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Healthpeak Properties（DOC）与SBA Communications（SBAC）财务数据对比。点击上方公司名可切换其他公司
SBA Communications的季度营收约是Healthpeak Properties的1.0倍（$719.6M vs $719.4M），Healthpeak Properties净利率更高（73.2% vs 51.5%，领先21.7%），SBA Communications同比增速更快（3.7% vs 3.1%），SBA Communications自由现金流更多（$833.3M vs $357.0M），过去两年Healthpeak Properties的营收复合增速更高（8.9% vs 4.6%）
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。
SBA Communications是一家房地产投资信托企业，核心业务为持有、运营无线通信基础设施，市场覆盖美国、加拿大、中南美洲及南非地区。公司由Steven Bernstein于1989年创立，前身为Steven Bernstein and Associates。
DOC vs SBAC — 直观对比
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $719.4M | $719.6M |
| 净利润 | $114.0M | $370.4M |
| 毛利率 | — | 75.6% |
| 营业利润率 | 17.4% | 41.5% |
| 净利率 | 73.2% | 51.5% |
| 营收同比 | 3.1% | 3.7% |
| 净利润同比 | 2406.4% | 107.2% |
| 每股收益（稀释后） | $0.16 | $3.47 |
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
| Q4 25 | $719.4M | $719.6M | ||
| Q3 25 | $705.9M | $732.3M | ||
| Q2 25 | $694.3M | $699.0M | ||
| Q1 25 | $702.9M | $664.2M | ||
| Q4 24 | $698.0M | $693.7M | ||
| Q3 24 | $700.4M | $667.6M | ||
| Q2 24 | $695.5M | $660.5M | ||
| Q1 24 | $606.6M | $657.9M |
| Q4 25 | $114.0M | $370.4M | ||
| Q3 25 | $-117.1M | $236.8M | ||
| Q2 25 | $31.7M | $225.8M | ||
| Q1 25 | $42.8M | $220.7M | ||
| Q4 24 | $4.5M | $178.8M | ||
| Q3 24 | $85.9M | $258.5M | ||
| Q2 24 | $146.0M | $162.8M | ||
| Q1 24 | $6.7M | $154.5M |
| Q4 25 | — | 75.6% | ||
| Q3 25 | 58.6% | 74.1% | ||
| Q2 25 | 60.2% | 75.4% | ||
| Q1 25 | 61.1% | 76.9% | ||
| Q4 24 | 60.3% | 78.1% | ||
| Q3 24 | 60.0% | 77.5% | ||
| Q2 24 | 60.6% | 78.6% | ||
| Q1 24 | 59.8% | 79.0% |
| Q4 25 | 17.4% | 41.5% | ||
| Q3 25 | 9.2% | 51.1% | ||
| Q2 25 | 5.7% | 47.9% | ||
| Q1 25 | 7.7% | 50.4% | ||
| Q4 24 | -2.2% | 55.1% | ||
| Q3 24 | 14.1% | 56.3% | ||
| Q2 24 | 22.3% | 53.7% | ||
| Q1 24 | 3.7% | 49.2% |
| Q4 25 | 73.2% | 51.5% | ||
| Q3 25 | -16.6% | 32.3% | ||
| Q2 25 | 4.6% | 32.3% | ||
| Q1 25 | 6.1% | 33.2% | ||
| Q4 24 | 0.7% | 25.8% | ||
| Q3 24 | 12.3% | 38.7% | ||
| Q2 24 | 21.0% | 24.7% | ||
| Q1 24 | 1.1% | 23.5% |
| Q4 25 | $0.16 | $3.47 | ||
| Q3 25 | $-0.17 | $2.20 | ||
| Q2 25 | $0.05 | $2.09 | ||
| Q1 25 | $0.06 | $2.04 | ||
| Q4 24 | $0.02 | $1.61 | ||
| Q3 24 | $0.12 | $2.40 | ||
| Q2 24 | $0.21 | $1.51 | ||
| Q1 24 | $0.01 | $1.42 |
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 | $271.2M |
| 总债务越低越好 | $9.8B | $12.9B |
| 股东权益账面价值 | $7.5B | $-4.9B |
| 总资产 | $20.3B | $11.6B |
