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摩根士丹利（MS）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
摩根士丹利的季度营收约是TENET HEALTHCARE CORP的1.9倍（$10.7B vs $5.5B），摩根士丹利净利率更高（52.6% vs 11.7%，领先40.9%），摩根士丹利同比增速更快（16.0% vs 9.0%），过去两年TENET HEALTHCARE CORP的营收复合增速更高（1.5% vs -15.8%）
摩根士丹利是总部位于美国纽约曼哈顿中城百老汇1585号的跨国投资银行及金融服务提供商，在全球42个国家设有办事处，员工超8万名，服务客户涵盖企业、政府、机构及个人。2023年该公司位列美国财富500强第61位，同年位居福布斯全球2000强第30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
MS vs THC — 直观对比
营收规模更大
MS
是对方的1.9倍
$5.5B
营收增速更快
MS
高出7.0%
9.0%
净利率更高
MS
高出40.9%
11.7%
两年增速更快
THC
近两年复合增速
-15.8%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $10.7B | $5.5B |
| 净利润 | $5.6B | $644.0M |
| 毛利率 | — | — |
| 营业利润率 | — | 15.4% |
| 净利率 | 52.6% | 11.7% |
| 营收同比 | 16.0% | 9.0% |
| 净利润同比 | — | 12.6% |
| 每股收益（稀释后） | — | $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MSTHC
| Q1 26 | $10.7B | — | ||
| Q4 25 | $17.9B | $5.5B | ||
| Q3 25 | $18.2B | $5.3B | ||
| Q2 25 | $16.8B | $5.3B | ||
| Q1 25 | $17.7B | $5.2B | ||
| Q4 24 | — | $5.1B | ||
| Q3 24 | $15.4B | $5.1B | ||
| Q2 24 | $15.0B | $5.1B |
净利润MSTHC
| Q1 26 | $5.6B | — | ||
| Q4 25 | $4.4B | $644.0M | ||
| Q3 25 | $4.6B | $579.0M | ||
| Q2 25 | $3.5B | $522.0M | ||
| Q1 25 | $4.3B | $622.0M | ||
| Q4 24 | — | $572.0M | ||
| Q3 24 | $3.2B | $681.0M | ||
| Q2 24 | $3.1B | $477.0M |
营业利润率MSTHC
| Q1 26 | — | — | ||
| Q4 25 | 32.2% | 15.4% | ||
| Q3 25 | 33.1% | 16.8% | ||
| Q2 25 | 27.5% | 15.6% | ||
| Q1 25 | 31.3% | 18.1% | ||
| Q4 24 | — | 16.2% | ||
| Q3 24 | 27.4% | 21.3% | ||
| Q2 24 | 27.1% | 14.9% |
净利率MSTHC
| Q1 26 | 52.6% | — | ||
| Q4 25 | 24.6% | 11.7% | ||
| Q3 25 | 25.3% | 10.9% | ||
| Q2 25 | 21.1% | 9.9% | ||
| Q1 25 | 24.3% | 11.9% | ||
| Q4 24 | — | 11.3% | ||
| Q3 24 | 20.7% | 13.3% | ||
| Q2 24 | 20.5% | 9.3% |
每股收益（稀释后）MSTHC
| Q1 26 | — | — | ||
| Q4 25 | $2.68 | $4.22 | ||
| Q3 25 | $2.80 | $3.86 | ||
| Q2 25 | $2.13 | $3.14 | ||
| Q1 25 | $2.60 | $4.27 | ||
| Q4 24 | — | $3.79 | ||
| Q3 24 | $1.88 | $4.89 | ||
| Q2 24 | $1.82 | $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 | — | $2.9B |
| 总债务越低越好 | — | $13.1B |
| 股东权益账面价值 | $5.1M | $4.2B |
| 总资产 | $1581.4B | $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MSTHC
| Q1 26 | — | — | ||
| Q4 25 | $111.7B | $2.9B | ||
| Q3 25 | $103.7B | $3.0B | ||
| Q2 25 | $109.1B | $2.6B | ||
| Q1 25 | $90.7B | $3.0B | ||
| Q4 24 | — | $3.0B | ||
