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Elevance Health（ELV）与微软（MSFT）财务数据对比。点击上方公司名可切换其他公司
微软的季度营收约是Elevance Health的1.6倍（$81.3B vs $49.7B），微软净利率更高（47.3% vs 1.1%，领先46.2%），微软同比增速更快（16.7% vs 1.8%），过去两年微软的营收复合增速更高（14.6% vs 6.5%）
Elevance Health是美国知名健康保险公司，2022年6月前名为Anthem, Inc.。按营收规模计算，该公司是全球第七大医疗保健企业，通过Anthem蓝十字蓝盾、加州Anthem蓝十字、Wellpoint、Carelon等附属机构，提供医疗、医药、牙科、精神健康、长期护理、残疾保险等多元服务。
微软是总部位于美国华盛顿州雷德蒙德的跨国科技集团，1975年成立。凭借Windows等软件推动个人计算机普及并奠定行业影响力，目前业务已覆盖互联网服务、云计算、人工智能、电子游戏等多个领域。
ELV vs MSFT — 直观对比
营收规模更大
MSFT
是对方的1.6倍
$49.7B
营收增速更快
MSFT
高出15.0%
1.8%
净利率更高
MSFT
高出46.2%
1.1%
两年增速更快
MSFT
近两年复合增速
6.5%
损益表 — Q1 FY2026 vs Q2 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $49.7B | $81.3B |
| 净利润 | $547.0M | $38.5B |
| 毛利率 | 88.9% | 68.0% |
| 营业利润率 | 0.6% | 47.1% |
| 净利率 | 1.1% | 47.3% |
| 营收同比 | 1.8% | 16.7% |
| 净利润同比 | -74.9% | 59.5% |
| 每股收益（稀释后） | $2.56 | $5.16 |
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ELVMSFT
| Q1 26 | $49.7B | — | ||
| Q4 25 | $49.7B | $81.3B | ||
| Q3 25 | $50.7B | $77.7B | ||
| Q2 25 | $49.8B | $76.4B | ||
| Q1 25 | $48.9B | $70.1B | ||
| Q4 24 | $45.4B | $69.6B | ||
| Q3 24 | $45.1B | $65.6B | ||
| Q2 24 | $43.9B | $64.7B |
净利润ELVMSFT
| Q1 26 | $547.0M | — | ||
| Q4 25 | $547.0M | $38.5B | ||
| Q3 25 | $1.2B | $27.7B | ||
| Q2 25 | $1.7B | $27.2B | ||
| Q1 25 | $2.2B | $25.8B | ||
| Q4 24 | $418.0M | $24.1B | ||
| Q3 24 | $1.0B | $24.7B | ||
| Q2 24 | $2.3B | $22.0B |
毛利率ELVMSFT
| Q1 26 | 88.9% | — | ||
| Q4 25 | 88.9% | 68.0% | ||
| Q3 25 | 89.4% | 69.0% | ||
| Q2 25 | 89.4% | 68.6% | ||
| Q1 25 | 89.8% | 68.7% | ||
| Q4 24 | 86.8% | 68.7% | ||
| Q3 24 | 88.7% | 69.4% | ||
| Q2 24 | 89.0% | 69.6% |
营业利润率ELVMSFT
| Q1 26 | 0.6% | — | ||
| Q4 25 | 0.6% | 47.1% | ||
| Q3 25 | 2.6% | 48.9% | ||
| Q2 25 | 4.9% | 44.9% | ||
| Q1 25 | 6.5% | 45.7% | ||
| Q4 24 | 1.5% | 45.5% | ||
| Q3 24 | 3.1% | 46.6% | ||
| Q2 24 | 6.3% | 43.1% |
净利率ELVMSFT
| Q1 26 | 1.1% | — | ||
| Q4 25 | 1.1% | 47.3% | ||
| Q3 25 | 2.3% | 35.7% | ||
| Q2 25 | 3.5% | 35.6% | ||
| Q1 25 | 4.5% | 36.9% | ||
| Q4 24 | 0.9% | 34.6% | ||
| Q3 24 | 2.3% | 37.6% | ||
| Q2 24 | 5.2% | 34.0% |
每股收益（稀释后）ELVMSFT
| Q1 26 | $2.56 | — | ||
| Q4 25 | $2.56 | $5.16 | ||
| Q3 25 | $5.32 | $3.72 | ||
| Q2 25 | $7.72 | $3.65 | ||
| Q1 25 | $9.61 | $3.46 | ||
| Q4 24 | $1.88 | $3.23 | ||
| Q3 24 | $4.36 | $3.30 | ||
| Q2 24 | $9.85 | $2.94 |
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 | $9.5B | $89.5B |
| 总债务越低越好 | $31.9B | $40.3B |
| 股东权益账面价值 | $43.9B | $390.9B |
| 总资产 | $121.5B | $665.3B |
| 负债/权益比越低杠杆越低 | 0.73× | 0.10× |
8季度趋势，按日历期对齐
现金及短期投资ELVMSFT
| Q1 26 | $9.5B | — | ||
| Q4 25 | $9.5B | $89.5B | ||
| Q3 25 | $8.7B | $102.0B | ||
| Q2 25 | $8.6B | $94.6B | ||
| Q1 25 | $7.5B | $79.6B | ||
| Q4 24 | $8.3B | $71.6B | ||
| Q3 24 | $7.9B | $78.4B | ||
| Q2 24 | $6.5B | $75.5B |
总债务ELVMSFT
| Q1 26 | $31.9B | — | ||
| Q4 25 | $31.9B | $40.3B | ||
| Q3 25 | — | $43.2B | ||
