vs
FirstEnergy（FE）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FirstEnergy的1.5倍（$5.5B vs $3.8B），TENET HEALTHCARE CORP净利率更高（11.7% vs -1.3%，领先12.9%），FirstEnergy同比增速更快（19.6% vs 9.0%），TENET HEALTHCARE CORP自由现金流更多（$367.0M vs $-30.0M），过去两年FirstEnergy的营收复合增速更高（7.5% vs 1.5%）
FirstEnergy Corp是总部位于美国俄亥俄州阿克伦市的电力公用事业企业，主营电力供应、电网运营相关业务，于1997年由俄亥俄爱迪生公司与森特里奥尔能源公司合并组建，是美国中西部地区颇具影响力的公共事业服务商。
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
FE vs THC — 直观对比
营收规模更大
THC
是对方的1.5倍
$3.8B
营收增速更快
FE
高出10.6%
9.0%
净利率更高
THC
高出12.9%
-1.3%
自由现金流更多
THC
多$397.0M
$-30.0M
两年增速更快
FE
近两年复合增速
1.5%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $3.8B | $5.5B |
| 净利润 | $-49.0M | $644.0M |
| 毛利率 | — | — |
| 营业利润率 | -0.6% | 15.4% |
| 净利率 | -1.3% | 11.7% |
| 营收同比 | 19.6% | 9.0% |
| 净利润同比 | -118.8% | 12.6% |
| 每股收益（稀释后） | $-0.08 | $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FETHC
| Q4 25 | $3.8B | $5.5B | ||
| Q3 25 | $4.1B | $5.3B | ||
| Q2 25 | $3.4B | $5.3B | ||
| Q1 25 | $3.8B | $5.2B | ||
| Q4 24 | $3.2B | $5.1B | ||
| Q3 24 | $3.7B | $5.1B | ||
| Q2 24 | $3.3B | $5.1B | ||
| Q1 24 | $3.3B | $5.4B |
净利润FETHC
| Q4 25 | $-49.0M | $644.0M | ||
| Q3 25 | $441.0M | $579.0M | ||
| Q2 25 | $268.0M | $522.0M | ||
| Q1 25 | $360.0M | $622.0M | ||
| Q4 24 | $261.0M | $572.0M | ||
| Q3 24 | $419.0M | $681.0M | ||
| Q2 24 | $45.0M | $477.0M | ||
| Q1 24 | $253.0M | $2.3B |
营业利润率FETHC
| Q4 25 | -0.6% | 15.4% | ||
| Q3 25 | 20.0% | 16.8% | ||
| Q2 25 | 19.1% | 15.6% | ||
| Q1 25 | 20.0% | 18.1% | ||
| Q4 24 | 19.3% | 16.2% | ||
| Q3 24 | 19.5% | 21.3% | ||
| Q2 24 | 12.9% | 14.9% | ||
| Q1 24 | 18.6% | 61.2% |
净利率FETHC
| Q4 25 | -1.3% | 11.7% | ||
| Q3 25 | 10.6% | 10.9% | ||
| Q2 25 | 7.9% | 9.9% | ||
| Q1 25 | 9.6% | 11.9% | ||
| Q4 24 | 8.2% | 11.3% | ||
| Q3 24 | 11.2% | 13.3% | ||
| Q2 24 | 1.4% | 9.3% | ||
| Q1 24 | 7.7% | 43.5% |
每股收益（稀释后）FETHC
| Q4 25 | $-0.08 | $4.22 | ||
| Q3 25 | $0.76 | $3.86 | ||
| Q2 25 | $0.46 | $3.14 | ||
| Q1 25 | $0.62 | $4.27 | ||
| Q4 24 | $0.45 | $3.79 | ||
| Q3 24 | $0.73 | $4.89 | ||
| Q2 24 | $0.08 | $2.64 | ||
| Q1 24 | $0.44 | $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 | $57.0M | $2.9B |
| 总债务越低越好 | $25.5B | $13.1B |
| 股东权益账面价值 | $12.5B | $4.2B |
| 总资产 | $55.9B | $29.7B |
| 负债/权益比越低杠杆越低 | 2.04× | 3.10× |
8季度趋势，按日历期对齐
现金及短期投资FETHC
| Q4 25 | $57.0M | $2.9B | ||
| Q3 25 | $1.4B | $3.0B | ||
| Q2 25 | $569.0M | $2.6B | ||
| Q1 25 | $132.0M | $3.0B | ||
| Q4 24 | $111.0M | $3.0B | ||
| Q3 24 | $439.0M | $4.1B | ||
| Q2 24 | $60.0M | $2.9B | ||
| Q1 24 | $888.0M | $2.5B |
总债务FETHC
| Q4 25 | $25.5B | $13.1B | ||
| Q3 25 | $25.5B | $13.1B | ||
| Q2 25 | $23.7B | $13.1B | ||
| Q1 25 | $21.2B | $13.1B | ||
| Q4 24 | $22.5B | $13.1B | ||
| Q3 24 | $21.6B | $12.8B | ||
| Q2 24 | $20.8B | $12.8B | ||
