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凯悦酒店集团（H）与Welltower（WELL）财务数据对比。点击上方公司名可切换其他公司
Welltower的季度营收约是凯悦酒店集团的1.9倍（$3.4B vs $1.8B），Welltower净利率更高（22.4% vs -1.1%，领先23.6%），Welltower同比增速更快（38.3% vs 11.7%），过去两年Welltower的营收复合增速更高（55.1% vs 2.2%）
凯悦酒店集团是来自美国的跨国酒店管理企业，总部位于芝加哥河畔广场区域，由普利兹克家族运营管理。集团主营高端及商务酒店、度假村、度假物业的管理与特许经营业务，目前在全球69个国家拥有逾1350家酒店及一价全包物业，覆盖六大洲。
Welltower Inc.是一家专注于医疗基础设施领域的房地产投资信托企业，核心业务为医疗类地产投资运营。截至2022年12月31日，公司投资的物业总量约3000处，全部布局于美国、加拿大及英国市场，是全球医疗地产投资领域的代表性企业之一。
H vs WELL — 直观对比
营收规模更大
WELL
是对方的1.9倍
$1.8B
营收增速更快
WELL
高出26.7%
11.7%
净利率更高
WELL
高出23.6%
-1.1%
两年增速更快
WELL
近两年复合增速
2.2%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $1.8B | $3.4B |
| 净利润 | $-20.0M | $752.3M |
| 毛利率 | — | — |
| 营业利润率 | 0.4% | — |
| 净利率 | -1.1% | 22.4% |
| 营收同比 | 11.7% | 38.3% |
| 净利润同比 | 64.3% | 192.4% |
| 每股收益（稀释后） | $-0.20 | — |
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HWELL
| Q1 26 | — | $3.4B | ||
| Q4 25 | $1.8B | $2.6B | ||
| Q3 25 | $1.8B | $2.1B | ||
| Q2 25 | $1.8B | $2.0B | ||
| Q1 25 | $1.7B | $1.9B | ||
| Q4 24 | $1.6B | $1.8B | ||
| Q3 24 | $1.6B | $1.5B | ||
| Q2 24 | $1.7B | $1.4B |
净利润HWELL
| Q1 26 | — | $752.3M | ||
| Q4 25 | $-20.0M | $117.8M | ||
| Q3 25 | $-49.0M | $282.2M | ||
| Q2 25 | $-3.0M | $304.6M | ||
| Q1 25 | $20.0M | $257.3M | ||
| Q4 24 | $-56.0M | $123.8M | ||
| Q3 24 | $471.0M | $456.8M | ||
| Q2 24 | $359.0M | $260.7M |
毛利率HWELL
| Q1 26 | — | — | ||
| Q4 25 | — | 24.3% | ||
| Q3 25 | — | 23.5% | ||
| Q2 25 | — | 23.2% | ||
| Q1 25 | — | 21.6% | ||
| Q4 24 | — | 20.0% | ||
| Q3 24 | — | 19.8% | ||
| Q2 24 | — | 20.2% |
营业利润率HWELL
| Q1 26 | — | — | ||
| Q4 25 | 0.4% | — | ||
| Q3 25 | -1.0% | 14.2% | ||
| Q2 25 | 2.1% | 15.1% | ||
| Q1 25 | 3.0% | 10.7% | ||
| Q4 24 | -3.0% | 6.2% | ||
| Q3 24 | 37.3% | 12.2% | ||
| Q2 24 | 27.1% | 6.5% |
净利率HWELL
| Q1 26 | — | 22.4% | ||
| Q4 25 | -1.1% | 4.6% | ||
| Q3 25 | -2.7% | 13.7% | ||
| Q2 25 | -0.2% | 15.5% | ||
| Q1 25 | 1.2% | 13.8% | ||
| Q4 24 | -3.5% | 7.0% | ||
| Q3 24 | 28.9% | 30.2% | ||
| Q2 24 | 21.1% | 18.7% |
每股收益（稀释后）HWELL
| Q1 26 | — | — | ||
| Q4 25 | $-0.20 | $0.13 | ||
| Q3 25 | $-0.51 | $0.41 | ||
| Q2 25 | $-0.03 | $0.45 | ||
| Q1 25 | $0.19 | $0.40 | ||
| Q4 24 | $-0.37 | $0.20 | ||
| Q3 24 | $4.63 | $0.73 | ||
| Q2 24 | $3.46 | $0.42 |
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 | $813.0M | $4.7B |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $3.3B | $44.7B |
| 总资产 | $14.0B | $67.2B |
| 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HWELL
| Q1 26 | — | $4.7B | ||
| Q4 25 | $813.0M | $5.0B | ||
| Q3 25 | $749.0M | $6.8B | ||
| Q2 25 | $912.0M | $4.4B | ||
| Q1 25 | $1.8B | $3.5B | ||
| Q4 24 | $1.4B | $3.5B | ||
| Q3 24 | $1.1B | $3.6B | ||
| Q2 24 | $2.0B | $2.8B |
总债务HWELL
| Q1 26 | — | — | ||
| Q4 25 | — | $19.2B | ||
| Q3 25 | $6.0B | $16.9B | ||
