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Evolent Health, Inc.（EVH）与3M（MMM）财务数据对比。点击上方公司名可切换其他公司
3M的季度营收约是Evolent Health, Inc.的12.9倍（$6.0B vs $468.7M）。3M净利率更高（10.8% vs -91.6%，领先102.4%）。3M同比增速更快（1.3% vs -27.5%）。过去两年3M的营收复合增速更高（-1.8% 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。
3M是美国知名跨国综合企业，业务覆盖工业、劳动者安全防护、消费品等多个领域，总部位于圣保罗郊区的枫木市。公司现有超6万款产品，涵盖胶粘剂、研磨材料、防火防护产品、个人防护装备、窗膜、车漆保护膜、电子连接绝缘材料、汽车养护产品、光学膜等品类。
EVH vs MMM — 直观对比
营收规模更大
MMM
是对方的12.9倍
$468.7M
营收增速更快
MMM
高出28.8%
-27.5%
净利率更高
MMM
高出102.4%
-91.6%
两年增速更快
MMM
近两年复合增速
-14.4%
损益表 — Q4 2025 vs Q1 2026
| 指标 | | |
|---|---|---|
| 营收 | $468.7M | $6.0B |
| 净利润 | $-429.1M | $653.0M |
| 毛利率 | 20.7% | 40.7% |
| 营业利润率 | -87.1% | 23.2% |
| 净利率 | -91.6% | 10.8% |
| 营收同比 | -27.5% | 1.3% |
| 净利润同比 | -1782.0% | -41.5% |
| 每股收益（稀释后） | $-3.76 | $1.23 |
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EVHMMM
| Q1 26 | — | $6.0B | ||
| Q4 25 | $468.7M | $6.1B | ||
| Q3 25 | $479.5M | $6.5B | ||
| Q2 25 | $444.3M | $6.3B | ||
| Q1 25 | $483.6M | $6.0B | ||
| Q4 24 | $646.5M | $6.0B | ||
| Q3 24 | $621.4M | $6.3B | ||
| Q2 24 | $647.1M | $6.3B |
净利润EVHMMM
| Q1 26 | — | $653.0M | ||
| Q4 25 | $-429.1M | $577.0M | ||
| Q3 25 | $-20.9M | $834.0M | ||
| Q2 25 | $-19.9M | $723.0M | ||
| Q1 25 | $-64.6M | $1.1B | ||
| Q4 24 | $-22.8M | $728.0M | ||
| Q3 24 | $-23.1M | $1.4B | ||
| Q2 24 | $1.6M | $1.1B |
毛利率EVHMMM
| Q1 26 | — | 40.7% | ||
| Q4 25 | 20.7% | 33.6% | ||
| Q3 25 | 20.8% | 41.8% | ||
| Q2 25 | 22.6% | 42.5% | ||
| Q1 25 | 21.2% | 41.6% | ||
| Q4 24 | 11.7% | 51.7% | ||
| Q3 24 | 13.0% | 42.1% | ||
| Q2 24 | 16.5% | 42.9% |
营业利润率EVHMMM
| Q1 26 | — | 23.2% | ||
| Q4 25 | -87.1% | 13.0% | ||
| Q3 25 | 0.2% | 22.2% | ||
| Q2 25 | -0.3% | 18.0% | ||
| Q1 25 | -0.3% | 20.9% | ||
| Q4 24 | -2.9% | 12.2% | ||
| Q3 24 | -2.6% | 20.9% | ||
| Q2 24 | 1.2% | 20.3% |
净利率EVHMMM
| Q1 26 | — | 10.8% | ||
| Q4 25 | -91.6% | 9.4% | ||
| Q3 25 | -4.4% | 12.8% | ||
| Q2 25 | -4.5% | 11.4% | ||
| Q1 25 | -13.4% | 18.7% | ||
| Q4 24 | -3.5% | 12.1% | ||
| Q3 24 | -3.7% | 21.8% | ||
| Q2 24 | 0.2% | 18.3% |
每股收益（稀释后）EVHMMM
| Q1 26 | — | $1.23 | ||
| Q4 25 | $-3.76 | $1.07 | ||
| Q3 25 | $-0.24 | $1.55 | ||
| Q2 25 | $-0.44 | $1.34 | ||
| Q1 25 | $-0.63 | $2.04 | ||
| Q4 24 | $-0.26 | $1.33 | ||
| Q3 24 | $-0.27 | $2.48 | ||
| Q2 24 | $-0.06 | $2.07 |
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 | $3.7B |
| 总债务越低越好 | — | $10.9B |
| 股东权益账面价值 | $415.2M | $3.3B |
| 总资产 | $1.9B | $35.4B |
| 负债/权益比越低杠杆越低 | — | 3.29× |
8季度趋势，按日历期对齐
现金及短期投资EVHMMM
| Q1 26 | — | $3.7B | ||
| Q4 25 | $151.9M | — | ||
| Q3 25 | $116.7M | — | ||
