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美国铁塔（AMT）与TopBuild Corp（BLD）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TopBuild Corp的1.8倍（$2.7B vs $1.5B），美国铁塔净利率更高（110.1% vs 7.0%，领先103.1%），TopBuild Corp同比增速更快（13.2% vs 6.8%），美国铁塔自由现金流更多（$941.0M vs $159.4M），过去两年TopBuild Corp的营收复合增速更高（7.8% vs 3.7%）
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。
HashiCorp是总部位于美国加利福尼亚州旧金山的软件企业，2012年由米切尔·桥本与阿蒙·达德加创立，采用免费增值商业模式，为开发、运维及安全从业人员提供云基础设施配置、防护、运行与连接相关的工具及产品。
AMT vs BLD — 直观对比
营收规模更大
AMT
是对方的1.8倍
$1.5B
营收增速更快
BLD
高出6.4%
6.8%
净利率更高
AMT
高出103.1%
7.0%
自由现金流更多
AMT
多$781.6M
$159.4M
两年增速更快
BLD
近两年复合增速
3.7%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $2.7B | $1.5B |
| 净利润 | $3.0B | $104.5M |
| 毛利率 | — | 27.2% |
| 营业利润率 | 0.0% | 12.1% |
| 净利率 | 110.1% | 7.0% |
| 营收同比 | 6.8% | 13.2% |
| 净利润同比 | -2.6% | -30.6% |
| 每股收益（稀释后） | — | $3.69 |
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AMTBLD
| Q1 26 | $2.7B | — | ||
| Q4 25 | $2.7B | $1.5B | ||
| Q3 25 | $2.7B | $1.4B | ||
| Q2 25 | $2.6B | $1.3B | ||
| Q1 25 | $2.6B | $1.2B | ||
| Q4 24 | $2.5B | $1.3B | ||
| Q3 24 | $2.5B | $1.4B | ||
| Q2 24 | $2.5B | $1.4B |
净利润AMTBLD
| Q1 26 | $3.0B | — | ||
| Q4 25 | $836.8M | $104.5M | ||
| Q3 25 | $912.6M | $142.2M | ||
| Q2 25 | $380.5M | $151.6M | ||
| Q1 25 | $498.6M | $123.4M | ||
| Q4 24 | $1.2B | $150.5M | ||
| Q3 24 | $-780.4M | $169.0M | ||
| Q2 24 | $908.4M | $150.7M |
毛利率AMTBLD
| Q1 26 | — | — | ||
| Q4 25 | — | 27.2% | ||
| Q3 25 | — | 30.1% | ||
| Q2 25 | — | 30.4% | ||
| Q1 25 | — | 28.5% | ||
| Q4 24 | — | 29.9% | ||
| Q3 24 | — | 30.7% | ||
| Q2 24 | — | 31.0% |
营业利润率AMTBLD
| Q1 26 | 0.0% | — | ||
| Q4 25 | 42.4% | 12.1% | ||
| Q3 25 | 45.4% | 15.4% | ||
| Q2 25 | 45.6% | 16.9% | ||
| Q1 25 | 48.9% | 14.4% | ||
| Q4 24 | 42.4% | 16.6% | ||
| Q3 24 | 45.2% | 17.8% | ||
| Q2 24 | 45.4% | 15.4% |
净利率AMTBLD
| Q1 26 | 110.1% | — | ||
| Q4 25 | 30.6% | 7.0% | ||
| Q3 25 | 33.6% | 10.2% | ||
| Q2 25 | 14.5% | 11.7% | ||
| Q1 25 | 19.5% | 10.0% | ||
| Q4 24 | 48.3% | 11.5% | ||
| Q3 24 | -30.9% | 12.3% | ||
| Q2 24 | 35.7% | 11.0% |
每股收益（稀释后）AMTBLD
| Q1 26 | — | — | ||
| Q4 25 | $1.76 | $3.69 | ||
| Q3 25 | $1.82 | $5.04 | ||
| Q2 25 | $0.78 | $5.32 | ||
| Q1 25 | $1.04 | $4.23 | ||
| Q4 24 | $2.63 | $5.07 | ||
| Q3 24 | $-1.69 | $5.65 | ||
| Q2 24 | $1.92 | $4.78 |
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 | $1.6B | $184.7M |
| 总债务越低越好 | — | $2.8B |
| 股东权益账面价值 | $10.2B | $2.3B |
| 总资产 | — | $6.6B |
| 负债/权益比越低杠杆越低 | — | 1.23× |
8季度趋势，按日历期对齐
现金及短期投资AMTBLD
| Q1 26 | $1.6B | — | ||
| Q4 25 | $1.5B | $184.7M | ||
| Q3 25 | $2.0B | $1.1B | ||
| Q2 25 | $2.1B | $842.5M | ||
| Q1 25 | $2.1B | $308.8M | ||
| Q4 24 | $2.0B | $400.3M | ||
