vs
Host Hotels & Resorts（HST）与Ventas（VTR）财务数据对比。点击上方公司名可切换其他公司
Ventas的季度营收约是Host Hotels & Resorts的1.0倍（$1.7B vs $1.6B），Host Hotels & Resorts净利率更高（8.4% vs 3.6%，领先4.9%），Ventas同比增速更快（22.0% vs 12.3%），过去两年Ventas的营收复合增速更高（17.5% vs 4.4%）
Host Hotels & Resorts是总部位于美国马里兰州贝塞斯达的房地产投资信托企业，专注于高端酒店资产投资。截至2024年12月31日，公司在美国、巴西、加拿大共持有81家高端酒店，总客房数约4.34万间，是全球知名的酒店不动产投资机构。
Ventas是一家领先的医疗地产投资信托企业，旗下资产涵盖养老社区、医疗办公楼、生命科学研究设施及康复医疗中心等，主要在北美、英国地区运营，为医疗服务及生命科学机构提供专业物业解决方案。
HST vs VTR — 直观对比
营收规模更大
VTR
是对方的1.0倍
$1.6B
营收增速更快
VTR
高出9.8%
12.3%
净利率更高
HST
高出4.9%
3.6%
两年增速更快
VTR
近两年复合增速
4.4%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $1.6B | $1.7B |
| 净利润 | $135.0M | $59.0M |
| 毛利率 | — | — |
| 营业利润率 | 12.0% | — |
| 净利率 | 8.4% | 3.6% |
| 营收同比 | 12.3% | 22.0% |
| 净利润同比 | 25.0% | 19.0% |
| 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HSTVTR
| Q1 26 | — | $1.7B | ||
| Q4 25 | $1.6B | $1.6B | ||
| Q3 25 | $1.3B | $1.5B | ||
| Q2 25 | $1.6B | $1.4B | ||
| Q1 25 | $1.6B | $1.4B | ||
| Q4 24 | $1.4B | $1.3B | ||
| Q3 24 | $1.3B | $1.2B | ||
| Q2 24 | $1.5B | $1.2B |
净利润HSTVTR
| Q1 26 | — | $59.0M | ||
| Q4 25 | $135.0M | $73.0M | ||
| Q3 25 | $161.0M | $68.7M | ||
| Q2 25 | $221.0M | $71.5M | ||
| Q1 25 | $248.0M | $48.4M | ||
| Q4 24 | $108.0M | $58.7M | ||
| Q3 24 | $82.0M | $21.0M | ||
| Q2 24 | $239.0M | $21.2M |
营业利润率HSTVTR
| Q1 26 | — | — | ||
| Q4 25 | 12.0% | 4.9% | ||
| Q3 25 | 7.6% | 3.0% | ||
| Q2 25 | 17.5% | 3.0% | ||
| Q1 25 | 17.9% | 3.0% | ||
| Q4 24 | 11.0% | -0.0% | ||
| Q3 24 | 10.2% | 1.5% | ||
| Q2 24 | 19.9% | -1.6% |
净利率HSTVTR
| Q1 26 | — | 3.6% | ||
| Q4 25 | 8.4% | 4.7% | ||
| Q3 25 | 12.1% | 4.6% | ||
| Q2 25 | 13.9% | 5.0% | ||
| Q1 25 | 15.6% | 3.6% | ||
| Q4 24 | 7.6% | 4.6% | ||
| Q3 24 | 6.2% | 1.7% | ||
| Q2 24 | 16.3% | 1.8% |
每股收益（稀释后）HSTVTR
| Q1 26 | — | — | ||
| Q4 25 | $0.20 | $0.15 | ||
| Q3 25 | $0.23 | $0.14 | ||
| Q2 25 | $0.32 | $0.15 | ||
| Q1 25 | $0.35 | $0.10 | ||
| Q4 24 | $0.15 | $0.13 | ||
| Q3 24 | $0.12 | $0.05 | ||
| Q2 24 | $0.34 | $0.05 |
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 | $768.0M | $183.6M |
| 总债务越低越好 | $1.3B | — |
| 股东权益账面价值 | $6.6B | $13.2B |
| 总资产 | $13.0B | $27.7B |
| 负债/权益比越低杠杆越低 | 0.19× | — |
8季度趋势，按日历期对齐
现金及短期投资HSTVTR
| Q1 26 | — | $183.6M | ||
| Q4 25 | $768.0M | $741.1M | ||
| Q3 25 | $539.0M | $188.6M | ||
| Q2 25 | $490.0M | $614.2M | ||
| Q1 25 | $428.0M | $182.3M | ||
| Q4 24 | $554.0M | $897.9M | ||
| Q3 24 | $564.0M | $1.1B | ||
| Q2 24 | $805.0M | $557.1M |
总债务HSTVTR