| Q3 24 | $91.1B | $4.1B | ||
| Q2 24 | $90.2B | $2.9B |
总债务MSTHC
| Q1 26 | — | — | ||
| Q4 25 | $341.7B | $13.1B | ||
| Q3 25 | $324.1B | $13.1B | ||
| Q2 25 | $320.1B | $13.1B | ||
| Q1 25 | $297.0B | $13.1B | ||
| Q4 24 | — | $13.1B | ||
| Q3 24 | $291.2B | $12.8B | ||
| Q2 24 | $269.9B | $12.8B |
股东权益MSTHC
| Q1 26 | $5.1M | — | ||
| Q4 25 | $111.6B | $4.2B | ||
| Q3 25 | $110.0B | $4.0B | ||
| Q2 25 | $108.2B | $3.7B | ||
| Q1 25 | $106.8B | $4.2B | ||
| Q4 24 | — | $4.2B | ||
| Q3 24 | $103.6B | $3.8B | ||
| Q2 24 | $100.7B | $3.5B |
总资产MSTHC
| Q1 26 | $1581.4B | — | ||
| Q4 25 | $1420.3B | $29.7B | ||
| Q3 25 | $1364.8B | $29.4B | ||
| Q2 25 | $1353.9B | $28.7B | ||
| Q1 25 | $1300.3B | $29.2B | ||
| Q4 24 | — | $28.9B | ||
| Q3 24 | $1258.0B | $29.4B | ||
| Q2 24 | $1212.4B | $29.3B |
负债/权益比MSTHC
| Q1 26 | — | — | ||
| Q4 25 | 3.06× | 3.10× | ||
| Q3 25 | 2.95× | 3.26× | ||
| Q2 25 | 2.96× | 3.49× | ||
| Q1 25 | 2.78× | 3.13× | ||
| Q4 24 | — | 3.14× | ||
| Q3 24 | 2.81× | 3.33× | ||
| Q2 24 | 2.68× | 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 | — | $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 | — | 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MSTHC
| Q1 26 | — | — | ||
| Q4 25 | $-2.4B | $731.0M | ||
| Q3 25 | $-3.3B | $1.1B | ||
| Q2 25 | $11.8B | $936.0M | ||
| Q1 25 | $-24.0B | $815.0M | ||
| Q4 24 | — | $-331.0M | ||
| Q3 24 | — | $1.0B | ||
| Q2 24 | — | $747.0M |
自由现金流MSTHC
| Q1 26 | — | — | ||
| Q4 25 | — | $367.0M | ||
| Q3 25 | — | $778.0M | ||
| Q2 25 | — | $743.0M | ||
| Q1 25 | — | $642.0M | ||
| Q4 24 | — | $-661.0M | ||
| Q3 24 | — | $829.0M | ||
| Q2 24 | — | $602.0M |
自由现金流率MSTHC
| Q1 26 | — | — | ||
| Q4 25 | — | 6.6% | ||
| Q3 25 | — | 14.7% | ||
| Q2 25 | — | 14.1% | ||
| Q1 25 | — | 12.3% | ||
| Q4 24 | — | -13.0% | ||
| Q3 24 | — | 16.2% | ||
| Q2 24 | — | 11.8% |
资本支出强度MSTHC
| Q1 26 | — | — | ||
| Q4 25 | — | 6.6% | ||
| Q3 25 | — | 5.3% | ||
| Q2 25 | — | 3.7% | ||
| Q1 25 | — | 3.3% | ||
| Q4 24 | — | 6.5% | ||
| Q3 24 | — | 4.2% | ||
| Q2 24 | — | 2.8% |
现金转化率MSTHC
| Q1 26 | — | — | ||
| Q4 25 | -0.55× | 1.14× | ||
| Q3 25 | -0.72× | 1.83× | ||
| Q2 25 | 3.34× | 1.79× | ||
| Q1 25 | -5.56× | 1.31× | ||
| Q4 24 | — | -0.58× | ||
| Q3 24 | — | 1.53× | ||
| Q2 24 | — | 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
MS
暂无分部数据
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% |
