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eHealth, Inc.（EHTH）与MARKEL GROUP INC.（MKL）财务数据对比。点击上方公司名可切换其他公司
MARKEL GROUP INC.的季度营收约是eHealth, Inc.的11.0倍（$3.6B vs $326.2M）。eHealth, Inc.净利率更高（26.7% vs 16.1%，领先10.6%）。eHealth, Inc.同比增速更快（3.5% vs -6.9%）。MARKEL GROUP INC.自由现金流更多（$599.1M vs $-36.1M）。过去两年eHealth, Inc.的营收复合增速更高（87.3% vs -10.5%）
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。
Markel集团是总部位于美国弗吉尼亚州里士满的综合性企业集团，1930年最初以保险公司的身份创立，发展至今业务已覆盖保险承保、投资管理等多个板块，在全球相关行业拥有较高的市场知名度与稳定的合作网络。
EHTH vs MKL — 直观对比
营收规模更大
MKL
是对方的11.0倍
$326.2M
营收增速更快
EHTH
高出10.4%
-6.9%
净利率更高
EHTH
高出10.6%
16.1%
自由现金流更多
MKL
多$635.2M
$-36.1M
两年增速更快
EHTH
近两年复合增速
-10.5%
损益表 — Q4 2025 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $326.2M | $3.6B |
| 净利润 | $87.2M | $576.8M |
| 毛利率 | 55.3% | — |
| 营业利润率 | 38.7% | 22.2% |
| 净利率 | 26.7% | 16.1% |
| 营收同比 | 3.5% | -6.9% |
| 净利润同比 | -10.6% | 5.0% |
| 每股收益（稀释后） | $2.43 | $48.22 |
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EHTHMKL
| Q4 25 | $326.2M | $3.6B | ||
| Q3 25 | $53.9M | $3.9B | ||
| Q2 25 | $60.8M | $4.6B | ||
| Q1 25 | $113.1M | $3.4B | ||
| Q4 24 | $315.2M | $3.8B | ||
| Q3 24 | $58.4M | $4.6B | ||
| Q2 24 | $65.9M | $3.7B | ||
| Q1 24 | $93.0M | $4.5B |
净利润EHTHMKL
| Q4 25 | $87.2M | $576.8M | ||
| Q3 25 | $-31.7M | $751.3M | ||
| Q2 25 | $-17.4M | $657.1M | ||
| Q1 25 | $1.9M | $121.7M | ||
| Q4 24 | $97.5M | $549.2M | ||
| Q3 24 | $-42.5M | $905.0M | ||
| Q2 24 | $-28.0M | $267.7M | ||
| Q1 24 | $-17.0M | $1.0B |
毛利率EHTHMKL
| Q4 25 | 55.3% | — | ||
| Q3 25 | -0.3% | — | ||
| Q2 25 | 31.1% | — | ||
| Q1 25 | 36.9% | — | ||
| Q4 24 | 52.0% | — | ||
| Q3 24 | -6.5% | — | ||
| Q2 24 | 28.7% | — | ||
| Q1 24 | 31.7% | — |
营业利润率EHTHMKL
| Q4 25 | 38.7% | 22.2% | ||
| Q3 25 | -77.1% | 25.7% | ||
| Q2 25 | -37.9% | 24.1% | ||
| Q1 25 | 4.2% | 8.3% | ||
| Q4 24 | 35.7% | 15.5% | ||
| Q3 24 | -74.0% | 29.7% | ||
| Q2 24 | -42.5% | 11.1% | ||
| Q1 24 | -19.3% | 29.9% |
净利率EHTHMKL
| Q4 25 | 26.7% | 16.1% | ||
| Q3 25 | -58.8% | 19.1% | ||
| Q2 25 | -28.6% | 14.3% | ||
| Q1 25 | 1.7% | 3.6% | ||
| Q4 24 | 30.9% | 14.3% | ||
| Q3 24 | -72.7% | 19.6% | ||
| Q2 24 | -42.5% | 7.2% | ||
| Q1 24 | -18.3% | 23.0% |
每股收益（稀释后）EHTHMKL
| Q4 25 | $2.43 | $48.22 | ||
| Q3 25 | $-1.46 | $59.25 | ||
| Q2 25 | $-0.98 | $49.67 | ||
| Q1 25 | $-0.33 | $12.08 | ||
| Q4 24 | $2.93 | $39.02 | ||
| Q3 24 | $-1.83 | $66.25 | ||
| Q2 24 | $-1.33 | $18.62 | ||
| Q1 24 | $-0.96 | $75.43 |
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 | $4.0B |
| 总债务越低越好 | — | $4.3B |
| 股东权益账面价值 | $591.6M | $18.6B |
| 总资产 | $1.3B | $68.9B |
| 负债/权益比越低杠杆越低 | — | 0.23× |
8季度趋势，按日历期对齐
现金及短期投资EHTHMKL
| Q4 25 | $73.7M | $4.0B | ||
| Q3 25 | $63.1M | $4.0B | ||
| Q2 25 | $65.9M | $3.7B | ||
| Q1 25 | $121.1M | $4.2B | ||
| Q4 24 | $39.2M | $3.7B | ||
