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Encompass Health Corp（EHC）与TRINET GROUP, INC.（TNET）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TRINET GROUP, INC.的1.2倍（$1.5B vs $1.2B），Encompass Health Corp同比增速更快（9.9% vs -2.2%），Encompass Health Corp自由现金流更多（$116.7M vs $43.0M），过去两年Encompass Health Corp的营收复合增速更高（8.3% vs -0.6%）
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。
TriNet Group, Inc.是一家面向中小企业的专业雇主组织，总部位于加州都柏林，服务员工规模在3至2500人之间的各类机构。可提供薪资管理、健康福利管理服务，还能为客户提供劳动法规合规、风险降低相关咨询，可作为外包人力资源部门为企业分担人事相关事务。
EHC vs TNET — 直观对比
营收规模更大
EHC
是对方的1.2倍
$1.2B
营收增速更快
EHC
高出12.1%
-2.2%
自由现金流更多
EHC
多$73.7M
$43.0M
两年增速更快
EHC
近两年复合增速
-0.6%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.5B | $1.2B |
| 净利润 | $146.1M | — |
| 毛利率 | — | — |
| 营业利润率 | 16.7% | 0.1% |
| 净利率 | 9.5% | — |
| 营收同比 | 9.9% | -2.2% |
| 净利润同比 | 20.8% | — |
| 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EHCTNET
| Q4 25 | $1.5B | $1.2B | ||
| Q3 25 | $1.5B | $1.2B | ||
| Q2 25 | $1.5B | $1.2B | ||
| Q1 25 | $1.5B | $1.3B | ||
| Q4 24 | $1.4B | $1.3B | ||
| Q3 24 | $1.4B | $1.2B | ||
| Q2 24 | $1.3B | $1.2B | ||
| Q1 24 | $1.3B | $1.3B |
净利润EHCTNET
| Q4 25 | $146.1M | — | ||
| Q3 25 | $126.5M | $34.0M | ||
| Q2 25 | $142.1M | $37.0M | ||
| Q1 25 | $151.5M | $85.0M | ||
| Q4 24 | $120.9M | — | ||
| Q3 24 | $108.2M | $45.0M | ||
| Q2 24 | $114.1M | $60.0M | ||
| Q1 24 | $112.5M | $91.0M |
营业利润率EHCTNET
| Q4 25 | 16.7% | 0.1% | ||
| Q3 25 | 14.9% | 4.1% | ||
| Q2 25 | 16.2% | 4.1% | ||
| Q1 25 | 16.4% | 8.9% | ||
| Q4 24 | 14.3% | -2.9% | ||
| Q3 24 | 13.6% | 4.7% | ||
| Q2 24 | 14.3% | 6.5% | ||
| Q1 24 | 13.6% | 9.7% |
净利率EHCTNET
| Q4 25 | 9.5% | — | ||
| Q3 25 | 8.6% | 2.8% | ||
| Q2 25 | 9.7% | 3.0% | ||
| Q1 25 | 10.4% | 6.6% | ||
| Q4 24 | 8.6% | — | ||
| Q3 24 | 8.0% | 3.6% | ||
| Q2 24 | 8.8% | 4.9% | ||
| Q1 24 | 8.5% | 7.2% |
每股收益（稀释后）EHCTNET
| Q4 25 | $1.43 | $0.02 | ||
| Q3 25 | $1.24 | $0.70 | ||
| Q2 25 | $1.39 | $0.77 | ||
| Q1 25 | $1.48 | $1.71 | ||
| Q4 24 | $1.18 | $-0.44 | ||
| Q3 24 | $1.06 | $0.89 | ||
| Q2 24 | $1.12 | $1.20 | ||
| Q1 24 | $1.10 | $1.78 |
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 | $287.0M |
| 总债务越低越好 | $2.4B | — |
| 股东权益账面价值 | $2.4B | $54.0M |
| 总资产 | $7.1B | $3.8B |
| 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EHCTNET
| Q4 25 | $72.2M | $287.0M | ||
| Q3 25 | $48.7M | $321.0M | ||
| Q2 25 | $99.1M | $407.0M | ||
| Q1 25 | $95.8M | $349.0M | ||
| Q4 24 | $85.4M | $360.0M | ||
