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ADT Inc.（ADT）与Ventas（VTR）财务数据对比。点击上方公司名可切换其他公司
Ventas的季度营收约是ADT Inc.的1.3倍（$1.7B vs $1.3B），ADT Inc.净利率更高（11.4% vs 3.6%，领先7.8%），Ventas同比增速更快（22.0% vs 2.9%），过去两年Ventas的营收复合增速更高（17.5% vs 2.7%）
ADT Inc.是美国头部安防企业，总部位于佛罗里达州博卡拉顿，业务覆盖美国与加拿大，为住宅、小型商户提供电子安防、消防防护及相关报警监控服务。公司2016年被阿波罗全球管理以69亿美元杠杆收购，2018年1月于纽约证券交易所上市。
Ventas是一家领先的医疗地产投资信托企业，旗下资产涵盖养老社区、医疗办公楼、生命科学研究设施及康复医疗中心等，主要在北美、英国地区运营，为医疗服务及生命科学机构提供专业物业解决方案。
ADT vs VTR — 直观对比
营收规模更大
VTR
是对方的1.3倍
$1.3B
营收增速更快
VTR
高出19.2%
2.9%
净利率更高
ADT
高出7.8%
3.6%
两年增速更快
VTR
近两年复合增速
2.7%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $1.3B | $1.7B |
| 净利润 | $145.4M | $59.0M |
| 毛利率 | — | — |
| 营业利润率 | 26.1% | — |
| 净利率 | 11.4% | 3.6% |
| 营收同比 | 2.9% | 22.0% |
| 净利润同比 | -23.5% | 19.0% |
| 每股收益（稀释后） | — | — |
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ADTVTR
| Q1 26 | — | $1.7B | ||
| Q4 25 | $1.3B | $1.6B | ||
| Q3 25 | $1.3B | $1.5B | ||
| Q2 25 | $1.3B | $1.4B | ||
| Q1 25 | $1.3B | $1.4B | ||
| Q4 24 | $1.2B | $1.3B | ||
| Q3 24 | $1.2B | $1.2B | ||
| Q2 24 | $1.2B | $1.2B |
净利润ADTVTR
| Q1 26 | — | $59.0M | ||
| Q4 25 | $145.4M | $73.0M | ||
| Q3 25 | $145.1M | $68.7M | ||
| Q2 25 | $165.2M | $71.5M | ||
| Q1 25 | $140.2M | $48.4M | ||
| Q4 24 | $190.0M | $58.7M | ||
| Q3 24 | $127.2M | $21.0M | ||
| Q2 24 | $92.4M | $21.2M |
营业利润率ADTVTR
| Q1 26 | — | — | ||
| Q4 25 | 26.1% | 4.9% | ||
| Q3 25 | 24.3% | 3.0% | ||
| Q2 25 | 26.6% | 3.0% | ||
| Q1 25 | 25.2% | 3.0% | ||
| Q4 24 | 32.4% | -0.0% | ||
| Q3 24 | 26.2% | 1.5% | ||
| Q2 24 | 23.6% | -1.6% |
净利率ADTVTR
| Q1 26 | — | 3.6% | ||
| Q4 25 | 11.4% | 4.7% | ||
| Q3 25 | 11.2% | 4.6% | ||
| Q2 25 | 12.8% | 5.0% | ||
| Q1 25 | 11.1% | 3.6% | ||
| Q4 24 | 15.3% | 4.6% | ||
| Q3 24 | 10.2% | 1.7% | ||
| Q2 24 | 7.7% | 1.8% |
每股收益（稀释后）ADTVTR
| Q1 26 | — | — | ||
| Q4 25 | — | $0.15 | ||
| Q3 25 | — | $0.14 | ||
| Q2 25 | — | $0.15 | ||
| Q1 25 | — | $0.10 | ||
| Q4 24 | — | $0.13 | ||
| Q3 24 | — | $0.05 | ||
| Q2 24 | — | $0.05 |
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 | $80.8M | $183.6M |
| 总债务越低越好 | $7.4B | — |
| 股东权益账面价值 | $3.8B | $13.2B |
| 总资产 | $15.8B | $27.7B |
| 负债/权益比越低杠杆越低 | 1.95× | — |
8季度趋势，按日历期对齐
现金及短期投资ADTVTR
| Q1 26 | — | $183.6M | ||
| Q4 25 | $80.8M | $741.1M | ||
| Q3 25 | $62.8M | $188.6M | ||
| Q2 25 | $45.2M | $614.2M | ||
| Q1 25 | $3.7M | $182.3M | ||
| Q4 24 | $96.2M | $897.9M | ||
| Q3 24 | $95.3M | $1.1B | ||
| Q2 24 | $37.9M | $557.1M |
总债务ADTVTR
| Q1 26 | — | — | ||
| Q4 25 | $7.4B | $13.0B | ||
| Q3 25 | $7.3B | — | ||
| Q2 25 | $6.8B | — | ||
| Q1 25 | $7.6B | — | ||
