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Healthpeak Properties（DOC）与达美乐（DPZ）财务数据对比。点击上方公司名可切换其他公司
达美乐的季度营收约是Healthpeak Properties的1.6倍（$1.2B vs $719.4M），Healthpeak Properties净利率更高（73.2% vs 12.2%，领先61.0%），达美乐同比增速更快（3.5% vs 3.1%），Healthpeak Properties自由现金流更多（$357.0M vs $147.0M），过去两年Healthpeak Properties的营收复合增速更高（8.9% vs 2.4%）
Healthpeak Properties是美国医疗地产领域的房地产投资信托基金，核心投资范畴覆盖老年住宅、生命科学相关物业及医疗办公楼三类资产。公司2007年于马里兰州组建，总部设在科罗拉多州丹佛市，在尔湾、纳什维尔、旧金山均设有办事处，截至2019年12月31日共持有617处物业的权益。
达美乐是1960年成立的美国跨国披萨连锁品牌，注册地位于特拉华州，总部坐落在密歇根州安娜堡附近的安娜堡镇达美乐农场办公园区。截至2018年，品牌已在全球83个国家和地区的5701座城市开设约15000家门店，其中美国、印度、英国分别有5649家、1500家和1249家门店。
DOC vs DPZ — 直观对比
营收规模更大
DPZ
是对方的1.6倍
$719.4M
营收增速更快
DPZ
高出0.4%
3.1%
净利率更高
DOC
高出61.0%
12.2%
自由现金流更多
DOC
多$210.0M
$147.0M
两年增速更快
DOC
近两年复合增速
2.4%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $719.4M | $1.2B |
| 净利润 | $114.0M | $139.8M |
| 毛利率 | — | 40.4% |
| 营业利润率 | 17.4% | 20.0% |
| 净利率 | 73.2% | 12.2% |
| 营收同比 | 3.1% | 3.5% |
| 净利润同比 | 2406.4% | -6.6% |
| 每股收益（稀释后） | $0.16 | $4.13 |
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DOCDPZ
| Q1 26 | — | $1.2B | ||
| Q4 25 | $719.4M | — | ||
| Q3 25 | $705.9M | $1.1B | ||
| Q2 25 | $694.3M | $1.1B | ||
| Q1 25 | $702.9M | $1.1B | ||
| Q4 24 | $698.0M | $1.4B | ||
| Q3 24 | $700.4M | $1.1B | ||
| Q2 24 | $695.5M | $1.1B |
净利润DOCDPZ
| Q1 26 | — | $139.8M | ||
| Q4 25 | $114.0M | — | ||
| Q3 25 | $-117.1M | $139.3M | ||
| Q2 25 | $31.7M | $131.1M | ||
| Q1 25 | $42.8M | $149.7M | ||
| Q4 24 | $4.5M | $169.4M | ||
| Q3 24 | $85.9M | $146.9M | ||
| Q2 24 | $146.0M | $142.0M |
毛利率DOCDPZ
| Q1 26 | — | 40.4% | ||
| Q4 25 | — | — | ||
| Q3 25 | 58.6% | 40.1% | ||
| Q2 25 | 60.2% | 40.3% | ||
| Q1 25 | 61.1% | 39.8% | ||
| Q4 24 | 60.3% | 39.2% | ||
| Q3 24 | 60.0% | 39.2% | ||
| Q2 24 | 60.6% | 39.8% |
营业利润率DOCDPZ
| Q1 26 | — | 20.0% | ||
| Q4 25 | 17.4% | — | ||
| Q3 25 | 9.2% | 19.5% | ||
| Q2 25 | 5.7% | 19.7% | ||
| Q1 25 | 7.7% | 18.9% | ||
| Q4 24 | -2.2% | 19.0% | ||
| Q3 24 | 14.1% | 18.4% | ||
| Q2 24 | 22.3% | 17.9% |
净利率DOCDPZ
| Q1 26 | — | 12.2% | ||
| Q4 25 | 73.2% | — | ||
| Q3 25 | -16.6% | 12.1% | ||
| Q2 25 | 4.6% | 11.4% | ||
| Q1 25 | 6.1% | 13.5% | ||
| Q4 24 | 0.7% | 11.7% | ||
| Q3 24 | 12.3% | 13.6% | ||
| Q2 24 | 21.0% | 12.9% |
每股收益（稀释后）DOCDPZ
| Q1 26 | — | $4.13 | ||
| Q4 25 | $0.16 | — | ||
| Q3 25 | $-0.17 | $4.08 | ||
| Q2 25 | $0.05 | $3.81 | ||
| Q1 25 | $0.06 | $4.33 | ||
| Q4 24 | $0.02 | $4.89 | ||
| Q3 24 | $0.12 | $4.19 | ||
| Q2 24 | $0.21 | $4.03 |
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 | $467.5M | $232.9M |
| 总债务越低越好 | $9.8B | $4.9B |
| 股东权益账面价值 | $7.5B | — |
| 总资产 | $20.3B | $1.8B |
| 负债/权益比越低杠杆越低 | 1.31× | — |
8季度趋势，按日历期对齐
现金及短期投资DOCDPZ
| Q1 26 | — | $232.9M | ||
| Q4 25 | $467.5M | — | ||
| Q3 25 | $91.0M | $139.7M | ||
