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eHealth, Inc.（EHTH）与怡安集团（RYAN）财务数据对比。点击上方公司名可切换其他公司
怡安集团的季度营收约是eHealth, Inc.的2.3倍（$738.0M vs $326.2M）。eHealth, Inc.净利率更高（26.7% vs 1.1%，领先25.6%）。怡安集团同比增速更快（13.6% vs 3.5%）。过去两年eHealth, Inc.的营收复合增速更高（87.3% vs 17.1%）
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。
怡安集团是一家业务横跨英美两国的专业服务企业，目前主要开展两大板块业务：风险资本板块提供风险管理、保险及再保险领域的经纪与咨询服务；人力资本板块则提供健康保险、退休计划、养老金计划与人才咨询相关服务。
EHTH vs RYAN — 直观对比
营收规模更大
RYAN
是对方的2.3倍
$326.2M
营收增速更快
RYAN
高出10.1%
3.5%
净利率更高
EHTH
高出25.6%
1.1%
两年增速更快
EHTH
近两年复合增速
17.1%
损益表 — Q4 2025 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $326.2M | $738.0M |
| 净利润 | $87.2M | $8.0M |
| 毛利率 | 55.3% | — |
| 营业利润率 | 38.7% | 12.4% |
| 净利率 | 26.7% | 1.1% |
| 营收同比 | 3.5% | 13.6% |
| 净利润同比 | -10.6% | -42.0% |
| 每股收益（稀释后） | $2.43 | — |
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EHTHRYAN
| Q4 25 | $326.2M | $738.0M | ||
| Q3 25 | $53.9M | $739.6M | ||
| Q2 25 | $60.8M | $840.9M | ||
| Q1 25 | $113.1M | $676.1M | ||
| Q4 24 | $315.2M | $649.4M | ||
| Q3 24 | $58.4M | $588.1M | ||
| Q2 24 | $65.9M | $680.2M | ||
| Q1 24 | $93.0M | $537.9M |
净利润EHTHRYAN
| Q4 25 | $87.2M | $8.0M | ||
| Q3 25 | $-31.7M | $31.1M | ||
| Q2 25 | $-17.4M | $52.0M | ||
| Q1 25 | $1.9M | $-27.6M | ||
| Q4 24 | $97.5M | $13.8M | ||
| Q3 24 | $-42.5M | $17.6M | ||
| Q2 24 | $-28.0M | $46.8M | ||
| Q1 24 | $-17.0M | $16.5M |
毛利率EHTHRYAN
| 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EHTHRYAN
| Q4 25 | 38.7% | 12.4% | ||
| Q3 25 | -77.1% | 15.0% | ||
| Q2 25 | -37.9% | 22.7% | ||
| Q1 25 | 4.2% | 14.8% | ||
| Q4 24 | 35.7% | 16.8% | ||
| Q3 24 | -74.0% | 13.9% | ||
| Q2 24 | -42.5% | 24.2% | ||
| Q1 24 | -19.3% | 13.5% |
净利率EHTHRYAN
| Q4 25 | 26.7% | 1.1% | ||
| Q3 25 | -58.8% | 4.2% | ||
| Q2 25 | -28.6% | 6.2% | ||
| Q1 25 | 1.7% | -4.1% | ||
| Q4 24 | 30.9% | 2.1% | ||
| Q3 24 | -72.7% | 3.0% | ||
| Q2 24 | -42.5% | 6.9% | ||
| Q1 24 | -18.3% | 3.1% |
每股收益（稀释后）EHTHRYAN
| Q4 25 | $2.43 | — | ||
| Q3 25 | $-1.46 | — | ||
| Q2 25 | $-0.98 | — | ||
| Q1 25 | $-0.33 | — | ||
| Q4 24 | $2.93 | — | ||
| Q3 24 | $-1.83 | — | ||
| Q2 24 | $-1.33 | — | ||
| Q1 24 | $-0.96 | — |
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 | $158.3M |
| 总债务越低越好 | — | $3.3B |
| 股东权益账面价值 | $591.6M | $648.1M |
| 总资产 | $1.3B | $10.6B |
| 负债/权益比越低杠杆越低 | — | 5.16× |
8季度趋势，按日历期对齐
现金及短期投资EHTHRYAN
| Q4 25 | $73.7M | $158.3M | ||
| Q3 25 | $63.1M | $153.5M | ||
| Q2 25 | $65.9M | $172.6M | ||
| Q1 25 | $121.1M | $203.5M | ||
| Q4 24 | $39.2M | $540.2M | ||
