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Healthpeak Properties（DOC）与晨星（MORN）财务数据对比。点击上方公司名可切换其他公司
Healthpeak Properties的季度营收约是晨星的1.1倍（$719.4M vs $644.8M），晨星同比增速更快（10.8% vs 3.1%），Healthpeak Properties自由现金流更多（$357.0M vs $53.6M），过去两年Healthpeak Properties的营收复合增速更高（8.9% vs 6.2%）
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。
晨星（Morningstar, Inc.）是总部位于美国伊利诺伊州芝加哥的金融服务机构，由乔·曼苏托于1984年创立，面向全球提供全方位的投资研究、投资管理等专业服务，是全球颇具知名度的投资资讯服务提供商。
DOC vs MORN — 直观对比
营收规模更大
DOC
是对方的1.1倍
$644.8M
营收增速更快
MORN
高出7.7%
3.1%
自由现金流更多
DOC
多$303.4M
$53.6M
两年增速更快
DOC
近两年复合增速
6.2%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $719.4M | $644.8M |
| 净利润 | $114.0M | — |
| 毛利率 | — | 62.9% |
| 营业利润率 | 17.4% | 24.2% |
| 净利率 | 73.2% | — |
| 营收同比 | 3.1% | 10.8% |
| 净利润同比 | 2406.4% | — |
| 每股收益（稀释后） | $0.16 | $2.73 |
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DOCMORN
| Q1 26 | — | $644.8M | ||
| Q4 25 | $719.4M | $641.1M | ||
| Q3 25 | $705.9M | $617.4M | ||
| Q2 25 | $694.3M | $605.1M | ||
| Q1 25 | $702.9M | $581.9M | ||
| Q4 24 | $698.0M | $591.0M | ||
| Q3 24 | $700.4M | $569.4M | ||
| Q2 24 | $695.5M | $571.9M |
净利润DOCMORN
| Q1 26 | — | — | ||
| Q4 25 | $114.0M | $115.1M | ||
| Q3 25 | $-117.1M | $91.6M | ||
| Q2 25 | $31.7M | $89.0M | ||
| Q1 25 | $42.8M | $78.5M | ||
| Q4 24 | $4.5M | $116.9M | ||
| Q3 24 | $85.9M | $119.7M | ||
| Q2 24 | $146.0M | $69.1M |
毛利率DOCMORN
| Q1 26 | — | 62.9% | ||
| Q4 25 | — | 61.1% | ||
| Q3 25 | 58.6% | 60.9% | ||
| Q2 25 | 60.2% | 61.9% | ||
| Q1 25 | 61.1% | 60.2% | ||
| Q4 24 | 60.3% | 60.7% | ||
| Q3 24 | 60.0% | 60.9% | ||
| Q2 24 | 60.6% | 61.1% |
营业利润率DOCMORN
| Q1 26 | — | 24.2% | ||
| Q4 25 | 17.4% | 24.9% | ||
| Q3 25 | 9.2% | 20.7% | ||
| Q2 25 | 5.7% | 20.7% | ||
| Q1 25 | 7.7% | 19.6% | ||
| Q4 24 | -2.2% | 28.5% | ||
| Q3 24 | 14.1% | 20.3% | ||
| Q2 24 | 22.3% | 19.0% |
净利率DOCMORN
| Q1 26 | — | — | ||
| Q4 25 | 73.2% | 18.0% | ||
| Q3 25 | -16.6% | 14.8% | ||
| Q2 25 | 4.6% | 14.7% | ||
| Q1 25 | 6.1% | 13.5% | ||
| Q4 24 | 0.7% | 19.8% | ||
| Q3 24 | 12.3% | 21.0% | ||
| Q2 24 | 21.0% | 12.1% |
每股收益（稀释后）DOCMORN
| Q1 26 | — | $2.73 | ||
| Q4 25 | $0.16 | $2.79 | ||
| Q3 25 | $-0.17 | $2.17 | ||
| Q2 25 | $0.05 | $2.09 | ||
| Q1 25 | $0.06 | $1.82 | ||
| Q4 24 | $0.02 | $2.72 | ||
| Q3 24 | $0.12 | $2.77 | ||
| Q2 24 | $0.21 | $1.60 |
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 | $492.8M |
| 总债务越低越好 | $9.8B | $1.7B |
| 股东权益账面价值 | $7.5B | $1.0B |
| 总资产 | $20.3B | $4.0B |
| 负债/权益比越低杠杆越低 | 1.31× | 1.68× |
8季度趋势，按日历期对齐
现金及短期投资DOCMORN
| Q1 26 | — | $492.8M | ||
| Q4 25 | $467.5M | $528.7M | ||
