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Surgery Partners, Inc.（SGRY）与Ventas（VTR）财务数据对比。点击上方公司名可切换其他公司
Ventas的季度营收约是Surgery Partners, Inc.的1.9倍（$1.7B vs $885.0M），Ventas净利率更高（3.6% vs -1.7%，领先5.3%），Ventas同比增速更快（22.0% vs 2.4%），过去两年Ventas的营收复合增速更高（17.5% vs 11.1%）
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。
Ventas是一家领先的医疗地产投资信托企业，旗下资产涵盖养老社区、医疗办公楼、生命科学研究设施及康复医疗中心等，主要在北美、英国地区运营，为医疗服务及生命科学机构提供专业物业解决方案。
SGRY vs VTR — 直观对比
营收规模更大
VTR
是对方的1.9倍
$885.0M
营收增速更快
VTR
高出19.6%
2.4%
净利率更高
VTR
高出5.3%
-1.7%
两年增速更快
VTR
近两年复合增速
11.1%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $885.0M | $1.7B |
| 净利润 | $-15.0M | $59.0M |
| 毛利率 | — | — |
| 营业利润率 | 12.5% | — |
| 净利率 | -1.7% | 3.6% |
| 营收同比 | 2.4% | 22.0% |
| 净利润同比 | 86.2% | 19.0% |
| 每股收益（稀释后） | $-0.11 | — |
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SGRYVTR
| Q1 26 | — | $1.7B | ||
| Q4 25 | $885.0M | $1.6B | ||
| Q3 25 | $821.5M | $1.5B | ||
| Q2 25 | $826.2M | $1.4B | ||
| Q1 25 | $776.0M | $1.4B | ||
| Q4 24 | $864.4M | $1.3B | ||
| Q3 24 | $770.4M | $1.2B | ||
| Q2 24 | $762.1M | $1.2B |
净利润SGRYVTR
| Q1 26 | — | $59.0M | ||
| Q4 25 | $-15.0M | $73.0M | ||
| Q3 25 | $-22.7M | $68.7M | ||
| Q2 25 | $-2.5M | $71.5M | ||
| Q1 25 | $-37.7M | $48.4M | ||
| Q4 24 | $-108.5M | $58.7M | ||
| Q3 24 | $-31.7M | $21.0M | ||
| Q2 24 | $-15.5M | $21.2M |
营业利润率SGRYVTR
| Q1 26 | — | — | ||
| Q4 25 | 12.5% | 4.9% | ||
| Q3 25 | 12.9% | 3.0% | ||
| Q2 25 | 13.5% | 3.0% | ||
| Q1 25 | 8.0% | 3.0% | ||
| Q4 24 | 14.7% | -0.0% | ||
| Q3 24 | 7.9% | 1.5% | ||
| Q2 24 | 11.1% | -1.6% |
净利率SGRYVTR
| Q1 26 | — | 3.6% | ||
| Q4 25 | -1.7% | 4.7% | ||
| Q3 25 | -2.8% | 4.6% | ||
| Q2 25 | -0.3% | 5.0% | ||
| Q1 25 | -4.9% | 3.6% | ||
| Q4 24 | -12.6% | 4.6% | ||
| Q3 24 | -4.1% | 1.7% | ||
| Q2 24 | -2.0% | 1.8% |
每股收益（稀释后）SGRYVTR
| Q1 26 | — | — | ||
| Q4 25 | $-0.11 | $0.15 | ||
| Q3 25 | $-0.18 | $0.14 | ||
| Q2 25 | $-0.02 | $0.15 | ||
| Q1 25 | $-0.30 | $0.10 | ||
| Q4 24 | $-0.86 | $0.13 | ||
| Q3 24 | $-0.25 | $0.05 | ||
| Q2 24 | $-0.12 | $0.05 |
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 | $183.6M |
| 总债务越低越好 | $3.6B | — |
| 股东权益账面价值 | $1.7B | $13.2B |
| 总资产 | $8.1B | $27.7B |
| 负债/权益比越低杠杆越低 | 2.10× | — |
8季度趋势，按日历期对齐
现金及短期投资SGRYVTR
| Q1 26 | — | $183.6M | ||
| Q4 25 | $239.9M | $741.1M | ||
| Q3 25 | $203.4M | $188.6M | ||
| Q2 25 | $250.1M | $614.2M | ||
| Q1 25 | $229.3M | $182.3M | ||
| Q4 24 | $269.5M | $897.9M | ||
| Q3 24 | $221.8M | $1.1B | ||
| Q2 24 | $213.5M | $557.1M |
