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Surgery Partners, Inc.（SGRY）与维多利亚的秘密（VSCO）财务数据对比。点击上方公司名可切换其他公司
维多利亚的秘密的季度营收约是Surgery Partners, Inc.的1.7倍（$1.5B vs $885.0M），Surgery Partners, Inc.净利率更高（-1.7% vs -2.5%，领先0.8%），维多利亚的秘密同比增速更快（9.3% vs 2.4%），Surgery Partners, Inc.自由现金流更多（$90.6M vs $-232.0M），过去两年Surgery Partners, Inc.的营收复合增速更高（11.1% vs -15.9%）
Surgery Partners, Inc.（NASDAQ代码：SGRY）旗下的United Surgical Partners International（USPI）是美国领先的日间手术护理服务商，总部位于得克萨斯州达拉斯，由唐·斯廷于1998年创立，专注于为患者提供便捷、高效的门诊外科医疗服务，运营多家合规手术中心，覆盖美国多地医疗需求场景。
维多利亚的秘密是美国知名内衣、服饰及美妆零售商，1977年由斯坦福大学研究生罗伊·雷蒙德与妻子盖伊共同创立，1982年旗下5家内衣门店被莱斯·韦克斯纳收购。韦克斯纳随后快速将门店布局到全美各大购物中心，到90年代初已在全国拥有350家门店，销售额达10亿美元，成为美国最大的内衣零售商。
SGRY vs VSCO — 直观对比
损益表 — Q4 FY2025 vs Q3 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $885.0M | $1.5B |
| 净利润 | $-15.0M | $-37.0M |
| 毛利率 | — | 36.4% |
| 营业利润率 | 12.5% | -1.3% |
| 净利率 | -1.7% | -2.5% |
| 营收同比 | 2.4% | 9.3% |
| 净利润同比 | 86.2% | 33.9% |
| 每股收益（稀释后） | $-0.11 | $-0.46 |
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
| Q4 25 | $885.0M | $1.5B | ||
| Q3 25 | $821.5M | $1.5B | ||
| Q2 25 | $826.2M | $1.4B | ||
| Q1 25 | $776.0M | $2.1B | ||
| Q4 24 | $864.4M | $1.3B | ||
| Q3 24 | $770.4M | $1.4B | ||
| Q2 24 | $762.1M | $1.4B | ||
| Q1 24 | $717.4M | $2.1B |
| Q4 25 | $-15.0M | $-37.0M | ||
| Q3 25 | $-22.7M | $16.0M | ||
| Q2 25 | $-2.5M | $-2.0M | ||
| Q1 25 | $-37.7M | $193.0M | ||
| Q4 24 | $-108.5M | $-56.0M | ||
| Q3 24 | $-31.7M | $32.0M | ||
| Q2 24 | $-15.5M | $-4.0M | ||
| Q1 24 | $-12.4M | $180.0M |
| Q4 25 | — | 36.4% | ||
| Q3 25 | — | 35.6% | ||
| Q2 25 | — | 35.0% | ||
| Q1 25 | — | 38.6% | ||
| Q4 24 | — | 34.7% | ||
| Q3 24 | — | 35.4% | ||
| Q2 24 | — | 36.9% | ||
| Q1 24 | — | 39.7% |
| Q4 25 | 12.5% | -1.3% | ||
| Q3 25 | 12.9% | 2.8% | ||
| Q2 25 | 13.5% | 1.5% | ||
| Q1 25 | 8.0% | 12.8% | ||
| Q4 24 | 14.7% | -3.5% | ||
| Q3 24 | 7.9% | 4.4% | ||
| Q2 24 | 11.1% | 1.9% | ||
| Q1 24 | 10.6% | 12.4% |
| Q4 25 | -1.7% | -2.5% | ||
| Q3 25 | -2.8% | 1.1% | ||
| Q2 25 | -0.3% | -0.1% | ||
| Q1 25 | -4.9% | 9.2% | ||
| Q4 24 | -12.6% | -4.2% | ||
| Q3 24 | -4.1% | 2.3% | ||
| Q2 24 | -2.0% | -0.3% | ||
| Q1 24 | -1.7% | 8.6% |
| Q4 25 | $-0.11 | $-0.46 | ||
| Q3 25 | $-0.18 | $0.20 | ||
| Q2 25 | $-0.02 | $-0.02 | ||
| Q1 25 | $-0.30 | $2.41 | ||
| Q4 24 | $-0.86 | $-0.71 | ||
| Q3 24 | $-0.25 | $0.40 | ||
| Q2 24 | $-0.12 | $-0.05 | ||
| Q1 24 | $-0.10 | $2.32 |
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 | $239.9M | $249.0M |
| 总债务越低越好 | $3.6B | — |
| 股东权益账面价值 | $1.7B | $653.0M |
| 总资产 | $8.1B | $5.1B |
| 负债/权益比越低杠杆越低 | 2.10× | — |
8季度趋势，按日历期对齐
| Q4 25 | $239.9M | $249.0M | ||
| Q3 25 | $203.4M | $188.0M | ||
| Q2 25 | $250.1M | $138.0M | ||
| Q1 25 | $229.3M | $227.0M | ||
| Q4 24 | $269.5M | $161.0M | ||
| Q3 24 | $221.8M | $169.0M | ||
