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Molina Healthcare（MOH）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
Molina Healthcare的季度营收约是TENET HEALTHCARE CORP的2.0倍（$10.8B vs $5.5B），TENET HEALTHCARE CORP净利率更高（11.7% vs 0.1%，领先11.5%），TENET HEALTHCARE CORP同比增速更快（9.0% vs -3.1%），过去两年Molina Healthcare的营收复合增速更高（4.5% vs 1.5%）
Molina Healthcare是总部位于美国加利福尼亚州长滩的管理式医疗企业，主要通过医疗补助、联邦医疗保险等政府公共医保项目为个人提供健康保险服务，覆盖大量符合公共医保参保资格的群体。
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
MOH vs THC — 直观对比
营收规模更大
MOH
是对方的2.0倍
$5.5B
营收增速更快
THC
高出12.1%
-3.1%
净利率更高
THC
高出11.5%
0.1%
两年增速更快
MOH
近两年复合增速
1.5%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $10.8B | $5.5B |
| 净利润 | $14.0M | $644.0M |
| 毛利率 | — | — |
| 营业利润率 | 0.8% | 15.4% |
| 净利率 | 0.1% | 11.7% |
| 营收同比 | -3.1% | 9.0% |
| 净利润同比 | -64.0% | 12.6% |
| 每股收益（稀释后） | $0.27 | $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MOHTHC
| Q1 26 | $10.8B | — | ||
| Q4 25 | $11.4B | $5.5B | ||
| Q3 25 | $11.5B | $5.3B | ||
| Q2 25 | $11.4B | $5.3B | ||
| Q1 25 | $11.1B | $5.2B | ||
| Q4 24 | $10.5B | $5.1B | ||
| Q3 24 | $10.3B | $5.1B | ||
| Q2 24 | $9.9B | $5.1B |
净利润MOHTHC
| Q1 26 | $14.0M | — | ||
| Q4 25 | $-160.0M | $644.0M | ||
| Q3 25 | $79.0M | $579.0M | ||
| Q2 25 | $255.0M | $522.0M | ||
| Q1 25 | $298.0M | $622.0M | ||
| Q4 24 | $251.0M | $572.0M | ||
| Q3 24 | $326.0M | $681.0M | ||
| Q2 24 | $301.0M | $477.0M |
毛利率MOHTHC
| Q1 26 | — | — | ||
| Q4 25 | 10.9% | — | ||
| Q3 25 | 12.5% | — | ||
| Q2 25 | 14.0% | — | ||
| Q1 25 | 15.0% | — | ||
| Q4 24 | 14.2% | — | ||
| Q3 24 | 16.4% | — | ||
| Q2 24 | 15.3% | — |
营业利润率MOHTHC
| Q1 26 | 0.8% | — | ||
| Q4 25 | -1.4% | 15.4% | ||
| Q3 25 | 1.2% | 16.8% | ||
| Q2 25 | 3.3% | 15.6% | ||
| Q1 25 | 3.9% | 18.1% | ||
| Q4 24 | 3.6% | 16.2% | ||
| Q3 24 | 4.5% | 21.3% | ||
| Q2 24 | 4.4% | 14.9% |
净利率MOHTHC
| Q1 26 | 0.1% | — | ||
| Q4 25 | -1.4% | 11.7% | ||
| Q3 25 | 0.7% | 10.9% | ||
| Q2 25 | 2.2% | 9.9% | ||
| Q1 25 | 2.7% | 11.9% | ||
| Q4 24 | 2.4% | 11.3% | ||
| Q3 24 | 3.2% | 13.3% | ||
| Q2 24 | 3.0% | 9.3% |
每股收益（稀释后）MOHTHC
| Q1 26 | $0.27 | — | ||
| Q4 25 | $-2.79 | $4.22 | ||
| Q3 25 | $1.51 | $3.86 | ||
| Q2 25 | $4.75 | $3.14 | ||
| Q1 25 | $5.45 | $4.27 | ||
| Q4 24 | $4.43 | $3.79 | ||
| Q3 24 | $5.65 | $4.89 | ||
| Q2 24 | $5.17 | $2.64 |
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 | $5.3B | $2.9B |
| 总债务越低越好 | $3.8B | $13.1B |
| 股东权益账面价值 | $4.1B | $4.2B |
| 总资产 | $16.4B | $29.7B |
| 负债/权益比越低杠杆越低 | 0.92× | 3.10× |
8季度趋势，按日历期对齐
现金及短期投资MOHTHC
| Q1 26 | $5.3B | — | ||
| Q4 25 | $8.3B | $2.9B | ||
