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Alexandria Real Estate Equities（ARE）与Ryman Hospitality Properties, Inc.（RHP）财务数据对比。点击上方公司名可切换其他公司
Ryman Hospitality Properties, Inc.的季度营收约是Alexandria Real Estate Equities的1.1倍（$737.8M vs $671.0M），Alexandria Real Estate Equities净利率更高（59.4% vs 10.1%，领先49.3%），Ryman Hospitality Properties, Inc.同比增速更快（13.9% vs -11.5%），过去两年Ryman Hospitality Properties, Inc.的营收复合增速更高（18.2% 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。
莱曼酒店地产是一家主营酒店、度假村、娱乐及媒体业务的企业，得名于旗下位于田纳西州纳什维尔的国家历史地标莱曼礼堂。公司历史可追溯至曾为俄克拉荷马出版公司子公司时期，1983年收购WSM公司后奠定现代业务基础，同时将知名演出IP大奥普里等核心资产纳入麾下。
ARE vs RHP — 直观对比
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $671.0M | $737.8M |
| 净利润 | $398.4M | $74.5M |
| 毛利率 | — | 41.4% |
| 营业利润率 | — | 19.4% |
| 净利率 | 59.4% | 10.1% |
| 营收同比 | -11.5% | 13.9% |
| 净利润同比 | 740.6% | 3.0% |
| 每股收益（稀释后） | $2.10 | $1.12 |
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
| Q1 26 | $671.0M | — | ||
| Q4 25 | $754.4M | $737.8M | ||
| Q3 25 | $751.9M | $592.5M | ||
| Q2 25 | $762.0M | $659.5M | ||
| Q1 25 | $758.2M | $587.3M | ||
| Q4 24 | $788.9M | $647.6M | ||
| Q3 24 | $791.6M | $550.0M | ||
| Q2 24 | $766.7M | $613.3M |
| Q1 26 | $398.4M | — | ||
| Q4 25 | $-1.1B | $74.5M | ||
| Q3 25 | $-232.8M | $34.9M | ||
| Q2 25 | $-107.0M | $71.8M | ||
| Q1 25 | $-8.9M | $63.0M | ||
| Q4 24 | $-62.2M | $72.3M | ||
| Q3 24 | $167.9M | $59.0M | ||
| Q2 24 | $46.7M | $100.8M |
| Q1 26 | — | — | ||
| Q4 25 | — | 41.4% | ||
| Q3 25 | — | 40.9% | ||
| Q2 25 | — | 49.7% | ||
| Q1 25 | — | 44.4% | ||
| Q4 24 | — | 40.4% | ||
| Q3 24 | — | 43.1% | ||
| Q2 24 | — | 48.4% |
| Q1 26 | — | — | ||
| Q4 25 | — | 19.4% | ||
| Q3 25 | — | 15.0% | ||
| Q2 25 | — | 21.1% | ||
| Q1 25 | — | 19.8% | ||
| Q4 24 | — | 18.6% | ||
| Q3 24 | — | 19.3% | ||
| Q2 24 | — | 27.4% |
| Q1 26 | 59.4% | — | ||
| Q4 25 | -143.3% | 10.1% | ||
| Q3 25 | -31.0% | 5.9% | ||
| Q2 25 | -14.0% | 10.9% | ||
| Q1 25 | -1.2% | 10.7% | ||
| Q4 24 | -7.9% | 11.2% | ||
| Q3 24 | 21.2% | 10.7% | ||
| Q2 24 | 6.1% | 16.4% |
| Q1 26 | $2.10 | — | ||
| Q4 25 | $-6.35 | $1.12 | ||
| Q3 25 | $-1.38 | $0.53 | ||
| Q2 25 | $-0.64 | $1.12 | ||
| Q1 25 | $-0.07 | $1.00 | ||
| Q4 24 | $-0.38 | $1.12 | ||
| Q3 24 | $0.96 | $0.94 | ||
| Q2 24 | $0.25 | $1.65 |
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 | $471.4M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $19.4B | $750.2M |
| 总资产 | $34.2B | $6.2B |
| 负债/权益比越低杠杆越低 | — | — |
8季度趋势，按日历期对齐
| Q1 26 | $418.7M | — | ||
| Q4 25 | $549.1M | $471.4M | ||
