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Equinix（EQIX）与西蒙地产集团（SPG）财务数据对比。点击上方公司名可切换其他公司
Equinix的季度营收约是西蒙地产集团的1.4倍（$2.4B vs $1.8B），西蒙地产集团净利率更高（197.6% vs 11.0%，领先186.6%），西蒙地产集团同比增速更快（13.2% vs 8.8%），过去两年西蒙地产集团的营收复合增速更高（11.4% vs 5.9%）
Equinix是总部位于美国加利福尼亚州雷德伍德城的跨国企业，主营互联网连接服务与数据中心托管业务，旗下数据中心此前常被业内称为“运营商酒店”，2015年1月公司正式转型为房地产投资信托基金（REIT）。
西蒙地产集团是美国头部房地产投资信托企业，核心投资范畴涵盖购物中心、奥特莱斯、社区及生活方式中心，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处物业的相关权益。
EQIX vs SPG — 直观对比
营收规模更大
EQIX
是对方的1.4倍
$1.8B
营收增速更快
SPG
高出4.5%
8.8%
净利率更高
SPG
高出186.6%
11.0%
两年增速更快
SPG
近两年复合增速
5.9%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $2.4B | $1.8B |
| 净利润 | $265.0M | $3.5B |
| 毛利率 | 50.5% | — |
| 营业利润率 | 17.4% | 49.7% |
| 净利率 | 11.0% | 197.6% |
| 营收同比 | 8.8% | 13.2% |
| 净利润同比 | -22.7% | 358.7% |
| 每股收益（稀释后） | $2.70 | $9.34 |
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EQIXSPG
| Q1 26 | $2.4B | — | ||
| Q4 25 | $2.4B | $1.8B | ||
| Q3 25 | $2.3B | $1.6B | ||
| Q2 25 | $2.3B | $1.5B | ||
| Q1 25 | $2.2B | $1.5B | ||
| Q4 24 | $2.3B | $1.6B | ||
| Q3 24 | $2.2B | $1.5B | ||
| Q2 24 | $2.2B | $1.5B |
净利润EQIXSPG
| Q1 26 | $265.0M | — | ||
| Q4 25 | $265.0M | $3.5B | ||
| Q3 25 | $374.0M | $702.7M | ||
| Q2 25 | $368.0M | $643.7M | ||
| Q1 25 | $343.0M | $477.9M | ||
| Q4 24 | $-14.0M | $771.8M | ||
| Q3 24 | $297.0M | $546.7M | ||
| Q2 24 | $301.0M | $569.4M |
毛利率EQIXSPG
| Q1 26 | 50.5% | — | ||
| Q4 25 | 50.5% | — | ||
| Q3 25 | 50.7% | — | ||
| Q2 25 | 52.0% | — | ||
| Q1 25 | 51.3% | — | ||
| Q4 24 | 47.1% | — | ||
| Q3 24 | 50.1% | — | ||
| Q2 24 | 49.9% | — |
营业利润率EQIXSPG
| Q1 26 | 17.4% | — | ||
| Q4 25 | 17.4% | 49.7% | ||
| Q3 25 | 20.5% | 50.8% | ||
| Q2 25 | 21.9% | 49.7% | ||
| Q1 25 | 20.6% | 49.4% | ||
| Q4 24 | 4.6% | 52.8% | ||
| Q3 24 | 19.3% | 51.9% | ||
| Q2 24 | 20.2% | 51.7% |
净利率EQIXSPG
| Q1 26 | 11.0% | — | ||
| Q4 25 | 11.0% | 197.6% | ||
| Q3 25 | 16.1% | 43.9% | ||
| Q2 25 | 16.3% | 43.0% | ||
| Q1 25 | 15.4% | 32.4% | ||
| Q4 24 | -0.6% | 48.8% | ||
| Q3 24 | 13.5% | 36.9% | ||
| Q2 24 | 13.9% | 39.0% |
每股收益（稀释后）EQIXSPG
| Q1 26 | $2.70 | — | ||
| Q4 25 | $2.70 | $9.34 | ||
| Q3 25 | $3.81 | $1.86 | ||
| Q2 25 | $3.75 | $1.70 | ||
| Q1 25 | $3.50 | $1.27 | ||
| Q4 24 | $-0.19 | $2.04 | ||
| Q3 24 | $3.10 | $1.46 | ||
| Q2 24 | $3.16 | $1.51 |
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 | $3.2B | $823.1M |
| 总债务越低越好 | — | $28.4B |
| 股东权益账面价值 | $14.2B | $5.2B |
| 总资产 | $40.1B | $40.6B |
| 负债/权益比越低杠杆越低 | — | 5.46× |
8季度趋势，按日历期对齐
现金及短期投资EQIXSPG
| Q1 26 | $3.2B | — | ||
| Q4 25 | $3.2B | $823.1M | ||
| Q3 25 | $2.9B | $1.6B | ||
| Q2 25 | $4.5B | $1.2B | ||
| Q1 25 | $3.7B | $1.4B | ||