| Q2 24 | $213.5M | $105.0M | ||
| Q1 24 | $185.2M | $270.0M |
| Q4 25 | $3.6B | — | ||
| Q3 25 | $3.5B | — | ||
| Q2 25 | $3.5B | — | ||
| Q1 25 | $3.4B | — | ||
| Q4 24 | $3.3B | — | ||
| Q3 24 | $3.1B | — | ||
| Q2 24 | $3.0B | — | ||
| Q1 24 | $2.8B | — |
| Q4 25 | $1.7B | $653.0M | ||
| Q3 25 | $1.7B | $680.0M | ||
| Q2 25 | $1.7B | $645.0M | ||
| Q1 25 | $1.7B | $640.0M | ||
| Q4 24 | $1.8B | $429.0M | ||
| Q3 24 | $1.9B | $472.0M | ||
| Q2 24 | $2.0B | $423.0M | ||
| Q1 24 | $2.0B | $417.0M |
| Q4 25 | $8.1B | $5.1B | ||
| Q3 25 | $7.9B | $4.8B | ||
| Q2 25 | $8.0B | $4.6B | ||
| Q1 25 | $7.9B | $4.5B | ||
| Q4 24 | $7.9B | $4.9B | ||
| Q3 24 | $7.5B | $4.6B | ||
| Q2 24 | $7.5B | $4.4B | ||
| Q1 24 | $7.0B | $4.6B |
| Q4 25 | 2.10× | — | ||
| Q3 25 | 2.00× | — | ||
| Q2 25 | 1.98× | — | ||
| Q1 25 | 1.98× | — | ||
| Q4 24 | 1.83× | — | ||
| Q3 24 | 1.63× | — | ||
| Q2 24 | 1.56× | — | ||
| Q1 24 | 1.42× | — |
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 | $103.4M | $-180.0M |
| 自由现金流经营现金流 - 资本支出 | $90.6M | $-232.0M |
| 自由现金流率自由现金流/营收 | 10.2% | -15.8% |
| 资本支出强度资本支出/营收 | 1.4% | 3.5% |
| 现金转化率经营现金流/净利润 | — | — |
| 过去12个月自由现金流最近4个季度 | $195.6M | $309.0M |
8季度趋势，按日历期对齐
| Q4 25 | $103.4M | $-180.0M | ||
| Q3 25 | $83.6M | $156.0M | ||
| Q2 25 | $81.3M | $-150.0M | ||
| Q1 25 | $6.0M | $674.0M | ||
| Q4 24 | $111.4M | $-248.0M | ||
| Q3 24 | $65.2M | $115.0M | ||
| Q2 24 | $82.8M | $-116.0M | ||
| Q1 24 | $40.7M | $589.0M |
| Q4 25 | $90.6M | $-232.0M | ||
| Q3 25 | $63.8M | $88.0M | ||
| Q2 25 | $57.9M | $-193.0M | ||
| Q1 25 | $-16.7M | $646.0M | ||
| Q4 24 | $89.1M | $-299.0M | ||
| Q3 24 | $45.0M | $55.0M | ||
| Q2 24 | $55.9M | $-155.0M | ||
| Q1 24 | $19.7M | $557.0M |
| Q4 25 | 10.2% | -15.8% | ||
| Q3 25 | 7.8% | 6.0% | ||
| Q2 25 | 7.0% | -14.3% | ||
| Q1 25 | -2.2% | 30.7% | ||
| Q4 24 | 10.3% | -22.2% | ||
| Q3 24 | 5.8% | 3.9% | ||
| Q2 24 | 7.3% | -11.4% | ||
| Q1 24 | 2.7% | 26.7% |
| Q4 25 | 1.4% | 3.5% | ||
| Q3 25 | 2.4% | 4.7% | ||
| Q2 25 | 2.8% | 3.2% | ||
| Q1 25 | 2.9% | 1.3% | ||
| Q4 24 | 2.6% | 3.8% | ||
| Q3 24 | 2.6% | 4.2% | ||
| Q2 24 | 3.5% | 2.9% | ||
| Q1 24 | 2.9% | 1.5% |
| Q4 25 | — | — | ||
| Q3 25 | — | 9.75× | ||
| Q2 25 | — | — | ||
| Q1 25 | — | 3.49× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 3.59× | ||
| Q2 24 | — | — | ||
| Q1 24 | — | 3.27× |
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
SGRY
| Private Insurance | $460.5M | 52% |
| Government Revenue | $368.6M | 42% |
| Other | $19.8M | 2% |
| Self Pay Revenue | $19.6M | 2% |
| Other Patient Service Revenue Sources | $16.5M | 2% |
VSCO
| Sales Channel North America Stores | $778.0M | 53% |
| Sales Channel Directly To Consumer | $429.0M | 29% |
| Sales Channel International | $265.0M | 18% |
| Sales Channel Loyalty And Private Label Credit Card | $19.0M | 1% |
