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爱玛客（ARMK）与Welltower（WELL）财务数据对比。点击上方公司名可切换其他公司
爱玛客的季度营收约是Welltower的1.4倍（$4.8B vs $3.4B），Welltower净利率更高（22.4% vs 2.0%，领先20.5%），Welltower同比增速更快（38.3% vs 6.1%），过去两年Welltower的营收复合增速更高（55.1% vs 7.3%）
爱玛客是美国知名的餐饮服务与设施管理服务商，服务覆盖教育、司法监管、医疗、企业、休闲文旅等多个领域，业务遍布北美地区及英国、德国、智利、爱尔兰、西班牙在内的14个国家，为各场景客户提供专业后勤支持解决方案。
Welltower Inc.是一家专注于医疗基础设施领域的房地产投资信托企业，核心业务为医疗类地产投资运营。截至2022年12月31日，公司投资的物业总量约3000处，全部布局于美国、加拿大及英国市场，是全球医疗地产投资领域的代表性企业之一。
ARMK vs WELL — 直观对比
营收规模更大
ARMK
是对方的1.4倍
$3.4B
营收增速更快
WELL
高出32.2%
6.1%
净利率更高
WELL
高出20.5%
2.0%
两年增速更快
WELL
近两年复合增速
7.3%
损益表 — Q1 FY2026 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $4.8B | $3.4B |
| 净利润 | $96.2M | $752.3M |
| 毛利率 | — | — |
| 营业利润率 | 4.5% | — |
| 净利率 | 2.0% | 22.4% |
| 营收同比 | 6.1% | 38.3% |
| 净利润同比 | -9.0% | 192.4% |
| 每股收益（稀释后） | $0.36 | — |
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ARMKWELL
| Q1 26 | $4.8B | $3.4B | ||
| Q4 25 | $5.0B | $2.6B | ||
| Q3 25 | — | $2.1B | ||
| Q2 25 | $4.6B | $2.0B | ||
| Q1 25 | $4.3B | $1.9B | ||
| Q4 24 | $4.6B | $1.8B | ||
| Q3 24 | $4.4B | $1.5B | ||
| Q2 24 | $4.4B | $1.4B |
净利润ARMKWELL
| Q1 26 | $96.2M | $752.3M | ||
| Q4 25 | $87.1M | $117.8M | ||
| Q3 25 | — | $282.2M | ||
| Q2 25 | $71.8M | $304.6M | ||
| Q1 25 | $61.9M | $257.3M | ||
| Q4 24 | $105.6M | $123.8M | ||
| Q3 24 | $122.4M | $456.8M | ||
| Q2 24 | $58.1M | $260.7M |
毛利率ARMKWELL
| Q1 26 | — | — | ||
| Q4 25 | — | 24.3% | ||
| Q3 25 | — | 23.5% | ||
| Q2 25 | — | 23.2% | ||
| Q1 25 | — | 21.6% | ||
| Q4 24 | — | 20.0% | ||
| Q3 24 | — | 19.8% | ||
| Q2 24 | — | 20.2% |
营业利润率ARMKWELL
| Q1 26 | 4.5% | — | ||
| Q4 25 | 4.3% | — | ||
| Q3 25 | — | 14.2% | ||
| Q2 25 | 3.9% | 15.1% | ||
| Q1 25 | 4.1% | 10.7% | ||
| Q4 24 | 4.8% | 6.2% | ||
| Q3 24 | 5.0% | 12.2% | ||
| Q2 24 | 3.7% | 6.5% |
净利率ARMKWELL
| Q1 26 | 2.0% | 22.4% | ||
| Q4 25 | 1.7% | 4.6% | ||
| Q3 25 | — | 13.7% | ||
| Q2 25 | 1.6% | 15.5% | ||
| Q1 25 | 1.4% | 13.8% | ||
| Q4 24 | 2.3% | 7.0% | ||
| Q3 24 | 2.8% | 30.2% | ||
| Q2 24 | 1.3% | 18.7% |
每股收益（稀释后）ARMKWELL
| Q1 26 | $0.36 | — | ||
| Q4 25 | $0.33 | $0.13 | ||
| Q3 25 | — | $0.41 | ||
| Q2 25 | $0.27 | $0.45 | ||
| Q1 25 | $0.23 | $0.40 | ||
| Q4 24 | $0.39 | $0.20 | ||
| Q3 24 | $0.46 | $0.73 | ||
| Q2 24 | $0.22 | $0.42 |
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 | $439.6M | $4.7B |
| 总债务越低越好 | $6.2B | — |
| 股东权益账面价值 | $3.2B | $44.7B |
| 总资产 | $13.5B | $67.2B |
| 负债/权益比越低杠杆越低 | 1.94× | — |
8季度趋势，按日历期对齐
现金及短期投资ARMKWELL
| Q1 26 | $439.6M | $4.7B | ||
| Q4 25 | $639.1M | $5.0B | ||
| Q3 25 | — | $6.8B | ||
| Q2 25 | $501.5M | $4.4B | ||
| Q1 25 | $920.5M | $3.5B | ||
| Q4 24 | $484.1M | $3.5B | ||
| Q3 24 | $672.5M | $3.6B | ||
| Q2 24 | $436.1M | $2.8B |
总债务ARMKWELL
| Q1 26 | $6.2B | — | ||
| Q4 25 | $5.4B | $19.2B | ||
