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Armada Hoffler Properties, Inc.（AHH）与世邦魏理仕（CBRE）财务数据对比。点击上方公司名可切换其他公司
世邦魏理仕的季度营收约是Armada Hoffler Properties, Inc.的151.5倍（$11.5B vs $75.6M）。世邦魏理仕净利率更高（3.6% vs 3.1%，领先0.5%）。世邦魏理仕同比增速更快（12.3% vs 0.8%）。过去两年世邦魏理仕的营收复合增速更高（21.1% 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。
世邦魏理仕（CBRE Group）是全球领先的跨国商业地产服务与投资企业，业务涵盖物业顾问、交易撮合、资产管理、项目开发咨询等范畴，为全球各类企业及机构客户提供全链条不动产相关解决方案，服务网络覆盖全球各大主要城市。
AHH vs CBRE — 直观对比
营收规模更大
CBRE
是对方的151.5倍
$75.6M
营收增速更快
CBRE
高出11.5%
0.8%
净利率更高
CBRE
高出0.5%
3.1%
两年增速更快
CBRE
近两年复合增速
-22.8%
损益表 — Q4 2025 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $75.6M | $11.5B |
| 净利润 | $2.4M | $416.0M |
| 毛利率 | — | 17.3% |
| 营业利润率 | 31.0% | 5.4% |
| 净利率 | 3.1% | 3.6% |
| 营收同比 | 0.8% | 12.3% |
| 净利润同比 | -89.8% | -14.6% |
| 每股收益（稀释后） | $0.00 | $1.38 |
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AHHCBRE
| Q4 25 | $75.6M | $11.5B | ||
| Q3 25 | $23.2M | $10.1B | ||
| Q2 25 | $32.0M | $9.6B | ||
| Q1 25 | $46.6M | $8.8B | ||
| Q4 24 | $75.0M | $10.2B | ||
| Q3 24 | $114.4M | $8.8B | ||
| Q2 24 | $116.8M | $8.2B | ||
| Q1 24 | $127.0M | $7.8B |
净利润AHHCBRE
| Q4 25 | $2.4M | $416.0M | ||
| Q3 25 | $80.0K | $363.0M | ||
| Q2 25 | $5.9M | $215.0M | ||
| Q1 25 | $-2.8M | $163.0M | ||
| Q4 24 | $23.4M | $487.0M | ||
| Q3 24 | $-5.0M | $225.0M | ||
| Q2 24 | $3.2M | $130.0M | ||
| Q1 24 | $14.1M | $126.0M |
毛利率AHHCBRE
| Q4 25 | — | 17.3% | ||
| Q3 25 | — | 17.7% | ||
| Q2 25 | — | 17.1% | ||
| Q1 25 | — | 17.1% | ||
| Q4 24 | — | 18.7% | ||
| Q3 24 | 45.0% | 18.1% | ||
| Q2 24 | 41.8% | 17.6% | ||
| Q1 24 | 37.9% | 17.1% |
营业利润率AHHCBRE
| Q4 25 | 31.0% | 5.4% | ||
| Q3 25 | 91.5% | 4.8% | ||
| Q2 25 | 63.9% | 3.9% | ||
| Q1 25 | 33.8% | 3.1% | ||
| Q4 24 | 50.1% | 5.8% | ||
| Q3 24 | 19.0% | 4.2% | ||
| Q2 24 | 11.9% | 3.0% | ||
| Q1 24 | 15.1% | 2.6% |
净利率AHHCBRE
| Q4 25 | 3.1% | 3.6% | ||
| Q3 25 | 0.3% | 3.6% | ||
| Q2 25 | 18.6% | 2.2% | ||
| Q1 25 | -6.0% | 1.9% | ||
| Q4 24 | 31.2% | 4.8% | ||
| Q3 24 | -4.4% | 2.5% | ||
| Q2 24 | 2.7% | 1.6% | ||
| Q1 24 | 11.1% | 1.6% |
每股收益（稀释后）AHHCBRE
| Q4 25 | $0.00 | $1.38 | ||
| Q3 25 | $-0.04 | $1.21 | ||
| Q2 25 | $0.04 | $0.72 | ||
| Q1 25 | $-0.07 | $0.54 | ||
| Q4 24 | $0.28 | $1.58 | ||
| Q3 24 | $-0.11 | $0.73 | ||
| Q2 24 | $0.00 | $0.42 | ||
| Q1 24 | $0.17 | $0.41 |
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 | $1.9B |
| 总债务越低越好 | $1.5B | — |
| 股东权益账面价值 | $627.8M | $8.9B |
| 总资产 | $2.6B | $30.9B |
| 负债/权益比越低杠杆越低 | 2.43× | — |
8季度趋势，按日历期对齐
现金及短期投资AHHCBRE
| Q4 25 | $49.1M | $1.9B | ||
| Q3 25 | $46.5M | $1.7B | ||
| Q2 25 | $52.1M | $1.4B | ||
| Q1 25 | $45.7M | $1.4B | ||
| Q4 24 | $31.9M | $1.1B | ||
| Q3 24 | $43.9M | $1.0B | ||
| Q2 24 | $20.3M | $928.0M | ||
| Q1 24 | $41.9M | $1.0B |
总债务AHHCBRE
| Q4 25 | $1.5B | — | ||
