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美国铁塔（AMT）与黑石集团（BX）财务数据对比。点击上方公司名可切换其他公司
黑石集团的季度营收约是美国铁塔的1.2倍（$3.3B vs $2.7B），美国铁塔净利率更高（110.1% vs 36.7%，领先73.4%），美国铁塔同比增速更快（6.8% vs -77.7%），过去两年黑石集团的营收复合增速更高（8.5% 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。
黑石集团是总部位于美国纽约的另类资产管理机构，1985年由曾共同任职于雷曼兄弟的彼得·彼得森和斯蒂芬·施瓦茨曼创立，最初主营并购咨询业务。过去三十年间，其私募股权业务是全球最大的杠杆收购投资方之一，地产业务也在全球积极布局商业不动产投资。
AMT vs BX — 直观对比
营收规模更大
BX
是对方的1.2倍
$2.7B
营收增速更快
AMT
高出84.6%
-77.7%
净利率更高
AMT
高出73.4%
36.7%
两年增速更快
BX
近两年复合增速
3.7%
损益表 — Q1 FY2026 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $2.7B | $3.3B |
| 净利润 | $3.0B | $1.2B |
| 毛利率 | — | — |
| 营业利润率 | 0.0% | — |
| 净利率 | 110.1% | 36.7% |
| 营收同比 | 6.8% | -77.7% |
| 净利润同比 | -2.6% | -76.1% |
| 每股收益（稀释后） | — | $0.80 |
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AMTBX
| Q1 26 | $2.7B | $3.3B | ||
| Q4 25 | $2.7B | $4.4B | ||
| Q3 25 | $2.7B | $3.1B | ||
| Q2 25 | $2.6B | $3.7B | ||
| Q1 25 | $2.6B | $3.3B | ||
| Q4 24 | $2.5B | $3.1B | ||
| Q3 24 | $2.5B | $3.7B | ||
| Q2 24 | $2.5B | $2.8B |
净利润AMTBX
| Q1 26 | $3.0B | $1.2B | ||
| Q4 25 | $836.8M | $1.0B | ||
| Q3 25 | $912.6M | $624.9M | ||
| Q2 25 | $380.5M | $764.2M | ||
| Q1 25 | $498.6M | $614.9M | ||
| Q4 24 | $1.2B | $703.9M | ||
| Q3 24 | $-780.4M | $780.8M | ||
| Q2 24 | $908.4M | $444.4M |
营业利润率AMTBX
| Q1 26 | 0.0% | — | ||
| Q4 25 | 42.4% | 54.1% | ||
| Q3 25 | 45.4% | 46.8% | ||
| Q2 25 | 45.6% | 51.6% | ||
| Q1 25 | 48.9% | 44.2% | ||
| Q4 24 | 42.4% | 50.6% | ||
| Q3 24 | 45.2% | 49.4% | ||
| Q2 24 | 45.4% | 43.2% |
净利率AMTBX
| Q1 26 | 110.1% | 36.7% | ||
| Q4 25 | 30.6% | 23.3% | ||
| Q3 25 | 33.6% | 20.2% | ||
| Q2 25 | 14.5% | 20.6% | ||
| Q1 25 | 19.5% | 18.7% | ||
| Q4 24 | 48.3% | 22.8% | ||
| Q3 24 | -30.9% | 21.3% | ||
| Q2 24 | 35.7% | 15.9% |
每股收益（稀释后）AMTBX
| Q1 26 | — | $0.80 | ||
| Q4 25 | $1.76 | $1.29 | ||
| Q3 25 | $1.82 | $0.80 | ||
| Q2 25 | $0.78 | $0.98 | ||
| Q1 25 | $1.04 | $0.80 | ||
| Q4 24 | $2.63 | $0.91 | ||
| Q3 24 | $-1.69 | $1.02 | ||
| Q2 24 | $1.92 | $0.58 |
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 | $2.4B |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $10.2B | $18.5B |
| 总资产 | — | $45.3B |
| 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AMTBX
| Q1 26 | $1.6B | $2.4B | ||
| Q4 25 | $1.5B | $2.6B | ||
| Q3 25 | $2.0B | $2.4B | ||
| Q2 25 | $2.1B | $2.2B | ||
| Q1 25 | $2.1B | $2.4B | ||
| Q4 24 | $2.0B | $2.0B | ||
| Q3 24 | $2.2B | $2.4B | ||
| Q2 24 | $2.2B | $2.4B |
总债务AMTBX
| Q1 26 | — | — | ||
| Q4 25 | $33.8B | $12.6B | ||
