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Teladoc Health, Inc.（TDOC）与MARRIOTT VACATIONS WORLDWIDE Corp（VAC）财务数据对比。点击上方公司名可切换其他公司
MARRIOTT VACATIONS WORLDWIDE Corp的季度营收约是Teladoc Health, Inc.的1.9倍（$1.2B vs $642.3M），Teladoc Health, Inc.同比增速更快（0.3% vs -0.7%），Teladoc Health, Inc.自由现金流更多（$85.1M vs $-6.0M），过去两年MARRIOTT VACATIONS WORLDWIDE Corp的营收复合增速更高（5.2% vs -0.3%）
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。
万豪度假环球集团是专注于分时度假业务的公众企业，原为万豪国际集团旗下业务板块，2011年11月分拆为独立上市公司，核心业务为度假所有权运营。目前集团运营超过120家度假村，在万豪度假俱乐部品牌矩阵下拥有超70万名业主及会员，产品覆盖多个度假消费场景。
TDOC vs VAC — 直观对比
营收规模更大
VAC
是对方的1.9倍
$642.3M
营收增速更快
TDOC
高出1.0%
-0.7%
自由现金流更多
TDOC
多$91.1M
$-6.0M
两年增速更快
VAC
近两年复合增速
-0.3%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $642.3M | $1.2B |
| 净利润 | — | $-431.0M |
| 毛利率 | — | — |
| 营业利润率 | -5.6% | — |
| 净利率 | — | -35.0% |
| 营收同比 | 0.3% | -0.7% |
| 净利润同比 | — | -962.0% |
| 每股收益（稀释后） | $-0.14 | $-12.00 |
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TDOCVAC
| Q4 25 | $642.3M | $1.2B | ||
| Q3 25 | $626.4M | $1.2B | ||
| Q2 25 | $631.9M | $1.2B | ||
| Q1 25 | $629.4M | $1.1B | ||
| Q4 24 | $640.5M | $1.2B | ||
| Q3 24 | $640.5M | $1.2B | ||
| Q2 24 | $642.4M | $1.1B | ||
| Q1 24 | $646.1M | $1.1B |
净利润TDOCVAC
| Q4 25 | — | $-431.0M | ||
| Q3 25 | $-49.5M | $-2.0M | ||
| Q2 25 | $-32.7M | $69.0M | ||
| Q1 25 | $-93.0M | $56.0M | ||
| Q4 24 | — | $50.0M | ||
| Q3 24 | $-33.3M | $84.0M | ||
| Q2 24 | $-837.7M | $37.0M | ||
| Q1 24 | $-81.9M | $47.0M |
营业利润率TDOCVAC
| Q4 25 | -5.6% | — | ||
| Q3 25 | -8.3% | — | ||
| Q2 25 | -8.6% | — | ||
| Q1 25 | -19.2% | — | ||
| Q4 24 | -7.5% | — | ||
| Q3 24 | -6.9% | — | ||
| Q2 24 | -130.9% | — | ||
| Q1 24 | -13.5% | — |
净利率TDOCVAC
| Q4 25 | — | -35.0% | ||
| Q3 25 | -7.9% | -0.2% | ||
| Q2 25 | -5.2% | 6.0% | ||
| Q1 25 | -14.8% | 5.0% | ||
| Q4 24 | — | 4.0% | ||
| Q3 24 | -5.2% | 6.9% | ||
| Q2 24 | -130.4% | 3.5% | ||
| Q1 24 | -12.7% | 4.2% |
每股收益（稀释后）TDOCVAC
| Q4 25 | $-0.14 | $-12.00 | ||
| Q3 25 | $-0.28 | $-0.07 | ||
| Q2 25 | $-0.19 | $1.77 | ||
| Q1 25 | $-0.53 | $1.46 | ||
| Q4 24 | $-0.27 | $1.29 | ||
| Q3 24 | $-0.19 | $2.12 | ||
| Q2 24 | $-4.92 | $0.98 | ||
| Q1 24 | $-0.49 | $1.22 |
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 | $781.1M | $406.0M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $1.4B | $2.0B |
| 总资产 | $2.9B | $9.8B |
| 负债/权益比越低杠杆越低 | — | — |
8季度趋势，按日历期对齐
现金及短期投资TDOCVAC
| Q4 25 | $781.1M | $406.0M | ||
| Q3 25 | $726.2M | $474.0M | ||
