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汉瑞祥（HSIC）与Welltower（WELL）财务数据对比。点击上方公司名可切换其他公司
汉瑞祥的季度营收约是Welltower的1.0倍（$3.4B vs $3.4B），Welltower净利率更高（22.4% vs 2.9%，领先19.5%），Welltower同比增速更快（38.3% vs 7.7%），过去两年Welltower的营收复合增速更高（55.1% vs 4.1%）
汉瑞祥（Henry Schein, Inc.）是美国的医疗保健产品及服务分销商，业务覆盖全球33个国家和地区，是全球面向诊所类牙科及医疗从业者的最大医疗解决方案供应商。公司连续14年入选Ethisphere评选的「全球最具道德企业」榜单，2025年再次登榜。
Welltower Inc.是一家专注于医疗基础设施领域的房地产投资信托企业，核心业务为医疗类地产投资运营。截至2022年12月31日，公司投资的物业总量约3000处，全部布局于美国、加拿大及英国市场，是全球医疗地产投资领域的代表性企业之一。
HSIC vs WELL — 直观对比
营收规模更大
HSIC
是对方的1.0倍
$3.4B
营收增速更快
WELL
高出30.6%
7.7%
净利率更高
WELL
高出19.5%
2.9%
两年增速更快
WELL
近两年复合增速
4.1%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $3.4B | $3.4B |
| 净利润 | $101.0M | $752.3M |
| 毛利率 | 30.9% | — |
| 营业利润率 | 4.7% | — |
| 净利率 | 2.9% | 22.4% |
| 营收同比 | 7.7% | 38.3% |
| 净利润同比 | 7.4% | 192.4% |
| 每股收益（稀释后） | $0.85 | — |
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HSICWELL
| Q1 26 | — | $3.4B | ||
| Q4 25 | $3.4B | $2.6B | ||
| Q3 25 | $3.3B | $2.1B | ||
| Q2 25 | $3.2B | $2.0B | ||
| Q1 25 | $3.2B | $1.9B | ||
| Q4 24 | $3.2B | $1.8B | ||
| Q3 24 | $3.2B | $1.5B | ||
| Q2 24 | $3.1B | $1.4B |
净利润HSICWELL
| Q1 26 | — | $752.3M | ||
| Q4 25 | $101.0M | $117.8M | ||
| Q3 25 | $101.0M | $282.2M | ||
| Q2 25 | $86.0M | $304.6M | ||
| Q1 25 | $110.0M | $257.3M | ||
| Q4 24 | $94.0M | $123.8M | ||
| Q3 24 | $99.0M | $456.8M | ||
| Q2 24 | $104.0M | $260.7M |
毛利率HSICWELL
| Q1 26 | — | — | ||
| Q4 25 | 30.9% | 24.3% | ||
| Q3 25 | 30.7% | 23.5% | ||
| Q2 25 | 31.4% | 23.2% | ||
| Q1 25 | 31.6% | 21.6% | ||
| Q4 24 | 31.1% | 20.0% | ||
| Q3 24 | 31.3% | 19.8% | ||
| Q2 24 | 32.5% | 20.2% |
营业利润率HSICWELL
| Q1 26 | — | — | ||
| Q4 25 | 4.7% | — | ||
| Q3 25 | 4.9% | 14.2% | ||
| Q2 25 | 4.7% | 15.1% | ||
| Q1 25 | 5.5% | 10.7% | ||
| Q4 24 | 4.9% | 6.2% | ||
| Q3 24 | 4.9% | 12.2% | ||
| Q2 24 | 5.1% | 6.5% |
净利率HSICWELL
| Q1 26 | — | 22.4% | ||
| Q4 25 | 2.9% | 4.6% | ||
| Q3 25 | 3.0% | 13.7% | ||
| Q2 25 | 2.7% | 15.5% | ||
| Q1 25 | 3.5% | 13.8% | ||
| Q4 24 | 2.9% | 7.0% | ||
| Q3 24 | 3.1% | 30.2% | ||
| Q2 24 | 3.3% | 18.7% |
每股收益（稀释后）HSICWELL
| Q1 26 | — | — | ||
| Q4 25 | $0.85 | $0.13 | ||
| Q3 25 | $0.84 | $0.41 | ||
| Q2 25 | $0.70 | $0.45 | ||
| Q1 25 | $0.88 | $0.40 | ||
| Q4 24 | $0.75 | $0.20 | ||
| Q3 24 | $0.78 | $0.73 | ||
| Q2 24 | $0.80 | $0.42 |
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 | $156.0M | $4.7B |
| 总债务越低越好 | $2.3B | — |
| 股东权益账面价值 | $3.2B | $44.7B |
| 总资产 | $11.2B | $67.2B |
| 负债/权益比越低杠杆越低 | 0.71× | — |
8季度趋势，按日历期对齐
现金及短期投资HSICWELL
| Q1 26 | — | $4.7B | ||
| Q4 25 | $156.0M | $5.0B | ||
| Q3 25 | $136.0M | $6.8B | ||
| Q2 25 | $145.0M | $4.4B | ||
| Q1 25 | $127.0M | $3.5B | ||
| Q4 24 | $122.0M | $3.5B | ||
| Q3 24 | $126.0M | $3.6B | ||
| Q2 24 | $138.0M | $2.8B |
总债务HSICWELL
| Q1 26 | — | — | ||
| Q4 25 | $2.3B | $19.2B | ||
