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American Healthcare REIT, Inc.（AHR）与VORNADO REALTY TRUST（VNO）财务数据对比。点击上方公司名可切换其他公司
American Healthcare REIT, Inc.的季度营收约是VORNADO REALTY TRUST的1.2倍（$564.0M vs $453.7M），American Healthcare REIT, Inc.净利率更高（1.9% vs 1.1%，领先0.8%），American Healthcare REIT, Inc.同比增速更快（13.5% vs -0.9%），过去两年American Healthcare REIT, Inc.的营收复合增速更高（11.7% vs 2.0%）
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。
Vornado Realty Trust是1982年于美国马里兰州注册成立的房地产投资信托，总部设立在纽约市，核心业务为投资曼哈顿核心区域的优质写字楼及临街零售商业地产，是纽约当地颇具影响力的商业地产投资运营机构。
AHR vs VNO — 直观对比
营收规模更大
AHR
是对方的1.2倍
$453.7M
营收增速更快
AHR
高出14.4%
-0.9%
净利率更高
AHR
高出0.8%
1.1%
两年增速更快
AHR
近两年复合增速
2.0%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $564.0M | $453.7M |
| 净利润 | $10.8M | $4.9M |
| 毛利率 | 14.8% | — |
| 营业利润率 | 19.8% | 2.8% |
| 净利率 | 1.9% | 1.1% |
| 营收同比 | 13.5% | -0.9% |
| 净利润同比 | 133.9% | -14.7% |
| 每股收益（稀释后） | $0.07 | $0.01 |
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AHRVNO
| Q4 25 | $564.0M | $453.7M | ||
| Q3 25 | $532.1M | $453.7M | ||
| Q2 25 | $501.3M | $441.4M | ||
| Q1 25 | $497.2M | $461.6M | ||
| Q4 24 | $496.8M | $457.8M | ||
| Q3 24 | $476.8M | $443.3M | ||
| Q2 24 | $458.0M | $450.3M | ||
| Q1 24 | $452.1M | $436.4M |
净利润AHRVNO
| Q4 25 | $10.8M | $4.9M | ||
| Q3 25 | $55.9M | $27.1M | ||
| Q2 25 | $9.9M | $759.3M | ||
| Q1 25 | $-6.8M | $102.4M | ||
| Q4 24 | $-31.8M | $5.8M | ||
| Q3 24 | $-4.1M | $-3.6M | ||
| Q2 24 | $2.0M | $50.8M | ||
| Q1 24 | $-3.9M | $6.5M |
毛利率AHRVNO
| Q4 25 | 14.8% | — | ||
| Q3 25 | 14.6% | — | ||
| Q2 25 | 15.0% | — | ||
| Q1 25 | 13.0% | — | ||
| Q4 24 | 13.3% | — | ||
| Q3 24 | 12.5% | — | ||
| Q2 24 | 12.1% | — | ||
| Q1 24 | 10.7% | — |
营业利润率AHRVNO
| Q4 25 | 19.8% | 2.8% | ||
| Q3 25 | 19.9% | 3.0% | ||
| Q2 25 | 20.6% | — | ||
| Q1 25 | 19.0% | 23.2% | ||
| Q4 24 | 20.0% | 2.5% | ||
| Q3 24 | 19.6% | -3.3% | ||
| Q2 24 | 19.4% | 10.1% | ||
| Q1 24 | 18.2% | 0.1% |
净利率AHRVNO
| Q4 25 | 1.9% | 1.1% | ||
| Q3 25 | 10.5% | 6.0% | ||
| Q2 25 | 2.0% | 172.0% | ||
| Q1 25 | -1.4% | 22.2% | ||
| Q4 24 | -6.4% | 1.3% | ||
| Q3 24 | -0.9% | -0.8% | ||
| Q2 24 | 0.4% | 11.3% | ||
| Q1 24 | -0.9% | 1.5% |
每股收益（稀释后）AHRVNO
| Q4 25 | $0.07 | $0.01 | ||
| Q3 25 | $0.33 | $0.06 | ||
| Q2 25 | $0.06 | $3.70 | ||
| Q1 25 | $-0.04 | $0.43 | ||
| Q4 24 | $-0.23 | $0.01 | ||
| Q3 24 | $-0.03 | $-0.10 | ||
