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SELECT MEDICAL HOLDINGS CORP（SEM）与泰佩思琦（TPR）财务数据对比。点击上方公司名可切换其他公司
泰佩思琦的季度营收约是SELECT MEDICAL HOLDINGS CORP的1.8倍（$2.5B vs $1.4B），泰佩思琦净利率更高（22.4% vs 1.4%，领先21.0%），泰佩思琦同比增速更快（14.0% vs 6.4%），泰佩思琦自由现金流更多（$1.0B vs $5.2M），过去两年泰佩思琦的营收复合增速更高（29.9% vs 2.8%）
Select Medical是总部位于美国宾夕法尼亚州的医疗健康企业，业务涵盖长期急症护理、住院康复医院运营，同时开设有职业健康与物理治疗诊所，母公司Select Medical Holdings在纽约证券交易所挂牌上市。
Tapestry, Inc.是美国知名跨国奢侈品时尚控股企业，旗下拥有Coach、Kate Spade New York、Stuart Weitzman三大标志性生活方式品牌，主营高端手袋、服饰、鞋履、配饰及香水产品，销售渠道覆盖全球线下门店与线上电商平台。
SEM vs TPR — 直观对比
营收规模更大
TPR
是对方的1.8倍
$1.4B
营收增速更快
TPR
高出7.6%
6.4%
净利率更高
TPR
高出21.0%
1.4%
自由现金流更多
TPR
多$1.0B
$5.2M
两年增速更快
TPR
近两年复合增速
2.8%
损益表 — Q4 FY2025 vs Q2 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $1.4B | $2.5B |
| 净利润 | $20.2M | $561.3M |
| 毛利率 | — | 75.5% |
| 营业利润率 | 4.6% | 28.6% |
| 净利率 | 1.4% | 22.4% |
| 营收同比 | 6.4% | 14.0% |
| 净利润同比 | 225.7% | 80.8% |
| 每股收益（稀释后） | $0.17 | $2.68 |
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SEMTPR
| Q4 25 | $1.4B | $2.5B | ||
| Q3 25 | $1.4B | $1.7B | ||
| Q2 25 | $1.3B | $1.7B | ||
| Q1 25 | $1.4B | $1.6B | ||
| Q4 24 | $1.3B | $2.2B | ||
| Q3 24 | $1.3B | $1.5B | ||
| Q2 24 | $1.3B | $1.6B | ||
| Q1 24 | $1.3B | $1.5B |
净利润SEMTPR
| Q4 25 | $20.2M | $561.3M | ||
| Q3 25 | $28.8M | $274.8M | ||
| Q2 25 | $40.6M | $-517.1M | ||
| Q1 25 | $56.7M | $203.3M | ||
| Q4 24 | $-16.1M | $310.4M | ||
| Q3 24 | $55.6M | $186.6M | ||
| Q2 24 | $77.6M | $159.3M | ||
| Q1 24 | $96.9M | $139.4M |
毛利率SEMTPR
| Q4 25 | — | 75.5% | ||
| Q3 25 | — | 76.3% | ||
| Q2 25 | — | 76.3% | ||
| Q1 25 | — | 76.1% | ||
| Q4 24 | — | 74.4% | ||
| Q3 24 | — | 75.3% | ||
| Q2 24 | — | 74.9% | ||
| Q1 24 | — | 74.7% |
营业利润率SEMTPR
| Q4 25 | 4.6% | 28.6% | ||
| Q3 25 | 5.4% | 19.3% | ||
| Q2 25 | 6.5% | -33.9% | ||
| Q1 25 | 8.3% | 16.0% | ||
| Q4 24 | 1.6% | 22.4% | ||
| Q3 24 | 4.3% | 16.7% | ||
| Q2 24 | 5.8% | 14.8% | ||
| Q1 24 | 9.0% | 13.8% |
净利率SEMTPR
| Q4 25 | 1.4% | 22.4% | ||
| Q3 25 | 2.1% | 16.1% | ||
| Q2 25 | 3.0% | -30.0% | ||
| Q1 25 | 4.2% | 12.8% | ||
| Q4 24 | -1.2% | 14.1% | ||
| Q3 24 | 4.4% | 12.4% | ||
| Q2 24 | 6.1% | 10.0% | ||
| Q1 24 | 7.3% | 9.4% |
每股收益（稀释后）SEMTPR
| Q4 25 | $0.17 | $2.68 | ||
| Q3 25 | $0.23 | $1.28 | ||
| Q2 25 | $0.32 | $-2.30 | ||
| Q1 25 | $0.44 | $0.95 | ||
| Q4 24 | $-0.12 | $1.38 | ||
| Q3 24 | $0.43 | $0.79 | ||
| Q2 24 | $0.60 | $0.67 | ||
| Q1 24 | $0.75 | $0.60 |
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 | $26.5M | $1.1B |
| 总债务越低越好 | $1.8B | $2.4B |
| 股东权益账面价值 | $1.7B | $551.2M |
| 总资产 | $5.9B | $6.5B |
| 负债/权益比越低杠杆越低 | 1.06× | 4.32× |
8季度趋势，按日历期对齐
现金及短期投资SEMTPR
| Q4 25 | $26.5M | $1.1B | ||
| Q3 25 | $60.1M | $743.2M | ||
| Q2 25 | $52.3M | $1.1B | ||
| Q1 25 | $53.2M | $1.1B | ||
| Q4 24 | $59.7M | $1.0B | ||
| Q3 24 | $191.5M | $7.3B | ||
