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Healthpeak Properties（DOC）与罗塞塔石碑（STEP）财务数据对比。点击上方公司名可切换其他公司
Healthpeak Properties的季度营收约是罗塞塔石碑的1.2倍（$719.4M vs $586.5M），Healthpeak Properties净利率更高（73.2% vs -21.0%，领先94.2%），罗塞塔石碑同比增速更快（73.0% vs 3.1%），Healthpeak Properties自由现金流更多（$357.0M vs $26.7M），过去两年罗塞塔石碑的营收复合增速更高（28.2% 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。
罗塞塔石碑是美国教育科技软件企业，开发语言学习、读写能力提升及脑训练类软件，旗下语言学习产品知名度极高。2013年公司收购Livemocha、Lexia Learning等品牌拓展教育科技业务矩阵，2021年正式成为IXL Learning的子公司。
DOC vs STEP — 直观对比
营收规模更大
DOC
是对方的1.2倍
$586.5M
营收增速更快
STEP
高出69.9%
3.1%
净利率更高
DOC
高出94.2%
-21.0%
自由现金流更多
DOC
多$330.3M
$26.7M
两年增速更快
STEP
近两年复合增速
8.9%
损益表 — Q4 FY2025 vs Q3 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $719.4M | $586.5M |
| 净利润 | $114.0M | $-123.5M |
| 毛利率 | — | — |
| 营业利润率 | 17.4% | -33.2% |
| 净利率 | 73.2% | -21.0% |
| 营收同比 | 3.1% | 73.0% |
| 净利润同比 | 2406.4% | 35.7% |
| 每股收益（稀释后） | $0.16 | $-1.55 |
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DOCSTEP
| Q4 25 | $719.4M | $586.5M | ||
| Q3 25 | $705.9M | $454.2M | ||
| Q2 25 | $694.3M | $364.3M | ||
| Q1 25 | $702.9M | $377.7M | ||
| Q4 24 | $698.0M | $339.0M | ||
| Q3 24 | $700.4M | $271.7M | ||
| Q2 24 | $695.5M | $186.4M | ||
| Q1 24 | $606.6M | $356.8M |
净利润DOCSTEP
| Q4 25 | $114.0M | $-123.5M | ||
| Q3 25 | $-117.1M | $-366.1M | ||
| Q2 25 | $31.7M | $-38.4M | ||
| Q1 25 | $42.8M | $-18.5M | ||
| Q4 24 | $4.5M | $-192.0M | ||
| Q3 24 | $85.9M | $17.6M | ||
| Q2 24 | $146.0M | $13.3M | ||
| Q1 24 | $6.7M | $30.8M |
毛利率DOCSTEP
| 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DOCSTEP
| Q4 25 | 17.4% | -33.2% | ||
| Q3 25 | 9.2% | -148.8% | ||
| Q2 25 | 5.7% | -5.6% | ||
| Q1 25 | 7.7% | 2.6% | ||
| Q4 24 | -2.2% | -101.7% | ||
| Q3 24 | 14.1% | 21.3% | ||
| Q2 24 | 22.3% | 29.4% | ||
| Q1 24 | 3.7% | 26.5% |
净利率DOCSTEP
| Q4 25 | 73.2% | -21.0% | ||
| Q3 25 | -16.6% | -80.6% | ||
| Q2 25 | 4.6% | -10.5% | ||
| Q1 25 | 6.1% | -4.9% | ||
| Q4 24 | 0.7% | -56.6% | ||
| Q3 24 | 12.3% | 6.5% | ||
| Q2 24 | 21.0% | 7.2% | ||
| Q1 24 | 1.1% | 8.6% |
每股收益（稀释后）DOCSTEP
| Q4 25 | $0.16 | $-1.55 | ||
| Q3 25 | $-0.17 | $-4.66 | ||
| Q2 25 | $0.05 | $-0.49 | ||
| Q1 25 | $0.06 | $-0.37 | ||
| Q4 24 | $0.02 | $-2.61 | ||
| Q3 24 | $0.12 | $0.26 | ||
| Q2 24 | $0.21 | $0.20 | ||
| Q1 24 | $0.01 | $0.47 |
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 | — |
| 总债务越低越好 | $9.8B | $270.2M |
| 股东权益账面价值 | $7.5B | $-378.8M |
| 总资产 | $20.3B | $5.2B |
| 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DOCSTEP
| Q4 25 | $467.5M | — | ||
| Q3 25 | $91.0M | — | ||
| Q2 25 | $89.4M | — | ||
| Q1 25 | $70.6M | — | ||
| Q4 24 | $119.8M | — | ||
| Q3 24 | $180.4M | — | ||
| Q2 24 | $106.9M | — | ||
| Q1 24 | $101.8M | — |
总债务DOCSTEP
| Q4 25 | $9.8B | $270.2M | ||
| Q3 25 | $9.1B | $269.9M | ||
| Q2 25 | $9.0B | $269.6M | ||
| Q1 25 | $8.9B | $269.3M | ||
| Q4 24 | $8.7B | $168.9M | ||
