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eHealth, Inc.（EHTH）与旅行者集团（TRV）财务数据对比。点击上方公司名可切换其他公司
旅行者集团的季度营收约是eHealth, Inc.的38.1倍（$12.4B vs $326.2M）。eHealth, Inc.净利率更高（26.7% vs 20.1%，领先6.6%）。旅行者集团同比增速更快（3.5% vs 3.5%）。过去两年eHealth, Inc.的营收复合增速更高（87.3% vs 5.2%）
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。
旅行者集团是美国跨国保险企业，为美国第二大商业财产及意外伤害保险承保商，同时是美国第六大通过独立代理人展业的个人保险提供商。公司注册地为明尼苏达州，总部设于纽约市，最大办事处在康涅狄格州哈特福德，2009年6月8日起成为道琼斯工业平均指数成分股。
EHTH vs TRV — 直观对比
营收规模更大
TRV
是对方的38.1倍
$326.2M
营收增速更快
TRV
高出0.0%
3.5%
净利率更高
EHTH
高出6.6%
20.1%
两年增速更快
EHTH
近两年复合增速
5.2%
损益表 — Q4 2025 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $326.2M | $12.4B |
| 净利润 | $87.2M | $2.5B |
| 毛利率 | 55.3% | — |
| 营业利润率 | 38.7% | 25.0% |
| 净利率 | 26.7% | 20.1% |
| 营收同比 | 3.5% | 3.5% |
| 净利润同比 | -10.6% | 19.9% |
| 每股收益（稀释后） | $2.43 | $10.96 |
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EHTHTRV
| Q4 25 | $326.2M | $12.4B | ||
| Q3 25 | $53.9M | $12.5B | ||
| Q2 25 | $60.8M | $12.1B | ||
| Q1 25 | $113.1M | $11.8B | ||
| Q4 24 | $315.2M | $12.0B | ||
| Q3 24 | $58.4M | $11.9B | ||
| Q2 24 | $65.9M | $11.3B | ||
| Q1 24 | $93.0M | $11.2B |
净利润EHTHTRV
| Q4 25 | $87.2M | $2.5B | ||
| Q3 25 | $-31.7M | $1.9B | ||
| Q2 25 | $-17.4M | $1.5B | ||
| Q1 25 | $1.9M | $395.0M | ||
| Q4 24 | $97.5M | $2.1B | ||
| Q3 24 | $-42.5M | $1.3B | ||
| Q2 24 | $-28.0M | $534.0M | ||
| Q1 24 | $-17.0M | $1.1B |
毛利率EHTHTRV
| 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EHTHTRV
| Q4 25 | 38.7% | 25.0% | ||
| Q3 25 | -77.1% | 18.8% | ||
| Q2 25 | -37.9% | 15.5% | ||
| Q1 25 | 4.2% | 4.0% | ||
| Q4 24 | 35.7% | 21.6% | ||
| Q3 24 | -74.0% | 13.1% | ||
| Q2 24 | -42.5% | 5.8% | ||
| Q1 24 | -19.3% | 12.2% |
净利率EHTHTRV
| Q4 25 | 26.7% | 20.1% | ||
| Q3 25 | -58.8% | 15.1% | ||
| Q2 25 | -28.6% | 12.5% | ||
| Q1 25 | 1.7% | 3.3% | ||
| Q4 24 | 30.9% | 17.3% | ||
| Q3 24 | -72.7% | 10.6% | ||
| Q2 24 | -42.5% | 4.7% | ||
| Q1 24 | -18.3% | 10.0% |
每股收益（稀释后）EHTHTRV
| Q4 25 | $2.43 | $10.96 | ||
| Q3 25 | $-1.46 | $8.24 | ||
| Q2 25 | $-0.98 | $6.53 | ||
| Q1 25 | $-0.33 | $1.70 | ||
| Q4 24 | $2.93 | $8.96 | ||
| Q3 24 | $-1.83 | $5.42 | ||
| Q2 24 | $-1.33 | $2.29 | ||
| Q1 24 | $-0.96 | $4.80 |
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 | — |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $591.6M | $32.9B |
