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NATIONAL HEALTHCARE CORP（NHC）与WEX Inc.（WEX）财务数据对比。点击上方公司名可切换其他公司
WEX Inc.的季度营收约是NATIONAL HEALTHCARE CORP的1.7倍（$673.8M vs $386.5M），WEX Inc.净利率更高（11.5% vs 6.4%，领先5.1%），WEX Inc.同比增速更快（5.8% vs 4.6%），WEX Inc.自由现金流更多（$49.5M vs $6.4M），过去两年WEX Inc.的营收复合增速更高（18.7% vs 14.0%）
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。
WEX Inc.是专注服务于美国商业及政府车队领域的支付处理与信息管理服务提供商，总部位于美国缅因州波特兰市，业务范围覆盖美国、加拿大、南美、欧洲、亚洲及澳大利亚等多个全球区域。
NHC vs WEX — 直观对比
营收规模更大
WEX
是对方的1.7倍
$386.5M
营收增速更快
WEX
高出1.2%
4.6%
净利率更高
WEX
高出5.1%
6.4%
自由现金流更多
WEX
多$43.1M
$6.4M
两年增速更快
WEX
近两年复合增速
14.0%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $386.5M | $673.8M |
| 净利润 | $24.8M | $77.7M |
| 毛利率 | — | — |
| 营业利润率 | 8.6% | 23.5% |
| 净利率 | 6.4% | 11.5% |
| 营收同比 | 4.6% | 5.8% |
| 净利润同比 | 308.6% | 8.7% |
| 每股收益（稀释后） | $1.58 | $2.22 |
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NHCWEX
| Q1 26 | — | $673.8M | ||
| Q4 25 | $386.5M | $465.1M | ||
| Q3 25 | $382.7M | $481.6M | ||
| Q2 25 | $374.9M | $454.4M | ||
| Q1 25 | $373.7M | $444.3M | ||
| Q4 24 | $369.4M | $440.3M | ||
| Q3 24 | $340.2M | $479.0M | ||
| Q2 24 | $300.7M | $478.6M |
净利润NHCWEX
| Q1 26 | — | $77.7M | ||
| Q4 25 | $24.8M | $84.2M | ||
| Q3 25 | $39.2M | $80.3M | ||
| Q2 25 | $23.7M | $68.1M | ||
| Q1 25 | $32.2M | $71.5M | ||
| Q4 24 | $6.1M | $63.9M | ||
| Q3 24 | $42.8M | $102.9M | ||
| Q2 24 | $26.8M | $77.0M |
毛利率NHCWEX
| Q1 26 | — | — | ||
| Q4 25 | — | 39.0% | ||
| Q3 25 | — | 43.0% | ||
| Q2 25 | — | 40.0% | ||
| Q1 25 | — | 39.2% | ||
| Q4 24 | — | 41.5% | ||
| Q3 24 | — | 48.0% | ||
| Q2 24 | — | 44.9% |
营业利润率NHCWEX
| Q1 26 | — | 23.5% | ||
| Q4 25 | 8.6% | 35.7% | ||
| Q3 25 | 7.9% | 38.1% | ||
| Q2 25 | 9.1% | 34.5% | ||
| Q1 25 | 8.2% | 35.4% | ||
| Q4 24 | 7.8% | 35.7% | ||
| Q3 24 | 6.7% | 41.0% | ||
| Q2 24 | 7.5% | 35.1% |
净利率NHCWEX
| Q1 26 | — | 11.5% | ||
| Q4 25 | 6.4% | 18.1% | ||
| Q3 25 | 10.3% | 16.7% | ||
| Q2 25 | 6.3% | 15.0% | ||
| Q1 25 | 8.6% | 16.1% | ||
| Q4 24 | 1.6% | 14.5% | ||
| Q3 24 | 12.6% | 21.5% | ||
| Q2 24 | 8.9% | 16.1% |
每股收益（稀释后）NHCWEX
| Q1 26 | — | $2.22 | ||
| Q4 25 | $1.58 | $2.38 | ||
| Q3 25 | $2.50 | $2.30 | ||
| Q2 25 | $1.52 | $1.98 | ||
| Q1 25 | $2.07 | $1.81 | ||
| Q4 24 | $0.38 | $1.60 | ||
| Q3 24 | $2.73 | $2.52 | ||
| Q2 24 | $1.73 | $1.83 |
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 | $633.5M |
| 总债务越低越好 | $40.0M | — |
| 股东权益账面价值 | $1.1B | $1.3B |
| 总资产 | $1.5B | $15.4B |
| 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NHCWEX
| Q1 26 | — | $633.5M | ||
