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Encompass Health Corp（EHC）与希悦尔（SEE）财务数据对比。点击上方公司名可切换其他公司
Encompass Health Corp的季度营收约是希悦尔的1.1倍（$1.5B vs $1.4B），Encompass Health Corp净利率更高（9.5% vs 3.1%，领先6.3%），Encompass Health Corp同比增速更快（9.9% vs 2.6%），希悦尔自由现金流更多（$257.7M vs $116.7M），过去两年Encompass Health Corp的营收复合增速更高（8.3% vs 2.7%）
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。
希悦尔是全球领先的包装与防护解决方案供应商，核心产品包括缓冲防护材料、食品保鲜包装、可持续减废包装系统，服务覆盖电商、零售、食品饮料、工业制造等多个海内外领域。
EHC vs SEE — 直观对比
营收规模更大
EHC
是对方的1.1倍
$1.4B
营收增速更快
EHC
高出7.3%
2.6%
净利率更高
EHC
高出6.3%
3.1%
自由现金流更多
SEE
多$141.0M
$116.7M
两年增速更快
EHC
近两年复合增速
2.7%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.5B | $1.4B |
| 净利润 | $146.1M | $43.8M |
| 毛利率 | — | 28.6% |
| 营业利润率 | 16.7% | 11.4% |
| 净利率 | 9.5% | 3.1% |
| 营收同比 | 9.9% | 2.6% |
| 净利润同比 | 20.8% | 700.0% |
| 每股收益（稀释后） | $1.43 | $0.30 |
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EHCSEE
| Q4 25 | $1.5B | $1.4B | ||
| Q3 25 | $1.5B | $1.3B | ||
| Q2 25 | $1.5B | $1.3B | ||
| Q1 25 | $1.5B | $1.3B | ||
| Q4 24 | $1.4B | $1.4B | ||
| Q3 24 | $1.4B | $1.3B | ||
| Q2 24 | $1.3B | $1.3B | ||
| Q1 24 | $1.3B | $1.3B |
净利润EHCSEE
| Q4 25 | $146.1M | $43.8M | ||
| Q3 25 | $126.5M | $255.1M | ||
| Q2 25 | $142.1M | $93.1M | ||
| Q1 25 | $151.5M | $113.5M | ||
| Q4 24 | $120.9M | $-7.3M | ||
| Q3 24 | $108.2M | $91.7M | ||
| Q2 24 | $114.1M | $98.3M | ||
| Q1 24 | $112.5M | $82.0M |
毛利率EHCSEE
| Q4 25 | — | 28.6% | ||
| Q3 25 | — | 29.8% | ||
| Q2 25 | — | 30.7% | ||
| Q1 25 | — | 30.9% | ||
| Q4 24 | — | 30.0% | ||
| Q3 24 | — | 30.1% | ||
| Q2 24 | — | 31.2% | ||
| Q1 24 | — | 30.3% |
营业利润率EHCSEE
| Q4 25 | 16.7% | 11.4% | ||
| Q3 25 | 14.9% | 13.8% | ||
| Q2 25 | 16.2% | 15.0% | ||
| Q1 25 | 16.4% | 14.5% | ||
| Q4 24 | 14.3% | 11.7% | ||
| Q3 24 | 13.6% | 13.9% | ||
| Q2 24 | 14.3% | 15.4% | ||
| Q1 24 | 13.6% | 14.0% |
净利率EHCSEE
| Q4 25 | 9.5% | 3.1% | ||
| Q3 25 | 8.6% | 19.0% | ||
| Q2 25 | 9.7% | 7.0% | ||
| Q1 25 | 10.4% | 9.0% | ||
| Q4 24 | 8.6% | -0.5% | ||
| Q3 24 | 8.0% | 6.9% | ||
| Q2 24 | 8.8% | 7.4% | ||
| Q1 24 | 8.5% | 6.2% |
每股收益（稀释后）EHCSEE
| Q4 25 | $1.43 | $0.30 | ||
| Q3 25 | $1.24 | $1.73 | ||
| Q2 25 | $1.39 | $0.63 | ||
| Q1 25 | $1.48 | $0.77 | ||
| Q4 24 | $1.18 | $-0.05 | ||
| Q3 24 | $1.06 | $0.63 | ||
| Q2 24 | $1.12 | $0.67 | ||
| Q1 24 | $1.10 | $0.56 |
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 | $344.0M |
| 总债务越低越好 | $2.4B | $3.3B |
| 股东权益账面价值 | $2.4B | $1.2B |
| 总资产 | $7.1B | $7.0B |
| 负债/权益比越低杠杆越低 | 1.00× | 2.65× |
8季度趋势，按日历期对齐
现金及短期投资EHCSEE
| Q4 25 | $72.2M | $344.0M | ||
| Q3 25 | $48.7M | $282.5M | ||
| Q2 25 | $99.1M | $354.4M | ||
| Q1 25 | $95.8M | $335.2M | ||
| Q4 24 | $85.4M | $371.8M | ||
| Q3 24 | $147.8M | $386.0M | ||