| Q2 25 | $679.6M | $205.0M | ||
| Q1 25 | $1.2B | $196.0M | ||
| Q4 24 | $1.3B | $197.0M | ||
| Q3 24 | $1.2B | $197.0M | ||
| Q2 24 | $1.2B | $206.0M | ||
| Q1 24 | $1.1B | $237.0M |
股东权益TDOCVAC
| Q4 25 | $1.4B | $2.0B | ||
| Q3 25 | $1.4B | $2.5B | ||
| Q2 25 | $1.4B | $2.5B | ||
| Q1 25 | $1.4B | $2.4B | ||
| Q4 24 | $1.5B | $2.4B | ||
| Q3 24 | $1.5B | $2.4B | ||
| Q2 24 | $1.5B | $2.4B | ||
| Q1 24 | $2.3B | $2.4B |
总资产TDOCVAC
| Q4 25 | $2.9B | $9.8B | ||
| Q3 25 | $2.9B | $10.1B | ||
| Q2 25 | $2.9B | $9.9B | ||
| Q1 25 | $3.4B | $9.9B | ||
| Q4 24 | $3.5B | $9.8B | ||
| Q3 24 | $3.5B | $9.7B | ||
| Q2 24 | $3.5B | $9.6B | ||
| Q1 24 | $4.3B | $9.9B |
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 | $87.7M | $6.0M |
| 自由现金流经营现金流 - 资本支出 | $85.1M | $-6.0M |
| 自由现金流率自由现金流/营收 | 13.3% | -0.5% |
| 资本支出强度资本支出/营收 | 0.4% | 1.0% |
| 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 | $285.5M | $-29.0M |
8季度趋势，按日历期对齐
经营现金流TDOCVAC
| Q4 25 | $87.7M | $6.0M | ||
| Q3 25 | $99.3M | $62.0M | ||
| Q2 25 | $91.4M | $-48.0M | ||
| Q1 25 | $15.9M | $8.0M | ||
| Q4 24 | $85.9M | $100.0M | ||
| Q3 24 | $110.2M | $72.0M | ||
| Q2 24 | $88.7M | $30.0M | ||
| Q1 24 | $8.9M | $3.0M |
自由现金流TDOCVAC
| Q4 25 | $85.1M | $-6.0M | ||
| Q3 25 | $97.0M | $51.0M | ||
| Q2 25 | $90.2M | $-68.0M | ||
| Q1 25 | $13.2M | $-6.0M | ||
| Q4 24 | $79.8M | $86.0M | ||
| Q3 24 | $108.6M | $58.0M | ||
| Q2 24 | $86.8M | $17.0M | ||
| Q1 24 | $7.8M | $-13.0M |
自由现金流率TDOCVAC
| Q4 25 | 13.3% | -0.5% | ||
| Q3 25 | 15.5% | 4.3% | ||
| Q2 25 | 14.3% | -5.9% | ||
| Q1 25 | 2.1% | -0.5% | ||
| Q4 24 | 12.5% | 6.9% | ||
| Q3 24 | 17.0% | 4.8% | ||
| Q2 24 | 13.5% | 1.6% | ||
| Q1 24 | 1.2% | -1.2% |
资本支出强度TDOCVAC
| Q4 25 | 0.4% | 1.0% | ||
| Q3 25 | 0.4% | 0.9% | ||
| Q2 25 | 0.2% | 1.7% | ||
| Q1 25 | 0.4% | 1.3% | ||
| Q4 24 | 1.0% | 1.1% | ||
| Q3 24 | 0.2% | 1.1% | ||
| Q2 24 | 0.3% | 1.2% | ||
| Q1 24 | 0.2% | 1.4% |
现金转化率TDOCVAC
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | -0.70× | ||
| Q1 25 | — | 0.14× | ||
| Q4 24 | — | 2.00× | ||
| Q3 24 | — | 0.86× | ||
| Q2 24 | — | 0.81× | ||
| Q1 24 | — | 0.06× |
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
TDOC
| Teladoc Health Integrated Care | $409.1M | 64% |
| Better Help | $233.2M | 36% |
VAC
| Cost Reimbursement | $467.0M | 38% |
| Time Share | $381.0M | 31% |
| Management And Exchange | $212.0M | 17% |
| Ancillary Revenues | $64.0M | 5% |
| Management Service | $55.0M | 4% |
| Service Other | $36.0M | 3% |
