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国际纸业（IP）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的季度营收约是国际纸业的1.2倍（$5.5B vs $4.7B），TENET HEALTHCARE CORP净利率更高（11.7% vs -50.3%，领先61.9%），TENET HEALTHCARE CORP同比增速更快（9.0% vs 3.6%），TENET HEALTHCARE CORP自由现金流更多（$367.0M vs $255.0M），过去两年TENET HEALTHCARE CORP的营收复合增速更高（1.5% vs 1.3%）
国际纸业是总部位于美国田纳西州孟菲斯的纸浆及造纸企业，为全球规模最大的同类型企业，目前拥有约3.9万名员工，产品覆盖纸浆、包装用纸、办公用纸等品类，业务遍及全球多个国家和地区，广泛服务各行业客户的相关需求。
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
IP vs THC — 直观对比
营收规模更大
THC
是对方的1.2倍
$4.7B
营收增速更快
THC
高出5.4%
3.6%
净利率更高
THC
高出61.9%
-50.3%
自由现金流更多
THC
多$112.0M
$255.0M
两年增速更快
THC
近两年复合增速
1.3%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $4.7B | $5.5B |
| 净利润 | $-2.4B | $644.0M |
| 毛利率 | 32.2% | — |
| 营业利润率 | -56.4% | 15.4% |
| 净利率 | -50.3% | 11.7% |
| 营收同比 | 3.6% | 9.0% |
| 净利润同比 | -1521.8% | 12.6% |
| 每股收益（稀释后） | $-4.76 | $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IPTHC
| Q4 25 | $4.7B | $5.5B | ||
| Q3 25 | $6.2B | $5.3B | ||
| Q2 25 | $6.8B | $5.3B | ||
| Q1 25 | $5.9B | $5.2B | ||
| Q4 24 | $4.6B | $5.1B | ||
| Q3 24 | $4.7B | $5.1B | ||
| Q2 24 | $4.7B | $5.1B | ||
| Q1 24 | $4.6B | $5.4B |
净利润IPTHC
| Q4 25 | $-2.4B | $644.0M | ||
| Q3 25 | $-1.1B | $579.0M | ||
| Q2 25 | $75.0M | $522.0M | ||
| Q1 25 | $-105.0M | $622.0M | ||
| Q4 24 | $-147.0M | $572.0M | ||
| Q3 24 | $150.0M | $681.0M | ||
| Q2 24 | $498.0M | $477.0M | ||
| Q1 24 | $56.0M | $2.3B |
毛利率IPTHC
| Q4 25 | 32.2% | — | ||
| Q3 25 | 31.1% | — | ||
| Q2 25 | 27.9% | — | ||
| Q1 25 | 27.8% | — | ||
| Q4 24 | 29.0% | — | ||
| Q3 24 | 28.7% | — | ||
| Q2 24 | 29.0% | — | ||
| Q1 24 | 25.9% | — |
营业利润率IPTHC
| Q4 25 | -56.4% | 15.4% | ||
| Q3 25 | -10.8% | 16.8% | ||
| Q2 25 | 1.7% | 15.6% | ||
| Q1 25 | -2.3% | 18.1% | ||
| Q4 24 | -4.9% | 16.2% | ||
| Q3 24 | 5.1% | 21.3% | ||
| Q2 24 | 6.8% | 14.9% | ||
| Q1 24 | 3.7% | 61.2% |
净利率IPTHC
| Q4 25 | -50.3% | 11.7% | ||
| Q3 25 | -17.7% | 10.9% | ||
| Q2 25 | 1.1% | 9.9% | ||
| Q1 25 | -1.8% | 11.9% | ||
| Q4 24 | -3.2% | 11.3% | ||
| Q3 24 | 3.2% | 13.3% | ||
| Q2 24 | 10.5% | 9.3% | ||
| Q1 24 | 1.2% | 43.5% |
每股收益（稀释后）IPTHC
| Q4 25 | $-4.76 | $4.22 | ||
| Q3 25 | $-2.09 | $3.86 | ||
| Q2 25 | $0.14 | $3.14 | ||
| Q1 25 | $-0.24 | $4.27 | ||
| Q4 24 | $-0.42 | $3.79 | ||
| Q3 24 | $0.42 | $4.89 | ||
| Q2 24 | $1.41 | $2.64 | ||
| Q1 24 | $0.16 | $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 | $1.1B | $2.9B |
| 总债务越低越好 | $8.8B | $13.1B |
| 股东权益账面价值 | $14.8B | $4.2B |
| 总资产 | $38.0B | $29.7B |
| 负债/权益比越低杠杆越低 | 0.60× | 3.10× |
8季度趋势，按日历期对齐
现金及短期投资IPTHC
| Q4 25 | $1.1B | $2.9B | ||
| Q3 25 | $995.0M | $3.0B | ||
| Q2 25 | $1.1B | $2.6B | ||
| Q1 25 | $1.2B | $3.0B | ||
| Q4 24 | $1.2B | $3.0B | ||
