vs
Evolent Health, Inc.（EVH）与高德纳（IT）财务数据对比。点击上方公司名可切换其他公司
高德纳的季度营收约是Evolent Health, Inc.的3.7倍（$1.8B vs $468.7M）。高德纳净利率更高（13.8% vs -91.6%，领先105.4%）。高德纳同比增速更快（2.2% vs -27.5%）。过去两年高德纳的营收复合增速更高（9.1% vs -14.4%）
马奎尔健康是一家美国营利性医疗管理企业，目前为森特里奇旗下子公司，核心服务对象为特殊群体，业务聚焦医疗领域多个细分赛道。客户群体涵盖健康保险计划、其他管理式医疗机构、企业、工会、各类军事与政府机构以及第三方管理机构，2021年位列财富美国500强第390名。
高德纳是美国专注于商业与科技领域的研究咨询机构，服务客户覆盖大型企业、政府机构、科技公司、投资机构等群体，通过输出研究报告、举办行业峰会、提供定制咨询等形式，为客户决策提供权威专业的洞见支撑。
EVH vs IT — 直观对比
营收规模更大
IT
是对方的3.7倍
$468.7M
营收增速更快
IT
高出29.7%
-27.5%
净利率更高
IT
高出105.4%
-91.6%
两年增速更快
IT
近两年复合增速
-14.4%
损益表 — Q4 2025 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $468.7M | $1.8B |
| 净利润 | $-429.1M | $242.2M |
| 毛利率 | 20.7% | 67.8% |
| 营业利润率 | -87.1% | 19.1% |
| 净利率 | -91.6% | 13.8% |
| 营收同比 | -27.5% | 2.2% |
| 净利润同比 | -1782.0% | -39.2% |
| 每股收益（稀释后） | $-3.76 | $3.36 |
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EVHIT
| Q4 25 | $468.7M | $1.8B | ||
| Q3 25 | $479.5M | $1.5B | ||
| Q2 25 | $444.3M | $1.7B | ||
| Q1 25 | $483.6M | $1.5B | ||
| Q4 24 | $646.5M | $1.7B | ||
| Q3 24 | $621.4M | $1.5B | ||
| Q2 24 | $647.1M | $1.6B | ||
| Q1 24 | $639.7M | $1.5B |
净利润EVHIT
| Q4 25 | $-429.1M | $242.2M | ||
| Q3 25 | $-20.9M | $35.4M | ||
| Q2 25 | $-19.9M | $240.8M | ||
| Q1 25 | $-64.6M | $210.9M | ||
| Q4 24 | $-22.8M | $398.6M | ||
| Q3 24 | $-23.1M | $415.0M | ||
| Q2 24 | $1.6M | $229.5M | ||
| Q1 24 | $-17.3M | $210.5M |
毛利率EVHIT
| Q4 25 | 20.7% | 67.8% | ||
| Q3 25 | 20.8% | 69.3% | ||
| Q2 25 | 22.6% | 68.6% | ||
| Q1 25 | 21.2% | 69.4% | ||
| Q4 24 | 11.7% | 66.8% | ||
| Q3 24 | 13.0% | 68.4% | ||
| Q2 24 | 16.5% | 68.6% | ||
| Q1 24 | 16.3% | 69.4% |
营业利润率EVHIT
| Q4 25 | -87.1% | 19.1% | ||
| Q3 25 | 0.2% | 5.7% | ||
| Q2 25 | -0.3% | 19.4% | ||
| Q1 25 | -0.3% | 18.1% | ||
| Q4 24 | -2.9% | 18.5% | ||
| Q3 24 | -2.6% | 16.6% | ||
| Q2 24 | 1.2% | 20.0% | ||
| Q1 24 | -2.1% | 18.6% |
净利率EVHIT
| Q4 25 | -91.6% | 13.8% | ||
| Q3 25 | -4.4% | 2.3% | ||
| Q2 25 | -4.5% | 14.3% | ||
| Q1 25 | -13.4% | 13.7% | ||
| Q4 24 | -3.5% | 23.2% | ||
| Q3 24 | -3.7% | 28.0% | ||
| Q2 24 | 0.2% | 14.4% | ||
| Q1 24 | -2.7% | 14.3% |
每股收益（稀释后）EVHIT
| Q4 25 | $-3.76 | $3.36 | ||
| Q3 25 | $-0.24 | $0.47 | ||
| Q2 25 | $-0.44 | $3.11 | ||
| Q1 25 | $-0.63 | $2.71 | ||
| Q4 24 | $-0.26 | $5.08 | ||
| Q3 24 | $-0.27 | $5.32 | ||
| Q2 24 | $-0.06 | $2.93 | ||
| Q1 24 | $-0.22 | $2.67 |
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 | $151.9M | $1.7B |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $415.2M | $319.9M |
| 总资产 | $1.9B | $8.1B |
