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徕博科（LH）与Vistra Corp.（VST）财务数据对比。点击上方公司名可切换其他公司
Vistra Corp.的季度营收约是徕博科的1.4倍（$4.8B vs $3.5B），Vistra Corp.净利率更高（4.8% vs 4.7%，领先0.2%），Vistra Corp.同比增速更快（31.2% vs 5.6%），Vistra Corp.自由现金流更多（$596.0M vs $490.3M），过去两年Vistra Corp.的营收复合增速更高（23.3% vs 5.2%）
徕博科（Labcorp）是全球领先的生命科学与诊断检测企业，面向医疗机构、制药企业和个人患者提供全面的临床检验服务、药物研发支持及医疗检测解决方案，依托先进科研经验与创新技术输出准确可落地的健康洞察，助力临床决策、加快新药研发，提升全球患者健康水平。
股票代码为VST的Vistra Corp是总部位于美国得克萨斯州的能源企业，主营电力生产、可再生能源开发及能源零售等业务。此外“Vistra”也可指一家总部位于中国香港的企业服务提供商，为全球客户提供公司注册、合规管理等专业服务。
LH vs VST — 直观对比
营收规模更大
VST
是对方的1.4倍
$3.5B
营收增速更快
VST
高出25.6%
5.6%
净利率更高
VST
高出0.2%
4.7%
自由现金流更多
VST
多$105.7M
$490.3M
两年增速更快
VST
近两年复合增速
5.2%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $3.5B | $4.8B |
| 净利润 | $164.7M | $233.0M |
| 毛利率 | 28.2% | — |
| 营业利润率 | 7.6% | 9.9% |
| 净利率 | 4.7% | 4.8% |
| 营收同比 | 5.6% | 31.2% |
| 净利润同比 | 14.9% | -47.2% |
| 每股收益（稀释后） | $1.98 | $0.55 |
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LHVST
| Q4 25 | $3.5B | $4.8B | ||
| Q3 25 | $3.6B | $4.8B | ||
| Q2 25 | $3.5B | $3.8B | ||
| Q1 25 | $3.3B | $4.3B | ||
| Q4 24 | $3.3B | $3.7B | ||
| Q3 24 | $3.3B | $4.3B | ||
| Q2 24 | $3.2B | $3.6B | ||
| Q1 24 | $3.2B | $3.2B |
净利润LHVST
| Q4 25 | $164.7M | $233.0M | ||
| Q3 25 | $261.1M | $652.0M | ||
| Q2 25 | $237.9M | $327.0M | ||
| Q1 25 | $212.8M | $-268.0M | ||
| Q4 24 | $143.4M | $441.0M | ||
| Q3 24 | $169.3M | $1.9B | ||
| Q2 24 | $205.3M | $365.0M | ||
| Q1 24 | $228.0M | $-35.0M |
毛利率LHVST
| Q4 25 | 28.2% | — | ||
| Q3 25 | 28.8% | — | ||
| Q2 25 | 29.7% | — | ||
| Q1 25 | 28.3% | — | ||
| Q4 24 | 26.9% | — | ||
| Q3 24 | 27.6% | — | ||
| Q2 24 | 28.8% | — | ||
| Q1 24 | 28.2% | — |
营业利润率LHVST
| Q4 25 | 7.6% | 9.9% | ||
| Q3 25 | 11.1% | 21.7% | ||
| Q2 25 | 11.2% | 13.7% | ||
| Q1 25 | 9.7% | -2.8% | ||
| Q4 24 | 6.5% | 16.4% | ||
| Q3 24 | 7.7% | 59.6% | ||
| Q2 24 | 9.2% | 22.5% | ||
| Q1 24 | 10.1% | 2.7% |
净利率LHVST
| Q4 25 | 4.7% | 4.8% | ||
| Q3 25 | 7.3% | 13.6% | ||
| Q2 25 | 6.7% | 8.7% | ||
| Q1 25 | 6.4% | -6.3% | ||
| Q4 24 | 4.3% | 12.0% | ||
| Q3 24 | 5.2% | 43.5% | ||
| Q2 24 | 6.4% | 10.1% | ||
| Q1 24 | 7.2% | -1.1% |
每股收益（稀释后）LHVST
| Q4 25 | $1.98 | $0.55 | ||
| Q3 25 | $3.12 | $1.75 | ||
| Q2 25 | $2.84 | $0.81 | ||
| Q1 25 | $2.52 | $-0.93 | ||
| Q4 24 | $1.72 | $1.09 | ||
| Q3 24 | $2.00 | $5.25 | ||
| Q2 24 | $2.43 | $0.90 | ||
| Q1 24 | $2.69 | $-0.24 |
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 | $532.3M | $785.0M |
| 总债务越低越好 | — | $15.8B |
| 股东权益账面价值 | $8.6B | $5.1B |
| 总资产 | $18.4B | $41.5B |
| 负债/权益比越低杠杆越低 | — | 3.11× |
8季度趋势，按日历期对齐
现金及短期投资LHVST
| Q4 25 | $532.3M | $785.0M | ||
| Q3 25 | $598.1M | $602.0M | ||
| Q2 25 | $647.3M | $458.0M | ||
| Q1 25 | $369.4M | $561.0M | ||
| Q4 24 | $1.5B | $1.2B | ||
| Q3 24 | $1.5B | $905.0M | ||
| Q2 24 | $265.1M | $1.6B | ||
| Q1 24 | $99.3M | $1.1B |
总债务LHVST
| Q4 25 | — | $15.8B | ||
