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美国铁塔（AMT）与Eversource Energy（ES）财务数据对比。点击上方公司名可切换其他公司
Eversource Energy的季度营收约是美国铁塔的1.2倍（$3.4B vs $2.7B），美国铁塔净利率更高（110.1% vs 12.6%，领先97.6%），Eversource Energy同比增速更快（13.4% vs 6.8%），美国铁塔自由现金流更多（$941.0M vs $-67.3M），过去两年美国铁塔的营收复合增速更高（3.7% vs 0.6%）
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。
Eversource Energy是位列财富500强的上市能源企业，总部位于美国马萨诸塞州斯普林菲尔德，在康涅狄格州哈特福德、马萨诸塞州波士顿均设有办公据点，旗下多家受监管子公司为康涅狄格、马萨诸塞、新罕布什尔三州约400万用户提供零售电力、天然气及供水服务。
AMT vs ES — 直观对比
营收规模更大
ES
是对方的1.2倍
$2.7B
营收增速更快
ES
高出6.6%
6.8%
净利率更高
AMT
高出97.6%
12.6%
自由现金流更多
AMT
多$1.0B
$-67.3M
两年增速更快
AMT
近两年复合增速
0.6%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $2.7B | $3.4B |
| 净利润 | $3.0B | $423.2M |
| 毛利率 | — | — |
| 营业利润率 | 0.0% | 21.1% |
| 净利率 | 110.1% | 12.6% |
| 营收同比 | 6.8% | 13.4% |
| 净利润同比 | -2.6% | 468.8% |
| 每股收益（稀释后） | — | $1.11 |
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AMTES
| Q1 26 | $2.7B | — | ||
| Q4 25 | $2.7B | $3.4B | ||
| Q3 25 | $2.7B | $3.2B | ||
| Q2 25 | $2.6B | $2.8B | ||
| Q1 25 | $2.6B | $4.1B | ||
| Q4 24 | $2.5B | $3.0B | ||
| Q3 24 | $2.5B | $3.1B | ||
| Q2 24 | $2.5B | $2.5B |
净利润AMTES
| Q1 26 | $3.0B | — | ||
| Q4 25 | $836.8M | $423.2M | ||
| Q3 25 | $912.6M | $369.4M | ||
| Q2 25 | $380.5M | $354.6M | ||
| Q1 25 | $498.6M | $552.7M | ||
| Q4 24 | $1.2B | $74.4M | ||
| Q3 24 | $-780.4M | $-116.2M | ||
| Q2 24 | $908.4M | $337.2M |
营业利润率AMTES
| Q1 26 | 0.0% | — | ||
| Q4 25 | 42.4% | 21.1% | ||
| Q3 25 | 45.4% | 21.4% | ||
| Q2 25 | 45.6% | 23.4% | ||
| Q1 25 | 48.9% | 22.5% | ||
| Q4 24 | 42.4% | 11.7% | ||
| Q3 24 | 45.2% | 20.0% | ||
| Q2 24 | 45.4% | 23.8% |
净利率AMTES
| Q1 26 | 110.1% | — | ||
| Q4 25 | 30.6% | 12.6% | ||
| Q3 25 | 33.6% | 11.5% | ||
| Q2 25 | 14.5% | 12.5% | ||
| Q1 25 | 19.5% | 13.4% | ||
| Q4 24 | 48.3% | 2.5% | ||
| Q3 24 | -30.9% | -3.8% | ||
| Q2 24 | 35.7% | 13.3% |
每股收益（稀释后）AMTES
| Q1 26 | — | — | ||
| Q4 25 | $1.76 | $1.11 | ||
| Q3 25 | $1.82 | $0.99 | ||
| Q2 25 | $0.78 | $0.96 | ||
| Q1 25 | $1.04 | $1.50 | ||
| Q4 24 | $2.63 | $0.16 | ||
| Q3 24 | $-1.69 | $-0.33 | ||
| Q2 24 | $1.92 | $0.95 |
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 | $135.4M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $10.2B | $16.2B |
| 总资产 | — | $63.8B |
| 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AMTES
| Q1 26 | $1.6B | — | ||
| Q4 25 | $1.5B | $135.4M | ||
| Q3 25 | $2.0B | $259.3M | ||
| Q2 25 | $2.1B | $343.7M | ||
| Q1 25 | $2.1B | $111.4M | ||
| Q4 24 | $2.0B | $26.7M | ||
