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美国铁塔（AMT）与标普全球（VG）财务数据对比。点击上方公司名可切换其他公司
标普全球的季度营收约是美国铁塔的1.6倍（$4.4B vs $2.7B），美国铁塔净利率更高（110.1% vs 26.8%，领先83.3%），美国铁塔自由现金流更多（$941.0M vs $-1.5B），过去两年标普全球的营收复合增速更高（77.3% 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。
标普全球是总部位于美国纽约曼哈顿的上市企业，核心业务涵盖金融信息与数据分析、能源及大宗商品情报服务，旗下拥有标普全球评级、标普全球能源、标普全球市场财智、印度信用评级机构CRISIL等子品牌，同时是标普道琼斯指数合资公司的控股股东。
AMT vs VG — 直观对比
营收规模更大
VG
是对方的1.6倍
$2.7B
净利率更高
AMT
高出83.3%
26.8%
自由现金流更多
AMT
多$2.5B
$-1.5B
两年增速更快
VG
近两年复合增速
3.7%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $2.7B | $4.4B |
| 净利润 | $3.0B | $1.2B |
| 毛利率 | — | — |
| 营业利润率 | 0.0% | 38.7% |
| 净利率 | 110.1% | 26.8% |
| 营收同比 | — | 191.7% |
| 净利润同比 | — | 20.3% |
| 每股收益（稀释后） | — | $0.41 |
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AMTVG
| Q1 26 | $2.7B | — | ||
| Q4 25 | $2.7B | $4.4B | ||
| Q3 25 | $2.7B | $3.3B | ||
| Q2 25 | $2.6B | $3.1B | ||
| Q1 25 | $2.6B | $2.9B | ||
| Q4 24 | $2.5B | $1.5B | ||
| Q3 24 | $2.5B | $926.0M | ||
| Q2 24 | $2.5B | $1.1B |
净利润AMTVG
| Q1 26 | $3.0B | — | ||
| Q4 25 | $836.8M | $1.2B | ||
| Q3 25 | $912.6M | $550.0M | ||
| Q2 25 | $380.5M | $475.0M | ||
| Q1 25 | $498.6M | $517.0M | ||
| Q4 24 | $1.2B | $990.0M | ||
| Q3 24 | $-780.4M | $-294.0M | ||
| Q2 24 | $908.4M | $352.0M |
营业利润率AMTVG
| Q1 26 | 0.0% | — | ||
| Q4 25 | 42.4% | 38.7% | ||
| Q3 25 | 45.4% | 39.7% | ||
| Q2 25 | 45.6% | 33.5% | ||
| Q1 25 | 48.9% | 37.3% | ||
| Q4 24 | 42.4% | 39.0% | ||
| Q3 24 | 45.2% | 20.4% | ||
| Q2 24 | 45.4% | 32.8% |
净利率AMTVG
| Q1 26 | 110.1% | — | ||
| Q4 25 | 30.6% | 26.8% | ||
| Q3 25 | 33.6% | 16.5% | ||
| Q2 25 | 14.5% | 15.3% | ||
| Q1 25 | 19.5% | 17.9% | ||
| Q4 24 | 48.3% | 65.0% | ||
| Q3 24 | -30.9% | -31.7% | ||
| Q2 24 | 35.7% | 31.8% |
每股收益（稀释后）AMTVG
| Q1 26 | — | — | ||
| Q4 25 | $1.76 | $0.41 | ||
| Q3 25 | $1.82 | $0.16 | ||
| Q2 25 | $0.78 | $0.14 | ||
| Q1 25 | $1.04 | $0.15 | ||
| Q4 24 | $2.63 | $0.35 | ||
| Q3 24 | $-1.69 | $-0.15 | ||
| Q2 24 | $1.92 | $0.12 |
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 | $2.4B |
| 总债务越低越好 | — | $34.2B |
| 股东权益账面价值 | $10.2B | $6.7B |
| 总资产 | — | $53.4B |
| 负债/权益比越低杠杆越低 | — | 5.07× |
8季度趋势，按日历期对齐
现金及短期投资AMTVG
| Q1 26 | $1.6B | — | ||
| Q4 25 | $1.5B | $2.4B | ||
| Q3 25 | $2.0B | $1.9B | ||
| Q2 25 | $2.1B | $2.2B | ||
| Q1 25 | $2.1B | $3.6B | ||
| Q4 24 | $2.0B | $3.6B | ||
| Q3 24 | $2.2B | — | ||
| Q2 24 | $2.2B | — |
总债务AMTVG
| Q1 26 | — | — | ||