| 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EVHIT
| Q4 25 | $151.9M | $1.7B | ||
| Q3 25 | $116.7M | $1.4B | ||
| Q2 25 | $151.0M | $2.2B | ||
| Q1 25 | $246.5M | $2.1B | ||
| Q4 24 | $104.2M | $1.9B | ||
| Q3 24 | $96.6M | $1.8B | ||
| Q2 24 | $101.3M | $1.2B | ||
| Q1 24 | $165.1M | $1.2B |
股东权益EVHIT
| Q4 25 | $415.2M | $319.9M | ||
| Q3 25 | $842.2M | $556.6M | ||
| Q2 25 | $896.0M | $1.5B | ||
| Q1 25 | $935.5M | $1.5B | ||
| Q4 24 | $1.0B | $1.4B | ||
| Q3 24 | $1.0B | $1.1B | ||
| Q2 24 | $1.1B | $646.7M | ||
| Q1 24 | $1.0B | $718.2M |
总资产EVHIT
| Q4 25 | $1.9B | $8.1B | ||
| Q3 25 | $2.5B | $7.2B | ||
| Q2 25 | $2.5B | $8.3B | ||
| Q1 25 | $2.7B | $8.5B | ||
| Q4 24 | $2.5B | $8.5B | ||
| Q3 24 | $2.5B | $7.8B | ||
| Q2 24 | $2.5B | $7.4B | ||
| Q1 24 | $2.6B | $7.7B |
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 | $48.8M | $294.5M |
| 自由现金流经营现金流 - 资本支出 | — | $270.7M |
| 自由现金流率自由现金流/营收 | — | 15.4% |
| 资本支出强度资本支出/营收 | — | 1.4% |
| 现金转化率经营现金流/净利润 | — | 1.22× |
| 过去12个月自由现金流最近4个季度 | — | $1.2B |
8季度趋势，按日历期对齐
经营现金流EVHIT
| Q4 25 | $48.8M | $294.5M | ||
| Q3 25 | $15.8M | $298.7M | ||
| Q2 25 | $-30.3M | $383.6M | ||
| Q1 25 | $4.6M | $313.5M | ||
| Q4 24 | $-26.2M | $335.4M | ||
| Q3 24 | $18.7M | $590.8M | ||
| Q2 24 | $21.4M | $370.0M | ||
| Q1 24 | $4.9M | $188.8M |
自由现金流EVHIT
| Q4 25 | — | $270.7M | ||
| Q3 25 | — | $269.3M | ||
| Q2 25 | — | $347.3M | ||
| Q1 25 | — | $287.9M | ||
| Q4 24 | — | $311.4M | ||
| Q3 24 | — | $565.0M | ||
| Q2 24 | — | $340.6M | ||
| Q1 24 | — | $166.2M |
自由现金流率EVHIT
| Q4 25 | — | 15.4% | ||
| Q3 25 | — | 17.7% | ||
| Q2 25 | — | 20.6% | ||
| Q1 25 | — | 18.8% | ||
| Q4 24 | — | 18.2% | ||
| Q3 24 | — | 38.1% | ||
| Q2 24 | — | 21.4% | ||
| Q1 24 | — | 11.3% |
资本支出强度EVHIT
| Q4 25 | — | 1.4% | ||
| Q3 25 | — | 1.9% | ||
| Q2 25 | — | 2.1% | ||
| Q1 25 | — | 1.7% | ||
| Q4 24 | — | 1.4% | ||
| Q3 24 | — | 1.7% | ||
| Q2 24 | — | 1.8% | ||
| Q1 24 | — | 1.5% |
现金转化率EVHIT
| Q4 25 | — | 1.22× | ||
| Q3 25 | — | 8.45× | ||
| Q2 25 | — | 1.59× | ||
| Q1 25 | — | 1.49× | ||
| Q4 24 | — | 0.84× | ||
| Q3 24 | — | 1.42× | ||
| Q2 24 | 13.42× | 1.61× | ||
| Q1 24 | — | 0.90× |
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
EVH
| Commercial And Other Customers | $147.9M | 32% |
| Medicare Customers | $111.2M | 24% |
| Specialty Technology And Services Suite | $95.7M | 20% |
| Administrative Service | $55.8M | 12% |
| Cases | $47.7M | 10% |
| Related Party | $4.5M | 1% |
IT
| Transferred Over Time | $1.3B | 73% |
| Conferences | $286.2M | 16% |
| Consulting | $133.6M | 8% |
| Other | $52.3M | 3% |
