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eHealth, Inc.（EHTH）与Forestar Group Inc.（FOR）财务数据对比。点击上方公司名可切换其他公司
eHealth, Inc.的季度营收约是Forestar Group Inc.的1.2倍（$326.2M vs $273.0M），eHealth, Inc.净利率更高（26.7% vs 5.6%，领先21.1%），Forestar Group Inc.同比增速更快（9.0% vs 3.5%），eHealth, Inc.自由现金流更多（$-36.1M vs $-157.1M），过去两年eHealth, Inc.的营收复合增速更高（87.3% vs -9.6%）
eHealth, Inc.以eHealthInsurance品牌开展业务，是一家公开上市的健康保险在线交易平台，公司注册于特拉华州，总部位于加利福尼亚州圣克拉拉。该平台主要提供医疗保险相关计划，涵盖联邦医疗保险处方药计划、联邦医疗保险补充计划、优势计划等产品，同时也售卖个人健康保险产品，业务覆盖美国全部50个州及华盛顿特区。
福雷斯特集团是一家住宅地块开发企业，总部位于得克萨斯州阿灵顿，业务覆盖美国21个州的51个市场。截至2020年12月31日的12个月内，该公司交付了11518块住宅地块，目前在纽约证券交易所上市，自2002年起就是美国规模最大的住宅建筑商D.R. Horton的控股子公司。
EHTH vs FOR — 直观对比
营收规模更大
EHTH
是对方的1.2倍
$273.0M
营收增速更快
FOR
高出5.5%
3.5%
净利率更高
EHTH
高出21.1%
5.6%
自由现金流更多
EHTH
多$121.0M
$-157.1M
两年增速更快
EHTH
近两年复合增速
-9.6%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $326.2M | $273.0M |
| 净利润 | $87.2M | $15.4M |
| 毛利率 | 55.3% | 20.1% |
| 营业利润率 | 38.7% | 7.6% |
| 净利率 | 26.7% | 5.6% |
| 营收同比 | 3.5% | 9.0% |
| 净利润同比 | -10.6% | -6.7% |
| 每股收益（稀释后） | $2.43 | $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EHTHFOR
| Q4 25 | $326.2M | $273.0M | ||
| Q3 25 | $53.9M | $670.5M | ||
| Q2 25 | $60.8M | $390.5M | ||
| Q1 25 | $113.1M | $351.0M | ||
| Q4 24 | $315.2M | $250.4M | ||
| Q3 24 | $58.4M | $551.3M | ||
| Q2 24 | $65.9M | $318.4M | ||
| Q1 24 | $93.0M | $333.8M |
净利润EHTHFOR
| Q4 25 | $87.2M | $15.4M | ||
| Q3 25 | $-31.7M | $86.9M | ||
| Q2 25 | $-17.4M | $32.9M | ||
| Q1 25 | $1.9M | $31.6M | ||
| Q4 24 | $97.5M | $16.5M | ||
| Q3 24 | $-42.5M | $81.5M | ||
| Q2 24 | $-28.0M | $38.7M | ||
| Q1 24 | $-17.0M | $45.0M |
毛利率EHTHFOR
| Q4 25 | 55.3% | 20.1% | ||
| Q3 25 | -0.3% | 22.3% | ||
| Q2 25 | 31.1% | 20.4% | ||
| Q1 25 | 36.9% | 22.6% | ||
| Q4 24 | 52.0% | 22.0% | ||
| Q3 24 | -6.5% | 23.9% | ||
| Q2 24 | 28.7% | 22.5% | ||
| Q1 24 | 31.7% | 24.9% |
营业利润率EHTHFOR
| Q4 25 | 38.7% | 7.6% | ||
| Q3 25 | -77.1% | 16.9% | ||
| Q2 25 | -37.9% | 11.2% | ||
| Q1 25 | 4.2% | 11.6% | ||
| Q4 24 | 35.7% | 8.7% | ||
| Q3 24 | -74.0% | 19.7% | ||
| Q2 24 | -42.5% | 16.2% | ||
| Q1 24 | -19.3% | 17.6% |
净利率EHTHFOR
| Q4 25 | 26.7% | 5.6% | ||
| Q3 25 | -58.8% | 13.0% | ||
| Q2 25 | -28.6% | 8.4% | ||
| Q1 25 | 1.7% | 9.0% | ||
| Q4 24 | 30.9% | 6.6% | ||
| Q3 24 | -72.7% | 14.8% | ||
| Q2 24 | -42.5% | 12.2% | ||
| Q1 24 | -18.3% | 13.5% |
每股收益（稀释后）EHTHFOR
| Q4 25 | $2.43 | $0.30 | ||
| Q3 25 | $-1.46 | $1.70 | ||
| Q2 25 | $-0.98 | $0.65 | ||
| Q1 25 | $-0.33 | $0.62 | ||
| Q4 24 | $2.93 | $0.32 | ||
| Q3 24 | $-1.83 | $1.59 | ||
| Q2 24 | $-1.33 | $0.76 | ||
| Q1 24 | $-0.96 | $0.89 |
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 | $73.7M | $211.7M |
| 总债务越低越好 | — | $793.2M |
| 股东权益账面价值 | $591.6M | $1.8B |
| 总资产 | $1.3B | $3.2B |
| 负债/权益比越低杠杆越低 | — | 0.44× |
8季度趋势，按日历期对齐
现金及短期投资EHTHFOR
| Q4 25 | $73.7M | $211.7M | ||
| Q3 25 | $63.1M | $379.2M | ||
| Q2 25 | $65.9M | $189.2M | ||
| Q1 25 | $121.1M | $174.3M | ||
