
| Q2 24 | 1.46× | 0.91× |
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 | — |
| 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% | 5.3% |
| 现金转化率经营现金流/净利润 | 2.37× | — |
| 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EHCPENN
| Q1 26 | — | — | ||
| Q4 25 | $346.0M | $107.2M | ||
| Q3 25 | $270.8M | $180.9M | ||
| Q2 25 | $270.2M | $178.2M | ||
| Q1 25 | $288.6M | $41.9M | ||
| Q4 24 | $278.8M | $102.9M | ||
| Q3 24 | $267.8M | $174.7M | ||
| Q2 24 | $217.4M | $150.4M |
自由现金流EHCPENN
| Q1 26 | — | — | ||
| Q4 25 | $116.7M | $-83.2M | ||
| Q3 25 | $83.7M | $8.2M | ||
| Q2 25 | $113.3M | $18.8M | ||
| Q1 25 | $125.5M | $-83.3M | ||
| Q4 24 | $80.1M | $-118.1M | ||
| Q3 24 | $120.3M | $42.6M | ||
| Q2 24 | $60.5M | $62.2M |
自由现金流率EHCPENN
| Q1 26 | — | — | ||
| Q4 25 | 7.6% | -4.6% | ||
| Q3 25 | 5.7% | 0.5% | ||
| Q2 25 | 7.8% | 1.1% | ||
| Q1 25 | 8.6% | -5.0% | ||
| Q4 24 | 5.7% | -7.1% | ||
| Q3 24 | 8.9% | 2.6% | ||
| Q2 24 | 4.6% | 3.7% |
资本支出强度EHCPENN
| Q1 26 | — | 5.3% | ||
| Q4 25 | 14.8% | 10.5% | ||
| Q3 25 | 12.7% | 10.1% | ||
| Q2 25 | 10.8% | 9.0% | ||
| Q1 25 | 11.2% | 7.5% | ||
| Q4 24 | 14.1% | 13.2% | ||
| Q3 24 | 10.9% | 8.1% | ||
| Q2 24 | 12.1% | 5.3% |
现金转化率EHCPENN
| Q1 26 | — | — | ||
| Q4 25 | 2.37× | — | ||
| Q3 25 | 2.14× | — | ||
| Q2 25 | 1.90× | — | ||
| Q1 25 | 1.90× | 0.37× | ||
| Q4 24 | 2.31× | — | ||
| Q3 24 | 2.48× | — | ||
| Q2 24 | 1.91× | — |
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% |
PENN
| Northeast segment (1) | $687.1M | 39% |
| Interactive (5) | $290.1M | 16% |
| South segment (2) | $288.3M | 16% |
| Midwest segment (4) | $282.9M | 16% |
| West segment (3) | $129.7M | 7% |
| Other | $101.0M | 6% |
