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Armada Hoffler Properties, Inc.（AHH）与美国铁塔（AMT）财务数据对比。点击上方公司名可切换其他公司
美国铁塔的季度营收约是Armada Hoffler Properties, Inc.的2.9倍（$219.8M vs $75.6M）。美国铁塔净利率更高（380.7% vs 3.1%，领先377.6%）。美国铁塔同比增速更快（4.5% vs 0.8%）。过去两年美国铁塔的营收复合增速更高（12.0% vs -22.8%）
Armada Hoffler Properties是一家公开上市的房地产投资信托，业务覆盖美国大西洋中部及东南部地区，开发、持有并运营涵盖办公、零售、多户住宅的多元化优质物业组合，同时为第三方客户提供全链条建筑开发服务。
美国铁塔是全球规模最大的房地产投资信托基金（REIT）之一，作为领先的独立多租户通信地产持有、运营及开发商，目前在全球范围内拥有约21.9万个通信站点，为全球通信产业提供可靠的基础设施支持。
AHH vs AMT — 直观对比
营收规模更大
AMT
是对方的2.9倍
$75.6M
营收增速更快
AMT
高出3.7%
0.8%
净利率更高
AMT
高出377.6%
3.1%
两年增速更快
AMT
近两年复合增速
-22.8%
损益表 — Q4 2025 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $75.6M | $219.8M |
| 净利润 | $2.4M | $836.8M |
| 毛利率 | — | — |
| 营业利润率 | 31.0% | — |
| 净利率 | 3.1% | 380.7% |
| 营收同比 | 0.8% | 4.5% |
| 净利润同比 | -89.8% | -32.0% |
| 每股收益（稀释后） | $0.00 | $1.76 |
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AHHAMT
| Q4 25 | $75.6M | $219.8M | ||
| Q3 25 | $23.2M | $246.4M | ||
| Q2 25 | $32.0M | $243.7M | ||
| Q1 25 | $46.6M | $226.0M | ||
| Q4 24 | $75.0M | $210.4M | ||
| Q3 24 | $114.4M | $190.4M | ||
| Q2 24 | $116.8M | $198.6M | ||
| Q1 24 | $127.0M | $175.2M |
净利润AHHAMT
| Q4 25 | $2.4M | $836.8M | ||
| Q3 25 | $80.0K | $912.6M | ||
| Q2 25 | $5.9M | $380.5M | ||
| Q1 25 | $-2.8M | $498.6M | ||
| Q4 24 | $23.4M | $1.2B | ||
| Q3 24 | $-5.0M | $-780.4M | ||
| Q2 24 | $3.2M | $908.4M | ||
| Q1 24 | $14.1M | $921.7M |
毛利率AHHAMT
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 45.0% | — | ||
| Q2 24 | 41.8% | — | ||
| Q1 24 | 37.9% | — |
营业利润率AHHAMT
| Q4 25 | 31.0% | — | ||
| Q3 25 | 91.5% | — | ||
| Q2 25 | 63.9% | — | ||
| Q1 25 | 33.8% | — | ||
| Q4 24 | 50.1% | — | ||
| Q3 24 | 19.0% | — | ||
| Q2 24 | 11.9% | — | ||
| Q1 24 | 15.1% | — |
净利率AHHAMT
| Q4 25 | 3.1% | 380.7% | ||
| Q3 25 | 0.3% | 370.4% | ||
| Q2 25 | 18.6% | 156.1% | ||
| Q1 25 | -6.0% | 220.6% | ||
| Q4 24 | 31.2% | 584.8% | ||
| Q3 24 | -4.4% | -409.9% | ||
| Q2 24 | 2.7% | 457.4% | ||
| Q1 24 | 11.1% | 526.1% |
每股收益（稀释后）AHHAMT
| Q4 25 | $0.00 | $1.76 | ||
| Q3 25 | $-0.04 | $1.82 | ||
| Q2 25 | $0.04 | $0.78 | ||
| Q1 25 | $-0.07 | $1.04 | ||
| Q4 24 | $0.28 | $2.63 | ||
| Q3 24 | $-0.11 | $-1.69 | ||
| Q2 24 | $0.00 | $1.92 | ||
| Q1 24 | $0.17 | $1.96 |
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 | $49.1M | $1.5B |
| 总债务越低越好 | $1.5B | $33.8B |
| 股东权益账面价值 | $627.8M | $3.7B |
| 总资产 | $2.6B | $63.2B |
| 负债/权益比越低杠杆越低 | 2.43× | 9.26× |
8季度趋势，按日历期对齐
现金及短期投资AHHAMT
| Q4 25 | $49.1M | $1.5B | ||
| Q3 25 | $46.5M | $2.0B | ||
| Q2 25 | $52.1M | $2.1B | ||
| Q1 25 | $45.7M | $2.1B | ||
| Q4 24 | $31.9M | $2.0B | ||
| Q3 24 | $43.9M | $2.2B | ||
| Q2 24 | $20.3M | $2.5B | ||
| Q1 24 | $41.9M | $2.4B |
