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Empire State Realty OP, L.P.（ESBA）与FTAI Infrastructure Inc.（FIP）财务数据对比。点击上方公司名可切换其他公司
Empire State Realty OP, L.P.的季度营收约是FTAI Infrastructure Inc.的1.4倍（$199.2M vs $143.5M），Empire State Realty OP, L.P.净利率更高（16.1% vs -68.1%，领先84.2%），FTAI Infrastructure Inc.同比增速更快（77.7% vs 0.8%），Empire State Realty OP, L.P.自由现金流更多（$50.6M vs $-68.6M），过去两年FTAI Infrastructure Inc.的营收复合增速更高（31.9% vs 4.9%）
Empire State Realty OP, L.P. 是一家房地产运营合伙企业，核心业务为持有、管理及出租优质商业与零售物业，主要布局纽约大都会区，旗下拥有帝国大厦等标志性地标，服务企业租户、零售品牌及旅游相关业务板块。
FTAI基础设施有限公司持有、运营并投资交通物流、中游能源、发电等核心领域的优质关键基础设施资产，主要面向北美市场，聚焦拥有稳定长期现金流、合同约定收入流的项目，为利益相关方创造可持续回报。
ESBA vs FIP — 直观对比
营收规模更大
ESBA
是对方的1.4倍
$143.5M
营收增速更快
FIP
高出76.9%
0.8%
净利率更高
ESBA
高出84.2%
-68.1%
自由现金流更多
ESBA
多$119.2M
$-68.6M
两年增速更快
FIP
近两年复合增速
4.9%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $199.2M | $143.5M |
| 净利润 | $32.2M | $-97.7M |
| 毛利率 | — | — |
| 营业利润率 | 17.8% | -45.7% |
| 净利率 | 16.1% | -68.1% |
| 营收同比 | 0.8% | 77.7% |
| 净利润同比 | 71.2% | 21.6% |
| 每股收益（稀释后） | $0.11 | $-1.04 |
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ESBAFIP
| Q4 25 | $199.2M | $143.5M | ||
| Q3 25 | $197.7M | $140.6M | ||
| Q2 25 | $191.3M | $122.3M | ||
| Q1 25 | $180.1M | $96.2M | ||
| Q4 24 | $197.6M | $80.8M | ||
| Q3 24 | $199.6M | $83.3M | ||
| Q2 24 | $189.5M | $84.9M | ||
| Q1 24 | $181.2M | $82.5M |
净利润ESBAFIP
| Q4 25 | $32.2M | $-97.7M | ||
| Q3 25 | $13.6M | $-104.5M | ||
| Q2 25 | $11.4M | $-70.0M | ||
| Q1 25 | $15.8M | $120.2M | ||
| Q4 24 | $18.8M | $-124.7M | ||
| Q3 24 | $22.8M | $-43.0M | ||
| Q2 24 | $28.6M | $-48.1M | ||
| Q1 24 | $10.2M | $-50.3M |
营业利润率ESBAFIP
| Q4 25 | 17.8% | -45.7% | ||
| Q3 25 | 19.9% | -70.8% | ||
| Q2 25 | 18.4% | -56.4% | ||
| Q1 25 | 14.3% | 81.8% | ||
| Q4 24 | 21.7% | -152.7% | ||
| Q3 24 | 22.7% | -51.7% | ||
| Q2 24 | 20.8% | -56.4% | ||
| Q1 24 | 17.1% | -58.8% |
净利率ESBAFIP
| Q4 25 | 16.1% | -68.1% | ||
| Q3 25 | 6.9% | -74.4% | ||
| Q2 25 | 6.0% | -57.2% | ||
| Q1 25 | 8.8% | 125.0% | ||
| Q4 24 | 9.5% | -154.4% | ||
| Q3 24 | 11.4% | -51.6% | ||
| Q2 24 | 15.1% | -56.7% | ||
| Q1 24 | 5.6% | -60.9% |
每股收益（稀释后）ESBAFIP
| Q4 25 | $0.11 | $-1.04 | ||
| Q3 25 | $0.05 | $-1.38 | ||
| Q2 25 | $0.04 | $-0.73 | ||
| Q1 25 | $0.05 | $0.89 | ||
| Q4 24 | $0.07 | $-1.21 | ||
| Q3 24 | $0.08 | $-0.45 | ||
| Q2 24 | $0.10 | $-0.52 | ||
| Q1 24 | $0.03 | $-0.54 |
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 | $132.7M | $57.4M |
| 总债务越低越好 | — | $3.8B |
| 股东权益账面价值 | — | $21.3M |
| 总资产 | $4.5B | $5.7B |
| 负债/权益比越低杠杆越低 | — | 176.99× |
8季度趋势，按日历期对齐
现金及短期投资ESBAFIP
| Q4 25 | $132.7M | $57.4M | ||
| Q3 25 | $154.1M | $34.7M | ||
| Q2 25 | $94.6M | $33.6M | ||
| Q1 25 | $187.8M | $26.3M | ||
| Q4 24 | $385.5M | $27.8M | ||
| Q3 24 | $421.9M | $20.3M | ||
| Q2 24 | $535.5M | $33.1M | ||
