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美国铁塔（AMT）与Xcel Energy（XEL）财务数据对比。点击上方公司名可切换其他公司
Xcel Energy的季度营收约是美国铁塔的1.3倍（$3.6B vs $2.7B），美国铁塔净利率更高（110.1% vs 15.9%，领先94.2%），Xcel Energy同比增速更快（14.1% vs 6.8%），美国铁塔自由现金流更多（$941.0M vs $-3.2B），过去两年美国铁塔的营收复合增速更高（3.7% vs -1.2%）
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。
Xcel Energy是总部位于美国明尼苏达州明尼阿波利斯的受监管电力及天然气供应企业，截至2025年中业务覆盖美国八个州的部分区域，共服务约390万电力用户、220万天然气用户，旗下设有四家运营子公司。
AMT vs XEL — 直观对比
营收规模更大
XEL
是对方的1.3倍
$2.7B
营收增速更快
XEL
高出7.3%
6.8%
净利率更高
AMT
高出94.2%
15.9%
自由现金流更多
AMT
多$4.2B
$-3.2B
两年增速更快
AMT
近两年复合增速
-1.2%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $2.7B | $3.6B |
| 净利润 | $3.0B | $567.0M |
| 毛利率 | — | — |
| 营业利润率 | 0.0% | 16.3% |
| 净利率 | 110.1% | 15.9% |
| 营收同比 | 6.8% | 14.1% |
| 净利润同比 | -2.6% | 22.2% |
| 每股收益（稀释后） | — | $0.95 |
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AMTXEL
| Q1 26 | $2.7B | — | ||
| Q4 25 | $2.7B | $3.6B | ||
| Q3 25 | $2.7B | $3.9B | ||
| Q2 25 | $2.6B | $3.3B | ||
| Q1 25 | $2.6B | $3.9B | ||
| Q4 24 | $2.5B | $3.1B | ||
| Q3 24 | $2.5B | $3.6B | ||
| Q2 24 | $2.5B | $3.0B |
净利润AMTXEL
| Q1 26 | $3.0B | — | ||
| Q4 25 | $836.8M | $567.0M | ||
| Q3 25 | $912.6M | $524.0M | ||
| Q2 25 | $380.5M | $444.0M | ||
| Q1 25 | $498.6M | $483.0M | ||
| Q4 24 | $1.2B | $464.0M | ||
| Q3 24 | $-780.4M | $682.0M | ||
| Q2 24 | $908.4M | $302.0M |
营业利润率AMTXEL
| Q1 26 | 0.0% | — | ||
| Q4 25 | 42.4% | 16.3% | ||
| Q3 25 | 45.4% | 19.1% | ||
| Q2 25 | 45.6% | 17.6% | ||
| Q1 25 | 48.9% | 17.3% | ||
| Q4 24 | 42.4% | 11.1% | ||
| Q3 24 | 45.2% | 25.0% | ||
| Q2 24 | 45.4% | 14.8% |
净利率AMTXEL
| Q1 26 | 110.1% | — | ||
| Q4 25 | 30.6% | 15.9% | ||
| Q3 25 | 33.6% | 13.4% | ||
| Q2 25 | 14.5% | 13.5% | ||
| Q1 25 | 19.5% | 12.4% | ||
| Q4 24 | 48.3% | 14.9% | ||
| Q3 24 | -30.9% | 18.7% | ||
| Q2 24 | 35.7% | 10.0% |
每股收益（稀释后）AMTXEL
| Q1 26 | — | — | ||
| Q4 25 | $1.76 | $0.95 | ||
| Q3 25 | $1.82 | $0.88 | ||
| Q2 25 | $0.78 | $0.75 | ||
| Q1 25 | $1.04 | $0.84 | ||
| Q4 24 | $2.63 | $0.81 | ||
| Q3 24 | $-1.69 | $1.21 | ||
| Q2 24 | $1.92 | $0.54 |
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 | — |
| 总债务越低越好 | — | $31.8B |
| 股东权益账面价值 | $10.2B | $23.6B |
| 总资产 | — | $81.4B |
| 负债/权益比越低杠杆越低 | — | 1.35× |
8季度趋势，按日历期对齐
现金及短期投资AMTXEL
| Q1 26 | $1.6B | — | ||
| Q4 25 | $1.5B | — | ||
| Q3 25 | $2.0B | $1.1B | ||
| Q2 25 | $2.1B | $1.5B | ||
| Q1 25 | $2.1B | $1.1B | ||
| Q4 24 | $2.0B | $179.0M | ||
| Q3 24 | $2.2B | $1.5B | ||
| Q2 24 | $2.2B | $1.6B |
总债务AMTXEL
| Q1 26 | — | — | ||
| Q4 25 | $33.8B | $31.8B | ||
| Q3 25 | $34.9B | $32.0B | ||
| Q2 25 | $35.2B | $31.1B | ||
