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Crown Castle（CCI）与利氏兄弟拍卖行（RBA）财务数据对比。点击上方公司名可切换其他公司
利氏兄弟拍卖行的季度营收约是Crown Castle的1.2倍（$1.2B vs $1.0B），利氏兄弟拍卖行净利率更高（9.1% vs -45.9%，领先55.1%），利氏兄弟拍卖行同比增速更快（5.4% vs -4.8%），利氏兄弟拍卖行自由现金流更多（$186.5M vs $-43.0M），过去两年利氏兄弟拍卖行的营收复合增速更高（6.3% 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。
利氏兄弟拍卖行（股票代码RBA）是全球知名的工业资产拍卖服务商，注册地位于加拿大，属公开上市企业，总部设在美国伊利诺伊州韦斯特切斯特，普通股同时在多伦多证券交易所与纽约证券交易所挂牌交易。
CCI vs RBA — 直观对比
营收规模更大
RBA
是对方的1.2倍
$1.0B
营收增速更快
RBA
高出10.2%
-4.8%
净利率更高
RBA
高出55.1%
-45.9%
自由现金流更多
RBA
多$229.5M
$-43.0M
两年增速更快
RBA
近两年复合增速
-4.5%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.0B | $1.2B |
| 净利润 | $-464.0M | $109.7M |
| 毛利率 | — | — |
| 营业利润率 | 46.0% | 14.7% |
| 净利率 | -45.9% | 9.1% |
| 营收同比 | -4.8% | 5.4% |
| 净利润同比 | — | -7.4% |
| 每股收益（稀释后） | $1.48 | $0.53 |
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CCIRBA
| Q1 26 | $1.0B | — | ||
| Q4 25 | $1.1B | $1.2B | ||
| Q3 25 | $1.1B | $1.1B | ||
| Q2 25 | $1.1B | $1.2B | ||
| Q1 25 | $1.1B | $1.1B | ||
| Q4 24 | $1.1B | $1.1B | ||
| Q3 24 | $1.1B | $981.8M | ||
| Q2 24 | $1.1B | $1.1B |
净利润CCIRBA
| Q1 26 | $-464.0M | — | ||
| Q4 25 | $294.0M | $109.7M | ||
| Q3 25 | $323.0M | $95.5M | ||
| Q2 25 | $291.0M | $109.8M | ||
| Q1 25 | $-464.0M | $113.4M | ||
| Q4 24 | — | $118.5M | ||
| Q3 24 | $303.0M | $76.1M | ||
| Q2 24 | $251.0M | $111.1M |
毛利率CCIRBA
| Q1 26 | — | — | ||
| Q4 25 | 97.4% | — | ||
| Q3 25 | 97.2% | — | ||
| Q2 25 | 97.5% | — | ||
| Q1 25 | 97.4% | — | ||
| Q4 24 | 97.7% | — | ||
| Q3 24 | 97.6% | — | ||
| Q2 24 | 97.7% | — |
营业利润率CCIRBA
| Q1 26 | 46.0% | — | ||
| Q4 25 | 48.8% | 14.7% | ||
| Q3 25 | 49.0% | 14.5% | ||
| Q2 25 | 47.7% | 15.9% | ||
| Q1 25 | 49.1% | 17.1% | ||
| Q4 24 | 51.0% | 18.1% | ||
| Q3 24 | 47.5% | 15.6% | ||
| Q2 24 | 44.7% | 18.4% |
净利率CCIRBA
| Q1 26 | -45.9% | — | ||
| Q4 25 | 27.5% | 9.1% | ||
| Q3 25 | 30.1% | 8.7% | ||
| Q2 25 | 27.5% | 9.3% | ||
| Q1 25 | -43.7% | 10.2% | ||
| Q4 24 | — | 10.4% | ||
| Q3 24 | 27.1% | 7.8% | ||
| Q2 24 | 22.7% | 10.1% |
每股收益（稀释后）CCIRBA
| Q1 26 | $1.48 | — | ||
| Q4 25 | $0.67 | $0.53 | ||
| Q3 25 | $0.74 | $0.43 | ||
| Q2 25 | $0.67 | $0.53 | ||
| Q1 25 | $-1.07 | $0.55 | ||
| Q4 24 | — | $0.58 | ||
| Q3 24 | $0.70 | $0.36 | ||
| Q2 24 | $0.58 | $0.54 |
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 | $55.0M | $531.5M |
| 总债务越低越好 | — | $2.3B |
| 股东权益账面价值 | — | $5.6B |
| 总资产 | $31.4B | $12.1B |
| 负债/权益比越低杠杆越低 | — | 0.42× |
8季度趋势，按日历期对齐
现金及短期投资CCIRBA
| Q1 26 | $55.0M | — | ||
| Q4 25 | $99.0M | $531.5M | ||
| Q3 25 | $57.0M | $674.7M | ||
| Q2 25 | $94.0M | $710.2M | ||
| Q1 25 | $60.0M | $578.1M | ||
| Q4 24 | $100.0M | $533.9M | ||
