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Alexandria Real Estate Equities（ARE）与美世（MERC）财务数据对比。点击上方公司名可切换其他公司
Alexandria Real Estate Equities的季度营收约是美世的1.5倍（$671.0M vs $449.5M），Alexandria Real Estate Equities净利率更高（59.4% vs -68.7%，领先128.0%），美世同比增速更快（-8.0% vs -11.5%），过去两年Alexandria Real Estate Equities的营收复合增速更高（-6.4% vs -9.9%）
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。
美世是1945年成立的美国咨询公司，为全球专业服务集团威达信的四大运营子公司之一，总部位于纽约，在43个国家设有办事处，业务覆盖130个国家，主要为客户提供人力资源与金融咨询服务。
ARE vs MERC — 直观对比
营收规模更大
ARE
是对方的1.5倍
$449.5M
营收增速更快
MERC
高出3.5%
-11.5%
净利率更高
ARE
高出128.0%
-68.7%
两年增速更快
ARE
近两年复合增速
-9.9%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $671.0M | $449.5M |
| 净利润 | $398.4M | $-308.7M |
| 毛利率 | — | — |
| 营业利润率 | — | -62.0% |
| 净利率 | 59.4% | -68.7% |
| 营收同比 | -11.5% | -8.0% |
| 净利润同比 | 740.6% | -1947.7% |
| 每股收益（稀释后） | $2.10 | $-4.61 |
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AREMERC
| Q1 26 | $671.0M | — | ||
| Q4 25 | $754.4M | $449.5M | ||
| Q3 25 | $751.9M | $458.1M | ||
| Q2 25 | $762.0M | $453.5M | ||
| Q1 25 | $758.2M | $507.0M | ||
| Q4 24 | $788.9M | $488.4M | ||
| Q3 24 | $791.6M | $502.1M | ||
| Q2 24 | $766.7M | $499.4M |
净利润AREMERC
| Q1 26 | $398.4M | — | ||
| Q4 25 | $-1.1B | $-308.7M | ||
| Q3 25 | $-232.8M | $-80.8M | ||
| Q2 25 | $-107.0M | $-86.1M | ||
| Q1 25 | $-8.9M | $-22.3M | ||
| Q4 24 | $-62.2M | $16.7M | ||
| Q3 24 | $167.9M | $-17.6M | ||
| Q2 24 | $46.7M | $-67.6M |
营业利润率AREMERC
| Q1 26 | — | — | ||
| Q4 25 | — | -62.0% | ||
| Q3 25 | — | -14.8% | ||
| Q2 25 | — | -12.9% | ||
| Q1 25 | — | 1.3% | ||
| Q4 24 | — | 10.3% | ||
| Q3 24 | — | 1.8% | ||
| Q2 24 | — | -8.8% |
净利率AREMERC
| Q1 26 | 59.4% | — | ||
| Q4 25 | -143.3% | -68.7% | ||
| Q3 25 | -31.0% | -17.6% | ||
| Q2 25 | -14.0% | -19.0% | ||
| Q1 25 | -1.2% | -4.4% | ||
| Q4 24 | -7.9% | 3.4% | ||
| Q3 24 | 21.2% | -3.5% | ||
| Q2 24 | 6.1% | -13.5% |
每股收益（稀释后）AREMERC
| Q1 26 | $2.10 | — | ||
| Q4 25 | $-6.35 | $-4.61 | ||
| Q3 25 | $-1.38 | $-1.21 | ||
| Q2 25 | $-0.64 | $-1.29 | ||
| Q1 25 | $-0.07 | $-0.33 | ||
| Q4 24 | $-0.38 | $0.25 | ||
| Q3 24 | $0.96 | $-0.26 | ||
| Q2 24 | $0.25 | $-1.01 |
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 | $186.8M |
| 总债务越低越好 | — | $1.6B |
| 股东权益账面价值 | $19.4B | $68.1M |
| 总资产 | $34.2B | $2.0B |
| 负债/权益比越低杠杆越低 | — | 23.58× |
8季度趋势，按日历期对齐
现金及短期投资AREMERC
| Q1 26 | $418.7M | — | ||
| Q4 25 | $549.1M | $186.8M | ||
| Q3 25 | $579.5M | $98.1M | ||
| Q2 25 | $520.5M | $146.5M | ||
| Q1 25 | $476.4M | $181.5M | ||
| Q4 24 | $552.1M | $184.9M | ||
| Q3 24 | $562.6M | $239.0M | ||
