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福陆（FLR）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的季度营收约是福陆的1.3倍（$5.5B vs $4.2B），TENET HEALTHCARE CORP净利率更高（11.7% vs -37.7%，领先49.3%），TENET HEALTHCARE CORP同比增速更快（9.0% vs -2.0%），TENET HEALTHCARE CORP自由现金流更多（$367.0M vs $-378.0M），过去两年福陆的营收复合增速更高（5.7% vs 1.5%）
福陆是总部位于美国得克萨斯州欧文市的工程建设企业，通过旗下子公司提供油气、工业与基础设施、政府项目及电力三大核心领域的服务，是《财富》世界500强中排名最高的上市工程建设企业，总排名位列第265位。
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
FLR vs THC — 直观对比
营收规模更大
THC
是对方的1.3倍
$4.2B
营收增速更快
THC
高出11.0%
-2.0%
净利率更高
THC
高出49.3%
-37.7%
自由现金流更多
THC
多$745.0M
$-378.0M
两年增速更快
FLR
近两年复合增速
1.5%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $4.2B | $5.5B |
| 净利润 | $-1.6B | $644.0M |
| 毛利率 | 3.2% | — |
| 营业利润率 | 1.3% | 15.4% |
| 净利率 | -37.7% | 11.7% |
| 营收同比 | -2.0% | 9.0% |
| 净利润同比 | -184.4% | 12.6% |
| 每股收益（稀释后） | $-9.40 | $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FLRTHC
| Q4 25 | $4.2B | $5.5B | ||
| Q3 25 | $3.4B | $5.3B | ||
| Q2 25 | $4.0B | $5.3B | ||
| Q1 25 | $4.0B | $5.2B | ||
| Q4 24 | $4.3B | $5.1B | ||
| Q3 24 | $4.1B | $5.1B | ||
| Q2 24 | $4.2B | $5.1B | ||
| Q1 24 | $3.7B | $5.4B |
净利润FLRTHC
| Q4 25 | $-1.6B | $644.0M | ||
| Q3 25 | $-697.0M | $579.0M | ||
| Q2 25 | $2.5B | $522.0M | ||
| Q1 25 | $-241.0M | $622.0M | ||
| Q4 24 | $1.9B | $572.0M | ||
| Q3 24 | $54.0M | $681.0M | ||
| Q2 24 | $169.0M | $477.0M | ||
| Q1 24 | $59.0M | $2.3B |
毛利率FLRTHC
| Q4 25 | 3.2% | — | ||
| Q3 25 | -13.3% | — | ||
| Q2 25 | 1.4% | — | ||
| Q1 25 | 3.5% | — | ||
| Q4 24 | 4.9% | — | ||
| Q3 24 | 2.1% | — | ||
| Q2 24 | 4.2% | — | ||
| Q1 24 | 2.7% | — |
营业利润率FLRTHC
| Q4 25 | 1.3% | 15.4% | ||
| Q3 25 | -14.7% | 16.8% | ||
| Q2 25 | -0.7% | 15.6% | ||
| Q1 25 | 2.3% | 18.1% | ||
| Q4 24 | 4.4% | 16.2% | ||
| Q3 24 | 1.2% | 21.3% | ||
| Q2 24 | 4.2% | 14.9% | ||
| Q1 24 | 1.4% | 61.2% |
净利率FLRTHC
| Q4 25 | -37.7% | 11.7% | ||
| Q3 25 | -20.7% | 10.9% | ||
| Q2 25 | 61.8% | 9.9% | ||
| Q1 25 | -6.1% | 11.9% | ||
| Q4 24 | 43.7% | 11.3% | ||
| Q3 24 | 1.3% | 13.3% | ||
| Q2 24 | 4.0% | 9.3% | ||
| Q1 24 | 1.6% | 43.5% |
每股收益（稀释后）FLRTHC
| Q4 25 | $-9.40 | $4.22 | ||
| Q3 25 | $-4.30 | $3.86 | ||
| Q2 25 | $14.81 | $3.14 | ||
| Q1 25 | $-1.42 | $4.27 | ||
| Q4 24 | $10.68 | $3.79 | ||
| Q3 24 | $0.31 | $4.89 | ||
| Q2 24 | $0.97 | $2.64 | ||
| Q1 24 | $0.34 | $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 | $2.2B | $2.9B |
| 总债务越低越好 | — | $13.1B |
| 股东权益账面价值 | $3.2B | $4.2B |
| 总资产 | $8.2B | $29.7B |
| 负债/权益比越低杠杆越低 | — | 3.10× |
8季度趋势，按日历期对齐
现金及短期投资FLRTHC
| Q4 25 | $2.2B | $2.9B | ||
| Q3 25 | $2.8B | $3.0B | ||
| Q2 25 | $2.3B | $2.6B | ||
| Q1 25 | $2.5B | $3.0B | ||
| Q4 24 | $3.0B | $3.0B | ||
