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美国铁塔（AMT）与福陆（FLR）财务数据对比。点击上方公司名可切换其他公司
福陆的季度营收约是美国铁塔的1.5倍（$4.2B vs $2.7B），美国铁塔净利率更高（110.1% vs -37.7%，领先147.8%），美国铁塔同比增速更快（6.8% vs -2.0%），美国铁塔自由现金流更多（$941.0M vs $-378.0M），过去两年福陆的营收复合增速更高（5.7% 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。
福陆是总部位于美国得克萨斯州欧文市的工程建设企业，通过旗下子公司提供油气、工业与基础设施、政府项目及电力三大核心领域的服务，是《财富》世界500强中排名最高的上市工程建设企业，总排名位列第265位。
AMT vs FLR — 直观对比
营收规模更大
FLR
是对方的1.5倍
$2.7B
营收增速更快
AMT
高出8.8%
-2.0%
净利率更高
AMT
高出147.8%
-37.7%
自由现金流更多
AMT
多$1.3B
$-378.0M
两年增速更快
FLR
近两年复合增速
3.7%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $2.7B | $4.2B |
| 净利润 | $3.0B | $-1.6B |
| 毛利率 | — | 3.2% |
| 营业利润率 | 0.0% | 1.3% |
| 净利率 | 110.1% | -37.7% |
| 营收同比 | 6.8% | -2.0% |
| 净利润同比 | -2.6% | -184.4% |
| 每股收益（稀释后） | — | $-9.40 |
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AMTFLR
| Q1 26 | $2.7B | — | ||
| Q4 25 | $2.7B | $4.2B | ||
| Q3 25 | $2.7B | $3.4B | ||
| Q2 25 | $2.6B | $4.0B | ||
| Q1 25 | $2.6B | $4.0B | ||
| Q4 24 | $2.5B | $4.3B | ||
| Q3 24 | $2.5B | $4.1B | ||
| Q2 24 | $2.5B | $4.2B |
净利润AMTFLR
| Q1 26 | $3.0B | — | ||
| Q4 25 | $836.8M | $-1.6B | ||
| Q3 25 | $912.6M | $-697.0M | ||
| Q2 25 | $380.5M | $2.5B | ||
| Q1 25 | $498.6M | $-241.0M | ||
| Q4 24 | $1.2B | $1.9B | ||
| Q3 24 | $-780.4M | $54.0M | ||
| Q2 24 | $908.4M | $169.0M |
毛利率AMTFLR
| Q1 26 | — | — | ||
| Q4 25 | — | 3.2% | ||
| Q3 25 | — | -13.3% | ||
| Q2 25 | — | 1.4% | ||
| Q1 25 | — | 3.5% | ||
| Q4 24 | — | 4.9% | ||
| Q3 24 | — | 2.1% | ||
| Q2 24 | — | 4.2% |
营业利润率AMTFLR
| Q1 26 | 0.0% | — | ||
| Q4 25 | 42.4% | 1.3% | ||
| Q3 25 | 45.4% | -14.7% | ||
| Q2 25 | 45.6% | -0.7% | ||
| Q1 25 | 48.9% | 2.3% | ||
| Q4 24 | 42.4% | 4.4% | ||
| Q3 24 | 45.2% | 1.2% | ||
| Q2 24 | 45.4% | 4.2% |
净利率AMTFLR
| Q1 26 | 110.1% | — | ||
| Q4 25 | 30.6% | -37.7% | ||
| Q3 25 | 33.6% | -20.7% | ||
| Q2 25 | 14.5% | 61.8% | ||
| Q1 25 | 19.5% | -6.1% | ||
| Q4 24 | 48.3% | 43.7% | ||
| Q3 24 | -30.9% | 1.3% | ||
| Q2 24 | 35.7% | 4.0% |
每股收益（稀释后）AMTFLR
| Q1 26 | — | — | ||
| Q4 25 | $1.76 | $-9.40 | ||
| Q3 25 | $1.82 | $-4.30 | ||
| Q2 25 | $0.78 | $14.81 | ||
| Q1 25 | $1.04 | $-1.42 | ||
| Q4 24 | $2.63 | $10.68 | ||
| Q3 24 | $-1.69 | $0.31 | ||
| Q2 24 | $1.92 | $0.97 |
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 | $2.2B |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $10.2B | $3.2B |
| 总资产 | — | $8.2B |
| 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AMTFLR
