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Encompass Health Corp（EHC）与Sunrun Inc.（RUN）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Sunrun Inc.的1.3倍（$1.5B vs $1.2B），Encompass Health Corp净利率更高（9.5% vs 8.9%，领先0.5%），Sunrun Inc.同比增速更快（123.5% vs 9.9%），过去两年Sunrun Inc.的营收复合增速更高（59.0% 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。
Sunrun Inc.是美国知名的光伏系统及电池储能产品供应商，业务以服务住宅客户为主，2007年成立，总部位于加利福尼亚州旧金山，致力于为家庭用户提供高效的清洁能源解决方案。
EHC vs RUN — 直观对比
营收规模更大
EHC
是对方的1.3倍
$1.2B
营收增速更快
RUN
高出113.6%
9.9%
净利率更高
EHC
高出0.5%
8.9%
两年增速更快
RUN
近两年复合增速
8.3%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.5B | $1.2B |
| 净利润 | $146.1M | $103.6M |
| 毛利率 | — | — |
| 营业利润率 | 16.7% | 8.4% |
| 净利率 | 9.5% | 8.9% |
| 营收同比 | 9.9% | 123.5% |
| 净利润同比 | 20.8% | 103.7% |
| 每股收益（稀释后） | $1.43 | $0.38 |
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EHCRUN
| Q4 25 | $1.5B | $1.2B | ||
| Q3 25 | $1.5B | $724.6M | ||
| Q2 25 | $1.5B | $569.3M | ||
| Q1 25 | $1.5B | $504.3M | ||
| Q4 24 | $1.4B | $518.5M | ||
| Q3 24 | $1.4B | $537.2M | ||
| Q2 24 | $1.3B | $523.9M | ||
| Q1 24 | $1.3B | $458.2M |
净利润EHCRUN
| Q4 25 | $146.1M | $103.6M | ||
| Q3 25 | $126.5M | $16.6M | ||
| Q2 25 | $142.1M | $279.8M | ||
| Q1 25 | $151.5M | $50.0M | ||
| Q4 24 | $120.9M | $-2.8B | ||
| Q3 24 | $108.2M | $-83.8M | ||
| Q2 24 | $114.1M | $139.1M | ||
| Q1 24 | $112.5M | $-87.8M |
营业利润率EHCRUN
| Q4 25 | 16.7% | 8.4% | ||
| Q3 25 | 14.9% | 0.5% | ||
| Q2 25 | 16.2% | -19.7% | ||
| Q1 25 | 16.4% | -22.8% | ||
| Q4 24 | 14.3% | -628.0% | ||
| Q3 24 | 13.6% | -23.8% | ||
| Q2 24 | 14.3% | -24.4% | ||
| Q1 24 | 13.6% | -40.0% |
净利率EHCRUN
| Q4 25 | 9.5% | 8.9% | ||
| Q3 25 | 8.6% | 2.3% | ||
| Q2 25 | 9.7% | 49.1% | ||
| Q1 25 | 10.4% | 9.9% | ||
| Q4 24 | 8.6% | -542.7% | ||
| Q3 24 | 8.0% | -15.6% | ||
| Q2 24 | 8.8% | 26.5% | ||
| Q1 24 | 8.5% | -19.2% |
每股收益（稀释后）EHCRUN
| Q4 25 | $1.43 | $0.38 | ||
| Q3 25 | $1.24 | $0.06 | ||
| Q2 25 | $1.39 | $1.07 | ||
| Q1 25 | $1.48 | $0.20 | ||
| Q4 24 | $1.18 | $-12.59 | ||
| Q3 24 | $1.06 | $-0.37 | ||
| Q2 24 | $1.12 | $0.55 | ||
| Q1 24 | $1.10 | $-0.40 |
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 | — |
| 总债务越低越好 | $2.4B | $14.7B |
| 股东权益账面价值 | $2.4B | $3.1B |
| 总资产 | $7.1B | $22.6B |
| 负债/权益比越低杠杆越低 | 1.00× | 4.69× |
8季度趋势，按日历期对齐
现金及短期投资EHCRUN
| Q4 25 | $72.2M | — | ||
| Q3 25 | $48.7M | — | ||
| Q2 25 | $99.1M | — | ||
| Q1 25 | $95.8M | — | ||
| Q4 24 | $85.4M | — | ||
| Q3 24 | $147.8M | — | ||
| Q2 24 | $154.4M | — | ||
| Q1 24 | $134.4M | — |
