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Healthpeak Properties（DOC）与美世（MERC）财务数据对比。点击上方公司名可切换其他公司
Healthpeak Properties的季度营收约是美世的1.6倍（$719.4M vs $449.5M），Healthpeak Properties净利率更高（73.2% vs -68.7%，领先141.8%），Healthpeak Properties同比增速更快（3.1% vs -8.0%），Healthpeak Properties自由现金流更多（$357.0M vs $32.0M），过去两年Healthpeak Properties的营收复合增速更高（8.9% vs -9.9%）
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。
美世是1945年成立的美国咨询公司，为全球专业服务集团威达信的四大运营子公司之一，总部位于纽约，在43个国家设有办事处，业务覆盖130个国家，主要为客户提供人力资源与金融咨询服务。
DOC vs MERC — 直观对比
营收规模更大
DOC
是对方的1.6倍
$449.5M
营收增速更快
DOC
高出11.0%
-8.0%
净利率更高
DOC
高出141.8%
-68.7%
自由现金流更多
DOC
多$325.0M
$32.0M
两年增速更快
DOC
近两年复合增速
-9.9%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $719.4M | $449.5M |
| 净利润 | $114.0M | $-308.7M |
| 毛利率 | — | — |
| 营业利润率 | 17.4% | -62.0% |
| 净利率 | 73.2% | -68.7% |
| 营收同比 | 3.1% | -8.0% |
| 净利润同比 | 2406.4% | -1947.7% |
| 每股收益（稀释后） | $0.16 | $-4.61 |
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DOCMERC
| Q4 25 | $719.4M | $449.5M | ||
| Q3 25 | $705.9M | $458.1M | ||
| Q2 25 | $694.3M | $453.5M | ||
| Q1 25 | $702.9M | $507.0M | ||
| Q4 24 | $698.0M | $488.4M | ||
| Q3 24 | $700.4M | $502.1M | ||
| Q2 24 | $695.5M | $499.4M | ||
| Q1 24 | $606.6M | $553.4M |
净利润DOCMERC
| Q4 25 | $114.0M | $-308.7M | ||
| Q3 25 | $-117.1M | $-80.8M | ||
| Q2 25 | $31.7M | $-86.1M | ||
| Q1 25 | $42.8M | $-22.3M | ||
| Q4 24 | $4.5M | $16.7M | ||
| Q3 24 | $85.9M | $-17.6M | ||
| Q2 24 | $146.0M | $-67.6M | ||
| Q1 24 | $6.7M | $-16.7M |
毛利率DOCMERC
| Q4 25 | — | — | ||
| Q3 25 | 58.6% | — | ||
| Q2 25 | 60.2% | — | ||
| Q1 25 | 61.1% | — | ||
| Q4 24 | 60.3% | — | ||
| Q3 24 | 60.0% | — | ||
| Q2 24 | 60.6% | — | ||
| Q1 24 | 59.8% | — |
营业利润率DOCMERC
| Q4 25 | 17.4% | -62.0% | ||
| Q3 25 | 9.2% | -14.8% | ||
| Q2 25 | 5.7% | -12.9% | ||
| Q1 25 | 7.7% | 1.3% | ||
| Q4 24 | -2.2% | 10.3% | ||
| Q3 24 | 14.1% | 1.8% | ||
| Q2 24 | 22.3% | -8.8% | ||
| Q1 24 | 3.7% | -0.1% |
净利率DOCMERC
| Q4 25 | 73.2% | -68.7% | ||
| Q3 25 | -16.6% | -17.6% | ||
| Q2 25 | 4.6% | -19.0% | ||
| Q1 25 | 6.1% | -4.4% | ||
| Q4 24 | 0.7% | 3.4% | ||
| Q3 24 | 12.3% | -3.5% | ||
| Q2 24 | 21.0% | -13.5% | ||
| Q1 24 | 1.1% | -3.0% |
每股收益（稀释后）DOCMERC
| Q4 25 | $0.16 | $-4.61 | ||
| Q3 25 | $-0.17 | $-1.21 | ||
| Q2 25 | $0.05 | $-1.29 | ||
| Q1 25 | $0.06 | $-0.33 | ||
| Q4 24 | $0.02 | $0.25 | ||
| Q3 24 | $0.12 | $-0.26 | ||
| Q2 24 | $0.21 | $-1.01 | ||
| Q1 24 | $0.01 | $-0.25 |
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 | $186.8M |
| 总债务越低越好 | $9.8B | $1.6B |
| 股东权益账面价值 | $7.5B | $68.1M |
| 总资产 | $20.3B | $2.0B |
| 负债/权益比越低杠杆越低 | 1.31× | 23.58× |
8季度趋势，按日历期对齐
现金及短期投资DOCMERC
| Q4 25 | $467.5M | $186.8M | ||
| Q3 25 | $91.0M | $98.1M | ||
| Q2 25 | $89.4M | $146.5M | ||
| Q1 25 | $70.6M | $181.5M | ||
| Q4 24 | $119.8M | $184.9M | ||
