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荷美尔食品（HRL）与Welltower（WELL）财务数据对比。点击上方公司名可切换其他公司
Welltower的季度营收约是荷美尔食品的1.1倍（$3.4B vs $3.2B），Welltower净利率更高（22.4% vs -1.8%，领先24.2%），Welltower同比增速更快（38.3% vs 1.5%），过去两年Welltower的营收复合增速更高（55.1% vs 3.1%）
荷美尔食品是1891年于美国明尼苏达州奥斯汀成立的跨国食品加工企业，由乔治·A·荷美尔创立。品牌最初主营火腿、香肠等各类畜肉产品的包装与销售，1937年推出斯帕姆午餐肉，上世纪80年代起逐步拓展多元化包装及冷藏食品产品线。
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。
HRL vs WELL — 直观对比
营收规模更大
WELL
是对方的1.1倍
$3.2B
营收增速更快
WELL
高出36.8%
1.5%
净利率更高
WELL
高出24.2%
-1.8%
两年增速更快
WELL
近两年复合增速
3.1%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $3.2B | $3.4B |
| 净利润 | $-56.1M | $752.3M |
| 毛利率 | 14.0% | — |
| 营业利润率 | 0.1% | — |
| 净利率 | -1.8% | 22.4% |
| 营收同比 | 1.5% | 38.3% |
| 净利润同比 | -125.5% | 192.4% |
| 每股收益（稀释后） | $-0.10 | — |
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HRLWELL
| Q1 26 | — | $3.4B | ||
| Q4 25 | $3.2B | $2.6B | ||
| Q3 25 | $3.0B | $2.1B | ||
| Q2 25 | $2.9B | $2.0B | ||
| Q1 25 | $3.0B | $1.9B | ||
| Q4 24 | $3.1B | $1.8B | ||
| Q3 24 | $2.9B | $1.5B | ||
| Q2 24 | $2.9B | $1.4B |
净利润HRLWELL
| Q1 26 | — | $752.3M | ||
| Q4 25 | $-56.1M | $117.8M | ||
| Q3 25 | $183.7M | $282.2M | ||
| Q2 25 | $180.0M | $304.6M | ||
| Q1 25 | $170.6M | $257.3M | ||
| Q4 24 | $220.2M | $123.8M | ||
| Q3 24 | $176.7M | $456.8M | ||
| Q2 24 | $189.3M | $260.7M |
毛利率HRLWELL
| Q1 26 | — | — | ||
| Q4 25 | 14.0% | 24.3% | ||
| Q3 25 | 16.1% | 23.5% | ||
| Q2 25 | 16.7% | 23.2% | ||
| Q1 25 | 15.9% | 21.6% | ||
| Q4 24 | 16.6% | 20.0% | ||
| Q3 24 | 16.8% | 19.8% | ||
| Q2 24 | 17.4% | 20.2% |
营业利润率HRLWELL
| Q1 26 | — | — | ||
| Q4 25 | 0.1% | — | ||
| Q3 25 | 7.9% | 14.2% | ||
| Q2 25 | 8.6% | 15.1% | ||
| Q1 25 | 7.6% | 10.7% | ||
| Q4 24 | 9.4% | 6.2% | ||
| Q3 24 | 8.2% | 12.2% | ||
| Q2 24 | 8.7% | 6.5% |
净利率HRLWELL
| Q1 26 | — | 22.4% | ||
| Q4 25 | -1.8% | 4.6% | ||
| Q3 25 | 6.1% | 13.7% | ||
| Q2 25 | 6.2% | 15.5% | ||
| Q1 25 | 5.7% | 13.8% | ||
| Q4 24 | 7.0% | 7.0% | ||
| Q3 24 | 6.1% | 30.2% | ||
| Q2 24 | 6.6% | 18.7% |
每股收益（稀释后）HRLWELL
| Q1 26 | — | — | ||
| Q4 25 | $-0.10 | $0.13 | ||
| Q3 25 | $0.33 | $0.41 | ||
| Q2 25 | $0.33 | $0.45 | ||
| Q1 25 | $0.31 | $0.40 | ||
| Q4 24 | $0.41 | $0.20 | ||
| Q3 24 | $0.32 | $0.73 | ||
| Q2 24 | $0.34 | $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 | $703.6M | $4.7B |
| 总债务越低越好 | $2.9B | — |
| 股东权益账面价值 | $7.9B | $44.7B |
| 总资产 | $13.4B | $67.2B |
| 负债/权益比越低杠杆越低 | 0.36× | — |
8季度趋势，按日历期对齐
现金及短期投资HRLWELL
| Q1 26 | — | $4.7B | ||
| Q4 25 | $703.6M | $5.0B | ||
| Q3 25 | $630.7M | $6.8B | ||
| Q2 25 | $699.0M | $4.4B | ||
| Q1 25 | $866.4M | $3.5B | ||
| Q4 24 | $766.6M | $3.5B | ||
| Q3 24 | $561.9M | $3.6B | ||
| Q2 24 | $1.5B | $2.8B |
