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Healthpeak Properties（DOC）与MAXIMUS, INC.（MMS）财务数据对比。点击上方公司名可切换其他公司
MAXIMUS, INC.的季度营收约是Healthpeak Properties的1.9倍（$1.3B vs $719.4M），Healthpeak Properties净利率更高（73.2% vs 7.0%，领先66.2%），Healthpeak Properties同比增速更快（3.1% vs -4.1%），Healthpeak Properties自由现金流更多（$357.0M vs $-250.7M），过去两年Healthpeak Properties的营收复合增速更高（8.9% vs -0.1%）
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。
MAXIMUS是美国一家政府服务企业，业务覆盖美国、加拿大、英国等国家，为医疗补助、联邦医疗保险、医改、就业帮扶、学生贷款服务等各类政府项目提供行政及配套服务。公司总部位于弗吉尼亚州泰森斯，现有员工3.96万名，2024财年营收达53亿美元。
DOC vs MMS — 直观对比
营收规模更大
MMS
是对方的1.9倍
$719.4M
营收增速更快
DOC
高出7.2%
-4.1%
净利率更高
DOC
高出66.2%
7.0%
自由现金流更多
DOC
多$607.7M
$-250.7M
两年增速更快
DOC
近两年复合增速
-0.1%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $719.4M | $1.3B |
| 净利润 | $114.0M | $93.9M |
| 毛利率 | — | 23.7% |
| 营业利润率 | 17.4% | 10.9% |
| 净利率 | 73.2% | 7.0% |
| 营收同比 | 3.1% | -4.1% |
| 净利润同比 | 2406.4% | 128.0% |
| 每股收益（稀释后） | $0.16 | $1.70 |
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DOCMMS
| Q4 25 | $719.4M | $1.3B | ||
| Q3 25 | $705.9M | $1.3B | ||
| Q2 25 | $694.3M | $1.3B | ||
| Q1 25 | $702.9M | $1.4B | ||
| Q4 24 | $698.0M | $1.4B | ||
| Q3 24 | $700.4M | $1.3B | ||
| Q2 24 | $695.5M | $1.3B | ||
| Q1 24 | $606.6M | $1.3B |
净利润DOCMMS
| Q4 25 | $114.0M | $93.9M | ||
| Q3 25 | $-117.1M | $75.3M | ||
| Q2 25 | $31.7M | $106.0M | ||
| Q1 25 | $42.8M | $96.6M | ||
| Q4 24 | $4.5M | $41.2M | ||
| Q3 24 | $85.9M | $72.5M | ||
| Q2 24 | $146.0M | $89.8M | ||
| Q1 24 | $6.7M | $80.5M |
毛利率DOCMMS
| Q4 25 | — | 23.7% | ||
| Q3 25 | 58.6% | 25.3% | ||
| Q2 25 | 60.2% | 26.7% | ||
| Q1 25 | 61.1% | 24.9% | ||
| Q4 24 | 60.3% | 21.5% | ||
| Q3 24 | 60.0% | 22.9% | ||
| Q2 24 | 60.6% | 25.3% | ||
| Q1 24 | 59.8% | 23.6% |
营业利润率DOCMMS
| Q4 25 | 17.4% | 10.9% | ||
| Q3 25 | 9.2% | 9.3% | ||
| Q2 25 | 5.7% | 12.3% | ||
| Q1 25 | 7.7% | 11.2% | ||
| Q4 24 | -2.2% | 6.2% | ||
| Q3 24 | 14.1% | 8.5% | ||
| Q2 24 | 22.3% | 10.8% | ||
| Q1 24 | 3.7% | 9.5% |
净利率DOCMMS
| Q4 25 | 73.2% | 7.0% | ||
| Q3 25 | -16.6% | 5.7% | ||
| Q2 25 | 4.6% | 7.9% | ||
| Q1 25 | 6.1% | 7.1% | ||
| Q4 24 | 0.7% | 2.9% | ||
| Q3 24 | 12.3% | 5.5% | ||
| Q2 24 | 21.0% | 6.8% | ||
| Q1 24 | 1.1% | 6.0% |
每股收益（稀释后）DOCMMS
| Q4 25 | $0.16 | $1.70 | ||
| Q3 25 | $-0.17 | $1.27 | ||
| Q2 25 | $0.05 | $1.86 | ||
| Q1 25 | $0.06 | $1.69 | ||
| Q4 24 | $0.02 | $0.69 | ||
| Q3 24 | $0.12 | $1.18 | ||
| Q2 24 | $0.21 | $1.46 | ||
| Q1 24 | $0.01 | $1.31 |
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 | $137.6M |
| 总债务越低越好 | $9.8B | — |
| 股东权益账面价值 | $7.5B | $1.7B |
| 总资产 | $20.3B | $4.2B |
| 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DOCMMS
| Q4 25 | $467.5M | $137.6M | ||
| Q3 25 | $91.0M | $222.4M | ||