| Q3 25 | $1.5B | — | ||
| Q2 25 | $1.4B | — | ||
| Q1 25 | $1.3B | — | ||
| Q4 24 | $1.3B | — | ||
| Q3 24 | $1.3B | — | ||
| Q2 24 | $1.4B | — | ||
| Q1 24 | $1.4B | — |
股东权益AHHCBRE
| Q4 25 | $627.8M | $8.9B | ||
| Q3 25 | $638.8M | $8.5B | ||
| Q2 25 | $652.0M | $8.3B | ||
| Q1 25 | $657.4M | $8.3B | ||
| Q4 24 | $670.6M | $8.4B | ||
| Q3 24 | $663.9M | $8.7B | ||
| Q2 24 | $562.7M | $8.4B | ||
| Q1 24 | $571.4M | $8.3B |
总资产AHHCBRE
| Q4 25 | $2.6B | $30.9B | ||
| Q3 25 | $2.6B | $28.6B | ||
| Q2 25 | $2.6B | $27.7B | ||
| Q1 25 | $2.5B | $26.4B | ||
| Q4 24 | $2.5B | $24.4B | ||
| Q3 24 | $2.6B | $24.8B | ||
| Q2 24 | $2.6B | $23.5B | ||
| Q1 24 | $2.6B | $23.0B |
负债/权益比AHHCBRE
| Q4 25 | 2.43× | — | ||
| Q3 25 | 2.33× | — | ||
| Q2 25 | 2.22× | — | ||
| Q1 25 | 2.01× | — | ||
| Q4 24 | 1.93× | — | ||
| Q3 24 | 2.00× | — | ||
| Q2 24 | 2.52× | — | ||
| Q1 24 | 2.50× | — |
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 | — | $1.2B |
| 自由现金流经营现金流 - 资本支出 | — | $1.1B |
| 自由现金流率自由现金流/营收 | — | 9.4% |
| 资本支出强度资本支出/营收 | — | 1.3% |
| 现金转化率经营现金流/净利润 | — | 2.94× |
| 过去12个月自由现金流最近4个季度 | — | $1.2B |
8季度趋势，按日历期对齐
经营现金流AHHCBRE
| Q4 25 | — | $1.2B | ||
| Q3 25 | $26.3M | $827.0M | ||
| Q2 25 | $11.1M | $57.0M | ||
| Q1 25 | $107.0K | $-546.0M | ||
| Q4 24 | $20.8M | $1.3B | ||
| Q3 24 | $27.3M | $573.0M | ||
| Q2 24 | $17.4M | $287.0M | ||
| Q1 24 | $46.5M | $-492.0M |
自由现金流AHHCBRE
| Q4 25 | — | $1.1B | ||
| Q3 25 | — | $743.0M | ||
| Q2 25 | — | $-17.0M | ||
| Q1 25 | — | $-610.0M | ||
| Q4 24 | — | $1.2B | ||
| Q3 24 | — | $494.0M | ||
| Q2 24 | — | $220.0M | ||
| Q1 24 | — | $-560.0M |
自由现金流率AHHCBRE
| Q4 25 | — | 9.4% | ||
| Q3 25 | — | 7.4% | ||
| Q2 25 | — | -0.2% | ||
| Q1 25 | — | -7.0% | ||
| Q4 24 | — | 12.2% | ||
| Q3 24 | — | 5.6% | ||
| Q2 24 | — | 2.7% | ||
| Q1 24 | — | -7.2% |
资本支出强度AHHCBRE
| Q4 25 | — | 1.3% | ||
| Q3 25 | — | 0.8% | ||
| Q2 25 | — | 0.8% | ||
| Q1 25 | — | 0.7% | ||
| Q4 24 | — | 0.9% | ||
| Q3 24 | — | 0.9% | ||
| Q2 24 | — | 0.8% | ||
| Q1 24 | — | 0.9% |
现金转化率AHHCBRE
| Q4 25 | — | 2.94× | ||
| Q3 25 | 328.63× | 2.28× | ||
| Q2 25 | 1.87× | 0.27× | ||
| Q1 25 | — | -3.35× | ||
| Q4 24 | 0.89× | 2.75× | ||
| Q3 24 | — | 2.55× | ||
| Q2 24 | 5.48× | 2.21× | ||
| Q1 24 | 3.30× | -3.90× |
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% |
CBRE
| Other | $5.8B | 51% |
| Project Management Segment | $2.2B | 19% |
| Advisory Leasing | $1.5B | 13% |
| Advisory Sales | $756.0M | 7% |
| Property Management | $695.0M | 6% |
| Investment Management Property Management Brokerage And Other Professional Services | $156.0M | 1% |
| Commercial Mortgage Origination | $95.0M | 1% |
| Other Portfolio Services | $87.0M | 1% |
| Loan Servicing | $73.0M | 1% |
| Real Estate Development Services | $60.0M | 1% |
