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Gaming & Leisure Properties, Inc.（GLPI）与SBA Communications（SBAC）财务数据对比。点击上方公司名可切换其他公司
SBA Communications的季度营收约是Gaming & Leisure Properties, Inc.的1.7倍（$703.4M vs $420.0M），Gaming & Leisure Properties, Inc.净利率更高（57.0% vs 26.3%，领先30.7%），Gaming & Leisure Properties, Inc.同比增速更快（6.3% vs -1.6%），过去两年Gaming & Leisure Properties, Inc.的营收复合增速更高（5.0% vs 3.2%）
博彩与休闲地产公司（GLPI）是一家专注于赌场物业的房地产投资信托（REIT），总部位于宾夕法尼亚州怀奥米辛。公司于2013年11月从宾州国民娱乐分拆成立，目前持有62处赌场物业，全部对外出租给其他企业运营。
SBA Communications是一家房地产投资信托企业，核心业务为持有、运营无线通信基础设施，市场覆盖美国、加拿大、中南美洲及南非地区。公司由Steven Bernstein于1989年创立，前身为Steven Bernstein and Associates。
GLPI vs SBAC — 直观对比
营收规模更大
SBAC
是对方的1.7倍
$420.0M
营收增速更快
GLPI
高出7.8%
-1.6%
净利率更高
GLPI
高出30.7%
26.3%
两年增速更快
GLPI
近两年复合增速
3.2%
损益表 — Q1 FY2026 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $420.0M | $703.4M |
| 净利润 | $239.4M | $184.9M |
| 毛利率 | — | — |
| 营业利润率 | 79.4% | 48.7% |
| 净利率 | 57.0% | 26.3% |
| 营收同比 | 6.3% | -1.6% |
| 净利润同比 | 40.5% | -15.1% |
| 每股收益（稀释后） | — | $1.74 |
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GLPISBAC
| Q1 26 | $420.0M | $703.4M | ||
| Q4 25 | $407.0M | $719.6M | ||
| Q3 25 | $397.6M | $732.3M | ||
| Q2 25 | $394.9M | $699.0M | ||
| Q1 25 | $395.2M | $664.2M | ||
| Q4 24 | $389.6M | $693.7M | ||
| Q3 24 | $385.3M | $667.6M | ||
| Q2 24 | $380.6M | $660.5M |
净利润GLPISBAC
| Q1 26 | $239.4M | $184.9M | ||
| Q4 25 | $275.4M | $370.4M | ||
| Q3 25 | $241.2M | $236.8M | ||
| Q2 25 | $151.4M | $225.8M | ||
| Q1 25 | $165.2M | $220.7M | ||
| Q4 24 | $223.6M | $178.8M | ||
| Q3 24 | $184.7M | $258.5M | ||
| Q2 24 | $208.3M | $162.8M |
毛利率GLPISBAC
| Q1 26 | — | — | ||
| Q4 25 | — | 75.6% | ||
| Q3 25 | — | 74.1% | ||
| Q2 25 | — | 75.4% | ||
| Q1 25 | — | 76.9% | ||
| Q4 24 | — | 78.1% | ||
| Q3 24 | — | 77.5% | ||
| Q2 24 | — | 78.6% |
营业利润率GLPISBAC
| Q1 26 | 79.4% | 48.7% | ||
| Q4 25 | 89.3% | 41.5% | ||
| Q3 25 | 84.8% | 51.1% | ||
| Q2 25 | 61.3% | 47.9% | ||
| Q1 25 | 65.5% | 50.4% | ||
| Q4 24 | 79.1% | 55.1% | ||
| Q3 24 | 70.4% | 56.3% | ||
| Q2 24 | 77.1% | 53.7% |
净利率GLPISBAC
| Q1 26 | 57.0% | 26.3% | ||
| Q4 25 | 67.6% | 51.5% | ||
| Q3 25 | 60.7% | 32.3% | ||
| Q2 25 | 38.4% | 32.3% | ||
| Q1 25 | 41.8% | 33.2% | ||
| Q4 24 | 57.4% | 25.8% | ||
| Q3 24 | 47.9% | 38.7% | ||
| Q2 24 | 54.7% | 24.7% |
每股收益（稀释后）GLPISBAC
| Q1 26 | — | $1.74 | ||
| Q4 25 | $0.96 | $3.47 | ||
| Q3 25 | $0.85 | $2.20 | ||
| Q2 25 | $0.54 | $2.09 | ||
| Q1 25 | $0.60 | $2.04 | ||
| Q4 24 | $0.79 | $1.61 | ||
| Q3 24 | $0.67 | $2.40 | ||
| Q2 24 | $0.77 | $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 | $274.5M | $269.1M |
| 总债务越低越好 | — | $2.7B |
| 股东权益账面价值 | $5.0B | — |
| 总资产 | $13.8B | $11.7B |
| 负债/权益比越低杠杆越低 | — | — |
8季度趋势，按日历期对齐
现金及短期投资GLPISBAC
