vs
eHealth, Inc.（EHTH）与威达信集团（MRSH）财务数据对比。点击上方公司名可切换其他公司
威达信集团的季度营收约是eHealth, Inc.的20.2倍（$6.6B vs $326.2M）。eHealth, Inc.净利率更高（26.7% vs 12.4%，领先14.3%）。威达信集团同比增速更快（8.7% vs 3.5%）。威达信集团自由现金流更多（$2.1B vs $-36.1M）。过去两年eHealth, Inc.的营收复合增速更高（87.3% vs 0.9%）
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。
威达信集团是总部位于纽约的全球专业服务企业，核心业务涵盖保险经纪、风险管理、再保险服务、人才管理、投资咨询及管理咨询，旗下拥有达信（Marsh）等四大运营子公司，可提供风险建模、定制风险融资方案等多元专业服务。
EHTH vs MRSH — 直观对比
营收规模更大
MRSH
是对方的20.2倍
$326.2M
营收增速更快
MRSH
高出5.2%
3.5%
净利率更高
EHTH
高出14.3%
12.4%
自由现金流更多
MRSH
多$2.1B
$-36.1M
两年增速更快
EHTH
近两年复合增速
0.9%
损益表 — Q4 2025 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $326.2M | $6.6B |
| 净利润 | $87.2M | $821.0M |
| 毛利率 | 55.3% | — |
| 营业利润率 | 38.7% | 18.5% |
| 净利率 | 26.7% | 12.4% |
| 营收同比 | 3.5% | 8.7% |
| 净利润同比 | -10.6% | 4.2% |
| 每股收益（稀释后） | $2.43 | $1.68 |
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EHTHMRSH
| Q4 25 | $326.2M | $6.6B | ||
| Q3 25 | $53.9M | $6.4B | ||
| Q2 25 | $60.8M | $7.0B | ||
| Q1 25 | $113.1M | $7.1B | ||
| Q4 24 | $315.2M | $6.1B | ||
| Q3 24 | $58.4M | $5.7B | ||
| Q2 24 | $65.9M | $6.2B | ||
| Q1 24 | $93.0M | $6.5B |
净利润EHTHMRSH
| Q4 25 | $87.2M | $821.0M | ||
| Q3 25 | $-31.7M | $747.0M | ||
| Q2 25 | $-17.4M | $1.2B | ||
| Q1 25 | $1.9M | $1.4B | ||
| Q4 24 | $97.5M | $788.0M | ||
| Q3 24 | $-42.5M | $747.0M | ||
| Q2 24 | $-28.0M | $1.1B | ||
| Q1 24 | $-17.0M | $1.4B |
毛利率EHTHMRSH
| 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EHTHMRSH
| Q4 25 | 38.7% | 18.5% | ||
| Q3 25 | -77.1% | 18.4% | ||
| Q2 25 | -37.9% | 26.2% | ||
| Q1 25 | 4.2% | 28.4% | ||
| Q4 24 | 35.7% | 18.8% | ||
| Q3 24 | -74.0% | 19.4% | ||
| Q2 24 | -42.5% | 26.4% | ||
| Q1 24 | -19.3% | 29.7% |
净利率EHTHMRSH
| Q4 25 | 26.7% | 12.4% | ||
| Q3 25 | -58.8% | 11.8% | ||
| Q2 25 | -28.6% | 17.4% | ||
| Q1 25 | 1.7% | 19.6% | ||
| Q4 24 | 30.9% | 13.0% | ||
| Q3 24 | -72.7% | 13.1% | ||
| Q2 24 | -42.5% | 18.1% | ||
| Q1 24 | -18.3% | 21.6% |
每股收益（稀释后）EHTHMRSH
| Q4 25 | $2.43 | $1.68 | ||
| Q3 25 | $-1.46 | $1.51 | ||
| Q2 25 | $-0.98 | $2.45 | ||
| Q1 25 | $-0.33 | $2.79 | ||
| Q4 24 | $2.93 | $1.58 | ||
| Q3 24 | $-1.83 | $1.51 | ||
| Q2 24 | $-1.33 | $2.27 | ||
| Q1 24 | $-0.96 | $2.82 |
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 | $2.7B |
| 总债务越低越好 | — | $19.6B |
| 股东权益账面价值 | $591.6M | $15.3B |
| 总资产 | $1.3B | $58.7B |
| 负债/权益比越低杠杆越低 | — | 1.28× |
8季度趋势，按日历期对齐
现金及短期投资EHTHMRSH
| Q4 25 | $73.7M | $2.7B | ||
| Q3 25 | $63.1M | $2.5B | ||
| Q2 25 | $65.9M | $1.7B | ||
| Q1 25 | $121.1M | $1.6B | ||
| Q4 24 | $39.2M | $2.4B | ||
| Q3 24 | $64.0M | $1.8B | ||
| Q2 24 | $126.3M | $1.7B | ||
| Q1 24 | $175.0M | $1.5B |
总债务EHTHMRSH
