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NATIONAL HEALTHCARE CORP（NHC）与SCANSOURCE, INC.（SCSC）财务数据对比。点击上方公司名可切换其他公司
SCANSOURCE, INC.的季度营收约是NATIONAL HEALTHCARE CORP的2.0倍（$766.5M vs $386.5M），NATIONAL HEALTHCARE CORP净利率更高（6.4% vs 2.2%，领先4.3%），NATIONAL HEALTHCARE CORP同比增速更快（4.6% vs 2.5%），SCANSOURCE, INC.自由现金流更多（$28.9M vs $6.4M），过去两年NATIONAL HEALTHCARE CORP的营收复合增速更高（14.0% vs 0.9%）
HCA Healthcare是1968年成立的美国营利性医疗服务运营商，总部位于田纳西州纳什维尔。截至2020年5月，该公司在全美20个州及英国持有并运营186家医院，还有约2400个医疗服务网点，涵盖手术中心、独立急诊室、紧急护理中心及医师诊所，2024年位列美国财富500强第61位。
ScanSource是全球领先的专业技术分销商，主营销售点系统、条码扫描设备、网络安全产品、云服务及通信解决方案，面向北美、拉美、欧洲的增值经销商、服务提供商及企业客户，覆盖零售、医疗、工业、公共部门等领域。
NHC vs SCSC — 直观对比
营收规模更大
SCSC
是对方的2.0倍
$386.5M
营收增速更快
NHC
高出2.1%
2.5%
净利率更高
NHC
高出4.3%
2.2%
自由现金流更多
SCSC
多$22.5M
$6.4M
两年增速更快
NHC
近两年复合增速
0.9%
损益表 — Q4 FY2025 vs Q2 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $386.5M | $766.5M |
| 净利润 | $24.8M | $16.5M |
| 毛利率 | — | 13.4% |
| 营业利润率 | 8.6% | 2.3% |
| 净利率 | 6.4% | 2.2% |
| 营收同比 | 4.6% | 2.5% |
| 净利润同比 | 308.6% | -3.3% |
| 每股收益（稀释后） | $1.58 | $0.75 |
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NHCSCSC
| Q4 25 | $386.5M | $766.5M | ||
| Q3 25 | $382.7M | $739.6M | ||
| Q2 25 | $374.9M | $812.9M | ||
| Q1 25 | $373.7M | $704.8M | ||
| Q4 24 | $369.4M | $747.5M | ||
| Q3 24 | $340.2M | $775.6M | ||
| Q2 24 | $300.7M | $746.1M | ||
| Q1 24 | $297.2M | $752.6M |
净利润NHCSCSC
| Q4 25 | $24.8M | $16.5M | ||
| Q3 25 | $39.2M | $19.9M | ||
| Q2 25 | $23.7M | $20.1M | ||
| Q1 25 | $32.2M | $17.4M | ||
| Q4 24 | $6.1M | $17.1M | ||
| Q3 24 | $42.8M | $17.0M | ||
| Q2 24 | $26.8M | $16.1M | ||
| Q1 24 | $26.2M | $12.8M |
毛利率NHCSCSC
| Q4 25 | — | 13.4% | ||
| Q3 25 | — | 14.5% | ||
| Q2 25 | — | 12.9% | ||
| Q1 25 | — | 14.2% | ||
| Q4 24 | — | 13.6% | ||
| Q3 24 | — | 13.1% | ||
| Q2 24 | — | 13.0% | ||
| Q1 24 | — | 12.6% |
营业利润率NHCSCSC
| Q4 25 | 8.6% | 2.3% | ||
| Q3 25 | 7.9% | 3.5% | ||
| Q2 25 | 9.1% | 3.3% | ||
| Q1 25 | 8.2% | 3.2% | ||
| Q4 24 | 7.8% | 2.5% | ||
| Q3 24 | 6.7% | 2.3% | ||
| Q2 24 | 7.5% | 2.9% | ||
| Q1 24 | 5.3% | 2.3% |
净利率NHCSCSC
| Q4 25 | 6.4% | 2.2% | ||
| Q3 25 | 10.3% | 2.7% | ||
| Q2 25 | 6.3% | 2.5% | ||
| Q1 25 | 8.6% | 2.5% | ||
| Q4 24 | 1.6% | 2.3% | ||
| Q3 24 | 12.6% | 2.2% | ||
| Q2 24 | 8.9% | 2.2% | ||
| Q1 24 | 8.8% | 1.7% |
每股收益（稀释后）NHCSCSC
| Q4 25 | $1.58 | $0.75 | ||
| Q3 25 | $2.50 | $0.89 | ||
| Q2 25 | $1.52 | $0.87 | ||
| Q1 25 | $2.07 | $0.74 | ||
| Q4 24 | $0.38 | $0.70 | ||
| Q3 24 | $2.73 | $0.69 | ||
| Q2 24 | $1.73 | $0.66 | ||
| Q1 24 | $1.69 | $0.50 |
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 | $92.8M | $83.5M |
| 总债务越低越好 | $40.0M | — |
| 股东权益账面价值 | $1.1B | $910.9M |
| 总资产 | $1.5B | $1.7B |
| 负债/权益比越低杠杆越低 | 0.04× | — |
8季度趋势，按日历期对齐
现金及短期投资NHCSCSC
| Q4 25 | $92.8M | $83.5M | ||
| Q3 25 | $130.6M | $124.9M | ||
| Q2 25 | $111.0M | $126.2M | ||
