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美国铁塔（AMT）与Ulta Beauty（ULTA）财务数据对比。点击上方公司名可切换其他公司
Ulta Beauty的季度营收约是美国铁塔的1.0倍（$2.9B vs $2.7B），美国铁塔净利率更高（110.1% vs 8.1%，领先102.0%），Ulta Beauty同比增速更快（12.9% vs 6.8%），美国铁塔自由现金流更多（$941.0M vs $-81.6M），过去两年Ulta Beauty的营收复合增速更高（7.2% 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。
Ulta Beauty是美国头部美妆连锁品牌，总部位于伊利诺伊州博林布鲁克，旗下门店在售商品覆盖高低端彩妆、香水、美甲、身体护理、美发产品及美妆工具等全品类美妆个护产品，每家门店均配备对外开放的美容沙龙，为消费者提供一站式美妆消费及服务体验。
AMT vs ULTA — 直观对比
营收规模更大
ULTA
是对方的1.0倍
$2.7B
营收增速更快
ULTA
高出6.1%
6.8%
净利率更高
AMT
高出102.0%
8.1%
自由现金流更多
AMT
多$1.0B
$-81.6M
两年增速更快
ULTA
近两年复合增速
3.7%
损益表 — Q1 FY2026 vs Q3 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $2.7B | $2.9B |
| 净利润 | $3.0B | $230.9M |
| 毛利率 | — | 40.4% |
| 营业利润率 | 0.0% | 10.8% |
| 净利率 | 110.1% | 8.1% |
| 营收同比 | 6.8% | 12.9% |
| 净利润同比 | -2.6% | -4.7% |
| 每股收益（稀释后） | — | $5.14 |
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AMTULTA
| Q1 26 | $2.7B | — | ||
| Q4 25 | $2.7B | $2.9B | ||
| Q3 25 | $2.7B | $2.8B | ||
| Q2 25 | $2.6B | $2.8B | ||
| Q1 25 | $2.6B | — | ||
| Q4 24 | $2.5B | $2.5B | ||
| Q3 24 | $2.5B | $2.6B | ||
| Q2 24 | $2.5B | $2.7B |
净利润AMTULTA
| Q1 26 | $3.0B | — | ||
| Q4 25 | $836.8M | $230.9M | ||
| Q3 25 | $912.6M | $260.9M | ||
| Q2 25 | $380.5M | $305.1M | ||
| Q1 25 | $498.6M | — | ||
| Q4 24 | $1.2B | $242.2M | ||
| Q3 24 | $-780.4M | $252.6M | ||
| Q2 24 | $908.4M | $313.1M |
毛利率AMTULTA
| Q1 26 | — | — | ||
| Q4 25 | — | 40.4% | ||
| Q3 25 | — | 39.2% | ||
| Q2 25 | — | 39.1% | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 39.7% | ||
| Q3 24 | — | 38.3% | ||
| Q2 24 | — | 39.2% |
营业利润率AMTULTA
| Q1 26 | 0.0% | — | ||
| Q4 25 | 42.4% | 10.8% | ||
| Q3 25 | 45.4% | 12.4% | ||
| Q2 25 | 45.6% | 14.1% | ||
| Q1 25 | 48.9% | — | ||
| Q4 24 | 42.4% | 12.6% | ||
| Q3 24 | 45.2% | 12.9% | ||
| Q2 24 | 45.4% | 14.7% |
净利率AMTULTA
| Q1 26 | 110.1% | — | ||
| Q4 25 | 30.6% | 8.1% | ||
| Q3 25 | 33.6% | 9.4% | ||
| Q2 25 | 14.5% | 10.7% | ||
| Q1 25 | 19.5% | — | ||
| Q4 24 | 48.3% | 9.6% | ||
| Q3 24 | -30.9% | 9.9% | ||
| Q2 24 | 35.7% | 11.5% |
每股收益（稀释后）AMTULTA
| Q1 26 | — | — | ||
| Q4 25 | $1.76 | $5.14 | ||
| Q3 25 | $1.82 | $5.78 | ||
| Q2 25 | $0.78 | $6.70 | ||
| Q1 25 | $1.04 | — | ||
| Q4 24 | $2.63 | $5.14 | ||
| Q3 24 | $-1.69 | $5.30 | ||
| Q2 24 | $1.92 | $6.47 |
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 | $204.9M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $10.2B | $2.6B |
