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CBL & ASSOCIATES PROPERTIES INC（CBL）与LiveRamp Holdings, Inc.（RAMP）财务数据对比。点击上方公司名可切换其他公司
LiveRamp Holdings, Inc.的季度营收约是CBL & ASSOCIATES PROPERTIES INC的1.4倍（$212.2M vs $156.4M），CBL & ASSOCIATES PROPERTIES INC净利率更高（31.3% vs 18.8%，领先12.5%），CBL & ASSOCIATES PROPERTIES INC同比增速更快（18.8% vs 8.6%），过去两年LiveRamp Holdings, Inc.的营收复合增速更高（11.1% vs 10.1%）
CBL联合地产是一家美国房地产投资信托企业，核心投资布局为购物中心与商业摩尔，业务主要集中在美国东南部与中西部地区。公司在特拉华州注册，总部设于田纳西州查塔努加，该城市也是其最大的布局市场，公司名称取自创始人查尔斯·B·勒博维茨的姓名首字母。
LiveRamp Holdings, Inc.是一家美国SaaS企业，核心业务为提供数据连接平台，服务涵盖数据导入、线下数据线上迁移等能力，助力企业开展营销相关的数据应用，为品牌及营销从业者的数字化运营提供技术支撑。
CBL vs RAMP — 直观对比
营收规模更大
RAMP
是对方的1.4倍
$156.4M
营收增速更快
CBL
高出10.2%
8.6%
净利率更高
CBL
高出12.5%
18.8%
两年增速更快
RAMP
近两年复合增速
10.1%
损益表 — Q4 FY2025 vs Q3 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $156.4M | $212.2M |
| 净利润 | $49.0M | $39.9M |
| 毛利率 | — | 71.9% |
| 营业利润率 | — | 18.6% |
| 净利率 | 31.3% | 18.8% |
| 营收同比 | 18.8% | 8.6% |
| 净利润同比 | 29.0% | 255.7% |
| 每股收益（稀释后） | $1.61 | $0.62 |
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CBLRAMP
| Q4 25 | $156.4M | $212.2M | ||
| Q3 25 | $139.3M | $199.8M | ||
| Q2 25 | $140.9M | $194.8M | ||
| Q1 25 | $141.8M | $188.7M | ||
| Q4 24 | $131.7M | $195.4M | ||
| Q3 24 | $125.1M | $185.5M | ||
| Q2 24 | $129.7M | $176.0M | ||
| Q1 24 | $129.1M | $171.9M |
净利润CBLRAMP
| Q4 25 | $49.0M | $39.9M | ||
| Q3 25 | $75.4M | $27.4M | ||
| Q2 25 | $2.8M | $7.7M | ||
| Q1 25 | $8.8M | $-6.3M | ||
| Q4 24 | $38.0M | $11.2M | ||
| Q3 24 | $16.2M | $1.7M | ||
| Q2 24 | $4.7M | $-7.5M | ||
| Q1 24 | $50.0K | $-5.4M |
毛利率CBLRAMP
| Q4 25 | — | 71.9% | ||
| Q3 25 | — | 70.2% | ||
| Q2 25 | — | 70.1% | ||
| Q1 25 | — | 69.3% | ||
| Q4 24 | — | 71.9% | ||
| Q3 24 | — | 72.4% | ||
| Q2 24 | — | 70.6% | ||
| Q1 24 | — | 72.2% |
营业利润率CBLRAMP
| Q4 25 | — | 18.6% | ||
| Q3 25 | — | 10.7% | ||
| Q2 25 | — | 3.7% | ||
| Q1 25 | — | -6.1% | ||
| Q4 24 | — | 7.5% | ||
| Q3 24 | — | 4.0% | ||
| Q2 24 | — | -3.0% | ||
| Q1 24 | — | -8.3% |
净利率CBLRAMP
| Q4 25 | 31.3% | 18.8% | ||
| Q3 25 | 54.2% | 13.7% | ||
| Q2 25 | 2.0% | 4.0% | ||
| Q1 25 | 6.2% | -3.3% | ||
| Q4 24 | 28.8% | 5.7% | ||
| Q3 24 | 12.9% | 0.9% | ||
| Q2 24 | 3.7% | -4.3% | ||
| Q1 24 | 0.0% | -3.1% |
每股收益（稀释后）CBLRAMP
| Q4 25 | $1.61 | $0.62 | ||
| Q3 25 | $2.38 | $0.42 | ||
| Q2 25 | $0.08 | $0.12 | ||
| Q1 25 | $0.27 | $-0.10 | ||
| Q4 24 | $1.22 | $0.17 | ||
| Q3 24 | $0.52 | $0.03 | ||
| Q2 24 | $0.14 | $-0.11 | ||
| Q1 24 | $-0.01 | $-0.09 |
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 | $42.3M | $403.4M |
| 总债务越低越好 | $2.2B | — |
| 股东权益账面价值 | $374.9M | $962.3M |
| 总资产 | $2.7B | $1.3B |