| Q3 25 | $8.4B | $3.0B | ||
| Q2 25 | $8.8B | $2.6B | ||
| Q1 25 | $9.3B | $3.0B | ||
| Q4 24 | $9.0B | $3.0B | ||
| Q3 24 | $9.2B | $4.1B | ||
| Q2 24 | $8.7B | $2.9B |
总债务MOHTHC
| Q1 26 | $3.8B | — | ||
| 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 |
股东权益MOHTHC
| Q1 26 | $4.1B | — | ||
| Q4 25 | $4.1B | $4.2B | ||
| Q3 25 | $4.2B | $4.0B | ||
| Q2 25 | $4.6B | $3.7B | ||
| Q1 25 | $4.3B | $4.2B | ||
| Q4 24 | $4.5B | $4.2B | ||
| Q3 24 | $4.8B | $3.8B | ||
| Q2 24 | $4.8B | $3.5B |
总资产MOHTHC
| Q1 26 | $16.4B | — | ||
| Q4 25 | $15.6B | $29.7B | ||
| Q3 25 | $15.7B | $29.4B | ||
| Q2 25 | $16.2B | $28.7B | ||
| Q1 25 | $16.4B | $29.2B | ||
| Q4 24 | $15.6B | $28.9B | ||
| Q3 24 | $15.8B | $29.4B | ||
| Q2 24 | $15.2B | $29.3B |
负债/权益比MOHTHC
| Q1 26 | 0.92× | — | ||
| 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× |
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 | — | $367.0M |
| 自由现金流率自由现金流/营收 | — | 6.6% |
| 资本支出强度资本支出/营收 | — | 6.6% |
| 现金转化率经营现金流/净利润 | 77.29× | 1.14× |
| 过去12个月自由现金流最近4个季度 | — | $2.5B |
8季度趋势，按日历期对齐
经营现金流MOHTHC
| Q1 26 | $1.1B | — | ||
| Q4 25 | $-298.0M | $731.0M | ||
| Q3 25 | $-125.0M | $1.1B | ||
| Q2 25 | $-302.0M | $936.0M | ||
| Q1 25 | $190.0M | $815.0M | ||
| Q4 24 | $-224.0M | $-331.0M | ||
| Q3 24 | $873.0M | $1.0B | ||
| Q2 24 | $-219.0M | $747.0M |
自由现金流MOHTHC
| Q1 26 | — | — | ||
| Q4 25 | $-299.0M | $367.0M | ||
| Q3 25 | $-163.0M | $778.0M | ||
| Q2 25 | $-344.0M | $743.0M | ||
| Q1 25 | $168.0M | $642.0M | ||
| Q4 24 | $-235.0M | $-661.0M | ||
| Q3 24 | $838.0M | $829.0M | ||
| Q2 24 | $-246.0M | $602.0M |
自由现金流率MOHTHC
| Q1 26 | — | — | ||
| Q4 25 | -2.6% | 6.6% | ||
| Q3 25 | -1.4% | 14.7% | ||
| Q2 25 | -3.0% | 14.1% | ||
| Q1 25 | 1.5% | 12.3% | ||
| Q4 24 | -2.2% | -13.0% | ||
| Q3 24 | 8.1% | 16.2% | ||
| Q2 24 | -2.5% | 11.8% |
资本支出强度MOHTHC
| Q1 26 | — | — | ||
| Q4 25 | 0.0% | 6.6% | ||
| Q3 25 | 0.3% | 5.3% | ||
| Q2 25 | 0.4% | 3.7% | ||
| Q1 25 | 0.2% | 3.3% | ||
| Q4 24 | 0.1% | 6.5% | ||
| Q3 24 | 0.3% | 4.2% | ||
| Q2 24 | 0.3% | 2.8% |
现金转化率MOHTHC
| Q1 26 | 77.29× | — | ||
| Q4 25 | — | 1.14× | ||
| Q3 25 | -1.58× | 1.83× | ||
| Q2 25 | -1.18× | 1.79× | ||
| Q1 25 | 0.64× | 1.31× | ||
| Q4 24 | -0.89× | -0.58× | ||
| Q3 24 | 2.68× | 1.53× | ||
| Q2 24 | -0.73× | 1.57× |
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
MOH
| Premium revenue | $10.2B | 94% |
| Premium tax revenue | $504.0M | 5% |
| Investment income | $98.0M | 1% |
| Other revenue | $22.0M | 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% |