总债务AHHAMT
| Q4 25 | $1.5B | $33.8B | ||
| Q3 25 | $1.5B | $34.9B | ||
| Q2 25 | $1.4B | $35.2B | ||
| Q1 25 | $1.3B | $34.0B | ||
| Q4 24 | $1.3B | $32.8B | ||
| Q3 24 | $1.3B | $33.4B | ||
| Q2 24 | $1.4B | $35.6B | ||
| Q1 24 | $1.4B | $36.2B |
股东权益AHHAMT
| Q4 25 | $627.8M | $3.7B | ||
| Q3 25 | $638.8M | $4.0B | ||
| Q2 25 | $652.0M | $3.7B | ||
| Q1 25 | $657.4M | $3.5B | ||
| Q4 24 | $670.6M | $3.4B | ||
| Q3 24 | $663.9M | $3.6B | ||
| Q2 24 | $562.7M | $3.9B | ||
| Q1 24 | $571.4M | $4.0B |
总资产AHHAMT
| Q4 25 | $2.6B | $63.2B | ||
| Q3 25 | $2.6B | $63.9B | ||
| Q2 25 | $2.6B | $63.8B | ||
| Q1 25 | $2.5B | $62.1B | ||
| Q4 24 | $2.5B | $61.1B | ||
| Q3 24 | $2.6B | $62.8B | ||
| Q2 24 | $2.6B | $65.8B | ||
| Q1 24 | $2.6B | $66.7B |
负债/权益比AHHAMT
| Q4 25 | 2.43× | 9.26× | ||
| Q3 25 | 2.33× | 8.82× | ||
| Q2 25 | 2.22× | 9.48× | ||
| Q1 25 | 2.01× | 9.63× | ||
| Q4 24 | 1.93× | 9.70× | ||
| Q3 24 | 2.00× | 9.16× | ||
| Q2 24 | 2.52× | 9.24× | ||
| Q1 24 | 2.50× | 8.94× |
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 | — | $1.4B |
| 自由现金流经营现金流 - 资本支出 | — | $848.3M |
| 自由现金流率自由现金流/营收 | — | 385.9% |
| 资本支出强度资本支出/营收 | — | 263.5% |
| 现金转化率经营现金流/净利润 | — | 1.71× |
| 过去12个月自由现金流最近4个季度 | — | $3.8B |
8季度趋势，按日历期对齐
经营现金流AHHAMT
| Q4 25 | — | $1.4B | ||
| Q3 25 | $26.3M | $1.5B | ||
| Q2 25 | $11.1M | $1.3B | ||
| Q1 25 | $107.0K | $1.3B | ||
| Q4 24 | $20.8M | $1.2B | ||
| Q3 24 | $27.3M | $1.5B | ||
| Q2 24 | $17.4M | $1.3B | ||
| Q1 24 | $46.5M | $1.3B |
自由现金流AHHAMT
| Q4 25 | — | $848.3M | ||
| Q3 25 | — | $994.5M | ||
| Q2 25 | — | $976.9M | ||
| Q1 25 | — | $963.9M | ||
| Q4 24 | — | $755.6M | ||
| Q3 24 | — | $1.0B | ||
| Q2 24 | — | $1.0B | ||
| Q1 24 | — | $886.9M |
自由现金流率AHHAMT
| Q4 25 | — | 385.9% | ||
| Q3 25 | — | 403.6% | ||
| Q2 25 | — | 400.9% | ||
| Q1 25 | — | 426.5% | ||
| Q4 24 | — | 359.1% | ||
| Q3 24 | — | 548.7% | ||
| Q2 24 | — | 510.2% | ||
| Q1 24 | — | 506.2% |
资本支出强度AHHAMT
| Q4 25 | — | 263.5% | ||
| Q3 25 | — | 188.9% | ||
| Q2 25 | — | 125.0% | ||
| Q1 25 | — | 146.5% | ||
| Q4 24 | — | 210.7% | ||
| Q3 24 | — | 223.1% | ||
| Q2 24 | — | 163.7% | ||
| Q1 24 | — | 226.4% |
现金转化率AHHAMT
| Q4 25 | — | 1.71× | ||
| Q3 25 | 328.63× | 1.60× | ||
| Q2 25 | 1.87× | 3.37× | ||
| Q1 25 | — | 2.60× | ||
| Q4 24 | 0.89× | 0.97× | ||
| Q3 24 | — | — | ||
| Q2 24 | 5.48× | 1.47× | ||
| Q1 24 | 3.30× | 1.39× |
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
AHH
| Office Real Estate Segment | $28.8M | 38% |
| Retail Real Estate Segment | $25.4M | 34% |
| Multifamily Residential Real Estate | $17.7M | 23% |
| Real Estate Financing Segment | $3.6M | 5% |
AMT
| Other | $82.9M | 38% |
| Non Lease Property Revenue | $72.5M | 33% |
| Services Revenue | $64.4M | 29% |
