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Crown Castle（CCI）与美泰（MAT）财务数据对比。点击上方公司名可切换其他公司
美泰的季度营收约是Crown Castle的1.7倍（$1.8B vs $1.0B），Crown Castle净利率更高（77.2% vs 6.0%，领先71.2%），美泰同比增速更快（7.3% vs -4.8%），过去两年美泰的营收复合增速更高（47.7% vs -4.5%）
Crown Castle Inc.是总部位于美国得克萨斯州休斯敦的房地产投资信托企业，同时是美国共享通信基础设施服务商，在全球设有100个办事处，旗下拥有超4万座信号塔、约8.5万英里光纤线路，为小基站及光纤系统提供网络支撑。
美泰是美国知名玩具及娱乐企业，旗下影视制作部门美泰影业运营时间为2018年9月6日至2025年6月2日。其前身为2013年10月16日成立的美泰Playground Productions，更早可追溯至美泰娱乐、美泰工作室等集团原有娱乐业务品牌。
CCI vs MAT — 直观对比
营收规模更大
MAT
是对方的1.7倍
$1.0B
营收增速更快
MAT
高出12.1%
-4.8%
净利率更高
CCI
高出71.2%
6.0%
两年增速更快
MAT
近两年复合增速
-4.5%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.0B | $1.8B |
| 净利润 | $780.0M | $106.2M |
| 毛利率 | — | 45.9% |
| 营业利润率 | — | 8.0% |
| 净利率 | 77.2% | 6.0% |
| 营收同比 | -4.8% | 7.3% |
| 净利润同比 | 76.0% | -24.6% |
| 每股收益（稀释后） | $1.80 | $0.32 |
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CCIMAT
| Q1 26 | $1.0B | — | ||
| Q4 25 | $1.1B | $1.8B | ||
| Q3 25 | $1.1B | $1.7B | ||
| Q2 25 | $1.1B | $1.0B | ||
| Q1 25 | $1.1B | $826.6M | ||
| Q4 24 | $1.1B | $1.6B | ||
| Q3 24 | $1.1B | $1.8B | ||
| Q2 24 | $1.1B | $1.1B |
净利润CCIMAT
| Q1 26 | $780.0M | — | ||
| Q4 25 | $294.0M | $106.2M | ||
| Q3 25 | $323.0M | $278.4M | ||
| Q2 25 | $291.0M | $53.4M | ||
| Q1 25 | $-464.0M | $-40.3M | ||
| Q4 24 | — | $140.9M | ||
| Q3 24 | $303.0M | $372.4M | ||
| Q2 24 | $251.0M | $56.9M |
毛利率CCIMAT
| Q1 26 | — | — | ||
| Q4 25 | 97.4% | 45.9% | ||
| Q3 25 | 97.2% | 50.0% | ||
| Q2 25 | 97.5% | 50.9% | ||
| Q1 25 | 97.4% | 49.4% | ||
| Q4 24 | 97.7% | 50.7% | ||
| Q3 24 | 97.6% | 53.1% | ||
| Q2 24 | 97.7% | 49.2% |
营业利润率CCIMAT
| Q1 26 | — | — | ||
| Q4 25 | 48.8% | 8.0% | ||
| Q3 25 | 49.0% | 21.9% | ||
| Q2 25 | 47.7% | 7.7% | ||
| Q1 25 | 49.1% | -6.4% | ||
| Q4 24 | 51.0% | 9.6% | ||
| Q3 24 | 47.5% | 26.5% | ||
| Q2 24 | 44.7% | 7.7% |
净利率CCIMAT
| Q1 26 | 77.2% | — | ||
| Q4 25 | 27.5% | 6.0% | ||
| Q3 25 | 30.1% | 16.0% | ||
| Q2 25 | 27.5% | 5.2% | ||
| Q1 25 | -43.7% | -4.9% | ||
| Q4 24 | — | 8.6% | ||
| Q3 24 | 27.1% | 20.2% | ||
| Q2 24 | 22.7% | 5.3% |
每股收益（稀释后）CCIMAT
| Q1 26 | $1.80 | — | ||
| Q4 25 | $0.67 | $0.32 | ||
| Q3 25 | $0.74 | $0.88 | ||
| Q2 25 | $0.67 | $0.16 | ||
| Q1 25 | $-1.07 | $-0.12 | ||
| Q4 24 | — | $0.40 | ||
| Q3 24 | $0.70 | $1.09 | ||
| Q2 24 | $0.58 | $0.17 |
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 | $55.0K | $1.2B |
| 总债务越低越好 | — | $2.3B |
| 股东权益账面价值 | — | $2.2B |
| 总资产 | $31.4M | $6.6B |
| 负债/权益比越低杠杆越低 | — | 1.04× |
8季度趋势，按日历期对齐
现金及短期投资CCIMAT
| Q1 26 | $55.0K | — | ||
| Q4 25 | $99.0M | $1.2B | ||
| Q3 25 | $57.0M | $691.9M | ||
| Q2 25 | $94.0M | $870.5M | ||