| Q2 25 | $89.4M | $272.9M | ||
| Q1 25 | $70.6M | $304.3M | ||
| Q4 24 | $119.8M | $186.1M | ||
| Q3 24 | $180.4M | $189.1M | ||
| Q2 24 | $106.9M | $283.7M |
总债务DOCDPZ
| Q1 26 | — | $4.9B | ||
| Q4 25 | $9.8B | — | ||
| Q3 25 | $9.1B | $4.8B | ||
| Q2 25 | $9.0B | $3.8B | ||
| Q1 25 | $8.9B | $3.8B | ||
| Q4 24 | $8.7B | $3.8B | ||
| Q3 24 | $8.6B | $5.0B | ||
| Q2 24 | $8.6B | $5.0B |
股东权益DOCDPZ
| Q1 26 | — | — | ||
| Q4 25 | $7.5B | — | ||
| Q3 25 | $7.6B | $-4.0B | ||
| Q2 25 | $7.9B | $-4.0B | ||
| Q1 25 | $8.2B | $-3.9B | ||
| Q4 24 | $8.4B | $-4.0B | ||
| Q3 24 | $8.6B | $-4.0B | ||
| Q2 24 | $8.8B | $-3.9B |
总资产DOCDPZ
| Q1 26 | — | $1.8B | ||
| Q4 25 | $20.3B | — | ||
| Q3 25 | $19.6B | $1.7B | ||
| Q2 25 | $19.8B | $1.8B | ||
| Q1 25 | $19.8B | $1.9B | ||
| Q4 24 | $19.9B | $1.7B | ||
| Q3 24 | $20.0B | $1.8B | ||
| Q2 24 | $20.2B | $1.9B |
负债/权益比DOCDPZ
| Q1 26 | — | — | ||
| Q4 25 | 1.31× | — | ||
| Q3 25 | 1.20× | — | ||
| Q2 25 | 1.14× | — | ||
| Q1 25 | 1.08× | — | ||
| Q4 24 | 1.04× | — | ||
| Q3 24 | 1.00× | — | ||
| Q2 24 | 0.98× | — |
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 | $1.3B | $162.0M |
| 自由现金流经营现金流 - 资本支出 | $357.0M | $147.0M |
| 自由现金流率自由现金流/营收 | 49.6% | 12.8% |
| 资本支出强度资本支出/营收 | 124.4% | 1.3% |
| 现金转化率经营现金流/净利润 | 10.99× | 1.16× |
| 过去12个月自由现金流最近4个季度 | — | $625.3M |
8季度趋势，按日历期对齐
经营现金流DOCDPZ
| Q1 26 | — | $162.0M | ||
| Q4 25 | $1.3B | — | ||
| Q3 25 | $315.0M | $185.4M | ||
| Q2 25 | $363.5M | $187.8M | ||
| Q1 25 | $279.4M | $179.1M | ||
| Q4 24 | $1.1B | $178.0M | ||
| Q3 24 | $318.2M | $172.7M | ||
| Q2 24 | $316.2M | $150.7M |
自由现金流DOCDPZ
| Q1 26 | — | $147.0M | ||
| Q4 25 | $357.0M | — | ||
| Q3 25 | — | $164.0M | ||
| Q2 25 | — | $167.3M | ||
| Q1 25 | — | $164.3M | ||
| Q4 24 | $333.7M | $135.9M | ||
| Q3 24 | — | $145.6M | ||
| Q2 24 | — | $127.2M |
自由现金流率DOCDPZ
| Q1 26 | — | 12.8% | ||
| Q4 25 | 49.6% | — | ||
| Q3 25 | — | 14.3% | ||
| Q2 25 | — | 14.6% | ||
| Q1 25 | — | 14.8% | ||
| Q4 24 | 47.8% | 9.4% | ||
| Q3 24 | — | 13.5% | ||
| Q2 24 | — | 11.6% |
资本支出强度DOCDPZ
| Q1 26 | — | 1.3% | ||
| Q4 25 | 124.4% | — | ||
| Q3 25 | — | 1.9% | ||
| Q2 25 | — | 1.8% | ||
| Q1 25 | — | 1.3% | ||
| Q4 24 | 105.6% | 2.9% | ||
| Q3 24 | — | 2.5% | ||
| Q2 24 | — | 2.1% |
现金转化率DOCDPZ
| Q1 26 | — | 1.16× | ||
| Q4 25 | 10.99× | — | ||
| Q3 25 | — | 1.33× | ||
| Q2 25 | 11.48× | 1.43× | ||
| Q1 25 | 6.52× | 1.20× | ||
| Q4 24 | 235.43× | 1.05× | ||
| Q3 24 | 3.71× | 1.18× | ||
| Q2 24 | 2.17× | 1.06× |
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
DOC
暂无分部数据
DPZ
| Supply chain | $699.0M | 61% |
| U.S. franchise royalties and fees | $158.0M | 14% |
| U.S. franchise advertising | $130.5M | 11% |
| U.S. Company-owned stores | $82.1M | 7% |
| International franchise royalties and fees | $81.0M | 7% |
