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Healthpeak Properties（DOC）与Paycom（PAYC）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Paycom的1.3倍（$719.4M vs $544.3M），Healthpeak Properties净利率更高（73.2% vs 20.9%，领先52.3%），Paycom同比增速更快（10.2% vs 3.1%），Healthpeak Properties自由现金流更多（$357.0M vs $122.6M），过去两年Healthpeak Properties的营收复合增速更高（8.9% vs 4.3%）
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。
Paycom Software Inc.（简称Paycom）是1998年成立的线上薪资与人力资源软件服务商，总部位于美国俄克拉荷马城，在全美多地设有办事处，是全球最早推出全线上薪资管理服务的供应商之一，2025年营收达20.52亿美元，较2024年的18.83亿美元稳步增长。
DOC vs PAYC — 直观对比
营收规模更大
DOC
是对方的1.3倍
$544.3M
营收增速更快
PAYC
高出7.1%
3.1%
净利率更高
DOC
高出52.3%
20.9%
自由现金流更多
DOC
多$234.4M
$122.6M
两年增速更快
DOC
近两年复合增速
4.3%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $719.4M | $544.3M |
| 净利润 | $114.0M | $113.8M |
| 毛利率 | — | 83.9% |
| 营业利润率 | 17.4% | 28.9% |
| 净利率 | 73.2% | 20.9% |
| 营收同比 | 3.1% | 10.2% |
| 净利润同比 | 2406.4% | 0.2% |
| 每股收益（稀释后） | $0.16 | $2.06 |
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DOCPAYC
| Q4 25 | $719.4M | $544.3M | ||
| Q3 25 | $705.9M | $493.3M | ||
| Q2 25 | $694.3M | $483.6M | ||
| Q1 25 | $702.9M | $530.5M | ||
| Q4 24 | $698.0M | $493.9M | ||
| Q3 24 | $700.4M | $451.9M | ||
| Q2 24 | $695.5M | $437.5M | ||
| Q1 24 | $606.6M | $499.9M |
净利润DOCPAYC
| Q4 25 | $114.0M | $113.8M | ||
| Q3 25 | $-117.1M | $110.7M | ||
| Q2 25 | $31.7M | $89.5M | ||
| Q1 25 | $42.8M | $139.4M | ||
| Q4 24 | $4.5M | $113.6M | ||
| Q3 24 | $85.9M | $73.3M | ||
| Q2 24 | $146.0M | $68.0M | ||
| Q1 24 | $6.7M | $247.2M |
毛利率DOCPAYC
| Q4 25 | — | 83.9% | ||
| Q3 25 | 58.6% | 82.7% | ||
| Q2 25 | 60.2% | 81.9% | ||
| Q1 25 | 61.1% | 84.1% | ||
| Q4 24 | 60.3% | 83.1% | ||
| Q3 24 | 60.0% | 80.5% | ||
| Q2 24 | 60.6% | 80.8% | ||
| Q1 24 | 59.8% | 84.3% |
营业利润率DOCPAYC
| Q4 25 | 17.4% | 28.9% | ||
| Q3 25 | 9.2% | 22.8% | ||
| Q2 25 | 5.7% | 23.2% | ||
| Q1 25 | 7.7% | 34.9% | ||
| Q4 24 | -2.2% | 30.1% | ||
| Q3 24 | 14.1% | 23.2% | ||
| Q2 24 | 22.3% | 21.7% | ||
| Q1 24 | 3.7% | 57.2% |
净利率DOCPAYC
| Q4 25 | 73.2% | 20.9% | ||
| Q3 25 | -16.6% | 22.4% | ||
| Q2 25 | 4.6% | 18.5% | ||
| Q1 25 | 6.1% | 26.3% | ||
| Q4 24 | 0.7% | 23.0% | ||
| Q3 24 | 12.3% | 16.2% | ||
| Q2 24 | 21.0% | 15.5% | ||
| Q1 24 | 1.1% | 49.4% |
每股收益（稀释后）DOCPAYC
| Q4 25 | $0.16 | $2.06 | ||
| Q3 25 | $-0.17 | $1.96 | ||
| Q2 25 | $0.05 | $1.58 | ||
| Q1 25 | $0.06 | $2.48 | ||
| Q4 24 | $0.02 | $2.04 | ||
| Q3 24 | $0.12 | $1.31 | ||
| Q2 24 | $0.21 | $1.20 | ||
| Q1 24 | $0.01 | $4.37 |
