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Healthpeak Properties（DOC）与VORNADO REALTY TRUST（VNO）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VORNADO REALTY TRUST的1.6倍（$719.4M vs $459.1M），Healthpeak Properties净利率更高（73.2% vs -5.0%，领先78.1%），Healthpeak Properties同比增速更快（3.1% vs -0.5%），过去两年Healthpeak Properties的营收复合增速更高（8.9% vs 1.0%）
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。
Vornado Realty Trust是1982年于美国马里兰州注册成立的房地产投资信托，总部设立在纽约市，核心业务为投资曼哈顿核心区域的优质写字楼及临街零售商业地产，是纽约当地颇具影响力的商业地产投资运营机构。
DOC vs VNO — 直观对比
营收规模更大
DOC
是对方的1.6倍
$459.1M
营收增速更快
DOC
高出3.6%
-0.5%
净利率更高
DOC
高出78.1%
-5.0%
两年增速更快
DOC
近两年复合增速
1.0%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $719.4M | $459.1M |
| 净利润 | $114.0M | $-22.8M |
| 毛利率 | — | — |
| 营业利润率 | 17.4% | — |
| 净利率 | 73.2% | -5.0% |
| 营收同比 | 3.1% | -0.5% |
| 净利润同比 | 2406.4% | 689.3% |
| 每股收益（稀释后） | $0.16 | — |
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DOCVNO
| Q1 26 | — | $459.1M | ||
| Q4 25 | $719.4M | $453.7M | ||
| Q3 25 | $705.9M | $453.7M | ||
| Q2 25 | $694.3M | $441.4M | ||
| Q1 25 | $702.9M | $461.6M | ||
| Q4 24 | $698.0M | $457.8M | ||
| Q3 24 | $700.4M | $443.3M | ||
| Q2 24 | $695.5M | $450.3M |
净利润DOCVNO
| Q1 26 | — | $-22.8M | ||
| Q4 25 | $114.0M | $4.9M | ||
| Q3 25 | $-117.1M | $27.1M | ||
| Q2 25 | $31.7M | $759.3M | ||
| Q1 25 | $42.8M | $102.4M | ||
| Q4 24 | $4.5M | $5.8M | ||
| Q3 24 | $85.9M | $-3.6M | ||
| Q2 24 | $146.0M | $50.8M |
毛利率DOCVNO
| Q1 26 | — | — | ||
| 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% | — |
营业利润率DOCVNO
| Q1 26 | — | — | ||
| Q4 25 | 17.4% | 2.8% | ||
| Q3 25 | 9.2% | 3.0% | ||
| Q2 25 | 5.7% | — | ||
| Q1 25 | 7.7% | 23.2% | ||
| Q4 24 | -2.2% | 2.5% | ||
| Q3 24 | 14.1% | -3.3% | ||
| Q2 24 | 22.3% | 10.1% |
净利率DOCVNO
| Q1 26 | — | -5.0% | ||
| Q4 25 | 73.2% | 1.1% | ||
| Q3 25 | -16.6% | 6.0% | ||
| Q2 25 | 4.6% | 172.0% | ||
| Q1 25 | 6.1% | 22.2% | ||
| Q4 24 | 0.7% | 1.3% | ||
| Q3 24 | 12.3% | -0.8% | ||
| Q2 24 | 21.0% | 11.3% |
每股收益（稀释后）DOCVNO
| Q1 26 | — | — | ||
| Q4 25 | $0.16 | $0.01 | ||
| Q3 25 | $-0.17 | $0.06 | ||
| Q2 25 | $0.05 | $3.70 | ||
| Q1 25 | $0.06 | $0.43 | ||
| Q4 24 | $0.02 | $0.01 | ||
| Q3 24 | $0.12 | $-0.10 | ||
| Q2 24 | $0.21 | $0.18 |
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 | $1.1B |
| 总债务越低越好 | $9.8B | — |
| 股东权益账面价值 | $7.5B | $6.0B |
| 总资产 | $20.3B | $15.9B |
| 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DOCVNO
| Q1 26 | — | $1.1B | ||