| Q3 24 | $2.2B | $97.9M | ||
| Q2 24 | $2.2B | — |
总债务AMTES
| 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AMTES
| Q1 26 | $10.2B | — | ||
| Q4 25 | $3.7B | $16.2B | ||
| Q3 25 | $4.0B | $16.0B | ||
| Q2 25 | $3.7B | $15.7B | ||
| Q1 25 | $3.5B | $15.3B | ||
| Q4 24 | $3.4B | $15.0B | ||
| Q3 24 | $3.6B | $15.0B | ||
| Q2 24 | $3.9B | $14.8B |
总资产AMTES
| Q1 26 | — | — | ||
| Q4 25 | $63.2B | $63.8B | ||
| Q3 25 | $63.9B | $61.7B | ||
| Q2 25 | $63.8B | $61.0B | ||
| Q1 25 | $62.1B | $60.2B | ||
| Q4 24 | $61.1B | $59.6B | ||
| Q3 24 | $62.8B | $58.6B | ||
| Q2 24 | $65.8B | $58.4B |
负债/权益比AMTES
| 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 | — | $916.1M |
| 自由现金流经营现金流 - 资本支出 | $941.0M | $-67.3M |
| 自由现金流率自由现金流/营收 | 34.4% | -2.0% |
| 资本支出强度资本支出/营收 | 16.8% | 29.2% |
| 现金转化率经营现金流/净利润 | — | 2.16× |
| 过去12个月自由现金流最近4个季度 | $6.7B | $-45.1M |
8季度趋势，按日历期对齐
经营现金流AMTES
| Q1 26 | — | — | ||
| Q4 25 | $5.5B | $916.1M | ||
| Q3 25 | $1.5B | $1.1B | ||
| Q2 25 | $1.3B | $1.1B | ||
| Q1 25 | $1.3B | $1.0B | ||
| Q4 24 | $5.3B | $642.1M | ||
| Q3 24 | $1.5B | $555.6M | ||
| Q2 24 | $1.3B | $670.7M |
自由现金流AMTES
| Q1 26 | $941.0M | — | ||
| Q4 25 | $3.8B | $-67.3M | ||
| Q3 25 | $994.5M | $-26.3M | ||
| Q2 25 | $976.9M | $15.3M | ||
| Q1 25 | $963.9M | $33.2M | ||
| Q4 24 | $3.7B | $-546.5M | ||
| Q3 24 | $1.0B | $-515.4M | ||
| Q2 24 | $1.0B | $-400.8M |
自由现金流率AMTES
| Q1 26 | 34.4% | — | ||
| Q4 25 | 138.2% | -2.0% | ||
| Q3 25 | 36.6% | -0.8% | ||
| Q2 25 | 37.2% | 0.5% | ||
| Q1 25 | 37.6% | 0.8% | ||
| Q4 24 | 145.3% | -18.4% | ||
| Q3 24 | 41.4% | -16.8% | ||
| Q2 24 | 39.8% | -15.8% |
资本支出强度AMTES
| Q1 26 | 16.8% | — | ||
| Q4 25 | 61.4% | 29.2% | ||
| Q3 25 | 17.1% | 35.0% | ||
| Q2 25 | 11.6% | 36.7% | ||
| Q1 25 | 12.9% | 24.5% | ||
| Q4 24 | 62.4% | 40.0% | ||
| Q3 24 | 16.8% | 35.0% | ||
| Q2 24 | 12.8% | 42.3% |
现金转化率AMTES
| Q1 26 | — | — | ||
| Q4 25 | 6.53× | 2.16× | ||
| Q3 25 | 1.60× | 2.98× | ||
| Q2 25 | 3.37× | 2.98× | ||
| Q1 25 | 2.60× | 1.88× | ||
| Q4 24 | 4.30× | 8.63× | ||
| Q3 24 | — | — | ||
| Q2 24 | 1.47× | 1.99× |
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
ES
| Residential | $1.2B | 35% |
| Commercial | $789.0M | 23% |
| Eversource Electric Transmission | $573.8M | 17% |
| Wholesale Transmission Revenue | $570.0M | 17% |
| Industrial | $102.6M | 3% |
| Water Distribution Segment | $58.4M | 2% |
| Eversource Water | $56.3M | 2% |
| Other Revenue Adjustmentsfrom Contractswith Customers | $25.9M | 1% |