| Q2 24 | $0.01 | $0.18 | ||
| Q1 24 | $-0.04 | $-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 | $114.8M | $840.9M |
| 总债务越低越好 | — | $2.3B |
| 股东权益账面价值 | $3.3B | $6.0B |
| 总资产 | $5.4B | $15.5B |
| 负债/权益比越低杠杆越低 | — | 0.38× |
8季度趋势，按日历期对齐
现金及短期投资AHRVNO
| Q4 25 | $114.8M | $840.9M | ||
| Q3 25 | $147.4M | $1.0B | ||
| Q2 25 | $133.5M | $1.2B | ||
| Q1 25 | $86.1M | $568.9M | ||
| Q4 24 | $76.7M | $733.9M | ||
| Q3 24 | $67.8M | $783.6M | ||
| Q2 24 | $52.1M | $872.6M | ||
| Q1 24 | $77.0M | $892.7M |
总债务AHRVNO
| Q4 25 | — | $2.3B | ||
| Q3 25 | — | $2.3B | ||
| Q2 25 | — | $2.1B | ||
| Q1 25 | — | $2.1B | ||
| Q4 24 | — | $2.6B | ||
| Q3 24 | — | $2.6B | ||
| Q2 24 | — | $2.6B | ||
| Q1 24 | — | $2.6B |
股东权益AHRVNO
| Q4 25 | $3.3B | $6.0B | ||
| Q3 25 | $2.7B | $6.1B | ||
| Q2 25 | $2.4B | $6.1B | ||
| Q1 25 | $2.3B | $5.3B | ||
| Q4 24 | $2.3B | $5.2B | ||
| Q3 24 | $2.2B | $5.3B | ||
| Q2 24 | $1.9B | $5.6B | ||
| Q1 24 | $2.0B | $5.5B |
总资产AHRVNO
| Q4 25 | $5.4B | $15.5B | ||
| Q3 25 | $4.8B | $15.7B | ||
| Q2 25 | $4.5B | $15.6B | ||
| Q1 25 | $4.5B | $15.6B | ||
| Q4 24 | $4.5B | $16.0B | ||
| Q3 24 | $4.7B | $16.1B | ||
| Q2 24 | $4.6B | $16.2B | ||
| Q1 24 | $4.7B | $16.2B |
负债/权益比AHRVNO
| Q4 25 | — | 0.38× | ||
| Q3 25 | — | 0.37× | ||
| Q2 25 | — | 0.35× | ||
| Q1 25 | — | 0.40× | ||
| Q4 24 | — | 0.50× | ||
| Q3 24 | — | 0.49× | ||
| Q2 24 | — | 0.46× | ||
| Q1 24 | — | 0.46× |
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 | $1.3B |
| 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 | — | — |
| 现金转化率经营现金流/净利润 | 5.12× | 256.08× |
| 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AHRVNO
| Q4 25 | $55.2M | $1.3B | ||
| Q3 25 | $107.2M | $33.2M | ||
| Q2 25 | $71.5M | $1.0B | ||
| Q1 25 | $60.6M | $52.0M | ||
| Q4 24 | $59.5M | $537.7M | ||
| Q3 24 | $63.1M | $105.4M | ||
| Q2 24 | $59.4M | $194.7M | ||
| Q1 24 | $-6.0M | $31.5M |
现金转化率AHRVNO
| Q4 25 | 5.12× | 256.08× | ||
| Q3 25 | 1.92× | 1.22× | ||
| Q2 25 | 7.21× | 1.35× | ||
| Q1 25 | — | 0.51× | ||
| Q4 24 | — | 93.39× | ||
| Q3 24 | — | — | ||
| Q2 24 | 30.02× | 3.83× | ||
| Q1 24 | — | 4.85× |
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% |
VNO
| New York Segment | $374.8M | 83% |
| Building Maintenance Service | $41.2M | 9% |
| Other | $27.7M | 6% |
| Tenant Services | $11.1M | 2% |
| Management And Leasing Fees | $2.6M | 1% |
