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美国铁塔（AMT）与PPL Corporation（PPL）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PPL Corporation的1.2倍（$2.7B vs $2.3B），美国铁塔净利率更高（110.1% vs 11.3%，领先98.8%），PPL Corporation同比增速更快（7.2% vs 6.8%），美国铁塔自由现金流更多（$941.0M vs $-614.0M），过去两年美国铁塔的营收复合增速更高（3.7% vs 1.0%）
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。
PPL公司是总部位于美国宾夕法尼亚州的能源公用事业控股企业，为宾州、肯塔基州、罗德岛州约350万居民及工商业用户提供电力与天然气供应服务，核心业务方向包括电网现代化升级、清洁能源转型、高可靠性可持续能源服务供给。
AMT vs PPL — 直观对比
营收规模更大
AMT
是对方的1.2倍
$2.3B
营收增速更快
PPL
高出0.4%
6.8%
净利率更高
AMT
高出98.8%
11.3%
自由现金流更多
AMT
多$1.6B
$-614.0M
两年增速更快
AMT
近两年复合增速
1.0%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $2.7B | $2.3B |
| 净利润 | $3.0B | $266.0M |
| 毛利率 | — | — |
| 营业利润率 | 0.0% | 20.3% |
| 净利率 | 110.1% | 11.3% |
| 营收同比 | 6.8% | 7.2% |
| 净利润同比 | -2.6% | 50.3% |
| 每股收益（稀释后） | — | $0.35 |
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AMTPPL
| Q1 26 | $2.7B | — | ||
| Q4 25 | $2.7B | $2.3B | ||
| Q3 25 | $2.7B | $2.2B | ||
| Q2 25 | $2.6B | $2.0B | ||
| Q1 25 | $2.6B | $2.5B | ||
| Q4 24 | $2.5B | $2.2B | ||
| Q3 24 | $2.5B | $2.1B | ||
| Q2 24 | $2.5B | $1.9B |
净利润AMTPPL
| Q1 26 | $3.0B | — | ||
| Q4 25 | $836.8M | $266.0M | ||
| Q3 25 | $912.6M | $318.0M | ||
| Q2 25 | $380.5M | $183.0M | ||
| Q1 25 | $498.6M | $414.0M | ||
| Q4 24 | $1.2B | $177.0M | ||
| Q3 24 | $-780.4M | $214.0M | ||
| Q2 24 | $908.4M | $190.0M |
营业利润率AMTPPL
| Q1 26 | 0.0% | — | ||
| Q4 25 | 42.4% | 20.3% | ||
| Q3 25 | 45.4% | 25.4% | ||
| Q2 25 | 45.6% | 19.9% | ||
| Q1 25 | 48.9% | 26.6% | ||
| Q4 24 | 42.4% | 17.2% | ||
| Q3 24 | 45.2% | 20.6% | ||
| Q2 24 | 45.4% | 20.8% |
净利率AMTPPL
| Q1 26 | 110.1% | — | ||
| Q4 25 | 30.6% | 11.3% | ||
| Q3 25 | 33.6% | 14.2% | ||
| Q2 25 | 14.5% | 9.0% | ||
| Q1 25 | 19.5% | 16.3% | ||
| Q4 24 | 48.3% | 8.1% | ||
| Q3 24 | -30.9% | 10.3% | ||
| Q2 24 | 35.7% | 10.1% |
每股收益（稀释后）AMTPPL
| Q1 26 | — | — | ||
| Q4 25 | $1.76 | $0.35 | ||
| Q3 25 | $1.82 | $0.43 | ||
| Q2 25 | $0.78 | $0.25 | ||
| Q1 25 | $1.04 | $0.56 | ||
| Q4 24 | $2.63 | $0.23 | ||
| Q3 24 | $-1.69 | $0.29 | ||
| Q2 24 | $1.92 | $0.26 |
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 | $1.1B |
| 总债务越低越好 | — | $18.9B |
| 股东权益账面价值 | $10.2B | $14.9B |
| 总资产 | — | $45.2B |
| 负债/权益比越低杠杆越低 | — | 1.27× |
8季度趋势，按日历期对齐
现金及短期投资AMTPPL
| Q1 26 | $1.6B | — | ||
| Q4 25 | $1.5B | $1.1B | ||
| Q3 25 | $2.0B | $1.1B | ||
| Q2 25 | $2.1B | $294.0M | ||
| Q1 25 | $2.1B | $312.0M | ||
| Q4 24 | $2.0B | $306.0M | ||
| Q3 24 | $2.2B | $542.0M | ||
| Q2 24 | $2.2B | $282.0M |
总债务AMTPPL
| Q1 26 | — | — | ||
| Q4 25 | $33.8B | $18.9B | ||
| Q3 25 | $34.9B | — | ||
| Q2 25 | $35.2B | — | ||
