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富兰克林邓普顿（BEN）与Welltower（WELL）财务数据对比。点击上方公司名可切换其他公司
Welltower的季度营收约是富兰克林邓普顿的1.4倍（$3.4B vs $2.3B），Welltower净利率更高（22.4% vs 11.0%，领先11.5%），Welltower同比增速更快（38.3% vs 3.4%），过去两年Welltower的营收复合增速更高（55.1% vs 4.0%）
富兰克林资源（运营品牌为富兰克林邓普顿）是美国跨国投资管理控股集团，1947年创立于纽约，纽交所上市代码为BEN，命名源自创始人敬仰的本杰明·富兰克林，是全球知名的综合投资服务机构。
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。
BEN vs WELL — 直观对比
营收规模更大
WELL
是对方的1.4倍
$2.3B
营收增速更快
WELL
高出35.0%
3.4%
净利率更高
WELL
高出11.5%
11.0%
两年增速更快
WELL
近两年复合增速
4.0%
损益表 — Q1 FY2026 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $2.3B | $3.4B |
| 净利润 | $255.5M | $752.3M |
| 毛利率 | — | — |
| 营业利润率 | 12.1% | — |
| 净利率 | 11.0% | 22.4% |
| 营收同比 | 3.4% | 38.3% |
| 净利润同比 | 56.2% | 192.4% |
| 每股收益（稀释后） | $0.46 | — |
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BENWELL
| Q1 26 | — | $3.4B | ||
| Q4 25 | $2.3B | $2.6B | ||
| Q3 25 | $2.3B | $2.1B | ||
| Q2 25 | $2.1B | $2.0B | ||
| Q1 25 | $2.1B | $1.9B | ||
| Q4 24 | $2.3B | $1.8B | ||
| Q3 24 | $2.2B | $1.5B | ||
| Q2 24 | $2.1B | $1.4B |
净利润BENWELL
| Q1 26 | — | $752.3M | ||
| Q4 25 | $255.5M | $117.8M | ||
| Q3 25 | $117.6M | $282.2M | ||
| Q2 25 | $92.3M | $304.6M | ||
| Q1 25 | $151.4M | $257.3M | ||
| Q4 24 | $163.6M | $123.8M | ||
| Q3 24 | $-84.7M | $456.8M | ||
| Q2 24 | $174.0M | $260.7M |
毛利率BENWELL
| 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BENWELL
| Q1 26 | — | — | ||
| Q4 25 | 12.1% | — | ||
| Q3 25 | 3.6% | 14.2% | ||
| Q2 25 | 7.5% | 15.1% | ||
| Q1 25 | 6.9% | 10.7% | ||
| Q4 24 | 9.7% | 6.2% | ||
| Q3 24 | -6.8% | 12.2% | ||
| Q2 24 | 10.5% | 6.5% |
净利率BENWELL
| Q1 26 | — | 22.4% | ||
| Q4 25 | 11.0% | 4.6% | ||
| Q3 25 | 5.0% | 13.7% | ||
| Q2 25 | 4.5% | 15.5% | ||
| Q1 25 | 7.2% | 13.8% | ||
| Q4 24 | 7.3% | 7.0% | ||
| Q3 24 | -3.8% | 30.2% | ||
| Q2 24 | 8.2% | 18.7% |
每股收益（稀释后）BENWELL
| Q1 26 | — | — | ||
| Q4 25 | $0.46 | $0.13 | ||
| Q3 25 | $0.21 | $0.41 | ||
| Q2 25 | $0.15 | $0.45 | ||
| Q1 25 | $0.26 | $0.40 | ||
| Q4 24 | $0.29 | $0.20 | ||
| Q3 24 | $-0.20 | $0.73 | ||
| Q2 24 | $0.32 | $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 | — | $4.7B |
| 总债务越低越好 | $2.4B | — |
| 股东权益账面价值 | $12.1B | $44.7B |
| 总资产 | $32.5B | $67.2B |
| 负债/权益比越低杠杆越低 | 0.19× | — |
8季度趋势，按日历期对齐
现金及短期投资BENWELL
| Q1 26 | — | $4.7B | ||
| Q4 25 | — | $5.0B | ||
| Q3 25 | — | $6.8B | ||
| Q2 25 | — | $4.4B | ||
| Q1 25 | — | $3.5B | ||
| Q4 24 | — | $3.5B | ||
| Q3 24 | — | $3.6B | ||
| Q2 24 | — | $2.8B |
总债务BENWELL
| Q1 26 | — | — | ||
| Q4 25 | $2.4B | $19.2B | ||
| Q3 25 | $2.4B | $16.9B | ||
| Q2 25 | $2.7B | $16.0B | ||
| Q1 25 | $2.7B | $15.7B | ||