| Q1 24 | $21.7B | $12.8B |
股东权益FETHC
| Q4 25 | $12.5B | $4.2B | ||
| Q3 25 | $12.8B | $4.0B | ||
| Q2 25 | $12.9B | $3.7B | ||
| Q1 25 | $12.6B | $4.2B | ||
| Q4 24 | $12.5B | $4.2B | ||
| Q3 24 | $12.4B | $3.8B | ||
| Q2 24 | $12.5B | $3.5B | ||
| Q1 24 | $12.4B | $3.5B |
总资产FETHC
| Q4 25 | $55.9B | $29.7B | ||
| Q3 25 | $55.9B | $29.4B | ||
| Q2 25 | $54.2B | $28.7B | ||
| Q1 25 | $52.8B | $29.2B | ||
| Q4 24 | $52.0B | $28.9B | ||
| Q3 24 | $50.8B | $29.4B | ||
| Q2 24 | $51.0B | $29.3B | ||
| Q1 24 | $51.3B | $28.9B |
负债/权益比FETHC
| Q4 25 | 2.04× | 3.10× | ||
| Q3 25 | 1.99× | 3.26× | ||
| Q2 25 | 1.85× | 3.49× | ||
| Q1 25 | 1.69× | 3.13× | ||
| Q4 24 | 1.81× | 3.14× | ||
| Q3 24 | 1.74× | 3.33× | ||
| Q2 24 | 1.67× | 3.67× | ||
| Q1 24 | 1.75× | 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 | $1.1B | $731.0M |
| 自由现金流经营现金流 - 资本支出 | $-30.0M | $367.0M |
| 自由现金流率自由现金流/营收 | -0.8% | 6.6% |
| 资本支出强度资本支出/营收 | 30.7% | 6.6% |
| 现金转化率经营现金流/净利润 | — | 1.14× |
| 过去12个月自由现金流最近4个季度 | $-1.0B | $2.5B |
8季度趋势，按日历期对齐
经营现金流FETHC
| Q4 25 | $1.1B | $731.0M | ||
| Q3 25 | $845.0M | $1.1B | ||
| Q2 25 | $1.1B | $936.0M | ||
| Q1 25 | $637.0M | $815.0M | ||
| Q4 24 | $1.0B | $-331.0M | ||
| Q3 24 | $775.0M | $1.0B | ||
| Q2 24 | $1.1B | $747.0M | ||
| Q1 24 | $-40.0M | $586.0M |
自由现金流FETHC
| Q4 25 | $-30.0M | $367.0M | ||
| Q3 25 | $-471.0M | $778.0M | ||
| Q2 25 | $-136.0M | $743.0M | ||
| Q1 25 | $-368.0M | $642.0M | ||
| Q4 24 | $-250.0M | $-661.0M | ||
| Q3 24 | $-229.0M | $829.0M | ||
| Q2 24 | $170.0M | $602.0M | ||
| Q1 24 | $-830.0M | $346.0M |
自由现金流率FETHC
| Q4 25 | -0.8% | 6.6% | ||
| Q3 25 | -11.4% | 14.7% | ||
| Q2 25 | -4.0% | 14.1% | ||
| Q1 25 | -9.8% | 12.3% | ||
| Q4 24 | -7.9% | -13.0% | ||
| Q3 24 | -6.1% | 16.2% | ||
| Q2 24 | 5.2% | 11.8% | ||
| Q1 24 | -25.3% | 6.4% |
资本支出强度FETHC
| Q4 25 | 30.7% | 6.6% | ||
| Q3 25 | 31.7% | 5.3% | ||
| Q2 25 | 36.0% | 3.7% | ||
| Q1 25 | 26.7% | 3.3% | ||
| Q4 24 | 40.7% | 6.5% | ||
| Q3 24 | 26.9% | 4.2% | ||
| Q2 24 | 28.7% | 2.8% | ||
| Q1 24 | 24.0% | 4.5% |
现金转化率FETHC
| Q4 25 | — | 1.14× | ||
| Q3 25 | 1.92× | 1.83× | ||
| Q2 25 | 4.04× | 1.79× | ||
| Q1 25 | 1.77× | 1.31× | ||
| Q4 24 | 4.00× | -0.58× | ||
| Q3 24 | 1.85× | 1.53× | ||
| Q2 24 | 24.71× | 1.57× | ||
| Q1 24 | -0.16× | 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
FE
| Integrated Segment | $1.4B | 37% |
| Other | $1.4B | 36% |
| Stand Alone Transmission Segment | $466.0M | 12% |
| Industrial Customers | $167.0M | 4% |
| Mid Atlantic Interstate Transmission LLC | $118.0M | 3% |
| Transmission | $105.0M | 3% |
| Transmission Segment | $68.0M | 2% |
| Tr AIL | $63.0M | 2% |
| Internal Customers | $10.0M | 0% |
| Wholesale Sales | $6.0M | 0% |
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% |