| Q3 24 | $194.0M | $650.7M | ||
| Q2 24 | $155.0M | $599.5M |
总债务CCIRBA
| Q1 26 | — | — | ||
| Q4 25 | $21.6B | $2.3B | ||
| Q3 25 | $21.6B | $2.6B | ||
| Q2 25 | $22.0B | $2.6B | ||
| Q1 25 | $22.9B | $2.6B | ||
| Q4 24 | $23.5B | $2.6B | ||
| Q3 24 | $23.5B | $2.7B | ||
| Q2 24 | $22.9B | $2.8B |
股东权益CCIRBA
| Q1 26 | — | — | ||
| Q4 25 | $-1.6B | $5.6B | ||
| Q3 25 | $-1.5B | $5.5B | ||
| Q2 25 | $-1.4B | $5.5B | ||
| Q1 25 | $-1.3B | $5.3B | ||
| Q4 24 | $-133.0M | $5.2B | ||
| Q3 24 | $5.3B | $5.2B | ||
| Q2 24 | $5.7B | $5.2B |
总资产CCIRBA
| Q1 26 | $31.4B | — | ||
| Q4 25 | $31.5B | $12.1B | ||
| Q3 25 | $31.5B | $12.2B | ||
| Q2 25 | $31.6B | $12.2B | ||
| Q1 25 | $31.8B | $11.9B | ||
| Q4 24 | $32.7B | $11.8B | ||
| Q3 24 | $38.0B | $11.9B | ||
| Q2 24 | $38.2B | $12.1B |
负债/权益比CCIRBA
| Q1 26 | — | — | ||
| Q4 25 | — | 0.42× | ||
| Q3 25 | — | 0.47× | ||
| Q2 25 | — | 0.47× | ||
| Q1 25 | — | 0.50× | ||
| Q4 24 | — | 0.50× | ||
| Q3 24 | 4.43× | 0.52× | ||
| Q2 24 | 4.04× | 0.55× |
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 | — | $255.2M |
| 自由现金流经营现金流 - 资本支出 | $-43.0M | $186.5M |
| 自由现金流率自由现金流/营收 | -4.3% | 15.5% |
| 资本支出强度资本支出/营收 | 1.0% | 5.7% |
| 现金转化率经营现金流/净利润 | — | 2.33× |
| 过去12个月自由现金流最近4个季度 | $4.3B | $719.2M |
8季度趋势，按日历期对齐
经营现金流CCIRBA
| Q1 26 | — | — | ||
| Q4 25 | $3.1B | $255.2M | ||
| Q3 25 | $714.0M | $239.7M | ||
| Q2 25 | $832.0M | $326.5M | ||
| Q1 25 | $641.0M | $156.8M | ||
| Q4 24 | $2.9B | $184.5M | ||
| Q3 24 | $699.0M | $285.4M | ||
| Q2 24 | $768.0M | $337.3M |
自由现金流CCIRBA
| Q1 26 | $-43.0M | — | ||
| Q4 25 | $2.9B | $186.5M | ||
| Q3 25 | $671.0M | $188.5M | ||
| Q2 25 | $792.0M | $241.7M | ||
| Q1 25 | $601.0M | $102.5M | ||
| Q4 24 | $2.8B | $127.9M | ||
| Q3 24 | $661.0M | $248.5M | ||
| Q2 24 | $729.0M | $308.6M |
自由现金流率CCIRBA
| Q1 26 | -4.3% | — | ||
| Q4 25 | 268.4% | 15.5% | ||
| Q3 25 | 62.6% | 17.3% | ||
| Q2 25 | 74.7% | 20.4% | ||
| Q1 25 | 56.6% | 9.2% | ||
| Q4 24 | 247.3% | 11.2% | ||
| Q3 24 | 59.0% | 25.3% | ||
| Q2 24 | 65.9% | 28.2% |
资本支出强度CCIRBA
| Q1 26 | 1.0% | — | ||
| Q4 25 | 17.0% | 5.7% | ||
| Q3 25 | 4.0% | 4.7% | ||
| Q2 25 | 3.8% | 7.2% | ||
| Q1 25 | 3.8% | 4.9% | ||
| Q4 24 | 15.7% | 5.0% | ||
| Q3 24 | 3.4% | 3.8% | ||
| Q2 24 | 3.5% | 2.6% |
现金转化率CCIRBA
| Q1 26 | — | — | ||
| Q4 25 | 10.40× | 2.33× | ||
| Q3 25 | 2.21× | 2.51× | ||
| Q2 25 | 2.86× | 2.97× | ||
| Q1 25 | — | 1.38× | ||
| Q4 24 | — | 1.56× | ||
| Q3 24 | 2.31× | 3.75× | ||
| Q2 24 | 3.06× | 3.04× |
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% |
RBA
| Buyer Revenue | $577.2M | 48% |
| Seller Revenue | $255.2M | 21% |
| CA | $199.0M | 17% |
| Other | $124.7M | 10% |
| AU | $47.3M | 4% |