| Q4 24 | $2.8B | $15.5B | ||
| Q3 24 | $2.8B | $15.8B | ||
| Q2 24 | $3.0B | $13.9B |
股东权益BENWELL
| Q1 26 | — | $44.7B | ||
| Q4 25 | $12.1B | $42.1B | ||
| Q3 25 | $12.1B | $38.8B | ||
| Q2 25 | $12.2B | $35.9B | ||
| Q1 25 | $12.3B | $34.0B | ||
| Q4 24 | $12.5B | $32.0B | ||
| Q3 24 | $12.5B | $30.3B | ||
| Q2 24 | $12.9B | $29.0B |
总资产BENWELL
| Q1 26 | — | $67.2B | ||
| Q4 25 | $32.5B | $67.3B | ||
| Q3 25 | $32.4B | $59.5B | ||
| Q2 25 | $32.6B | $55.8B | ||
| Q1 25 | $32.0B | $53.3B | ||
| Q4 24 | $32.4B | $51.0B | ||
| Q3 24 | $32.5B | $49.0B | ||
| Q2 24 | $33.3B | $45.5B |
负债/权益比BENWELL
| Q1 26 | — | — | ||
| Q4 25 | 0.19× | 0.46× | ||
| Q3 25 | 0.20× | 0.43× | ||
| Q2 25 | 0.22× | 0.44× | ||
| Q1 25 | 0.22× | 0.46× | ||
| Q4 24 | 0.22× | 0.49× | ||
| Q3 24 | 0.22× | 0.52× | ||
| Q2 24 | 0.24× | 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 | $-255.1M | — |
| 自由现金流经营现金流 - 资本支出 | — | — |
| 自由现金流率自由现金流/营收 | — | — |
| 资本支出强度资本支出/营收 | — | — |
| 现金转化率经营现金流/净利润 | -1.00× | — |
| 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BENWELL
| Q1 26 | — | — | ||
| Q4 25 | $-255.1M | $654.3M | ||
| Q3 25 | $-20.7M | $858.4M | ||
| Q2 25 | $1.3B | $770.0M | ||
| Q1 25 | $-50.1M | $599.0M | ||
| Q4 24 | $-145.2M | $559.2M | ||
| Q3 24 | $558.2M | $685.0M | ||
| Q2 24 | $528.4M | $605.4M |
自由现金流BENWELL
| Q1 26 | — | — | ||
| Q4 25 | — | $340.4M | ||
| Q3 25 | $-51.9M | $595.3M | ||
| Q2 25 | $1.3B | $537.2M | ||
| Q1 25 | $-87.6M | $358.6M | ||
| Q4 24 | $-217.0M | $240.4M | ||
| Q3 24 | $488.4M | $443.8M | ||
| Q2 24 | $482.3M | $440.3M |
自由现金流率BENWELL
| Q1 26 | — | — | ||
| Q4 25 | — | 13.3% | ||
| Q3 25 | -2.2% | 28.9% | ||
| Q2 25 | 61.4% | 27.3% | ||
| Q1 25 | -4.1% | 19.2% | ||
| Q4 24 | -9.6% | 13.6% | ||
| Q3 24 | 22.1% | 29.4% | ||
| Q2 24 | 22.7% | 31.6% |
资本支出强度BENWELL
| Q1 26 | — | — | ||
| Q4 25 | — | 12.3% | ||
| Q3 25 | 1.3% | 12.8% | ||
| Q2 25 | 0.7% | 11.8% | ||
| Q1 25 | 1.8% | 12.9% | ||
| Q4 24 | 3.2% | 18.1% | ||
| Q3 24 | 3.2% | 16.0% | ||
| Q2 24 | 2.2% | 11.8% |
现金转化率BENWELL
| Q1 26 | — | — | ||
| Q4 25 | -1.00× | 5.56× | ||
| Q3 25 | -0.18× | 3.04× | ||
| Q2 25 | 13.89× | 2.53× | ||
| Q1 25 | -0.33× | 2.33× | ||
| Q4 24 | -0.89× | 4.52× | ||
| Q3 24 | — | 1.50× | ||
| Q2 24 | 3.04× | 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
BEN
| Investment Advisory Management And Administrative Service | $1.8B | 79% |
| Sales And Distribution Fees | $388.7M | 17% |
| Shareholder Service | $70.9M | 3% |
| Service Other | $19.6M | 1% |
WELL
| Resident fees and services | $2.8B | 83% |
| Rental income | $453.8M | 14% |
| Other | $117.2M | 3% |