| Q1 25 | $90.4M | $146.3M | ||
| Q4 24 | $76.1M | $110.5M | ||
| Q3 24 | $84.8M | $145.0M | ||
| Q2 24 | $136.2M | $185.5M | ||
| Q1 24 | $94.0M | $159.1M |
总债务NHCSCSC
| Q4 25 | $40.0M | — | ||
| Q3 25 | $73.1M | — | ||
| Q2 25 | $110.0M | — | ||
| Q1 25 | $134.0M | — | ||
| Q4 24 | $137.0M | — | ||
| Q3 24 | $147.0M | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
股东权益NHCSCSC
| Q4 25 | $1.1B | $910.9M | ||
| Q3 25 | $1.1B | $914.0M | ||
| Q2 25 | $1.0B | $906.4M | ||
| Q1 25 | $1.0B | $901.7M | ||
| Q4 24 | $980.2M | $900.7M | ||
| Q3 24 | $983.5M | $920.9M | ||
| Q2 24 | $945.8M | $924.3M | ||
| Q1 24 | $924.7M | $944.1M |
总资产NHCSCSC
| Q4 25 | $1.5B | $1.7B | ||
| Q3 25 | $1.6B | $1.7B | ||
| Q2 25 | $1.6B | $1.8B | ||
| Q1 25 | $1.5B | $1.7B | ||
| Q4 24 | $1.5B | $1.7B | ||
| Q3 24 | $1.6B | $1.8B | ||
| Q2 24 | $1.3B | $1.8B | ||
| Q1 24 | $1.3B | $1.8B |
负债/权益比NHCSCSC
| Q4 25 | 0.04× | — | ||
| Q3 25 | 0.07× | — | ||
| Q2 25 | 0.11× | — | ||
| Q1 25 | 0.13× | — | ||
| Q4 24 | 0.14× | — | ||
| Q3 24 | 0.15× | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
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 | $16.8M | $30.8M |
| 自由现金流经营现金流 - 资本支出 | $6.4M | $28.9M |
| 自由现金流率自由现金流/营收 | 1.7% | 3.8% |
| 资本支出强度资本支出/营收 | 2.7% | 0.3% |
| 现金转化率经营现金流/净利润 | 0.68× | 1.87× |
| 过去12个月自由现金流最近4个季度 | $148.6M | — |
8季度趋势，按日历期对齐
经营现金流NHCSCSC
| Q4 25 | $16.8M | $30.8M | ||
| Q3 25 | $66.2M | $23.2M | ||
| Q2 25 | $62.8M | — | ||
| Q1 25 | $39.3M | $66.1M | ||
| Q4 24 | $12.8M | $-6.2M | ||
| Q3 24 | $34.2M | $44.8M | ||
| Q2 24 | $50.7M | — | ||
| Q1 24 | $9.6M | $160.2M |
自由现金流NHCSCSC
| Q4 25 | $6.4M | $28.9M | ||
| Q3 25 | $56.5M | $20.8M | ||
| Q2 25 | $52.6M | — | ||
| Q1 25 | $33.1M | $64.6M | ||
| Q4 24 | $4.6M | $-8.2M | ||
| Q3 24 | $28.6M | $42.5M | ||
| Q2 24 | $42.8M | — | ||
| Q1 24 | $3.7M | $157.7M |
自由现金流率NHCSCSC
| Q4 25 | 1.7% | 3.8% | ||
| Q3 25 | 14.8% | 2.8% | ||
| Q2 25 | 14.0% | — | ||
| Q1 25 | 8.9% | 9.2% | ||
| Q4 24 | 1.3% | -1.1% | ||
| Q3 24 | 8.4% | 5.5% | ||
| Q2 24 | 14.2% | — | ||
| Q1 24 | 1.2% | 21.0% |
资本支出强度NHCSCSC
| Q4 25 | 2.7% | 0.3% | ||
| Q3 25 | 2.5% | 0.3% | ||
| Q2 25 | 2.7% | 0.3% | ||
| Q1 25 | 1.6% | 0.2% | ||
| Q4 24 | 2.2% | 0.3% | ||
| Q3 24 | 1.7% | 0.3% | ||
| Q2 24 | 2.6% | 0.2% | ||
| Q1 24 | 2.0% | 0.3% |
现金转化率NHCSCSC
| Q4 25 | 0.68× | 1.87× | ||
| Q3 25 | 1.69× | 1.17× | ||
| Q2 25 | 2.65× | — | ||
| Q1 25 | 1.22× | 3.79× | ||
| Q4 24 | 2.10× | -0.36× | ||
| Q3 24 | 0.80× | 2.64× | ||
| Q2 24 | 1.89× | — | ||
| Q1 24 | 0.37× | 12.51× |
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
NHC
| Inpatient Services Segment | $333.7M | 86% |
| Homecare Services Segment | $40.0M | 10% |
| Other | $11.2M | 3% |
| National | $1.6M | 0% |
SCSC
| Products And Services | $723.4M | 94% |
| Intelisys Advisory | $25.0M | 3% |
| Recurring Revenue | $18.2M | 2% |
