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戴德梁行（CWK）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
戴德梁行的季度营收约是西蒙地产集团的1.6倍（$2.9B vs $1.8B），西蒙地产集团净利率更高（197.6% vs -0.8%，领先198.4%），西蒙地产集团同比增速更快（13.2% vs 10.8%），西蒙地产集团自由现金流更多（$948.8M vs $234.3M），过去两年戴德梁行的营收复合增速更高（15.5% vs 11.4%）
戴德梁行是全球化的商业地产及物业管理服务提供商，总部位于美国伊利诺伊州芝加哥，由联合创始人J·克莱兹代尔·库什曼和伯纳德·韦克菲尔德共同创立，在全球商业地产服务领域拥有广泛的业务布局与专业服务能力，为各类客户提供定制化的地产相关解决方案。
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。
CWK vs SPG — 直观对比
营收规模更大
CWK
是对方的1.6倍
$1.8B
营收增速更快
SPG
高出2.4%
10.8%
净利率更高
SPG
高出198.4%
-0.8%
自由现金流更多
SPG
多$714.5M
$234.3M
两年增速更快
CWK
近两年复合增速
11.4%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $2.9B | $1.8B |
| 净利润 | $-22.4M | $3.5B |
| 毛利率 | — | — |
| 营业利润率 | 6.1% | 49.7% |
| 净利率 | -0.8% | 197.6% |
| 营收同比 | 10.8% | 13.2% |
| 净利润同比 | -119.8% | 358.7% |
| 每股收益（稀释后） | $-0.10 | $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CWKSPG
| Q4 25 | $2.9B | $1.8B | ||
| Q3 25 | $2.6B | $1.6B | ||
| Q2 25 | $2.5B | $1.5B | ||
| Q1 25 | $2.3B | $1.5B | ||
| Q4 24 | $2.6B | $1.6B | ||
| Q3 24 | $2.3B | $1.5B | ||
| Q2 24 | $2.3B | $1.5B | ||
| Q1 24 | $2.2B | $1.4B |
净利润CWKSPG
| Q4 25 | $-22.4M | $3.5B | ||
| Q3 25 | $51.4M | $702.7M | ||
| Q2 25 | $57.3M | $643.7M | ||
| Q1 25 | $1.9M | $477.9M | ||
| Q4 24 | $112.9M | $771.8M | ||
| Q3 24 | $33.7M | $546.7M | ||
| Q2 24 | $13.5M | $569.4M | ||
| Q1 24 | $-28.8M | $841.2M |
营业利润率CWKSPG
| Q4 25 | 6.1% | 49.7% | ||
| Q3 25 | 4.1% | 50.8% | ||
| Q2 25 | 4.9% | 49.7% | ||
| Q1 25 | 2.0% | 49.4% | ||
| Q4 24 | 6.6% | 52.8% | ||
| Q3 24 | 3.2% | 51.9% | ||
| Q2 24 | 3.1% | 51.7% | ||
| Q1 24 | 0.9% | 51.0% |
净利率CWKSPG
| Q4 25 | -0.8% | 197.6% | ||
| Q3 25 | 2.0% | 43.9% | ||
| Q2 25 | 2.3% | 43.0% | ||
| Q1 25 | 0.1% | 32.4% | ||
| Q4 24 | 4.3% | 48.8% | ||
| Q3 24 | 1.4% | 36.9% | ||
| Q2 24 | 0.6% | 39.0% | ||
| Q1 24 | -1.3% | 58.3% |
每股收益（稀释后）CWKSPG
| Q4 25 | $-0.10 | $9.34 | ||
| Q3 25 | $0.22 | $1.86 | ||
| Q2 25 | $0.25 | $1.70 | ||
| Q1 25 | $0.01 | $1.27 | ||
| Q4 24 | $0.49 | $2.04 | ||
| Q3 24 | $0.14 | $1.46 | ||
| Q2 24 | $0.06 | $1.51 | ||
| Q1 24 | $-0.13 | $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 | $784.2M | $823.1M |
| 总债务越低越好 | $2.7B | $28.4B |
| 股东权益账面价值 | $2.0B | $5.2B |
| 总资产 | $7.7B | $40.6B |
| 负债/权益比越低杠杆越低 | 1.40× | 5.46× |
8季度趋势，按日历期对齐
现金及短期投资CWKSPG
| Q4 25 | $784.2M | $823.1M | ||
| Q3 25 | $634.4M | $1.6B | ||
| Q2 25 | $618.2M | $1.2B | ||
| Q1 25 | $623.2M | $1.4B | ||
| Q4 24 | $793.3M | $1.4B | ||
| Q3 24 | $775.4M | $2.5B | ||
| Q2 24 | $567.3M | $2.5B | ||
| Q1 24 | $553.5M | $2.6B |
总债务CWKSPG
| Q4 25 | $2.7B | $28.4B | ||
| Q3 25 | $2.8B | $25.8B | ||
