vs
Expand Energy（EXE）与TENET HEALTHCARE CORP（THC）财务数据对比。点击上方公司名可切换其他公司
TENET HEALTHCARE CORP的季度营收约是Expand Energy的1.7倍（$5.5B vs $3.3B），Expand Energy净利率更高（16.9% vs 11.7%，领先5.2%），Expand Energy同比增速更快（63.5% vs 9.0%），TENET HEALTHCARE CORP自由现金流更多（$367.0M vs $215.0M），过去两年Expand Energy的营收复合增速更高（29.6% vs 1.5%）
Expand Energy是按净日产量统计的美国最大独立天然气生产商，总部位于俄克拉荷马城，运营范围覆盖宾夕法尼亚州、西弗吉尼亚州境内马塞勒斯地层的阿巴拉契亚盆地，以及路易斯安那州西北部的海恩斯维尔页岩区块。
Tenet Healthcare Corporation是总部位于美国达拉斯的营利性跨国医疗服务企业，旗下拥有USPI等多个品牌、子公司、合资企业及合作主体，运营65家医院及超过450个医疗设施，还通过旗下Conifer Health Solutions为各类医疗系统及其他客户提供专业医疗支持服务
EXE vs THC — 直观对比
营收规模更大
THC
是对方的1.7倍
$3.3B
营收增速更快
EXE
高出54.5%
9.0%
净利率更高
EXE
高出5.2%
11.7%
自由现金流更多
THC
多$152.0M
$215.0M
两年增速更快
EXE
近两年复合增速
1.5%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $3.3B | $5.5B |
| 净利润 | $553.0M | $644.0M |
| 毛利率 | — | — |
| 营业利润率 | 22.8% | 15.4% |
| 净利率 | 16.9% | 11.7% |
| 营收同比 | 63.5% | 9.0% |
| 净利润同比 | 238.6% | 12.6% |
| 每股收益（稀释后） | $2.33 | $4.22 |
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EXETHC
| Q4 25 | $3.3B | $5.5B | ||
| Q3 25 | $3.0B | $5.3B | ||
| Q2 25 | $3.7B | $5.3B | ||
| Q1 25 | $2.2B | $5.2B | ||
| Q4 24 | $2.0B | $5.1B | ||
| Q3 24 | $648.0M | $5.1B | ||
| Q2 24 | — | $5.1B | ||
| Q1 24 | $1.1B | $5.4B |
净利润EXETHC
| Q4 25 | $553.0M | $644.0M | ||
| Q3 25 | $547.0M | $579.0M | ||
| Q2 25 | $968.0M | $522.0M | ||
| Q1 25 | $-249.0M | $622.0M | ||
| Q4 24 | $-399.0M | $572.0M | ||
| Q3 24 | $-114.0M | $681.0M | ||
| Q2 24 | — | $477.0M | ||
| Q1 24 | $26.0M | $2.3B |
营业利润率EXETHC
| Q4 25 | 22.8% | 15.4% | ||
| Q3 25 | 24.4% | 16.8% | ||
| Q2 25 | 34.4% | 15.6% | ||
| Q1 25 | -12.2% | 18.1% | ||
| Q4 24 | -19.3% | 16.2% | ||
| Q3 24 | -23.9% | 21.3% | ||
| Q2 24 | — | 14.9% | ||
| Q1 24 | 3.0% | 61.2% |
净利率EXETHC
| Q4 25 | 16.9% | 11.7% | ||
| Q3 25 | 18.4% | 10.9% | ||
| Q2 25 | 26.2% | 9.9% | ||
| Q1 25 | -11.3% | 11.9% | ||
| Q4 24 | -19.9% | 11.3% | ||
| Q3 24 | -17.6% | 13.3% | ||
| Q2 24 | — | 9.3% | ||
| Q1 24 | 2.4% | 43.5% |
每股收益（稀释后）EXETHC
| Q4 25 | $2.33 | $4.22 | ||
| Q3 25 | $2.28 | $3.86 | ||
| Q2 25 | $4.02 | $3.14 | ||
| Q1 25 | $-1.06 | $4.27 | ||
| Q4 24 | $-2.15 | $3.79 | ||
| Q3 24 | $-0.85 | $4.89 | ||
| Q2 24 | — | $2.64 | ||
| Q1 24 | $0.18 | $21.38 |
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 | $616.0M | $2.9B |
| 总债务越低越好 | $5.0B | $13.1B |
| 股东权益账面价值 | $18.6B | $4.2B |
| 总资产 | $28.3B | $29.7B |
| 负债/权益比越低杠杆越低 | 0.27× | 3.10× |
8季度趋势，按日历期对齐
现金及短期投资EXETHC
| Q4 25 | $616.0M | $2.9B | ||
| Q3 25 | $613.0M | $3.0B | ||
| Q2 25 | $731.0M | $2.6B | ||
| Q1 25 | $349.0M | $3.0B | ||
| Q4 24 | $317.0M | $3.0B | ||
| Q3 24 | $1.0B | $4.1B | ||
| Q2 24 | — | $2.9B | ||
| Q1 24 | $1.2B | $2.5B |
总债务EXETHC
| Q4 25 | $5.0B | $13.1B | ||
| Q3 25 | $5.0B | $13.1B | ||
| Q2 25 | $5.1B | $13.1B | ||
| Q1 25 | $5.2B | $13.1B | ||