| Q2 25 | $151.0M | — | ||
| Q1 25 | $246.5M | — | ||
| Q4 24 | $104.2M | — | ||
| Q3 24 | $96.6M | — | ||
| Q2 24 | $101.3M | — |
总债务EVHMMM
| Q1 26 | — | $10.9B | ||
| Q4 25 | — | $12.6B | ||
| Q3 25 | — | $12.6B | ||
| Q2 25 | — | $13.1B | ||
| Q1 25 | — | $13.5B | ||
| Q4 24 | — | $13.0B | ||
| Q3 24 | — | $13.2B | ||
| Q2 24 | — | $13.1B |
股东权益EVHMMM
| Q1 26 | — | $3.3B | ||
| Q4 25 | $415.2M | $4.7B | ||
| Q3 25 | $842.2M | $4.6B | ||
| Q2 25 | $896.0M | $4.3B | ||
| Q1 25 | $935.5M | $4.5B | ||
| Q4 24 | $1.0B | $3.8B | ||
| Q3 24 | $1.0B | $4.6B | ||
| Q2 24 | $1.1B | $3.9B |
总资产EVHMMM
| Q1 26 | — | $35.4B | ||
| Q4 25 | $1.9B | $37.7B | ||
| Q3 25 | $2.5B | $37.6B | ||
| Q2 25 | $2.5B | $38.0B | ||
| Q1 25 | $2.7B | $40.0B | ||
| Q4 24 | $2.5B | $39.9B | ||
| Q3 24 | $2.5B | $40.9B | ||
| Q2 24 | $2.5B | $43.4B |
负债/权益比EVHMMM
| Q1 26 | — | 3.29× | ||
| Q4 25 | — | 2.68× | ||
| Q3 25 | — | 2.72× | ||
| Q2 25 | — | 3.06× | ||
| Q1 25 | — | 3.02× | ||
| Q4 24 | — | 3.40× | ||
| Q3 24 | — | 2.84× | ||
| Q2 24 | — | 3.34× |
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 | — |
| 自由现金流经营现金流 - 资本支出 | — | $2.0B |
| 自由现金流率自由现金流/营收 | — | 33.6% |
| 资本支出强度资本支出/营收 | — | — |
| 现金转化率经营现金流/净利润 | — | — |
| 过去12个月自由现金流最近4个季度 | — | $3.7B |
8季度趋势，按日历期对齐
经营现金流EVHMMM
| Q1 26 | — | — | ||
| Q4 25 | $48.8M | $1.6B | ||
| Q3 25 | $15.8M | $1.8B | ||
| Q2 25 | $-30.3M | $-954.0M | ||
| Q1 25 | $4.6M | $-79.0M | ||
| Q4 24 | $-26.2M | $1.8B | ||
| Q3 24 | $18.7M | $-1.8B | ||
| Q2 24 | $21.4M | $1.0B |
自由现金流EVHMMM
| Q1 26 | — | $2.0B | ||
| Q4 25 | — | $1.3B | ||
| Q3 25 | — | $1.5B | ||
| Q2 25 | — | $-1.2B | ||
| Q1 25 | — | $-315.0M | ||
| Q4 24 | — | $1.5B | ||
| Q3 24 | — | $-2.0B | ||
| Q2 24 | — | $752.0M |
自由现金流率EVHMMM
| Q1 26 | — | 33.6% | ||
| Q4 25 | — | 21.8% | ||
| Q3 25 | — | 23.6% | ||
| Q2 25 | — | -18.3% | ||
| Q1 25 | — | -5.3% | ||
| Q4 24 | — | 25.4% | ||
| Q3 24 | — | -32.3% | ||
| Q2 24 | — | 12.0% |
资本支出强度EVHMMM
| Q1 26 | — | — | ||
| Q4 25 | — | 4.0% | ||
| Q3 25 | — | 3.3% | ||
| Q2 25 | — | 3.3% | ||
| Q1 25 | — | 4.0% | ||
| Q4 24 | — | 4.8% | ||
| Q3 24 | — | 3.9% | ||
| Q2 24 | — | 4.3% |
现金转化率EVHMMM
| Q1 26 | — | — | ||
| Q4 25 | — | 2.74× | ||
| Q3 25 | — | 2.11× | ||
| Q2 25 | — | -1.32× | ||
| Q1 25 | — | -0.07× | ||
| Q4 24 | — | 2.50× | ||
| Q3 24 | — | -1.30× | ||
| Q2 24 | 13.42× | 0.89× |
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% |
MMM
| Safety and Industrial business segment | $2.9B | 49% |
| Transportation and Electronics business segment | $1.8B | 31% |
| Consumer business segment | $1.1B | 19% |
| Corporate | $121.0M | 2% |
