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美国铁塔（AMT）与EPAM Systems（EPAM）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EPAM Systems的1.9倍（$2.7B vs $1.4B），美国铁塔净利率更高（110.1% vs 7.8%，领先102.3%），EPAM Systems同比增速更快（12.8% vs 6.8%），美国铁塔自由现金流更多（$941.0M vs $268.1M），过去两年EPAM Systems的营收复合增速更高（9.9% 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。
EPAM Systems是总部位于美国宾夕法尼亚州纽敦的企业，核心业务涵盖软件工程服务、数字平台研发、数字产品设计三大板块，同时是MACH联盟的创始成员，在全球数字化服务赛道拥有深厚的技术积累与行业认可度。
AMT vs EPAM — 直观对比
营收规模更大
AMT
是对方的1.9倍
$1.4B
营收增速更快
EPAM
高出5.9%
6.8%
净利率更高
AMT
高出102.3%
7.8%
自由现金流更多
AMT
多$672.9M
$268.1M
两年增速更快
EPAM
近两年复合增速
3.7%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $2.7B | $1.4B |
| 净利润 | $3.0B | $109.4M |
| 毛利率 | — | 30.1% |
| 营业利润率 | 0.0% | 10.6% |
| 净利率 | 110.1% | 7.8% |
| 营收同比 | 6.8% | 12.8% |
| 净利润同比 | -2.6% | 5.9% |
| 每股收益（稀释后） | — | $1.97 |
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AMTEPAM
| Q1 26 | $2.7B | — | ||
| Q4 25 | $2.7B | $1.4B | ||
| Q3 25 | $2.7B | $1.4B | ||
| Q2 25 | $2.6B | $1.4B | ||
| Q1 25 | $2.6B | $1.3B | ||
| Q4 24 | $2.5B | $1.2B | ||
| Q3 24 | $2.5B | $1.2B | ||
| Q2 24 | $2.5B | $1.1B |
净利润AMTEPAM
| Q1 26 | $3.0B | — | ||
| Q4 25 | $836.8M | $109.4M | ||
| Q3 25 | $912.6M | $106.8M | ||
| Q2 25 | $380.5M | $88.0M | ||
| Q1 25 | $498.6M | $73.5M | ||
| Q4 24 | $1.2B | $103.3M | ||
| Q3 24 | $-780.4M | $136.3M | ||
| Q2 24 | $908.4M | $98.6M |
毛利率AMTEPAM
| Q1 26 | — | — | ||
| Q4 25 | — | 30.1% | ||
| Q3 25 | — | 29.5% | ||
| Q2 25 | — | 28.8% | ||
| Q1 25 | — | 26.9% | ||
| Q4 24 | — | 30.4% | ||
| Q3 24 | — | 34.6% | ||
| Q2 24 | — | 29.3% |
营业利润率AMTEPAM
| Q1 26 | 0.0% | — | ||
| Q4 25 | 42.4% | 10.6% | ||
| Q3 25 | 45.4% | 10.4% | ||
| Q2 25 | 45.6% | 9.3% | ||
| Q1 25 | 48.9% | 7.6% | ||
| Q4 24 | 42.4% | 10.9% | ||
| Q3 24 | 45.2% | 15.2% | ||
| Q2 24 | 45.4% | 10.5% |
净利率AMTEPAM
| Q1 26 | 110.1% | — | ||
| Q4 25 | 30.6% | 7.8% | ||
| Q3 25 | 33.6% | 7.7% | ||
| Q2 25 | 14.5% | 6.5% | ||
| Q1 25 | 19.5% | 5.6% | ||
| Q4 24 | 48.3% | 8.3% | ||
| Q3 24 | -30.9% | 11.7% | ||
| Q2 24 | 35.7% | 8.6% |
每股收益（稀释后）AMTEPAM
| Q1 26 | — | — | ||
| Q4 25 | $1.76 | $1.97 | ||
| Q3 25 | $1.82 | $1.91 | ||
| Q2 25 | $0.78 | $1.56 | ||
| Q1 25 | $1.04 | $1.28 | ||
| Q4 24 | $2.63 | $1.80 | ||
| Q3 24 | $-1.69 | $2.37 | ||
| Q2 24 | $1.92 | $1.70 |
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 | $1.3B |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $10.2B | $3.7B |
| 总资产 | — | $4.9B |
| 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AMTEPAM
| Q1 26 | $1.6B | — | ||
| Q4 25 | $1.5B | $1.3B | ||