| Q1 25 | $34.0B | $29.4B | ||
| Q4 24 | $32.8B | $27.3B | ||
| Q3 24 | $33.4B | $27.5B | ||
| Q2 24 | $35.6B | $27.7B |
股东权益AMTXEL
| Q1 26 | $10.2B | — | ||
| Q4 25 | $3.7B | $23.6B | ||
| Q3 25 | $4.0B | $21.2B | ||
| Q2 25 | $3.7B | $21.0B | ||
| Q1 25 | $3.5B | $19.8B | ||
| Q4 24 | $3.4B | $19.5B | ||
| Q3 24 | $3.6B | $19.4B | ||
| Q2 24 | $3.9B | $18.0B |
总资产AMTXEL
| Q1 26 | — | — | ||
| Q4 25 | $63.2B | $81.4B | ||
| Q3 25 | $63.9B | $79.2B | ||
| Q2 25 | $63.8B | $75.3B | ||
| Q1 25 | $62.1B | $72.7B | ||
| Q4 24 | $61.1B | $70.0B | ||
| Q3 24 | $62.8B | $69.3B | ||
| Q2 24 | $65.8B | $67.9B |
负债/权益比AMTXEL
| Q1 26 | — | — | ||
| Q4 25 | 9.26× | 1.35× | ||
| Q3 25 | 8.82× | 1.51× | ||
| Q2 25 | 9.48× | 1.48× | ||
| Q1 25 | 9.63× | 1.48× | ||
| Q4 24 | 9.70× | 1.40× | ||
| Q3 24 | 9.16× | 1.42× | ||
| Q2 24 | 9.24× | 1.54× |
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 | — | $209.0M |
| 自由现金流经营现金流 - 资本支出 | $941.0M | $-3.2B |
| 自由现金流率自由现金流/营收 | 34.4% | -90.7% |
| 资本支出强度资本支出/营收 | 16.8% | 96.5% |
| 现金转化率经营现金流/净利润 | — | 0.37× |
| 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AMTXEL
| Q1 26 | — | — | ||
| Q4 25 | $5.5B | $209.0M | ||
| Q3 25 | $1.5B | $1.8B | ||
| Q2 25 | $1.3B | $1.1B | ||
| Q1 25 | $1.3B | $1.0B | ||
| Q4 24 | $5.3B | $664.0M | ||
| Q3 24 | $1.5B | $1.7B | ||
| Q2 24 | $1.3B | $1.2B |
自由现金流AMTXEL
| Q1 26 | $941.0M | — | ||
| Q4 25 | $3.8B | $-3.2B | ||
| Q3 25 | $994.5M | $-1.3B | ||
| Q2 25 | $976.9M | $-1.3B | ||
| Q1 25 | $963.9M | $-960.0M | ||
| Q4 24 | $3.7B | $-1.6B | ||
| Q3 24 | $1.0B | $-42.0M | ||
| Q2 24 | $1.0B | $-641.0M |
自由现金流率AMTXEL
| Q1 26 | 34.4% | — | ||
| Q4 25 | 138.2% | -90.7% | ||
| Q3 25 | 36.6% | -33.0% | ||
| Q2 25 | 37.2% | -40.9% | ||
| Q1 25 | 37.6% | -24.6% | ||
| Q4 24 | 145.3% | -49.8% | ||
| Q3 24 | 41.4% | -1.2% | ||
| Q2 24 | 39.8% | -21.2% |
资本支出强度AMTXEL
| Q1 26 | 16.8% | — | ||
| Q4 25 | 61.4% | 96.5% | ||
| Q3 25 | 17.1% | 78.0% | ||
| Q2 25 | 11.6% | 73.8% | ||
| Q1 25 | 12.9% | 50.9% | ||
| Q4 24 | 62.4% | 71.1% | ||
| Q3 24 | 16.8% | 48.8% | ||
| Q2 24 | 12.8% | 60.5% |
现金转化率AMTXEL
| Q1 26 | — | — | ||
| Q4 25 | 6.53× | 0.37× | ||
| Q3 25 | 1.60× | 3.37× | ||
| Q2 25 | 3.37× | 2.43× | ||
| Q1 25 | 2.60× | 2.13× | ||
| Q4 24 | 4.30× | 1.43× | ||
| Q3 24 | — | 2.55× | ||
| Q2 24 | 1.47× | 3.94× |
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
XEL
| Retail Distribution | $2.3B | 64% |
| Regulated Natural Gas Segment | $737.0M | 21% |
| Alternativeand Other | $212.0M | 6% |
| Transmission Services | $164.0M | 5% |
| Wholesale Distribution | $159.0M | 4% |
| Other Services | $8.0M | 0% |
