Humana Inc. (HUM)财务
NYSE · Healthcare · Medical - Healthcare Plans · 员工67,060人 · CEO James A. Rechtin
- 股价
- $414.50 -0.52%
- 市值
- $498亿
- 企业价值
- $571亿
- 最近财报
- Q2 '26 2026-07-29提交
- 下次财报
- 2026-11-06 EPS预期 -$1.00
营收(TTM)$1460亿+18.3% 对比去年同期最近4个季度;柱状图=各季度
营业利润率(TTM)1.4%-0.3 百分点 对比去年同期营业利润 $20.2亿
净利润(TTM)$12.8亿-18.9% 对比去年同期税后,含营业外收益
自由现金流(TTM)-$4.43亿-118.2% 对比去年同期资本支出 $5.9亿
稀释EPS(TTM)$10.56-19.0% 对比去年同期最近4个季度之和
净现金$96.2亿+212.6% 对比去年同期现金 + 短期投资 - 债务
估值与关键数据
- 市值
- $498亿 EV $571亿
- 营收
- $1460亿 过去12个月
- 营收增速
- +25% FY2026年一致预期
- 净利润率
- 0.9% 净利润 / 营收,TTM
- P/E
- 38.9× 预期 45.3×(FY2026)
- P/S
- 0.3× 股价 / 营收,TTM
- EV / EBITDA
- 18.4× TTM
- 自由现金流
- -$4.43亿 过去12个月
- 净利润
- $12.8亿 过去12个月
- 营收预期
- $1630亿 FY2026年一致预期
- 盈利
- 2026-11-06 营收预期 $409亿
- 股息
- $3.54 每股,过去12个月
核心要点
根据披露数据计算,每条结论都附有其依据的数字。
- 最近财报(2026-07-29):营收超预期0.7%,EPS 超预期4.7%营收$409亿,预期$406亿(+0.7%);EPS $7.61,预期$7.27(+4.7%)。
- 营收增长加速:同比26.2%Q2 '26营收$409亿,此前四个季度的平均值为13.9%。
- 营业利润率1.4%(TTM),较去年同期-0.3 百分点营收增长18.3%,营业利润增长-4.0%。
- 税前利润的25.3%被营业外亏损吞噬税前利润$16.1亿,营业利润$20.2亿(TTM)。股权投资亏损等一次性项目压低了净利润和EPS,营业利润更能反映业务本身。
- 资本支出占营收的0.4%(去年为0.4%)最近4个季度投入$5.9亿(同比+19.7%)。自由现金流-$4.43亿,相当于净利润的-34.7%。
- 稀释股数一年内增加0.1%Q2 '26稀释股数1.21亿,一年前为1.21亿。
- 净现金 $96.2亿现金 + 短期投资 $239亿,含租赁债务 $142亿;一年前净债务 $85.5亿。
上一季度:Q2 '26
截至2026-06-30的季度。与去年同期及财报发布前的分析师一致预期对比。
本季度与去年同期
| Q2 '26 | 去年同期 | 变化 | |
|---|---|---|---|
| 营收 | $409亿 | $324亿 | +26.2% |
| 毛利率 | 13.5% | 14.9% | -1.4 百分点 |
| 营业利润 | $13.6亿 | $7.22亿 | +88.4% |
| 营业利润率 | 3.3% | 2.2% | +1.1 百分点 |
| 净利润 | $6.93亿 | $5.45亿 | +27.2% |
| 稀释EPS | $5.72 | $4.51 | +26.8% |
| 经营现金流 | -$4.26亿 | $12.7亿 | -133.5% |
| 资本支出 | $1.32亿 | $1.14亿 | +15.8% |
| 自由现金流 | -$5.58亿 | $11.6亿 | -148.2% |
| R&D | $0 | $0 | – |
| 股权激励费用 | $6500万 | $6100万 | +6.6% |
实际 vs 一致预期
2026-07-29| 实际 | 一致预期 | 对比预期 | |
|---|---|---|---|
| 营收 | $409亿 | $406亿 | +0.7% |
| EPS(一致预期口径) | $7.61 | $7.27 | +4.7% |
来自2026-07-29发布的Q2 '26财报：营收及分析师预期口径的EPS（通常为调整后），可能与上方报表中的EPS不同。
EPS与一致预期
最近8次财报营收
收入从何而来,按业务线和地区逐季展示。
营收、营业利润与增速
季度按业务线划分的营收
堆叠,季度| 分部 | Q2 '26 | 同比 | 占比 | TTM | TTM同比 | 12个季度 |
|---|---|---|---|---|---|---|
| Insurance | $391亿 | – | 95.8% | – | – | |
| Insurance Segment | – | – | – | – | – | |
| CenterWell | $67.9亿 | – | 16.6% | – | – | |
| CenterWell Segment | – | – | – | – | – | |
| Eliminations/ Corporate | -$50.6亿 | – | -12.4% | – | – |
分部利润
取自每份10-Q / 10-K分部附注的各披露分部营业利润(多数数据源缺少的利润拆分)。
Q2 '26分部
| 分部 | 营收 | 同比 | 营业利润 | 同比 | 利润率 | 去年同期利润率 | TTM营业利润 |
|---|---|---|---|---|---|---|---|
| Insurance Segment | – | – | $8.2亿 | +7.0% | – | – | $15.8亿 |
| Center Well Segment | – | – | $4.66亿 | +35.5% | – | – | $13.6亿 |
| Corporate And Eliminations | – | – | $7400万 | +716.7% | – | – | -$2.31亿 |
各分部营业利润
季度各分部营业利润率
季度第四季度为推算值:10-K披露全年数据,减去10-Q的前三个季度。
利润率与成本结构
每一单位营收在各层级还剩多少,成本又花在哪里。
利润率
