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Alphatec Holdings, Inc.（ATEC）与Gaming & Leisure Properties, Inc.（GLPI）财务数据对比。点击上方公司名可切换其他公司
Gaming & Leisure Properties, Inc.的季度营收约是Alphatec Holdings, Inc.的2.0倍（$420.0M vs $212.9M），Gaming & Leisure Properties, Inc.净利率更高（57.0% vs -10.2%，领先67.2%），Alphatec Holdings, Inc.同比增速更快（20.4% vs 6.3%），过去两年Alphatec Holdings, Inc.的营收复合增速更高（24.0% vs 5.0%）
Alphatec Holdings是一家全球医疗科技企业，专注于研发、生产及销售脊柱外科手术相关的植入物、手术器械与数字化手术平台，服务骨科及神经外科医疗从业者，核心市场覆盖北美、欧洲及亚太主要区域。
博彩与休闲地产公司（GLPI）是一家专注于赌场物业的房地产投资信托（REIT），总部位于宾夕法尼亚州怀奥米辛。公司于2013年11月从宾州国民娱乐分拆成立，目前持有62处赌场物业，全部对外出租给其他企业运营。
ATEC vs GLPI — 直观对比
营收规模更大
GLPI
是对方的2.0倍
$212.9M
营收增速更快
ATEC
高出14.2%
6.3%
净利率更高
GLPI
高出67.2%
-10.2%
两年增速更快
ATEC
近两年复合增速
5.0%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $212.9M | $420.0M |
| 净利润 | $-21.7M | $239.4M |
| 毛利率 | 70.2% | — |
| 营业利润率 | -4.1% | 79.4% |
| 净利率 | -10.2% | 57.0% |
| 营收同比 | 20.4% | 6.3% |
| 净利润同比 | 34.8% | 40.5% |
| 每股收益（稀释后） | $-0.15 | — |
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ATECGLPI
| Q1 26 | — | $420.0M | ||
| Q4 25 | $212.9M | $407.0M | ||
| Q3 25 | $196.5M | $397.6M | ||
| Q2 25 | $185.5M | $394.9M | ||
| Q1 25 | $169.2M | $395.2M | ||
| Q4 24 | $176.8M | $389.6M | ||
| Q3 24 | $150.7M | $385.3M | ||
| Q2 24 | $145.6M | $380.6M |
净利润ATECGLPI
| Q1 26 | — | $239.4M | ||
| Q4 25 | $-21.7M | $275.4M | ||
| Q3 25 | $-28.6M | $241.2M | ||
| Q2 25 | $-41.1M | $151.4M | ||
| Q1 25 | $-51.9M | $165.2M | ||
| Q4 24 | $-33.3M | $223.6M | ||
| Q3 24 | $-39.6M | $184.7M | ||
| Q2 24 | $-40.7M | $208.3M |
毛利率ATECGLPI
| Q1 26 | — | — | ||
| Q4 25 | 70.2% | — | ||
| Q3 25 | 69.9% | — | ||
| Q2 25 | 69.6% | — | ||
| Q1 25 | 68.6% | — | ||
| Q4 24 | 68.8% | — | ||
| Q3 24 | 68.2% | — | ||
| Q2 24 | 70.5% | — |
营业利润率ATECGLPI
| Q1 26 | — | 79.4% | ||
| Q4 25 | -4.1% | 89.3% | ||
| Q3 25 | -8.1% | 84.8% | ||
| Q2 25 | -7.1% | 61.3% | ||
| Q1 25 | -26.2% | 65.5% | ||
| Q4 24 | -13.5% | 79.1% | ||
| Q3 24 | -22.4% | 70.4% | ||
| Q2 24 | -24.3% | 77.1% |
净利率ATECGLPI
| Q1 26 | — | 57.0% | ||
| Q4 25 | -10.2% | 67.6% | ||
| Q3 25 | -14.5% | 60.7% | ||
| Q2 25 | -22.2% | 38.4% | ||
| Q1 25 | -30.7% | 41.8% | ||
| Q4 24 | -18.9% | 57.4% | ||
| Q3 24 | -26.3% | 47.9% | ||
| Q2 24 | -27.9% | 54.7% |
每股收益（稀释后）ATECGLPI
| Q1 26 | — | — | ||
| Q4 25 | $-0.15 | $0.96 | ||
| Q3 25 | $-0.19 | $0.85 | ||
| Q2 25 | $-0.27 | $0.54 | ||
| Q1 25 | $-0.35 | $0.60 | ||
| Q4 24 | $-0.22 | $0.79 | ||
| Q3 24 | $-0.28 | $0.67 | ||
| Q2 24 | $-0.29 | $0.77 |
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 | $160.8M | $274.5M |
| 总债务越低越好 | $565.9M | — |
| 股东权益账面价值 | $12.4M | $5.0B |
| 总资产 | $791.2M | $13.8B |
| 负债/权益比越低杠杆越低 | 45.54× | — |
