vs
Encompass Health Corp（EHC）与Ventas（VTR）财务数据对比。点击上方公司名可切换其他公司
Ventas的季度营收约是Encompass Health Corp的1.1倍（$1.7B vs $1.5B），Encompass Health Corp净利率更高（9.5% vs 3.6%，领先5.9%），Ventas同比增速更快（22.0% vs 9.9%），过去两年Ventas的营收复合增速更高（17.5% 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。
Ventas是一家领先的医疗地产投资信托企业，旗下资产涵盖养老社区、医疗办公楼、生命科学研究设施及康复医疗中心等，主要在北美、英国地区运营，为医疗服务及生命科学机构提供专业物业解决方案。
EHC vs VTR — 直观对比
营收规模更大
VTR
是对方的1.1倍
$1.5B
营收增速更快
VTR
高出12.1%
9.9%
净利率更高
EHC
高出5.9%
3.6%
两年增速更快
VTR
近两年复合增速
8.3%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $1.5B | $1.7B |
| 净利润 | $146.1M | $59.0M |
| 毛利率 | — | — |
| 营业利润率 | 16.7% | — |
| 净利率 | 9.5% | 3.6% |
| 营收同比 | 9.9% | 22.0% |
| 净利润同比 | 20.8% | 19.0% |
| 每股收益（稀释后） | $1.43 | — |
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EHCVTR
| Q1 26 | — | $1.7B | ||
| Q4 25 | $1.5B | $1.6B | ||
| Q3 25 | $1.5B | $1.5B | ||
| Q2 25 | $1.5B | $1.4B | ||
| Q1 25 | $1.5B | $1.4B | ||
| Q4 24 | $1.4B | $1.3B | ||
| Q3 24 | $1.4B | $1.2B | ||
| Q2 24 | $1.3B | $1.2B |
净利润EHCVTR
| Q1 26 | — | $59.0M | ||
| Q4 25 | $146.1M | $73.0M | ||
| Q3 25 | $126.5M | $68.7M | ||
| Q2 25 | $142.1M | $71.5M | ||
| Q1 25 | $151.5M | $48.4M | ||
| Q4 24 | $120.9M | $58.7M | ||
| Q3 24 | $108.2M | $21.0M | ||
| Q2 24 | $114.1M | $21.2M |
营业利润率EHCVTR
| Q1 26 | — | — | ||
| Q4 25 | 16.7% | 4.9% | ||
| Q3 25 | 14.9% | 3.0% | ||
| Q2 25 | 16.2% | 3.0% | ||
| Q1 25 | 16.4% | 3.0% | ||
| Q4 24 | 14.3% | -0.0% | ||
| Q3 24 | 13.6% | 1.5% | ||
| Q2 24 | 14.3% | -1.6% |
净利率EHCVTR
| Q1 26 | — | 3.6% | ||
| Q4 25 | 9.5% | 4.7% | ||
| Q3 25 | 8.6% | 4.6% | ||
| Q2 25 | 9.7% | 5.0% | ||
| Q1 25 | 10.4% | 3.6% | ||
| Q4 24 | 8.6% | 4.6% | ||
| Q3 24 | 8.0% | 1.7% | ||
| Q2 24 | 8.8% | 1.8% |
每股收益（稀释后）EHCVTR
| Q1 26 | — | — | ||
| Q4 25 | $1.43 | $0.15 | ||
| Q3 25 | $1.24 | $0.14 | ||
| Q2 25 | $1.39 | $0.15 | ||
| Q1 25 | $1.48 | $0.10 | ||
| Q4 24 | $1.18 | $0.13 | ||
| Q3 24 | $1.06 | $0.05 | ||
| Q2 24 | $1.12 | $0.05 |
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 | $183.6M |
| 总债务越低越好 | $2.4B | — |
| 股东权益账面价值 | $2.4B | $13.2B |
| 总资产 | $7.1B | $27.7B |
| 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EHCVTR
| Q1 26 | — | $183.6M | ||
| Q4 25 | $72.2M | $741.1M | ||
| Q3 25 | $48.7M | $188.6M | ||
| Q2 25 | $99.1M | $614.2M | ||
| Q1 25 | $95.8M | $182.3M | ||
| Q4 24 | $85.4M | $897.9M | ||
| Q3 24 | $147.8M | $1.1B | ||
