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Surgery Partners, Inc.（SGRY）与WEX Inc.（WEX）财务数据对比。点击上方公司名可切换其他公司
Surgery Partners, Inc.的季度营收约是WEX Inc.的1.3倍（$885.0M vs $673.8M），WEX Inc.净利率更高（11.5% vs -1.7%，领先13.2%），WEX Inc.同比增速更快（5.8% vs 2.4%），Surgery Partners, Inc.自由现金流更多（$90.6M vs $49.5M），过去两年WEX Inc.的营收复合增速更高（18.7% 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。
WEX Inc.是专注服务于美国商业及政府车队领域的支付处理与信息管理服务提供商，总部位于美国缅因州波特兰市，业务范围覆盖美国、加拿大、南美、欧洲、亚洲及澳大利亚等多个全球区域。
SGRY vs WEX — 直观对比
营收规模更大
SGRY
是对方的1.3倍
$673.8M
营收增速更快
WEX
高出3.5%
2.4%
净利率更高
WEX
高出13.2%
-1.7%
自由现金流更多
SGRY
多$41.1M
$49.5M
两年增速更快
WEX
近两年复合增速
11.1%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $885.0M | $673.8M |
| 净利润 | $-15.0M | $77.7M |
| 毛利率 | — | — |
| 营业利润率 | 12.5% | 23.5% |
| 净利率 | -1.7% | 11.5% |
| 营收同比 | 2.4% | 5.8% |
| 净利润同比 | 86.2% | 8.7% |
| 每股收益（稀释后） | $-0.11 | $2.22 |
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SGRYWEX
| Q1 26 | — | $673.8M | ||
| Q4 25 | $885.0M | $465.1M | ||
| Q3 25 | $821.5M | $481.6M | ||
| Q2 25 | $826.2M | $454.4M | ||
| Q1 25 | $776.0M | $444.3M | ||
| Q4 24 | $864.4M | $440.3M | ||
| Q3 24 | $770.4M | $479.0M | ||
| Q2 24 | $762.1M | $478.6M |
净利润SGRYWEX
| Q1 26 | — | $77.7M | ||
| Q4 25 | $-15.0M | $84.2M | ||
| Q3 25 | $-22.7M | $80.3M | ||
| Q2 25 | $-2.5M | $68.1M | ||
| Q1 25 | $-37.7M | $71.5M | ||
| Q4 24 | $-108.5M | $63.9M | ||
| Q3 24 | $-31.7M | $102.9M | ||
| Q2 24 | $-15.5M | $77.0M |
毛利率SGRYWEX
| Q1 26 | — | — | ||
| Q4 25 | — | 39.0% | ||
| Q3 25 | — | 43.0% | ||
| Q2 25 | — | 40.0% | ||
| Q1 25 | — | 39.2% | ||
| Q4 24 | — | 41.5% | ||
| Q3 24 | — | 48.0% | ||
| Q2 24 | — | 44.9% |
营业利润率SGRYWEX
| Q1 26 | — | 23.5% | ||
| Q4 25 | 12.5% | 35.7% | ||
| Q3 25 | 12.9% | 38.1% | ||
| Q2 25 | 13.5% | 34.5% | ||
| Q1 25 | 8.0% | 35.4% | ||
| Q4 24 | 14.7% | 35.7% | ||
| Q3 24 | 7.9% | 41.0% | ||
| Q2 24 | 11.1% | 35.1% |
净利率SGRYWEX
| Q1 26 | — | 11.5% | ||
| Q4 25 | -1.7% | 18.1% | ||
| Q3 25 | -2.8% | 16.7% | ||
| Q2 25 | -0.3% | 15.0% | ||
| Q1 25 | -4.9% | 16.1% | ||
| Q4 24 | -12.6% | 14.5% | ||
| Q3 24 | -4.1% | 21.5% | ||
| Q2 24 | -2.0% | 16.1% |
每股收益（稀释后）SGRYWEX
| Q1 26 | — | $2.22 | ||
| Q4 25 | $-0.11 | $2.38 | ||
| Q3 25 | $-0.18 | $2.30 | ||
| Q2 25 | $-0.02 | $1.98 | ||
| Q1 25 | $-0.30 | $1.81 | ||
| Q4 24 | $-0.86 | $1.60 | ||
| Q3 24 | $-0.25 | $2.52 | ||
| Q2 24 | $-0.12 | $1.83 |
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 | $633.5M |
| 总债务越低越好 | $3.6B | — |
| 股东权益账面价值 | $1.7B | $1.3B |
| 总资产 | $8.1B | $15.4B |
| 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SGRYWEX