| Q4 25 | $92.8M | $5.2B | ||
| Q3 25 | $130.6M | $4.9B | ||
| Q2 25 | $111.0M | $4.9B | ||
| Q1 25 | $90.4M | $4.4B | ||
| Q4 24 | $76.1M | $4.4B | ||
| Q3 24 | $84.8M | $4.3B | ||
| Q2 24 | $136.2M | $4.0B |
总债务NHCWEX
| Q1 26 | — | — | ||
| 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 | — | — |
股东权益NHCWEX
| Q1 26 | — | $1.3B | ||
| Q4 25 | $1.1B | $1.2B | ||
| Q3 25 | $1.1B | $1.1B | ||
| Q2 25 | $1.0B | $978.7M | ||
| Q1 25 | $1.0B | $810.4M | ||
| Q4 24 | $980.2M | $1.5B | ||
| Q3 24 | $983.5M | $1.7B | ||
| Q2 24 | $945.8M | $1.8B |
总资产NHCWEX
| Q1 26 | — | $15.4B | ||
| Q4 25 | $1.5B | $14.4B | ||
| Q3 25 | $1.6B | $14.4B | ||
| Q2 25 | $1.6B | $14.7B | ||
| Q1 25 | $1.5B | $14.0B | ||
| Q4 24 | $1.5B | $13.3B | ||
| Q3 24 | $1.6B | $14.0B | ||
| Q2 24 | $1.3B | $14.2B |
负债/权益比NHCWEX
| Q1 26 | — | — | ||
| 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 | — | — |
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 | — |
| 自由现金流经营现金流 - 资本支出 | $6.4M | $49.5M |
| 自由现金流率自由现金流/营收 | 1.7% | 7.3% |
| 资本支出强度资本支出/营收 | 2.7% | 5.6% |
| 现金转化率经营现金流/净利润 | 0.68× | — |
| 过去12个月自由现金流最近4个季度 | $148.6M | $877.4M |
8季度趋势，按日历期对齐
经营现金流NHCWEX
| Q1 26 | — | — | ||
| Q4 25 | $16.8M | $294.7M | ||
| Q3 25 | $66.2M | $376.6M | ||
| Q2 25 | $62.8M | $264.6M | ||
| Q1 25 | $39.3M | $-481.6M | ||
| Q4 24 | $12.8M | $638.4M | ||
| Q3 24 | $34.2M | $3.3M | ||
| Q2 24 | $50.7M | $-7.0M |
自由现金流NHCWEX
| Q1 26 | — | $49.5M | ||
| Q4 25 | $6.4M | $256.3M | ||
| Q3 25 | $56.5M | $341.6M | ||
| Q2 25 | $52.6M | $230.0M | ||
| Q1 25 | $33.1M | $-514.2M | ||
| Q4 24 | $4.6M | $599.7M | ||
| Q3 24 | $28.6M | $-31.7M | ||
| Q2 24 | $42.8M | $-46.6M |
自由现金流率NHCWEX
| Q1 26 | — | 7.3% | ||
| Q4 25 | 1.7% | 55.1% | ||
| Q3 25 | 14.8% | 70.9% | ||
| Q2 25 | 14.0% | 50.6% | ||
| Q1 25 | 8.9% | -115.7% | ||
| Q4 24 | 1.3% | 136.2% | ||
| Q3 24 | 8.4% | -6.6% | ||
| Q2 24 | 14.2% | -9.7% |
资本支出强度NHCWEX
| Q1 26 | — | 5.6% | ||
| Q4 25 | 2.7% | 8.3% | ||
| Q3 25 | 2.5% | 7.3% | ||
| Q2 25 | 2.7% | 7.6% | ||
| Q1 25 | 1.6% | 7.3% | ||
| Q4 24 | 2.2% | 8.8% | ||
| Q3 24 | 1.7% | 7.3% | ||
| Q2 24 | 2.6% | 8.3% |
现金转化率NHCWEX
| Q1 26 | — | — | ||
| Q4 25 | 0.68× | 3.50× | ||
| Q3 25 | 1.69× | 4.69× | ||
| Q2 25 | 2.65× | 3.89× | ||
| Q1 25 | 1.22× | -6.74× | ||
| Q4 24 | 2.10× | 9.99× | ||
| Q3 24 | 0.80× | 0.03× | ||
| Q2 24 | 1.89× | -0.09× |
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% |
WEX
| Payment processing revenue | $284.2M | 42% |
| Account servicing revenue | $182.5M | 27% |
| Other revenue | $127.0M | 19% |
| Finance fee revenue | $80.1M | 12% |