| Q2 25 | $89.4M | $59.8M | ||
| Q1 25 | $70.6M | $108.1M | ||
| Q4 24 | $119.8M | $72.7M | ||
| Q3 24 | $180.4M | $183.1M | ||
| Q2 24 | $106.9M | $102.8M | ||
| Q1 24 | $101.8M | $77.4M |
总债务DOCMMS
| 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 | — | ||
| Q1 24 | $8.8B | — |
股东权益DOCMMS
| Q4 25 | $7.5B | $1.7B | ||
| Q3 25 | $7.6B | $1.7B | ||
| Q2 25 | $7.9B | $1.8B | ||
| Q1 25 | $8.2B | $1.7B | ||
| Q4 24 | $8.4B | $1.6B | ||
| Q3 24 | $8.6B | $1.8B | ||
| Q2 24 | $8.8B | $1.8B | ||
| Q1 24 | $8.9B | $1.8B |
总资产DOCMMS
| Q4 25 | $20.3B | $4.2B | ||
| Q3 25 | $19.6B | $4.1B | ||
| Q2 25 | $19.8B | $4.5B | ||
| Q1 25 | $19.8B | $4.2B | ||
| Q4 24 | $19.9B | $4.1B | ||
| Q3 24 | $20.0B | $4.1B | ||
| Q2 24 | $20.2B | $4.0B | ||
| Q1 24 | $20.5B | $4.0B |
负债/权益比DOCMMS
| 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× | — | ||
| Q1 24 | 0.99× | — |
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 | $-244.4M |
| 自由现金流经营现金流 - 资本支出 | $357.0M | $-250.7M |
| 自由现金流率自由现金流/营收 | 49.6% | -18.6% |
| 资本支出强度资本支出/营收 | 124.4% | 0.5% |
| 现金转化率经营现金流/净利润 | 10.99× | -2.60× |
| 过去12个月自由现金流最近4个季度 | — | $218.5M |
8季度趋势，按日历期对齐
经营现金流DOCMMS
| Q4 25 | $1.3B | $-244.4M | ||
| Q3 25 | $315.0M | $649.4M | ||
| Q2 25 | $363.5M | $-182.7M | ||
| Q1 25 | $279.4M | $42.7M | ||
| Q4 24 | $1.1B | $-80.0M | ||
| Q3 24 | $318.2M | $163.8M | ||
| Q2 24 | $316.2M | $199.3M | ||
| Q1 24 | $152.6M | $130.5M |
自由现金流DOCMMS
| Q4 25 | $357.0M | $-250.7M | ||
| Q3 25 | — | $641.8M | ||
| Q2 25 | — | $-198.2M | ||
| Q1 25 | — | $25.5M | ||
| Q4 24 | $333.7M | $-103.0M | ||
| Q3 24 | — | $131.9M | ||
| Q2 24 | — | $164.6M | ||
| Q1 24 | — | $105.2M |
自由现金流率DOCMMS
| Q4 25 | 49.6% | -18.6% | ||
| Q3 25 | — | 48.7% | ||
| Q2 25 | — | -14.7% | ||
| Q1 25 | — | 1.9% | ||
| Q4 24 | 47.8% | -7.3% | ||
| Q3 24 | — | 10.0% | ||
| Q2 24 | — | 12.5% | ||
| Q1 24 | — | 7.8% |
资本支出强度DOCMMS
| Q4 25 | 124.4% | 0.5% | ||
| Q3 25 | — | 0.6% | ||
| Q2 25 | — | 1.1% | ||
| Q1 25 | — | 1.3% | ||
| Q4 24 | 105.6% | 1.6% | ||
| Q3 24 | — | 2.4% | ||
| Q2 24 | — | 2.6% | ||
| Q1 24 | — | 1.9% |
现金转化率DOCMMS
| Q4 25 | 10.99× | -2.60× | ||
| Q3 25 | — | 8.63× | ||
| Q2 25 | 11.48× | -1.72× | ||
| Q1 25 | 6.52× | 0.44× | ||
| Q4 24 | 235.43× | -1.94× | ||
| Q3 24 | 3.71× | 2.26× | ||
| Q2 24 | 2.17× | 2.22× | ||
| Q1 24 | 22.85× | 1.62× |
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
MMS
| Clinical Services | $523.7M | 39% |
| Cost Plus Contracts | $386.4M | 29% |
| Outside The United States | $143.2M | 11% |
| International Government Agencies | $141.0M | 10% |
| Technology Solutions | $74.8M | 6% |
| Employment And Other | $70.2M | 5% |
| Other Including Local Municipalities And Commercial Customers | $17.6M | 1% |
