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阿拉斯加航空集团（ALK）与西蒙地产集团（SPG）财务数据对比。点击上方公司名可切换其他公司
阿拉斯加航空集团的季度营收约是西蒙地产集团的1.8倍（$3.3B vs $1.8B），西蒙地产集团净利率更高（197.6% vs -5.8%，领先203.4%），西蒙地产集团同比增速更快（13.2% vs 5.2%），过去两年西蒙地产集团的营收复合增速更高（11.4% vs 6.7%）
阿拉斯加航空集团是总部位于美国华盛顿州西塔科的航空控股企业，旗下拥有阿拉斯加航空、夏威夷航空两家干线航司，以及区域航司地平线航空，阿拉斯加航空还全资控股飞机地面服务提供商麦吉航空服务。
西蒙地产集团是美国头部房地产投资信托企业，核心投资范畴涵盖购物中心、奥特莱斯、社区及生活方式中心，是美国规模最大的购物中心持有方，总部位于印第安纳州印第安纳波利斯，截至2024年12月末共持有232处物业的相关权益。
ALK vs SPG — 直观对比
营收规模更大
ALK
是对方的1.8倍
$1.8B
营收增速更快
SPG
高出8.0%
5.2%
净利率更高
SPG
高出203.4%
-5.8%
两年增速更快
SPG
近两年复合增速
6.7%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $3.3B | $1.8B |
| 净利润 | $-193.0M | $3.5B |
| 毛利率 | — | — |
| 营业利润率 | — | 49.7% |
| 净利率 | -5.8% | 197.6% |
| 营收同比 | 5.2% | 13.2% |
| 净利润同比 | -16.3% | 358.7% |
| 每股收益（稀释后） | $-1.69 | $9.34 |
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ALKSPG
| Q1 26 | $3.3B | — | ||
| Q4 25 | $3.6B | $1.8B | ||
| Q3 25 | $3.8B | $1.6B | ||
| Q2 25 | $3.7B | $1.5B | ||
| Q1 25 | $3.1B | $1.5B | ||
| Q4 24 | $3.5B | $1.6B | ||
| Q3 24 | $3.1B | $1.5B | ||
| Q2 24 | $2.9B | $1.5B |
净利润ALKSPG
| Q1 26 | $-193.0M | — | ||
| Q4 25 | $21.0M | $3.5B | ||
| Q3 25 | $73.0M | $702.7M | ||
| Q2 25 | $172.0M | $643.7M | ||
| Q1 25 | $-166.0M | $477.9M | ||
| Q4 24 | $71.0M | $771.8M | ||
| Q3 24 | $236.0M | $546.7M | ||
| Q2 24 | $220.0M | $569.4M |
营业利润率ALKSPG
| Q1 26 | — | — | ||
| Q4 25 | 2.1% | 49.7% | ||
| Q3 25 | 3.9% | 50.8% | ||
| Q2 25 | 7.5% | 49.7% | ||
| Q1 25 | -6.3% | 49.4% | ||
| Q4 24 | 2.1% | 52.8% | ||
| Q3 24 | 11.1% | 51.9% | ||
| Q2 24 | 11.1% | 51.7% |
净利率ALKSPG
| Q1 26 | -5.8% | — | ||
| Q4 25 | 0.6% | 197.6% | ||
| Q3 25 | 1.9% | 43.9% | ||
| Q2 25 | 4.6% | 43.0% | ||
| Q1 25 | -5.3% | 32.4% | ||
| Q4 24 | 2.0% | 48.8% | ||
| Q3 24 | 7.7% | 36.9% | ||
| Q2 24 | 7.6% | 39.0% |
每股收益（稀释后）ALKSPG
| Q1 26 | $-1.69 | — | ||
| Q4 25 | $0.14 | $9.34 | ||
| Q3 25 | $0.62 | $1.86 | ||
| Q2 25 | $1.42 | $1.70 | ||
| Q1 25 | $-1.35 | $1.27 | ||
| Q4 24 | $0.58 | $2.04 | ||
| Q3 24 | $1.84 | $1.46 | ||
| Q2 24 | $1.71 | $1.51 |
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 | $451.0M | $823.1M |
| 总债务越低越好 | $5.3B | $28.4B |
| 股东权益账面价值 | $3.7B | $5.2B |
| 总资产 | $20.3B | $40.6B |
| 负债/权益比越低杠杆越低 | 1.43× | 5.46× |
8季度趋势，按日历期对齐
现金及短期投资ALKSPG
| Q1 26 | $451.0M | — | ||
| Q4 25 | $627.0M | $823.1M | ||
| Q3 25 | $2.3B | $1.6B | ||
| Q2 25 | $2.1B | $1.2B | ||
| Q1 25 | $2.5B | $1.4B | ||
| Q4 24 | $2.5B | $1.4B | ||
| Q3 24 | $2.5B | $2.5B | ||
| Q2 24 | $2.5B | $2.5B |
总债务ALKSPG
| Q1 26 | $5.3B | — | ||
