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ServiceNow（NOW）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
TENET HEALTHCARE CORP的季度营收约是ServiceNow的1.5倍（$5.5B vs $3.8B），ServiceNow净利率更高（12.4% vs 11.7%，领先0.8%），TENET HEALTHCARE CORP同比增速更快（9.0% vs 2.8%），ServiceNow自由现金流更多（$1.7B vs $367.0M），过去两年ServiceNow的营收复合增速更高（19.8% vs 1.5%）
ServiceNow是2003年由弗雷德·卢迪在美国加利福尼亚州圣克拉拉创立的软件企业，主打云计算平台产品，可支持企业搭建及管理自动化业务工作流。公司于纽交所上市，现为标普100及标普500指数成分股。
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
NOW vs THC — 直观对比
营收规模更大
THC
是对方的1.5倍
$3.8B
营收增速更快
THC
高出6.2%
2.8%
净利率更高
NOW
高出0.8%
11.7%
自由现金流更多
NOW
多$1.3B
$367.0M
两年增速更快
NOW
近两年复合增速
1.5%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $3.8B | $5.5B |
| 净利润 | $469.0M | $644.0M |
| 毛利率 | 75.1% | — |
| 营业利润率 | 13.3% | 15.4% |
| 净利率 | 12.4% | 11.7% |
| 营收同比 | 2.8% | 9.0% |
| 净利润同比 | -53.7% | 12.6% |
| 每股收益（稀释后） | $1.04 | $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NOWTHC
| Q1 26 | $3.8B | — | ||
| Q4 25 | $3.6B | $5.5B | ||
| Q3 25 | $3.4B | $5.3B | ||
| Q2 25 | $3.2B | $5.3B | ||
| Q1 25 | $3.1B | $5.2B | ||
| Q4 24 | $3.0B | $5.1B | ||
| Q3 24 | $2.8B | $5.1B | ||
| Q2 24 | $2.6B | $5.1B |
净利润NOWTHC
| Q1 26 | $469.0M | — | ||
| Q4 25 | $401.0M | $644.0M | ||
| Q3 25 | $502.0M | $579.0M | ||
| Q2 25 | $385.0M | $522.0M | ||
| Q1 25 | $460.0M | $622.0M | ||
| Q4 24 | $384.0M | $572.0M | ||
| Q3 24 | $432.0M | $681.0M | ||
| Q2 24 | $262.0M | $477.0M |
毛利率NOWTHC
| Q1 26 | 75.1% | — | ||
| Q4 25 | 76.6% | — | ||
| Q3 25 | 77.3% | — | ||
| Q2 25 | 77.5% | — | ||
| Q1 25 | 78.9% | — | ||
| Q4 24 | 78.7% | — | ||
| Q3 24 | 79.1% | — | ||
| Q2 24 | 79.0% | — |
营业利润率NOWTHC
| Q1 26 | 13.3% | — | ||
| Q4 25 | 12.4% | 15.4% | ||
| Q3 25 | 16.8% | 16.8% | ||
| Q2 25 | 11.1% | 15.6% | ||
| Q1 25 | 14.6% | 18.1% | ||
| Q4 24 | 12.6% | 16.2% | ||
| Q3 24 | 14.9% | 21.3% | ||
| Q2 24 | 9.1% | 14.9% |
净利率NOWTHC
| Q1 26 | 12.4% | — | ||
| Q4 25 | 11.2% | 11.7% | ||
| Q3 25 | 14.7% | 10.9% | ||
| Q2 25 | 12.0% | 9.9% | ||
| Q1 25 | 14.9% | 11.9% | ||
| Q4 24 | 13.0% | 11.3% | ||
| Q3 24 | 15.4% | 13.3% | ||
| Q2 24 | 10.0% | 9.3% |
每股收益（稀释后）NOWTHC
| Q1 26 | $1.04 | — | ||
| Q4 25 | $-4.77 | $4.22 | ||
| Q3 25 | $2.40 | $3.86 | ||
| Q2 25 | $1.84 | $3.14 | ||
| Q1 25 | $2.20 | $4.27 | ||
| Q4 24 | $1.84 | $3.79 | ||
| Q3 24 | $2.07 | $4.89 | ||
| Q2 24 | $1.26 | $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 | $2.7B | $2.9B |
| 总债务越低越好 | — | $13.1B |
| 股东权益账面价值 | $11.7B | $4.2B |
| 总资产 | $24.4B | $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NOWTHC