| Q3 25 | $2.0B | $1.2B | ||
| Q2 25 | $2.1B | $1.0B | ||
| Q1 25 | $2.1B | $1.2B | ||
| Q4 24 | $2.0B | $1.3B | ||
| Q3 24 | $2.2B | $2.1B | ||
| Q2 24 | $2.2B | $1.8B |
总债务AMTEPAM
| Q1 26 | — | — | ||
| Q4 25 | $33.8B | — | ||
| Q3 25 | $34.9B | — | ||
| Q2 25 | $35.2B | — | ||
| Q1 25 | $34.0B | — | ||
| Q4 24 | $32.8B | — | ||
| Q3 24 | $33.4B | — | ||
| Q2 24 | $35.6B | — |
股东权益AMTEPAM
| Q1 26 | $10.2B | — | ||
| Q4 25 | $3.7B | $3.7B | ||
| Q3 25 | $4.0B | $3.7B | ||
| Q2 25 | $3.7B | $3.7B | ||
| Q1 25 | $3.5B | $3.6B | ||
| Q4 24 | $3.4B | $3.6B | ||
| Q3 24 | $3.6B | $3.6B | ||
| Q2 24 | $3.9B | $3.4B |
总资产AMTEPAM
| Q1 26 | — | — | ||
| Q4 25 | $63.2B | $4.9B | ||
| Q3 25 | $63.9B | $4.8B | ||
| Q2 25 | $63.8B | $4.7B | ||
| Q1 25 | $62.1B | $4.7B | ||
| Q4 24 | $61.1B | $4.8B | ||
| Q3 24 | $62.8B | $4.5B | ||
| Q2 24 | $65.8B | $4.2B |
负债/权益比AMTEPAM
| Q1 26 | — | — | ||
| Q4 25 | 9.26× | — | ||
| Q3 25 | 8.82× | — | ||
| Q2 25 | 9.48× | — | ||
| Q1 25 | 9.63× | — | ||
| Q4 24 | 9.70× | — | ||
| Q3 24 | 9.16× | — | ||
| Q2 24 | 9.24× | — |
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 | — | $282.9M |
| 自由现金流经营现金流 - 资本支出 | $941.0M | $268.1M |
| 自由现金流率自由现金流/营收 | 34.4% | 19.0% |
| 资本支出强度资本支出/营收 | 16.8% | 1.1% |
| 现金转化率经营现金流/净利润 | — | 2.59× |
| 过去12个月自由现金流最近4个季度 | $6.7B | $612.7M |
8季度趋势，按日历期对齐
经营现金流AMTEPAM
| Q1 26 | — | — | ||
| Q4 25 | $5.5B | $282.9M | ||
| Q3 25 | $1.5B | $294.7M | ||
| Q2 25 | $1.3B | $53.2M | ||
| Q1 25 | $1.3B | $24.2M | ||
| Q4 24 | $5.3B | $130.3M | ||
| Q3 24 | $1.5B | $242.0M | ||
| Q2 24 | $1.3B | $57.0M |
自由现金流AMTEPAM
| Q1 26 | $941.0M | — | ||
| Q4 25 | $3.8B | $268.1M | ||
| Q3 25 | $994.5M | $286.4M | ||
| Q2 25 | $976.9M | $43.4M | ||
| Q1 25 | $963.9M | $14.8M | ||
| Q4 24 | $3.7B | $114.5M | ||
| Q3 24 | $1.0B | $237.0M | ||
| Q2 24 | $1.0B | $52.3M |
自由现金流率AMTEPAM
| Q1 26 | 34.4% | — | ||
| Q4 25 | 138.2% | 19.0% | ||
| Q3 25 | 36.6% | 20.5% | ||
| Q2 25 | 37.2% | 3.2% | ||
| Q1 25 | 37.6% | 1.1% | ||
| Q4 24 | 145.3% | 9.2% | ||
| Q3 24 | 41.4% | 20.3% | ||
| Q2 24 | 39.8% | 4.6% |
资本支出强度AMTEPAM
| Q1 26 | 16.8% | — | ||
| Q4 25 | 61.4% | 1.1% | ||
| Q3 25 | 17.1% | 0.6% | ||
| Q2 25 | 11.6% | 0.7% | ||
| Q1 25 | 12.9% | 0.7% | ||
| Q4 24 | 62.4% | 1.3% | ||
| Q3 24 | 16.8% | 0.4% | ||
| Q2 24 | 12.8% | 0.4% |
现金转化率AMTEPAM
| Q1 26 | — | — | ||
| Q4 25 | 6.53× | 2.59× | ||
| Q3 25 | 1.60× | 2.76× | ||
| Q2 25 | 3.37× | 0.60× | ||
| Q1 25 | 2.60× | 0.33× | ||
| Q4 24 | 4.30× | 1.26× | ||
| Q3 24 | — | 1.77× | ||
| Q2 24 | 1.47× | 0.58× |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