| Q4 25 | $467.5M | $840.9M | ||
| Q3 25 | $91.0M | $1.0B | ||
| Q2 25 | $89.4M | $1.2B | ||
| Q1 25 | $70.6M | $568.9M | ||
| Q4 24 | $119.8M | $733.9M | ||
| Q3 24 | $180.4M | $783.6M | ||
| Q2 24 | $106.9M | $872.6M |
总债务DOCVNO
| Q1 26 | — | — | ||
| Q4 25 | $9.8B | $2.3B | ||
| Q3 25 | $9.1B | $2.3B | ||
| Q2 25 | $9.0B | $2.1B | ||
| Q1 25 | $8.9B | $2.1B | ||
| Q4 24 | $8.7B | $2.6B | ||
| Q3 24 | $8.6B | $2.6B | ||
| Q2 24 | $8.6B | $2.6B |
股东权益DOCVNO
| Q1 26 | — | $6.0B | ||
| Q4 25 | $7.5B | $6.0B | ||
| Q3 25 | $7.6B | $6.1B | ||
| Q2 25 | $7.9B | $6.1B | ||
| Q1 25 | $8.2B | $5.3B | ||
| Q4 24 | $8.4B | $5.2B | ||
| Q3 24 | $8.6B | $5.3B | ||
| Q2 24 | $8.8B | $5.6B |
总资产DOCVNO
| Q1 26 | — | $15.9B | ||
| Q4 25 | $20.3B | $15.5B | ||
| Q3 25 | $19.6B | $15.7B | ||
| Q2 25 | $19.8B | $15.6B | ||
| Q1 25 | $19.8B | $15.6B | ||
| Q4 24 | $19.9B | $16.0B | ||
| Q3 24 | $20.0B | $16.1B | ||
| Q2 24 | $20.2B | $16.2B |
负债/权益比DOCVNO
| Q1 26 | — | — | ||
| Q4 25 | 1.31× | 0.38× | ||
| Q3 25 | 1.20× | 0.37× | ||
| Q2 25 | 1.14× | 0.35× | ||
| Q1 25 | 1.08× | 0.40× | ||
| Q4 24 | 1.04× | 0.50× | ||
| Q3 24 | 1.00× | 0.49× | ||
| Q2 24 | 0.98× | 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 | — |
| 自由现金流经营现金流 - 资本支出 | $357.0M | — |
| 自由现金流率自由现金流/营收 | 49.6% | — |
| 资本支出强度资本支出/营收 | 124.4% | 3.7% |
| 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 | — | — |
8季度趋势，按日历期对齐
经营现金流DOCVNO
| Q1 26 | — | — | ||
| Q4 25 | $1.3B | $1.3B | ||
| Q3 25 | $315.0M | $33.2M | ||
| Q2 25 | $363.5M | $1.0B | ||
| Q1 25 | $279.4M | $52.0M | ||
| Q4 24 | $1.1B | $537.7M | ||
| Q3 24 | $318.2M | $105.4M | ||
| Q2 24 | $316.2M | $194.7M |
自由现金流DOCVNO
| Q1 26 | — | — | ||
| Q4 25 | $357.0M | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $333.7M | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
自由现金流率DOCVNO
| Q1 26 | — | — | ||
| Q4 25 | 49.6% | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 47.8% | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
资本支出强度DOCVNO
| Q1 26 | — | 3.7% | ||
| Q4 25 | 124.4% | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 105.6% | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
现金转化率DOCVNO
| Q1 26 | — | — | ||
| Q4 25 | 10.99× | 256.08× | ||
| Q3 25 | — | 1.22× | ||
| Q2 25 | 11.48× | 1.35× | ||
| Q1 25 | 6.52× | 0.51× | ||
| Q4 24 | 235.43× | 93.39× | ||
| Q3 24 | 3.71× | — | ||
| Q2 24 | 2.17× | 3.83× |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
