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Universal Health Services（UHS）与联合健康集团（UNH）财务数据对比。点击上方公司名可切换其他公司
联合健康集团的季度营收约是Universal Health Services的25.2倍（$113.2B vs $4.5B），Universal Health Services净利率更高（8.0% vs 0.0%，领先8.0%），联合健康集团同比增速更快（12.3% vs 8.2%），过去两年Universal Health Services的营收复合增速更高（7.3% vs 6.5%）
Universal Health Services（简称UHS）是美国财富500强企业，总部位于宾夕法尼亚州普鲁士王市，主营医院运营及各类医疗健康服务，2024年公布的总营收达158亿美元，在全球医疗服务领域具备较强的市场影响力。
联合健康集团是总部位于美国明尼苏达州伊代纳的跨国营利性企业，主营健康保险及医疗健康服务，旗下拥有保险业务品牌UnitedHealthcare、医疗服务品牌Optum。按营收计算，该集团是全球第七大企业、全球最大医疗健康企业，位列2025年《财富》世界500强第七位。
UHS vs UNH — 直观对比
营收规模更大
UNH
是对方的25.2倍
$4.5B
营收增速更快
UNH
高出4.1%
8.2%
净利率更高
UHS
高出8.0%
0.0%
两年增速更快
UHS
近两年复合增速
6.5%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $4.5B | $113.2B |
| 净利润 | $358.7M | $10.0M |
| 毛利率 | — | 88.8% |
| 营业利润率 | 11.2% | 0.3% |
| 净利率 | 8.0% | 0.0% |
| 营收同比 | 8.2% | 12.3% |
| 净利润同比 | 11.5% | -99.8% |
| 每股收益（稀释后） | $5.65 | $0.05 |
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UHSUNH
| Q1 26 | $4.5B | — | ||
| Q4 25 | $4.5B | $113.2B | ||
| Q3 25 | $4.5B | $113.2B | ||
| Q2 25 | $4.3B | $111.6B | ||
| Q1 25 | $4.1B | $109.6B | ||
| Q4 24 | $4.1B | $100.8B | ||
| Q3 24 | $4.0B | $100.8B | ||
| Q2 24 | $3.9B | $98.9B |
净利润UHSUNH
| Q1 26 | $358.7M | — | ||
| Q4 25 | $445.9M | $10.0M | ||
| Q3 25 | $373.0M | $2.3B | ||
| Q2 25 | $353.2M | $3.4B | ||
| Q1 25 | $316.7M | $6.3B | ||
| Q4 24 | $332.4M | $5.5B | ||
| Q3 24 | $258.7M | $6.1B | ||
| Q2 24 | $289.2M | $4.2B |
毛利率UHSUNH
| Q1 26 | — | — | ||
| Q4 25 | — | 88.8% | ||
| Q3 25 | — | 88.9% | ||
| Q2 25 | — | 88.3% | ||
| Q1 25 | — | 88.7% | ||
| Q4 24 | — | 87.6% | ||
| Q3 24 | — | 88.3% | ||
| Q2 24 | — | 88.5% |
营业利润率UHSUNH
| Q1 26 | 11.2% | — | ||
| Q4 25 | 11.5% | 0.3% | ||
| Q3 25 | 11.6% | 3.8% | ||
| Q2 25 | 11.7% | 4.6% | ||
| Q1 25 | 11.1% | 8.3% | ||
| Q4 24 | 11.5% | 7.7% | ||
| Q3 24 | 9.7% | 8.6% | ||
| Q2 24 | 11.2% | 8.0% |
净利率UHSUNH
| Q1 26 | 8.0% | — | ||
| Q4 25 | 9.9% | 0.0% | ||
| Q3 25 | 8.3% | 2.1% | ||
| Q2 25 | 8.2% | 3.1% | ||
| Q1 25 | 7.7% | 5.7% | ||
| Q4 24 | 8.1% | 5.5% | ||
| Q3 24 | 6.5% | 6.0% | ||
| Q2 24 | 7.4% | 4.3% |
每股收益（稀释后）UHSUNH
| Q1 26 | $5.65 | — | ||
| Q4 25 | $7.01 | $0.05 | ||
| Q3 25 | $5.86 | $2.59 | ||
| Q2 25 | $5.43 | $3.74 | ||
| Q1 25 | $4.80 | $6.85 | ||
| Q4 24 | $4.94 | $5.99 | ||
| Q3 24 | $3.80 | $6.51 | ||
| Q2 24 | $4.26 | $4.54 |
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 | $119.0M | $28.1B |
| 总债务越低越好 | $4.7B | — |
| 股东权益账面价值 | $7.5B | $100.1B |
| 总资产 | $15.7B | $309.6B |
| 负债/权益比越低杠杆越低 | 0.63× | — |
8季度趋势，按日历期对齐
现金及短期投资UHSUNH
| Q1 26 | $119.0M | — | ||
| Q4 25 | $137.8M | $28.1B | ||
| Q3 25 | $112.9M | $30.6B | ||
| Q2 25 | $137.6M | $32.0B | ||