| Q3 24 | $3.0B | $4.1B | ||
| Q2 24 | $2.7B | $2.9B | ||
| Q1 24 | $2.4B | $2.5B |
总债务FLRTHC
| Q4 25 | — | $13.1B | ||
| Q3 25 | — | $13.1B | ||
| Q2 25 | — | $13.1B | ||
| Q1 25 | — | $13.1B | ||
| Q4 24 | — | $13.1B | ||
| Q3 24 | — | $12.8B | ||
| Q2 24 | — | $12.8B | ||
| Q1 24 | — | $12.8B |
股东权益FLRTHC
| Q4 25 | $3.2B | $4.2B | ||
| Q3 25 | $5.2B | $4.0B | ||
| Q2 25 | $5.9B | $3.7B | ||
| Q1 25 | $3.6B | $4.2B | ||
| Q4 24 | $3.9B | $4.2B | ||
| Q3 24 | $2.3B | $3.8B | ||
| Q2 24 | $2.1B | $3.5B | ||
| Q1 24 | $2.0B | $3.5B |
总资产FLRTHC
| Q4 25 | $8.2B | $29.7B | ||
| Q3 25 | $11.5B | $29.4B | ||
| Q2 25 | $11.8B | $28.7B | ||
| Q1 25 | $8.4B | $29.2B | ||
| Q4 24 | $9.1B | $28.9B | ||
| Q3 24 | $7.1B | $29.4B | ||
| Q2 24 | $6.8B | $29.3B | ||
| Q1 24 | $6.7B | $28.9B |
负债/权益比FLRTHC
| Q4 25 | — | 3.10× | ||
| Q3 25 | — | 3.26× | ||
| Q2 25 | — | 3.49× | ||
| Q1 25 | — | 3.13× | ||
| Q4 24 | — | 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 | $-366.0M | $731.0M |
| 自由现金流经营现金流 - 资本支出 | $-378.0M | $367.0M |
| 自由现金流率自由现金流/营收 | -9.1% | 6.6% |
| 资本支出强度资本支出/营收 | 0.3% | 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 | $-437.0M | $2.5B |
8季度趋势，按日历期对齐
经营现金流FLRTHC
| Q4 25 | $-366.0M | $731.0M | ||
| Q3 25 | $286.0M | $1.1B | ||
| Q2 25 | $-21.0M | $936.0M | ||
| Q1 25 | $-286.0M | $815.0M | ||
| Q4 24 | $327.0M | $-331.0M | ||
| Q3 24 | $330.0M | $1.0B | ||
| Q2 24 | $282.0M | $747.0M | ||
| Q1 24 | $-111.0M | $586.0M |
自由现金流FLRTHC
| Q4 25 | $-378.0M | $367.0M | ||
| Q3 25 | $273.0M | $778.0M | ||
| Q2 25 | $-35.0M | $743.0M | ||
| Q1 25 | $-297.0M | $642.0M | ||
| Q4 24 | $296.0M | $-661.0M | ||
| Q3 24 | $279.0M | $829.0M | ||
| Q2 24 | $234.0M | $602.0M | ||
| Q1 24 | $-145.0M | $346.0M |
自由现金流率FLRTHC
| Q4 25 | -9.1% | 6.6% | ||
| Q3 25 | 8.1% | 14.7% | ||
| Q2 25 | -0.9% | 14.1% | ||
| Q1 25 | -7.5% | 12.3% | ||
| Q4 24 | 6.9% | -13.0% | ||
| Q3 24 | 6.8% | 16.2% | ||
| Q2 24 | 5.5% | 11.8% | ||
| Q1 24 | -3.9% | 6.4% |
资本支出强度FLRTHC
| Q4 25 | 0.3% | 6.6% | ||
| Q3 25 | 0.4% | 5.3% | ||
| Q2 25 | 0.4% | 3.7% | ||
| Q1 25 | 0.3% | 3.3% | ||
| Q4 24 | 0.7% | 6.5% | ||
| Q3 24 | 1.2% | 4.2% | ||
| Q2 24 | 1.1% | 2.8% | ||
| Q1 24 | 0.9% | 4.5% |
现金转化率FLRTHC
| Q4 25 | — | 1.14× | ||
| Q3 25 | — | 1.83× | ||
| Q2 25 | -0.01× | 1.79× | ||
| Q1 25 | — | 1.31× | ||
| Q4 24 | 0.18× | -0.58× | ||
| Q3 24 | 6.11× | 1.53× | ||
| Q2 24 | 1.67× | 1.57× | ||
| Q1 24 | -1.88× | 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
FLR
| Urban Solutions Segment | $2.6B | 63% |
| Energy Solutions Segment | $943.0M | 23% |
| Mission Solutions Segment | $600.0M | 14% |
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% |