| Q2 25 | — | $43.2B | ||
| Q1 25 | — | $42.9B | ||
| Q4 24 | $30.9B | $45.0B | ||
| Q3 24 | — | $45.1B | ||
| Q2 24 | — | $44.9B |
股东权益ELVMSFT
| Q1 26 | $43.9B | — | ||
| Q4 25 | $43.9B | $390.9B | ||
| Q3 25 | $44.0B | $363.1B | ||
| Q2 25 | $43.7B | $343.5B | ||
| Q1 25 | $42.5B | $321.9B | ||
| Q4 24 | $41.3B | $302.7B | ||
| Q3 24 | $43.8B | $287.7B | ||
| Q2 24 | $42.2B | $268.5B |
总资产ELVMSFT
| Q1 26 | $121.5B | — | ||
| Q4 25 | $121.5B | $665.3B | ||
| Q3 25 | $122.7B | $636.4B | ||
| Q2 25 | $121.9B | $619.0B | ||
| Q1 25 | $119.7B | $562.6B | ||
| Q4 24 | $116.9B | $533.9B | ||
| Q3 24 | $116.5B | $523.0B | ||
| Q2 24 | $113.0B | $512.2B |
负债/权益比ELVMSFT
| Q1 26 | 0.73× | — | ||
| Q4 25 | 0.73× | 0.10× | ||
| Q3 25 | — | 0.12× | ||
| Q2 25 | — | 0.13× | ||
| Q1 25 | — | 0.13× | ||
| Q4 24 | 0.75× | 0.15× | ||
| Q3 24 | — | 0.16× | ||
| Q2 24 | — | 0.17× |
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 | — | $35.8B |
| 自由现金流经营现金流 - 资本支出 | — | $5.9B |
| 自由现金流率自由现金流/营收 | — | 7.2% |
| 资本支出强度资本支出/营收 | — | 36.8% |
| 现金转化率经营现金流/净利润 | — | 0.93× |
| 过去12个月自由现金流最近4个季度 | — | $77.4B |
8季度趋势，按日历期对齐
经营现金流ELVMSFT
| Q1 26 | — | — | ||
| Q4 25 | $84.0M | $35.8B | ||
| Q3 25 | $1.1B | $45.1B | ||
| Q2 25 | $2.1B | $42.6B | ||
| Q1 25 | $1.0B | $37.0B | ||
| Q4 24 | $706.0M | $22.3B | ||
| Q3 24 | $2.7B | $34.2B | ||
| Q2 24 | $447.0M | $37.2B |
自由现金流ELVMSFT
| Q1 26 | — | — | ||
| Q4 25 | $-209.0M | $5.9B | ||
| Q3 25 | $775.0M | $25.7B | ||
| Q2 25 | $1.8B | $25.6B | ||
| Q1 25 | $821.0M | $20.3B | ||
| Q4 24 | $384.0M | $6.5B | ||
| Q3 24 | $2.3B | $19.3B | ||
| Q2 24 | $124.0M | $23.3B |
自由现金流率ELVMSFT
| Q1 26 | — | — | ||
| Q4 25 | -0.4% | 7.2% | ||
| Q3 25 | 1.5% | 33.0% | ||
| Q2 25 | 3.6% | 33.4% | ||
| Q1 25 | 1.7% | 29.0% | ||
| Q4 24 | 0.8% | 9.3% | ||
| Q3 24 | 5.2% | 29.4% | ||
| Q2 24 | 0.3% | 36.0% |
资本支出强度ELVMSFT
| Q1 26 | — | — | ||
| Q4 25 | 0.6% | 36.8% | ||
| Q3 25 | 0.7% | 25.0% | ||
| Q2 25 | 0.5% | 22.3% | ||
| Q1 25 | 0.4% | 23.9% | ||
| Q4 24 | 0.7% | 22.7% | ||
| Q3 24 | 0.7% | 22.8% | ||
| Q2 24 | 0.7% | 21.4% |
现金转化率ELVMSFT
| Q1 26 | — | — | ||
| Q4 25 | 0.15× | 0.93× | ||
| Q3 25 | 0.95× | 1.62× | ||
| Q2 25 | 1.18× | 1.57× | ||
| Q1 25 | 0.47× | 1.43× | ||
| Q4 24 | 1.69× | 0.92× | ||
| Q3 24 | 2.63× | 1.39× | ||
| Q2 24 | 0.19× | 1.69× |
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
ELV
暂无分部数据
MSFT
| Microsoft Three Six Five Commercial Products And Cloud Services | $24.5B | 30% |
| Products | $16.5B | 20% |
| More Personal Computing | $14.3B | 18% |
| Gaming | $6.0B | 7% |
| Linked In Corporation | $5.1B | 6% |
| Windows And Devices | $4.5B | 6% |
| Search And News Advertising | $3.8B | 5% |
| Microsoft Three Six Five Consumer Products And Cloud Services | $2.3B | 3% |
| Dynamics Products And Cloud Services | $2.2B | 3% |
| Enterprise And Partner Services | $2.0B | 3% |
| Other Products And Services | $6.0M | 0% |