总债务EHCRUN
| Q4 25 | $2.4B | $14.7B | ||
| Q3 25 | $2.4B | $14.6B | ||
| Q2 25 | $2.3B | $14.0B | ||
| Q1 25 | $2.3B | $13.6B | ||
| Q4 24 | $2.4B | $12.9B | ||
| Q3 24 | $2.3B | $12.5B | ||
| Q2 24 | $2.7B | $12.0B | ||
| Q1 24 | $2.7B | $11.1B |
股东权益EHCRUN
| Q4 25 | $2.4B | $3.1B | ||
| Q3 25 | $2.4B | $3.0B | ||
| Q2 25 | $2.3B | $2.9B | ||
| Q1 25 | $2.2B | $2.6B | ||
| Q4 24 | $2.1B | $2.6B | ||
| Q3 24 | $2.0B | $5.3B | ||
| Q2 24 | $1.8B | $5.4B | ||
| Q1 24 | $1.7B | $5.2B |
总资产EHCRUN
| Q4 25 | $7.1B | $22.6B | ||
| Q3 25 | $6.9B | $22.2B | ||
| Q2 25 | $6.8B | $21.2B | ||
| Q1 25 | $6.6B | $20.4B | ||
| Q4 24 | $6.5B | $19.9B | ||
| Q3 24 | $6.5B | $22.1B | ||
| Q2 24 | $6.4B | $21.4B | ||
| Q1 24 | $6.2B | $20.8B |
负债/权益比EHCRUN
| Q4 25 | 1.00× | 4.69× | ||
| Q3 25 | 1.01× | 4.90× | ||
| Q2 25 | 1.02× | 4.80× | ||
| Q1 25 | 1.08× | 5.19× | ||
| Q4 24 | 1.14× | 5.05× | ||
| Q3 24 | 1.20× | 2.36× | ||
| Q2 24 | 1.46× | 2.23× | ||
| Q1 24 | 1.54× | 2.15× |
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 | $96.9M |
| 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× | 0.94× |
| 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EHCRUN
| Q4 25 | $346.0M | $96.9M | ||
| Q3 25 | $270.8M | $-121.5M | ||
| Q2 25 | $270.2M | $-292.7M | ||
| Q1 25 | $288.6M | $-104.2M | ||
| Q4 24 | $278.8M | $-258.4M | ||
| Q3 24 | $267.8M | $-156.2M | ||
| Q2 24 | $217.4M | $-208.5M | ||
| Q1 24 | $238.8M | $-143.1M |
自由现金流EHCRUN
| Q4 25 | $116.7M | — | ||
| Q3 25 | $83.7M | — | ||
| Q2 25 | $113.3M | — | ||
| Q1 25 | $125.5M | — | ||
| Q4 24 | $80.1M | — | ||
| Q3 24 | $120.3M | $-156.4M | ||
| Q2 24 | $60.5M | — | ||
| Q1 24 | $99.4M | — |
自由现金流率EHCRUN
| Q4 25 | 7.6% | — | ||
| Q3 25 | 5.7% | — | ||
| Q2 25 | 7.8% | — | ||
| Q1 25 | 8.6% | — | ||
| Q4 24 | 5.7% | — | ||
| Q3 24 | 8.9% | -29.1% | ||
| Q2 24 | 4.6% | — | ||
| Q1 24 | 7.6% | — |
资本支出强度EHCRUN
| Q4 25 | 14.8% | — | ||
| Q3 25 | 12.7% | — | ||
| Q2 25 | 10.8% | — | ||
| Q1 25 | 11.2% | — | ||
| Q4 24 | 14.1% | — | ||
| Q3 24 | 10.9% | 0.0% | ||
| Q2 24 | 12.1% | — | ||
| Q1 24 | 10.6% | — |
现金转化率EHCRUN
| Q4 25 | 2.37× | 0.94× | ||
| Q3 25 | 2.14× | -7.33× | ||
| Q2 25 | 1.90× | -1.05× | ||
| Q1 25 | 1.90× | -2.08× | ||
| Q4 24 | 2.31× | — | ||
| Q3 24 | 2.48× | — | ||
| Q2 24 | 1.91× | -1.50× | ||
| 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% |
RUN
| Products | $692.3M | 60% |
| Customer Agreements | $435.2M | 38% |
| Manufactured Product Other | $56.7M | 5% |
| Incentives | $31.3M | 3% |