| Q2 24 | $154.4M | $388.6M | ||
| Q1 24 | $134.4M | $352.8M |
总债务EHCSEE
| Q4 25 | $2.4B | $3.3B | ||
| Q3 25 | $2.4B | $4.0B | ||
| Q2 25 | $2.3B | $4.0B | ||
| Q1 25 | $2.3B | $4.2B | ||
| Q4 24 | $2.4B | $4.2B | ||
| Q3 24 | $2.3B | $4.3B | ||
| Q2 24 | $2.7B | $4.4B | ||
| Q1 24 | $2.7B | $4.5B |
股东权益EHCSEE
| Q4 25 | $2.4B | $1.2B | ||
| Q3 25 | $2.4B | $1.2B | ||
| Q2 25 | $2.3B | $953.1M | ||
| Q1 25 | $2.2B | $797.9M | ||
| Q4 24 | $2.1B | $624.5M | ||
| Q3 24 | $2.0B | $771.2M | ||
| Q2 24 | $1.8B | $650.1M | ||
| Q1 24 | $1.7B | $598.3M |
总资产EHCSEE
| Q4 25 | $7.1B | $7.0B | ||
| Q3 25 | $6.9B | $7.1B | ||
| Q2 25 | $6.8B | $7.2B | ||
| Q1 25 | $6.6B | $7.0B | ||
| Q4 24 | $6.5B | $7.0B | ||
| Q3 24 | $6.5B | $7.3B | ||
| Q2 24 | $6.4B | $7.3B | ||
| Q1 24 | $6.2B | $7.2B |
负债/权益比EHCSEE
| Q4 25 | 1.00× | 2.65× | ||
| Q3 25 | 1.01× | 3.34× | ||
| Q2 25 | 1.02× | 4.18× | ||
| Q1 25 | 1.08× | 5.26× | ||
| Q4 24 | 1.14× | 6.72× | ||
| Q3 24 | 1.20× | 5.62× | ||
| Q2 24 | 1.46× | 6.81× | ||
| Q1 24 | 1.54× | 7.49× |
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 | $293.6M |
| 自由现金流经营现金流 - 资本支出 | $116.7M | $257.7M |
| 自由现金流率自由现金流/营收 | 7.6% | 18.5% |
| 资本支出强度资本支出/营收 | 14.8% | 2.6% |
| 现金转化率经营现金流/净利润 | 2.37× | 6.70× |
| 过去12个月自由现金流最近4个季度 | $439.2M | $458.5M |
8季度趋势，按日历期对齐
经营现金流EHCSEE
| Q4 25 | $346.0M | $293.6M | ||
| Q3 25 | $270.8M | $165.9M | ||
| Q2 25 | $270.2M | $136.6M | ||
| Q1 25 | $288.6M | $31.9M | ||
| Q4 24 | $278.8M | $244.2M | ||
| Q3 24 | $267.8M | $170.5M | ||
| Q2 24 | $217.4M | $188.2M | ||
| Q1 24 | $238.8M | $125.1M |
自由现金流EHCSEE
| Q4 25 | $116.7M | $257.7M | ||
| Q3 25 | $83.7M | $119.6M | ||
| Q2 25 | $113.3M | $93.2M | ||
| Q1 25 | $125.5M | $-12.0M | ||
| Q4 24 | $80.1M | $185.1M | ||
| Q3 24 | $120.3M | $115.2M | ||
| Q2 24 | $60.5M | $129.5M | ||
| Q1 24 | $99.4M | $78.0M |
自由现金流率EHCSEE
| Q4 25 | 7.6% | 18.5% | ||
| Q3 25 | 5.7% | 8.9% | ||
| Q2 25 | 7.8% | 7.0% | ||
| Q1 25 | 8.6% | -0.9% | ||
| Q4 24 | 5.7% | 13.6% | ||
| Q3 24 | 8.9% | 8.6% | ||
| Q2 24 | 4.6% | 9.7% | ||
| Q1 24 | 7.6% | 5.9% |
资本支出强度EHCSEE
| Q4 25 | 14.8% | 2.6% | ||
| Q3 25 | 12.7% | 3.4% | ||
| Q2 25 | 10.8% | 3.3% | ||
| Q1 25 | 11.2% | 3.5% | ||
| Q4 24 | 14.1% | 4.4% | ||
| Q3 24 | 10.9% | 4.1% | ||
| Q2 24 | 12.1% | 4.4% | ||
| Q1 24 | 10.6% | 3.6% |
现金转化率EHCSEE
| Q4 25 | 2.37× | 6.70× | ||
| Q3 25 | 2.14× | 0.65× | ||
| Q2 25 | 1.90× | 1.47× | ||
| Q1 25 | 1.90× | 0.28× | ||
| Q4 24 | 2.31× | — | ||
| Q3 24 | 2.48× | 1.86× | ||
| Q2 24 | 1.91× | 1.91× | ||
| Q1 24 | 2.12× | 1.53× |
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% |
SEE
| Protective Segment | $1.1B | 78% |
| Other | $292.0M | 21% |
| Pension Plans Defined Benefit | $7.9M | 1% |
