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湘南美容医疗集团（SBC）与Teladoc Health, Inc.（TDOC）财务数据对比。点击上方公司名可切换其他公司
Teladoc Health, Inc.的季度营收约是湘南美容医疗集团的16.2倍（$642.3M vs $39.6M）。Teladoc Health, Inc.同比增速更快（0.3% vs -10.9%）。Teladoc Health, Inc.自由现金流更多（$85.1M vs $51.2M）。过去两年Teladoc Health, Inc.的营收复合增速更高（-0.3% vs -15.0%）
湘南美容医疗集团是总部位于日本的知名医疗服务提供商，核心业务覆盖美容整形、皮肤科诊疗、抗衰老健康护理等领域，在日本各地运营大量连锁诊所，同时服务本地居民及赴日就医的国际游客。
泰莱达克健康是一家跨国远程医疗与虚拟医疗企业，2002年成立，总部位于美国纽约。公司核心业务涵盖远程问诊、医学意见咨询、人工智能与数据分析、远程医疗设备及可授权平台服务，主要通过电话、视频会议软件与移动应用，为用户提供随时可及的远程医疗服务。
SBC vs TDOC — 直观对比
营收规模更大
TDOC
是对方的16.2倍
$39.6M
营收增速更快
TDOC
高出11.2%
-10.9%
自由现金流更多
TDOC
多$34.0M
$51.2M
两年增速更快
TDOC
近两年复合增速
-15.0%
损益表 — Q4 2025 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $39.6M | $642.3M |
| 净利润 | $14.2M | — |
| 毛利率 | 73.1% | — |
| 营业利润率 | 32.5% | -5.6% |
| 净利率 | 35.9% | — |
| 营收同比 | -10.9% | 0.3% |
| 净利润同比 | 117.2% | — |
| 每股收益（稀释后） | $0.15 | $-0.14 |
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SBCTDOC
| Q4 25 | $39.6M | $642.3M | ||
| Q3 25 | $43.4M | $626.4M | ||
| Q2 25 | $43.4M | $631.9M | ||
| Q1 25 | $47.3M | $629.4M | ||
| Q4 24 | $44.4M | $640.5M | ||
| Q3 24 | $53.1M | $640.5M | ||
| Q2 24 | $53.1M | $642.4M | ||
| Q1 24 | $54.8M | $646.1M |
净利润SBCTDOC
| Q4 25 | $14.2M | — | ||
| Q3 25 | $12.8M | $-49.5M | ||
| Q2 25 | $2.5M | $-32.7M | ||
| Q1 25 | $21.5M | $-93.0M | ||
| Q4 24 | $6.5M | — | ||
| Q3 24 | $2.8M | $-33.3M | ||
| Q2 24 | $18.5M | $-837.7M | ||
| Q1 24 | $18.8M | $-81.9M |
毛利率SBCTDOC
| Q4 25 | 73.1% | — | ||
| Q3 25 | 70.6% | — | ||
| Q2 25 | 69.2% | — | ||
| Q1 25 | 79.7% | — | ||
| Q4 24 | 76.3% | — | ||
| Q3 24 | 81.5% | — | ||
| Q2 24 | 74.2% | — | ||
| Q1 24 | 72.1% | — |
营业利润率SBCTDOC
| Q4 25 | 32.5% | -5.6% | ||
| Q3 25 | 36.6% | -8.3% | ||
| Q2 25 | 33.6% | -8.6% | ||
| Q1 25 | 51.1% | -19.2% | ||
| Q4 24 | 10.6% | -7.5% | ||
| Q3 24 | 26.1% | -6.9% | ||
| Q2 24 | 51.4% | -130.9% | ||
| Q1 24 | 44.6% | -13.5% |
净利率SBCTDOC
| Q4 25 | 35.9% | — | ||
| Q3 25 | 29.6% | -7.9% | ||
| Q2 25 | 5.7% | -5.2% | ||
| Q1 25 | 45.4% | -14.8% | ||
| Q4 24 | 14.7% | — | ||
| Q3 24 | 5.3% | -5.2% | ||
| Q2 24 | 34.8% | -130.4% | ||
| Q1 24 | 34.2% | -12.7% |
每股收益（稀释后）SBCTDOC
| Q4 25 | $0.15 | $-0.14 | ||
| Q3 25 | $0.12 | $-0.28 | ||
| Q2 25 | $0.02 | $-0.19 | ||
| Q1 25 | $0.21 | $-0.53 | ||
| Q4 24 | $0.05 | $-0.27 | ||
| Q3 24 | $0.03 | $-0.19 | ||
| Q2 24 | $0.20 | $-4.92 | ||
| Q1 24 | $0.20 | $-0.49 |
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 | $164.1M | $781.1M |
| 总债务越低越好 | $42.8M | — |
| 股东权益账面价值 | $248.3M | $1.4B |
| 总资产 | $380.4M | $2.9B |
| 负债/权益比越低杠杆越低 | 0.17× | — |
8季度趋势，按日历期对齐
现金及短期投资SBCTDOC
| Q4 25 | $164.1M | $781.1M | ||
| Q3 25 | $127.4M | $726.2M | ||
| Q2 25 | $152.7M | $679.6M | ||
| Q1 25 | $132.1M | $1.2B | ||
| Q4 24 | $125.0M | $1.3B | ||
| Q3 24 | $137.4M | $1.2B | ||