| Q3 25 | $2.2B | $16.9B | ||
| Q2 25 | $2.1B | $16.0B | ||
| Q1 25 | $2.0B | $15.7B | ||
| Q4 24 | $1.8B | $15.5B | ||
| Q3 24 | $1.9B | $15.8B | ||
| Q2 24 | $1.9B | $13.9B |
股东权益HSICWELL
| Q1 26 | — | $44.7B | ||
| Q4 25 | $3.2B | $42.1B | ||
| Q3 25 | $3.4B | $38.8B | ||
| Q2 25 | $3.4B | $35.9B | ||
| Q1 25 | $3.3B | $34.0B | ||
| Q4 24 | $3.4B | $32.0B | ||
| Q3 24 | $3.5B | $30.3B | ||
| Q2 24 | $3.5B | $29.0B |
总资产HSICWELL
| Q1 26 | — | $67.2B | ||
| Q4 25 | $11.2B | $67.3B | ||
| Q3 25 | $11.1B | $59.5B | ||
| Q2 25 | $10.9B | $55.8B | ||
| Q1 25 | $10.5B | $53.3B | ||
| Q4 24 | $10.2B | $51.0B | ||
| Q3 24 | $10.6B | $49.0B | ||
| Q2 24 | $10.3B | $45.5B |
负债/权益比HSICWELL
| Q1 26 | — | — | ||
| Q4 25 | 0.71× | 0.46× | ||
| Q3 25 | 0.64× | 0.43× | ||
| Q2 25 | 0.61× | 0.44× | ||
| Q1 25 | 0.59× | 0.46× | ||
| Q4 24 | 0.54× | 0.49× | ||
| Q3 24 | 0.54× | 0.52× | ||
| Q2 24 | 0.54× | 0.48× |
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 | $381.0M | — |
| 自由现金流经营现金流 - 资本支出 | $338.0M | — |
| 自由现金流率自由现金流/营收 | 9.8% | — |
| 资本支出强度资本支出/营收 | 1.3% | — |
| 现金转化率经营现金流/净利润 | 3.77× | — |
| 过去12个月自由现金流最近4个季度 | $573.0M | — |
8季度趋势，按日历期对齐
经营现金流HSICWELL
| Q1 26 | — | — | ||
| Q4 25 | $381.0M | $654.3M | ||
| Q3 25 | $174.0M | $858.4M | ||
| Q2 25 | $120.0M | $770.0M | ||
| Q1 25 | $37.0M | $599.0M | ||
| Q4 24 | $204.0M | $559.2M | ||
| Q3 24 | $151.0M | $685.0M | ||
| Q2 24 | $296.0M | $605.4M |
自由现金流HSICWELL
| Q1 26 | — | — | ||
| Q4 25 | $338.0M | $340.4M | ||
| Q3 25 | $141.0M | $595.3M | ||
| Q2 25 | $88.0M | $537.2M | ||
| Q1 25 | $6.0M | $358.6M | ||
| Q4 24 | $168.0M | $240.4M | ||
| Q3 24 | $117.0M | $443.8M | ||
| Q2 24 | $259.0M | $440.3M |
自由现金流率HSICWELL
| Q1 26 | — | — | ||
| Q4 25 | 9.8% | 13.3% | ||
| Q3 25 | 4.2% | 28.9% | ||
| Q2 25 | 2.7% | 27.3% | ||
| Q1 25 | 0.2% | 19.2% | ||
| Q4 24 | 5.3% | 13.6% | ||
| Q3 24 | 3.7% | 29.4% | ||
| Q2 24 | 8.3% | 31.6% |
资本支出强度HSICWELL
| Q1 26 | — | — | ||
| Q4 25 | 1.3% | 12.3% | ||
| Q3 25 | 1.0% | 12.8% | ||
| Q2 25 | 1.0% | 11.8% | ||
| Q1 25 | 1.0% | 12.9% | ||
| Q4 24 | 1.1% | 18.1% | ||
| Q3 24 | 1.1% | 16.0% | ||
| Q2 24 | 1.2% | 11.8% |
现金转化率HSICWELL
| Q1 26 | — | — | ||
| Q4 25 | 3.77× | 5.56× | ||
| Q3 25 | 1.72× | 3.04× | ||
| Q2 25 | 1.40× | 2.53× | ||
| Q1 25 | 0.34× | 2.33× | ||
| Q4 24 | 2.17× | 4.52× | ||
| Q3 24 | 1.53× | 1.50× | ||
| Q2 24 | 2.85× | 2.32× |
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
HSIC
| Global Dental Merchandise | $1.2B | 35% |
| Global Medical | $1.1B | 31% |
| Global Dental Equipment | $536.0M | 16% |
| Global Specialty Products | $422.0M | 12% |
| Global Technology | $173.0M | 5% |
| Global Value Added Services | $64.0M | 2% |
| Equity Method Investee | $14.0M | 0% |
WELL
| Resident fees and services | $2.8B | 83% |
| Rental income | $453.8M | 14% |
| Other | $117.2M | 3% |