| 总资产 | $1.3B | $143.7B |
| 负债/权益比越低杠杆越低 | — | — |
8季度趋势，按日历期对齐
现金及短期投资EHTHTRV
| Q4 25 | $73.7M | — | ||
| Q3 25 | $63.1M | — | ||
| Q2 25 | $65.9M | — | ||
| Q1 25 | $121.1M | — | ||
| Q4 24 | $39.2M | — | ||
| Q3 24 | $64.0M | — | ||
| Q2 24 | $126.3M | — | ||
| Q1 24 | $175.0M | — |
股东权益EHTHTRV
| Q4 25 | $591.6M | $32.9B | ||
| Q3 25 | $514.2M | $31.6B | ||
| Q2 25 | $554.9M | $29.5B | ||
| Q1 25 | $581.6M | $28.2B | ||
| Q4 24 | $588.4M | $27.9B | ||
| Q3 24 | $499.3M | $27.7B | ||
| Q2 24 | $548.9M | $24.9B | ||
| Q1 24 | $582.8M | $25.0B |
总资产EHTHTRV
| Q4 25 | $1.3B | $143.7B | ||
| Q3 25 | $1.0B | $143.7B | ||
| Q2 25 | $1.1B | $138.9B | ||
| Q1 25 | $1.1B | $136.0B | ||
| Q4 24 | $1.2B | $133.2B | ||
| Q3 24 | $1.0B | $134.6B | ||
| Q2 24 | $1.0B | $129.3B | ||
| Q1 24 | $1.1B | $127.4B |
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 | $2.7B |
| 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% | — |
| 现金转化率经营现金流/净利润 | -0.41× | 1.08× |
| 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EHTHTRV
| Q4 25 | $-35.9M | $2.7B | ||
| Q3 25 | $-25.3M | $4.2B | ||
| Q2 25 | $-41.2M | $2.3B | ||
| Q1 25 | $77.1M | $1.4B | ||
| Q4 24 | $-27.7M | $2.1B | ||
| Q3 24 | $-29.3M | $3.9B | ||
| Q2 24 | $-32.2M | $1.7B | ||
| Q1 24 | $70.8M | $1.5B |
自由现金流EHTHTRV
| Q4 25 | $-36.1M | — | ||
| Q3 25 | $-25.5M | — | ||
| Q2 25 | $-42.8M | — | ||
| Q1 25 | $76.8M | — | ||
| Q4 24 | $-28.3M | — | ||
| Q3 24 | $-30.3M | — | ||
| Q2 24 | $-32.4M | — | ||
| Q1 24 | $70.6M | — |
自由现金流率EHTHTRV
| Q4 25 | -11.1% | — | ||
| Q3 25 | -47.4% | — | ||
| Q2 25 | -70.4% | — | ||
| Q1 25 | 67.9% | — | ||
| Q4 24 | -9.0% | — | ||
| Q3 24 | -51.8% | — | ||
| Q2 24 | -49.3% | — | ||
| Q1 24 | 75.9% | — |
资本支出强度EHTHTRV
| Q4 25 | 0.0% | — | ||
| Q3 25 | 0.4% | — | ||
| Q2 25 | 2.6% | — | ||
| Q1 25 | 0.3% | — | ||
| Q4 24 | 0.2% | — | ||
| Q3 24 | 1.7% | — | ||
| Q2 24 | 0.4% | — | ||
| Q1 24 | 0.2% | — |
现金转化率EHTHTRV
| Q4 25 | -0.41× | 1.08× | ||
| Q3 25 | — | 2.24× | ||
| Q2 25 | — | 1.55× | ||
| Q1 25 | 39.55× | 3.44× | ||
| Q4 24 | -0.28× | 0.99× | ||
| Q3 24 | — | 3.08× | ||
| Q2 24 | — | 3.14× | ||
| Q1 24 | — | 1.30× |
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% |
TRV
| Business And International Insurance | $6.6B | 53% |
| Personal Insurance | $4.6B | 37% |
| Bond And Specialty Insurance | $1.2B | 9% |