| Q1 24 | $333.6M | $23.0M |
总债务ESBAFIP
| Q4 25 | — | $3.8B | ||
| Q3 25 | — | $3.7B | ||
| Q2 25 | — | $3.1B | ||
| Q1 25 | — | $2.8B | ||
| Q4 24 | — | $1.6B | ||
| Q3 24 | — | $1.5B | ||
| Q2 24 | — | $1.6B | ||
| Q1 24 | — | $1.3B |
股东权益ESBAFIP
| Q4 25 | — | $21.3M | ||
| Q3 25 | — | $181.1M | ||
| Q2 25 | — | $375.5M | ||
| Q1 25 | — | $476.2M | ||
| Q4 24 | — | $202.7M | ||
| Q3 24 | — | $370.8M | ||
| Q2 24 | — | $394.8M | ||
| Q1 24 | — | $402.5M |
总资产ESBAFIP
| Q4 25 | $4.5B | $5.7B | ||
| Q3 25 | $4.1B | $5.5B | ||
| Q2 25 | $4.1B | $4.4B | ||
| Q1 25 | $4.1B | $4.1B | ||
| Q4 24 | $4.5B | $2.4B | ||
| Q3 24 | $4.4B | $2.4B | ||
| Q2 24 | $4.4B | $2.5B | ||
| Q1 24 | $4.2B | $2.3B |
负债/权益比ESBAFIP
| Q4 25 | — | 176.99× | ||
| Q3 25 | — | 20.59× | ||
| Q2 25 | — | 8.21× | ||
| Q1 25 | — | 5.79× | ||
| Q4 24 | — | 7.84× | ||
| Q3 24 | — | 4.14× | ||
| Q2 24 | — | 3.94× | ||
| Q1 24 | — | 3.34× |
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 | $249.1M | $-2.8M |
| 自由现金流经营现金流 - 资本支出 | $50.6M | $-68.6M |
| 自由现金流率自由现金流/营收 | 25.4% | -47.8% |
| 资本支出强度资本支出/营收 | 99.6% | 45.9% |
| 现金转化率经营现金流/净利润 | 7.74× | — |
| 过去12个月自由现金流最近4个季度 | $109.3M | $-398.5M |
8季度趋势，按日历期对齐
经营现金流ESBAFIP
| Q4 25 | $249.1M | $-2.8M | ||
| Q3 25 | $105.3M | $-24.4M | ||
| Q2 25 | $26.7M | $-5.2M | ||
| Q1 25 | $83.1M | $-85.7M | ||
| Q4 24 | $260.9M | $-8.1M | ||
| Q3 24 | $102.8M | $14.2M | ||
| Q2 24 | $37.1M | $-17.6M | ||
| Q1 24 | $70.9M | $-3.9M |
自由现金流ESBAFIP
| Q4 25 | $50.6M | $-68.6M | ||
| Q3 25 | $72.8M | $-90.7M | ||
| Q2 25 | $-55.1M | $-87.5M | ||
| Q1 25 | $41.1M | $-151.7M | ||
| Q4 24 | $88.0M | $-34.3M | ||
| Q3 24 | $-65.1M | $-11.7M | ||
| Q2 24 | $19.5M | $-32.1M | ||
| Q1 24 | $23.2M | $-16.7M |
自由现金流率ESBAFIP
| Q4 25 | 25.4% | -47.8% | ||
| Q3 25 | 36.8% | -64.5% | ||
| Q2 25 | -28.8% | -71.6% | ||
| Q1 25 | 22.8% | -157.7% | ||
| Q4 24 | 44.5% | -42.4% | ||
| Q3 24 | -32.6% | -14.0% | ||
| Q2 24 | 10.3% | -37.9% | ||
| Q1 24 | 12.8% | -20.3% |
资本支出强度ESBAFIP
| Q4 25 | 99.6% | 45.9% | ||
| Q3 25 | 16.5% | 47.2% | ||
| Q2 25 | 42.8% | 67.3% | ||
| Q1 25 | 23.4% | 68.6% | ||
| Q4 24 | 87.5% | 32.5% | ||
| Q3 24 | 84.1% | 31.1% | ||
| Q2 24 | 9.3% | 17.2% | ||
| Q1 24 | 26.3% | 15.6% |
现金转化率ESBAFIP
| Q4 25 | 7.74× | — | ||
| Q3 25 | 7.72× | — | ||
| Q2 25 | 2.35× | — | ||
| Q1 25 | 5.27× | -0.71× | ||
| Q4 24 | 13.88× | — | ||
| Q3 24 | 4.51× | — | ||
| Q2 24 | 1.30× | — | ||
| Q1 24 | 6.94× | — |
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
ESBA
| Real Estate Segment | $163.8M | 82% |
| Observatory Segment | $35.2M | 18% |
FIP
| Power Revenues | $45.9M | 32% |
| Rail Revenue | $44.6M | 31% |
| Service Other | $22.8M | 16% |
| Gas Revenues | $15.3M | 11% |
| Roadside Services Revenues | $11.5M | 8% |
| Rapauno | $1.2M | 1% |
