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Encompass Health Corp（EHC）与环联（TRU）财务数据对比。点击上方公司名可切换其他公司
Encompass Health Corp的季度营收约是环联的1.2倍（$1.5B vs $1.2B），环联净利率更高（9.6% vs 9.5%，领先0.2%），环联同比增速更快（13.7% vs 9.9%），过去两年环联的营收复合增速更高（9.4% 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。
环联是美国知名消费者信用报告机构，与益博睿、艾奎法克斯并列美国三大征信机构，总部位于伊利诺伊州芝加哥。目前其业务覆盖30余个国家，累计收集超10亿消费者的信用信息，持有美国几乎所有有信用记录消费者的超2亿份档案，服务超6.5万家企业客户，2014年营收达13亿美元。
EHC vs TRU — 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
TRU
高出3.8%
9.9%
净利率更高
TRU
高出0.2%
9.5%
两年增速更快
TRU
近两年复合增速
8.3%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $1.5B | $1.2B |
| 净利润 | $146.1M | $120.0M |
| 毛利率 | — | — |
| 营业利润率 | 16.7% | 19.7% |
| 净利率 | 9.5% | 9.6% |
| 营收同比 | 9.9% | 13.7% |
| 净利润同比 | 20.8% | -4.0% |
| 每股收益（稀释后） | $1.43 | $0.61 |
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EHCTRU
| Q1 26 | — | $1.2B | ||
| Q4 25 | $1.5B | $1.2B | ||
| Q3 25 | $1.5B | $1.2B | ||
| Q2 25 | $1.5B | $1.1B | ||
| Q1 25 | $1.5B | $1.1B | ||
| Q4 24 | $1.4B | $1.0B | ||
| Q3 24 | $1.4B | $1.1B | ||
| Q2 24 | $1.3B | $1.0B |
净利润EHCTRU
| Q1 26 | — | $120.0M | ||
| Q4 25 | $146.1M | $101.1M | ||
| Q3 25 | $126.5M | $96.6M | ||
| Q2 25 | $142.1M | $109.6M | ||
| Q1 25 | $151.5M | $148.1M | ||
| Q4 24 | $120.9M | $66.3M | ||
| Q3 24 | $108.2M | $68.0M | ||
| Q2 24 | $114.1M | $85.0M |
营业利润率EHCTRU
| Q1 26 | — | 19.7% | ||
| Q4 25 | 16.7% | 17.4% | ||
| Q3 25 | 14.9% | 17.8% | ||
| Q2 25 | 16.2% | 16.9% | ||
| Q1 25 | 16.4% | 23.2% | ||
| Q4 24 | 14.3% | 16.5% | ||
| Q3 24 | 13.6% | 14.4% | ||
| Q2 24 | 14.3% | 17.5% |
净利率EHCTRU
| Q1 26 | — | 9.6% | ||
| Q4 25 | 9.5% | 8.6% | ||
| Q3 25 | 8.6% | 8.3% | ||
| Q2 25 | 9.7% | 9.6% | ||
| Q1 25 | 10.4% | 13.5% | ||
| Q4 24 | 8.6% | 6.4% | ||
| Q3 24 | 8.0% | 6.3% | ||
| Q2 24 | 8.8% | 8.2% |
每股收益（稀释后）EHCTRU
| Q1 26 | — | $0.61 | ||
| Q4 25 | $1.43 | $0.52 | ||
| Q3 25 | $1.24 | $0.49 | ||
| Q2 25 | $1.39 | $0.56 | ||
| Q1 25 | $1.48 | $0.75 | ||
| Q4 24 | $1.18 | $0.33 | ||
| Q3 24 | $1.06 | $0.35 | ||
| Q2 24 | $1.12 | $0.44 |
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 | $732.5M |
| 总债务越低越好 | $2.4B | $5.6B |
| 股东权益账面价值 | $2.4B | $4.9B |
| 总资产 | $7.1B | $12.0B |
| 负债/权益比越低杠杆越低 | 1.00× | 1.14× |
8季度趋势，按日历期对齐
现金及短期投资EHCTRU
| Q1 26 | — | $732.5M | ||
| Q4 25 | $72.2M | $856.3M | ||
| Q3 25 | $48.7M | $752.5M | ||
| Q2 25 | $99.1M | $690.0M | ||
| Q1 25 | $95.8M | $612.5M | ||
| Q4 24 | $85.4M | $682.0M | ||