| Q4 24 | $5.7B | $13.1B | ||
| Q3 24 | — | $12.8B | ||
| Q2 24 | — | $12.8B | ||
| Q1 24 | — | $12.8B |
股东权益EXETHC
| Q4 25 | $18.6B | $4.2B | ||
| Q3 25 | $18.1B | $4.0B | ||
| Q2 25 | $17.9B | $3.7B | ||
| Q1 25 | $17.2B | $4.2B | ||
| Q4 24 | $17.6B | $4.2B | ||
| Q3 24 | $10.2B | $3.8B | ||
| Q2 24 | — | $3.5B | ||
| Q1 24 | $10.7B | $3.5B |
总资产EXETHC
| Q4 25 | $28.3B | $29.7B | ||
| Q3 25 | $27.6B | $29.4B | ||
| Q2 25 | $27.8B | $28.7B | ||
| Q1 25 | $27.9B | $29.2B | ||
| Q4 24 | $27.9B | $28.9B | ||
| Q3 24 | $13.4B | $29.4B | ||
| Q2 24 | — | $29.3B | ||
| Q1 24 | $14.0B | $28.9B |
负债/权益比EXETHC
| Q4 25 | 0.27× | 3.10× | ||
| Q3 25 | 0.28× | 3.26× | ||
| Q2 25 | 0.29× | 3.49× | ||
| Q1 25 | 0.30× | 3.13× | ||
| Q4 24 | 0.32× | 3.14× | ||
| Q3 24 | — | 3.33× | ||
| Q2 24 | — | 3.67× | ||
| Q1 24 | — | 3.70× |
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 | $956.0M | $731.0M |
| 自由现金流经营现金流 - 资本支出 | $215.0M | $367.0M |
| 自由现金流率自由现金流/营收 | 6.6% | 6.6% |
| 资本支出强度资本支出/营收 | 22.6% | 6.6% |
| 现金转化率经营现金流/净利润 | 1.73× | 1.14× |
| 过去12个月自由现金流最近4个季度 | $1.8B | $2.5B |
8季度趋势，按日历期对齐
经营现金流EXETHC
| Q4 25 | $956.0M | $731.0M | ||
| Q3 25 | $1.2B | $1.1B | ||
| Q2 25 | $1.3B | $936.0M | ||
| Q1 25 | $1.1B | $815.0M | ||
| Q4 24 | $382.0M | $-331.0M | ||
| Q3 24 | $422.0M | $1.0B | ||
| Q2 24 | — | $747.0M | ||
| Q1 24 | $552.0M | $586.0M |
自由现金流EXETHC
| Q4 25 | $215.0M | $367.0M | ||
| Q3 25 | $426.0M | $778.0M | ||
| Q2 25 | $665.0M | $743.0M | ||
| Q1 25 | $533.0M | $642.0M | ||
| Q4 24 | $-154.0M | $-661.0M | ||
| Q3 24 | $124.0M | $829.0M | ||
| Q2 24 | — | $602.0M | ||
| Q1 24 | $131.0M | $346.0M |
自由现金流率EXETHC
| Q4 25 | 6.6% | 6.6% | ||
| Q3 25 | 14.4% | 14.7% | ||
| Q2 25 | 18.0% | 14.1% | ||
| Q1 25 | 24.3% | 12.3% | ||
| Q4 24 | -7.7% | -13.0% | ||
| Q3 24 | 19.1% | 16.2% | ||
| Q2 24 | — | 11.8% | ||
| Q1 24 | 12.1% | 6.4% |
资本支出强度EXETHC
| Q4 25 | 22.6% | 6.6% | ||
| Q3 25 | 26.1% | 5.3% | ||
| Q2 25 | 17.8% | 3.7% | ||
| Q1 25 | 25.6% | 3.3% | ||
| Q4 24 | 26.8% | 6.5% | ||
| Q3 24 | 46.0% | 4.2% | ||
| Q2 24 | — | 2.8% | ||
| Q1 24 | 38.9% | 4.5% |
现金转化率EXETHC
| Q4 25 | 1.73× | 1.14× | ||
| Q3 25 | 2.20× | 1.83× | ||
| Q2 25 | 1.37× | 1.79× | ||
| Q1 25 | — | 1.31× | ||
| Q4 24 | — | -0.58× | ||
| Q3 24 | — | 1.53× | ||
| Q2 24 | — | 1.57× | ||
| Q1 24 | 21.23× | 0.25× |
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
EXE
| Oil And Gas | $2.3B | 70% |
| Natural Gas Marketing Sales | $734.0M | 22% |
| Natural Gas Liquids Sales | $174.0M | 5% |
| Natural Gas Liquids Marketing Sales | $34.0M | 1% |
| Oil Marketing Sales | $31.0M | 1% |
THC
| Other | $2.9B | 52% |
| Health Care Patient Service | $1.4B | 25% |
| Equity Method Investment Nonconsolidated Investee Or Group Of Investees | $1.2B | 22% |
| Health Care Other Sources | $56.0M | 1% |