| Q4 25 | $4.8B | $28.4B | ||
| Q3 25 | $5.0B | $25.8B | ||
| Q2 25 | $4.9B | $25.4B | ||
| Q1 25 | $4.8B | $24.8B | ||
| Q4 24 | $4.5B | $24.3B | ||
| Q3 24 | $4.6B | $25.4B | ||
| Q2 24 | $2.7B | $25.3B |
股东权益ALKSPG
| Q1 26 | $3.7B | — | ||
| Q4 25 | $4.1B | $5.2B | ||
| Q3 25 | $4.0B | $2.3B | ||
| Q2 25 | $3.9B | $2.5B | ||
| Q1 25 | $4.1B | $2.6B | ||
| Q4 24 | $4.4B | $2.9B | ||
| Q3 24 | $4.5B | $2.7B | ||
| Q2 24 | $4.2B | $2.9B |
总资产ALKSPG
| Q1 26 | $20.3B | — | ||
| Q4 25 | $20.4B | $40.6B | ||
| Q3 25 | $20.0B | $33.6B | ||
| Q2 25 | $19.9B | $33.3B | ||
| Q1 25 | $19.8B | $32.5B | ||
| Q4 24 | $19.8B | $32.4B | ||
| Q3 24 | $19.6B | $33.3B | ||
| Q2 24 | $15.3B | $33.4B |
负债/权益比ALKSPG
| Q1 26 | 1.43× | — | ||
| Q4 25 | 1.17× | 5.46× | ||
| Q3 25 | 1.24× | 10.98× | ||
| Q2 25 | 1.26× | 10.36× | ||
| Q1 25 | 1.16× | 9.50× | ||
| Q4 24 | 1.04× | 8.25× | ||
| Q3 24 | 1.03× | 9.37× | ||
| Q2 24 | 0.63× | 8.59× |
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 | $229.0M | $1.2B |
| 自由现金流经营现金流 - 资本支出 | — | $948.8M |
| 自由现金流率自由现金流/营收 | — | 53.0% |
| 资本支出强度资本支出/营收 | 10.2% | 14.2% |
| 现金转化率经营现金流/净利润 | — | 0.34× |
| 过去12个月自由现金流最近4个季度 | — | $3.2B |
8季度趋势，按日历期对齐
经营现金流ALKSPG
| Q1 26 | $229.0M | — | ||
| Q4 25 | $185.0M | $1.2B | ||
| Q3 25 | $229.0M | $890.3M | ||
| Q2 25 | $376.0M | $1.2B | ||
| Q1 25 | $459.0M | $827.2M | ||
| Q4 24 | $274.0M | $1.1B | ||
| Q3 24 | $318.0M | $892.9M | ||
| Q2 24 | $580.0M | $1.1B |
自由现金流ALKSPG
| Q1 26 | — | — | ||
| Q4 25 | — | $948.8M | ||
| Q3 25 | — | $685.0M | ||
| Q2 25 | — | $971.3M | ||
| Q1 25 | — | $597.0M | ||
| Q4 24 | — | $867.7M | ||
| Q3 24 | — | $706.5M | ||
| Q2 24 | — | $874.8M |
自由现金流率ALKSPG
| Q1 26 | — | — | ||
| Q4 25 | — | 53.0% | ||
| Q3 25 | — | 42.8% | ||
| Q2 25 | — | 64.8% | ||
| Q1 25 | — | 40.5% | ||
| Q4 24 | — | 54.8% | ||
| Q3 24 | — | 47.7% | ||
| Q2 24 | — | 60.0% |
资本支出强度ALKSPG
| Q1 26 | 10.2% | — | ||
| Q4 25 | — | 14.2% | ||
| Q3 25 | — | 12.8% | ||
| Q2 25 | — | 16.3% | ||
| Q1 25 | — | 15.6% | ||
| Q4 24 | — | 13.8% | ||
| Q3 24 | — | 12.6% | ||
| Q2 24 | — | 12.9% |
现金转化率ALKSPG
| Q1 26 | — | — | ||
| Q4 25 | 8.81× | 0.34× | ||
| Q3 25 | 3.14× | 1.27× | ||
| Q2 25 | 2.19× | 1.89× | ||
| Q1 25 | — | 1.73× | ||
| Q4 24 | 3.86× | 1.41× | ||
| Q3 24 | 1.35× | 1.63× | ||
| Q2 24 | 2.64× | 1.87× |
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
ALK
| Passenger revenue | $2.9B | 88% |
| Loyalty program other revenue | $227.0M | 7% |
| Cargo and other revenue | $153.0M | 5% |
SPG
| Real Estate Segment | $1.7B | 95% |
| Other | $86.3M | 5% |