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 | $370.0M |
| 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 | $7.6B |
| 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DOCPAYC
| Q4 25 | $467.5M | $370.0M | ||
| Q3 25 | $91.0M | $375.0M | ||
| Q2 25 | $89.4M | $532.2M | ||
| Q1 25 | $70.6M | $520.8M | ||
| Q4 24 | $119.8M | $402.0M | ||
| Q3 24 | $180.4M | $325.8M | ||
| Q2 24 | $106.9M | $346.5M | ||
| Q1 24 | $101.8M | $371.3M |
总债务DOCPAYC
| 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DOCPAYC
| 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 | $1.5B | ||
| Q2 24 | $8.8B | $1.4B | ||
| Q1 24 | $8.9B | $1.4B |
总资产DOCPAYC
| Q4 25 | $20.3B | $7.6B | ||
| Q3 25 | $19.6B | $4.2B | ||
| Q2 25 | $19.8B | $4.0B | ||
| Q1 25 | $19.8B | $4.6B | ||
| Q4 24 | $19.9B | $5.9B | ||
| Q3 24 | $20.0B | $3.5B | ||
| Q2 24 | $20.2B | $4.3B | ||
| Q1 24 | $20.5B | $4.7B |
负债/权益比DOCPAYC
| 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 | $196.1M |
| 自由现金流经营现金流 - 资本支出 | $357.0M | $122.6M |
| 自由现金流率自由现金流/营收 | 49.6% | 22.5% |
| 资本支出强度资本支出/营收 | 124.4% | 13.5% |
| 现金转化率经营现金流/净利润 | 10.99× | 1.72× |
| 过去12个月自由现金流最近4个季度 | — | $408.0M |
8季度趋势，按日历期对齐
经营现金流DOCPAYC
| Q4 25 | $1.3B | $196.1M | ||
| Q3 25 | $315.0M | $177.8M | ||
| Q2 25 | $363.5M | $122.5M | ||
| Q1 25 | $279.4M | $182.5M | ||
| Q4 24 | $1.1B | $160.4M | ||
| Q3 24 | $318.2M | $92.8M | ||
| Q2 24 | $316.2M | $132.1M | ||
| Q1 24 | $152.6M | $148.6M |
自由现金流DOCPAYC
| Q4 25 | $357.0M | $122.6M | ||
| Q3 25 | — | $79.8M | ||
| Q2 25 | — | $60.8M | ||
| Q1 25 | — | $144.8M | ||
| Q4 24 | $333.7M | $109.0M | ||
| Q3 24 | — | $44.6M | ||
| Q2 24 | — | $86.5M | ||
| Q1 24 | — | $100.9M |
自由现金流率DOCPAYC
| Q4 25 | 49.6% | 22.5% | ||
| Q3 25 | — | 16.2% | ||
| Q2 25 | — | 12.6% | ||
| Q1 25 | — | 27.3% | ||
| Q4 24 | 47.8% | 22.1% | ||
| Q3 24 | — | 9.9% | ||
| Q2 24 | — | 19.8% | ||
| Q1 24 | — | 20.2% |
资本支出强度DOCPAYC
| Q4 25 | 124.4% | 13.5% | ||
| Q3 25 | — | 19.9% | ||
| Q2 25 | — | 12.8% | ||
| Q1 25 | — | 7.1% | ||
| Q4 24 | 105.6% | 10.4% | ||
| Q3 24 | — | 10.7% | ||
| Q2 24 | — | 10.4% | ||
| Q1 24 | — | 9.5% |
现金转化率DOCPAYC
| Q4 25 | 10.99× | 1.72× | ||
| Q3 25 | — | 1.61× | ||
| Q2 25 | 11.48× | 1.37× | ||
| Q1 25 | 6.52× | 1.31× | ||
| Q4 24 | 235.43× | 1.41× | ||
| Q3 24 | 3.71× | 1.27× | ||
| Q2 24 | 2.17× | 1.94× | ||
| Q1 24 | 22.85× | 0.60× |
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
PAYC
| Recurring | $510.3M | 94% |
| Interest On Funds Held For Clients | $27.2M | 5% |
| Implementation And Other | $6.8M | 1% |