| Q4 25 | — | $19.6B | ||
| Q3 25 | — | $19.6B | ||
| Q2 25 | — | $19.6B | ||
| Q1 25 | — | $19.5B | ||
| Q4 24 | — | $19.9B | ||
| Q3 24 | — | $12.8B | ||
| Q2 24 | — | $12.8B | ||
| Q1 24 | — | $13.4B |
股东权益EHTHMRSH
| Q4 25 | $591.6M | $15.3B | ||
| Q3 25 | $514.2M | $15.4B | ||
| Q2 25 | $554.9M | $16.0B | ||
| Q1 25 | $581.6M | $14.3B | ||
| Q4 24 | $588.4M | $13.5B | ||
| Q3 24 | $499.3M | $13.9B | ||
| Q2 24 | $548.9M | $13.6B | ||
| Q1 24 | $582.8M | $12.6B |
总资产EHTHMRSH
| Q4 25 | $1.3B | $58.7B | ||
| Q3 25 | $1.0B | $58.8B | ||
| Q2 25 | $1.1B | $58.6B | ||
| Q1 25 | $1.1B | $57.0B | ||
| Q4 24 | $1.2B | $56.5B | ||
| Q3 24 | $1.0B | $49.9B | ||
| Q2 24 | $1.0B | $48.6B | ||
| Q1 24 | $1.1B | $47.6B |
负债/权益比EHTHMRSH
| Q4 25 | — | 1.28× | ||
| Q3 25 | — | 1.27× | ||
| Q2 25 | — | 1.23× | ||
| Q1 25 | — | 1.37× | ||
| Q4 24 | — | 1.47× | ||
| Q3 24 | — | 0.93× | ||
| Q2 24 | — | 0.94× | ||
| Q1 24 | — | 1.06× |
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 | $2.2B |
| 自由现金流经营现金流 - 资本支出 | $-36.1M | $2.1B |
| 自由现金流率自由现金流/营收 | -11.1% | 31.2% |
| 资本支出强度资本支出/营收 | 0.0% | 1.6% |
| 现金转化率经营现金流/净利润 | -0.41× | 2.63× |
| 过去12个月自由现金流最近4个季度 | $-27.6M | $5.0B |
8季度趋势，按日历期对齐
经营现金流EHTHMRSH
| Q4 25 | $-35.9M | $2.2B | ||
| Q3 25 | $-25.3M | $2.1B | ||
| Q2 25 | $-41.2M | $1.7B | ||
| Q1 25 | $77.1M | $-622.0M | ||
| Q4 24 | $-27.7M | $2.0B | ||
| Q3 24 | $-29.3M | $1.9B | ||
| Q2 24 | $-32.2M | $1.2B | ||
| Q1 24 | $70.8M | $-781.0M |
自由现金流EHTHMRSH
| Q4 25 | $-36.1M | $2.1B | ||
| Q3 25 | $-25.5M | $2.0B | ||
| Q2 25 | $-42.8M | $1.6B | ||
| Q1 25 | $76.8M | $-677.0M | ||
| Q4 24 | $-28.3M | $1.9B | ||
| Q3 24 | $-30.3M | $1.8B | ||
| Q2 24 | $-32.4M | $1.1B | ||
| Q1 24 | $70.6M | $-868.0M |
自由现金流率EHTHMRSH
| Q4 25 | -11.1% | 31.2% | ||
| Q3 25 | -47.4% | 31.6% | ||
| Q2 25 | -70.4% | 23.1% | ||
| Q1 25 | 67.9% | -9.6% | ||
| Q4 24 | -9.0% | 31.0% | ||
| Q3 24 | -51.8% | 32.3% | ||
| Q2 24 | -49.3% | 18.2% | ||
| Q1 24 | 75.9% | -13.4% |
资本支出强度EHTHMRSH
| Q4 25 | 0.0% | 1.6% | ||
| Q3 25 | 0.4% | 1.1% | ||
| Q2 25 | 2.6% | 0.8% | ||
| Q1 25 | 0.3% | 0.8% | ||
| Q4 24 | 0.2% | 1.3% | ||
| Q3 24 | 1.7% | 1.3% | ||
| Q2 24 | 0.4% | 1.3% | ||
| Q1 24 | 0.2% | 1.3% |
现金转化率EHTHMRSH
| Q4 25 | -0.41× | 2.63× | ||
| Q3 25 | — | 2.79× | ||
| Q2 25 | — | 1.38× | ||
| Q1 25 | 39.55× | -0.45× | ||
| Q4 24 | -0.28× | 2.48× | ||
| Q3 24 | — | 2.56× | ||
| Q2 24 | — | 1.08× | ||
| Q1 24 | — | -0.56× |
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% |
MRSH
| Marsh Insurance Group | $3.6B | 55% |
| Consulting Segment | $2.6B | 40% |
| Guy Carpenter Reinsurance Group | $179.0M | 3% |
| Other | $175.0M | 3% |
