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Healthpeak Properties（DOC）与第一太阳能（FSLR）财务数据对比。点击上方公司名可切换其他公司
第一太阳能的季度营收约是Healthpeak Properties的1.5倍（$1.0B vs $719.4M），Healthpeak Properties净利率更高（73.2% vs 33.2%，领先40.0%），第一太阳能同比增速更快（23.6% vs 3.1%），过去两年Healthpeak Properties的营收复合增速更高（8.9% vs 1.7%）
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。
第一太阳能是美国上市光伏面板制造商，1990年成立时名为Solar Cells, Inc.，1999年被True North Partners收购后改为现名。公司采用碲化镉（CdTe）半导体技术生产刚性薄膜光伏面板，旗下所有生产基地均提供退役面板回收服务。
DOC vs FSLR — 直观对比
营收规模更大
FSLR
是对方的1.5倍
$719.4M
营收增速更快
FSLR
高出20.6%
3.1%
净利率更高
DOC
高出40.0%
33.2%
两年增速更快
DOC
近两年复合增速
1.7%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $719.4M | $1.0B |
| 净利润 | $114.0M | $346.6M |
| 毛利率 | — | 46.6% |
| 营业利润率 | 17.4% | 33.1% |
| 净利率 | 73.2% | 33.2% |
| 营收同比 | 3.1% | 23.6% |
| 净利润同比 | 2406.4% | 65.4% |
| 每股收益（稀释后） | $0.16 | $3.22 |
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DOCFSLR
| Q1 26 | — | $1.0B | ||
| Q4 25 | $719.4M | $1.7B | ||
| Q3 25 | $705.9M | $1.6B | ||
| Q2 25 | $694.3M | $1.1B | ||
| Q1 25 | $702.9M | $844.6M | ||
| Q4 24 | $698.0M | $1.5B | ||
| Q3 24 | $700.4M | $887.7M | ||
| Q2 24 | $695.5M | $1.0B |
净利润DOCFSLR
| Q1 26 | — | $346.6M | ||
| Q4 25 | $114.0M | $520.9M | ||
| Q3 25 | $-117.1M | $455.9M | ||
| Q2 25 | $31.7M | $341.9M | ||
| Q1 25 | $42.8M | $209.5M | ||
| Q4 24 | $4.5M | $393.1M | ||
| Q3 24 | $85.9M | $313.0M | ||
| Q2 24 | $146.0M | $349.4M |
毛利率DOCFSLR
| Q1 26 | — | 46.6% | ||
| Q4 25 | — | 39.5% | ||
| Q3 25 | 58.6% | 38.3% | ||
| Q2 25 | 60.2% | 45.6% | ||
| Q1 25 | 61.1% | 40.8% | ||
| Q4 24 | 60.3% | 37.5% | ||
| Q3 24 | 60.0% | 50.2% | ||
| Q2 24 | 60.6% | 49.4% |
营业利润率DOCFSLR
| Q1 26 | — | 33.1% | ||
| Q4 25 | 17.4% | 32.6% | ||
| Q3 25 | 9.2% | 29.2% | ||
| Q2 25 | 5.7% | 33.0% | ||
| Q1 25 | 7.7% | 26.2% | ||
| Q4 24 | -2.2% | 30.2% | ||
| Q3 24 | 14.1% | 36.3% | ||
| Q2 24 | 22.3% | 36.9% |
净利率DOCFSLR
| Q1 26 | — | 33.2% | ||
| Q4 25 | 73.2% | 31.0% | ||
| Q3 25 | -16.6% | 28.6% | ||
| Q2 25 | 4.6% | 31.2% | ||
| Q1 25 | 6.1% | 24.8% | ||
| Q4 24 | 0.7% | 26.0% | ||
| Q3 24 | 12.3% | 35.3% | ||
| Q2 24 | 21.0% | 34.6% |
每股收益（稀释后）DOCFSLR
| Q1 26 | — | $3.22 | ||
| Q4 25 | $0.16 | $4.84 | ||
| Q3 25 | $-0.17 | $4.24 | ||
| Q2 25 | $0.05 | $3.18 | ||
| Q1 25 | $0.06 | $1.95 | ||
| Q4 24 | $0.02 | $3.66 | ||
| Q3 24 | $0.12 | $2.91 | ||
| Q2 24 | $0.21 | $3.25 |
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 | $467.5M | $2.4B |
| 总债务越低越好 | $9.8B | $425.8M |
| 股东权益账面价值 | $7.5B | $9.9B |
| 总资产 | $20.3B | $13.4B |