| Q3 25 | — | $16.9B | ||
| Q2 25 | $6.3B | $16.0B | ||
| Q1 25 | $6.1B | $15.7B | ||
| Q4 24 | $5.0B | $15.5B | ||
| Q3 24 | $4.3B | $15.8B | ||
| Q2 24 | $5.0B | $13.9B |
股东权益ARMKWELL
| Q1 26 | $3.2B | $44.7B | ||
| Q4 25 | $3.1B | $42.1B | ||
| Q3 25 | — | $38.8B | ||
| Q2 25 | $3.1B | $35.9B | ||
| Q1 25 | $3.0B | $34.0B | ||
| Q4 24 | $3.1B | $32.0B | ||
| Q3 24 | $3.0B | $30.3B | ||
| Q2 24 | $2.9B | $29.0B |
总资产ARMKWELL
| Q1 26 | $13.5B | $67.2B | ||
| Q4 25 | $13.3B | $67.3B | ||
| Q3 25 | — | $59.5B | ||
| Q2 25 | $13.3B | $55.8B | ||
| Q1 25 | $13.5B | $53.3B | ||
| Q4 24 | $12.7B | $51.0B | ||
| Q3 24 | $12.7B | $49.0B | ||
| Q2 24 | $12.5B | $45.5B |
负债/权益比ARMKWELL
| Q1 26 | 1.94× | — | ||
| Q4 25 | 1.71× | 0.46× | ||
| Q3 25 | — | 0.43× | ||
| Q2 25 | 2.03× | 0.44× | ||
| Q1 25 | 2.02× | 0.46× | ||
| Q4 24 | 1.61× | 0.49× | ||
| Q3 24 | 1.42× | 0.52× | ||
| Q2 24 | 1.71× | 0.48× |
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 | $-782.2M | — |
| 自由现金流经营现金流 - 资本支出 | $-904.4M | — |
| 自由现金流率自由现金流/营收 | -18.7% | — |
| 资本支出强度资本支出/营收 | 2.5% | — |
| 现金转化率经营现金流/净利润 | -8.13× | — |
| 过去12个月自由现金流最近4个季度 | — | — |
8季度趋势，按日历期对齐
经营现金流ARMKWELL
| Q1 26 | $-782.2M | — | ||
| Q4 25 | — | $654.3M | ||
| Q3 25 | — | $858.4M | ||
| Q2 25 | $76.7M | $770.0M | ||
| Q1 25 | $255.9M | $599.0M | ||
| Q4 24 | $-587.2M | $559.2M | ||
| Q3 24 | $1.0B | $685.0M | ||
| Q2 24 | $140.7M | $605.4M |
自由现金流ARMKWELL
| Q1 26 | $-904.4M | — | ||
| Q4 25 | — | $340.4M | ||
| Q3 25 | — | $595.3M | ||
| Q2 25 | $-34.7M | $537.2M | ||
| Q1 25 | $140.1M | $358.6M | ||
| Q4 24 | $-707.0M | $240.4M | ||
| Q3 24 | $882.3M | $443.8M | ||
| Q2 24 | $55.6M | $440.3M |
自由现金流率ARMKWELL
| Q1 26 | -18.7% | — | ||
| Q4 25 | — | 13.3% | ||
| Q3 25 | — | 28.9% | ||
| Q2 25 | -0.8% | 27.3% | ||
| Q1 25 | 3.3% | 19.2% | ||
| Q4 24 | -15.5% | 13.6% | ||
| Q3 24 | 20.0% | 29.4% | ||
| Q2 24 | 1.3% | 31.6% |
资本支出强度ARMKWELL
| Q1 26 | 2.5% | — | ||
| Q4 25 | 2.8% | 12.3% | ||
| Q3 25 | — | 12.8% | ||
| Q2 25 | 2.4% | 11.8% | ||
| Q1 25 | 2.7% | 12.9% | ||
| Q4 24 | 2.6% | 18.1% | ||
| Q3 24 | 3.2% | 16.0% | ||
| Q2 24 | 1.9% | 11.8% |
现金转化率ARMKWELL
| Q1 26 | -8.13× | — | ||
| Q4 25 | — | 5.56× | ||
| Q3 25 | — | 3.04× | ||
| Q2 25 | 1.07× | 2.53× | ||
| Q1 25 | 4.14× | 2.33× | ||
| Q4 24 | -5.56× | 4.52× | ||
| Q3 24 | 8.35× | 1.50× | ||
| Q2 24 | 2.42× | 2.32× |
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
ARMK
| Education | $1.1B | 22% |
| Sports Leisure Corrections | $961.2M | 20% |
| Food And Support Services International | $847.8M | 18% |
| Other | $621.6M | 13% |
| Businessand Industry | $510.6M | 11% |
| Health Care | $421.3M | 9% |
| Facility Services | $382.9M | 8% |
WELL
| Resident fees and services | $2.8B | 83% |
| Rental income | $453.8M | 14% |
| Other | $117.2M | 3% |
