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美国铁塔（AMT）与戴德梁行（CWK）财务数据对比。点击上方公司名可切换其他公司
戴德梁行的季度营收约是美国铁塔的1.1倍（$2.9B vs $2.7B），美国铁塔净利率更高（110.1% vs -0.8%，领先110.9%），戴德梁行同比增速更快（10.8% vs 6.8%），美国铁塔自由现金流更多（$941.0M vs $234.3M），过去两年戴德梁行的营收复合增速更高（15.5% 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。
戴德梁行是全球化的商业地产及物业管理服务提供商，总部位于美国伊利诺伊州芝加哥，由联合创始人J·克莱兹代尔·库什曼和伯纳德·韦克菲尔德共同创立，在全球商业地产服务领域拥有广泛的业务布局与专业服务能力，为各类客户提供定制化的地产相关解决方案。
AMT vs CWK — 直观对比
营收规模更大
CWK
是对方的1.1倍
$2.7B
营收增速更快
CWK
高出4.0%
6.8%
净利率更高
AMT
高出110.9%
-0.8%
自由现金流更多
AMT
多$706.7M
$234.3M
两年增速更快
CWK
近两年复合增速
3.7%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $2.7B | $2.9B |
| 净利润 | $3.0B | $-22.4M |
| 毛利率 | — | — |
| 营业利润率 | 0.0% | 6.1% |
| 净利率 | 110.1% | -0.8% |
| 营收同比 | 6.8% | 10.8% |
| 净利润同比 | -2.6% | -119.8% |
| 每股收益（稀释后） | — | $-0.10 |
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AMTCWK
| Q1 26 | $2.7B | — | ||
| Q4 25 | $2.7B | $2.9B | ||
| Q3 25 | $2.7B | $2.6B | ||
| Q2 25 | $2.6B | $2.5B | ||
| Q1 25 | $2.6B | $2.3B | ||
| Q4 24 | $2.5B | $2.6B | ||
| Q3 24 | $2.5B | $2.3B | ||
| Q2 24 | $2.5B | $2.3B |
净利润AMTCWK
| Q1 26 | $3.0B | — | ||
| Q4 25 | $836.8M | $-22.4M | ||
| Q3 25 | $912.6M | $51.4M | ||
| Q2 25 | $380.5M | $57.3M | ||
| Q1 25 | $498.6M | $1.9M | ||
| Q4 24 | $1.2B | $112.9M | ||
| Q3 24 | $-780.4M | $33.7M | ||
| Q2 24 | $908.4M | $13.5M |
营业利润率AMTCWK
| Q1 26 | 0.0% | — | ||
| Q4 25 | 42.4% | 6.1% | ||
| Q3 25 | 45.4% | 4.1% | ||
| Q2 25 | 45.6% | 4.9% | ||
| Q1 25 | 48.9% | 2.0% | ||
| Q4 24 | 42.4% | 6.6% | ||
| Q3 24 | 45.2% | 3.2% | ||
| Q2 24 | 45.4% | 3.1% |
净利率AMTCWK
| Q1 26 | 110.1% | — | ||
| Q4 25 | 30.6% | -0.8% | ||
| Q3 25 | 33.6% | 2.0% | ||
| Q2 25 | 14.5% | 2.3% | ||
| Q1 25 | 19.5% | 0.1% | ||
| Q4 24 | 48.3% | 4.3% | ||
| Q3 24 | -30.9% | 1.4% | ||
| Q2 24 | 35.7% | 0.6% |
每股收益（稀释后）AMTCWK
| Q1 26 | — | — | ||
| Q4 25 | $1.76 | $-0.10 | ||
| Q3 25 | $1.82 | $0.22 | ||
| Q2 25 | $0.78 | $0.25 | ||
| Q1 25 | $1.04 | $0.01 | ||
| Q4 24 | $2.63 | $0.49 | ||
| Q3 24 | $-1.69 | $0.14 | ||
| Q2 24 | $1.92 | $0.06 |
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 | $784.2M |
| 总债务越低越好 | — | $2.7B |
| 股东权益账面价值 | $10.2B | $2.0B |
| 总资产 | — | $7.7B |
| 负债/权益比越低杠杆越低 | — | 1.40× |
8季度趋势，按日历期对齐
现金及短期投资AMTCWK
| Q1 26 | $1.6B | — | ||
| Q4 25 | $1.5B | $784.2M | ||
| Q3 25 | $2.0B | $634.4M | ||
| Q2 25 | $2.1B | $618.2M | ||
| Q1 25 | $2.1B | $623.2M | ||
| Q4 24 | $2.0B | $793.3M | ||
| Q3 24 | $2.2B | $775.4M | ||
| Q2 24 | $2.2B | $567.3M |
总债务AMTCWK
| Q1 26 | — | — | ||
| Q4 25 | $33.8B | $2.7B | ||
