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美国铁塔（AMT）与希悦尔（SEE）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希悦尔的2.0倍（$2.7B vs $1.4B），美国铁塔净利率更高（110.1% vs 3.1%，领先107.0%），美国铁塔同比增速更快（6.8% vs 2.6%），美国铁塔自由现金流更多（$941.0M vs $257.7M），过去两年美国铁塔的营收复合增速更高（3.7% vs 2.7%）
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。
希悦尔是全球领先的包装与防护解决方案供应商，核心产品包括缓冲防护材料、食品保鲜包装、可持续减废包装系统，服务覆盖电商、零售、食品饮料、工业制造等多个海内外领域。
AMT vs SEE — 直观对比
营收规模更大
AMT
是对方的2.0倍
$1.4B
营收增速更快
AMT
高出4.2%
2.6%
净利率更高
AMT
高出107.0%
3.1%
自由现金流更多
AMT
多$683.3M
$257.7M
两年增速更快
AMT
近两年复合增速
2.7%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $2.7B | $1.4B |
| 净利润 | $3.0B | $43.8M |
| 毛利率 | — | 28.6% |
| 营业利润率 | 0.0% | 11.4% |
| 净利率 | 110.1% | 3.1% |
| 营收同比 | 6.8% | 2.6% |
| 净利润同比 | -2.6% | 700.0% |
| 每股收益（稀释后） | — | $0.30 |
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AMTSEE
| Q1 26 | $2.7B | — | ||
| Q4 25 | $2.7B | $1.4B | ||
| Q3 25 | $2.7B | $1.3B | ||
| Q2 25 | $2.6B | $1.3B | ||
| Q1 25 | $2.6B | $1.3B | ||
| Q4 24 | $2.5B | $1.4B | ||
| Q3 24 | $2.5B | $1.3B | ||
| Q2 24 | $2.5B | $1.3B |
净利润AMTSEE
| Q1 26 | $3.0B | — | ||
| Q4 25 | $836.8M | $43.8M | ||
| Q3 25 | $912.6M | $255.1M | ||
| Q2 25 | $380.5M | $93.1M | ||
| Q1 25 | $498.6M | $113.5M | ||
| Q4 24 | $1.2B | $-7.3M | ||
| Q3 24 | $-780.4M | $91.7M | ||
| Q2 24 | $908.4M | $98.3M |
毛利率AMTSEE
| Q1 26 | — | — | ||
| Q4 25 | — | 28.6% | ||
| Q3 25 | — | 29.8% | ||
| Q2 25 | — | 30.7% | ||
| Q1 25 | — | 30.9% | ||
| Q4 24 | — | 30.0% | ||
| Q3 24 | — | 30.1% | ||
| Q2 24 | — | 31.2% |
营业利润率AMTSEE
| Q1 26 | 0.0% | — | ||
| Q4 25 | 42.4% | 11.4% | ||
| Q3 25 | 45.4% | 13.8% | ||
| Q2 25 | 45.6% | 15.0% | ||
| Q1 25 | 48.9% | 14.5% | ||
| Q4 24 | 42.4% | 11.7% | ||
| Q3 24 | 45.2% | 13.9% | ||
| Q2 24 | 45.4% | 15.4% |
净利率AMTSEE
| Q1 26 | 110.1% | — | ||
| Q4 25 | 30.6% | 3.1% | ||
| Q3 25 | 33.6% | 19.0% | ||
| Q2 25 | 14.5% | 7.0% | ||
| Q1 25 | 19.5% | 9.0% | ||
| Q4 24 | 48.3% | -0.5% | ||
| Q3 24 | -30.9% | 6.9% | ||
| Q2 24 | 35.7% | 7.4% |
每股收益（稀释后）AMTSEE
| Q1 26 | — | — | ||
| Q4 25 | $1.76 | $0.30 | ||
| Q3 25 | $1.82 | $1.73 | ||
| Q2 25 | $0.78 | $0.63 | ||
| Q1 25 | $1.04 | $0.77 | ||
| Q4 24 | $2.63 | $-0.05 | ||
| Q3 24 | $-1.69 | $0.63 | ||
| Q2 24 | $1.92 | $0.67 |
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 | $344.0M |
| 总债务越低越好 | — | $3.3B |
| 股东权益账面价值 | $10.2B | $1.2B |
| 总资产 | — | $7.0B |
| 负债/权益比越低杠杆越低 | — | 2.65× |
8季度趋势，按日历期对齐
现金及短期投资AMTSEE
| Q1 26 | $1.6B | — | ||
| Q4 25 | $1.5B | $344.0M | ||
| Q3 25 | $2.0B | $282.5M | ||
| Q2 25 | $2.1B | $354.4M | ||
| Q1 25 | $2.1B | $335.2M | ||
| Q4 24 | $2.0B | $371.8M | ||