总债务SGRYVTR
| Q1 26 | — | — | ||
| Q4 25 | $3.6B | $13.0B | ||
| Q3 25 | $3.5B | — | ||
| Q2 25 | $3.5B | — | ||
| Q1 25 | $3.4B | — | ||
| Q4 24 | $3.3B | $13.5B | ||
| Q3 24 | $3.1B | — | ||
| Q2 24 | $3.0B | — |
股东权益SGRYVTR
| Q1 26 | — | $13.2B | ||
| Q4 25 | $1.7B | $12.5B | ||
| Q3 25 | $1.7B | $12.4B | ||
| Q2 25 | $1.7B | $11.5B | ||
| Q1 25 | $1.7B | $11.5B | ||
| Q4 24 | $1.8B | $10.8B | ||
| Q3 24 | $1.9B | $9.8B | ||
| Q2 24 | $2.0B | $9.6B |
总资产SGRYVTR
| Q1 26 | — | $27.7B | ||
| Q4 25 | $8.1B | $27.6B | ||
| Q3 25 | $7.9B | $26.9B | ||
| Q2 25 | $8.0B | $26.5B | ||
| Q1 25 | $7.9B | $26.0B | ||
| Q4 24 | $7.9B | $26.2B | ||
| Q3 24 | $7.5B | $25.3B | ||
| Q2 24 | $7.5B | $24.5B |
负债/权益比SGRYVTR
| Q1 26 | — | — | ||
| Q4 25 | 2.10× | 1.04× | ||
| Q3 25 | 2.00× | — | ||
| Q2 25 | 1.98× | — | ||
| Q1 25 | 1.98× | — | ||
| Q4 24 | 1.83× | 1.26× | ||
| Q3 24 | 1.63× | — | ||
| Q2 24 | 1.56× | — |
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 | — |
| 自由现金流经营现金流 - 资本支出 | $90.6M | — |
| 自由现金流率自由现金流/营收 | 10.2% | — |
| 资本支出强度资本支出/营收 | 1.4% | — |
| 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 | — |
8季度趋势，按日历期对齐
经营现金流SGRYVTR
| Q1 26 | — | — | ||
| Q4 25 | $103.4M | $471.7M | ||
| Q3 25 | $83.6M | $378.6M | ||
| Q2 25 | $81.3M | $475.3M | ||
| Q1 25 | $6.0M | $321.1M | ||
| Q4 24 | $111.4M | $373.6M | ||
| Q3 24 | $65.2M | $353.7M | ||
| Q2 24 | $82.8M | $335.9M |
自由现金流SGRYVTR
| Q1 26 | — | — | ||
| Q4 25 | $90.6M | — | ||
| Q3 25 | $63.8M | — | ||
| Q2 25 | $57.9M | — | ||
| Q1 25 | $-16.7M | — | ||
| Q4 24 | $89.1M | — | ||
| Q3 24 | $45.0M | — | ||
| Q2 24 | $55.9M | — |
自由现金流率SGRYVTR
| Q1 26 | — | — | ||
| Q4 25 | 10.2% | — | ||
| Q3 25 | 7.8% | — | ||
| Q2 25 | 7.0% | — | ||
| Q1 25 | -2.2% | — | ||
| Q4 24 | 10.3% | — | ||
| Q3 24 | 5.8% | — | ||
| Q2 24 | 7.3% | — |
资本支出强度SGRYVTR
| Q1 26 | — | — | ||
| Q4 25 | 1.4% | — | ||
| Q3 25 | 2.4% | — | ||
| Q2 25 | 2.8% | — | ||
| Q1 25 | 2.9% | — | ||
| Q4 24 | 2.6% | — | ||
| Q3 24 | 2.6% | — | ||
| Q2 24 | 3.5% | — |
现金转化率SGRYVTR
| Q1 26 | — | — | ||
| Q4 25 | — | 6.46× | ||
| Q3 25 | — | 5.51× | ||
| Q2 25 | — | 6.65× | ||
| Q1 25 | — | 6.64× | ||
| Q4 24 | — | 6.36× | ||
| Q3 24 | — | 16.84× | ||
| Q2 24 | — | 15.87× |
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% |
VTR
| Resident fees and services | $1.3B | 78% |
| Outpatient medical and research portfolio | $230.1M | 14% |
| Triple-net leased properties | $123.1M | 7% |
| Third-party capital management revenues | $4.4M | 0% |