| Q1 26 | — | — | ||
| Q4 25 | $1.3B | $13.0B | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $896.0M | $13.5B | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
股东权益HSTVTR
| Q1 26 | — | $13.2B | ||
| Q4 25 | $6.6B | $12.5B | ||
| Q3 25 | $6.7B | $12.4B | ||
| Q2 25 | $6.6B | $11.5B | ||
| Q1 25 | $6.7B | $11.5B | ||
| Q4 24 | $6.6B | $10.8B | ||
| Q3 24 | $6.7B | $9.8B | ||
| Q2 24 | $6.8B | $9.6B |
总资产HSTVTR
| Q1 26 | — | $27.7B | ||
| Q4 25 | $13.0B | $27.6B | ||
| Q3 25 | $13.0B | $26.9B | ||
| Q2 25 | $13.0B | $26.5B | ||
| Q1 25 | $12.9B | $26.0B | ||
| Q4 24 | $13.0B | $26.2B | ||
| Q3 24 | $13.1B | $25.3B | ||
| Q2 24 | $12.4B | $24.5B |
负债/权益比HSTVTR
| Q1 26 | — | — | ||
| Q4 25 | 0.19× | 1.04× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 0.14× | 1.26× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
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 | $543.0M | — |
| 自由现金流经营现金流 - 资本支出 | $445.0M | — |
| 自由现金流率自由现金流/营收 | 27.8% | — |
| 资本支出强度资本支出/营收 | 6.1% | — |
| 现金转化率经营现金流/净利润 | 4.02× | — |
| 过去12个月自由现金流最近4个季度 | $1.2B | — |
8季度趋势，按日历期对齐
经营现金流HSTVTR
| Q1 26 | — | — | ||
| Q4 25 | $543.0M | $471.7M | ||
| Q3 25 | $218.0M | $378.6M | ||
| Q2 25 | $444.0M | $475.3M | ||
| Q1 25 | $305.0M | $321.1M | ||
| Q4 24 | $331.0M | $373.6M | ||
| Q3 24 | $349.0M | $353.7M | ||
| Q2 24 | $453.0M | $335.9M |
自由现金流HSTVTR
| Q1 26 | — | — | ||
| Q4 25 | $445.0M | — | ||
| Q3 25 | $143.0M | — | ||
| Q2 25 | $381.0M | — | ||
| Q1 25 | $259.0M | — | ||
| Q4 24 | $235.0M | — | ||
| Q3 24 | $262.0M | — | ||
| Q2 24 | $409.0M | — |
自由现金流率HSTVTR
| Q1 26 | — | — | ||
| Q4 25 | 27.8% | — | ||
| Q3 25 | 10.7% | — | ||
| Q2 25 | 24.0% | — | ||
| Q1 25 | 16.2% | — | ||
| Q4 24 | 16.5% | — | ||
| Q3 24 | 19.9% | — | ||
| Q2 24 | 27.9% | — |
资本支出强度HSTVTR
| Q1 26 | — | — | ||
| Q4 25 | 6.1% | — | ||
| Q3 25 | 5.6% | — | ||
| Q2 25 | 4.0% | — | ||
| Q1 25 | 2.9% | — | ||
| Q4 24 | 6.7% | — | ||
| Q3 24 | 6.6% | — | ||
| Q2 24 | 3.0% | — |
现金转化率HSTVTR
| Q1 26 | — | — | ||
| Q4 25 | 4.02× | 6.46× | ||
| Q3 25 | 1.35× | 5.51× | ||
| Q2 25 | 2.01× | 6.65× | ||
| Q1 25 | 1.23× | 6.64× | ||
| Q4 24 | 3.06× | 6.36× | ||
| Q3 24 | 4.26× | 16.84× | ||
| Q2 24 | 1.90× | 15.87× |
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
HST
暂无分部数据
VTR
| Resident fees and services | $1.3B | 78% |
| Outpatient medical and research portfolio | $230.1M | 14% |
| Triple-net leased properties | $123.1M | 7% |
| Third-party capital management revenues | $4.4M | 0% |