| Q3 24 | $2.2B | $386.0M | ||
| Q2 24 | $2.2B | $388.6M |
总债务AMTSEE
| Q1 26 | — | — | ||
| Q4 25 | $33.8B | $3.3B | ||
| Q3 25 | $34.9B | $4.0B | ||
| Q2 25 | $35.2B | $4.0B | ||
| Q1 25 | $34.0B | $4.2B | ||
| Q4 24 | $32.8B | $4.2B | ||
| Q3 24 | $33.4B | $4.3B | ||
| Q2 24 | $35.6B | $4.4B |
股东权益AMTSEE
| Q1 26 | $10.2B | — | ||
| Q4 25 | $3.7B | $1.2B | ||
| Q3 25 | $4.0B | $1.2B | ||
| Q2 25 | $3.7B | $953.1M | ||
| Q1 25 | $3.5B | $797.9M | ||
| Q4 24 | $3.4B | $624.5M | ||
| Q3 24 | $3.6B | $771.2M | ||
| Q2 24 | $3.9B | $650.1M |
总资产AMTSEE
| Q1 26 | — | — | ||
| Q4 25 | $63.2B | $7.0B | ||
| Q3 25 | $63.9B | $7.1B | ||
| Q2 25 | $63.8B | $7.2B | ||
| Q1 25 | $62.1B | $7.0B | ||
| Q4 24 | $61.1B | $7.0B | ||
| Q3 24 | $62.8B | $7.3B | ||
| Q2 24 | $65.8B | $7.3B |
负债/权益比AMTSEE
| Q1 26 | — | — | ||
| Q4 25 | 9.26× | 2.65× | ||
| Q3 25 | 8.82× | 3.34× | ||
| Q2 25 | 9.48× | 4.18× | ||
| Q1 25 | 9.63× | 5.26× | ||
| Q4 24 | 9.70× | 6.72× | ||
| Q3 24 | 9.16× | 5.62× | ||
| Q2 24 | 9.24× | 6.81× |
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 | — | $293.6M |
| 自由现金流经营现金流 - 资本支出 | $941.0M | $257.7M |
| 自由现金流率自由现金流/营收 | 34.4% | 18.5% |
| 资本支出强度资本支出/营收 | 16.8% | 2.6% |
| 现金转化率经营现金流/净利润 | — | 6.70× |
| 过去12个月自由现金流最近4个季度 | $6.7B | $458.5M |
8季度趋势，按日历期对齐
经营现金流AMTSEE
| Q1 26 | — | — | ||
| Q4 25 | $5.5B | $293.6M | ||
| Q3 25 | $1.5B | $165.9M | ||
| Q2 25 | $1.3B | $136.6M | ||
| Q1 25 | $1.3B | $31.9M | ||
| Q4 24 | $5.3B | $244.2M | ||
| Q3 24 | $1.5B | $170.5M | ||
| Q2 24 | $1.3B | $188.2M |
自由现金流AMTSEE
| Q1 26 | $941.0M | — | ||
| Q4 25 | $3.8B | $257.7M | ||
| Q3 25 | $994.5M | $119.6M | ||
| Q2 25 | $976.9M | $93.2M | ||
| Q1 25 | $963.9M | $-12.0M | ||
| Q4 24 | $3.7B | $185.1M | ||
| Q3 24 | $1.0B | $115.2M | ||
| Q2 24 | $1.0B | $129.5M |
自由现金流率AMTSEE
| Q1 26 | 34.4% | — | ||
| Q4 25 | 138.2% | 18.5% | ||
| Q3 25 | 36.6% | 8.9% | ||
| Q2 25 | 37.2% | 7.0% | ||
| Q1 25 | 37.6% | -0.9% | ||
| Q4 24 | 145.3% | 13.6% | ||
| Q3 24 | 41.4% | 8.6% | ||
| Q2 24 | 39.8% | 9.7% |
资本支出强度AMTSEE
| Q1 26 | 16.8% | — | ||
| Q4 25 | 61.4% | 2.6% | ||
| Q3 25 | 17.1% | 3.4% | ||
| Q2 25 | 11.6% | 3.3% | ||
| Q1 25 | 12.9% | 3.5% | ||
| Q4 24 | 62.4% | 4.4% | ||
| Q3 24 | 16.8% | 4.1% | ||
| Q2 24 | 12.8% | 4.4% |
现金转化率AMTSEE
| Q1 26 | — | — | ||
| Q4 25 | 6.53× | 6.70× | ||
| Q3 25 | 1.60× | 0.65× | ||
| Q2 25 | 3.37× | 1.47× | ||
| Q1 25 | 2.60× | 0.28× | ||
| Q4 24 | 4.30× | — | ||
| Q3 24 | — | 1.86× | ||
| Q2 24 | 1.47× | 1.91× |
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
SEE
| Protective Segment | $1.1B | 78% |
| Other | $292.0M | 21% |
| Pension Plans Defined Benefit | $7.9M | 1% |
