vs
世邦魏理仕（CBRE）与Smurfit Westrock（SW）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Smurfit Westrock的1.5倍（$11.5B vs $7.6B），世邦魏理仕净利率更高（3.6% vs 1.3%，领先2.4%），世邦魏理仕同比增速更快（12.3% vs 0.5%），世邦魏理仕自由现金流更多（$1.1B vs $612.0M），过去两年Smurfit Westrock的营收复合增速更高（60.8% vs 21.1%）
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。
Smurfit Westrock plc是总部位于爱尔兰都柏林的企业，核心业务为生产瓦楞包装及各类纸制包装产品，公司股票同时在纽约证券交易所和伦敦证券交易所挂牌上市。
CBRE vs SW — 直观对比
营收规模更大
CBRE
是对方的1.5倍
$7.6B
营收增速更快
CBRE
高出11.8%
0.5%
净利率更高
CBRE
高出2.4%
1.3%
自由现金流更多
CBRE
多$465.0M
$612.0M
两年增速更快
SW
近两年复合增速
21.1%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $11.5B | $7.6B |
| 净利润 | $416.0M | $97.0M |
| 毛利率 | 17.3% | 18.2% |
| 营业利润率 | 5.4% | 5.1% |
| 净利率 | 3.6% | 1.3% |
| 营收同比 | 12.3% | 0.5% |
| 净利润同比 | -14.6% | -33.6% |
| 每股收益（稀释后） | $1.38 | $0.18 |
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CBRESW
| Q4 25 | $11.5B | $7.6B | ||
| Q3 25 | $10.1B | $8.0B | ||
| Q2 25 | $9.6B | $7.9B | ||
| Q1 25 | $8.8B | $7.7B | ||
| Q4 24 | $10.2B | $7.5B | ||
| Q3 24 | $8.8B | $7.7B | ||
| Q2 24 | $8.2B | $3.0B | ||
| Q1 24 | $7.8B | $2.9B |
净利润CBRESW
| Q4 25 | $416.0M | $97.0M | ||
| Q3 25 | $363.0M | $246.0M | ||
| Q2 25 | $215.0M | $-28.0M | ||
| Q1 25 | $163.0M | $384.0M | ||
| Q4 24 | $487.0M | $146.0M | ||
| Q3 24 | $225.0M | $-150.0M | ||
| Q2 24 | $130.0M | $132.0M | ||
| Q1 24 | $126.0M | $191.0M |
毛利率CBRESW
| Q4 25 | 17.3% | 18.2% | ||
| Q3 25 | 17.7% | 19.6% | ||
| Q2 25 | 17.1% | 19.1% | ||
| Q1 25 | 17.1% | 20.6% | ||
| Q4 24 | 18.7% | 19.1% | ||
| Q3 24 | 18.1% | 17.6% | ||
| Q2 24 | 17.6% | 23.3% | ||
| Q1 24 | 17.1% | 24.2% |
营业利润率CBRESW
| Q4 25 | 5.4% | 5.1% | ||
| Q3 25 | 4.8% | 6.6% | ||
| Q2 25 | 3.9% | 3.2% | ||
| Q1 25 | 3.1% | 7.2% | ||
| Q4 24 | 5.8% | 5.3% | ||
| Q3 24 | 4.2% | 0.7% | ||
| Q2 24 | 3.0% | 8.2% | ||
| Q1 24 | 2.6% | 10.5% |
净利率CBRESW
| Q4 25 | 3.6% | 1.3% | ||
| Q3 25 | 3.6% | 3.1% | ||
| Q2 25 | 2.2% | -0.4% | ||
| Q1 25 | 1.9% | 5.0% | ||
| Q4 24 | 4.8% | 1.9% | ||
| Q3 24 | 2.5% | -2.0% | ||
| Q2 24 | 1.6% | 4.4% | ||
| Q1 24 | 1.6% | 6.5% |
每股收益（稀释后）CBRESW
| Q4 25 | $1.38 | $0.18 | ||
| Q3 25 | $1.21 | $0.47 | ||
| Q2 25 | $0.72 | $-0.05 | ||
| Q1 25 | $0.54 | $0.73 | ||
| Q4 24 | $1.58 | $-0.12 | ||
| Q3 24 | $0.73 | $-0.30 | ||
| Q2 24 | $0.42 | $0.51 | ||
| Q1 24 | $0.41 | $0.73 |
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 | $892.0M |
| 总债务越低越好 | — | $13.4B |
| 股东权益账面价值 | $8.9B | $18.3B |
| 总资产 | $30.9B | $45.2B |
| 负债/权益比越低杠杆越低 | — | 0.73× |
8季度趋势，按日历期对齐
现金及短期投资CBRESW
| Q4 25 | $1.9B | $892.0M | ||
| Q3 25 | $1.7B | $851.0M | ||
| Q2 25 | $1.4B | $778.0M | ||
| Q1 25 | $1.4B | $797.0M | ||