| 负债/权益比越低杠杆越低 | 1.31× | — |
8季度趋势，按日历期对齐
| Q4 25 | $467.5M | $271.2M | ||
| Q3 25 | $91.0M | $431.1M | ||
| Q2 25 | $89.4M | $276.8M | ||
| Q1 25 | $70.6M | $702.2M | ||
| Q4 24 | $119.8M | $444.4M | ||
| Q3 24 | $180.4M | $202.6M | ||
| Q2 24 | $106.9M | $250.9M | ||
| Q1 24 | $101.8M | $241.9M |
| Q4 25 | $9.8B | $12.9B | ||
| Q3 25 | $9.1B | $12.7B | ||
| Q2 25 | $9.0B | $12.5B | ||
| Q1 25 | $8.9B | $12.4B | ||
| Q4 24 | $8.7B | $13.6B | ||
| Q3 24 | $8.6B | $12.3B | ||
| Q2 24 | $8.6B | $12.3B | ||
| Q1 24 | $8.8B | $12.4B |
| Q4 25 | $7.5B | $-4.9B | ||
| Q3 25 | $7.6B | $-4.9B | ||
| Q2 25 | $7.9B | $-4.9B | ||
| Q1 25 | $8.2B | $-5.0B | ||
| Q4 24 | $8.4B | $-5.1B | ||
| Q3 24 | $8.6B | $-5.2B | ||
| Q2 24 | $8.8B | $-5.3B | ||
| Q1 24 | $8.9B | $-5.2B |
| Q4 25 | $20.3B | $11.6B | ||
| Q3 25 | $19.6B | $11.3B | ||
| Q2 25 | $19.8B | $10.8B | ||
| Q1 25 | $19.8B | $10.4B | ||
| Q4 24 | $19.9B | $11.4B | ||
| Q3 24 | $20.0B | $10.2B | ||
| Q2 24 | $20.2B | $9.8B | ||
| Q1 24 | $20.5B | $10.0B |
| 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 | $1.3B |
| 自由现金流经营现金流 - 资本支出 | $357.0M | $833.3M |
| 自由现金流率自由现金流/营收 | 49.6% | 115.8% |
| 资本支出强度资本支出/营收 | 124.4% | 63.7% |
| 现金转化率经营现金流/净利润 | 10.99× | 3.49× |
| 过去12个月自由现金流最近4个季度 | — | $1.7B |
8季度趋势，按日历期对齐
| Q4 25 | $1.3B | $1.3B | ||
| Q3 25 | $315.0M | $318.0M | ||
| Q2 25 | $363.5M | $368.1M | ||
| Q1 25 | $279.4M | $301.2M | ||
| Q4 24 | $1.1B | $1.3B | ||
| Q3 24 | $318.2M | $304.7M | ||
| Q2 24 | $316.2M | $425.6M | ||
| Q1 24 | $152.6M | $294.5M |
| Q4 25 | $357.0M | $833.3M | ||
| Q3 25 | — | $258.0M | ||
| Q2 25 | — | $312.2M | ||
| Q1 25 | — | $255.0M | ||
| Q4 24 | $333.7M | $1.2B | ||
| Q3 24 | — | $239.9M | ||
| Q2 24 | — | $375.6M | ||
| Q1 24 | — | $236.6M |
| Q4 25 | 49.6% | 115.8% | ||
| Q3 25 | — | 35.2% | ||
| Q2 25 | — | 44.7% | ||
| Q1 25 | — | 38.4% | ||
| Q4 24 | 47.8% | 179.9% | ||
| Q3 24 | — | 35.9% | ||
| Q2 24 | — | 56.9% | ||
| Q1 24 | — | 36.0% |
| Q4 25 | 124.4% | 63.7% | ||
| Q3 25 | — | 8.2% | ||
| Q2 25 | — | 8.0% | ||
| Q1 25 | — | 7.0% | ||
| Q4 24 | 105.6% | 12.6% | ||
| Q3 24 | — | 9.7% | ||
| Q2 24 | — | 7.6% | ||
| Q1 24 | — | 8.8% |
| Q4 25 | 10.99× | 3.49× | ||
| Q3 25 | — | 1.34× | ||
| Q2 25 | 11.48× | 1.63× | ||
| Q1 25 | 6.52× | 1.36× | ||
| Q4 24 | 235.43× | 7.47× | ||
| Q3 24 | 3.71× | 1.18× | ||
| Q2 24 | 2.17× | 2.61× | ||
| Q1 24 | 22.85× | 1.91× |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