| Q3 24 | $64.0M | $235.2M | ||
| Q2 24 | $126.3M | $1.7B | ||
| Q1 24 | $175.0M | $1.6B |
总债务EHTHRYAN
| Q4 25 | — | $3.3B | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $3.3B | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
股东权益EHTHRYAN
| Q4 25 | $591.6M | $648.1M | ||
| Q3 25 | $514.2M | $630.5M | ||
| Q2 25 | $554.9M | $610.1M | ||
| Q1 25 | $581.6M | $542.5M | ||
| Q4 24 | $588.4M | $627.7M | ||
| Q3 24 | $499.3M | $632.8M | ||
| Q2 24 | $548.9M | $605.9M | ||
| Q1 24 | $582.8M | $554.4M |
总资产EHTHRYAN
| Q4 25 | $1.3B | $10.6B | ||
| Q3 25 | $1.0B | $9.9B | ||
| Q2 25 | $1.1B | $10.6B | ||
| Q1 25 | $1.1B | $9.9B | ||
| Q4 24 | $1.2B | $9.6B | ||
| Q3 24 | $1.0B | $8.5B | ||
| Q2 24 | $1.0B | $8.3B | ||
| Q1 24 | $1.1B | $7.1B |
负债/权益比EHTHRYAN
| Q4 25 | — | 5.16× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 5.22× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
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 | $263.2M |
| 自由现金流经营现金流 - 资本支出 | $-36.1M | — |
| 自由现金流率自由现金流/营收 | -11.1% | — |
| 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× | 32.99× |
| 过去12个月自由现金流最近4个季度 | $-27.6M | — |
8季度趋势，按日历期对齐
经营现金流EHTHRYAN
| Q4 25 | $-35.9M | $263.2M | ||
| Q3 25 | $-25.3M | $169.7M | ||
| Q2 25 | $-41.2M | $353.6M | ||
| Q1 25 | $77.1M | $-142.8M | ||
| Q4 24 | $-27.7M | $259.6M | ||
| Q3 24 | $-29.3M | $100.9M | ||
| Q2 24 | $-32.2M | $270.8M | ||
| Q1 24 | $70.8M | $-116.5M |
自由现金流EHTHRYAN
| Q4 25 | $-36.1M | — | ||
| Q3 25 | $-25.5M | $167.3M | ||
| Q2 25 | $-42.8M | — | ||
| Q1 25 | $76.8M | $-143.5M | ||
| Q4 24 | $-28.3M | — | ||
| Q3 24 | $-30.3M | — | ||
| Q2 24 | $-32.4M | — | ||
| Q1 24 | $70.6M | — |
自由现金流率EHTHRYAN
| Q4 25 | -11.1% | — | ||
| Q3 25 | -47.4% | 22.6% | ||
| Q2 25 | -70.4% | — | ||
| Q1 25 | 67.9% | -21.2% | ||
| Q4 24 | -9.0% | — | ||
| Q3 24 | -51.8% | — | ||
| Q2 24 | -49.3% | — | ||
| Q1 24 | 75.9% | — |
资本支出强度EHTHRYAN
| Q4 25 | 0.0% | 0.0% | ||
| Q3 25 | 0.4% | 0.3% | ||
| Q2 25 | 2.6% | 0.0% | ||
| Q1 25 | 0.3% | 0.1% | ||
| Q4 24 | 0.2% | 0.0% | ||
| Q3 24 | 1.7% | 0.0% | ||
| Q2 24 | 0.4% | 0.0% | ||
| Q1 24 | 0.2% | 0.0% |
现金转化率EHTHRYAN
| Q4 25 | -0.41× | 32.99× | ||
| Q3 25 | — | 5.46× | ||
| Q2 25 | — | 6.80× | ||
| Q1 25 | 39.55× | — | ||
| Q4 24 | -0.28× | 18.88× | ||
| Q3 24 | — | 5.74× | ||
| Q2 24 | — | 5.79× | ||
| Q1 24 | — | -7.05× |
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% |
RYAN
| Wholesale Brokerage | $385.7M | 52% |
| Underwriting Management | $268.3M | 36% |
| Binding Authorities | $84.0M | 11% |