| Q3 24 | $147.8M | $301.0M | ||
| Q2 24 | $154.4M | $249.0M | ||
| Q1 24 | $134.4M | $383.0M |
总债务EHCTNET
| Q4 25 | $2.4B | — | ||
| Q3 25 | $2.4B | — | ||
| Q2 25 | $2.3B | — | ||
| Q1 25 | $2.3B | — | ||
| Q4 24 | $2.4B | — | ||
| Q3 24 | $2.3B | — | ||
| Q2 24 | $2.7B | — | ||
| Q1 24 | $2.7B | — |
股东权益EHCTNET
| Q4 25 | $2.4B | $54.0M | ||
| Q3 25 | $2.4B | $110.0M | ||
| Q2 25 | $2.3B | $107.0M | ||
| Q1 25 | $2.2B | $63.0M | ||
| Q4 24 | $2.1B | $69.0M | ||
| Q3 24 | $2.0B | $129.0M | ||
| Q2 24 | $1.8B | $100.0M | ||
| Q1 24 | $1.7B | $143.0M |
总资产EHCTNET
| Q4 25 | $7.1B | $3.8B | ||
| Q3 25 | $6.9B | $3.4B | ||
| Q2 25 | $6.8B | $3.7B | ||
| Q1 25 | $6.6B | $3.8B | ||
| Q4 24 | $6.5B | $4.1B | ||
| Q3 24 | $6.5B | $3.7B | ||
| Q2 24 | $6.4B | $3.7B | ||
| Q1 24 | $6.2B | $4.0B |
负债/权益比EHCTNET
| 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 | $61.0M |
| 自由现金流经营现金流 - 资本支出 | $116.7M | $43.0M |
| 自由现金流率自由现金流/营收 | 7.6% | 3.4% |
| 资本支出强度资本支出/营收 | 14.8% | 1.4% |
| 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 | $234.0M |
8季度趋势，按日历期对齐
经营现金流EHCTNET
| Q4 25 | $346.0M | $61.0M | ||
| Q3 25 | $270.8M | $72.0M | ||
| Q2 25 | $270.2M | $75.0M | ||
| Q1 25 | $288.6M | $95.0M | ||
| Q4 24 | $278.8M | $65.0M | ||
| Q3 24 | $267.8M | $84.0M | ||
| Q2 24 | $217.4M | $39.0M | ||
| Q1 24 | $238.8M | $91.0M |
自由现金流EHCTNET
| Q4 25 | $116.7M | $43.0M | ||
| Q3 25 | $83.7M | $55.0M | ||
| Q2 25 | $113.3M | $57.0M | ||
| Q1 25 | $125.5M | $79.0M | ||
| Q4 24 | $80.1M | $47.0M | ||
| Q3 24 | $120.3M | $59.0M | ||
| Q2 24 | $60.5M | $22.0M | ||
| Q1 24 | $99.4M | $73.0M |
自由现金流率EHCTNET
| Q4 25 | 7.6% | 3.4% | ||
| Q3 25 | 5.7% | 4.5% | ||
| Q2 25 | 7.8% | 4.6% | ||
| Q1 25 | 8.6% | 6.1% | ||
| Q4 24 | 5.7% | 3.7% | ||
| Q3 24 | 8.9% | 4.8% | ||
| Q2 24 | 4.6% | 1.8% | ||
| Q1 24 | 7.6% | 5.8% |
资本支出强度EHCTNET
| Q4 25 | 14.8% | 1.4% | ||
| Q3 25 | 12.7% | 1.4% | ||
| Q2 25 | 10.8% | 1.5% | ||
| Q1 25 | 11.2% | 1.2% | ||
| Q4 24 | 14.1% | 1.4% | ||
| Q3 24 | 10.9% | 2.0% | ||
| Q2 24 | 12.1% | 1.4% | ||
| Q1 24 | 10.6% | 1.4% |
现金转化率EHCTNET
| Q4 25 | 2.37× | — | ||
| Q3 25 | 2.14× | 2.12× | ||
| Q2 25 | 1.90× | 2.03× | ||
| Q1 25 | 1.90× | 1.12× | ||
| Q4 24 | 2.31× | — | ||
| Q3 24 | 2.48× | 1.87× | ||
| Q2 24 | 1.91× | 0.65× | ||
| Q1 24 | 2.12× | 1.00× |
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% |
TNET
| Insurance Services | $1.1B | 85% |
| Professional Services | $169.0M | 14% |