| Q4 24 | $39.2M | $132.0M | ||
| Q3 24 | $64.0M | $481.2M | ||
| Q2 24 | $126.3M | $359.2M | ||
| Q1 24 | $175.0M | $416.2M |
总债务EHTHFOR
| Q4 25 | — | $793.2M | ||
| Q3 25 | — | $802.7M | ||
| Q2 25 | — | $872.8M | ||
| Q1 25 | — | $872.5M | ||
| Q4 24 | — | $806.8M | ||
| Q3 24 | — | $706.4M | ||
| Q2 24 | — | $706.1M | ||
| Q1 24 | — | $705.7M |
股东权益EHTHFOR
| Q4 25 | $591.6M | $1.8B | ||
| Q3 25 | $514.2M | $1.8B | ||
| Q2 25 | $554.9M | $1.7B | ||
| Q1 25 | $581.6M | $1.6B | ||
| Q4 24 | $588.4M | $1.6B | ||
| Q3 24 | $499.3M | $1.6B | ||
| Q2 24 | $548.9M | $1.5B | ||
| Q1 24 | $582.8M | $1.5B |
总资产EHTHFOR
| Q4 25 | $1.3B | $3.2B | ||
| Q3 25 | $1.0B | $3.1B | ||
| Q2 25 | $1.1B | $3.1B | ||
| Q1 25 | $1.1B | $3.0B | ||
| Q4 24 | $1.2B | $3.0B | ||
| Q3 24 | $1.0B | $2.8B | ||
| Q2 24 | $1.0B | $2.7B | ||
| Q1 24 | $1.1B | $2.6B |
负债/权益比EHTHFOR
| Q4 25 | — | 0.44× | ||
| Q3 25 | — | 0.45× | ||
| Q2 25 | — | 0.52× | ||
| Q1 25 | — | 0.53× | ||
| Q4 24 | — | 0.50× | ||
| Q3 24 | — | 0.44× | ||
| Q2 24 | — | 0.47× | ||
| Q1 24 | — | 0.48× |
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 | $-35.9M | $-157.0M |
| 自由现金流经营现金流 - 资本支出 | $-36.1M | $-157.1M |
| 自由现金流率自由现金流/营收 | -11.1% | -57.5% |
| 资本支出强度资本支出/营收 | 0.0% | 0.0% |
| 现金转化率经营现金流/净利润 | -0.41× | -10.19× |
| 过去12个月自由现金流最近4个季度 | $-27.6M | $93.0M |
8季度趋势，按日历期对齐
经营现金流EHTHFOR
| Q4 25 | $-35.9M | $-157.0M | ||
| Q3 25 | $-25.3M | $256.3M | ||
| Q2 25 | $-41.2M | $15.8M | ||
| Q1 25 | $77.1M | $-19.8M | ||
| Q4 24 | $-27.7M | $-450.0M | ||
| Q3 24 | $-29.3M | $119.2M | ||
| Q2 24 | $-32.2M | $-61.7M | ||
| Q1 24 | $70.8M | $-59.2M |
自由现金流EHTHFOR
| Q4 25 | $-36.1M | $-157.1M | ||
| Q3 25 | $-25.5M | $255.6M | ||
| Q2 25 | $-42.8M | $15.0M | ||
| Q1 25 | $76.8M | $-20.5M | ||
| Q4 24 | $-28.3M | — | ||
| Q3 24 | $-30.3M | $118.4M | ||
| Q2 24 | $-32.4M | $-62.3M | ||
| Q1 24 | $70.6M | $-59.8M |
自由现金流率EHTHFOR
| Q4 25 | -11.1% | -57.5% | ||
| Q3 25 | -47.4% | 38.1% | ||
| Q2 25 | -70.4% | 3.8% | ||
| Q1 25 | 67.9% | -5.8% | ||
| Q4 24 | -9.0% | — | ||
| Q3 24 | -51.8% | 21.5% | ||
| Q2 24 | -49.3% | -19.6% | ||
| Q1 24 | 75.9% | -17.9% |
资本支出强度EHTHFOR
| Q4 25 | 0.0% | 0.0% | ||
| Q3 25 | 0.4% | 0.1% | ||
| Q2 25 | 2.6% | 0.2% | ||
| Q1 25 | 0.3% | 0.2% | ||
| Q4 24 | 0.2% | 0.0% | ||
| Q3 24 | 1.7% | 0.1% | ||
| Q2 24 | 0.4% | 0.2% | ||
| Q1 24 | 0.2% | 0.2% |
现金转化率EHTHFOR
| Q4 25 | -0.41× | -10.19× | ||
| Q3 25 | — | 2.95× | ||
| Q2 25 | — | 0.48× | ||
| Q1 25 | 39.55× | -0.63× | ||
| Q4 24 | -0.28× | -27.27× | ||
| Q3 24 | — | 1.46× | ||
| Q2 24 | — | -1.59× | ||
| Q1 24 | — | -1.32× |
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
EHTH
| Medicare | $282.7M | 87% |
| Other | $29.2M | 9% |
| Ancillaries | $7.9M | 2% |
| Commission Members Approved In Prior Periods | $3.8M | 1% |
| Small Business | $3.1M | 1% |
| Commission Revenue From Renewals | $2.4M | 1% |
FOR
| D.R.Horton Inc. | $183.8M | 67% |
| Other | $89.2M | 33% |