| Q1 26 | $2.7B | — | ||
| Q4 25 | $3.7B | $2.9B | ||
| Q3 25 | $2.7B | $3.0B | ||
| Q2 25 | $3.1B | $2.6B | ||
| Q1 25 | $3.4B | $3.0B | ||
| Q4 24 | $2.3B | $3.0B | ||
| Q3 24 | $1.9B | $4.1B | ||
| Q2 24 | $2.2B | $2.9B |
总债务NOWTHC
| Q1 26 | — | — | ||
| 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NOWTHC
| Q1 26 | $11.7B | — | ||
| Q4 25 | $13.0B | $4.2B | ||
| Q3 25 | $11.3B | $4.0B | ||
| Q2 25 | $10.9B | $3.7B | ||
| Q1 25 | $10.1B | $4.2B | ||
| Q4 24 | $9.6B | $4.2B | ||
| Q3 24 | $9.3B | $3.8B | ||
| Q2 24 | $8.7B | $3.5B |
总资产NOWTHC
| Q1 26 | $24.4B | — | ||
| Q4 25 | $26.0B | $29.7B | ||
| Q3 25 | $21.8B | $29.4B | ||
| Q2 25 | $22.1B | $28.7B | ||
| Q1 25 | $21.0B | $29.2B | ||
| Q4 24 | $20.4B | $28.9B | ||
| Q3 24 | $18.4B | $29.4B | ||
| Q2 24 | $18.2B | $29.3B |
负债/权益比NOWTHC
| Q1 26 | — | — | ||
| 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 | $1.7B | $731.0M |
| 自由现金流经营现金流 - 资本支出 | $1.7B | $367.0M |
| 自由现金流率自由现金流/营收 | 44.2% | 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 | 3.56× | 1.14× |
| 过去12个月自由现金流最近4个季度 | $4.8B | $2.5B |
8季度趋势，按日历期对齐
经营现金流NOWTHC
| Q1 26 | $1.7B | — | ||
| Q4 25 | $2.2B | $731.0M | ||
| Q3 25 | $813.0M | $1.1B | ||
| Q2 25 | $716.0M | $936.0M | ||
| Q1 25 | $1.7B | $815.0M | ||
| Q4 24 | $1.6B | $-331.0M | ||
| Q3 24 | $671.0M | $1.0B | ||
| Q2 24 | $620.0M | $747.0M |
自由现金流NOWTHC
| Q1 26 | $1.7B | — | ||
| Q4 25 | $2.0B | $367.0M | ||
| Q3 25 | $578.0M | $778.0M | ||
| Q2 25 | $526.0M | $743.0M | ||
| Q1 25 | $1.5B | $642.0M | ||
| Q4 24 | $1.4B | $-661.0M | ||
| Q3 24 | $469.0M | $829.0M | ||
| Q2 24 | $358.0M | $602.0M |
自由现金流率NOWTHC
| Q1 26 | 44.2% | — | ||
| Q4 25 | 56.1% | 6.6% | ||
| Q3 25 | 17.0% | 14.7% | ||
| Q2 25 | 16.4% | 14.1% | ||
| Q1 25 | 47.7% | 12.3% | ||
| Q4 24 | 46.7% | -13.0% | ||
| Q3 24 | 16.8% | 16.2% | ||
| Q2 24 | 13.6% | 11.8% |
资本支出强度NOWTHC
| Q1 26 | — | — | ||
| Q4 25 | 6.7% | 6.6% | ||
| Q3 25 | 6.9% | 5.3% | ||
| Q2 25 | 5.9% | 3.7% | ||
| Q1 25 | 6.6% | 3.3% | ||
| Q4 24 | 8.6% | 6.5% | ||
| Q3 24 | 7.2% | 4.2% | ||
| Q2 24 | 10.0% | 2.8% |
现金转化率NOWTHC
| Q1 26 | 3.56× | — | ||
| Q4 25 | 5.58× | 1.14× | ||
| Q3 25 | 1.62× | 1.83× | ||
| Q2 25 | 1.86× | 1.79× | ||
| Q1 25 | 3.65× | 1.31× | ||
| Q4 24 | 4.26× | -0.58× | ||
| Q3 24 | 1.55× | 1.53× | ||
| Q2 24 | 2.37× | 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
NOW
| Subscription revenues | $3.7B | 97% |
| Other | $80.5M | 2% |
| Professional services and other revenues | $18.5M | 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% |