| Q3 25 | $579.5M | $483.3M | ||
| Q2 25 | $520.5M | $420.6M | ||
| Q1 25 | $476.4M | $413.9M | ||
| Q4 24 | $552.1M | $477.7M | ||
| Q3 24 | $562.6M | $534.9M | ||
| Q2 24 | $561.0M | $498.4M |
| 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 | — |
| Q1 26 | $19.4B | — | ||
| Q4 25 | $15.5B | $750.2M | ||
| Q3 25 | $16.6B | $758.5M | ||
| Q2 25 | $17.2B | $800.4M | ||
| Q1 25 | $17.5B | $531.5M | ||
| Q4 24 | $17.9B | $549.0M | ||
| Q3 24 | $18.2B | $551.9M | ||
| Q2 24 | $18.3B | $562.6M |
| Q1 26 | $34.2B | — | ||
| Q4 25 | $34.1B | $6.2B | ||
| Q3 25 | $37.4B | $6.2B | ||
| Q2 25 | $37.6B | $6.1B | ||
| Q1 25 | $37.6B | $5.2B | ||
| Q4 24 | $37.5B | $5.2B | ||
| Q3 24 | $38.5B | $5.2B | ||
| Q2 24 | $37.8B | $5.1B |
| 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 | $164.7M |
| 自由现金流经营现金流 - 资本支出 | — | $58.5M |
| 自由现金流率自由现金流/营收 | — | 7.9% |
| 资本支出强度资本支出/营收 | 76.0% | 14.4% |
| 现金转化率经营现金流/净利润 | 1.19× | 2.21× |
| 过去12个月自由现金流最近4个季度 | — | $232.4M |
8季度趋势，按日历期对齐
| Q1 26 | $475.0M | — | ||
| Q4 25 | $312.4M | $164.7M | ||
| Q3 25 | $433.5M | $205.2M | ||
| Q2 25 | $460.2M | $122.5M | ||
| Q1 25 | $207.9M | $98.2M | ||
| Q4 24 | $274.2M | $166.6M | ||
| Q3 24 | $477.4M | $218.1M | ||
| Q2 24 | $411.8M | $184.3M |
| Q1 26 | — | — | ||
| Q4 25 | — | $58.5M | ||
| Q3 25 | — | $135.4M | ||
| Q2 25 | — | $53.0M | ||
| Q1 25 | — | $-14.5M | ||
| Q4 24 | — | $76.0M | ||
| Q3 24 | — | $85.7M | ||
| Q2 24 | — | $78.8M |
| Q1 26 | — | — | ||
| Q4 25 | — | 7.9% | ||
| Q3 25 | — | 22.9% | ||
| Q2 25 | — | 8.0% | ||
| Q1 25 | — | -2.5% | ||
| Q4 24 | — | 11.7% | ||
| Q3 24 | — | 15.6% | ||
| Q2 24 | — | 12.9% |
| Q1 26 | 76.0% | — | ||
| Q4 25 | — | 14.4% | ||
| Q3 25 | — | 11.8% | ||
| Q2 25 | — | 10.5% | ||
| Q1 25 | — | 19.2% | ||
| Q4 24 | — | 14.0% | ||
| Q3 24 | — | 24.1% | ||
| Q2 24 | — | 17.2% |
| Q1 26 | 1.19× | — | ||
| Q4 25 | — | 2.21× | ||
| Q3 25 | — | 5.88× | ||
| Q2 25 | — | 1.71× | ||
| Q1 25 | — | 1.56× | ||
| Q4 24 | — | 2.30× | ||
| Q3 24 | 2.84× | 3.70× | ||
| Q2 24 | 8.82× | 1.83× |
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% |
RHP
| Hotel Other | $157.7M | 21% |
| Gaylord Opryland | $147.4M | 20% |
| Hotel Transient Rooms | $93.6M | 13% |
| Hotel Food And Beverage Outlets | $92.2M | 12% |
| Gaylord Palms | $88.2M | 12% |
| Jw Marriott Hill Country | $53.7M | 7% |
| Entertainment Admissions And Ticketing | $43.1M | 6% |
| Entertainment Food And Beverage | $38.1M | 5% |
| Entertainment Retail And Other | $28.3M | 4% |
| Ac Hotel | $2.4M | 0% |