| Q2 24 | $154.4M | $557.1M |
总债务EHCVTR
| Q1 26 | — | — | ||
| Q4 25 | $2.4B | $13.0B | ||
| Q3 25 | $2.4B | — | ||
| Q2 25 | $2.3B | — | ||
| Q1 25 | $2.3B | — | ||
| Q4 24 | $2.4B | $13.5B | ||
| Q3 24 | $2.3B | — | ||
| Q2 24 | $2.7B | — |
股东权益EHCVTR
| Q1 26 | — | $13.2B | ||
| Q4 25 | $2.4B | $12.5B | ||
| Q3 25 | $2.4B | $12.4B | ||
| Q2 25 | $2.3B | $11.5B | ||
| Q1 25 | $2.2B | $11.5B | ||
| Q4 24 | $2.1B | $10.8B | ||
| Q3 24 | $2.0B | $9.8B | ||
| Q2 24 | $1.8B | $9.6B |
总资产EHCVTR
| Q1 26 | — | $27.7B | ||
| Q4 25 | $7.1B | $27.6B | ||
| Q3 25 | $6.9B | $26.9B | ||
| Q2 25 | $6.8B | $26.5B | ||
| Q1 25 | $6.6B | $26.0B | ||
| Q4 24 | $6.5B | $26.2B | ||
| Q3 24 | $6.5B | $25.3B | ||
| Q2 24 | $6.4B | $24.5B |
负债/权益比EHCVTR
| Q1 26 | — | — | ||
| Q4 25 | 1.00× | 1.04× | ||
| Q3 25 | 1.01× | — | ||
| Q2 25 | 1.02× | — | ||
| Q1 25 | 1.08× | — | ||
| Q4 24 | 1.14× | 1.26× | ||
| 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% | — |
| 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EHCVTR
| Q1 26 | — | — | ||
| Q4 25 | $346.0M | $471.7M | ||
| Q3 25 | $270.8M | $378.6M | ||
| Q2 25 | $270.2M | $475.3M | ||
| Q1 25 | $288.6M | $321.1M | ||
| Q4 24 | $278.8M | $373.6M | ||
| Q3 24 | $267.8M | $353.7M | ||
| Q2 24 | $217.4M | $335.9M |
自由现金流EHCVTR
| Q1 26 | — | — | ||
| Q4 25 | $116.7M | — | ||
| Q3 25 | $83.7M | — | ||
| Q2 25 | $113.3M | — | ||
| Q1 25 | $125.5M | — | ||
| Q4 24 | $80.1M | — | ||
| Q3 24 | $120.3M | — | ||
| Q2 24 | $60.5M | — |
自由现金流率EHCVTR
| Q1 26 | — | — | ||
| Q4 25 | 7.6% | — | ||
| Q3 25 | 5.7% | — | ||
| Q2 25 | 7.8% | — | ||
| Q1 25 | 8.6% | — | ||
| Q4 24 | 5.7% | — | ||
| Q3 24 | 8.9% | — | ||
| Q2 24 | 4.6% | — |
资本支出强度EHCVTR
| Q1 26 | — | — | ||
| Q4 25 | 14.8% | — | ||
| Q3 25 | 12.7% | — | ||
| Q2 25 | 10.8% | — | ||
| Q1 25 | 11.2% | — | ||
| Q4 24 | 14.1% | — | ||
| Q3 24 | 10.9% | — | ||
| Q2 24 | 12.1% | — |
现金转化率EHCVTR
| Q1 26 | — | — | ||
| Q4 25 | 2.37× | 6.46× | ||
| Q3 25 | 2.14× | 5.51× | ||
| Q2 25 | 1.90× | 6.65× | ||
| Q1 25 | 1.90× | 6.64× | ||
| Q4 24 | 2.31× | 6.36× | ||
| Q3 24 | 2.48× | 16.84× | ||
| Q2 24 | 1.91× | 15.87× |
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% |
VTR
| Resident fees and services | $1.3B | 78% |
| Outpatient medical and research portfolio | $230.1M | 14% |
| Triple-net leased properties | $123.1M | 7% |
| Third-party capital management revenues | $4.4M | 0% |
