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CDW Corporation（CDW）与Welltower（WELL）财务数据对比。点击上方公司名可切换其他公司
CDW Corporation的季度营收约是Welltower的1.6倍（$5.5B vs $3.4B），Welltower同比增速更快（38.3% vs 6.3%），过去两年Welltower的营收复合增速更高（55.1% vs 6.3%）
CDW公司是美国多品牌信息技术服务提供商，服务覆盖美国、英国、加拿大三国的商业、政府、教育、医疗领域，总部位于伊利诺伊州弗农希尔斯，位列《财富》500强，2023年全年净销售额达210亿美元。
Welltower Inc.是一家专注于医疗基础设施领域的房地产投资信托企业，核心业务为医疗类地产投资运营。截至2022年12月31日，公司投资的物业总量约3000处，全部布局于美国、加拿大及英国市场，是全球医疗地产投资领域的代表性企业之一。
CDW vs WELL — 直观对比
营收规模更大
CDW
是对方的1.6倍
$3.4B
营收增速更快
WELL
高出32.1%
6.3%
两年增速更快
WELL
近两年复合增速
6.3%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $5.5B | $3.4B |
| 净利润 | — | $752.3M |
| 毛利率 | 22.8% | — |
| 营业利润率 | 7.8% | — |
| 净利率 | — | 22.4% |
| 营收同比 | 6.3% | 38.3% |
| 净利润同比 | — | 192.4% |
| 每股收益（稀释后） | $2.13 | — |
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CDWWELL
| Q1 26 | — | $3.4B | ||
| Q4 25 | $5.5B | $2.6B | ||
| Q3 25 | $5.7B | $2.1B | ||
| Q2 25 | $6.0B | $2.0B | ||
| Q1 25 | $5.2B | $1.9B | ||
| Q4 24 | $5.2B | $1.8B | ||
| Q3 24 | $5.5B | $1.5B | ||
| Q2 24 | $5.4B | $1.4B |
净利润CDWWELL
| Q1 26 | — | $752.3M | ||
| Q4 25 | — | $117.8M | ||
| Q3 25 | $291.0M | $282.2M | ||
| Q2 25 | $271.2M | $304.6M | ||
| Q1 25 | $224.9M | $257.3M | ||
| Q4 24 | — | $123.8M | ||
| Q3 24 | $316.4M | $456.8M | ||
| Q2 24 | $281.1M | $260.7M |
毛利率CDWWELL
| Q1 26 | — | — | ||
| Q4 25 | 22.8% | 24.3% | ||
| Q3 25 | 21.9% | 23.5% | ||
| Q2 25 | 20.8% | 23.2% | ||
| Q1 25 | 21.6% | 21.6% | ||
| Q4 24 | 22.3% | 20.0% | ||
| Q3 24 | 21.8% | 19.8% | ||
| Q2 24 | 21.8% | 20.2% |
营业利润率CDWWELL
| Q1 26 | — | — | ||
| Q4 25 | 7.8% | — | ||
| Q3 25 | 7.7% | 14.2% | ||
| Q2 25 | 7.0% | 15.1% | ||
| Q1 25 | 7.0% | 10.7% | ||
| Q4 24 | 7.9% | 6.2% | ||
| Q3 24 | 8.7% | 12.2% | ||
| Q2 24 | 8.0% | 6.5% |
净利率CDWWELL
| Q1 26 | — | 22.4% | ||
| Q4 25 | — | 4.6% | ||
| Q3 25 | 5.1% | 13.7% | ||
| Q2 25 | 4.5% | 15.5% | ||
| Q1 25 | 4.3% | 13.8% | ||
| Q4 24 | — | 7.0% | ||
| Q3 24 | 5.7% | 30.2% | ||
| Q2 24 | 5.2% | 18.7% |
每股收益（稀释后）CDWWELL
| Q1 26 | — | — | ||
| Q4 25 | $2.13 | $0.13 | ||
| Q3 25 | $2.21 | $0.41 | ||
| Q2 25 | $2.05 | $0.45 | ||
| Q1 25 | $1.69 | $0.40 | ||
| Q4 24 | $1.97 | $0.20 | ||
| Q3 24 | $2.34 | $0.73 | ||
| Q2 24 | $2.07 | $0.42 |
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 | $618.7M | $4.7B |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $2.6B | $44.7B |
| 总资产 | $16.0B | $67.2B |
| 负债/权益比越低杠杆越低 | — | — |
8季度趋势，按日历期对齐
现金及短期投资CDWWELL
| Q1 26 | — | $4.7B | ||
| Q4 25 | $618.7M | $5.0B | ||
| Q3 25 | $452.9M | $6.8B | ||
| Q2 25 | $481.0M | $4.4B | ||
| Q1 25 | $688.1M | $3.5B | ||
