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美国铁塔（AMT）与Piedmont Realty Trust, Inc.（PDM）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Piedmont Realty Trust, Inc.的1.5倍（$219.8M vs $142.9M）。美国铁塔净利率更高（380.7% vs -30.3%，领先411.0%）。美国铁塔同比增速更快（4.5% vs -0.3%）。过去两年美国铁塔的营收复合增速更高（12.0% 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。
Piedmont Realty Trust是一家公开上市的房地产投资信托（REIT），主要持有、运营和投资美国高增长大都会区的优质写字楼资产，服务科技、专业服务、医疗等多个行业的企业租户，通过战略资产管理和投资组合优化为利益相关方提供稳定长期回报。
AMT vs PDM — 直观对比
营收规模更大
AMT
是对方的1.5倍
$142.9M
营收增速更快
AMT
高出4.7%
-0.3%
净利率更高
AMT
高出411.0%
-30.3%
两年增速更快
AMT
近两年复合增速
-0.6%
损益表 — Q4 2025 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $219.8M | $142.9M |
| 净利润 | $836.8M | $-43.2M |
| 毛利率 | — | — |
| 营业利润率 | — | — |
| 净利率 | 380.7% | -30.3% |
| 营收同比 | 4.5% | -0.3% |
| 净利润同比 | -32.0% | -44.3% |
| 每股收益（稀释后） | $1.76 | $-0.34 |
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AMTPDM
| Q4 25 | $219.8M | $142.9M | ||
| Q3 25 | $246.4M | $139.2M | ||
| Q2 25 | $243.7M | $140.3M | ||
| Q1 25 | $226.0M | $142.7M | ||
| Q4 24 | $210.4M | $143.2M | ||
| Q3 24 | $190.4M | $139.3M | ||
| Q2 24 | $198.6M | $143.3M | ||
| Q1 24 | $175.2M | $144.5M |
净利润AMTPDM
| Q4 25 | $836.8M | $-43.2M | ||
| Q3 25 | $912.6M | $-13.5M | ||
| Q2 25 | $380.5M | $-16.8M | ||
| Q1 25 | $498.6M | $-10.1M | ||
| Q4 24 | $1.2B | $-30.0M | ||
| Q3 24 | $-780.4M | $-11.5M | ||
| Q2 24 | $908.4M | $-9.8M | ||
| Q1 24 | $921.7M | $-27.8M |
净利率AMTPDM
| Q4 25 | 380.7% | -30.3% | ||
| Q3 25 | 370.4% | -9.7% | ||
| Q2 25 | 156.1% | -12.0% | ||
| Q1 25 | 220.6% | -7.1% | ||
| Q4 24 | 584.8% | -20.9% | ||
| Q3 24 | -409.9% | -8.3% | ||
| Q2 24 | 457.4% | -6.8% | ||
| Q1 24 | 526.1% | -19.2% |
每股收益（稀释后）AMTPDM
| Q4 25 | $1.76 | $-0.34 | ||
| Q3 25 | $1.82 | $-0.11 | ||
| Q2 25 | $0.78 | $-0.14 | ||
| Q1 25 | $1.04 | $-0.08 | ||
| Q4 24 | $2.63 | $-0.25 | ||
| Q3 24 | $-1.69 | $-0.09 | ||
| Q2 24 | $1.92 | $-0.08 | ||
| Q1 24 | $1.96 | $-0.22 |
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 | $1.5B | $731.0K |
| 总债务越低越好 | $33.8B | $2.2B |
| 股东权益账面价值 | $3.7B | $1.5B |
| 总资产 | $63.2B | $4.0B |
| 负债/权益比越低杠杆越低 | 9.26× | 1.49× |
8季度趋势，按日历期对齐
现金及短期投资AMTPDM
| Q4 25 | $1.5B | $731.0K | ||
| Q3 25 | $2.0B | $3.0M | ||
| Q2 25 | $2.1B | $3.3M | ||
| Q1 25 | $2.1B | $2.9M | ||
| Q4 24 | $2.0B | $109.6M | ||
| Q3 24 | $2.2B | $133.6M | ||
| Q2 24 | $2.5B | $138.5M | ||
| Q1 24 | $2.4B | $3.5M |
总债务AMTPDM
| Q4 25 | $33.8B | $2.2B | ||
| Q3 25 | $34.9B | $2.2B | ||
| Q2 25 | $35.2B | $2.2B | ||
| Q1 25 | $34.0B | $2.2B | ||
| Q4 24 | $32.8B | $2.2B | ||
| Q3 24 | $33.4B | $2.2B | ||