| Q1 26 | — | $633.5M | ||
| Q4 25 | $239.9M | $5.2B | ||
| Q3 25 | $203.4M | $4.9B | ||
| Q2 25 | $250.1M | $4.9B | ||
| Q1 25 | $229.3M | $4.4B | ||
| Q4 24 | $269.5M | $4.4B | ||
| Q3 24 | $221.8M | $4.3B | ||
| Q2 24 | $213.5M | $4.0B |
总债务SGRYWEX
| Q1 26 | — | — | ||
| 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 | — |
股东权益SGRYWEX
| Q1 26 | — | $1.3B | ||
| Q4 25 | $1.7B | $1.2B | ||
| Q3 25 | $1.7B | $1.1B | ||
| Q2 25 | $1.7B | $978.7M | ||
| Q1 25 | $1.7B | $810.4M | ||
| Q4 24 | $1.8B | $1.5B | ||
| Q3 24 | $1.9B | $1.7B | ||
| Q2 24 | $2.0B | $1.8B |
总资产SGRYWEX
| Q1 26 | — | $15.4B | ||
| Q4 25 | $8.1B | $14.4B | ||
| Q3 25 | $7.9B | $14.4B | ||
| Q2 25 | $8.0B | $14.7B | ||
| Q1 25 | $7.9B | $14.0B | ||
| Q4 24 | $7.9B | $13.3B | ||
| Q3 24 | $7.5B | $14.0B | ||
| Q2 24 | $7.5B | $14.2B |
负债/权益比SGRYWEX
| Q1 26 | — | — | ||
| 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× | — |
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 | $49.5M |
| 自由现金流率自由现金流/营收 | 10.2% | 7.3% |
| 资本支出强度资本支出/营收 | 1.4% | 5.6% |
| 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 | $877.4M |
8季度趋势，按日历期对齐
经营现金流SGRYWEX
| Q1 26 | — | — | ||
| Q4 25 | $103.4M | $294.7M | ||
| Q3 25 | $83.6M | $376.6M | ||
| Q2 25 | $81.3M | $264.6M | ||
| Q1 25 | $6.0M | $-481.6M | ||
| Q4 24 | $111.4M | $638.4M | ||
| Q3 24 | $65.2M | $3.3M | ||
| Q2 24 | $82.8M | $-7.0M |
自由现金流SGRYWEX
| Q1 26 | — | $49.5M | ||
| Q4 25 | $90.6M | $256.3M | ||
| Q3 25 | $63.8M | $341.6M | ||
| Q2 25 | $57.9M | $230.0M | ||
| Q1 25 | $-16.7M | $-514.2M | ||
| Q4 24 | $89.1M | $599.7M | ||
| Q3 24 | $45.0M | $-31.7M | ||
| Q2 24 | $55.9M | $-46.6M |
自由现金流率SGRYWEX
| Q1 26 | — | 7.3% | ||
| Q4 25 | 10.2% | 55.1% | ||
| Q3 25 | 7.8% | 70.9% | ||
| Q2 25 | 7.0% | 50.6% | ||
| Q1 25 | -2.2% | -115.7% | ||
| Q4 24 | 10.3% | 136.2% | ||
| Q3 24 | 5.8% | -6.6% | ||
| Q2 24 | 7.3% | -9.7% |
资本支出强度SGRYWEX
| Q1 26 | — | 5.6% | ||
| Q4 25 | 1.4% | 8.3% | ||
| Q3 25 | 2.4% | 7.3% | ||
| Q2 25 | 2.8% | 7.6% | ||
| Q1 25 | 2.9% | 7.3% | ||
| Q4 24 | 2.6% | 8.8% | ||
| Q3 24 | 2.6% | 7.3% | ||
| Q2 24 | 3.5% | 8.3% |
现金转化率SGRYWEX
| Q1 26 | — | — | ||
| Q4 25 | — | 3.50× | ||
| Q3 25 | — | 4.69× | ||
| Q2 25 | — | 3.89× | ||
| Q1 25 | — | -6.74× | ||
| Q4 24 | — | 9.99× | ||
| Q3 24 | — | 0.03× | ||
| Q2 24 | — | -0.09× |
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% |
WEX
| Payment processing revenue | $284.2M | 42% |
| Account servicing revenue | $182.5M | 27% |
| Other revenue | $127.0M | 19% |
| Finance fee revenue | $80.1M | 12% |