| Q4 24 | $3.6B | $1.4B | ||
| Q3 24 | $3.2B | $2.5B | ||
| Q2 24 | $2.0B | $2.5B |
总债务EQIXSPG
| Q1 26 | — | — | ||
| Q4 25 | — | $28.4B | ||
| Q3 25 | $17.3B | $25.8B | ||
| Q2 25 | $18.1B | $25.4B | ||
| Q1 25 | $15.9B | $24.8B | ||
| Q4 24 | $15.3B | $24.3B | ||
| Q3 24 | $15.4B | $25.4B | ||
| Q2 24 | $14.5B | $25.3B |
股东权益EQIXSPG
| Q1 26 | $14.2B | — | ||
| Q4 25 | $14.2B | $5.2B | ||
| Q3 25 | $14.2B | $2.3B | ||
| Q2 25 | $14.1B | $2.5B | ||
| Q1 25 | $13.9B | $2.6B | ||
| Q4 24 | $13.5B | $2.9B | ||
| Q3 24 | $13.6B | $2.7B | ||
| Q2 24 | $12.3B | $2.9B |
总资产EQIXSPG
| Q1 26 | $40.1B | — | ||
| Q4 25 | $40.1B | $40.6B | ||
| Q3 25 | $38.1B | $33.6B | ||
| Q2 25 | $38.8B | $33.3B | ||
| Q1 25 | $36.1B | $32.5B | ||
| Q4 24 | $35.1B | $32.4B | ||
| Q3 24 | $35.4B | $33.3B | ||
| Q2 24 | $32.9B | $33.4B |
负债/权益比EQIXSPG
| Q1 26 | — | — | ||
| Q4 25 | — | 5.46× | ||
| Q3 25 | 1.22× | 10.98× | ||
| Q2 25 | 1.28× | 10.36× | ||
| Q1 25 | 1.14× | 9.50× | ||
| Q4 24 | 1.13× | 8.25× | ||
| Q3 24 | 1.13× | 9.37× | ||
| Q2 24 | 1.18× | 8.59× |
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 | — | $1.2B |
| 自由现金流经营现金流 - 资本支出 | — | $948.8M |
| 自由现金流率自由现金流/营收 | — | 53.0% |
| 资本支出强度资本支出/营收 | — | 14.2% |
| 现金转化率经营现金流/净利润 | — | 0.34× |
| 过去12个月自由现金流最近4个季度 | — | $3.2B |
8季度趋势，按日历期对齐
经营现金流EQIXSPG
| Q1 26 | — | — | ||
| Q4 25 | $1.1B | $1.2B | ||
| Q3 25 | $1.0B | $890.3M | ||
| Q2 25 | $944.0M | $1.2B | ||
| Q1 25 | $809.0M | $827.2M | ||
| Q4 24 | $981.0M | $1.1B | ||
| Q3 24 | $758.0M | $892.9M | ||
| Q2 24 | $912.0M | $1.1B |
自由现金流EQIXSPG
| Q1 26 | — | — | ||
| Q4 25 | $-292.0M | $948.8M | ||
| Q3 25 | $-122.0M | $685.0M | ||
| Q2 25 | $-45.0M | $971.3M | ||
| Q1 25 | $59.0M | $597.0M | ||
| Q4 24 | $-6.0M | $867.7M | ||
| Q3 24 | $34.0M | $706.5M | ||
| Q2 24 | $264.0M | $874.8M |
自由现金流率EQIXSPG
| Q1 26 | — | — | ||
| Q4 25 | -12.1% | 53.0% | ||
| Q3 25 | -5.3% | 42.8% | ||
| Q2 25 | -2.0% | 64.8% | ||
| Q1 25 | 2.7% | 40.5% | ||
| Q4 24 | -0.3% | 54.8% | ||
| Q3 24 | 1.5% | 47.7% | ||
| Q2 24 | 12.2% | 60.0% |
资本支出强度EQIXSPG
| Q1 26 | — | — | ||
| Q4 25 | 59.3% | 14.2% | ||
| Q3 25 | 49.1% | 12.8% | ||
| Q2 25 | 43.8% | 16.3% | ||
| Q1 25 | 33.7% | 15.6% | ||
| Q4 24 | 43.7% | 13.8% | ||
| Q3 24 | 32.9% | 12.6% | ||
| Q2 24 | 30.0% | 12.9% |
现金转化率EQIXSPG
| Q1 26 | — | — | ||
| Q4 25 | 4.32× | 0.34× | ||
| Q3 25 | 2.71× | 1.27× | ||
| Q2 25 | 2.57× | 1.89× | ||
| Q1 25 | 2.36× | 1.73× | ||
| Q4 24 | — | 1.41× | ||
| Q3 24 | 2.55× | 1.63× | ||
| Q2 24 | 3.03× | 1.87× |
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
EQIX
暂无分部数据
SPG
| Real Estate Segment | $1.7B | 95% |
| Other | $86.3M | 5% |
