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Alexandria Real Estate Equities（ARE）与Astrana Health, Inc.（ASTH）财务数据对比。点击上方公司名可切换其他公司
Astrana Health, Inc.的季度营收约是Alexandria Real Estate Equities的1.4倍（$950.5M vs $671.0M），Alexandria Real Estate Equities净利率更高（59.4% vs 0.7%，领先58.7%），Astrana Health, Inc.同比增速更快（42.9% vs -11.5%），过去两年Astrana Health, Inc.的营收复合增速更高（53.3% vs -6.4%）
Alexandria Real Estate Equities（NYSE:ARE）是标普500成分股中的城市办公类房地产投资信托，作为业内首创、运营经验最丰富的先行企业，专注于在顶级创新集群区域开发、运营生命科学、科技及农业科技协作型产业园区。截至2020年12月末，公司总市值达319亿美元，北美地区资产总面积达4970万平方英尺。
Astrana Health是一家总部位于美国的价值导向型医疗服务提供商，主要服务全美符合联邦医保资格的老年群体，提供上门初级护理、慢性病管理及护理协调服务，致力于提升患者健康水平、降低不必要的医疗支出。
ARE vs ASTH — 直观对比
营收规模更大
ASTH
是对方的1.4倍
$671.0M
营收增速更快
ASTH
高出54.4%
-11.5%
净利率更高
ARE
高出58.7%
0.7%
两年增速更快
ASTH
近两年复合增速
-6.4%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $671.0M | $950.5M |
| 净利润 | $398.4M | $6.6M |
| 毛利率 | — | — |
| 营业利润率 | — | 1.9% |
| 净利率 | 59.4% | 0.7% |
| 营收同比 | -11.5% | 42.9% |
| 净利润同比 | 740.6% | 184.4% |
| 每股收益（稀释后） | $2.10 | $0.12 |
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AREASTH
| Q1 26 | $671.0M | — | ||
| Q4 25 | $754.4M | $950.5M | ||
| Q3 25 | $751.9M | $956.0M | ||
| Q2 25 | $762.0M | $654.8M | ||
| Q1 25 | $758.2M | $620.4M | ||
| Q4 24 | $788.9M | $665.2M | ||
| Q3 24 | $791.6M | $478.7M | ||
| Q2 24 | $766.7M | $486.3M |
净利润AREASTH
| Q1 26 | $398.4M | — | ||
| Q4 25 | $-1.1B | $6.6M | ||
| Q3 25 | $-232.8M | $373.0K | ||
| Q2 25 | $-107.0M | $9.4M | ||
| Q1 25 | $-8.9M | $6.7M | ||
| Q4 24 | $-62.2M | $-7.8M | ||
| Q3 24 | $167.9M | $16.1M | ||
| Q2 24 | $46.7M | $19.2M |
营业利润率AREASTH
| Q1 26 | — | — | ||
| Q4 25 | — | 1.9% | ||
| Q3 25 | — | 2.0% | ||
| Q2 25 | — | 3.1% | ||
| Q1 25 | — | 3.3% | ||
| Q4 24 | — | 0.1% | ||
| Q3 24 | — | 5.9% | ||
| Q2 24 | — | 6.2% |
净利率AREASTH
| Q1 26 | 59.4% | — | ||
| Q4 25 | -143.3% | 0.7% | ||
| Q3 25 | -31.0% | 0.0% | ||
| Q2 25 | -14.0% | 1.4% | ||
| Q1 25 | -1.2% | 1.1% | ||
| Q4 24 | -7.9% | -1.2% | ||
| Q3 24 | 21.2% | 3.4% | ||
| Q2 24 | 6.1% | 3.9% |
每股收益（稀释后）AREASTH
| Q1 26 | $2.10 | — | ||
| Q4 25 | $-6.35 | $0.12 | ||
| Q3 25 | $-1.38 | $0.01 | ||
| Q2 25 | $-0.64 | $0.19 | ||
| Q1 25 | $-0.07 | $0.14 | ||
| Q4 24 | $-0.38 | $-0.14 | ||
| Q3 24 | $0.96 | $0.33 | ||
| Q2 24 | $0.25 | $0.40 |
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 | $418.7M | $429.5M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $19.4B | $779.3M |
| 总资产 | $34.2B | $2.2B |
| 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AREASTH
| Q1 26 | $418.7M | — | ||
| Q4 25 | $549.1M | $429.5M | ||
| Q3 25 | $579.5M | $463.4M | ||
| Q2 25 | $520.5M | $342.1M | ||
| Q1 25 | $476.4M | $260.9M | ||
| Q4 24 | $552.1M | $290.8M | ||
| Q3 24 | $562.6M | $350.3M | ||
| Q2 24 | $561.0M | $327.7M |
总债务AREASTH
