vs
American Healthcare REIT, Inc.（AHR）与Healthpeak Properties（DOC）财务数据对比。点击上方公司名可切换其他公司
Healthpeak Properties的季度营收约是American Healthcare REIT, Inc.的1.2倍（$702.9M vs $564.0M），Healthpeak Properties净利率更高（51.6% vs 1.9%，领先49.7%），American Healthcare REIT, Inc.同比增速更快（13.5% vs -6.6%），过去两年American Healthcare REIT, Inc.的营收复合增速更高（11.7% vs 0.5%）
本公司是一家国际医疗房地产投资信托基金（REIT），总部位于美国阿拉巴马州伯明翰，主要在美国及欧洲地区收购、投资医疗机构与营利性医疗控股企业，物业收购多采用售后回租模式，租户通常签署长期三净租约。
Healthpeak Properties是美国医疗地产领域的房地产投资信托基金，核心投资范畴覆盖老年住宅、生命科学相关物业及医疗办公楼三类资产。公司2007年于马里兰州组建，总部设在科罗拉多州丹佛市，在尔湾、纳什维尔、旧金山均设有办事处，截至2019年12月31日共持有617处物业的权益。
AHR vs DOC — 直观对比
营收规模更大
DOC
是对方的1.2倍
$564.0M
营收增速更快
AHR
高出20.2%
-6.6%
净利率更高
DOC
高出49.7%
1.9%
两年增速更快
AHR
近两年复合增速
0.5%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $564.0M | $702.9M |
| 净利润 | $10.8M | $363.0M |
| 毛利率 | 14.8% | — |
| 营业利润率 | 19.8% | 0.7% |
| 净利率 | 1.9% | 51.6% |
| 营收同比 | 13.5% | -6.6% |
| 净利润同比 | 133.9% | 28.3% |
| 每股收益（稀释后） | $0.07 | $0.28 |
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AHRDOC
| Q1 26 | — | $702.9M | ||
| Q4 25 | $564.0M | $719.4M | ||
| Q3 25 | $532.1M | $705.9M | ||
| Q2 25 | $501.3M | $694.3M | ||
| Q1 25 | $497.2M | $702.9M | ||
| Q4 24 | $496.8M | $698.0M | ||
| Q3 24 | $476.8M | $700.4M | ||
| Q2 24 | $458.0M | $695.5M |
净利润AHRDOC
| Q1 26 | — | $363.0M | ||
| Q4 25 | $10.8M | $114.0M | ||
| Q3 25 | $55.9M | $-117.1M | ||
| Q2 25 | $9.9M | $31.7M | ||
| Q1 25 | $-6.8M | $42.8M | ||
| Q4 24 | $-31.8M | $4.5M | ||
| Q3 24 | $-4.1M | $85.9M | ||
| Q2 24 | $2.0M | $146.0M |
毛利率AHRDOC
| Q1 26 | — | — | ||
| Q4 25 | 14.8% | — | ||
| Q3 25 | 14.6% | 58.6% | ||
| Q2 25 | 15.0% | 60.2% | ||
| Q1 25 | 13.0% | 61.1% | ||
| Q4 24 | 13.3% | 60.3% | ||
| Q3 24 | 12.5% | 60.0% | ||
| Q2 24 | 12.1% | 60.6% |
营业利润率AHRDOC
| Q1 26 | — | 0.7% | ||
| Q4 25 | 19.8% | 17.4% | ||
| Q3 25 | 19.9% | 9.2% | ||
| Q2 25 | 20.6% | 5.7% | ||
| Q1 25 | 19.0% | 7.7% | ||
| Q4 24 | 20.0% | -2.2% | ||
| Q3 24 | 19.6% | 14.1% | ||
| Q2 24 | 19.4% | 22.3% |
净利率AHRDOC
| Q1 26 | — | 51.6% | ||
| Q4 25 | 1.9% | 73.2% | ||
| Q3 25 | 10.5% | -16.6% | ||
| Q2 25 | 2.0% | 4.6% | ||
| Q1 25 | -1.4% | 6.1% | ||
| Q4 24 | -6.4% | 0.7% | ||
| Q3 24 | -0.9% | 12.3% | ||
| Q2 24 | 0.4% | 21.0% |
每股收益（稀释后）AHRDOC
| Q1 26 | — | $0.28 | ||
| Q4 25 | $0.07 | $0.16 | ||
| Q3 25 | $0.33 | $-0.17 | ||
| Q2 25 | $0.06 | $0.05 | ||
| Q1 25 | $-0.04 | $0.06 | ||
| Q4 24 | $-0.23 | $0.02 | ||
| Q3 24 | $-0.03 | $0.12 | ||
| Q2 24 | $0.01 | $0.21 |
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 | $114.8M | $-1.2B |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $3.3B | $7.8B |
| 总资产 | $5.4B | $21.6B |
| 负债/权益比越低杠杆越低 | — | — |
8季度趋势，按日历期对齐