| Q3 24 | $8.6B | $172.3M | ||
| Q2 24 | $8.6B | $172.1M | ||
| Q1 24 | $8.8B | $148.8M |
股东权益DOCSTEP
| Q4 25 | $7.5B | $-378.8M | ||
| Q3 25 | $7.6B | $-233.5M | ||
| Q2 25 | $7.9B | $153.9M | ||
| Q1 25 | $8.2B | $179.4M | ||
| Q4 24 | $8.4B | $209.8M | ||
| Q3 24 | $8.6B | $397.5M | ||
| Q2 24 | $8.8B | $366.9M | ||
| Q1 24 | $8.9B | $324.5M |
总资产DOCSTEP
| Q4 25 | $20.3B | $5.2B | ||
| Q3 25 | $19.6B | $5.3B | ||
| Q2 25 | $19.8B | $4.8B | ||
| Q1 25 | $19.8B | $4.6B | ||
| Q4 24 | $19.9B | $4.3B | ||
| Q3 24 | $20.0B | $4.0B | ||
| Q2 24 | $20.2B | $3.8B | ||
| Q1 24 | $20.5B | $3.8B |
负债/权益比DOCSTEP
| Q4 25 | 1.31× | — | ||
| Q3 25 | 1.20× | — | ||
| Q2 25 | 1.14× | 1.75× | ||
| Q1 25 | 1.08× | 1.50× | ||
| Q4 24 | 1.04× | 0.81× | ||
| Q3 24 | 1.00× | 0.43× | ||
| Q2 24 | 0.98× | 0.47× | ||
| Q1 24 | 0.99× | 0.46× |
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 | $27.2M |
| 自由现金流经营现金流 - 资本支出 | $357.0M | $26.7M |
| 自由现金流率自由现金流/营收 | 49.6% | 4.6% |
| 资本支出强度资本支出/营收 | 124.4% | 0.1% |
| 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 | — | $18.6M |
8季度趋势，按日历期对齐
经营现金流DOCSTEP
| Q4 25 | $1.3B | $27.2M | ||
| Q3 25 | $315.0M | $16.2M | ||
| Q2 25 | $363.5M | $46.3M | ||
| Q1 25 | $279.4M | $-66.5M | ||
| Q4 24 | $1.1B | $27.6M | ||
| Q3 24 | $318.2M | $53.7M | ||
| Q2 24 | $316.2M | $50.2M | ||
| Q1 24 | $152.6M | $7.6M |
自由现金流DOCSTEP
| Q4 25 | $357.0M | $26.7M | ||
| Q3 25 | — | $15.9M | ||
| Q2 25 | — | $45.2M | ||
| Q1 25 | — | $-69.2M | ||
| Q4 24 | $333.7M | $27.0M | ||
| Q3 24 | — | $52.4M | ||
| Q2 24 | — | $49.6M | ||
| Q1 24 | — | $6.7M |
自由现金流率DOCSTEP
| Q4 25 | 49.6% | 4.6% | ||
| Q3 25 | — | 3.5% | ||
| Q2 25 | — | 12.4% | ||
| Q1 25 | — | -18.3% | ||
| Q4 24 | 47.8% | 8.0% | ||
| Q3 24 | — | 19.3% | ||
| Q2 24 | — | 26.6% | ||
| Q1 24 | — | 1.9% |
资本支出强度DOCSTEP
| Q4 25 | 124.4% | 0.1% | ||
| Q3 25 | — | 0.1% | ||
| Q2 25 | — | 0.3% | ||
| Q1 25 | — | 0.7% | ||
| Q4 24 | 105.6% | 0.2% | ||
| Q3 24 | — | 0.5% | ||
| Q2 24 | — | 0.3% | ||
| Q1 24 | — | 0.3% |
现金转化率DOCSTEP
| Q4 25 | 10.99× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | 11.48× | — | ||
| Q1 25 | 6.52× | — | ||
| Q4 24 | 235.43× | — | ||
| Q3 24 | 3.71× | 3.05× | ||
| Q2 24 | 2.17× | 3.76× | ||
| Q1 24 | 22.85× | 0.25× |
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
STEP
| Other | $210.1M | 36% |
| Management And Advisory Fees Net Focused Commingled Funds | $143.3M | 24% |
| Carried Interest Allocation Focused Commingled Funds | $85.1M | 15% |
| Carried Interest Allocation Separately Managed Accounts | $63.6M | 11% |
| Carried Interest Allocation Realized | $46.7M | 8% |
| Management And Advisory Fees Net Advisory And Other Services | $18.3M | 3% |
| Legacy Carried Interest Allocation Focused Commingled Funds | $10.3M | 2% |
| Income Based Incentive Fees | $6.0M | 1% |
| Management And Advisory Fees Net Fund Reimbursement Revenues | $3.1M | 1% |