| Q1 26 | — | — | ||
| Q4 25 | $12.4B | — | ||
| Q3 25 | $13.6B | — | ||
| Q2 25 | $13.3B | — | ||
| Q1 25 | $13.1B | — | ||
| Q4 24 | $12.2B | — | ||
| Q3 24 | $12.7B | — | ||
| Q2 24 | $12.4B | — |
股东权益AREASTH
| Q1 26 | $19.4B | — | ||
| Q4 25 | $15.5B | $779.3M | ||
| Q3 25 | $16.6B | $775.5M | ||
| Q2 25 | $17.2B | $765.5M | ||
| Q1 25 | $17.5B | $745.4M | ||
| Q4 24 | $17.9B | $712.7M | ||
| Q3 24 | $18.2B | $704.6M | ||
| Q2 24 | $18.3B | $678.9M |
总资产AREASTH
| Q1 26 | $34.2B | — | ||
| Q4 25 | $34.1B | $2.2B | ||
| Q3 25 | $37.4B | $2.2B | ||
| Q2 25 | $37.6B | $1.4B | ||
| Q1 25 | $37.6B | $1.3B | ||
| Q4 24 | $37.5B | $1.4B | ||
| Q3 24 | $38.5B | $1.3B | ||
| Q2 24 | $37.8B | $1.3B |
负债/权益比AREASTH
| Q1 26 | — | — | ||
| Q4 25 | 0.80× | — | ||
| Q3 25 | 0.82× | — | ||
| Q2 25 | 0.77× | — | ||
| Q1 25 | 0.75× | — | ||
| Q4 24 | 0.68× | — | ||
| Q3 24 | 0.70× | — | ||
| Q2 24 | 0.68× | — |
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 | $475.0M | $-2.9M |
| 自由现金流经营现金流 - 资本支出 | — | $-6.0M |
| 自由现金流率自由现金流/营收 | — | -0.6% |
| 资本支出强度资本支出/营收 | 76.0% | 0.3% |
| 现金转化率经营现金流/净利润 | 1.19× | -0.44× |
| 过去12个月自由现金流最近4个季度 | — | $104.5M |
8季度趋势，按日历期对齐
经营现金流AREASTH
| Q1 26 | $475.0M | — | ||
| Q4 25 | $312.4M | $-2.9M | ||
| Q3 25 | $433.5M | $10.0M | ||
| Q2 25 | $460.2M | $90.9M | ||
| Q1 25 | $207.9M | $16.6M | ||
| Q4 24 | $274.2M | $-10.9M | ||
| Q3 24 | $477.4M | $34.0M | ||
| Q2 24 | $411.8M | $23.2M |
自由现金流AREASTH
| Q1 26 | — | — | ||
| Q4 25 | — | $-6.0M | ||
| Q3 25 | — | $7.4M | ||
| Q2 25 | — | $89.5M | ||
| Q1 25 | — | $13.6M | ||
| Q4 24 | — | $-13.5M | ||
| Q3 24 | — | $31.7M | ||
| Q2 24 | — | $20.4M |
自由现金流率AREASTH
| Q1 26 | — | — | ||
| Q4 25 | — | -0.6% | ||
| Q3 25 | — | 0.8% | ||
| Q2 25 | — | 13.7% | ||
| Q1 25 | — | 2.2% | ||
| Q4 24 | — | -2.0% | ||
| Q3 24 | — | 6.6% | ||
| Q2 24 | — | 4.2% |
资本支出强度AREASTH
| Q1 26 | 76.0% | — | ||
| Q4 25 | — | 0.3% | ||
| Q3 25 | — | 0.3% | ||
| Q2 25 | — | 0.2% | ||
| Q1 25 | — | 0.5% | ||
| Q4 24 | — | 0.4% | ||
| Q3 24 | — | 0.5% | ||
| Q2 24 | — | 0.6% |
现金转化率AREASTH
| Q1 26 | 1.19× | — | ||
| Q4 25 | — | -0.44× | ||
| Q3 25 | — | 26.69× | ||
| Q2 25 | — | 9.65× | ||
| Q1 25 | — | 2.48× | ||
| Q4 24 | — | — | ||
| Q3 24 | 2.84× | 2.11× | ||
| Q2 24 | 8.82× | 1.21× |
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
ARE
| Same properties | $431.4M | 64% |
| Tenant recoveries | $178.2M | 27% |
| Non-same properties | $43.3M | 6% |
| Other | $18.0M | 3% |
ASTH
| Medicare | $542.4M | 57% |
| Commercial | $99.1M | 10% |
| Care Delivery | $92.1M | 10% |
| Care Enablement | $78.9M | 8% |
| Other Third Parties | $58.0M | 6% |
| Health Care Patient Service | $39.8M | 4% |
| Health Care Other | $25.5M | 3% |
| Other | $12.1M | 1% |
| Management Service | $10.3M | 1% |
