vs
TENET HEALTHCARE CORP（THC）与Waste Management（WM）财务数据对比。点击上方公司名可切换其他公司
Waste Management的季度营收约是TENET HEALTHCARE CORP的1.1倍（$6.2B vs $5.5B），TENET HEALTHCARE CORP净利率更高（11.7% vs 11.6%，领先0.0%），TENET HEALTHCARE CORP同比增速更快（9.0% vs 3.5%），Waste Management自由现金流更多（$981.0M vs $367.0M），过去两年Waste Management的营收复合增速更高（7.4% 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
Waste Management是专业的废弃物管理服务提供商，业务覆盖废弃物从产生到最终处置的全流程，包含垃圾收集、运输、处理、处置等核心环节，同时涉及废弃物管理流程监督、相关法规合规、技术应用及商业机制优化等相关业务。
THC vs WM — 直观对比
营收规模更大
WM
是对方的1.1倍
$5.5B
营收增速更快
THC
高出5.5%
3.5%
净利率更高
THC
高出0.0%
11.6%
自由现金流更多
WM
多$614.0M
$367.0M
两年增速更快
WM
近两年复合增速
1.5%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $5.5B | $6.2B |
| 净利润 | $644.0M | $723.0M |
| 毛利率 | — | — |
| 营业利润率 | 15.4% | 17.9% |
| 净利率 | 11.7% | 11.6% |
| 营收同比 | 9.0% | 3.5% |
| 净利润同比 | 12.6% | 13.5% |
| 每股收益（稀释后） | $4.22 | $1.79 |
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THCWM
| Q1 26 | — | $6.2B | ||
| Q4 25 | $5.5B | $6.3B | ||
| Q3 25 | $5.3B | $6.4B | ||
| Q2 25 | $5.3B | $6.4B | ||
| Q1 25 | $5.2B | $6.0B | ||
| Q4 24 | $5.1B | $5.9B | ||
| Q3 24 | $5.1B | $5.6B | ||
| Q2 24 | $5.1B | $5.4B |
净利润THCWM
| Q1 26 | — | $723.0M | ||
| Q4 25 | $644.0M | $742.0M | ||
| Q3 25 | $579.0M | $603.0M | ||
| Q2 25 | $522.0M | $726.0M | ||
| Q1 25 | $622.0M | $637.0M | ||
| Q4 24 | $572.0M | $598.0M | ||
| Q3 24 | $681.0M | $760.0M | ||
| Q2 24 | $477.0M | $680.0M |
毛利率THCWM
| Q1 26 | — | — | ||
| Q4 25 | — | 41.5% | ||
| Q3 25 | — | 40.5% | ||
| Q2 25 | — | 40.3% | ||
| Q1 25 | — | 39.4% | ||
| Q4 24 | — | 39.7% | ||
| Q3 24 | — | 39.4% | ||
| Q2 24 | — | 39.1% |
营业利润率THCWM
| Q1 26 | — | 17.9% | ||
| Q4 25 | 15.4% | 18.3% | ||
| Q3 25 | 16.8% | 15.3% | ||
| Q2 25 | 15.6% | 17.9% | ||
| Q1 25 | 18.1% | 16.8% | ||
| Q4 24 | 16.2% | 15.6% | ||
| Q3 24 | 21.3% | 20.0% | ||
| Q2 24 | 14.9% | 18.7% |
净利率THCWM
| Q1 26 | — | 11.6% | ||
| Q4 25 | 11.7% | 11.8% | ||
| Q3 25 | 10.9% | 9.4% | ||
| Q2 25 | 9.9% | 11.3% | ||
| Q1 25 | 11.9% | 10.6% | ||
| Q4 24 | 11.3% | 10.1% | ||
| Q3 24 | 13.3% | 13.5% | ||
| Q2 24 | 9.3% | 12.6% |
每股收益（稀释后）THCWM
| Q1 26 | — | $1.79 | ||
| Q4 25 | $4.22 | $1.83 | ||
| Q3 25 | $3.86 | $1.49 | ||
| Q2 25 | $3.14 | $1.80 | ||
| Q1 25 | $4.27 | $1.58 | ||
| Q4 24 | $3.79 | $1.49 | ||
| Q3 24 | $4.89 | $1.88 | ||
| Q2 24 | $2.64 | $1.69 |
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 | $158.0M |
| 总债务越低越好 | $13.1B | $22.9B |
| 股东权益账面价值 | $4.2B | $10.0B |
| 总资产 | $29.7B | $45.7B |
| 负债/权益比越低杠杆越低 | 3.10× | 2.28× |
8季度趋势，按日历期对齐
现金及短期投资THCWM
| Q1 26 | — | $158.0M | ||
| Q4 25 | $2.9B | $201.0M | ||
| Q3 25 | $3.0B | $175.0M | ||
| Q2 25 | $2.6B | $440.0M | ||
