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ANTERO RESOURCES Corp（AR）与西蒙地产集团（SPG）财务数据对比。点击上方公司名可切换其他公司
西蒙地产集团的季度营收约是ANTERO RESOURCES Corp的1.3倍（$1.8B vs $1.4B），西蒙地产集团净利率更高（197.6% vs 14.4%，领先183.2%），ANTERO RESOURCES Corp同比增速更快（20.8% vs 13.2%），过去两年ANTERO RESOURCES Corp的营收复合增速更高（12.2% vs 11.4%）
Antero Resources Corporation是一家美国油气勘探企业，注册地为特拉华州，总部设于科罗拉多州丹佛市。公司全部油气储量均位于阿巴拉契亚盆地，采用水力压裂技术开展开采作业，深耕北美本土油气资源开发领域。
西蒙地产集团是美国头部房地产投资信托企业，核心投资范畴涵盖购物中心、奥特莱斯、社区及生活方式中心，是美国规模最大的购物中心持有方，总部位于印第安纳州印第安纳波利斯，截至2024年12月末共持有232处物业的相关权益。
AR vs SPG — 直观对比
营收规模更大
SPG
是对方的1.3倍
$1.4B
营收增速更快
AR
高出7.6%
13.2%
净利率更高
SPG
高出183.2%
14.4%
两年增速更快
AR
近两年复合增速
11.4%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.4B | $1.8B |
| 净利润 | $202.9M | $3.5B |
| 毛利率 | — | — |
| 营业利润率 | 20.5% | 49.7% |
| 净利率 | 14.4% | 197.6% |
| 营收同比 | 20.8% | 13.2% |
| 净利润同比 | 27.8% | 358.7% |
| 每股收益（稀释后） | $0.63 | $9.34 |
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ARSPG
| Q4 25 | $1.4B | $1.8B | ||
| Q3 25 | $1.2B | $1.6B | ||
| Q2 25 | $1.3B | $1.5B | ||
| Q1 25 | $1.4B | $1.5B | ||
| Q4 24 | $1.2B | $1.6B | ||
| Q3 24 | $1.1B | $1.5B | ||
| Q2 24 | $978.7M | $1.5B | ||
| Q1 24 | $1.1B | $1.4B |
净利润ARSPG
| Q4 25 | $202.9M | $3.5B | ||
| Q3 25 | $85.6M | $702.7M | ||
| Q2 25 | $166.6M | $643.7M | ||
| Q1 25 | $219.5M | $477.9M | ||
| Q4 24 | $158.8M | $771.8M | ||
| Q3 24 | $-25.2M | $546.7M | ||
| Q2 24 | $-74.6M | $569.4M | ||
| Q1 24 | $34.7M | $841.2M |
营业利润率ARSPG
| Q4 25 | 20.5% | 49.7% | ||
| Q3 25 | 9.7% | 50.8% | ||
| Q2 25 | 15.8% | 49.7% | ||
| Q1 25 | 20.1% | 49.4% | ||
| Q4 24 | 4.9% | 52.8% | ||
| Q3 24 | -2.4% | 51.9% | ||
| Q2 24 | -8.2% | 51.7% | ||
| Q1 24 | 4.3% | 51.0% |
净利率ARSPG
| Q4 25 | 14.4% | 197.6% | ||
| Q3 25 | 7.1% | 43.9% | ||
| Q2 25 | 12.8% | 43.0% | ||
| Q1 25 | 16.2% | 32.4% | ||
| Q4 24 | 13.6% | 48.8% | ||
| Q3 24 | -2.4% | 36.9% | ||
| Q2 24 | -7.6% | 39.0% | ||
| Q1 24 | 3.1% | 58.3% |
每股收益（稀释后）ARSPG
| Q4 25 | $0.63 | $9.34 | ||
| Q3 25 | $0.24 | $1.86 | ||
| Q2 25 | $0.50 | $1.70 | ||
| Q1 25 | $0.66 | $1.27 | ||
| Q4 24 | $0.48 | $2.04 | ||
| Q3 24 | $-0.11 | $1.46 | ||
| Q2 24 | $-0.26 | $1.51 | ||
| Q1 24 | $0.07 | $2.25 |
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 | — | $823.1M |
| 总债务越低越好 | — | $28.4B |
| 股东权益账面价值 | $7.6B | $5.2B |
| 总资产 | $13.2B | $40.6B |
| 负债/权益比越低杠杆越低 | — | 5.46× |
8季度趋势，按日历期对齐
现金及短期投资ARSPG
| Q4 25 | — | $823.1M | ||
| Q3 25 | — | $1.6B | ||
| Q2 25 | — | $1.2B | ||
| Q1 25 | — | $1.4B | ||
| Q4 24 | — | $1.4B | ||
| Q3 24 | — | $2.5B | ||
| Q2 24 | — | $2.5B | ||
| Q1 24 | — | $2.6B |
总债务ARSPG
| Q4 25 | — | $28.4B | ||
| Q3 25 | — | $25.8B | ||