8季度趋势，按日历期对齐
现金及短期投资ATECGLPI
| Q1 26 | — | $274.5M | ||
| Q4 25 | $160.8M | — | ||
| Q3 25 | $155.7M | — | ||
| Q2 25 | $157.1M | — | ||
| Q1 25 | $153.2M | — | ||
| Q4 24 | $138.8M | $560.8M | ||
| Q3 24 | $81.0M | $560.8M | ||
| Q2 24 | $99.8M | $560.8M |
总债务ATECGLPI
| Q1 26 | — | — | ||
| Q4 25 | $565.9M | $7.2B | ||
| Q3 25 | $559.7M | $7.2B | ||
| Q2 25 | $553.9M | $6.9B | ||
| Q1 25 | $548.4M | $6.9B | ||
| Q4 24 | $576.2M | $7.7B | ||
| Q3 24 | $527.7M | $7.4B | ||
| Q2 24 | $519.2M | $6.6B |
股东权益ATECGLPI
| Q1 26 | — | $5.0B | ||
| Q4 25 | $12.4M | $4.6B | ||
| Q3 25 | $11.5M | $4.6B | ||
| Q2 25 | $23.8M | $4.6B | ||
| Q1 25 | $-85.9M | $4.2B | ||
| Q4 24 | $-14.2M | $4.3B | ||
| Q3 24 | $-1.4M | $4.3B | ||
| Q2 24 | $17.1M | $4.1B |
总资产ATECGLPI
| Q1 26 | — | $13.8B | ||
| Q4 25 | $791.2M | $12.9B | ||
| Q3 25 | $787.2M | $12.8B | ||
| Q2 25 | $790.3M | $12.5B | ||
| Q1 25 | $785.5M | $12.1B | ||
| Q4 24 | $775.7M | $13.1B | ||
| Q3 24 | $745.9M | $12.7B | ||
| Q2 24 | $768.6M | $11.8B |
负债/权益比ATECGLPI
| Q1 26 | — | — | ||
| Q4 25 | 45.54× | 1.56× | ||
| Q3 25 | 48.64× | 1.57× | ||
| Q2 25 | 23.30× | 1.51× | ||
| Q1 25 | — | 1.63× | ||
| Q4 24 | — | 1.81× | ||
| Q3 24 | — | 1.74× | ||
| Q2 24 | 30.34× | 1.60× |
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 | $20.7M | — |
| 自由现金流经营现金流 - 资本支出 | $7.7M | — |
| 自由现金流率自由现金流/营收 | 3.6% | — |
| 资本支出强度资本支出/营收 | 6.1% | — |
| 现金转化率经营现金流/净利润 | — | — |
| 过去12个月自由现金流最近4个季度 | $2.8M | — |
8季度趋势，按日历期对齐
经营现金流ATECGLPI
| Q1 26 | — | — | ||
| Q4 25 | $20.7M | $1.1B | ||
| Q3 25 | $14.0M | $240.3M | ||
| Q2 25 | $15.5M | $293.4M | ||
| Q1 25 | $-5.0M | $252.5M | ||
| Q4 24 | $10.5M | $1.1B | ||
| Q3 24 | $-5.3M | $270.4M | ||
| Q2 24 | $-11.4M | $252.1M |
自由现金流ATECGLPI
| Q1 26 | — | — | ||
| Q4 25 | $7.7M | — | ||
| Q3 25 | $4.8M | $183.0M | ||
| Q2 25 | $5.2M | $272.3M | ||
| Q1 25 | $-15.0M | $239.6M | ||
| Q4 24 | $8.5M | $1.1B | ||
| Q3 24 | $-21.2M | $261.5M | ||
| Q2 24 | $-45.5M | $245.0M |
自由现金流率ATECGLPI
| Q1 26 | — | — | ||
| Q4 25 | 3.6% | — | ||
| Q3 25 | 2.4% | 46.0% | ||
| Q2 25 | 2.8% | 69.0% | ||
| Q1 25 | -8.9% | 60.6% | ||
| Q4 24 | 4.8% | 275.3% | ||
| Q3 24 | -14.1% | 67.9% | ||
| Q2 24 | -31.3% | 64.4% |
资本支出强度ATECGLPI
| Q1 26 | — | — | ||
| Q4 25 | 6.1% | — | ||
| Q3 25 | 4.7% | 14.4% | ||
| Q2 25 | 5.6% | 5.3% | ||
| Q1 25 | 5.9% | 3.3% | ||
| Q4 24 | 1.1% | 0.0% | ||
| Q3 24 | 10.5% | 2.3% | ||
| Q2 24 | 23.4% | 1.9% |
现金转化率ATECGLPI
| Q1 26 | — | — | ||
| Q4 25 | — | 4.10× | ||
| Q3 25 | — | 1.00× | ||
| Q2 25 | — | 1.94× | ||
| Q1 25 | — | 1.53× | ||
| Q4 24 | — | 4.80× | ||
| Q3 24 | — | 1.46× | ||
| Q2 24 | — | 1.21× |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