| Q3 24 | $147.8M | $646.0M | ||
| Q2 24 | $154.4M | $545.8M |
总债务EHCTRU
| Q1 26 | — | $5.6B | ||
| Q4 25 | $2.4B | $4.9B | ||
| Q3 25 | $2.4B | — | ||
| Q2 25 | $2.3B | — | ||
| Q1 25 | $2.3B | — | ||
| Q4 24 | $2.4B | $5.1B | ||
| Q3 24 | $2.3B | — | ||
| Q2 24 | $2.7B | — |
股东权益EHCTRU
| Q1 26 | — | $4.9B | ||
| Q4 25 | $2.4B | $4.4B | ||
| Q3 25 | $2.4B | $4.5B | ||
| Q2 25 | $2.3B | $4.5B | ||
| Q1 25 | $2.2B | $4.4B | ||
| Q4 24 | $2.1B | $4.2B | ||
| Q3 24 | $2.0B | $4.2B | ||
| Q2 24 | $1.8B | $4.1B |
总资产EHCTRU
| Q1 26 | — | $12.0B | ||
| Q4 25 | $7.1B | $11.1B | ||
| Q3 25 | $6.9B | $11.1B | ||
| Q2 25 | $6.8B | $11.1B | ||
| Q1 25 | $6.6B | $10.9B | ||
| Q4 24 | $6.5B | $11.0B | ||
| Q3 24 | $6.5B | $11.1B | ||
| Q2 24 | $6.4B | $11.0B |
负债/权益比EHCTRU
| Q1 26 | — | 1.14× | ||
| Q4 25 | 1.00× | 1.11× | ||
| Q3 25 | 1.01× | — | ||
| Q2 25 | 1.02× | — | ||
| Q1 25 | 1.08× | — | ||
| Q4 24 | 1.14× | 1.20× | ||
| Q3 24 | 1.20× | — | ||
| Q2 24 | 1.46× | — |
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% | 5.2% |
| 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EHCTRU
| Q1 26 | — | — | ||
| Q4 25 | $346.0M | $319.5M | ||
| Q3 25 | $270.8M | $324.3M | ||
| Q2 25 | $270.2M | $291.3M | ||
| Q1 25 | $288.6M | $52.5M | ||
| Q4 24 | $278.8M | $254.0M | ||
| Q3 24 | $267.8M | $229.3M | ||
| Q2 24 | $217.4M | $295.2M |
自由现金流EHCTRU
| Q1 26 | — | — | ||
| Q4 25 | $116.7M | $222.8M | ||
| Q3 25 | $83.7M | $240.4M | ||
| Q2 25 | $113.3M | $214.3M | ||
| Q1 25 | $125.5M | $-15.9M | ||
| Q4 24 | $80.1M | $136.9M | ||
| Q3 24 | $120.3M | $161.3M | ||
| Q2 24 | $60.5M | $226.9M |
自由现金流率EHCTRU
| Q1 26 | — | — | ||
| Q4 25 | 7.6% | 19.0% | ||
| Q3 25 | 5.7% | 20.6% | ||
| Q2 25 | 7.8% | 18.8% | ||
| Q1 25 | 8.6% | -1.5% | ||
| Q4 24 | 5.7% | 13.2% | ||
| Q3 24 | 8.9% | 14.9% | ||
| Q2 24 | 4.6% | 21.8% |
资本支出强度EHCTRU
| Q1 26 | — | 5.2% | ||
| Q4 25 | 14.8% | 8.3% | ||
| Q3 25 | 12.7% | 7.2% | ||
| Q2 25 | 10.8% | 6.8% | ||
| Q1 25 | 11.2% | 6.2% | ||
| Q4 24 | 14.1% | 11.3% | ||
| Q3 24 | 10.9% | 6.3% | ||
| Q2 24 | 12.1% | 6.6% |
现金转化率EHCTRU
| Q1 26 | — | — | ||
| Q4 25 | 2.37× | 3.16× | ||
| Q3 25 | 2.14× | 3.36× | ||
| Q2 25 | 1.90× | 2.66× | ||
| Q1 25 | 1.90× | 0.35× | ||
| Q4 24 | 2.31× | 3.83× | ||
| Q3 24 | 2.48× | 3.37× | ||
| Q2 24 | 1.91× | 3.47× |
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% |
TRU
| U.S. Markets | $975.0M | 78% |
| International | $274.0M | 22% |