| Q2 25 | — | $25.4B | ||
| Q1 25 | — | $24.8B | ||
| Q4 24 | — | $24.3B | ||
| Q3 24 | — | $25.4B | ||
| Q2 24 | — | $25.3B | ||
| Q1 24 | — | $25.5B |
股东权益ARSPG
| Q4 25 | $7.6B | $5.2B | ||
| Q3 25 | $7.3B | $2.3B | ||
| Q2 25 | $7.3B | $2.5B | ||
| Q1 25 | $7.2B | $2.6B | ||
| Q4 24 | $7.0B | $2.9B | ||
| Q3 24 | $7.0B | $2.7B | ||
| Q2 24 | $7.0B | $2.9B | ||
| Q1 24 | $7.1B | $3.1B |
总资产ARSPG
| Q4 25 | $13.2B | $40.6B | ||
| Q3 25 | $12.9B | $33.6B | ||
| Q2 25 | $12.8B | $33.3B | ||
| Q1 25 | $13.0B | $32.5B | ||
| Q4 24 | $13.0B | $32.4B | ||
| Q3 24 | $13.2B | $33.3B | ||
| Q2 24 | $13.4B | $33.4B | ||
| Q1 24 | $13.5B | $33.7B |
负债/权益比ARSPG
| Q4 25 | — | 5.46× | ||
| Q3 25 | — | 10.98× | ||
| Q2 25 | — | 10.36× | ||
| Q1 25 | — | 9.50× | ||
| Q4 24 | — | 8.25× | ||
| Q3 24 | — | 9.37× | ||
| Q2 24 | — | 8.59× | ||
| Q1 24 | — | 8.22× |
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 | $370.7M | $1.2B |
| 自由现金流经营现金流 - 资本支出 | — | $948.8M |
| 自由现金流率自由现金流/营收 | — | 53.0% |
| 资本支出强度资本支出/营收 | — | 14.2% |
| 现金转化率经营现金流/净利润 | 1.83× | 0.34× |
| 过去12个月自由现金流最近4个季度 | — | $3.2B |
8季度趋势，按日历期对齐
经营现金流ARSPG
| Q4 25 | $370.7M | $1.2B | ||
| Q3 25 | $310.1M | $890.3M | ||
| Q2 25 | $492.4M | $1.2B | ||
| Q1 25 | $457.7M | $827.2M | ||
| Q4 24 | $278.0M | $1.1B | ||
| Q3 24 | $166.2M | $892.9M | ||
| Q2 24 | $143.5M | $1.1B | ||
| Q1 24 | $261.6M | $773.1M |
自由现金流ARSPG
| Q4 25 | — | $948.8M | ||
| Q3 25 | — | $685.0M | ||
| Q2 25 | — | $971.3M | ||
| Q1 25 | — | $597.0M | ||
| Q4 24 | — | $867.7M | ||
| Q3 24 | — | $706.5M | ||
| Q2 24 | — | $874.8M | ||
| Q1 24 | — | $610.1M |
自由现金流率ARSPG
| Q4 25 | — | 53.0% | ||
| Q3 25 | — | 42.8% | ||
| Q2 25 | — | 64.8% | ||
| Q1 25 | — | 40.5% | ||
| Q4 24 | — | 54.8% | ||
| Q3 24 | — | 47.7% | ||
| Q2 24 | — | 60.0% | ||
| Q1 24 | — | 42.3% |
资本支出强度ARSPG
| Q4 25 | — | 14.2% | ||
| Q3 25 | — | 12.8% | ||
| Q2 25 | — | 16.3% | ||
| Q1 25 | — | 15.6% | ||
| Q4 24 | — | 13.8% | ||
| Q3 24 | — | 12.6% | ||
| Q2 24 | — | 12.9% | ||
| Q1 24 | — | 11.3% |
现金转化率ARSPG
| Q4 25 | 1.83× | 0.34× | ||
| Q3 25 | 3.62× | 1.27× | ||
| Q2 25 | 2.96× | 1.89× | ||
| Q1 25 | 2.09× | 1.73× | ||
| Q4 24 | 1.75× | 1.41× | ||
| Q3 24 | — | 1.63× | ||
| Q2 24 | — | 1.87× | ||
| Q1 24 | 7.55× | 0.92× |
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
AR
| Natural Gas Production | $773.6M | 55% |
| Natural Gas Liquids Sales C3Ngls | $378.1M | 27% |
| Other | $97.3M | 7% |
| Natural Gas Liquids Sales Ethane | $96.1M | 7% |
| Oil And Condensate | $34.8M | 2% |
| Marketings | $31.7M | 2% |
SPG
| Real Estate Segment | $1.7B | 95% |
| Other | $86.3M | 5% |