| Q3 25 | $34.9B | $2.8B | ||
| Q2 25 | $35.2B | $3.0B | ||
| Q1 25 | $34.0B | $3.0B | ||
| Q4 24 | $32.8B | $3.0B | ||
| Q3 24 | $33.4B | $3.1B | ||
| Q2 24 | $35.6B | $3.1B |
股东权益AMTCWK
| Q1 26 | $10.2B | — | ||
| Q4 25 | $3.7B | $2.0B | ||
| Q3 25 | $4.0B | $2.0B | ||
| Q2 25 | $3.7B | $1.9B | ||
| Q1 25 | $3.5B | $1.8B | ||
| Q4 24 | $3.4B | $1.8B | ||
| Q3 24 | $3.6B | $1.7B | ||
| Q2 24 | $3.9B | $1.6B |
总资产AMTCWK
| Q1 26 | — | — | ||
| Q4 25 | $63.2B | $7.7B | ||
| Q3 25 | $63.9B | $7.7B | ||
| Q2 25 | $63.8B | $7.6B | ||
| Q1 25 | $62.1B | $7.4B | ||
| Q4 24 | $61.1B | $7.5B | ||
| Q3 24 | $62.8B | $7.5B | ||
| Q2 24 | $65.8B | $7.3B |
负债/权益比AMTCWK
| Q1 26 | — | — | ||
| Q4 25 | 9.26× | 1.40× | ||
| Q3 25 | 8.82× | 1.45× | ||
| Q2 25 | 9.48× | 1.57× | ||
| Q1 25 | 9.63× | 1.70× | ||
| Q4 24 | 9.70× | 1.73× | ||
| Q3 24 | 9.16× | 1.81× | ||
| Q2 24 | 9.24× | 1.91× |
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 | — | $257.3M |
| 自由现金流经营现金流 - 资本支出 | $941.0M | $234.3M |
| 自由现金流率自由现金流/营收 | 34.4% | 8.0% |
| 资本支出强度资本支出/营收 | 16.8% | 0.8% |
| 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 | $293.0M |
8季度趋势，按日历期对齐
经营现金流AMTCWK
| Q1 26 | — | — | ||
| Q4 25 | $5.5B | $257.3M | ||
| Q3 25 | $1.5B | $235.5M | ||
| Q2 25 | $1.3B | $9.6M | ||
| Q1 25 | $1.3B | $-162.0M | ||
| Q4 24 | $5.3B | $115.2M | ||
| Q3 24 | $1.5B | $196.1M | ||
| Q2 24 | $1.3B | $21.8M |
自由现金流AMTCWK
| Q1 26 | $941.0M | — | ||
| Q4 25 | $3.8B | $234.3M | ||
| Q3 25 | $994.5M | $225.0M | ||
| Q2 25 | $976.9M | $300.0K | ||
| Q1 25 | $963.9M | $-166.6M | ||
| Q4 24 | $3.7B | $105.9M | ||
| Q3 24 | $1.0B | $186.7M | ||
| Q2 24 | $1.0B | $10.0M |
自由现金流率AMTCWK
| Q1 26 | 34.4% | — | ||
| Q4 25 | 138.2% | 8.0% | ||
| Q3 25 | 36.6% | 8.6% | ||
| Q2 25 | 37.2% | 0.0% | ||
| Q1 25 | 37.6% | -7.3% | ||
| Q4 24 | 145.3% | 4.0% | ||
| Q3 24 | 41.4% | 8.0% | ||
| Q2 24 | 39.8% | 0.4% |
资本支出强度AMTCWK
| Q1 26 | 16.8% | — | ||
| Q4 25 | 61.4% | 0.8% | ||
| Q3 25 | 17.1% | 0.4% | ||
| Q2 25 | 11.6% | 0.4% | ||
| Q1 25 | 12.9% | 0.2% | ||
| Q4 24 | 62.4% | 0.4% | ||
| Q3 24 | 16.8% | 0.4% | ||
| Q2 24 | 12.8% | 0.5% |
现金转化率AMTCWK
| Q1 26 | — | — | ||
| Q4 25 | 6.53× | — | ||
| Q3 25 | 1.60× | 4.58× | ||
| Q2 25 | 3.37× | 0.17× | ||
| Q1 25 | 2.60× | -85.26× | ||
| Q4 24 | 4.30× | 1.02× | ||
| Q3 24 | — | 5.82× | ||
| Q2 24 | 1.47× | 1.61× |
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
CWK
| Equity Method Investment Nonconsolidated Investee Or Group Of Investees | $1.8B | 61% |
| Other | $1.1B | 39% |
