vs
TENET HEALTHCARE CORP（THC）与Welltower（WELL）财务数据对比。点击上方公司名可切换其他公司
TENET HEALTHCARE CORP的季度营收约是Welltower的1.6倍（$5.5B vs $3.4B），Welltower净利率更高（22.4% vs 11.7%，领先10.8%），Welltower同比增速更快（38.3% vs 9.0%），过去两年Welltower的营收复合增速更高（55.1% vs 1.5%）
Tenet Healthcare Corporation是总部位于美国达拉斯的营利性跨国医疗服务企业，旗下拥有USPI等多个品牌、子公司、合资企业及合作主体，运营65家医院及超过450个医疗设施，还通过旗下Conifer Health Solutions为各类医疗系统及其他客户提供专业医疗支持服务
Welltower Inc.是一家专注于医疗基础设施领域的房地产投资信托企业，核心业务为医疗类地产投资运营。截至2022年12月31日，公司投资的物业总量约3000处，全部布局于美国、加拿大及英国市场，是全球医疗地产投资领域的代表性企业之一。
THC vs WELL — 直观对比
营收规模更大
THC
是对方的1.6倍
$3.4B
营收增速更快
WELL
高出29.4%
9.0%
净利率更高
WELL
高出10.8%
11.7%
两年增速更快
WELL
近两年复合增速
1.5%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $5.5B | $3.4B |
| 净利润 | $644.0M | $752.3M |
| 毛利率 | — | — |
| 营业利润率 | 15.4% | — |
| 净利率 | 11.7% | 22.4% |
| 营收同比 | 9.0% | 38.3% |
| 净利润同比 | 12.6% | 192.4% |
| 每股收益（稀释后） | $4.22 | — |
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THCWELL
| Q1 26 | — | $3.4B | ||
| Q4 25 | $5.5B | $2.6B | ||
| Q3 25 | $5.3B | $2.1B | ||
| Q2 25 | $5.3B | $2.0B | ||
| Q1 25 | $5.2B | $1.9B | ||
| Q4 24 | $5.1B | $1.8B | ||
| Q3 24 | $5.1B | $1.5B | ||
| Q2 24 | $5.1B | $1.4B |
净利润THCWELL
| Q1 26 | — | $752.3M | ||
| Q4 25 | $644.0M | $117.8M | ||
| Q3 25 | $579.0M | $282.2M | ||
| Q2 25 | $522.0M | $304.6M | ||
| Q1 25 | $622.0M | $257.3M | ||
| Q4 24 | $572.0M | $123.8M | ||
| Q3 24 | $681.0M | $456.8M | ||
| Q2 24 | $477.0M | $260.7M |
毛利率THCWELL
| Q1 26 | — | — | ||
| Q4 25 | — | 24.3% | ||
| Q3 25 | — | 23.5% | ||
| Q2 25 | — | 23.2% | ||
| Q1 25 | — | 21.6% | ||
| Q4 24 | — | 20.0% | ||
| Q3 24 | — | 19.8% | ||
| Q2 24 | — | 20.2% |
营业利润率THCWELL
| Q1 26 | — | — | ||
| Q4 25 | 15.4% | — | ||
| Q3 25 | 16.8% | 14.2% | ||
| Q2 25 | 15.6% | 15.1% | ||
| Q1 25 | 18.1% | 10.7% | ||
| Q4 24 | 16.2% | 6.2% | ||
| Q3 24 | 21.3% | 12.2% | ||
| Q2 24 | 14.9% | 6.5% |
净利率THCWELL
| Q1 26 | — | 22.4% | ||
| Q4 25 | 11.7% | 4.6% | ||
| Q3 25 | 10.9% | 13.7% | ||
| Q2 25 | 9.9% | 15.5% | ||
| Q1 25 | 11.9% | 13.8% | ||
| Q4 24 | 11.3% | 7.0% | ||
| Q3 24 | 13.3% | 30.2% | ||
| Q2 24 | 9.3% | 18.7% |
每股收益（稀释后）THCWELL
| Q1 26 | — | — | ||
| Q4 25 | $4.22 | $0.13 | ||
| Q3 25 | $3.86 | $0.41 | ||
| Q2 25 | $3.14 | $0.45 | ||
| Q1 25 | $4.27 | $0.40 | ||
| Q4 24 | $3.79 | $0.20 | ||
| Q3 24 | $4.89 | $0.73 | ||
| Q2 24 | $2.64 | $0.42 |
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 | $2.9B | $4.7B |
| 总债务越低越好 | $13.1B | — |
| 股东权益账面价值 | $4.2B | $44.7B |
| 总资产 | $29.7B | $67.2B |
| 负债/权益比越低杠杆越低 | 3.10× | — |
8季度趋势，按日历期对齐
现金及短期投资THCWELL
| Q1 26 | — | $4.7B | ||
| Q4 25 | $2.9B | $5.0B | ||
| Q3 25 | $3.0B | $6.8B | ||
| Q2 25 | $2.6B | $4.4B | ||
| Q1 25 | $3.0B | $3.5B | ||
| Q4 24 | $3.0B | $3.5B | ||
| Q3 24 | $4.1B | $3.6B | ||
| Q2 24 | $2.9B | $2.8B |
总债务THCWELL
| Q1 26 | — | — | ||
