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美国铁塔（AMT）与Constellation Brands（STZ）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Constellation Brands的1.2倍（$2.7B vs $2.2B），美国铁塔净利率更高（110.1% vs 22.6%，领先87.5%），美国铁塔同比增速更快（6.8% vs -9.8%），美国铁塔自由现金流更多（$941.0M vs $370.9M），过去两年美国铁塔的营收复合增速更高（3.7% vs 1.9%）
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。
Constellation Brands, Inc.是总部位于美国纽约州罗切斯特的《财富》500强企业，主营啤酒、葡萄酒及烈酒的生产与营销，按销售额计算是美国最大的啤酒进口商，在全美主要啤酒供应商中市场份额位列第三。公司还通过与Canopy Growth合作在医用及娱乐大麻领域有大额投资，现有约40处设施、近9000名员工。
AMT vs STZ — 直观对比
营收规模更大
AMT
是对方的1.2倍
$2.2B
营收增速更快
AMT
高出16.6%
-9.8%
净利率更高
AMT
高出87.5%
22.6%
自由现金流更多
AMT
多$570.1M
$370.9M
两年增速更快
AMT
近两年复合增速
1.9%
损益表 — Q1 FY2026 vs Q3 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $2.7B | $2.2B |
| 净利润 | $3.0B | $502.8M |
| 毛利率 | — | 53.2% |
| 营业利润率 | 0.0% | 31.1% |
| 净利率 | 110.1% | 22.6% |
| 营收同比 | 6.8% | -9.8% |
| 净利润同比 | -2.6% | -18.4% |
| 每股收益（稀释后） | — | — |
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AMTSTZ
| Q1 26 | $2.7B | — | ||
| Q4 25 | $2.7B | $2.2B | ||
| Q3 25 | $2.7B | $2.5B | ||
| Q2 25 | $2.6B | $2.5B | ||
| Q1 25 | $2.6B | $2.2B | ||
| Q4 24 | $2.5B | $2.5B | ||
| Q3 24 | $2.5B | $2.9B | ||
| Q2 24 | $2.5B | $2.7B |
净利润AMTSTZ
| Q1 26 | $3.0B | — | ||
| Q4 25 | $836.8M | $502.8M | ||
| Q3 25 | $912.6M | $466.0M | ||
| Q2 25 | $380.5M | $516.1M | ||
| Q1 25 | $498.6M | $-375.3M | ||
| Q4 24 | $1.2B | $615.9M | ||
| Q3 24 | $-780.4M | $-1.2B | ||
| Q2 24 | $908.4M | $877.0M |
毛利率AMTSTZ
| Q1 26 | — | — | ||
| Q4 25 | — | 53.2% | ||
| Q3 25 | — | 52.8% | ||
| Q2 25 | — | 50.4% | ||
| Q1 25 | — | 51.5% | ||
| Q4 24 | — | 52.1% | ||
| Q3 24 | — | 51.8% | ||
| Q2 24 | — | 52.7% |
营业利润率AMTSTZ
| Q1 26 | 0.0% | — | ||
| Q4 25 | 42.4% | 31.1% | ||
| Q3 25 | 45.4% | 35.2% | ||
| Q2 25 | 45.6% | 28.4% | ||
| Q1 25 | 48.9% | -6.9% | ||
| Q4 24 | 42.4% | 32.2% | ||
| Q3 24 | 45.2% | -42.1% | ||
| Q2 24 | 45.4% | 35.4% |
净利率AMTSTZ
| Q1 26 | 110.1% | — | ||
| Q4 25 | 30.6% | 22.6% | ||
| Q3 25 | 33.6% | 18.8% | ||
| Q2 25 | 14.5% | 20.5% | ||
| Q1 25 | 19.5% | -17.3% | ||
| Q4 24 | 48.3% | 25.0% | ||
| Q3 24 | -30.9% | -41.1% | ||
| Q2 24 | 35.7% | 32.9% |
每股收益（稀释后）AMTSTZ
| Q1 26 | — | — | ||
| Q4 25 | $1.76 | — | ||
| Q3 25 | $1.82 | — | ||
| Q2 25 | $0.78 | — | ||
| Q1 25 | $1.04 | — | ||
| Q4 24 | $2.63 | — | ||
| Q3 24 | $-1.69 | — | ||
| Q2 24 | $1.92 | — |
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 | $152.4M |
| 总债务越低越好 | — | $10.3B |
| 股东权益账面价值 | $10.2B | $7.7B |
| 总资产 | — | $21.7B |
| 负债/权益比越低杠杆越低 | — | 1.33× |
8季度趋势，按日历期对齐
现金及短期投资AMTSTZ
| Q1 26 | $1.6B | — | ||
| Q4 25 | $1.5B | $152.4M | ||
| Q3 25 | $2.0B | $72.0M | ||
| Q2 25 | $2.1B | $73.9M | ||