| Q1 26 | $274.5M | $269.1M | ||
| Q4 25 | — | $271.2M | ||
| Q3 25 | — | $431.1M | ||
| Q2 25 | — | $276.8M | ||
| Q1 25 | — | $702.2M | ||
| Q4 24 | $560.8M | $444.4M | ||
| Q3 24 | $560.8M | $202.6M | ||
| Q2 24 | $560.8M | $250.9M |
总债务GLPISBAC
| Q1 26 | — | $2.7B | ||
| Q4 25 | $7.2B | $12.9B | ||
| Q3 25 | $7.2B | $12.7B | ||
| Q2 25 | $6.9B | $12.5B | ||
| Q1 25 | $6.9B | $12.4B | ||
| Q4 24 | $7.7B | $13.6B | ||
| Q3 24 | $7.4B | $12.3B | ||
| Q2 24 | $6.6B | $12.3B |
股东权益GLPISBAC
| Q1 26 | $5.0B | — | ||
| Q4 25 | $4.6B | $-4.9B | ||
| Q3 25 | $4.6B | $-4.9B | ||
| Q2 25 | $4.6B | $-4.9B | ||
| Q1 25 | $4.2B | $-5.0B | ||
| Q4 24 | $4.3B | $-5.1B | ||
| Q3 24 | $4.3B | $-5.2B | ||
| Q2 24 | $4.1B | $-5.3B |
总资产GLPISBAC
| Q1 26 | $13.8B | $11.7B | ||
| Q4 25 | $12.9B | $11.6B | ||
| Q3 25 | $12.8B | $11.3B | ||
| Q2 25 | $12.5B | $10.8B | ||
| Q1 25 | $12.1B | $10.4B | ||
| Q4 24 | $13.1B | $11.4B | ||
| Q3 24 | $12.7B | $10.2B | ||
| Q2 24 | $11.8B | $9.8B |
负债/权益比GLPISBAC
| Q1 26 | — | — | ||
| Q4 25 | 1.56× | — | ||
| Q3 25 | 1.57× | — | ||
| Q2 25 | 1.51× | — | ||
| Q1 25 | 1.63× | — | ||
| Q4 24 | 1.81× | — | ||
| Q3 24 | 1.74× | — | ||
| Q2 24 | 1.60× | — |
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 | — | $255.1M |
| 自由现金流经营现金流 - 资本支出 | — | — |
| 自由现金流率自由现金流/营收 | — | — |
| 资本支出强度资本支出/营收 | — | 9.5% |
| 现金转化率经营现金流/净利润 | — | 1.38× |
| 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GLPISBAC
| Q1 26 | — | $255.1M | ||
| Q4 25 | $1.1B | $1.3B | ||
| Q3 25 | $240.3M | $318.0M | ||
| Q2 25 | $293.4M | $368.1M | ||
| Q1 25 | $252.5M | $301.2M | ||
| Q4 24 | $1.1B | $1.3B | ||
| Q3 24 | $270.4M | $304.7M | ||
| Q2 24 | $252.1M | $425.6M |
自由现金流GLPISBAC
| Q1 26 | — | — | ||
| Q4 25 | — | $833.3M | ||
| Q3 25 | $183.0M | $258.0M | ||
| Q2 25 | $272.3M | $312.2M | ||
| Q1 25 | $239.6M | $255.0M | ||
| Q4 24 | $1.1B | $1.2B | ||
| Q3 24 | $261.5M | $239.9M | ||
| Q2 24 | $245.0M | $375.6M |
自由现金流率GLPISBAC
| Q1 26 | — | — | ||
| Q4 25 | — | 115.8% | ||
| Q3 25 | 46.0% | 35.2% | ||
| Q2 25 | 69.0% | 44.7% | ||
| Q1 25 | 60.6% | 38.4% | ||
| Q4 24 | 275.3% | 179.9% | ||
| Q3 24 | 67.9% | 35.9% | ||
| Q2 24 | 64.4% | 56.9% |
资本支出强度GLPISBAC
| Q1 26 | — | 9.5% | ||
| Q4 25 | — | 63.7% | ||
| Q3 25 | 14.4% | 8.2% | ||
| Q2 25 | 5.3% | 8.0% | ||
| Q1 25 | 3.3% | 7.0% | ||
| Q4 24 | 0.0% | 12.6% | ||
| Q3 24 | 2.3% | 9.7% | ||
| Q2 24 | 1.9% | 7.6% |
现金转化率GLPISBAC
| Q1 26 | — | 1.38× | ||
| Q4 25 | 4.10× | 3.49× | ||
| Q3 25 | 1.00× | 1.34× | ||
| Q2 25 | 1.94× | 1.63× | ||
| Q1 25 | 1.53× | 1.36× | ||
| Q4 24 | 4.80× | 7.47× | ||
| Q3 24 | 1.46× | 1.18× | ||
| Q2 24 | 1.21× | 2.61× |
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
GLPI
暂无分部数据
SBAC
| Site leasing | $656.1M | 93% |
| Site development | $47.3M | 7% |
