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世邦魏理仕（CBRE）与西蒙地产集团（SPG）财务数据对比。点击上方公司名可切换其他公司
世邦魏理仕的季度营收约是西蒙地产集团的6.4倍（$11.5B vs $1.8B），西蒙地产集团净利率更高（197.6% vs 3.6%，领先194.0%），西蒙地产集团同比增速更快（13.2% vs 12.3%），世邦魏理仕自由现金流更多（$1.1B vs $948.8M），过去两年世邦魏理仕的营收复合增速更高（21.1% vs 11.4%）
世邦魏理仕（CBRE Group）是全球领先的跨国商业地产服务与投资企业，业务涵盖物业顾问、交易撮合、资产管理、项目开发咨询等范畴，为全球各类企业及机构客户提供全链条不动产相关解决方案，服务网络覆盖全球各大主要城市。
西蒙地产集团是美国头部房地产投资信托企业，核心投资范畴涵盖购物中心、奥特莱斯、社区及生活方式中心，是美国规模最大的购物中心持有方，总部位于印第安纳州印第安纳波利斯，截至2024年12月末共持有232处物业的相关权益。
CBRE vs SPG — 直观对比
营收规模更大
CBRE
是对方的6.4倍
$1.8B
营收增速更快
SPG
高出0.9%
12.3%
净利率更高
SPG
高出194.0%
3.6%
自由现金流更多
CBRE
多$128.2M
$948.8M
两年增速更快
CBRE
近两年复合增速
11.4%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $11.5B | $1.8B |
| 净利润 | $416.0M | $3.5B |
| 毛利率 | 17.3% | — |
| 营业利润率 | 5.4% | 49.7% |
| 净利率 | 3.6% | 197.6% |
| 营收同比 | 12.3% | 13.2% |
| 净利润同比 | -14.6% | 358.7% |
| 每股收益（稀释后） | $1.38 | $9.34 |
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CBRESPG
| Q4 25 | $11.5B | $1.8B | ||
| Q3 25 | $10.1B | $1.6B | ||
| Q2 25 | $9.6B | $1.5B | ||
| Q1 25 | $8.8B | $1.5B | ||
| Q4 24 | $10.2B | $1.6B | ||
| Q3 24 | $8.8B | $1.5B | ||
| Q2 24 | $8.2B | $1.5B | ||
| Q1 24 | $7.8B | $1.4B |
净利润CBRESPG
| Q4 25 | $416.0M | $3.5B | ||
| Q3 25 | $363.0M | $702.7M | ||
| Q2 25 | $215.0M | $643.7M | ||
| Q1 25 | $163.0M | $477.9M | ||
| Q4 24 | $487.0M | $771.8M | ||
| Q3 24 | $225.0M | $546.7M | ||
| Q2 24 | $130.0M | $569.4M | ||
| Q1 24 | $126.0M | $841.2M |
毛利率CBRESPG
| Q4 25 | 17.3% | — | ||
| Q3 25 | 17.7% | — | ||
| Q2 25 | 17.1% | — | ||
| Q1 25 | 17.1% | — | ||
| Q4 24 | 18.7% | — | ||
| Q3 24 | 18.1% | — | ||
| Q2 24 | 17.6% | — | ||
| Q1 24 | 17.1% | — |
营业利润率CBRESPG
| Q4 25 | 5.4% | 49.7% | ||
| Q3 25 | 4.8% | 50.8% | ||
| Q2 25 | 3.9% | 49.7% | ||
| Q1 25 | 3.1% | 49.4% | ||
| Q4 24 | 5.8% | 52.8% | ||
| Q3 24 | 4.2% | 51.9% | ||
| Q2 24 | 3.0% | 51.7% | ||
| Q1 24 | 2.6% | 51.0% |
净利率CBRESPG
| Q4 25 | 3.6% | 197.6% | ||
| Q3 25 | 3.6% | 43.9% | ||
| Q2 25 | 2.2% | 43.0% | ||
| Q1 25 | 1.9% | 32.4% | ||
| Q4 24 | 4.8% | 48.8% | ||
| Q3 24 | 2.5% | 36.9% | ||
| Q2 24 | 1.6% | 39.0% | ||
| Q1 24 | 1.6% | 58.3% |
每股收益（稀释后）CBRESPG
| Q4 25 | $1.38 | $9.34 | ||
| Q3 25 | $1.21 | $1.86 | ||
| Q2 25 | $0.72 | $1.70 | ||
| Q1 25 | $0.54 | $1.27 | ||
| Q4 24 | $1.58 | $2.04 | ||
| Q3 24 | $0.73 | $1.46 | ||
| Q2 24 | $0.42 | $1.51 | ||
| Q1 24 | $0.41 | $2.25 |
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 | $1.9B | $823.1M |
| 总债务越低越好 | — | $28.4B |
| 股东权益账面价值 | $8.9B | $5.2B |
| 总资产 | $30.9B | $40.6B |
| 负债/权益比越低杠杆越低 | — | 5.46× |
8季度趋势，按日历期对齐
现金及短期投资CBRESPG
| Q4 25 | $1.9B | $823.1M | ||
| Q3 25 | $1.7B | $1.6B | ||
| Q2 25 | $1.4B | $1.2B | ||
| Q1 25 | $1.4B | $1.4B | ||
| Q4 24 | $1.1B | $1.4B | ||
| Q3 24 | $1.0B | $2.5B | ||
| Q2 24 | $928.0M | $2.5B | ||
| Q1 24 | $1.0B | $2.6B |
总债务CBRESPG
| Q4 25 | — | $28.4B | ||
| Q3 25 | — | $25.8B | ||
| Q2 25 | — | $25.4B | ||
| Q1 25 | — | $24.8B | ||
