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Evolent Health, Inc.（EVH）与ROYAL GOLD INC（RGLD）财务数据对比。点击上方公司名可切换其他公司
Evolent Health, Inc.的季度营收约是ROYAL GOLD INC的1.2倍（$468.7M vs $375.3M），ROYAL GOLD INC净利率更高（24.9% vs -91.6%，领先116.5%），ROYAL GOLD INC同比增速更快（85.3% vs -27.5%），过去两年ROYAL GOLD INC的营收复合增速更高（58.8% 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。
Royal Gold Inc.是全球领先的贵金属流权与特许权经营企业，收购并管理多元化的矿业项目流权、净熔炼收益特许权及相关权益，资产覆盖黄金、白银、铜等品类，业务遍及多地区，无需直接承担采矿运营风险。
EVH vs RGLD — 直观对比
营收规模更大
EVH
是对方的1.2倍
$375.3M
营收增速更快
RGLD
高出112.8%
-27.5%
净利率更高
RGLD
高出116.5%
-91.6%
两年增速更快
RGLD
近两年复合增速
-14.4%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $468.7M | $375.3M |
| 净利润 | $-429.1M | $93.6M |
| 毛利率 | 20.7% | 64.6% |
| 营业利润率 | -87.1% | 56.2% |
| 净利率 | -91.6% | 24.9% |
| 营收同比 | -27.5% | 85.3% |
| 净利润同比 | -1782.0% | -12.8% |
| 每股收益（稀释后） | $-3.76 | $1.04 |
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EVHRGLD
| Q4 25 | $468.7M | $375.3M | ||
| Q3 25 | $479.5M | $252.1M | ||
| Q2 25 | $444.3M | $209.6M | ||
| Q1 25 | $483.6M | $193.4M | ||
| Q4 24 | $646.5M | $202.6M | ||
| Q3 24 | $621.4M | $193.8M | ||
| Q2 24 | $647.1M | $174.1M | ||
| Q1 24 | $639.7M | $148.9M |
净利润EVHRGLD
| Q4 25 | $-429.1M | $93.6M | ||
| Q3 25 | $-20.9M | $126.8M | ||
| Q2 25 | $-19.9M | $132.3M | ||
| Q1 25 | $-64.6M | $113.5M | ||
| Q4 24 | $-22.8M | $107.4M | ||
| Q3 24 | $-23.1M | $96.2M | ||
| Q2 24 | $1.6M | $81.2M | ||
| Q1 24 | $-17.3M | $47.2M |
毛利率EVHRGLD
| Q4 25 | 20.7% | 64.6% | ||
| Q3 25 | 20.8% | 73.6% | ||
| Q2 25 | 22.6% | 72.6% | ||
| Q1 25 | 21.2% | 69.4% | ||
| Q4 24 | 11.7% | 70.3% | ||
| Q3 24 | 13.0% | 66.6% | ||
| Q2 24 | 16.5% | 64.7% | ||
| Q1 24 | 16.3% | 58.4% |
营业利润率EVHRGLD
| Q4 25 | -87.1% | 56.2% | ||
| Q3 25 | 0.2% | 64.4% | ||
| Q2 25 | -0.3% | 67.7% | ||
| Q1 25 | -0.3% | 63.6% | ||
| Q4 24 | -2.9% | 65.9% | ||
| Q3 24 | -2.6% | 61.3% | ||
| Q2 24 | 1.2% | 58.6% | ||
| Q1 24 | -2.1% | 50.7% |
净利率EVHRGLD
| Q4 25 | -91.6% | 24.9% | ||
| Q3 25 | -4.4% | 50.3% | ||
| Q2 25 | -4.5% | 63.1% | ||
| Q1 25 | -13.4% | 58.7% | ||
| Q4 24 | -3.5% | 53.0% | ||
| Q3 24 | -3.7% | 49.7% | ||
| Q2 24 | 0.2% | 46.6% | ||
| Q1 24 | -2.7% | 31.7% |
每股收益（稀释后）EVHRGLD
| Q4 25 | $-3.76 | $1.04 | ||
| Q3 25 | $-0.24 | $1.92 | ||
| Q2 25 | $-0.44 | $2.01 | ||
| Q1 25 | $-0.63 | $1.72 | ||