季度成本占营收比例
季度现金流与资本配置
创造了多少现金,用在何处,又有多少回到股东手中。
经营现金流、资本支出、自由现金流
季度现金用途与经营现金流
财年最近4个季度
现金流量表- 经营现金流
- $1.47亿
- 资本支出
- -$5.9亿
- 股票回购
- -$1.5亿
- 股息
- -$3.23亿
- 收购
- -$8.95亿
- 债务净发行
- $14亿
- 股权激励费用
- $2.47亿
- 自由现金流
- -$4.43亿
- 股东回报 / FCF
- -106.8%
股数与EPS
季度,稀释资产负债表
各季度末的流动性、投资和债务。
现金、投资与债务
季度末估值与回报
当前估值倍数与公司自身过去五个财年对比;分析师目标价与评级。
估值倍数与回报
TTM与过去5个财年| 当前 | 5年均值 | 当前处于5年区间的位置 | |
|---|---|---|---|
| P/E(TTM) | 38.9× | 23.5× | 20.4× – 26.0× |
| EV / EBITDA | 18.4× | 14.0× | 12.5× – 15.6× |
| EV / 营收 | 0.4× | 0.6× | 0.3× – 0.8× |
| 股价 / FCF | -112.4× | 39.6× | 12.8× – 82.3× |
| 股价 / 净资产 | 2.6× | 3.0× | 1.7× – 4.2× |
| FCF收益率 | -0.9% | 4.2% | 1.2% – 7.8% |
| 投入资本回报率 | 4.5% | 5.9% | 3.1% – 8.2% |
| 净资产收益率 | 6.9% | 13.2% | 6.7% – 18.3% |
分析师
一致目标价 $469.89 (+13.4%)
区间 $300.00 – $596.00 · 评级 Hold
强烈买入0
买入20
持有23
卖出1
强烈卖出0
展望
分析师对未来财年的一致预期,以及按当前股价意味着什么。
一致预期
| 财年 | 营收 | 增速 | EPS | 增速 | 按当前股价的P/E | 分析师(EPS) |
|---|---|---|---|---|---|---|
| FY2026 | $1630亿 | +25.4% | $9.16 | -6.9% | 45.3× | 17 |
| FY2027 | $1680亿 | +3.2% | $17.00 | +85.6% | 24.4× | 16 |
| FY2028 | $1800亿 | +7.5% | $30.52 | +79.5% | 13.6× | 9 |
| FY2029 | $1890亿 | +5.0% | $34.91 | +14.4% | 11.9× | 3 |
| FY2030 | $2050亿 | +8.0% | $35.53 | +1.8% | 11.7× | 3 |
财务报表
利润表、资产负债表和现金流量表的每一项,含12个季度和10个财年,以金额、占营收比例或增速展示。
全部披露项目
Humana Inc.在近期10-Q / 10-K文件中标记的全部282项数据,附SEC官方标签和定义,包括附注(租赁、税务、回购、员工等)。
| 项目(SEC标签) | 最近季度 | 去年同期 | 同比 | 最近财年 | 上一财年 | 同比 |
|---|---|---|---|---|---|---|
| Accounts Payable and Accrued Liabilities, Current | $65.3亿 | $53.8亿 | +21.4% | $57.2亿 | $52.6亿 | +8.7% |
| Accounts Receivable, Allowance for Credit Loss, Current | $1.02亿 | $1.21亿 | -15.7% | $1.08亿 | $9800万 | +10.2% |
| Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | $32.9亿2025-12-31 | $31.4亿 | +4.7% | $32.9亿 | $31.4亿 | +4.7% |
| Accumulated Other Comprehensive Income (Loss), Net of Tax | -$7.31亿 | -$8.68亿 | +15.8% | -$6.33亿 | -$10.7亿 | +40.7% |
| Additional Paid in Capital, Common Stock | $36.4亿 | $35亿 | +4.1% | $36亿 | $34.6亿 | +4.0% |
| Amortization | $1100万 | $1500万 | -26.7% | $5100万 | $6000万 | -15.0% |
| Amortization of Intangible Assets | $1100万 | $1500万 | -26.7% | $5100万 | $6000万 | -15.0% |
| Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 232万 | 181万 | +28.6% | 89.5万 | 81.4万 | +10.0% |
| APIC, Share-based Payment Arrangement, Increase for Cost Recognition | $5100万 | $5000万 | +2.0% | $2.41亿 | $2.07亿 | +16.4% |
| Asset Impairment Charges | – | – | – | $2.53亿 | $2亿 | +26.5% |
| Assets | $553亿 | $509亿 | +8.5% | $489亿 | $465亿 | +5.2% |
| Assets, Current | $381亿 | $344亿 | +10.6% | $327亿 | $298亿 | +9.8% |
| Assets, Fair Value Disclosure | $228亿 | – | – | $208亿 | $211亿 | -1.5% |
| Benefits, Losses and Expenses | $379亿 | $301亿 | +25.9% | $1270亿 | $1150亿 | +10.2% |