| Q2 25 | $3.0B | $25.4B | ||
| Q1 25 | $3.0B | $24.8B | ||
| Q4 24 | $3.0B | $24.3B | ||
| Q3 24 | $3.1B | $25.4B | ||
| Q2 24 | $3.1B | $25.3B | ||
| Q1 24 | $3.2B | $25.5B |
股东权益CWKSPG
| Q4 25 | $2.0B | $5.2B | ||
| Q3 25 | $2.0B | $2.3B | ||
| Q2 25 | $1.9B | $2.5B | ||
| Q1 25 | $1.8B | $2.6B | ||
| Q4 24 | $1.8B | $2.9B | ||
| Q3 24 | $1.7B | $2.7B | ||
| Q2 24 | $1.6B | $2.9B | ||
| Q1 24 | $1.6B | $3.1B |
总资产CWKSPG
| Q4 25 | $7.7B | $40.6B | ||
| Q3 25 | $7.7B | $33.6B | ||
| Q2 25 | $7.6B | $33.3B | ||
| Q1 25 | $7.4B | $32.5B | ||
| Q4 24 | $7.5B | $32.4B | ||
| Q3 24 | $7.5B | $33.3B | ||
| Q2 24 | $7.3B | $33.4B | ||
| Q1 24 | $7.5B | $33.7B |
负债/权益比CWKSPG
| Q4 25 | 1.40× | 5.46× | ||
| Q3 25 | 1.45× | 10.98× | ||
| Q2 25 | 1.57× | 10.36× | ||
| Q1 25 | 1.70× | 9.50× | ||
| Q4 24 | 1.73× | 8.25× | ||
| Q3 24 | 1.81× | 9.37× | ||
| Q2 24 | 1.91× | 8.59× | ||
| Q1 24 | 1.96× | 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 | $257.3M | $1.2B |
| 自由现金流经营现金流 - 资本支出 | $234.3M | $948.8M |
| 自由现金流率自由现金流/营收 | 8.0% | 53.0% |
| 资本支出强度资本支出/营收 | 0.8% | 14.2% |
| 现金转化率经营现金流/净利润 | — | 0.34× |
| 过去12个月自由现金流最近4个季度 | $293.0M | $3.2B |
8季度趋势，按日历期对齐
经营现金流CWKSPG
| Q4 25 | $257.3M | $1.2B | ||
| Q3 25 | $235.5M | $890.3M | ||
| Q2 25 | $9.6M | $1.2B | ||
| Q1 25 | $-162.0M | $827.2M | ||
| Q4 24 | $115.2M | $1.1B | ||
| Q3 24 | $196.1M | $892.9M | ||
| Q2 24 | $21.8M | $1.1B | ||
| Q1 24 | $-125.1M | $773.1M |
自由现金流CWKSPG
| Q4 25 | $234.3M | $948.8M | ||
| Q3 25 | $225.0M | $685.0M | ||
| Q2 25 | $300.0K | $971.3M | ||
| Q1 25 | $-166.6M | $597.0M | ||
| Q4 24 | $105.9M | $867.7M | ||
| Q3 24 | $186.7M | $706.5M | ||
| Q2 24 | $10.0M | $874.8M | ||
| Q1 24 | $-135.6M | $610.1M |
自由现金流率CWKSPG
| Q4 25 | 8.0% | 53.0% | ||
| Q3 25 | 8.6% | 42.8% | ||
| Q2 25 | 0.0% | 64.8% | ||
| Q1 25 | -7.3% | 40.5% | ||
| Q4 24 | 4.0% | 54.8% | ||
| Q3 24 | 8.0% | 47.7% | ||
| Q2 24 | 0.4% | 60.0% | ||
| Q1 24 | -6.2% | 42.3% |
资本支出强度CWKSPG
| Q4 25 | 0.8% | 14.2% | ||
| Q3 25 | 0.4% | 12.8% | ||
| Q2 25 | 0.4% | 16.3% | ||
| Q1 25 | 0.2% | 15.6% | ||
| Q4 24 | 0.4% | 13.8% | ||
| Q3 24 | 0.4% | 12.6% | ||
| Q2 24 | 0.5% | 12.9% | ||
| Q1 24 | 0.5% | 11.3% |
现金转化率CWKSPG
| Q4 25 | — | 0.34× | ||
| Q3 25 | 4.58× | 1.27× | ||
| Q2 25 | 0.17× | 1.89× | ||
| Q1 25 | -85.26× | 1.73× | ||
| Q4 24 | 1.02× | 1.41× | ||
| Q3 24 | 5.82× | 1.63× | ||
| Q2 24 | 1.61× | 1.87× | ||
| Q1 24 | — | 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
CWK
| Equity Method Investment Nonconsolidated Investee Or Group Of Investees | $1.8B | 61% |
| Other | $1.1B | 39% |
SPG
| Real Estate Segment | $1.7B | 95% |
| Other | $86.3M | 5% |