| Q1 25 | $34.0B | — | ||
| Q4 24 | $32.8B | $16.5B | ||
| Q3 24 | $33.4B | — | ||
| Q2 24 | $35.6B | — |
股东权益AMTPPL
| Q1 26 | $10.2B | — | ||
| Q4 25 | $3.7B | $14.9B | ||
| Q3 25 | $4.0B | $14.4B | ||
| Q2 25 | $3.7B | $14.3B | ||
| Q1 25 | $3.5B | $14.3B | ||
| Q4 24 | $3.4B | $14.1B | ||
| Q3 24 | $3.6B | $14.1B | ||
| Q2 24 | $3.9B | $14.1B |
总资产AMTPPL
| Q1 26 | — | — | ||
| Q4 25 | $63.2B | $45.2B | ||
| Q3 25 | $63.9B | $43.9B | ||
| Q2 25 | $63.8B | $42.4B | ||
| Q1 25 | $62.1B | $41.8B | ||
| Q4 24 | $61.1B | $41.1B | ||
| Q3 24 | $62.8B | $40.5B | ||
| Q2 24 | $65.8B | $39.8B |
负债/权益比AMTPPL
| Q1 26 | — | — | ||
| Q4 25 | 9.26× | 1.27× | ||
| Q3 25 | 8.82× | — | ||
| Q2 25 | 9.48× | — | ||
| Q1 25 | 9.63× | — | ||
| Q4 24 | 9.70× | 1.17× | ||
| 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 | — | $548.0M |
| 自由现金流经营现金流 - 资本支出 | $941.0M | $-614.0M |
| 自由现金流率自由现金流/营收 | 34.4% | -26.1% |
| 资本支出强度资本支出/营收 | 16.8% | 49.5% |
| 现金转化率经营现金流/净利润 | — | 2.06× |
| 过去12个月自由现金流最近4个季度 | $6.7B | $-1.4B |
8季度趋势，按日历期对齐
经营现金流AMTPPL
| Q1 26 | — | — | ||
| Q4 25 | $5.5B | $548.0M | ||
| Q3 25 | $1.5B | $966.0M | ||
| Q2 25 | $1.3B | $602.0M | ||
| Q1 25 | $1.3B | $513.0M | ||
| Q4 24 | $5.3B | $511.0M | ||
| Q3 24 | $1.5B | $781.0M | ||
| Q2 24 | $1.3B | $766.0M |
自由现金流AMTPPL
| Q1 26 | $941.0M | — | ||
| Q4 25 | $3.8B | $-614.0M | ||
| Q3 25 | $994.5M | $-179.0M | ||
| Q2 25 | $976.9M | $-328.0M | ||
| Q1 25 | $963.9M | $-280.0M | ||
| Q4 24 | $3.7B | $-349.0M | ||
| Q3 24 | $1.0B | $102.0M | ||
| Q2 24 | $1.0B | $96.0M |
自由现金流率AMTPPL
| Q1 26 | 34.4% | — | ||
| Q4 25 | 138.2% | -26.1% | ||
| Q3 25 | 36.6% | -8.0% | ||
| Q2 25 | 37.2% | -16.1% | ||
| Q1 25 | 37.6% | -11.0% | ||
| Q4 24 | 145.3% | -15.9% | ||
| Q3 24 | 41.4% | 4.9% | ||
| Q2 24 | 39.8% | 5.1% |
资本支出强度AMTPPL
| Q1 26 | 16.8% | — | ||
| Q4 25 | 61.4% | 49.5% | ||
| Q3 25 | 17.1% | 51.2% | ||
| Q2 25 | 11.6% | 45.6% | ||
| Q1 25 | 12.9% | 31.2% | ||
| Q4 24 | 62.4% | 39.3% | ||
| Q3 24 | 16.8% | 32.7% | ||
| Q2 24 | 12.8% | 35.8% |
现金转化率AMTPPL
| Q1 26 | — | — | ||
| Q4 25 | 6.53× | 2.06× | ||
| Q3 25 | 1.60× | 3.04× | ||
| Q2 25 | 3.37× | 3.29× | ||
| Q1 25 | 2.60× | 1.24× | ||
| Q4 24 | 4.30× | 2.89× | ||
| Q3 24 | — | 3.65× | ||
| Q2 24 | 1.47× | 4.03× |
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
PPL
| Rhode Island Regulated | $539.0M | 23% |
| Other | $532.0M | 23% |
| Residential | $451.0M | 19% |
| Nonrelated Party | $425.0M | 18% |
| Transmission | $228.0M | 10% |
| Commercial | $117.0M | 5% |
| Wholesale Other | $23.0M | 1% |
| Industrial | $14.0M | 1% |
| Related Party | $13.0M | 1% |
| Wholesale Municipal | $6.0M | 0% |