| Q4 25 | $33.8B | $34.2B | ||
| Q3 25 | $34.9B | $32.6B | ||
| Q2 25 | $35.2B | $30.0B | ||
| Q1 25 | $34.0B | $29.3B | ||
| Q4 24 | $32.8B | $29.3B | ||
| Q3 24 | $33.4B | — | ||
| Q2 24 | $35.6B | — |
股东权益AMTVG
| Q1 26 | $10.2B | — | ||
| Q4 25 | $3.7B | $6.7B | ||
| Q3 25 | $4.0B | $5.7B | ||
| Q2 25 | $3.7B | $5.3B | ||
| Q1 25 | $3.5B | $4.9B | ||
| Q4 24 | $3.4B | $2.9B | ||
| Q3 24 | $3.6B | — | ||
| Q2 24 | $3.9B | — |
总资产AMTVG
| Q1 26 | — | — | ||
| Q4 25 | $63.2B | $53.4B | ||
| Q3 25 | $63.9B | $50.1B | ||
| Q2 25 | $63.8B | $46.5B | ||
| Q1 25 | $62.1B | $45.1B | ||
| Q4 24 | $61.1B | $43.5B | ||
| Q3 24 | $62.8B | — | ||
| Q2 24 | $65.8B | — |
负债/权益比AMTVG
| Q1 26 | — | — | ||
| Q4 25 | 9.26× | 5.07× | ||
| Q3 25 | 8.82× | 5.73× | ||
| Q2 25 | 9.48× | 5.69× | ||
| Q1 25 | 9.63× | 6.01× | ||
| Q4 24 | 9.70× | 10.11× | ||
| 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 | — | $2.1B |
| 自由现金流经营现金流 - 资本支出 | $941.0M | $-1.5B |
| 自由现金流率自由现金流/营收 | 34.4% | -34.1% |
| 资本支出强度资本支出/营收 | 16.8% | 81.6% |
| 现金转化率经营现金流/净利润 | — | 1.77× |
| 过去12个月自由现金流最近4个季度 | $6.7B | $-6.8B |
8季度趋势，按日历期对齐
经营现金流AMTVG
| Q1 26 | — | — | ||
| Q4 25 | $5.5B | $2.1B | ||
| Q3 25 | $1.5B | $1.9B | ||
| Q2 25 | $1.3B | $1.5B | ||
| Q1 25 | $1.3B | $1.1B | ||
| Q4 24 | $5.3B | — | ||
| Q3 24 | $1.5B | — | ||
| Q2 24 | $1.3B | — |
自由现金流AMTVG
| Q1 26 | $941.0M | — | ||
| Q4 25 | $3.8B | $-1.5B | ||
| Q3 25 | $994.5M | $-1.4B | ||
| Q2 25 | $976.9M | $-1.5B | ||
| Q1 25 | $963.9M | $-2.4B | ||
| Q4 24 | $3.7B | — | ||
| Q3 24 | $1.0B | — | ||
| Q2 24 | $1.0B | — |
自由现金流率AMTVG
| Q1 26 | 34.4% | — | ||
| Q4 25 | 138.2% | -34.1% | ||
| Q3 25 | 36.6% | -42.4% | ||
| Q2 25 | 37.2% | -49.1% | ||
| Q1 25 | 37.6% | -81.3% | ||
| Q4 24 | 145.3% | — | ||
| Q3 24 | 41.4% | — | ||
| Q2 24 | 39.8% | — |
资本支出强度AMTVG
| Q1 26 | 16.8% | — | ||
| Q4 25 | 61.4% | 81.6% | ||
| Q3 25 | 17.1% | 98.9% | ||
| Q2 25 | 11.6% | 96.1% | ||
| Q1 25 | 12.9% | 119.8% | ||
| Q4 24 | 62.4% | — | ||
| Q3 24 | 16.8% | — | ||
| Q2 24 | 12.8% | — |
现金转化率AMTVG
| Q1 26 | — | — | ||
| Q4 25 | 6.53× | 1.77× | ||
| Q3 25 | 1.60× | 3.42× | ||
| Q2 25 | 3.37× | 3.07× | ||
| Q1 25 | 2.60× | 2.15× | ||
| Q4 24 | 4.30× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | 1.47× | — |
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
VG
| Plaquemines Project Segment | $3.4B | 76% |
| Calcasieu Project Segment | $841.0M | 19% |
| Other | $208.0M | 5% |