| Q4 25 | $13.1B | $19.2B | ||
| Q3 25 | $13.1B | $16.9B | ||
| Q2 25 | $13.1B | $16.0B | ||
| Q1 25 | $13.1B | $15.7B | ||
| Q4 24 | $13.1B | $15.5B | ||
| Q3 24 | $12.8B | $15.8B | ||
| Q2 24 | $12.8B | $13.9B |
股东权益THCWELL
| Q1 26 | — | $44.7B | ||
| Q4 25 | $4.2B | $42.1B | ||
| Q3 25 | $4.0B | $38.8B | ||
| Q2 25 | $3.7B | $35.9B | ||
| Q1 25 | $4.2B | $34.0B | ||
| Q4 24 | $4.2B | $32.0B | ||
| Q3 24 | $3.8B | $30.3B | ||
| Q2 24 | $3.5B | $29.0B |
总资产THCWELL
| Q1 26 | — | $67.2B | ||
| Q4 25 | $29.7B | $67.3B | ||
| Q3 25 | $29.4B | $59.5B | ||
| Q2 25 | $28.7B | $55.8B | ||
| Q1 25 | $29.2B | $53.3B | ||
| Q4 24 | $28.9B | $51.0B | ||
| Q3 24 | $29.4B | $49.0B | ||
| Q2 24 | $29.3B | $45.5B |
负债/权益比THCWELL
| Q1 26 | — | — | ||
| Q4 25 | 3.10× | 0.46× | ||
| Q3 25 | 3.26× | 0.43× | ||
| Q2 25 | 3.49× | 0.44× | ||
| Q1 25 | 3.13× | 0.46× | ||
| Q4 24 | 3.14× | 0.49× | ||
| Q3 24 | 3.33× | 0.52× | ||
| Q2 24 | 3.67× | 0.48× |
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 | $731.0M | — |
| 自由现金流经营现金流 - 资本支出 | $367.0M | — |
| 自由现金流率自由现金流/营收 | 6.6% | — |
| 资本支出强度资本支出/营收 | 6.6% | — |
| 现金转化率经营现金流/净利润 | 1.14× | — |
| 过去12个月自由现金流最近4个季度 | $2.5B | — |
8季度趋势，按日历期对齐
经营现金流THCWELL
| Q1 26 | — | — | ||
| Q4 25 | $731.0M | $654.3M | ||
| Q3 25 | $1.1B | $858.4M | ||
| Q2 25 | $936.0M | $770.0M | ||
| Q1 25 | $815.0M | $599.0M | ||
| Q4 24 | $-331.0M | $559.2M | ||
| Q3 24 | $1.0B | $685.0M | ||
| Q2 24 | $747.0M | $605.4M |
自由现金流THCWELL
| Q1 26 | — | — | ||
| Q4 25 | $367.0M | $340.4M | ||
| Q3 25 | $778.0M | $595.3M | ||
| Q2 25 | $743.0M | $537.2M | ||
| Q1 25 | $642.0M | $358.6M | ||
| Q4 24 | $-661.0M | $240.4M | ||
| Q3 24 | $829.0M | $443.8M | ||
| Q2 24 | $602.0M | $440.3M |
自由现金流率THCWELL
| Q1 26 | — | — | ||
| Q4 25 | 6.6% | 13.3% | ||
| Q3 25 | 14.7% | 28.9% | ||
| Q2 25 | 14.1% | 27.3% | ||
| Q1 25 | 12.3% | 19.2% | ||
| Q4 24 | -13.0% | 13.6% | ||
| Q3 24 | 16.2% | 29.4% | ||
| Q2 24 | 11.8% | 31.6% |
资本支出强度THCWELL
| Q1 26 | — | — | ||
| Q4 25 | 6.6% | 12.3% | ||
| Q3 25 | 5.3% | 12.8% | ||
| Q2 25 | 3.7% | 11.8% | ||
| Q1 25 | 3.3% | 12.9% | ||
| Q4 24 | 6.5% | 18.1% | ||
| Q3 24 | 4.2% | 16.0% | ||
| Q2 24 | 2.8% | 11.8% |
现金转化率THCWELL
| Q1 26 | — | — | ||
| Q4 25 | 1.14× | 5.56× | ||
| Q3 25 | 1.83× | 3.04× | ||
| Q2 25 | 1.79× | 2.53× | ||
| Q1 25 | 1.31× | 2.33× | ||
| Q4 24 | -0.58× | 4.52× | ||
| Q3 24 | 1.53× | 1.50× | ||
| Q2 24 | 1.57× | 2.32× |
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
THC
| Other | $2.9B | 52% |
| Health Care Patient Service | $1.4B | 25% |
| Equity Method Investment Nonconsolidated Investee Or Group Of Investees | $1.2B | 22% |
| Health Care Other Sources | $56.0M | 1% |
WELL
| Resident fees and services | $2.8B | 83% |
| Rental income | $453.8M | 14% |
| Other | $117.2M | 3% |