| Capitalized Computer Software, Amortization | – | – | – | $5.36亿 | $6.6亿 | -18.8% |
| Cash and Cash Equivalents, at Carrying Value | $49.5亿 | $42.5亿 | +16.5% | $42亿 | $22.2亿 | +89.1% |
| Cash and Cash Equivalents, Fair Value Disclosure | $46亿 | – | – | $39.5亿 | $20.5亿 | +92.6% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $49.5亿 | $42.5亿 | +16.5% | $42亿 | $22.2亿 | +89.1% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | $7.51亿 | $20.3亿 | -63.0% | $19.8亿 | -$24.7亿 | +180.0% |
| Ceded Premiums Written | – | – | – | $700万 | $500万 | +40.0% |
| Common Stock, Dividends, Per Share, Cash Paid | $0.892025-09-30 | $0.89 | 0.0% | $3.54 | $3.54 | 0.0% |
| Common Stock, Dividends, Per Share, Declared | $0.89 | $0.89 | 0.0% | $1.162016-12-31 | $1.15 | +0.9% |
| Common Stock, Par or Stated Value Per Share | $0.17 | $0.17 | 0.0% | $0.17 | $0.17 | 0.0% |
| Common Stock, Shares Authorized | 3亿 | 3亿 | 0.0% | 3亿 | 3亿 | 0.0% |
| Common Stock, Shares, Issued | 1.99亿 | 1.99亿 | 0.0% | 1.99亿 | 1.99亿 | 0.0% |
| Common Stock, Value, Issued | $3300万 | $3300万 | 0.0% | $3300万 | $3300万 | 0.0% |
| Comprehensive Income (Loss), Net of Tax, Attributable to Parent | $10.9亿 | $14.4亿 | -24.6% | $16.2亿 | $11.4亿 | +42.4% |
| Contract with Customer, Liability, Current | $2.69亿 | $2.65亿 | +1.5% | $3.56亿 | $2.6亿 | +36.9% |
| Current Federal Tax Expense (Benefit) | – | – | – | $1.3亿 | $5.66亿 | -77.0% |
| Current Foreign Tax Expense (Benefit) | – | – | – | $0 | $0 | – |
| Current Income Tax Expense (Benefit) | – | – | – | $1.75亿 | $6.05亿 | -71.1% |
| Current State and Local Tax Expense (Benefit) | – | – | – | $4500万 | $3900万 | +15.4% |
| Current Year Claims and Claims Adjustment Expense | $341亿 | $270亿 | +26.2% | $1120亿 | $1010亿 | +10.3% |
| Debt and Equity Securities, Gain (Loss) | -$100万 | $200万 | -150.0% | -$5000万 | $2400万 | -308.3% |
| Debt Securities, Available-for-sale | $176亿 | $183亿 | -3.6% | $162亿 | $186亿 | -13.1% |
| Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | $2500万 | $3600万 | -30.6% | $4600万 | $2600万 | +76.9% |
| Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | $9.7亿 | $11.6亿 | -16.6% | $8.67亿 | $14.1亿 | -38.5% |
| Debt Securities, Available-for-sale, Amortized Cost | $186亿 | $194亿 | -4.3% | $170亿 | $200亿 | -15.0% |
| Debt Securities, Available-for-Sale, Amortized Cost, Maturity, Allocated and Single Maturity Date, after Year 10 | $12.8亿 | $11.6亿 | +9.7% | $13.1亿 | $12.9亿 | +1.6% |
| Debt Securities, Available-for-Sale, Amortized Cost, Maturity, Allocated and Single Maturity Date, after Year 5 Through 10 | $43.6亿 | $43.4亿 | +0.5% | $40.4亿 | $42.9亿 | -5.9% |
| Debt Securities, Available-for-Sale, Amortized Cost, Maturity, Allocated and Single Maturity Date, after Year One Through Five | $47.6亿 | $53.4亿 | -10.9% | $44.1亿 | $55.7亿 | -20.8% |