| Q4 24 | $7.5B | $13.5B | ||
| Q3 24 | $7.5B | — | ||
| Q2 24 | $7.5B | — |
股东权益ADTVTR
| Q1 26 | — | $13.2B | ||
| Q4 25 | $3.8B | $12.5B | ||
| Q3 25 | $3.7B | $12.4B | ||
| Q2 25 | $3.7B | $11.5B | ||
| Q1 25 | $3.6B | $11.5B | ||
| Q4 24 | $3.8B | $10.8B | ||
| Q3 24 | $3.9B | $9.8B | ||
| Q2 24 | $3.8B | $9.6B |
总资产ADTVTR
| Q1 26 | — | $27.7B | ||
| Q4 25 | $15.8B | $27.6B | ||
| Q3 25 | $16.0B | $26.9B | ||
| Q2 25 | $16.0B | $26.5B | ||
| Q1 25 | $15.8B | $26.0B | ||
| Q4 24 | $16.1B | $26.2B | ||
| Q3 24 | $16.1B | $25.3B | ||
| Q2 24 | $16.0B | $24.5B |
负债/权益比ADTVTR
| Q1 26 | — | — | ||
| Q4 25 | 1.95× | 1.04× | ||
| Q3 25 | 1.99× | — | ||
| Q2 25 | 1.84× | — | ||
| Q1 25 | 2.10× | — | ||
| Q4 24 | 1.98× | 1.26× | ||
| Q3 24 | 1.93× | — | ||
| Q2 24 | 1.98× | — |
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 | $373.6M | — |
| 自由现金流经营现金流 - 资本支出 | $323.5M | — |
| 自由现金流率自由现金流/营收 | 25.4% | — |
| 资本支出强度资本支出/营收 | 3.9% | — |
| 现金转化率经营现金流/净利润 | 2.57× | — |
| 过去12个月自由现金流最近4个季度 | $1.7B | — |
8季度趋势，按日历期对齐
经营现金流ADTVTR
| Q1 26 | — | — | ||
| Q4 25 | $373.6M | $471.7M | ||
| Q3 25 | $480.1M | $378.6M | ||
| Q2 25 | $563.9M | $475.3M | ||
| Q1 25 | $466.6M | $321.1M | ||
| Q4 24 | $459.7M | $373.6M | ||
| Q3 24 | $498.2M | $353.7M | ||
| Q2 24 | $563.2M | $335.9M |
自由现金流ADTVTR
| Q1 26 | — | — | ||
| Q4 25 | $323.5M | — | ||
| Q3 25 | $437.4M | — | ||
| Q2 25 | $526.3M | — | ||
| Q1 25 | $421.2M | — | ||
| Q4 24 | $426.0M | — | ||
| Q3 24 | $455.5M | — | ||
| Q2 24 | $516.5M | — |
自由现金流率ADTVTR
| Q1 26 | — | — | ||
| Q4 25 | 25.4% | — | ||
| Q3 25 | 33.7% | — | ||
| Q2 25 | 40.9% | — | ||
| Q1 25 | 33.2% | — | ||
| Q4 24 | 34.3% | — | ||
| Q3 24 | 36.6% | — | ||
| Q2 24 | 42.9% | — |
资本支出强度ADTVTR
| Q1 26 | — | — | ||
| Q4 25 | 3.9% | — | ||
| Q3 25 | 3.3% | — | ||
| Q2 25 | 2.9% | — | ||
| Q1 25 | 3.6% | — | ||
| Q4 24 | 2.7% | — | ||
| Q3 24 | 3.4% | — | ||
| Q2 24 | 3.9% | — |
现金转化率ADTVTR
| Q1 26 | — | — | ||
| Q4 25 | 2.57× | 6.46× | ||
| Q3 25 | 3.31× | 5.51× | ||
| Q2 25 | 3.41× | 6.65× | ||
| Q1 25 | 3.33× | 6.64× | ||
| Q4 24 | 2.42× | 6.36× | ||
| Q3 24 | 3.92× | 16.84× | ||
| Q2 24 | 6.10× | 15.87× |
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
ADT
| Recurring Monthly Revenue | $1.0B | 82% |
| Installation Revenue | $103.0M | 8% |
| Other | $89.9M | 7% |
| Other Related Services | $36.0M | 3% |
VTR
| Resident fees and services | $1.3B | 78% |
| Outpatient medical and research portfolio | $230.1M | 14% |
| Triple-net leased properties | $123.1M | 7% |
| Third-party capital management revenues | $4.4M | 0% |