现金及短期投资AHRDOC
| Q1 26 | — | $-1.2B | ||
| Q4 25 | $114.8M | $467.5M | ||
| Q3 25 | $147.4M | $91.0M | ||
| Q2 25 | $133.5M | $89.4M | ||
| Q1 25 | $86.1M | $70.6M | ||
| Q4 24 | $76.7M | $119.8M | ||
| Q3 24 | $67.8M | $180.4M | ||
| Q2 24 | $52.1M | $106.9M |
总债务AHRDOC
| Q1 26 | — | — | ||
| Q4 25 | — | $9.8B | ||
| Q3 25 | — | $9.1B | ||
| Q2 25 | — | $9.0B | ||
| Q1 25 | — | $8.9B | ||
| Q4 24 | — | $8.7B | ||
| Q3 24 | — | $8.6B | ||
| Q2 24 | — | $8.6B |
股东权益AHRDOC
| Q1 26 | — | $7.8B | ||
| Q4 25 | $3.3B | $7.5B | ||
| Q3 25 | $2.7B | $7.6B | ||
| Q2 25 | $2.4B | $7.9B | ||
| Q1 25 | $2.3B | $8.2B | ||
| Q4 24 | $2.3B | $8.4B | ||
| Q3 24 | $2.2B | $8.6B | ||
| Q2 24 | $1.9B | $8.8B |
总资产AHRDOC
| Q1 26 | — | $21.6B | ||
| Q4 25 | $5.4B | $20.3B | ||
| Q3 25 | $4.8B | $19.6B | ||
| Q2 25 | $4.5B | $19.8B | ||
| Q1 25 | $4.5B | $19.8B | ||
| Q4 24 | $4.5B | $19.9B | ||
| Q3 24 | $4.7B | $20.0B | ||
| Q2 24 | $4.6B | $20.2B |
负债/权益比AHRDOC
| Q1 26 | — | — | ||
| Q4 25 | — | 1.31× | ||
| Q3 25 | — | 1.20× | ||
| Q2 25 | — | 1.14× | ||
| Q1 25 | — | 1.08× | ||
| Q4 24 | — | 1.04× | ||
| Q3 24 | — | 1.00× | ||
| Q2 24 | — | 0.98× |
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 | $55.2M | — |
| 自由现金流经营现金流 - 资本支出 | — | — |
| 自由现金流率自由现金流/营收 | — | — |
| 资本支出强度资本支出/营收 | — | 3.4% |
| 现金转化率经营现金流/净利润 | 5.12× | — |
| 过去12个月自由现金流最近4个季度 | — | — |
8季度趋势，按日历期对齐
经营现金流AHRDOC
| Q1 26 | — | — | ||
| Q4 25 | $55.2M | $1.3B | ||
| Q3 25 | $107.2M | $315.0M | ||
| Q2 25 | $71.5M | $363.5M | ||
| Q1 25 | $60.6M | $279.4M | ||
| Q4 24 | $59.5M | $1.1B | ||
| Q3 24 | $63.1M | $318.2M | ||
| Q2 24 | $59.4M | $316.2M |
自由现金流AHRDOC
| Q1 26 | — | — | ||
| Q4 25 | — | $357.0M | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $333.7M | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
自由现金流率AHRDOC
| Q1 26 | — | — | ||
| Q4 25 | — | 49.6% | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 47.8% | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
资本支出强度AHRDOC
| Q1 26 | — | 3.4% | ||
| Q4 25 | — | 124.4% | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 105.6% | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
现金转化率AHRDOC
| Q1 26 | — | — | ||
| Q4 25 | 5.12× | 10.99× | ||
| Q3 25 | 1.92× | — | ||
| Q2 25 | 7.21× | 11.48× | ||
| Q1 25 | — | 6.52× | ||
| Q4 24 | — | 235.43× | ||
| Q3 24 | — | 3.71× | ||
| Q2 24 | 30.02× | 2.17× |
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
AHR
| Integrated Senior Health Campuses | $467.0M | 83% |
| SHOP | $97.0M | 17% |
DOC
| Outpatient Medical | $320.5M | 46% |
| Lab | $217.6M | 31% |
| Senior Housing | $148.9M | 21% |
| Other | $14.3M | 2% |
| Corporate Non-segment | $1.5M | 0% |
