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Healthpeak Properties（DOC）与明晟（MSCI）财务数据对比。点击上方公司名可切换其他公司
明晟的季度营收约是Healthpeak Properties的1.1倍（$822.5M vs $719.4M），Healthpeak Properties净利率更高（73.2% vs 34.6%，领先38.6%），明晟同比增速更快（10.6% vs 3.1%），明晟自由现金流更多（$488.7M vs $357.0M），过去两年明晟的营收复合增速更高（10.0% vs 8.9%）
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。
MSCI（明晟）是总部位于美国纽约的金融服务企业，为全球市场提供股票、固定收益、房地产指数、多资产组合分析工具及ESG、气候金融相关产品，旗下运营MSCI全球指数、MSCI新兴市场指数、MSCI全球所有国家（ACWI）指数等多款知名指数产品。
DOC vs MSCI — 直观对比
营收规模更大
MSCI
是对方的1.1倍
$719.4M
营收增速更快
MSCI
高出7.6%
3.1%
净利率更高
DOC
高出38.6%
34.6%
自由现金流更多
MSCI
多$131.7M
$357.0M
两年增速更快
MSCI
近两年复合增速
8.9%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $719.4M | $822.5M |
| 净利润 | $114.0M | $284.7M |
| 毛利率 | — | — |
| 营业利润率 | 17.4% | 56.4% |
| 净利率 | 73.2% | 34.6% |
| 营收同比 | 3.1% | 10.6% |
| 净利润同比 | 2406.4% | -6.8% |
| 每股收益（稀释后） | $0.16 | $3.81 |
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DOCMSCI
| Q4 25 | $719.4M | $822.5M | ||
| Q3 25 | $705.9M | $793.4M | ||
| Q2 25 | $694.3M | $772.7M | ||
| Q1 25 | $702.9M | $745.8M | ||
| Q4 24 | $698.0M | $743.5M | ||
| Q3 24 | $700.4M | $724.7M | ||
| Q2 24 | $695.5M | $707.9M | ||
| Q1 24 | $606.6M | $680.0M |
净利润DOCMSCI
| Q4 25 | $114.0M | $284.7M | ||
| Q3 25 | $-117.1M | $325.4M | ||
| Q2 25 | $31.7M | $303.6M | ||
| Q1 25 | $42.8M | $288.6M | ||
| Q4 24 | $4.5M | $305.5M | ||
| Q3 24 | $85.9M | $280.9M | ||
| Q2 24 | $146.0M | $266.8M | ||
| Q1 24 | $6.7M | $256.0M |
毛利率DOCMSCI
| 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DOCMSCI
| Q4 25 | 17.4% | 56.4% | ||
| Q3 25 | 9.2% | 56.4% | ||
| Q2 25 | 5.7% | 55.0% | ||
| Q1 25 | 7.7% | 50.6% | ||
| Q4 24 | -2.2% | 54.5% | ||
| Q3 24 | 14.1% | 55.4% | ||
| Q2 24 | 22.3% | 54.0% | ||
| Q1 24 | 3.7% | 49.9% |
净利率DOCMSCI
| Q4 25 | 73.2% | 34.6% | ||
| Q3 25 | -16.6% | 41.0% | ||
| Q2 25 | 4.6% | 39.3% | ||
| Q1 25 | 6.1% | 38.7% | ||
| Q4 24 | 0.7% | 41.1% | ||
| Q3 24 | 12.3% | 38.8% | ||
| Q2 24 | 21.0% | 37.7% | ||
| Q1 24 | 1.1% | 37.6% |
每股收益（稀释后）DOCMSCI
| Q4 25 | $0.16 | $3.81 | ||
| Q3 25 | $-0.17 | $4.25 | ||
| Q2 25 | $0.05 | $3.92 | ||
| Q1 25 | $0.06 | $3.71 | ||
| Q4 24 | $0.02 | $3.89 | ||
| Q3 24 | $0.12 | $3.57 | ||
| Q2 24 | $0.21 | $3.37 | ||
| Q1 24 | $0.01 | $3.22 |
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 | $515.3M |
| 总债务越低越好 | $9.8B | $6.2B |
| 股东权益账面价值 | $7.5B | $-2.7B |
| 总资产 | $20.3B | $5.7B |
| 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DOCMSCI
| Q4 25 | $467.5M | $515.3M | ||
| Q3 25 | $91.0M | $400.1M | ||
| Q2 25 | $89.4M | $347.3M | ||
| Q1 25 | $70.6M | $360.7M | ||
| Q4 24 | $119.8M | $409.4M | ||