| Q4 24 | $-0.26 | $1.63 | ||
| Q3 24 | $-0.27 | $1.46 | ||
| Q2 24 | $-0.06 | $1.23 | ||
| Q1 24 | $-0.22 | $0.72 |
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 | $233.7M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $415.2M | $7.2B |
| 总资产 | $1.9B | $9.5B |
| 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EVHRGLD
| Q4 25 | $151.9M | $233.7M | ||
| Q3 25 | $116.7M | $172.8M | ||
| Q2 25 | $151.0M | $248.2M | ||
| Q1 25 | $246.5M | $240.8M | ||
| Q4 24 | $104.2M | $195.5M | ||
| Q3 24 | $96.6M | $127.9M | ||
| Q2 24 | $101.3M | $74.2M | ||
| Q1 24 | $165.1M | $137.9M |
总债务EVHRGLD
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | $0 | ||
| Q2 24 | — | $50.0M | ||
| Q1 24 | — | — |
股东权益EVHRGLD
| Q4 25 | $415.2M | $7.2B | ||
| Q3 25 | $842.2M | $3.4B | ||
| Q2 25 | $896.0M | $3.3B | ||
| Q1 25 | $935.5M | $3.2B | ||
| Q4 24 | $1.0B | $3.1B | ||
| Q3 24 | $1.0B | $3.0B | ||
| Q2 24 | $1.1B | $3.0B | ||
| Q1 24 | $1.0B | $2.9B |
总资产EVHRGLD
| Q4 25 | $1.9B | $9.5B | ||
| Q3 25 | $2.5B | $4.5B | ||
| Q2 25 | $2.5B | $3.6B | ||
| Q1 25 | $2.7B | $3.5B | ||
| Q4 24 | $2.5B | $3.4B | ||
| Q3 24 | $2.5B | $3.3B | ||
| Q2 24 | $2.5B | $3.3B | ||
| Q1 24 | $2.6B | $3.3B |
负债/权益比EVHRGLD
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 0.00× | ||
| Q2 24 | — | 0.02× | ||
| 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 | $48.8M | $241.7M |
| 自由现金流经营现金流 - 资本支出 | — | — |
| 自由现金流率自由现金流/营收 | — | — |
| 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 | — | 2.58× |
| 过去12个月自由现金流最近4个季度 | — | — |
8季度趋势，按日历期对齐
经营现金流EVHRGLD
| Q4 25 | $48.8M | $241.7M | ||
| Q3 25 | $15.8M | $174.0M | ||
| Q2 25 | $-30.3M | $152.8M | ||
| Q1 25 | $4.6M | $136.4M | ||
| Q4 24 | $-26.2M | $141.1M | ||
| Q3 24 | $18.7M | $136.7M | ||
| Q2 24 | $21.4M | $113.5M | ||
| Q1 24 | $4.9M | $138.3M |
现金转化率EVHRGLD
| Q4 25 | — | 2.58× | ||
| Q3 25 | — | 1.37× | ||
| Q2 25 | — | 1.15× | ||
| Q1 25 | — | 1.20× | ||
| Q4 24 | — | 1.31× | ||
| Q3 24 | — | 1.42× | ||
| Q2 24 | 13.42× | 1.40× | ||
| Q1 24 | — | 2.93× |
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% |
RGLD
| Gold | $216.9M | 58% |
| Pueblo Viejo | $47.3M | 13% |
| Andacollo | $32.6M | 9% |
| Silver | $32.1M | 9% |
| Other | $27.2M | 7% |
| Copper | $13.7M | 4% |
| Cortez Legacy Zone | $5.4M | 1% |