| Q1 25 | $3.0B | $216.0M | ||
| Q4 24 | $3.0B | $414.0M | ||
| Q3 24 | $4.1B | $614.0M | ||
| Q2 24 | $2.9B | $172.0M |
总债务THCWM
| Q1 26 | — | $22.9B | ||
| Q4 25 | $13.1B | $22.2B | ||
| Q3 25 | $13.1B | $22.5B | ||
| Q2 25 | $13.1B | $23.1B | ||
| Q1 25 | $13.1B | $22.9B | ||
| Q4 24 | $13.1B | $22.5B | ||
| Q3 24 | $12.8B | $16.0B | ||
| Q2 24 | $12.8B | $16.5B |
股东权益THCWM
| Q1 26 | — | $10.0B | ||
| Q4 25 | $4.2B | $10.0B | ||
| Q3 25 | $4.0B | $9.5B | ||
| Q2 25 | $3.7B | $9.2B | ||
| Q1 25 | $4.2B | $8.7B | ||
| Q4 24 | $4.2B | $8.3B | ||
| Q3 24 | $3.8B | $8.0B | ||
| Q2 24 | $3.5B | $7.5B |
总资产THCWM
| Q1 26 | — | $45.7B | ||
| Q4 25 | $29.7B | $45.8B | ||
| Q3 25 | $29.4B | $45.6B | ||
| Q2 25 | $28.7B | $45.7B | ||
| Q1 25 | $29.2B | $44.5B | ||
| Q4 24 | $28.9B | $44.6B | ||
| Q3 24 | $29.4B | $34.7B | ||
| Q2 24 | $29.3B | $34.0B |
负债/权益比THCWM
| Q1 26 | — | 2.28× | ||
| Q4 25 | 3.10× | 2.22× | ||
| Q3 25 | 3.26× | 2.36× | ||
| Q2 25 | 3.49× | 2.51× | ||
| Q1 25 | 3.13× | 2.65× | ||
| Q4 24 | 3.14× | 2.73× | ||
| Q3 24 | 3.33× | 2.00× | ||
| Q2 24 | 3.67× | 2.21× |
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 | $1.5B |
| 自由现金流经营现金流 - 资本支出 | $367.0M | $981.0M |
| 自由现金流率自由现金流/营收 | 6.6% | 15.8% |
| 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× | 2.08× |
| 过去12个月自由现金流最近4个季度 | $2.5B | $3.4B |
8季度趋势，按日历期对齐
经营现金流THCWM
| Q1 26 | — | $1.5B | ||
| Q4 25 | $731.0M | $1.7B | ||
| Q3 25 | $1.1B | $1.6B | ||
| Q2 25 | $936.0M | $1.5B | ||
| Q1 25 | $815.0M | $1.2B | ||
| Q4 24 | $-331.0M | $1.5B | ||
| Q3 24 | $1.0B | $1.4B | ||
| Q2 24 | $747.0M | $1.2B |
自由现金流THCWM
| Q1 26 | — | $981.0M | ||
| Q4 25 | $367.0M | $810.0M | ||
| Q3 25 | $778.0M | $816.0M | ||
| Q2 25 | $743.0M | $813.0M | ||
| Q1 25 | $642.0M | $377.0M | ||
| Q4 24 | $-661.0M | $396.0M | ||
| Q3 24 | $829.0M | $577.0M | ||
| Q2 24 | $602.0M | $487.0M |
自由现金流率THCWM
| Q1 26 | — | 15.8% | ||
| Q4 25 | 6.6% | 12.8% | ||
| Q3 25 | 14.7% | 12.7% | ||
| Q2 25 | 14.1% | 12.6% | ||
| Q1 25 | 12.3% | 6.3% | ||
| Q4 24 | -13.0% | 6.7% | ||
| Q3 24 | 16.2% | 10.3% | ||
| Q2 24 | 11.8% | 9.0% |
资本支出强度THCWM
| Q1 26 | — | — | ||
| Q4 25 | 6.6% | 14.1% | ||
| Q3 25 | 5.3% | 12.0% | ||
| Q2 25 | 3.7% | 11.4% | ||
| Q1 25 | 3.3% | 13.8% | ||
| Q4 24 | 6.5% | 18.9% | ||
| Q3 24 | 4.2% | 13.9% | ||
| Q2 24 | 2.8% | 12.3% |
现金转化率THCWM
| Q1 26 | — | 2.08× | ||
| Q4 25 | 1.14× | 2.29× | ||
| Q3 25 | 1.83× | 2.64× | ||
| Q2 25 | 1.79× | 2.13× | ||
| Q1 25 | 1.31× | 1.90× | ||
| Q4 24 | -0.58× | 2.53× | ||
| Q3 24 | 1.53× | 1.79× | ||
| Q2 24 | 1.57× | 1.70× |
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% |
WM
暂无分部数据