| Q4 24 | $1.1B | $855.0M | ||
| Q3 24 | $1.0B | — | ||
| Q2 24 | $928.0M | $26.8K | ||
| Q1 24 | $1.0B | $108 |
总债务CBRESW
| Q4 25 | — | $13.4B | ||
| Q3 25 | — | $13.3B | ||
| Q2 25 | — | $13.3B | ||
| Q1 25 | — | $12.9B | ||
| Q4 24 | — | $12.5B | ||
| Q3 24 | — | $13.2B | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
股东权益CBRESW
| Q4 25 | $8.9B | $18.3B | ||
| Q3 25 | $8.5B | $18.4B | ||
| Q2 25 | $8.3B | $18.3B | ||
| Q1 25 | $8.3B | $17.9B | ||
| Q4 24 | $8.4B | $17.4B | ||
| Q3 24 | $8.7B | $18.0B | ||
| Q2 24 | $8.4B | $14.5K | ||
| Q1 24 | $8.3B | $108 |
总资产CBRESW
| Q4 25 | $30.9B | $45.2B | ||
| Q3 25 | $28.6B | $45.6B | ||
| Q2 25 | $27.7B | $45.7B | ||
| Q1 25 | $26.4B | $44.6B | ||
| Q4 24 | $24.4B | $43.8B | ||
| Q3 24 | $24.8B | $45.0B | ||
| Q2 24 | $23.5B | $26.8K | ||
| Q1 24 | $23.0B | $108 |
负债/权益比CBRESW
| Q4 25 | — | 0.73× | ||
| Q3 25 | — | 0.72× | ||
| Q2 25 | — | 0.73× | ||
| Q1 25 | — | 0.72× | ||
| Q4 24 | — | 0.72× | ||
| Q3 24 | — | 0.73× | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
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 | $612.0M |
| 自由现金流率自由现金流/营收 | 9.4% | 8.1% |
| 资本支出强度资本支出/营收 | 1.3% | 7.7% |
| 现金转化率经营现金流/净利润 | 2.94× | 12.32× |
| 过去12个月自由现金流最近4个季度 | $1.2B | $1.2B |
8季度趋势，按日历期对齐
经营现金流CBRESW
| Q4 25 | $1.2B | $1.2B | ||
| Q3 25 | $827.0M | $1.1B | ||
| Q2 25 | $57.0M | $829.0M | ||
| Q1 25 | $-546.0M | $235.0M | ||
| Q4 24 | $1.3B | $781.0M | ||
| Q3 24 | $573.0M | $320.0M | ||
| Q2 24 | $287.0M | $340.0M | ||
| Q1 24 | $-492.0M | $42.0M |
自由现金流CBRESW
| Q4 25 | $1.1B | $612.0M | ||
| Q3 25 | $743.0M | $523.0M | ||
| Q2 25 | $-17.0M | $307.0M | ||
| Q1 25 | $-610.0M | $-242.0M | ||
| Q4 24 | $1.2B | $212.0M | ||
| Q3 24 | $494.0M | $-192.0M | ||
| Q2 24 | $220.0M | $163.0M | ||
| Q1 24 | $-560.0M | $-166.0M |
自由现金流率CBRESW
| Q4 25 | 9.4% | 8.1% | ||
| Q3 25 | 7.4% | 6.5% | ||
| Q2 25 | -0.2% | 3.9% | ||
| Q1 25 | -7.0% | -3.2% | ||
| Q4 24 | 12.2% | 2.8% | ||
| Q3 24 | 5.6% | -2.5% | ||
| Q2 24 | 2.7% | 5.5% | ||
| Q1 24 | -7.2% | -5.7% |
资本支出强度CBRESW
| Q4 25 | 1.3% | 7.7% | ||
| Q3 25 | 0.8% | 7.6% | ||
| Q2 25 | 0.8% | 6.6% | ||
| Q1 25 | 0.7% | 6.2% | ||
| Q4 24 | 0.9% | 7.5% | ||
| Q3 24 | 0.9% | 6.7% | ||
| Q2 24 | 0.8% | 6.0% | ||
| Q1 24 | 0.9% | 7.1% |
现金转化率CBRESW
| Q4 25 | 2.94× | 12.32× | ||
| Q3 25 | 2.28× | 4.61× | ||
| Q2 25 | 0.27× | — | ||
| Q1 25 | -3.35× | 0.61× | ||
| Q4 24 | 2.75× | 5.35× | ||
| Q3 24 | 2.55× | — | ||
| Q2 24 | 2.21× | 2.58× | ||
| Q1 24 | -3.90× | 0.22× |
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% |
SW
| Packaging | $3.3B | 43% |
| Other | $3.2B | 43% |
| Paper | $1.1B | 14% |