| Q3 24 | $64.0M | $3.9B | ||
| Q2 24 | $126.3M | $3.5B | ||
| Q1 24 | $175.0M | $3.6B |
总债务EHTHMKL
| Q4 25 | — | $4.3B | ||
| Q3 25 | — | $4.3B | ||
| Q2 25 | — | $4.4B | ||
| Q1 25 | — | $4.4B | ||
| Q4 24 | — | $4.3B | ||
| Q3 24 | — | $4.4B | ||
| Q2 24 | — | $4.4B | ||
| Q1 24 | — | $3.9B |
股东权益EHTHMKL
| Q4 25 | $591.6M | $18.6B | ||
| Q3 25 | $514.2M | $18.0B | ||
| Q2 25 | $554.9M | $17.3B | ||
| Q1 25 | $581.6M | $17.1B | ||
| Q4 24 | $588.4M | $16.9B | ||
| Q3 24 | $499.3M | $17.0B | ||
| Q2 24 | $548.9M | $15.9B | ||
| Q1 24 | $582.8M | $15.7B |
总资产EHTHMKL
| Q4 25 | $1.3B | $68.9B | ||
| Q3 25 | $1.0B | $67.4B | ||
| Q2 25 | $1.1B | $66.8B | ||
| Q1 25 | $1.1B | $64.6B | ||
| Q4 24 | $1.2B | $61.9B | ||
| Q3 24 | $1.0B | $62.3B | ||
| Q2 24 | $1.0B | $59.7B | ||
| Q1 24 | $1.1B | $57.3B |
负债/权益比EHTHMKL
| Q4 25 | — | 0.23× | ||
| Q3 25 | — | 0.24× | ||
| Q2 25 | — | 0.25× | ||
| Q1 25 | — | 0.26× | ||
| Q4 24 | — | 0.26× | ||
| Q3 24 | — | 0.26× | ||
| Q2 24 | — | 0.28× | ||
| Q1 24 | — | 0.25× |
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 | $662.2M |
| 自由现金流经营现金流 - 资本支出 | $-36.1M | $599.1M |
| 自由现金流率自由现金流/营收 | -11.1% | 16.7% |
| 资本支出强度资本支出/营收 | 0.0% | 1.8% |
| 现金转化率经营现金流/净利润 | -0.41× | 1.15× |
| 过去12个月自由现金流最近4个季度 | $-27.6M | $2.6B |
8季度趋势，按日历期对齐
经营现金流EHTHMKL
| Q4 25 | $-35.9M | $662.2M | ||
| Q3 25 | $-25.3M | $1.2B | ||
| Q2 25 | $-41.2M | $504.4M | ||
| Q1 25 | $77.1M | $376.2M | ||
| Q4 24 | $-27.7M | $493.9M | ||
| Q3 24 | $-29.3M | $890.8M | ||
| Q2 24 | $-32.2M | $578.6M | ||
| Q1 24 | $70.8M | $630.7M |
自由现金流EHTHMKL
| Q4 25 | $-36.1M | $599.1M | ||
| Q3 25 | $-25.5M | $1.2B | ||
| Q2 25 | $-42.8M | $453.8M | ||
| Q1 25 | $76.8M | $335.5M | ||
| Q4 24 | $-28.3M | $420.0M | ||
| Q3 24 | $-30.3M | $838.9M | ||
| Q2 24 | $-32.4M | $521.4M | ||
| Q1 24 | $70.6M | $558.7M |
自由现金流率EHTHMKL
| Q4 25 | -11.1% | 16.7% | ||
| Q3 25 | -47.4% | 29.6% | ||
| Q2 25 | -70.4% | 9.9% | ||
| Q1 25 | 67.9% | 9.9% | ||
| Q4 24 | -9.0% | 10.9% | ||
| Q3 24 | -51.8% | 18.2% | ||
| Q2 24 | -49.3% | 14.1% | ||
| Q1 24 | 75.9% | 12.5% |
资本支出强度EHTHMKL
| Q4 25 | 0.0% | 1.8% | ||
| Q3 25 | 0.4% | 1.3% | ||
| Q2 25 | 2.6% | 1.1% | ||
| Q1 25 | 0.3% | 1.2% | ||
| Q4 24 | 0.2% | 1.9% | ||
| Q3 24 | 1.7% | 1.1% | ||
| Q2 24 | 0.4% | 1.5% | ||
| Q1 24 | 0.2% | 1.6% |
现金转化率EHTHMKL
| Q4 25 | -0.41× | 1.15× | ||
| Q3 25 | — | 1.62× | ||
| Q2 25 | — | 0.77× | ||
| Q1 25 | 39.55× | 3.09× | ||
| Q4 24 | -0.28× | 0.90× | ||
| Q3 24 | — | 0.98× | ||
| Q2 24 | — | 2.16× | ||
| Q1 24 | — | 0.62× |
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% |
MKL
| Industrial | $1.6B | 45% |
| Consumer And Other | $958.3M | 27% |
| Financial | $737.0M | 21% |
| Other | $198.8M | 6% |
| Corporate Operations | $52.0M | 1% |
| Revenue From Contract With Customer | $10.5M | 0% |