| Q1 26 | $1.6B | — | ||
| Q4 25 | $1.5B | $2.2B | ||
| Q3 25 | $2.0B | $2.8B | ||
| Q2 25 | $2.1B | $2.3B | ||
| Q1 25 | $2.1B | $2.5B | ||
| Q4 24 | $2.0B | $3.0B | ||
| Q3 24 | $2.2B | $3.0B | ||
| Q2 24 | $2.2B | $2.7B |
总债务AMTFLR
| 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AMTFLR
| Q1 26 | $10.2B | — | ||
| Q4 25 | $3.7B | $3.2B | ||
| Q3 25 | $4.0B | $5.2B | ||
| Q2 25 | $3.7B | $5.9B | ||
| Q1 25 | $3.5B | $3.6B | ||
| Q4 24 | $3.4B | $3.9B | ||
| Q3 24 | $3.6B | $2.3B | ||
| Q2 24 | $3.9B | $2.1B |
总资产AMTFLR
| Q1 26 | — | — | ||
| Q4 25 | $63.2B | $8.2B | ||
| Q3 25 | $63.9B | $11.5B | ||
| Q2 25 | $63.8B | $11.8B | ||
| Q1 25 | $62.1B | $8.4B | ||
| Q4 24 | $61.1B | $9.1B | ||
| Q3 24 | $62.8B | $7.1B | ||
| Q2 24 | $65.8B | $6.8B |
负债/权益比AMTFLR
| 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 | — | $-366.0M |
| 自由现金流经营现金流 - 资本支出 | $941.0M | $-378.0M |
| 自由现金流率自由现金流/营收 | 34.4% | -9.1% |
| 资本支出强度资本支出/营收 | 16.8% | 0.3% |
| 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 | $-437.0M |
8季度趋势，按日历期对齐
经营现金流AMTFLR
| Q1 26 | — | — | ||
| Q4 25 | $5.5B | $-366.0M | ||
| Q3 25 | $1.5B | $286.0M | ||
| Q2 25 | $1.3B | $-21.0M | ||
| Q1 25 | $1.3B | $-286.0M | ||
| Q4 24 | $5.3B | $327.0M | ||
| Q3 24 | $1.5B | $330.0M | ||
| Q2 24 | $1.3B | $282.0M |
自由现金流AMTFLR
| Q1 26 | $941.0M | — | ||
| Q4 25 | $3.8B | $-378.0M | ||
| Q3 25 | $994.5M | $273.0M | ||
| Q2 25 | $976.9M | $-35.0M | ||
| Q1 25 | $963.9M | $-297.0M | ||
| Q4 24 | $3.7B | $296.0M | ||
| Q3 24 | $1.0B | $279.0M | ||
| Q2 24 | $1.0B | $234.0M |
自由现金流率AMTFLR
| Q1 26 | 34.4% | — | ||
| Q4 25 | 138.2% | -9.1% | ||
| Q3 25 | 36.6% | 8.1% | ||
| Q2 25 | 37.2% | -0.9% | ||
| Q1 25 | 37.6% | -7.5% | ||
| Q4 24 | 145.3% | 6.9% | ||
| Q3 24 | 41.4% | 6.8% | ||
| Q2 24 | 39.8% | 5.5% |
资本支出强度AMTFLR
| Q1 26 | 16.8% | — | ||
| Q4 25 | 61.4% | 0.3% | ||
| Q3 25 | 17.1% | 0.4% | ||
| Q2 25 | 11.6% | 0.4% | ||
| Q1 25 | 12.9% | 0.3% | ||
| Q4 24 | 62.4% | 0.7% | ||
| Q3 24 | 16.8% | 1.2% | ||
| Q2 24 | 12.8% | 1.1% |
现金转化率AMTFLR
| Q1 26 | — | — | ||
| Q4 25 | 6.53× | — | ||
| Q3 25 | 1.60× | — | ||
| Q2 25 | 3.37× | -0.01× | ||
| Q1 25 | 2.60× | — | ||
| Q4 24 | 4.30× | 0.18× | ||
| Q3 24 | — | 6.11× | ||
| Q2 24 | 1.47× | 1.67× |
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
FLR
| Urban Solutions Segment | $2.6B | 63% |
| Energy Solutions Segment | $943.0M | 23% |
| Mission Solutions Segment | $600.0M | 14% |