| Q2 25 | $6.0B | $16.0B | ||
| Q1 25 | $4.3B | $15.7B | ||
| Q4 24 | $3.8B | $15.5B | ||
| Q3 24 | $3.1B | $15.8B | ||
| Q2 24 | $3.9B | $13.9B |
股东权益HWELL
| Q1 26 | — | $44.7B | ||
| Q4 25 | $3.3B | $42.1B | ||
| Q3 25 | $3.5B | $38.8B | ||
| Q2 25 | $3.6B | $35.9B | ||
| Q1 25 | $3.5B | $34.0B | ||
| Q4 24 | $3.5B | $32.0B | ||
| Q3 24 | $3.7B | $30.3B | ||
| Q2 24 | $3.9B | $29.0B |
总资产HWELL
| Q1 26 | — | $67.2B | ||
| Q4 25 | $14.0B | $67.3B | ||
| Q3 25 | $15.7B | $59.5B | ||
| Q2 25 | $15.9B | $55.8B | ||
| Q1 25 | $14.0B | $53.3B | ||
| Q4 24 | $13.3B | $51.0B | ||
| Q3 24 | $11.9B | $49.0B | ||
| Q2 24 | $12.8B | $45.5B |
负债/权益比HWELL
| Q1 26 | — | — | ||
| Q4 25 | — | 0.46× | ||
| Q3 25 | 1.73× | 0.43× | ||
| Q2 25 | 1.69× | 0.44× | ||
| Q1 25 | 1.25× | 0.46× | ||
| Q4 24 | 1.07× | 0.49× | ||
| Q3 24 | 0.85× | 0.52× | ||
| Q2 24 | 1.01× | 0.48× |
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 | $313.0M | — |
| 自由现金流经营现金流 - 资本支出 | $236.0M | — |
| 自由现金流率自由现金流/营收 | 13.2% | — |
| 资本支出强度资本支出/营收 | 4.3% | — |
| 现金转化率经营现金流/净利润 | — | — |
| 过去12个月自由现金流最近4个季度 | $159.0M | — |
8季度趋势，按日历期对齐
经营现金流HWELL
| Q1 26 | — | — | ||
| Q4 25 | $313.0M | $654.3M | ||
| Q3 25 | $-20.0M | $858.4M | ||
| Q2 25 | $-67.0M | $770.0M | ||
| Q1 25 | $153.0M | $599.0M | ||
| Q4 24 | $235.0M | $559.2M | ||
| Q3 24 | $-21.0M | $685.0M | ||
| Q2 24 | $177.0M | $605.4M |
自由现金流HWELL
| Q1 26 | — | — | ||
| Q4 25 | $236.0M | $340.4M | ||
| Q3 25 | $-89.0M | $595.3M | ||
| Q2 25 | $-111.0M | $537.2M | ||
| Q1 25 | $123.0M | $358.6M | ||
| Q4 24 | $184.0M | $240.4M | ||
| Q3 24 | $-64.0M | $443.8M | ||
| Q2 24 | $135.0M | $440.3M |
自由现金流率HWELL
| Q1 26 | — | — | ||
| Q4 25 | 13.2% | 13.3% | ||
| Q3 25 | -5.0% | 28.9% | ||
| Q2 25 | -6.1% | 27.3% | ||
| Q1 25 | 7.2% | 19.2% | ||
| Q4 24 | 11.5% | 13.6% | ||
| Q3 24 | -3.9% | 29.4% | ||
| Q2 24 | 7.9% | 31.6% |
资本支出强度HWELL
| Q1 26 | — | — | ||
| Q4 25 | 4.3% | 12.3% | ||
| Q3 25 | 3.9% | 12.8% | ||
| Q2 25 | 2.4% | 11.8% | ||
| Q1 25 | 1.7% | 12.9% | ||
| Q4 24 | 3.2% | 18.1% | ||
| Q3 24 | 2.6% | 16.0% | ||
| Q2 24 | 2.5% | 11.8% |
现金转化率HWELL
| Q1 26 | — | — | ||
| Q4 25 | — | 5.56× | ||
| Q3 25 | — | 3.04× | ||
| Q2 25 | — | 2.53× | ||
| Q1 25 | 7.65× | 2.33× | ||
| Q4 24 | — | 4.52× | ||
| Q3 24 | -0.04× | 1.50× | ||
| Q2 24 | 0.49× | 2.32× |
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
H
| Other | $627.0M | 35% |
| Rooms Revenue | $326.0M | 18% |
| Net Fees | $290.0M | 16% |
| Distribution Segment | $177.0M | 10% |
| Franchise And Other Fees | $114.0M | 6% |
| Base Management Fees | $112.0M | 6% |
| Incentive Management Fees | $81.0M | 5% |
| Other Owned And Leased Hotel Revenue | $41.0M | 2% |
| Contra Revenue | $17.0M | 1% |
| Other Revenues | $4.0M | 0% |
WELL
| Resident fees and services | $2.8B | 83% |
| Rental income | $453.8M | 14% |
| Other | $117.2M | 3% |