| Q2 24 | $35.6B | $2.2B | ||
| Q1 24 | $36.2B | $2.1B |
股东权益AMTPDM
| Q4 25 | $3.7B | $1.5B | ||
| Q3 25 | $4.0B | $1.5B | ||
| Q2 25 | $3.7B | $1.5B | ||
| Q1 25 | $3.5B | $1.6B | ||
| Q4 24 | $3.4B | $1.6B | ||
| Q3 24 | $3.6B | $1.6B | ||
| Q2 24 | $3.9B | $1.7B | ||
| Q1 24 | $4.0B | $1.7B |
总资产AMTPDM
| Q4 25 | $63.2B | $4.0B | ||
| Q3 25 | $63.9B | $4.0B | ||
| Q2 25 | $63.8B | $4.0B | ||
| Q1 25 | $62.1B | $4.0B | ||
| Q4 24 | $61.1B | $4.1B | ||
| Q3 24 | $62.8B | $4.1B | ||
| Q2 24 | $65.8B | $4.2B | ||
| Q1 24 | $66.7B | $4.0B |
负债/权益比AMTPDM
| Q4 25 | 9.26× | 1.49× | ||
| Q3 25 | 8.82× | 1.43× | ||
| Q2 25 | 9.48× | 1.41× | ||
| Q1 25 | 9.63× | 1.40× | ||
| Q4 24 | 9.70× | 1.40× | ||
| Q3 24 | 9.16× | 1.36× | ||
| Q2 24 | 9.24× | 1.34× | ||
| Q1 24 | 8.94× | 1.23× |
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 | $1.4B | $50.9M |
| 自由现金流经营现金流 - 资本支出 | $848.3M | — |
| 自由现金流率自由现金流/营收 | 385.9% | — |
| 资本支出强度资本支出/营收 | 263.5% | — |
| 现金转化率经营现金流/净利润 | 1.71× | — |
| 过去12个月自由现金流最近4个季度 | $3.8B | — |
8季度趋势，按日历期对齐
经营现金流AMTPDM
| Q4 25 | $1.4B | $50.9M | ||
| Q3 25 | $1.5B | $35.8M | ||
| Q2 25 | $1.3B | $50.1M | ||
| Q1 25 | $1.3B | $3.7M | ||
| Q4 24 | $1.2B | $65.0M | ||
| Q3 24 | $1.5B | $42.9M | ||
| Q2 24 | $1.3B | $66.8M | ||
| Q1 24 | $1.3B | $23.4M |
自由现金流AMTPDM
| Q4 25 | $848.3M | — | ||
| Q3 25 | $994.5M | — | ||
| Q2 25 | $976.9M | — | ||
| Q1 25 | $963.9M | — | ||
| Q4 24 | $755.6M | — | ||
| Q3 24 | $1.0B | — | ||
| Q2 24 | $1.0B | — | ||
| Q1 24 | $886.9M | — |
自由现金流率AMTPDM
| Q4 25 | 385.9% | — | ||
| Q3 25 | 403.6% | — | ||
| Q2 25 | 400.9% | — | ||
| Q1 25 | 426.5% | — | ||
| Q4 24 | 359.1% | — | ||
| Q3 24 | 548.7% | — | ||
| Q2 24 | 510.2% | — | ||
| Q1 24 | 506.2% | — |
资本支出强度AMTPDM
| Q4 25 | 263.5% | — | ||
| Q3 25 | 188.9% | — | ||
| Q2 25 | 125.0% | — | ||
| Q1 25 | 146.5% | — | ||
| Q4 24 | 210.7% | — | ||
| Q3 24 | 223.1% | — | ||
| Q2 24 | 163.7% | — | ||
| Q1 24 | 226.4% | — |
现金转化率AMTPDM
| Q4 25 | 1.71× | — | ||
| Q3 25 | 1.60× | — | ||
| Q2 25 | 3.37× | — | ||
| Q1 25 | 2.60× | — | ||
| Q4 24 | 0.97× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | 1.47× | — | ||
| Q1 24 | 1.39× | — |
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
| Other | $82.9M | 38% |
| Non Lease Property Revenue | $72.5M | 33% |
| Services Revenue | $64.4M | 29% |
PDM
| Atlanta GA | $45.7M | 32% |
| Dallas TX | $24.1M | 17% |
| Orlando FL | $19.3M | 13% |
| New York NY | $14.7M | 10% |
| Northern Virginia Washington D.C. | $12.9M | 9% |
| Minneapolis MN | $11.4M | 8% |
| Boston MA | $9.8M | 7% |
| Real Estate Other | $7.8M | 5% |