| Debt Securities, Available-for-Sale, Amortized Cost, Maturity, Allocated and Single Maturity Date, Year One | $11.3亿 | $9.88亿 | +14.1% | $10亿 | $10.7亿 | -6.3% |
| Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | $77.6亿 | $87.9亿 | -11.7% | $87.4亿 | $91亿 | -4.0% |
| Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | $8.76亿 | $10.8亿 | -19.0% | $8.51亿 | $12.3亿 | -30.9% |
| Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | $72.9亿 | $55.9亿 | +30.3% | $23.3亿 | $72亿 | -67.6% |
| Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | $9400万 | $8200万 | +14.6% | $1600万 | $1.78亿 | -91.0% |
| Debt Securities, Available-for-Sale, Fair Value, Maturity, Allocated and Single Maturity Date, after Year 10 | $10.7亿 | $9.62亿 | +11.6% | $11.2亿 | $10.7亿 | +4.3% |
| Debt Securities, Available-for-Sale, Fair Value, Maturity, Allocated and Single Maturity Date, after Year 5 Through 10 | $42.1亿 | $41.1亿 | +2.3% | $39.2亿 | $39.8亿 | -1.4% |
| Debt Securities, Available-for-Sale, Fair Value, Maturity, Allocated and Single Maturity Date, after Year One Through Five | $46.4亿 | $52.1亿 | -11.0% | $43.3亿 | $54亿 | -19.8% |
| Debt Securities, Available-for-Sale, Fair Value, Maturity, Allocated and Single Maturity Date, Year One | $11.2亿 | $9.85亿 | +13.6% | $9.99亿 | $10.7亿 | -6.4% |
| Debt Securities, Available-for-sale, Maturity, without Single Maturity Date, Amortized Cost | $70.6亿 | $75.9亿 | -7.0% | $62.6亿 | $78亿 | -19.7% |
| Debt Securities, Available-for-sale, Maturity, without Single Maturity Date, Fair Value | $66亿 | $70.3亿 | -6.0% | $58.3亿 | $71.3亿 | -18.1% |
| Debt Securities, Available-for-sale, Noncurrent | $6.26亿 | $4.1亿 | +52.7% | $4.93亿 | $4.21亿 | +17.1% |
| Debt Securities, Available-for-sale, Unrealized Loss Position | $150亿 | $144亿 | +4.6% | $111亿 | $163亿 | -32.1% |
| Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | $9.7亿 | $11.6亿 | -16.6% | $8.67亿 | $14.1亿 | -38.5% |
| Debt Securities, Available-for-sale, Unrealized Loss Position, Number of Positions | 1,690 position | 1,530 position | +10.5% | 1,150 position | 1,780 position | -35.4% |
| Debt, Current | $17.2亿 | $5.77亿 | +197.9% | $0 | $5.77亿 | -100.0% |
| Deferred Federal Income Tax Expense (Benefit) | – | – | – | $8900万 | -$1.79亿 | +149.7% |
| Deferred Foreign Income Tax Expense (Benefit) | – | – | – | $0 | $0 | – |
| Deferred Income Tax Expense (Benefit) | – | – | – | $7500万 | -$1.92亿 | +139.1% |
来源:SEC companyfacts(每份10-Q / 10-K的XBRL)。现金流量表的季度数据由10-Q标记的年初至今累计数推算。分部拆分带有维度标记,在分部章节中单独展示。
数据来源
报表、分部营收、指标、预期:Financial Modeling Prep。分部利润及全部披露项目:SEC EDGAR(XBRL)。 已读取的文件: 10-Q 2026-06-30, 10-Q 2026-03-31, 10-K 2025-12-31, 10-Q 2025-09-30, 10-Q 2025-06-30, 10-Q 2025-03-31, 10-K 2024-12-31, 10-Q 2024-09-30, 10-Q 2024-06-30
数据截至 2026-11-02