| 负债/权益比越低杠杆越低 | 1.31× | 0.04× |
8季度趋势，按日历期对齐
现金及短期投资DOCFSLR
| Q1 26 | — | $2.4B | ||
| Q4 25 | $467.5M | $2.8B | ||
| Q3 25 | $91.0M | $2.0B | ||
| Q2 25 | $89.4M | $1.1B | ||
| Q1 25 | $70.6M | $837.6M | ||
| Q4 24 | $119.8M | $1.6B | ||
| Q3 24 | $180.4M | $1.0B | ||
| Q2 24 | $106.9M | $1.7B |
总债务DOCFSLR
| Q1 26 | — | $425.8M | ||
| Q4 25 | $9.8B | — | ||
| Q3 25 | $9.1B | — | ||
| Q2 25 | $9.0B | — | ||
| Q1 25 | $8.9B | — | ||
| Q4 24 | $8.7B | — | ||
| Q3 24 | $8.6B | — | ||
| Q2 24 | $8.6B | — |
股东权益DOCFSLR
| Q1 26 | — | $9.9B | ||
| Q4 25 | $7.5B | $9.5B | ||
| Q3 25 | $7.6B | $9.0B | ||
| Q2 25 | $7.9B | $8.5B | ||
| Q1 25 | $8.2B | $8.2B | ||
| Q4 24 | $8.4B | $8.0B | ||
| Q3 24 | $8.6B | $7.6B | ||
| Q2 24 | $8.8B | $7.3B |
总资产DOCFSLR
| Q1 26 | — | $13.4B | ||
| Q4 25 | $20.3B | $13.3B | ||
| Q3 25 | $19.6B | $13.5B | ||
| Q2 25 | $19.8B | $12.9B | ||
| Q1 25 | $19.8B | $12.1B | ||
| Q4 24 | $19.9B | $12.1B | ||
| Q3 24 | $20.0B | $11.4B | ||
| Q2 24 | $20.2B | $11.0B |
负债/权益比DOCFSLR
| Q1 26 | — | 0.04× | ||
| 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 | $-214.9M |
| 自由现金流经营现金流 - 资本支出 | $357.0M | — |
| 自由现金流率自由现金流/营收 | 49.6% | — |
| 资本支出强度资本支出/营收 | 124.4% | — |
| 现金转化率经营现金流/净利润 | 10.99× | -0.62× |
| 过去12个月自由现金流最近4个季度 | — | — |
8季度趋势，按日历期对齐
经营现金流DOCFSLR
| Q1 26 | — | $-214.9M | ||
| Q4 25 | $1.3B | $1.2B | ||
| Q3 25 | $315.0M | $1.3B | ||
| Q2 25 | $363.5M | $149.6M | ||
| Q1 25 | $279.4M | $-608.0M | ||
| Q4 24 | $1.1B | $811.0M | ||
| Q3 24 | $318.2M | $-53.7M | ||
| Q2 24 | $316.2M | $193.0M |
自由现金流DOCFSLR
| Q1 26 | — | — | ||
| Q4 25 | $357.0M | $1.1B | ||
| Q3 25 | — | $1.1B | ||
| Q2 25 | — | $-138.6M | ||
| Q1 25 | — | $-813.9M | ||
| Q4 24 | $333.7M | $497.5M | ||
| Q3 24 | — | $-487.7M | ||
| Q2 24 | — | $-172.1M |
自由现金流率DOCFSLR
| Q1 26 | — | — | ||
| Q4 25 | 49.6% | 63.6% | ||
| Q3 25 | — | 67.1% | ||
| Q2 25 | — | -12.6% | ||
| Q1 25 | — | -96.4% | ||
| Q4 24 | 47.8% | 32.9% | ||
| Q3 24 | — | -54.9% | ||
| Q2 24 | — | -17.0% |
资本支出强度DOCFSLR
| Q1 26 | — | — | ||
| Q4 25 | 124.4% | 10.2% | ||
| Q3 25 | — | 12.8% | ||
| Q2 25 | — | 26.3% | ||
| Q1 25 | — | 24.4% | ||
| Q4 24 | 105.6% | 20.7% | ||
| Q3 24 | — | 48.9% | ||
| Q2 24 | — | 36.1% |
现金转化率DOCFSLR
| Q1 26 | — | -0.62× | ||
| Q4 25 | 10.99× | 2.38× | ||
| Q3 25 | — | 2.79× | ||
| Q2 25 | 11.48× | 0.44× | ||
| Q1 25 | 6.52× | -2.90× | ||
| Q4 24 | 235.43× | 2.06× | ||
| Q3 24 | 3.71× | -0.17× | ||
| Q2 24 | 2.17× | 0.55× |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