| Q3 24 | $2.2B | $257.3M | ||
| Q2 24 | $2.2B | $463.2M |
总债务AMTBLD
| Q1 26 | — | — | ||
| Q4 25 | $33.8B | $2.8B | ||
| Q3 25 | $34.9B | $2.9B | ||
| Q2 25 | $35.2B | $1.9B | ||
| Q1 25 | $34.0B | $1.4B | ||
| Q4 24 | $32.8B | $1.4B | ||
| Q3 24 | $33.4B | $1.4B | ||
| Q2 24 | $35.6B | $1.4B |
股东权益AMTBLD
| Q1 26 | $10.2B | — | ||
| Q4 25 | $3.7B | $2.3B | ||
| Q3 25 | $4.0B | $2.2B | ||
| Q2 25 | $3.7B | $2.1B | ||
| Q1 25 | $3.5B | $2.1B | ||
| Q4 24 | $3.4B | $2.2B | ||
| Q3 24 | $3.6B | $2.1B | ||
| Q2 24 | $3.9B | $2.4B |
总资产AMTBLD
| Q1 26 | — | — | ||
| Q4 25 | $63.2B | $6.6B | ||
| Q3 25 | $63.9B | $6.4B | ||
| Q2 25 | $63.8B | $5.1B | ||
| Q1 25 | $62.1B | $4.6B | ||
| Q4 24 | $61.1B | $4.7B | ||
| Q3 24 | $62.8B | $4.7B | ||
| Q2 24 | $65.8B | $4.9B |
负债/权益比AMTBLD
| Q1 26 | — | — | ||
| Q4 25 | 9.26× | 1.23× | ||
| Q3 25 | 8.82× | 1.29× | ||
| Q2 25 | 9.48× | 0.88× | ||
| Q1 25 | 9.63× | 0.65× | ||
| Q4 24 | 9.70× | 0.62× | ||
| Q3 24 | 9.16× | 0.66× | ||
| Q2 24 | 9.24× | 0.59× |
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 | — | $176.7M |
| 自由现金流经营现金流 - 资本支出 | $941.0M | $159.4M |
| 自由现金流率自由现金流/营收 | 34.4% | 10.7% |
| 资本支出强度资本支出/营收 | 16.8% | 1.2% |
| 现金转化率经营现金流/净利润 | — | 1.69× |
| 过去12个月自由现金流最近4个季度 | $6.7B | $696.9M |
8季度趋势，按日历期对齐
经营现金流AMTBLD
| Q1 26 | — | — | ||
| Q4 25 | $5.5B | $176.7M | ||
| Q3 25 | $1.5B | $233.3M | ||
| Q2 25 | $1.3B | $193.7M | ||
| Q1 25 | $1.3B | $152.6M | ||
| Q4 24 | $5.3B | $266.2M | ||
| Q3 24 | $1.5B | $240.7M | ||
| Q2 24 | $1.3B | $90.4M |
自由现金流AMTBLD
| Q1 26 | $941.0M | — | ||
| Q4 25 | $3.8B | $159.4M | ||
| Q3 25 | $994.5M | $216.2M | ||
| Q2 25 | $976.9M | $182.2M | ||
| Q1 25 | $963.9M | $139.2M | ||
| Q4 24 | $3.7B | $253.7M | ||
| Q3 24 | $1.0B | $219.8M | ||
| Q2 24 | $1.0B | $74.3M |
自由现金流率AMTBLD
| Q1 26 | 34.4% | — | ||
| Q4 25 | 138.2% | 10.7% | ||
| Q3 25 | 36.6% | 15.5% | ||
| Q2 25 | 37.2% | 14.0% | ||
| Q1 25 | 37.6% | 11.3% | ||
| Q4 24 | 145.3% | 19.3% | ||
| Q3 24 | 41.4% | 16.0% | ||
| Q2 24 | 39.8% | 5.4% |
资本支出强度AMTBLD
| Q1 26 | 16.8% | — | ||
| Q4 25 | 61.4% | 1.2% | ||
| Q3 25 | 17.1% | 1.2% | ||
| Q2 25 | 11.6% | 0.9% | ||
| Q1 25 | 12.9% | 1.1% | ||
| Q4 24 | 62.4% | 1.0% | ||
| Q3 24 | 16.8% | 1.5% | ||
| Q2 24 | 12.8% | 1.2% |
现金转化率AMTBLD
| Q1 26 | — | — | ||
| Q4 25 | 6.53× | 1.69× | ||
| Q3 25 | 1.60× | 1.64× | ||
| Q2 25 | 3.37× | 1.28× | ||
| Q1 25 | 2.60× | 1.24× | ||
| Q4 24 | 4.30× | 1.77× | ||
| Q3 24 | — | 1.42× | ||
| Q2 24 | 1.47× | 0.60× |
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
AMT
暂无分部数据
BLD
| Distribution Segment | $755.4M | 51% |
| Residential | $557.9M | 38% |
| All Other Products | $91.9M | 6% |
| Glass And Windows | $51.5M | 3% |
| Rain Gutters | $27.1M | 2% |