| Q3 24 | $180.4M | $239.0M | ||
| Q2 24 | $106.9M | $263.2M | ||
| Q1 24 | $101.8M | $274.3M |
总债务DOCMERC
| Q4 25 | $9.8B | $1.6B | ||
| Q3 25 | $9.1B | $1.5B | ||
| Q2 25 | $9.0B | $1.5B | ||
| Q1 25 | $8.9B | $1.5B | ||
| Q4 24 | $8.7B | $1.5B | ||
| Q3 24 | $8.6B | $1.6B | ||
| Q2 24 | $8.6B | $1.6B | ||
| Q1 24 | $8.8B | $1.6B |
股东权益DOCMERC
| Q4 25 | $7.5B | $68.1M | ||
| Q3 25 | $7.6B | $359.5M | ||
| Q2 25 | $7.9B | $446.5M | ||
| Q1 25 | $8.2B | $437.4M | ||
| Q4 24 | $8.4B | $429.8M | ||
| Q3 24 | $8.6B | $516.8M | ||
| Q2 24 | $8.8B | $487.7M | ||
| Q1 24 | $8.9B | $573.6M |
总资产DOCMERC
| Q4 25 | $20.3B | $2.0B | ||
| Q3 25 | $19.6B | $2.3B | ||
| Q2 25 | $19.8B | $2.4B | ||
| Q1 25 | $19.8B | $2.3B | ||
| Q4 24 | $19.9B | $2.3B | ||
| Q3 24 | $20.0B | $2.5B | ||
| Q2 24 | $20.2B | $2.5B | ||
| Q1 24 | $20.5B | $2.6B |
负债/权益比DOCMERC
| Q4 25 | 1.31× | 23.58× | ||
| Q3 25 | 1.20× | 4.30× | ||
| Q2 25 | 1.14× | 3.42× | ||
| Q1 25 | 1.08× | 3.44× | ||
| Q4 24 | 1.04× | 3.43× | ||
| Q3 24 | 1.00× | 3.09× | ||
| Q2 24 | 0.98× | 3.22× | ||
| Q1 24 | 0.99× | 2.82× |
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 | $46.2M |
| 自由现金流经营现金流 - 资本支出 | $357.0M | $32.0M |
| 自由现金流率自由现金流/营收 | 49.6% | 7.1% |
| 资本支出强度资本支出/营收 | 124.4% | 3.1% |
| 现金转化率经营现金流/净利润 | 10.99× | — |
| 过去12个月自由现金流最近4个季度 | — | $-80.0M |
8季度趋势，按日历期对齐
经营现金流DOCMERC
| Q4 25 | $1.3B | $46.2M | ||
| Q3 25 | $315.0M | $-30.1M | ||
| Q2 25 | $363.5M | $-4.5M | ||
| Q1 25 | $279.4M | $-3.0M | ||
| Q4 24 | $1.1B | $71.2M | ||
| Q3 24 | $318.2M | $-13.9M | ||
| Q2 24 | $316.2M | $62.2M | ||
| Q1 24 | $152.6M | $-29.2M |
自由现金流DOCMERC
| Q4 25 | $357.0M | $32.0M | ||
| Q3 25 | — | $-60.1M | ||
| Q2 25 | — | $-28.9M | ||
| Q1 25 | — | $-23.1M | ||
| Q4 24 | $333.7M | $50.4M | ||
| Q3 24 | — | $-41.2M | ||
| Q2 24 | — | $44.3M | ||
| Q1 24 | — | $-47.7M |
自由现金流率DOCMERC
| Q4 25 | 49.6% | 7.1% | ||
| Q3 25 | — | -13.1% | ||
| Q2 25 | — | -6.4% | ||
| Q1 25 | — | -4.6% | ||
| Q4 24 | 47.8% | 10.3% | ||
| Q3 24 | — | -8.2% | ||
| Q2 24 | — | 8.9% | ||
| Q1 24 | — | -8.6% |
资本支出强度DOCMERC
| Q4 25 | 124.4% | 3.1% | ||
| Q3 25 | — | 6.6% | ||
| Q2 25 | — | 5.4% | ||
| Q1 25 | — | 4.0% | ||
| Q4 24 | 105.6% | 4.2% | ||
| Q3 24 | — | 5.4% | ||
| Q2 24 | — | 3.6% | ||
| Q1 24 | — | 3.3% |
现金转化率DOCMERC
| Q4 25 | 10.99× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | 11.48× | — | ||
| Q1 25 | 6.52× | — | ||
| Q4 24 | 235.43× | 4.26× | ||
| Q3 24 | 3.71× | — | ||
| Q2 24 | 2.17× | — | ||
| Q1 24 | 22.85× | — |
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
MERC
| Other | $215.3M | 48% |
| Solid Wood | $110.2M | 25% |
| Lumber | $54.9M | 12% |
| Pallets | $23.7M | 5% |
| Energyandchemicals | $18.7M | 4% |
| Manufactured Products | $14.1M | 3% |
| Biofuels | $10.0M | 2% |
| Wood Residuals | $2.6M | 1% |