| 负债/权益比越低杠杆越低 | 5.79× | — |
8季度趋势，按日历期对齐
现金及短期投资CBLRAMP
| Q4 25 | $42.3M | $403.4M | ||
| Q3 25 | $52.6M | $376.9M | ||
| Q2 25 | $100.3M | $371.1M | ||
| Q1 25 | $100.3M | $420.8M | ||
| Q4 24 | $40.8M | $384.3M | ||
| Q3 24 | $65.1M | $348.4M | ||
| Q2 24 | $57.7M | $342.7M | ||
| Q1 24 | $57.7M | $368.9M |
总债务CBLRAMP
| Q4 25 | $2.2B | — | ||
| Q3 25 | $2.2B | — | ||
| Q2 25 | $2.1B | — | ||
| Q1 25 | $2.2B | — | ||
| Q4 24 | $2.2B | — | ||
| Q3 24 | $1.8B | — | ||
| Q2 24 | $1.9B | — | ||
| Q1 24 | $1.9B | — |
股东权益CBLRAMP
| Q4 25 | $374.9M | $962.3M | ||
| Q3 25 | $351.4M | $943.8M | ||
| Q2 25 | $289.4M | $947.8M | ||
| Q1 25 | $295.0M | $948.9M | ||
| Q4 24 | $323.5M | $957.7M | ||
| Q3 24 | $308.3M | $932.1M | ||
| Q2 24 | $308.8M | $951.9M | ||
| Q1 24 | $324.2M | $949.1M |
总资产CBLRAMP
| Q4 25 | $2.7B | $1.3B | ||
| Q3 25 | $2.7B | $1.2B | ||
| Q2 25 | $2.6B | $1.2B | ||
| Q1 25 | $2.6B | $1.3B | ||
| Q4 24 | $2.7B | $1.3B | ||
| Q3 24 | $2.2B | $1.2B | ||
| Q2 24 | $2.3B | $1.2B | ||
| Q1 24 | $2.3B | $1.2B |
负债/权益比CBLRAMP
| Q4 25 | 5.79× | — | ||
| Q3 25 | 6.21× | — | ||
| Q2 25 | 7.39× | — | ||
| Q1 25 | 7.29× | — | ||
| Q4 24 | 6.84× | — | ||
| Q3 24 | 5.76× | — | ||
| Q2 24 | 6.00× | — | ||
| Q1 24 | 5.74× | — |
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 | $249.7M | — |
| 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 | — | 0.1% |
| 现金转化率经营现金流/净利润 | 5.10× | — |
| 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CBLRAMP
| Q4 25 | $249.7M | — | ||
| Q3 25 | $69.6M | $57.4M | ||
| Q2 25 | $68.3M | $-15.8M | ||
| Q1 25 | $31.7M | — | ||
| Q4 24 | $202.2M | $45.1M | ||
| Q3 24 | $61.1M | $55.6M | ||
| Q2 24 | $64.2M | $-9.3M | ||
| Q1 24 | $30.7M | — |
自由现金流CBLRAMP
| Q4 25 | — | — | ||
| Q3 25 | — | $56.8M | ||
| Q2 25 | — | $-16.2M | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $44.8M | ||
| Q3 24 | $46.0M | $55.4M | ||
| Q2 24 | $54.8M | $-9.6M | ||
| Q1 24 | $24.7M | — |
自由现金流率CBLRAMP
| Q4 25 | — | — | ||
| Q3 25 | — | 28.4% | ||
| Q2 25 | — | -8.3% | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 22.9% | ||
| Q3 24 | 36.8% | 29.8% | ||
| Q2 24 | 42.2% | -5.4% | ||
| Q1 24 | 19.1% | — |
资本支出强度CBLRAMP
| Q4 25 | — | 0.1% | ||
| Q3 25 | — | 0.3% | ||
| Q2 25 | — | 0.2% | ||
| Q1 25 | — | 0.2% | ||
| Q4 24 | — | 0.1% | ||
| Q3 24 | 12.1% | 0.1% | ||
| Q2 24 | 7.3% | 0.1% | ||
| Q1 24 | 4.7% | 1.0% |
现金转化率CBLRAMP
| Q4 25 | 5.10× | — | ||
| Q3 25 | 0.92× | 2.09× | ||
| Q2 25 | 24.74× | -2.04× | ||
| Q1 25 | 3.60× | — | ||
| Q4 24 | 5.32× | 4.02× | ||
| Q3 24 | 3.77× | 32.10× | ||
| Q2 24 | 13.54× | — | ||
| Q1 24 | 614.76× | — |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