| Q3 24 | $180.4M | $501.0M | ||
| Q2 24 | $106.9M | $451.4M | ||
| Q1 24 | $101.8M | $519.3M |
总债务DOCMSCI
| Q4 25 | $9.8B | $6.2B | ||
| Q3 25 | $9.1B | $5.5B | ||
| Q2 25 | $9.0B | $4.5B | ||
| Q1 25 | $8.9B | $4.5B | ||
| Q4 24 | $8.7B | $4.5B | ||
| Q3 24 | $8.6B | $4.5B | ||
| Q2 24 | $8.6B | $4.5B | ||
| Q1 24 | $8.8B | $4.5B |
股东权益DOCMSCI
| Q4 25 | $7.5B | $-2.7B | ||
| Q3 25 | $7.6B | $-1.9B | ||
| Q2 25 | $7.9B | $-886.2M | ||
| Q1 25 | $8.2B | $-958.6M | ||
| Q4 24 | $8.4B | $-940.0M | ||
| Q3 24 | $8.6B | $-751.0M | ||
| Q2 24 | $8.8B | $-734.5M | ||
| Q1 24 | $8.9B | $-650.5M |
总资产DOCMSCI
| Q4 25 | $20.3B | $5.7B | ||
| Q3 25 | $19.6B | $5.4B | ||
| Q2 25 | $19.8B | $5.4B | ||
| Q1 25 | $19.8B | $5.3B | ||
| Q4 24 | $19.9B | $5.4B | ||
| Q3 24 | $20.0B | $5.4B | ||
| Q2 24 | $20.2B | $5.5B | ||
| Q1 24 | $20.5B | $5.5B |
负债/权益比DOCMSCI
| 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 | $501.1M |
| 自由现金流经营现金流 - 资本支出 | $357.0M | $488.7M |
| 自由现金流率自由现金流/营收 | 49.6% | 59.4% |
| 资本支出强度资本支出/营收 | 124.4% | 1.5% |
| 现金转化率经营现金流/净利润 | 10.99× | 1.76× |
| 过去12个月自由现金流最近4个季度 | — | $1.5B |
8季度趋势，按日历期对齐
经营现金流DOCMSCI
| Q4 25 | $1.3B | $501.1M | ||
| Q3 25 | $315.0M | $449.4M | ||
| Q2 25 | $363.5M | $336.1M | ||
| Q1 25 | $279.4M | $301.7M | ||
| Q4 24 | $1.1B | $430.6M | ||
| Q3 24 | $318.2M | $421.6M | ||
| Q2 24 | $316.2M | $349.2M | ||
| Q1 24 | $152.6M | $300.1M |
自由现金流DOCMSCI
| Q4 25 | $357.0M | $488.7M | ||
| Q3 25 | — | $445.5M | ||
| Q2 25 | — | $324.7M | ||
| Q1 25 | — | $290.2M | ||
| Q4 24 | $333.7M | $416.4M | ||
| Q3 24 | — | $415.0M | ||
| Q2 24 | — | $340.6M | ||
| Q1 24 | — | $295.9M |
自由现金流率DOCMSCI
| Q4 25 | 49.6% | 59.4% | ||
| Q3 25 | — | 56.2% | ||
| Q2 25 | — | 42.0% | ||
| Q1 25 | — | 38.9% | ||
| Q4 24 | 47.8% | 56.0% | ||
| Q3 24 | — | 57.3% | ||
| Q2 24 | — | 48.1% | ||
| Q1 24 | — | 43.5% |
资本支出强度DOCMSCI
| Q4 25 | 124.4% | 1.5% | ||
| Q3 25 | — | 0.5% | ||
| Q2 25 | — | 1.5% | ||
| Q1 25 | — | 1.5% | ||
| Q4 24 | 105.6% | 1.9% | ||
| Q3 24 | — | 0.9% | ||
| Q2 24 | — | 1.2% | ||
| Q1 24 | — | 0.6% |
现金转化率DOCMSCI
| Q4 25 | 10.99× | 1.76× | ||
| Q3 25 | — | 1.38× | ||
| Q2 25 | 11.48× | 1.11× | ||
| Q1 25 | 6.52× | 1.05× | ||
| Q4 24 | 235.43× | 1.41× | ||
| Q3 24 | 3.71× | 1.50× | ||
| Q2 24 | 2.17× | 1.31× | ||
| Q1 24 | 22.85× | 1.17× |
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
MSCI
| Recurring Subscriptions | $246.4M | 30% |
| Asset Based Fees | $211.7M | 26% |
| Analytics Segment | $182.3M | 22% |
| Sustainability And Climate Segment | $90.3M | 11% |
| Other | $70.9M | 9% |
| Non Recurring | $21.1M | 3% |
