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西蒙地产集团（ELS）与Forestar Group Inc.（FOR）财务数据对比。点击上方公司名可切换其他公司
西蒙地产集团的季度营收约是Forestar Group Inc.的1.5倍（$397.6M vs $273.0M），Forestar Group Inc.同比增速更快（9.0% vs 2.7%），过去两年西蒙地产集团的营收复合增速更高（2.3% vs -9.6%）
西蒙地产集团是美国头部房地产投资信托企业，投资范围涵盖购物中心、奥特莱斯及社区生活中心等商业地产业态，是美国规模最大的购物中心持有方，总部位于印第安纳州印第安纳波利斯，截至2024年12月末共持有232处物业权益。
福雷斯特集团是一家住宅地块开发企业，总部位于得克萨斯州阿灵顿，业务覆盖美国21个州的51个市场。截至2020年12月31日的12个月内，该公司交付了11518块住宅地块，目前在纽约证券交易所上市，自2002年起就是美国规模最大的住宅建筑商D.R. Horton的控股子公司。
ELS vs FOR — 直观对比
营收规模更大
ELS
是对方的1.5倍
$273.0M
营收增速更快
FOR
高出6.4%
2.7%
两年增速更快
ELS
近两年复合增速
-9.6%
损益表 — Q1 FY2026 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $397.6M | $273.0M |
| 净利润 | — | $15.4M |
| 毛利率 | — | 20.1% |
| 营业利润率 | — | 7.6% |
| 净利率 | — | 5.6% |
| 营收同比 | 2.7% | 9.0% |
| 净利润同比 | — | -6.7% |
| 每股收益（稀释后） | $0.56 | $0.30 |
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ELSFOR
| Q1 26 | $397.6M | — | ||
| Q4 25 | $373.9M | $273.0M | ||
| Q3 25 | $393.3M | $670.5M | ||
| Q2 25 | $376.9M | $390.5M | ||
| Q1 25 | $387.3M | $351.0M | ||
| Q4 24 | $372.3M | $250.4M | ||
| Q3 24 | $387.3M | $551.3M | ||
| Q2 24 | $380.0M | $318.4M |
净利润ELSFOR
| Q1 26 | — | — | ||
| Q4 25 | $103.8M | $15.4M | ||
| Q3 25 | $100.4M | $86.9M | ||
| Q2 25 | $83.5M | $32.9M | ||
| Q1 25 | $114.4M | $31.6M | ||
| Q4 24 | $100.6M | $16.5M | ||
| Q3 24 | $86.9M | $81.5M | ||
| Q2 24 | $82.1M | $38.7M |
毛利率ELSFOR
| Q1 26 | — | — | ||
| Q4 25 | — | 20.1% | ||
| Q3 25 | — | 22.3% | ||
| Q2 25 | — | 20.4% | ||
| Q1 25 | — | 22.6% | ||
| Q4 24 | — | 22.0% | ||
| Q3 24 | — | 23.9% | ||
| Q2 24 | — | 22.5% |
营业利润率ELSFOR
| Q1 26 | — | — | ||
| Q4 25 | 26.5% | 7.6% | ||
| Q3 25 | 25.1% | 16.9% | ||
| Q2 25 | 22.3% | 11.2% | ||
| Q1 25 | 28.3% | 11.6% | ||
| Q4 24 | 27.2% | 8.7% | ||
| Q3 24 | 21.4% | 19.7% | ||
| Q2 24 | 21.5% | 16.2% |
净利率ELSFOR
| Q1 26 | — | — | ||
| Q4 25 | 27.8% | 5.6% | ||
| Q3 25 | 25.5% | 13.0% | ||
| Q2 25 | 22.2% | 8.4% | ||
| Q1 25 | 29.5% | 9.0% | ||
| Q4 24 | 27.0% | 6.6% | ||
| Q3 24 | 22.4% | 14.8% | ||
| Q2 24 | 21.6% | 12.2% |
每股收益（稀释后）ELSFOR
| Q1 26 | $0.56 | — | ||
| Q4 25 | $0.52 | $0.30 | ||
| Q3 25 | $0.50 | $1.70 | ||
| Q2 25 | $0.42 | $0.65 | ||
| Q1 25 | $0.57 | $0.62 | ||
| Q4 24 | $0.51 | $0.32 | ||
| Q3 24 | $0.44 | $1.59 | ||
| Q2 24 | $0.42 | $0.76 |
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 | — | $211.7M |
| 总债务越低越好 | — | $793.2M |
| 股东权益账面价值 | $1.8B | $1.8B |
| 总资产 | $5.7M | $3.2B |
| 负债/权益比越低杠杆越低 | — | 0.44× |
8季度趋势，按日历期对齐
现金及短期投资ELSFOR
| Q1 26 | — | — | ||
| Q4 25 | — | $211.7M | ||
| Q3 25 | — | $379.2M | ||
| Q2 25 | — | $189.2M | ||
| Q1 25 | — | $174.3M | ||
| Q4 24 | — | $132.0M | ||
| Q3 24 | — | $481.2M | ||