| Q2 24 | $111.2M | $7.2B | ||
| Q1 24 | $92.6M | $7.4B |
总债务SEMTPR
| Q4 25 | $1.8B | $2.4B | ||
| Q3 25 | $1.7B | $2.4B | ||
| Q2 25 | $1.8B | $2.4B | ||
| Q1 25 | $1.8B | $2.4B | ||
| Q4 24 | $1.7B | $2.4B | ||
| Q3 24 | $3.1B | $7.0B | ||
| Q2 24 | $3.6B | $6.9B | ||
| Q1 24 | $3.8B | $7.7B |
股东权益SEMTPR
| Q4 25 | $1.7B | $551.2M | ||
| Q3 25 | $1.7B | $399.5M | ||
| Q2 25 | $1.7B | $857.8M | ||
| Q1 25 | $1.7B | $1.5B | ||
| Q4 24 | $1.7B | $1.3B | ||
| Q3 24 | $1.9B | $3.0B | ||
| Q2 24 | $1.4B | $2.9B | ||
| Q1 24 | $1.4B | $2.8B |
总资产SEMTPR
| Q4 25 | $5.9B | $6.5B | ||
| Q3 25 | $5.7B | $6.4B | ||
| Q2 25 | $5.7B | $6.6B | ||
| Q1 25 | $5.7B | $7.3B | ||
| Q4 24 | $5.6B | $7.3B | ||
| Q3 24 | $8.0B | $13.7B | ||
| Q2 24 | $7.9B | $13.4B | ||
| Q1 24 | $7.9B | $13.7B |
负债/权益比SEMTPR
| Q4 25 | 1.06× | 4.32× | ||
| Q3 25 | 1.03× | 5.95× | ||
| Q2 25 | 1.10× | 2.77× | ||
| Q1 25 | 1.03× | 1.59× | ||
| Q4 24 | 1.01× | 1.78× | ||
| Q3 24 | 1.62× | 2.35× | ||
| Q2 24 | 2.54× | 2.39× | ||
| Q1 24 | 2.75× | 2.77× |
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 | $64.3M | $1.1B |
| 自由现金流经营现金流 - 资本支出 | $5.2M | $1.0B |
| 自由现金流率自由现金流/营收 | 0.4% | 41.5% |
| 资本支出强度资本支出/营收 | 4.2% | 1.7% |
| 现金转化率经营现金流/净利润 | 3.19× | 1.93× |
| 过去12个月自由现金流最近4个季度 | $117.2M | $1.6B |
8季度趋势，按日历期对齐
经营现金流SEMTPR
| Q4 25 | $64.3M | $1.1B | ||
| Q3 25 | $175.3M | $112.6M | ||
| Q2 25 | $110.3M | $446.8M | ||
| Q1 25 | $-3.5M | $144.3M | ||
| Q4 24 | $125.4M | $506.0M | ||
| Q3 24 | $181.0M | $119.5M | ||
| Q2 24 | $278.2M | $256.0M | ||
| Q1 24 | $-66.7M | $97.8M |
自由现金流SEMTPR
| Q4 25 | $5.2M | $1.0B | ||
| Q3 25 | $122.2M | $80.2M | ||
| Q2 25 | $45.6M | $411.5M | ||
| Q1 25 | $-55.8M | $113.4M | ||
| Q4 24 | $62.0M | $475.1M | ||
| Q3 24 | $130.3M | $93.9M | ||
| Q2 24 | $222.6M | $209.8M | ||
| Q1 24 | $-119.2M | $78.8M |
自由现金流率SEMTPR
| Q4 25 | 0.4% | 41.5% | ||
| Q3 25 | 9.0% | 4.7% | ||
| Q2 25 | 3.4% | 23.9% | ||
| Q1 25 | -4.1% | 7.2% | ||
| Q4 24 | 4.7% | 21.6% | ||
| Q3 24 | 10.2% | 6.2% | ||
| Q2 24 | 17.4% | 13.2% | ||
| Q1 24 | -9.0% | 5.3% |
资本支出强度SEMTPR
| Q4 25 | 4.2% | 1.7% | ||
| Q3 25 | 3.9% | 1.9% | ||
| Q2 25 | 4.8% | 2.0% | ||
| Q1 25 | 3.9% | 2.0% | ||
| Q4 24 | 4.8% | 1.4% | ||
| Q3 24 | 4.0% | 1.7% | ||
| Q2 24 | 4.3% | 2.9% | ||
| Q1 24 | 4.0% | 1.3% |
现金转化率SEMTPR
| Q4 25 | 3.19× | 1.93× | ||
| Q3 25 | 6.09× | 0.41× | ||
| Q2 25 | 2.72× | — | ||
| Q1 25 | -0.06× | 0.71× | ||
| Q4 24 | — | 1.63× | ||
| Q3 24 | 3.25× | 0.64× | ||
| Q2 24 | 3.59× | 1.61× | ||
| Q1 24 | -0.69× | 0.70× |
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
SEM
| Critical Illness Recovery Hospitals | $629.7M | 45% |
| Health Care Patient Service Non Medicare | $428.6M | 31% |
| Rehabilitation Hospitals | $339.2M | 24% |
TPR
| Coach | $1.4B | 57% |
| Other | $787.0M | 31% |
| Kate Spade Company | $290.0M | 12% |