| 总资产 | — | $7.0B |
| 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AMTULTA
| Q1 26 | $1.6B | — | ||
| Q4 25 | $1.5B | $204.9M | ||
| Q3 25 | $2.0B | $242.7M | ||
| Q2 25 | $2.1B | $454.6M | ||
| Q1 25 | $2.1B | — | ||
| Q4 24 | $2.0B | $177.8M | ||
| Q3 24 | $2.2B | $414.0M | ||
| Q2 24 | $2.2B | $524.6M |
总债务AMTULTA
| 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AMTULTA
| Q1 26 | $10.2B | — | ||
| Q4 25 | $3.7B | $2.6B | ||
| Q3 25 | $4.0B | $2.6B | ||
| Q2 25 | $3.7B | $2.4B | ||
| Q1 25 | $3.5B | — | ||
| Q4 24 | $3.4B | $2.3B | ||
| Q3 24 | $3.6B | $2.3B | ||
| Q2 24 | $3.9B | $2.3B |
总资产AMTULTA
| Q1 26 | — | — | ||
| Q4 25 | $63.2B | $7.0B | ||
| Q3 25 | $63.9B | $6.6B | ||
| Q2 25 | $63.8B | $6.0B | ||
| Q1 25 | $62.1B | — | ||
| Q4 24 | $61.1B | $6.0B | ||
| Q3 24 | $62.8B | $5.7B | ||
| Q2 24 | $65.8B | $5.6B |
负债/权益比AMTULTA
| 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 | — | $5.6M |
| 自由现金流经营现金流 - 资本支出 | $941.0M | $-81.6M |
| 自由现金流率自由现金流/营收 | 34.4% | -2.9% |
| 资本支出强度资本支出/营收 | 16.8% | 3.1% |
| 现金转化率经营现金流/净利润 | — | 0.02× |
| 过去12个月自由现金流最近4个季度 | $6.7B | $-92.2M |
8季度趋势，按日历期对齐
经营现金流AMTULTA
| Q1 26 | — | — | ||
| Q4 25 | $5.5B | $5.6M | ||
| Q3 25 | $1.5B | $96.5M | ||
| Q2 25 | $1.3B | $220.0M | ||
| Q1 25 | $1.3B | — | ||
| Q4 24 | $5.3B | $-56.8M | ||
| Q3 24 | $1.5B | $199.5M | ||
| Q2 24 | $1.3B | $159.3M |
自由现金流AMTULTA
| Q1 26 | $941.0M | — | ||
| Q4 25 | $3.8B | $-81.6M | ||
| Q3 25 | $994.5M | $19.6M | ||
| Q2 25 | $976.9M | $141.0M | ||
| Q1 25 | $963.9M | — | ||
| Q4 24 | $3.7B | $-171.1M | ||
| Q3 24 | $1.0B | $104.3M | ||
| Q2 24 | $1.0B | $68.3M |
自由现金流率AMTULTA
| Q1 26 | 34.4% | — | ||
| Q4 25 | 138.2% | -2.9% | ||
| Q3 25 | 36.6% | 0.7% | ||
| Q2 25 | 37.2% | 4.9% | ||
| Q1 25 | 37.6% | — | ||
| Q4 24 | 145.3% | -6.8% | ||
| Q3 24 | 41.4% | 4.1% | ||
| Q2 24 | 39.8% | 2.5% |
资本支出强度AMTULTA
| Q1 26 | 16.8% | — | ||
| Q4 25 | 61.4% | 3.1% | ||
| Q3 25 | 17.1% | 2.8% | ||
| Q2 25 | 11.6% | 2.8% | ||
| Q1 25 | 12.9% | — | ||
| Q4 24 | 62.4% | 4.5% | ||
| Q3 24 | 16.8% | 3.7% | ||
| Q2 24 | 12.8% | 3.3% |
现金转化率AMTULTA
| Q1 26 | — | — | ||
| Q4 25 | 6.53× | 0.02× | ||
| Q3 25 | 1.60× | 0.37× | ||
| Q2 25 | 3.37× | 0.72× | ||
| Q1 25 | 2.60× | — | ||
| Q4 24 | 4.30× | -0.23× | ||
| Q3 24 | — | 0.79× | ||
| Q2 24 | 1.47× | 0.51× |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