| Q2 24 | — | $359.2M |
总债务ELSFOR
| Q1 26 | — | — | ||
| Q4 25 | $3.3B | $793.2M | ||
| Q3 25 | — | $802.7M | ||
| Q2 25 | — | $872.8M | ||
| Q1 25 | — | $872.5M | ||
| Q4 24 | $3.2B | $806.8M | ||
| Q3 24 | — | $706.4M | ||
| Q2 24 | — | $706.1M |
股东权益ELSFOR
| Q1 26 | $1.8B | — | ||
| Q4 25 | $1.8B | $1.8B | ||
| Q3 25 | $1.8B | $1.8B | ||
| Q2 25 | $1.7B | $1.7B | ||
| Q1 25 | $1.7B | $1.6B | ||
| Q4 24 | $1.7B | $1.6B | ||
| Q3 24 | $1.4B | $1.6B | ||
| Q2 24 | $1.4B | $1.5B |
总资产ELSFOR
| Q1 26 | $5.7M | — | ||
| Q4 25 | $5.7B | $3.2B | ||
| Q3 25 | $5.7B | $3.1B | ||
| Q2 25 | $5.7B | $3.1B | ||
| Q1 25 | $5.6B | $3.0B | ||
| Q4 24 | $5.6B | $3.0B | ||
| Q3 24 | $5.6B | $2.8B | ||
| Q2 24 | $5.6B | $2.7B |
负债/权益比ELSFOR
| Q1 26 | — | — | ||
| Q4 25 | 1.91× | 0.44× | ||
| Q3 25 | — | 0.45× | ||
| Q2 25 | — | 0.52× | ||
| Q1 25 | — | 0.53× | ||
| Q4 24 | 1.84× | 0.50× | ||
| Q3 24 | — | 0.44× | ||
| Q2 24 | — | 0.47× |
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 | — | $-157.0M |
| 自由现金流经营现金流 - 资本支出 | — | $-157.1M |
| 自由现金流率自由现金流/营收 | — | -57.5% |
| 资本支出强度资本支出/营收 | — | 0.0% |
| 现金转化率经营现金流/净利润 | — | -10.19× |
| 过去12个月自由现金流最近4个季度 | — | $93.0M |
8季度趋势，按日历期对齐
经营现金流ELSFOR
| Q1 26 | — | — | ||
| Q4 25 | $571.1M | $-157.0M | ||
| Q3 25 | $147.0M | $256.3M | ||
| Q2 25 | $131.3M | $15.8M | ||
| Q1 25 | $193.4M | $-19.8M | ||
| Q4 24 | $596.7M | $-450.0M | ||
| Q3 24 | $149.5M | $119.2M | ||
| Q2 24 | $143.1M | $-61.7M |
自由现金流ELSFOR
| Q1 26 | — | — | ||
| Q4 25 | $334.1M | $-157.1M | ||
| Q3 25 | $75.7M | $255.6M | ||
| Q2 25 | $71.8M | $15.0M | ||
| Q1 25 | $148.2M | $-20.5M | ||
| Q4 24 | $355.4M | — | ||
| Q3 24 | $91.1M | $118.4M | ||
| Q2 24 | $80.6M | $-62.3M |
自由现金流率ELSFOR
| Q1 26 | — | — | ||
| Q4 25 | 89.4% | -57.5% | ||
| Q3 25 | 19.3% | 38.1% | ||
| Q2 25 | 19.1% | 3.8% | ||
| Q1 25 | 38.3% | -5.8% | ||
| Q4 24 | 95.5% | — | ||
| Q3 24 | 23.5% | 21.5% | ||
| Q2 24 | 21.2% | -19.6% |
资本支出强度ELSFOR
| Q1 26 | — | — | ||
| Q4 25 | 63.4% | 0.0% | ||
| Q3 25 | 18.1% | 0.1% | ||
| Q2 25 | 15.8% | 0.2% | ||
| Q1 25 | 11.7% | 0.2% | ||
| Q4 24 | 64.8% | 0.0% | ||
| Q3 24 | 15.1% | 0.1% | ||
| Q2 24 | 16.5% | 0.2% |
现金转化率ELSFOR
| Q1 26 | — | — | ||
| Q4 25 | 5.50× | -10.19× | ||
| Q3 25 | 1.46× | 2.95× | ||
| Q2 25 | 1.57× | 0.48× | ||
| Q1 25 | 1.69× | -0.63× | ||
| Q4 24 | 5.93× | -27.27× | ||
| Q3 24 | 1.72× | 1.46× | ||
| Q2 24 | 1.74× | -1.59× |
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
ELS
| Rental income | $339.0M | 85% |
| Other | $37.2M | 9% |
| Annual membership subscriptions | $18.3M | 5% |
| Membership upgrade revenue | $3.1M | 1% |
FOR
| D.R.Horton Inc. | $183.8M | 67% |
| Other | $89.2M | 33% |