| Q3 25 | $34.9B | $12.1B | ||
| Q2 25 | $35.2B | $12.1B | ||
| Q1 25 | $34.0B | $12.6B | ||
| Q4 24 | $32.8B | $11.5B | ||
| Q3 24 | $33.4B | $10.9B | ||
| Q2 24 | $35.6B | $10.8B |
股东权益AMTBX
| Q1 26 | $10.2B | $18.5B | ||
| Q4 25 | $3.7B | $8.7B | ||
| Q3 25 | $4.0B | $8.4B | ||
| Q2 25 | $3.7B | $8.4B | ||
| Q1 25 | $3.5B | $8.0B | ||
| Q4 24 | $3.4B | $8.2B | ||
| Q3 24 | $3.6B | $7.0B | ||
| Q2 24 | $3.9B | $6.8B |
总资产AMTBX
| Q1 26 | — | $45.3B | ||
| Q4 25 | $63.2B | $47.7B | ||
| Q3 25 | $63.9B | $46.6B | ||
| Q2 25 | $63.8B | $45.4B | ||
| Q1 25 | $62.1B | $45.3B | ||
| Q4 24 | $61.1B | $43.5B | ||
| Q3 24 | $62.8B | $42.6B | ||
| Q2 24 | $65.8B | $40.6B |
负债/权益比AMTBX
| Q1 26 | — | — | ||
| Q4 25 | 9.26× | 1.45× | ||
| Q3 25 | 8.82× | 1.44× | ||
| Q2 25 | 9.48× | 1.45× | ||
| Q1 25 | 9.63× | 1.58× | ||
| Q4 24 | 9.70× | 1.40× | ||
| Q3 24 | 9.16× | 1.55× | ||
| Q2 24 | 9.24× | 1.58× |
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 | — | — |
| 自由现金流经营现金流 - 资本支出 | $941.0M | — |
| 自由现金流率自由现金流/营收 | 34.4% | — |
| 资本支出强度资本支出/营收 | 16.8% | — |
| 现金转化率经营现金流/净利润 | — | — |
| 过去12个月自由现金流最近4个季度 | $6.7B | — |
8季度趋势，按日历期对齐
经营现金流AMTBX
| Q1 26 | — | — | ||
| Q4 25 | $5.5B | $1.1B | ||
| Q3 25 | $1.5B | $1.6B | ||
| Q2 25 | $1.3B | $888.5M | ||
| Q1 25 | $1.3B | $1.1B | ||
| Q4 24 | $5.3B | $161.4M | ||
| Q3 24 | $1.5B | $1.2B | ||
| Q2 24 | $1.3B | $1.2B |
自由现金流AMTBX
| Q1 26 | $941.0M | — | ||
| Q4 25 | $3.8B | $1.0B | ||
| Q3 25 | $994.5M | $1.6B | ||
| Q2 25 | $976.9M | $848.4M | ||
| Q1 25 | $963.9M | $1.1B | ||
| Q4 24 | $3.7B | $149.5M | ||
| Q3 24 | $1.0B | $1.2B | ||
| Q2 24 | $1.0B | $1.1B |
自由现金流率AMTBX
| Q1 26 | 34.4% | — | ||
| Q4 25 | 138.2% | 24.0% | ||
| Q3 25 | 36.6% | 51.0% | ||
| Q2 25 | 37.2% | 22.9% | ||
| Q1 25 | 37.6% | 32.8% | ||
| Q4 24 | 145.3% | 4.9% | ||
| Q3 24 | 41.4% | 32.8% | ||
| Q2 24 | 39.8% | 41.0% |
资本支出强度AMTBX
| Q1 26 | 16.8% | — | ||
| Q4 25 | 61.4% | 0.5% | ||
| Q3 25 | 17.1% | 0.8% | ||
| Q2 25 | 11.6% | 1.1% | ||
| Q1 25 | 12.9% | 0.9% | ||
| Q4 24 | 62.4% | 0.4% | ||
| Q3 24 | 16.8% | 0.5% | ||
| Q2 24 | 12.8% | 0.4% |
现金转化率AMTBX
| Q1 26 | — | — | ||
| Q4 25 | 6.53× | 1.05× | ||
| Q3 25 | 1.60× | 2.56× | ||
| Q2 25 | 3.37× | 1.16× | ||
| Q1 25 | 2.60× | 1.80× | ||
| Q4 24 | 4.30× | 0.23× | ||
| Q3 24 | — | 1.56× | ||
| Q2 24 | 1.47× | 2.61× |
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
BX
| Management and Advisory Fees, Net | $1.9B | 58% |
| Realized | $562.0M | 17% |
| Other | $368.1M | 11% |
| Unrealized | $263.2M | 8% |
| Incentive Fees | $191.8M | 6% |