| Q1 25 | $126.8M | $34.3B | ||
| Q4 24 | $126.0M | $29.1B | ||
| Q3 24 | $106.1M | $37.1B | ||
| Q2 24 | $128.8M | $31.3B |
总债务UHSUNH
| Q1 26 | $4.7B | — | ||
| Q4 25 | $4.8B | — | ||
| Q3 25 | $4.7B | — | ||
| Q2 25 | $4.6B | — | ||
| Q1 25 | $4.6B | — | ||
| Q4 24 | $4.5B | — | ||
| Q3 24 | $4.7B | — | ||
| Q2 24 | $4.5B | — |
股东权益UHSUNH
| Q1 26 | $7.5B | — | ||
| Q4 25 | $7.3B | $100.1B | ||
| Q3 25 | $7.2B | $101.6B | ||
| Q2 25 | $7.0B | $100.5B | ||
| Q1 25 | $6.8B | $100.8B | ||
| Q4 24 | $6.7B | $98.3B | ||
| Q3 24 | $6.6B | $99.9B | ||
| Q2 24 | $6.5B | $94.7B |
总资产UHSUNH
| Q1 26 | $15.7B | — | ||
| Q4 25 | $15.5B | $309.6B | ||
| Q3 25 | $15.3B | $315.3B | ||
| Q2 25 | $15.0B | $308.6B | ||
| Q1 25 | $14.9B | $309.8B | ||
| Q4 24 | $14.5B | $298.3B | ||
| Q3 24 | $14.4B | $299.3B | ||
| Q2 24 | $14.1B | $286.1B |
负债/权益比UHSUNH
| Q1 26 | 0.63× | — | ||
| Q4 25 | 0.65× | — | ||
| Q3 25 | 0.66× | — | ||
| Q2 25 | 0.65× | — | ||
| Q1 25 | 0.68× | — | ||
| Q4 24 | 0.68× | — | ||
| Q3 24 | 0.71× | — | ||
| Q2 24 | 0.69× | — |
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 | $401.6M | $1.1B |
| 自由现金流经营现金流 - 资本支出 | — | $160.0M |
| 自由现金流率自由现金流/营收 | — | 0.1% |
| 资本支出强度资本支出/营收 | 4.8% | 0.8% |
| 现金转化率经营现金流/净利润 | 1.12× | 110.80× |
| 过去12个月自由现金流最近4个季度 | — | $16.1B |
8季度趋势，按日历期对齐
经营现金流UHSUNH
| Q1 26 | $401.6M | — | ||
| Q4 25 | $574.7M | $1.1B | ||
| Q3 25 | $380.7M | $5.9B | ||
| Q2 25 | $549.0M | $7.2B | ||
| Q1 25 | $360.0M | $5.5B | ||
| Q4 24 | $658.4M | $2.4B | ||
| Q3 24 | $333.0M | $13.9B | ||
| Q2 24 | $679.3M | $6.7B |
自由现金流UHSUNH
| Q1 26 | — | — | ||
| Q4 25 | $293.5M | $160.0M | ||
| Q3 25 | $151.8M | $5.1B | ||
| Q2 25 | $283.0M | $6.3B | ||
| Q1 25 | $121.0M | $4.6B | ||
| Q4 24 | $412.5M | $1.5B | ||
| Q3 24 | $85.0M | $13.0B | ||
| Q2 24 | $437.9M | $5.9B |
自由现金流率UHSUNH
| Q1 26 | — | — | ||
| Q4 25 | 6.5% | 0.1% | ||
| Q3 25 | 3.4% | 4.5% | ||
| Q2 25 | 6.6% | 5.6% | ||
| Q1 25 | 3.0% | 4.2% | ||
| Q4 24 | 10.0% | 1.4% | ||
| Q3 24 | 2.1% | 12.8% | ||
| Q2 24 | 11.2% | 6.0% |
资本支出强度UHSUNH
| Q1 26 | 4.8% | — | ||
| Q4 25 | 6.3% | 0.8% | ||
| Q3 25 | 5.1% | 0.8% | ||
| Q2 25 | 6.2% | 0.8% | ||
| Q1 25 | 5.8% | 0.8% | ||
| Q4 24 | 6.0% | 0.9% | ||
| Q3 24 | 6.3% | 1.0% | ||
| Q2 24 | 6.2% | 0.9% |
现金转化率UHSUNH
| Q1 26 | 1.12× | — | ||
| Q4 25 | 1.29× | 110.80× | ||
| Q3 25 | 1.02× | 2.53× | ||
| Q2 25 | 1.55× | 2.11× | ||
| Q1 25 | 1.14× | 0.87× | ||
| Q4 24 | 1.98× | 0.43× | ||
| Q3 24 | 1.29× | 2.30× | ||
| Q2 24 | 2.35× | 1.60× |
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
UHS
暂无分部数据
UNH
| Total Optum | $70.3B | 62% |
| Intersegment | $15.8B | 14% |
| Products | $13.5B | 12% |
| Services | $10.3B | 9% |
| Other | $3.3B | 3% |