| Q2 24 | $561.0M | $263.2M |
总债务AREMERC
| Q1 26 | — | — | ||
| Q4 25 | $12.4B | $1.6B | ||
| Q3 25 | $13.6B | $1.5B | ||
| Q2 25 | $13.3B | $1.5B | ||
| Q1 25 | $13.1B | $1.5B | ||
| Q4 24 | $12.2B | $1.5B | ||
| Q3 24 | $12.7B | $1.6B | ||
| Q2 24 | $12.4B | $1.6B |
股东权益AREMERC
| Q1 26 | $19.4B | — | ||
| Q4 25 | $15.5B | $68.1M | ||
| Q3 25 | $16.6B | $359.5M | ||
| Q2 25 | $17.2B | $446.5M | ||
| Q1 25 | $17.5B | $437.4M | ||
| Q4 24 | $17.9B | $429.8M | ||
| Q3 24 | $18.2B | $516.8M | ||
| Q2 24 | $18.3B | $487.7M |
总资产AREMERC
| Q1 26 | $34.2B | — | ||
| Q4 25 | $34.1B | $2.0B | ||
| Q3 25 | $37.4B | $2.3B | ||
| Q2 25 | $37.6B | $2.4B | ||
| Q1 25 | $37.6B | $2.3B | ||
| Q4 24 | $37.5B | $2.3B | ||
| Q3 24 | $38.5B | $2.5B | ||
| Q2 24 | $37.8B | $2.5B |
负债/权益比AREMERC
| Q1 26 | — | — | ||
| Q4 25 | 0.80× | 23.58× | ||
| Q3 25 | 0.82× | 4.30× | ||
| Q2 25 | 0.77× | 3.42× | ||
| Q1 25 | 0.75× | 3.44× | ||
| Q4 24 | 0.68× | 3.43× | ||
| Q3 24 | 0.70× | 3.09× | ||
| Q2 24 | 0.68× | 3.22× |
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 | $475.0M | $46.2M |
| 自由现金流经营现金流 - 资本支出 | — | $32.0M |
| 自由现金流率自由现金流/营收 | — | 7.1% |
| 资本支出强度资本支出/营收 | 76.0% | 3.1% |
| 现金转化率经营现金流/净利润 | 1.19× | — |
| 过去12个月自由现金流最近4个季度 | — | $-80.0M |
8季度趋势，按日历期对齐
经营现金流AREMERC
| Q1 26 | $475.0M | — | ||
| Q4 25 | $312.4M | $46.2M | ||
| Q3 25 | $433.5M | $-30.1M | ||
| Q2 25 | $460.2M | $-4.5M | ||
| Q1 25 | $207.9M | $-3.0M | ||
| Q4 24 | $274.2M | $71.2M | ||
| Q3 24 | $477.4M | $-13.9M | ||
| Q2 24 | $411.8M | $62.2M |
自由现金流AREMERC
| Q1 26 | — | — | ||
| Q4 25 | — | $32.0M | ||
| Q3 25 | — | $-60.1M | ||
| Q2 25 | — | $-28.9M | ||
| Q1 25 | — | $-23.1M | ||
| Q4 24 | — | $50.4M | ||
| Q3 24 | — | $-41.2M | ||
| Q2 24 | — | $44.3M |
自由现金流率AREMERC
| Q1 26 | — | — | ||
| Q4 25 | — | 7.1% | ||
| Q3 25 | — | -13.1% | ||
| Q2 25 | — | -6.4% | ||
| Q1 25 | — | -4.6% | ||
| Q4 24 | — | 10.3% | ||
| Q3 24 | — | -8.2% | ||
| Q2 24 | — | 8.9% |
资本支出强度AREMERC
| Q1 26 | 76.0% | — | ||
| Q4 25 | — | 3.1% | ||
| Q3 25 | — | 6.6% | ||
| Q2 25 | — | 5.4% | ||
| Q1 25 | — | 4.0% | ||
| Q4 24 | — | 4.2% | ||
| Q3 24 | — | 5.4% | ||
| Q2 24 | — | 3.6% |
现金转化率AREMERC
| Q1 26 | 1.19× | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 4.26× | ||
| Q3 24 | 2.84× | — | ||
| Q2 24 | 8.82× | — |
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% |
MERC
| Other | $215.3M | 48% |
| Solid Wood | $110.2M | 25% |
| Lumber | $54.9M | 12% |
| Pallets | $23.7M | 5% |
| Energyandchemicals | $18.7M | 4% |
| Manufactured Products | $14.1M | 3% |
| Biofuels | $10.0M | 2% |
| Wood Residuals | $2.6M | 1% |