| Q1 25 | $2.1B | $68.1M | ||
| Q4 24 | $2.0B | $73.7M | ||
| Q3 24 | $2.2B | $64.6M | ||
| Q2 24 | $2.2B | $73.8M |
总债务AMTSTZ
| Q1 26 | — | — | ||
| Q4 25 | $33.8B | $10.3B | ||
| Q3 25 | $34.9B | $10.3B | ||
| Q2 25 | $35.2B | $11.2B | ||
| Q1 25 | $34.0B | $10.7B | ||
| Q4 24 | $32.8B | $10.7B | ||
| Q3 24 | $33.4B | $11.1B | ||
| Q2 24 | $35.6B | $11.1B |
股东权益AMTSTZ
| Q1 26 | $10.2B | — | ||
| Q4 25 | $3.7B | $7.7B | ||
| Q3 25 | $4.0B | $7.5B | ||
| Q2 25 | $3.7B | $7.3B | ||
| Q1 25 | $3.5B | $6.9B | ||
| Q4 24 | $3.4B | $7.8B | ||
| Q3 24 | $3.6B | $7.9B | ||
| Q2 24 | $3.9B | $10.3B |
总资产AMTSTZ
| Q1 26 | — | — | ||
| Q4 25 | $63.2B | $21.7B | ||
| Q3 25 | $63.9B | $21.4B | ||
| Q2 25 | $63.8B | $22.3B | ||
| Q1 25 | $62.1B | $21.7B | ||
| Q4 24 | $61.1B | $22.8B | ||
| Q3 24 | $62.8B | $23.1B | ||
| Q2 24 | $65.8B | $26.1B |
负债/权益比AMTSTZ
| Q1 26 | — | — | ||
| Q4 25 | 9.26× | 1.33× | ||
| Q3 25 | 8.82× | 1.37× | ||
| Q2 25 | 9.48× | 1.54× | ||
| Q1 25 | 9.63× | 1.55× | ||
| Q4 24 | 9.70× | 1.37× | ||
| Q3 24 | 9.16× | 1.41× | ||
| Q2 24 | 9.24× | 1.08× |
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 | — | $616.9M |
| 自由现金流经营现金流 - 资本支出 | $941.0M | $370.9M |
| 自由现金流率自由现金流/营收 | 34.4% | 16.7% |
| 资本支出强度资本支出/营收 | 16.8% | 11.1% |
| 现金转化率经营现金流/净利润 | — | 1.23× |
| 过去12个月自由现金流最近4个季度 | $6.7B | $1.8B |
8季度趋势，按日历期对齐
经营现金流AMTSTZ
| Q1 26 | — | — | ||
| Q4 25 | $5.5B | $616.9M | ||
| Q3 25 | $1.5B | $852.1M | ||
| Q2 25 | $1.3B | $637.2M | ||
| Q1 25 | $1.3B | $594.7M | ||
| Q4 24 | $5.3B | $685.2M | ||
| Q3 24 | $1.5B | $1.2B | ||
| Q2 24 | $1.3B | $690.5M |
自由现金流AMTSTZ
| Q1 26 | $941.0M | — | ||
| Q4 25 | $3.8B | $370.9M | ||
| Q3 25 | $994.5M | $634.8M | ||
| Q2 25 | $976.9M | $444.4M | ||
| Q1 25 | $963.9M | $312.1M | ||
| Q4 24 | $3.7B | $456.8M | ||
| Q3 24 | $1.0B | $854.0M | ||
| Q2 24 | $1.0B | $315.2M |
自由现金流率AMTSTZ
| Q1 26 | 34.4% | — | ||
| Q4 25 | 138.2% | 16.7% | ||
| Q3 25 | 36.6% | 25.6% | ||
| Q2 25 | 37.2% | 17.7% | ||
| Q1 25 | 37.6% | 14.4% | ||
| Q4 24 | 145.3% | 18.5% | ||
| Q3 24 | 41.4% | 29.3% | ||
| Q2 24 | 39.8% | 11.8% |
资本支出强度AMTSTZ
| Q1 26 | 16.8% | — | ||
| Q4 25 | 61.4% | 11.1% | ||
| Q3 25 | 17.1% | 8.8% | ||
| Q2 25 | 11.6% | 7.7% | ||
| Q1 25 | 12.9% | 13.1% | ||
| Q4 24 | 62.4% | 9.3% | ||
| Q3 24 | 16.8% | 11.2% | ||
| Q2 24 | 12.8% | 14.1% |
现金转化率AMTSTZ
| Q1 26 | — | — | ||
| Q4 25 | 6.53× | 1.23× | ||
| Q3 25 | 1.60× | 1.83× | ||
| Q2 25 | 3.37× | 1.23× | ||
| Q1 25 | 2.60× | — | ||
| Q4 24 | 4.30× | 1.11× | ||
| Q3 24 | — | — | ||
| Q2 24 | 1.47× | 0.79× |
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
STZ
| Beer | $2.0B | 90% |
| Constellation Wines And Spirits | $213.1M | 10% |