| Q3 24 | $1.2B | $4.1B | ||
| Q2 24 | $1.0B | $2.9B | ||
| Q1 24 | $1.1B | $2.5B |
总债务IPTHC
| Q4 25 | $8.8B | $13.1B | ||
| Q3 25 | $9.0B | $13.1B | ||
| Q2 25 | $9.7B | $13.1B | ||
| Q1 25 | $9.2B | $13.1B | ||
| Q4 24 | $5.4B | $13.1B | ||
| Q3 24 | $5.3B | $12.8B | ||
| Q2 24 | $5.3B | $12.8B | ||
| Q1 24 | $5.5B | $12.8B |
股东权益IPTHC
| Q4 25 | $14.8B | $4.2B | ||
| Q3 25 | $17.3B | $4.0B | ||
| Q2 25 | $18.6B | $3.7B | ||
| Q1 25 | $18.1B | $4.2B | ||
| Q4 24 | $8.2B | $4.2B | ||
| Q3 24 | $8.6B | $3.8B | ||
| Q2 24 | $8.6B | $3.5B | ||
| Q1 24 | $8.3B | $3.5B |
总资产IPTHC
| Q4 25 | $38.0B | $29.7B | ||
| Q3 25 | $40.6B | $29.4B | ||
| Q2 25 | $42.4B | $28.7B | ||
| Q1 25 | $41.2B | $29.2B | ||
| Q4 24 | $22.8B | $28.9B | ||
| Q3 24 | $23.2B | $29.4B | ||
| Q2 24 | $23.1B | $29.3B | ||
| Q1 24 | $23.0B | $28.9B |
负债/权益比IPTHC
| Q4 25 | 0.60× | 3.10× | ||
| Q3 25 | 0.52× | 3.26× | ||
| Q2 25 | 0.52× | 3.49× | ||
| Q1 25 | 0.51× | 3.13× | ||
| Q4 24 | 0.66× | 3.14× | ||
| Q3 24 | 0.62× | 3.33× | ||
| Q2 24 | 0.62× | 3.67× | ||
| Q1 24 | 0.66× | 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 | $905.0M | $731.0M |
| 自由现金流经营现金流 - 资本支出 | $255.0M | $367.0M |
| 自由现金流率自由现金流/营收 | 5.4% | 6.6% |
| 资本支出强度资本支出/营收 | 13.7% | 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 | $-159.0M | $2.5B |
8季度趋势，按日历期对齐
经营现金流IPTHC
| Q4 25 | $905.0M | $731.0M | ||
| Q3 25 | $605.0M | $1.1B | ||
| Q2 25 | $476.0M | $936.0M | ||
| Q1 25 | $-288.0M | $815.0M | ||
| Q4 24 | $397.0M | $-331.0M | ||
| Q3 24 | $521.0M | $1.0B | ||
| Q2 24 | $365.0M | $747.0M | ||
| Q1 24 | $395.0M | $586.0M |
自由现金流IPTHC
| Q4 25 | $255.0M | $367.0M | ||
| Q3 25 | $150.0M | $778.0M | ||
| Q2 25 | $54.0M | $743.0M | ||
| Q1 25 | $-618.0M | $642.0M | ||
| Q4 24 | $137.0M | $-661.0M | ||
| Q3 24 | $309.0M | $829.0M | ||
| Q2 24 | $167.0M | $602.0M | ||
| Q1 24 | $144.0M | $346.0M |
自由现金流率IPTHC
| Q4 25 | 5.4% | 6.6% | ||
| Q3 25 | 2.4% | 14.7% | ||
| Q2 25 | 0.8% | 14.1% | ||
| Q1 25 | -10.5% | 12.3% | ||
| Q4 24 | 3.0% | -13.0% | ||
| Q3 24 | 6.6% | 16.2% | ||
| Q2 24 | 3.5% | 11.8% | ||
| Q1 24 | 3.1% | 6.4% |
资本支出强度IPTHC
| Q4 25 | 13.7% | 6.6% | ||
| Q3 25 | 7.3% | 5.3% | ||
| Q2 25 | 6.2% | 3.7% | ||
| Q1 25 | 5.6% | 3.3% | ||
| Q4 24 | 5.7% | 6.5% | ||
| Q3 24 | 4.5% | 4.2% | ||
| Q2 24 | 4.2% | 2.8% | ||
| Q1 24 | 5.4% | 4.5% |
现金转化率IPTHC
| Q4 25 | — | 1.14× | ||
| Q3 25 | — | 1.83× | ||
| Q2 25 | 6.35× | 1.79× | ||
| Q1 25 | — | 1.31× | ||
| Q4 24 | — | -0.58× | ||
| Q3 24 | 3.47× | 1.53× | ||
| Q2 24 | 0.73× | 1.57× | ||
| Q1 24 | 7.05× | 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
IP
| Other | $2.4B | 52% |
| DS Smith Packaging | $2.3B | 48% |
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% |