| Q1 25 | $60.0M | $1.2B | ||
| Q4 24 | $100.0M | $1.4B | ||
| Q3 24 | $194.0M | $723.5M | ||
| Q2 24 | $155.0M | $722.4M |
总债务CCIMAT
| Q1 26 | — | — | ||
| Q4 25 | $21.6B | $2.3B | ||
| Q3 25 | $21.6B | $2.3B | ||
| Q2 25 | $22.0B | $2.3B | ||
| Q1 25 | $22.9B | $2.3B | ||
| Q4 24 | $23.5B | $2.3B | ||
| Q3 24 | $23.5B | $2.3B | ||
| Q2 24 | $22.9B | $2.3B |
股东权益CCIMAT
| Q1 26 | — | — | ||
| Q4 25 | $-1.6B | $2.2B | ||
| Q3 25 | $-1.5B | $2.3B | ||
| Q2 25 | $-1.4B | $2.2B | ||
| Q1 25 | $-1.3B | $2.1B | ||
| Q4 24 | $-133.0M | $2.3B | ||
| Q3 24 | $5.3B | $2.3B | ||
| Q2 24 | $5.7B | $2.0B |
总资产CCIMAT
| Q1 26 | $31.4M | — | ||
| Q4 25 | $31.5B | $6.6B | ||
| Q3 25 | $31.5B | $6.6B | ||
| Q2 25 | $31.6B | $6.2B | ||
| Q1 25 | $31.8B | $6.2B | ||
| Q4 24 | $32.7B | $6.5B | ||
| Q3 24 | $38.0B | $6.5B | ||
| Q2 24 | $38.2B | $5.9B |
负债/权益比CCIMAT
| Q1 26 | — | — | ||
| Q4 25 | — | 1.04× | ||
| Q3 25 | — | 1.03× | ||
| Q2 25 | — | 1.08× | ||
| Q1 25 | — | 1.10× | ||
| Q4 24 | — | 1.03× | ||
| Q3 24 | 4.43× | 1.01× | ||
| Q2 24 | 4.04× | 1.18× |
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 | — | $796.6M |
| 自由现金流经营现金流 - 资本支出 | $-43.0M | — |
| 自由现金流率自由现金流/营收 | -4.3% | — |
| 资本支出强度资本支出/营收 | 14.9% | — |
| 现金转化率经营现金流/净利润 | — | 7.50× |
| 过去12个月自由现金流最近4个季度 | $4.3B | — |
8季度趋势，按日历期对齐
经营现金流CCIMAT
| Q1 26 | — | — | ||
| Q4 25 | $3.1B | $796.6M | ||
| Q3 25 | $714.0M | $72.0M | ||
| Q2 25 | $832.0M | $-300.1M | ||
| Q1 25 | $641.0M | $24.8M | ||
| Q4 24 | $2.9B | $862.1M | ||
| Q3 24 | $699.0M | $155.8M | ||
| Q2 24 | $768.0M | $-252.9M |
自由现金流CCIMAT
| Q1 26 | $-43.0M | — | ||
| Q4 25 | $2.9B | — | ||
| Q3 25 | $671.0M | — | ||
| Q2 25 | $792.0M | — | ||
| Q1 25 | $601.0M | — | ||
| Q4 24 | $2.8B | — | ||
| Q3 24 | $661.0M | — | ||
| Q2 24 | $729.0M | — |
自由现金流率CCIMAT
| Q1 26 | -4.3% | — | ||
| Q4 25 | 268.4% | — | ||
| Q3 25 | 62.6% | — | ||
| Q2 25 | 74.7% | — | ||
| Q1 25 | 56.6% | — | ||
| Q4 24 | 247.3% | — | ||
| Q3 24 | 59.0% | — | ||
| Q2 24 | 65.9% | — |
资本支出强度CCIMAT
| Q1 26 | 14.9% | — | ||
| Q4 25 | 17.0% | — | ||
| Q3 25 | 4.0% | — | ||
| Q2 25 | 3.8% | — | ||
| Q1 25 | 3.8% | — | ||
| Q4 24 | 15.7% | — | ||
| Q3 24 | 3.4% | — | ||
| Q2 24 | 3.5% | — |
现金转化率CCIMAT
| Q1 26 | — | — | ||
| Q4 25 | 10.40× | 7.50× | ||
| Q3 25 | 2.21× | 0.26× | ||
| Q2 25 | 2.86× | -5.62× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 6.12× | ||
| Q3 24 | 2.31× | 0.42× | ||
| Q2 24 | 3.06× | -4.45× |
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
CCI
| Site rental | $961.0M | 95% |
| Services and other | $49.0M | 5% |
MAT
| North America Segment | $1.0B | 58% |
| International Segment | $745.6M | 42% |