| Q3 25 | — | $15.8B | ||
| Q2 25 | — | $15.5B | ||
| Q1 25 | — | $15.4B | ||
| Q4 24 | — | $15.4B | ||
| Q3 24 | — | $13.9B | ||
| Q2 24 | — | $13.9B | ||
| Q1 24 | — | $14.7B |
股东权益LHVST
| Q4 25 | $8.6B | $5.1B | ||
| Q3 25 | $8.7B | $5.2B | ||
| Q2 25 | $8.5B | $4.8B | ||
| Q1 25 | $8.3B | $4.8B | ||
| Q4 24 | $8.1B | $5.6B | ||
| Q3 24 | $8.2B | $5.4B | ||
| Q2 24 | $8.0B | $5.6B | ||
| Q1 24 | $8.0B | $5.7B |
总资产LHVST
| Q4 25 | $18.4B | $41.5B | ||
| Q3 25 | $18.3B | $38.0B | ||
| Q2 25 | $18.1B | $38.1B | ||
| Q1 25 | $17.6B | $38.2B | ||
| Q4 24 | $18.4B | $37.8B | ||
| Q3 24 | $18.6B | $37.9B | ||
| Q2 24 | $16.7B | $39.1B | ||
| Q1 24 | $16.5B | $38.2B |
负债/权益比LHVST
| Q4 25 | — | 3.11× | ||
| Q3 25 | — | 3.02× | ||
| Q2 25 | — | 3.22× | ||
| Q1 25 | — | 3.20× | ||
| Q4 24 | — | 2.77× | ||
| Q3 24 | — | 2.56× | ||
| Q2 24 | — | 2.49× | ||
| Q1 24 | — | 2.60× |
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 | $614.2M | $1.4B |
| 自由现金流经营现金流 - 资本支出 | $490.3M | $596.0M |
| 自由现金流率自由现金流/营收 | 13.9% | 12.4% |
| 资本支出强度资本支出/营收 | 3.5% | 17.4% |
| 现金转化率经营现金流/净利润 | 3.73× | 6.15× |
| 过去12个月自由现金流最近4个季度 | $1.2B | $1.3B |
8季度趋势，按日历期对齐
经营现金流LHVST
| Q4 25 | $614.2M | $1.4B | ||
| Q3 25 | $387.2M | $1.5B | ||
| Q2 25 | $620.6M | $572.0M | ||
| Q1 25 | $18.5M | $599.0M | ||
| Q4 24 | $777.2M | $1.4B | ||
| Q3 24 | $277.3M | $1.7B | ||
| Q2 24 | $561.1M | $1.2B | ||
| Q1 24 | $-29.8M | $312.0M |
自由现金流LHVST
| Q4 25 | $490.3M | $596.0M | ||
| Q3 25 | $280.5M | $1.0B | ||
| Q2 25 | $542.7M | $-118.0M | ||
| Q1 25 | $-107.5M | $-169.0M | ||
| Q4 24 | $665.1M | $923.0M | ||
| Q3 24 | $161.5M | $1.0B | ||
| Q2 24 | $432.9M | $698.0M | ||
| Q1 24 | $-163.6M | $-153.0M |
自由现金流率LHVST
| Q4 25 | 13.9% | 12.4% | ||
| Q3 25 | 7.9% | 21.1% | ||
| Q2 25 | 15.4% | -3.1% | ||
| Q1 25 | -3.2% | -4.0% | ||
| Q4 24 | 20.0% | 25.2% | ||
| Q3 24 | 4.9% | 23.4% | ||
| Q2 24 | 13.4% | 19.4% | ||
| Q1 24 | -5.2% | -4.8% |
资本支出强度LHVST
| Q4 25 | 3.5% | 17.4% | ||
| Q3 25 | 3.0% | 9.6% | ||
| Q2 25 | 2.2% | 18.4% | ||
| Q1 25 | 3.8% | 18.1% | ||
| Q4 24 | 3.4% | 11.7% | ||
| Q3 24 | 3.5% | 15.8% | ||
| Q2 24 | 4.0% | 13.8% | ||
| Q1 24 | 4.2% | 14.7% |
现金转化率LHVST
| Q4 25 | 3.73× | 6.15× | ||
| Q3 25 | 1.48× | 2.25× | ||
| Q2 25 | 2.61× | 1.75× | ||
| Q1 25 | 0.09× | — | ||
| Q4 24 | 5.42× | 3.07× | ||
| Q3 24 | 1.64× | 0.90× | ||
| Q2 24 | 2.73× | 3.28× | ||
| Q1 24 | -0.13× | — |
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
LH
| Diagnostics | $2.7B | 78% |
| Biopharma Laboratory Services | $793.0M | 23% |
VST
| Retail Energy Charge In ERCOT | $2.1B | 43% |
| Retail Energy Charge In Northeast Midwest | $1.2B | 24% |
| East Segment | $1.1B | 24% |
| Hedging Revenue Realized | $170.0M | 4% |
| Revenue From Other Wholesale Contracts | $116.0M | 2% |
| Transferable Production Tax Credit Revenues | $78.0M | 2% |
| West Segment | $77.0M | 2% |
| Intersegment Sales | $25.0M | 1% |