| Q4 24 | — | $24.3B | ||
| Q3 24 | — | $25.4B | ||
| Q2 24 | — | $25.3B | ||
| Q1 24 | — | $25.5B |
股东权益CBRESPG
| Q4 25 | $8.9B | $5.2B | ||
| Q3 25 | $8.5B | $2.3B | ||
| Q2 25 | $8.3B | $2.5B | ||
| Q1 25 | $8.3B | $2.6B | ||
| Q4 24 | $8.4B | $2.9B | ||
| Q3 24 | $8.7B | $2.7B | ||
| Q2 24 | $8.4B | $2.9B | ||
| Q1 24 | $8.3B | $3.1B |
总资产CBRESPG
| Q4 25 | $30.9B | $40.6B | ||
| Q3 25 | $28.6B | $33.6B | ||
| Q2 25 | $27.7B | $33.3B | ||
| Q1 25 | $26.4B | $32.5B | ||
| Q4 24 | $24.4B | $32.4B | ||
| Q3 24 | $24.8B | $33.3B | ||
| Q2 24 | $23.5B | $33.4B | ||
| Q1 24 | $23.0B | $33.7B |
负债/权益比CBRESPG
| Q4 25 | — | 5.46× | ||
| Q3 25 | — | 10.98× | ||
| Q2 25 | — | 10.36× | ||
| Q1 25 | — | 9.50× | ||
| Q4 24 | — | 8.25× | ||
| Q3 24 | — | 9.37× | ||
| Q2 24 | — | 8.59× | ||
| Q1 24 | — | 8.22× |
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 | $1.2B | $1.2B |
| 自由现金流经营现金流 - 资本支出 | $1.1B | $948.8M |
| 自由现金流率自由现金流/营收 | 9.4% | 53.0% |
| 资本支出强度资本支出/营收 | 1.3% | 14.2% |
| 现金转化率经营现金流/净利润 | 2.94× | 0.34× |
| 过去12个月自由现金流最近4个季度 | $1.2B | $3.2B |
8季度趋势，按日历期对齐
经营现金流CBRESPG
| Q4 25 | $1.2B | $1.2B | ||
| Q3 25 | $827.0M | $890.3M | ||
| Q2 25 | $57.0M | $1.2B | ||
| Q1 25 | $-546.0M | $827.2M | ||
| Q4 24 | $1.3B | $1.1B | ||
| Q3 24 | $573.0M | $892.9M | ||
| Q2 24 | $287.0M | $1.1B | ||
| Q1 24 | $-492.0M | $773.1M |
自由现金流CBRESPG
| Q4 25 | $1.1B | $948.8M | ||
| Q3 25 | $743.0M | $685.0M | ||
| Q2 25 | $-17.0M | $971.3M | ||
| Q1 25 | $-610.0M | $597.0M | ||
| Q4 24 | $1.2B | $867.7M | ||
| Q3 24 | $494.0M | $706.5M | ||
| Q2 24 | $220.0M | $874.8M | ||
| Q1 24 | $-560.0M | $610.1M |
自由现金流率CBRESPG
| Q4 25 | 9.4% | 53.0% | ||
| Q3 25 | 7.4% | 42.8% | ||
| Q2 25 | -0.2% | 64.8% | ||
| Q1 25 | -7.0% | 40.5% | ||
| Q4 24 | 12.2% | 54.8% | ||
| Q3 24 | 5.6% | 47.7% | ||
| Q2 24 | 2.7% | 60.0% | ||
| Q1 24 | -7.2% | 42.3% |
资本支出强度CBRESPG
| Q4 25 | 1.3% | 14.2% | ||
| Q3 25 | 0.8% | 12.8% | ||
| Q2 25 | 0.8% | 16.3% | ||
| Q1 25 | 0.7% | 15.6% | ||
| Q4 24 | 0.9% | 13.8% | ||
| Q3 24 | 0.9% | 12.6% | ||
| Q2 24 | 0.8% | 12.9% | ||
| Q1 24 | 0.9% | 11.3% |
现金转化率CBRESPG
| Q4 25 | 2.94× | 0.34× | ||
| Q3 25 | 2.28× | 1.27× | ||
| Q2 25 | 0.27× | 1.89× | ||
| Q1 25 | -3.35× | 1.73× | ||
| Q4 24 | 2.75× | 1.41× | ||
| Q3 24 | 2.55× | 1.63× | ||
| Q2 24 | 2.21× | 1.87× | ||
| Q1 24 | -3.90× | 0.92× |
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
CBRE
| Other | $5.8B | 51% |
| Project Management Segment | $2.2B | 19% |
| Advisory Leasing | $1.5B | 13% |
| Advisory Sales | $756.0M | 7% |
| Property Management | $695.0M | 6% |
| Investment Management Property Management Brokerage And Other Professional Services | $156.0M | 1% |
| Commercial Mortgage Origination | $95.0M | 1% |
| Other Portfolio Services | $87.0M | 1% |
| Loan Servicing | $73.0M | 1% |
| Real Estate Development Services | $60.0M | 1% |
SPG
| Real Estate Segment | $1.7B | 95% |
| Other | $86.3M | 5% |