总债务HRLWELL
| Q1 26 | — | — | ||
| Q4 25 | $2.9B | $19.2B | ||
| Q3 25 | $2.9B | $16.9B | ||
| Q2 25 | $2.9B | $16.0B | ||
| Q1 25 | $2.9B | $15.7B | ||
| Q4 24 | $2.9B | $15.5B | ||
| Q3 24 | $2.9B | $15.8B | ||
| Q2 24 | $2.9B | $13.9B |
股东权益HRLWELL
| Q1 26 | — | $44.7B | ||
| Q4 25 | $7.9B | $42.1B | ||
| Q3 25 | $8.1B | $38.8B | ||
| Q2 25 | $8.0B | $35.9B | ||
| Q1 25 | $8.0B | $34.0B | ||
| Q4 24 | $8.0B | $32.0B | ||
| Q3 24 | $7.9B | $30.3B | ||
| Q2 24 | $7.9B | $29.0B |
总资产HRLWELL
| Q1 26 | — | $67.2B | ||
| Q4 25 | $13.4B | $67.3B | ||
| Q3 25 | $13.5B | $59.5B | ||
| Q2 25 | $13.4B | $55.8B | ||
| Q1 25 | $13.4B | $53.3B | ||
| Q4 24 | $13.4B | $51.0B | ||
| Q3 24 | $13.1B | $49.0B | ||
| Q2 24 | $14.1B | $45.5B |
负债/权益比HRLWELL
| Q1 26 | — | — | ||
| Q4 25 | 0.36× | 0.46× | ||
| Q3 25 | 0.35× | 0.43× | ||
| Q2 25 | 0.35× | 0.44× | ||
| Q1 25 | 0.36× | 0.46× | ||
| Q4 24 | 0.36× | 0.49× | ||
| Q3 24 | 0.36× | 0.52× | ||
| Q2 24 | 0.36× | 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 | $322.9M | — |
| 自由现金流经营现金流 - 资本支出 | $231.4M | — |
| 自由现金流率自由现金流/营收 | 7.3% | — |
| 资本支出强度资本支出/营收 | 2.9% | — |
| 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 | $534.3M | — |
8季度趋势，按日历期对齐
经营现金流HRLWELL
| Q1 26 | — | — | ||
| Q4 25 | $322.9M | $654.3M | ||
| Q3 25 | $156.7M | $858.4M | ||
| Q2 25 | $56.4M | $770.0M | ||
| Q1 25 | $309.2M | $599.0M | ||
| Q4 24 | $408.6M | $559.2M | ||
| Q3 24 | $218.0M | $685.0M | ||
| Q2 24 | $236.1M | $605.4M |
自由现金流HRLWELL
| Q1 26 | — | — | ||
| Q4 25 | $231.4M | $340.4M | ||
| Q3 25 | $84.5M | $595.3M | ||
| Q2 25 | $-18.6M | $537.2M | ||
| Q1 25 | $237.0M | $358.6M | ||
| Q4 24 | $324.8M | $240.4M | ||
| Q3 24 | $152.5M | $443.8M | ||
| Q2 24 | $176.2M | $440.3M |
自由现金流率HRLWELL
| Q1 26 | — | — | ||
| Q4 25 | 7.3% | 13.3% | ||
| Q3 25 | 2.8% | 28.9% | ||
| Q2 25 | -0.6% | 27.3% | ||
| Q1 25 | 7.9% | 19.2% | ||
| Q4 24 | 10.4% | 13.6% | ||
| Q3 24 | 5.3% | 29.4% | ||
| Q2 24 | 6.1% | 31.6% |
资本支出强度HRLWELL
| Q1 26 | — | — | ||
| Q4 25 | 2.9% | 12.3% | ||
| Q3 25 | 2.4% | 12.8% | ||
| Q2 25 | 2.6% | 11.8% | ||
| Q1 25 | 2.4% | 12.9% | ||
| Q4 24 | 2.7% | 18.1% | ||
| Q3 24 | 2.3% | 16.0% | ||
| Q2 24 | 2.1% | 11.8% |
现金转化率HRLWELL
| Q1 26 | — | — | ||
| Q4 25 | — | 5.56× | ||
| Q3 25 | 0.85× | 3.04× | ||
| Q2 25 | 0.31× | 2.53× | ||
| Q1 25 | 1.81× | 2.33× | ||
| Q4 24 | 1.86× | 4.52× | ||
| Q3 24 | 1.23× | 1.50× | ||
| Q2 24 | 1.25× | 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
HRL
| Retail Segment | $1.9B | 60% |
| Foodservice Segment | $1.1B | 34% |
| Other | $174.7M | 5% |
WELL
| Resident fees and services | $2.8B | 83% |
| Rental income | $453.8M | 14% |
| Other | $117.2M | 3% |