| Q3 25 | $91.0M | $40.3M | ||
| Q2 25 | $89.4M | $38.1M | ||
| Q1 25 | $70.6M | $47.7M | ||
| Q4 24 | $119.8M | $551.0M | ||
| Q3 24 | $180.4M | $48.8M | ||
| Q2 24 | $106.9M | $48.0M |
总债务DOCMORN
| Q1 26 | — | $1.7B | ||
| Q4 25 | $9.8B | — | ||
| Q3 25 | $9.1B | $848.9M | ||
| Q2 25 | $9.0B | $838.8M | ||
| Q1 25 | $8.9B | $803.7M | ||
| Q4 24 | $8.7B | $698.6M | ||
| Q3 24 | $8.6B | $864.7M | ||
| Q2 24 | $8.6B | $899.6M |
股东权益DOCMORN
| Q1 26 | — | $1.0B | ||
| Q4 25 | $7.5B | $1.2B | ||
| Q3 25 | $7.6B | $1.5B | ||
| Q2 25 | $7.9B | $1.6B | ||
| Q1 25 | $8.2B | $1.6B | ||
| Q4 24 | $8.4B | $1.6B | ||
| Q3 24 | $8.6B | $1.6B | ||
| Q2 24 | $8.8B | $1.4B |
总资产DOCMORN
| Q1 26 | — | $4.0B | ||
| Q4 25 | $20.3B | $3.6B | ||
| Q3 25 | $19.6B | $3.6B | ||
| Q2 25 | $19.8B | $3.6B | ||
| Q1 25 | $19.8B | $3.6B | ||
| Q4 24 | $19.9B | $3.5B | ||
| Q3 24 | $20.0B | $3.6B | ||
| Q2 24 | $20.2B | $3.4B |
负债/权益比DOCMORN
| Q1 26 | — | 1.68× | ||
| Q4 25 | 1.31× | — | ||
| Q3 25 | 1.20× | 0.56× | ||
| Q2 25 | 1.14× | 0.52× | ||
| Q1 25 | 1.08× | 0.50× | ||
| Q4 24 | 1.04× | 0.43× | ||
| Q3 24 | 1.00× | 0.55× | ||
| Q2 24 | 0.98× | 0.63× |
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 | — |
| 自由现金流经营现金流 - 资本支出 | $357.0M | $53.6M |
| 自由现金流率自由现金流/营收 | 49.6% | 8.3% |
| 资本支出强度资本支出/营收 | 124.4% | 5.9% |
| 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 | — | $437.4M |
8季度趋势，按日历期对齐
经营现金流DOCMORN
| Q1 26 | — | — | ||
| Q4 25 | $1.3B | $204.0M | ||
| Q3 25 | $315.0M | $195.7M | ||
| Q2 25 | $363.5M | $99.0M | ||
| Q1 25 | $279.4M | $91.0M | ||
| Q4 24 | $1.1B | $153.4M | ||
| Q3 24 | $318.2M | $191.9M | ||
| Q2 24 | $316.2M | $152.7M |
自由现金流DOCMORN
| Q1 26 | — | $53.6M | ||
| Q4 25 | $357.0M | $161.3M | ||
| Q3 25 | — | $160.1M | ||
| Q2 25 | — | $62.4M | ||
| Q1 25 | — | $58.8M | ||
| Q4 24 | $333.7M | $112.8M | ||
| Q3 24 | — | $155.8M | ||
| Q2 24 | — | $120.8M |
自由现金流率DOCMORN
| Q1 26 | — | 8.3% | ||
| Q4 25 | 49.6% | 25.2% | ||
| Q3 25 | — | 25.9% | ||
| Q2 25 | — | 10.3% | ||
| Q1 25 | — | 10.1% | ||
| Q4 24 | 47.8% | 19.1% | ||
| Q3 24 | — | 27.4% | ||
| Q2 24 | — | 21.1% |
资本支出强度DOCMORN
| Q1 26 | — | 5.9% | ||
| Q4 25 | 124.4% | 6.7% | ||
| Q3 25 | — | 5.8% | ||
| Q2 25 | — | 6.0% | ||
| Q1 25 | — | 5.5% | ||
| Q4 24 | 105.6% | 6.9% | ||
| Q3 24 | — | 6.3% | ||
| Q2 24 | — | 5.6% |
现金转化率DOCMORN
| Q1 26 | — | — | ||
| Q4 25 | 10.99× | 1.77× | ||
| Q3 25 | — | 2.14× | ||
| Q2 25 | 11.48× | 1.11× | ||
| Q1 25 | 6.52× | 1.16× | ||
| Q4 24 | 235.43× | 1.31× | ||
| Q3 24 | 3.71× | 1.60× | ||
| Q2 24 | 2.17× | 2.21× |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