| Q4 24 | $717.7M | $3.5B | ||
| Q3 24 | $1.2B | $3.6B | ||
| Q2 24 | $665.3M | $2.8B |
总债务CDWWELL
| Q1 26 | — | — | ||
| Q4 25 | — | $19.2B | ||
| Q3 25 | — | $16.9B | ||
| Q2 25 | — | $16.0B | ||
| Q1 25 | — | $15.7B | ||
| Q4 24 | — | $15.5B | ||
| Q3 24 | — | $15.8B | ||
| Q2 24 | — | $13.9B |
股东权益CDWWELL
| Q1 26 | — | $44.7B | ||
| Q4 25 | $2.6B | $42.1B | ||
| Q3 25 | $2.5B | $38.8B | ||
| Q2 25 | $2.5B | $35.9B | ||
| Q1 25 | $2.3B | $34.0B | ||
| Q4 24 | $2.4B | $32.0B | ||
| Q3 24 | $2.3B | $30.3B | ||
| Q2 24 | $2.2B | $29.0B |
总资产CDWWELL
| Q1 26 | — | $67.2B | ||
| Q4 25 | $16.0B | $67.3B | ||
| Q3 25 | $15.2B | $59.5B | ||
| Q2 25 | $15.3B | $55.8B | ||
| Q1 25 | $15.0B | $53.3B | ||
| Q4 24 | $14.7B | $51.0B | ||
| Q3 24 | $14.4B | $49.0B | ||
| Q2 24 | $13.6B | $45.5B |
负债/权益比CDWWELL
| Q1 26 | — | — | ||
| Q4 25 | — | 0.46× | ||
| Q3 25 | — | 0.43× | ||
| Q2 25 | — | 0.44× | ||
| Q1 25 | — | 0.46× | ||
| Q4 24 | — | 0.49× | ||
| Q3 24 | — | 0.52× | ||
| Q2 24 | — | 0.48× |
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 | $433.8M | — |
| 自由现金流经营现金流 - 资本支出 | $395.9M | — |
| 自由现金流率自由现金流/营收 | 7.2% | — |
| 资本支出强度资本支出/营收 | 0.7% | — |
| 现金转化率经营现金流/净利润 | — | — |
| 过去12个月自由现金流最近4个季度 | $1.1B | — |
8季度趋势，按日历期对齐
经营现金流CDWWELL
| Q1 26 | — | — | ||
| Q4 25 | $433.8M | $654.3M | ||
| Q3 25 | $328.3M | $858.4M | ||
| Q2 25 | $155.9M | $770.0M | ||
| Q1 25 | $287.2M | $599.0M | ||
| Q4 24 | $345.3M | $559.2M | ||
| Q3 24 | $342.1M | $685.0M | ||
| Q2 24 | $149.9M | $605.4M |
自由现金流CDWWELL
| Q1 26 | — | — | ||
| Q4 25 | $395.9M | $340.4M | ||
| Q3 25 | $298.5M | $595.3M | ||
| Q2 25 | $133.4M | $537.2M | ||
| Q1 25 | $260.3M | $358.6M | ||
| Q4 24 | $316.7M | $240.4M | ||
| Q3 24 | $308.5M | $443.8M | ||
| Q2 24 | $119.0M | $440.3M |
自由现金流率CDWWELL
| Q1 26 | — | — | ||
| Q4 25 | 7.2% | 13.3% | ||
| Q3 25 | 5.2% | 28.9% | ||
| Q2 25 | 2.2% | 27.3% | ||
| Q1 25 | 5.0% | 19.2% | ||
| Q4 24 | 6.1% | 13.6% | ||
| Q3 24 | 5.6% | 29.4% | ||
| Q2 24 | 2.2% | 31.6% |
资本支出强度CDWWELL
| Q1 26 | — | — | ||
| Q4 25 | 0.7% | 12.3% | ||
| Q3 25 | 0.5% | 12.8% | ||
| Q2 25 | 0.4% | 11.8% | ||
| Q1 25 | 0.5% | 12.9% | ||
| Q4 24 | 0.6% | 18.1% | ||
| Q3 24 | 0.6% | 16.0% | ||
| Q2 24 | 0.6% | 11.8% |
现金转化率CDWWELL
| Q1 26 | — | — | ||
| Q4 25 | — | 5.56× | ||
| Q3 25 | 1.13× | 3.04× | ||
| Q2 25 | 0.57× | 2.53× | ||
| Q1 25 | 1.28× | 2.33× | ||
| Q4 24 | — | 4.52× | ||
| Q3 24 | 1.08× | 1.50× | ||
| Q2 24 | 0.53× | 2.32× |
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
CDW
暂无分部数据
WELL
| Resident fees and services | $2.8B | 83% |
| Rental income | $453.8M | 14% |
| Other | $117.2M | 3% |