| Q2 24 | — | $1.2B | ||
| Q1 24 | — | $1.1B |
总债务SBCTDOC
| Q4 25 | $42.8M | — | ||
| Q3 25 | $21.1M | — | ||
| Q2 25 | $7.1M | — | ||
| Q1 25 | $6.9M | — | ||
| Q4 24 | $6.6M | — | ||
| Q3 24 | $823.2K | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
股东权益SBCTDOC
| Q4 25 | $248.3M | $1.4B | ||
| Q3 25 | $248.0M | $1.4B | ||
| Q2 25 | $244.6M | $1.4B | ||
| Q1 25 | $226.4M | $1.4B | ||
| Q4 24 | $195.1M | $1.5B | ||
| Q3 24 | $205.0M | $1.5B | ||
| Q2 24 | $8.8M | $1.5B | ||
| Q1 24 | $9.0M | $2.3B |
总资产SBCTDOC
| Q4 25 | $380.4M | $2.9B | ||
| Q3 25 | $321.4M | $2.9B | ||
| Q2 25 | $315.3M | $2.9B | ||
| Q1 25 | $284.6M | $3.4B | ||
| Q4 24 | $266.1M | $3.5B | ||
| Q3 24 | $296.5M | $3.5B | ||
| Q2 24 | $19.5M | $3.5B | ||
| Q1 24 | $19.8M | $4.3B |
负债/权益比SBCTDOC
| Q4 25 | 0.17× | — | ||
| Q3 25 | 0.09× | — | ||
| Q2 25 | 0.03× | — | ||
| Q1 25 | 0.03× | — | ||
| Q4 24 | 0.03× | — | ||
| Q3 24 | 0.00× | — | ||
| 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 | $52.0M | $87.7M |
| 自由现金流经营现金流 - 资本支出 | $51.2M | $85.1M |
| 自由现金流率自由现金流/营收 | 129.3% | 13.3% |
| 资本支出强度资本支出/营收 | 2.0% | 0.4% |
| 现金转化率经营现金流/净利润 | 3.66× | — |
| 过去12个月自由现金流最近4个季度 | $23.3M | $285.5M |
8季度趋势，按日历期对齐
经营现金流SBCTDOC
| Q4 25 | $52.0M | $87.7M | ||
| Q3 25 | $-20.9M | $99.3M | ||
| Q2 25 | $-8.3M | $91.4M | ||
| Q1 25 | $1.9M | $15.9M | ||
| Q4 24 | $-7.3M | $85.9M | ||
| Q3 24 | $5.0M | $110.2M | ||
| Q2 24 | $19.2M | $88.7M | ||
| Q1 24 | $3.7M | $8.9M |
自由现金流SBCTDOC
| Q4 25 | $51.2M | $85.1M | ||
| Q3 25 | $-20.9M | $97.0M | ||
| Q2 25 | $-8.6M | $90.2M | ||
| Q1 25 | $1.7M | $13.2M | ||
| Q4 24 | $-7.9M | $79.8M | ||
| Q3 24 | $4.6M | $108.6M | ||
| Q2 24 | $18.3M | $86.8M | ||
| Q1 24 | $3.0M | $7.8M |
自由现金流率SBCTDOC
| Q4 25 | 129.3% | 13.3% | ||
| Q3 25 | -48.3% | 15.5% | ||
| Q2 25 | -19.9% | 14.3% | ||
| Q1 25 | 3.5% | 2.1% | ||
| Q4 24 | -17.8% | 12.5% | ||
| Q3 24 | 8.7% | 17.0% | ||
| Q2 24 | 34.5% | 13.5% | ||
| Q1 24 | 5.4% | 1.2% |
资本支出强度SBCTDOC
| Q4 25 | 2.0% | 0.4% | ||
| Q3 25 | 0.1% | 0.4% | ||
| Q2 25 | 0.7% | 0.2% | ||
| Q1 25 | 0.5% | 0.4% | ||
| Q4 24 | 1.3% | 1.0% | ||
| Q3 24 | 0.8% | 0.2% | ||
| Q2 24 | 1.6% | 0.3% | ||
| Q1 24 | 1.3% | 0.2% |
现金转化率SBCTDOC
| Q4 25 | 3.66× | — | ||
| Q3 25 | -1.63× | — | ||
| Q2 25 | -3.39× | — | ||
| Q1 25 | 0.09× | — | ||
| Q4 24 | -1.12× | — | ||
| Q3 24 | 1.77× | — | ||
| Q2 24 | 1.04× | — | ||
| Q1 24 | 0.20× | — |
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
SBC
| Franchising | $10.3M | 26% |
| Medical Corporation Shobikai | $8.1M | 21% |
| Medical Corporation Nasukai | $7.2M | 18% |
| Management Services | $6.3M | 16% |
| Rental Services | $4.3M | 11% |
| Medical Corporation Association Furinkai | $3.0M | 8% |
| Japan Medical And Beauty Inc | $656.5K | 2% |
TDOC
| Teladoc Health Integrated Care | $409.1M | 64% |
| Better Help | $233.2M | 36% |
