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仲量联行（JLL）与Vistra Corp.（VST）财务数据对比。点击上方公司名可切换其他公司
仲量联行的季度营收约是Vistra Corp.的1.3倍（$6.4B vs $4.8B），Vistra Corp.净利率更高（4.8% vs 2.5%，领先2.4%），Vistra Corp.同比增速更快（31.2% vs 11.1%），Vistra Corp.自由现金流更多（$596.0M vs $-819.9M），过去两年Vistra Corp.的营收复合增速更高（23.3% vs 6.5%）
仲量联行（JLL）是总部位于美国芝加哥的全球知名房地产服务企业，位列《财富》世界500强第188位，在80个国家设有办事处，面向机构投资者、散户投资者及高净值人群提供全球投资管理服务，同时通过JLL Technologies推出科技产品，旗下PropTech基金JLL Spark主营地产科技领域风险投资。
股票代码为VST的Vistra Corp是总部位于美国得克萨斯州的能源企业，主营电力生产、可再生能源开发及能源零售等业务。此外“Vistra”也可指一家总部位于中国香港的企业服务提供商，为全球客户提供公司注册、合规管理等专业服务。
JLL vs VST — 直观对比
营收规模更大
JLL
是对方的1.3倍
$4.8B
营收增速更快
VST
高出20.1%
11.1%
净利率更高
VST
高出2.4%
2.5%
自由现金流更多
VST
多$1.4B
$-819.9M
两年增速更快
VST
近两年复合增速
6.5%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $6.4B | $4.8B |
| 净利润 | $159.0M | $233.0M |
| 毛利率 | — | — |
| 营业利润率 | 3.2% | 9.9% |
| 净利率 | 2.5% | 4.8% |
| 营收同比 | 11.1% | 31.2% |
| 净利润同比 | — | -47.2% |
| 每股收益（稀释后） | $3.33 | $0.55 |
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JLLVST
| Q1 26 | $6.4B | — | ||
| Q4 25 | $7.6B | $4.8B | ||
| Q3 25 | $6.5B | $4.8B | ||
| Q2 25 | $6.3B | $3.8B | ||
| Q1 25 | $5.7B | $4.3B | ||
| Q4 24 | $6.8B | $3.7B | ||
| Q3 24 | $5.9B | $4.3B | ||
| Q2 24 | $5.6B | $3.6B |
净利润JLLVST
| Q1 26 | $159.0M | — | ||
| Q4 25 | $401.8M | $233.0M | ||
| Q3 25 | $222.4M | $652.0M | ||
| Q2 25 | $110.5M | $327.0M | ||
| Q1 25 | $57.5M | $-268.0M | ||
| Q4 24 | $241.2M | $441.0M | ||
| Q3 24 | $155.1M | $1.9B | ||
| Q2 24 | $84.4M | $365.0M |
营业利润率JLLVST
| Q1 26 | 3.2% | — | ||
| Q4 25 | 6.7% | 9.9% | ||
| Q3 25 | 4.2% | 21.7% | ||
| Q2 25 | 3.2% | 13.7% | ||
| Q1 25 | 2.1% | -2.8% | ||
| Q4 24 | 5.5% | 16.4% | ||
| Q3 24 | 3.9% | 59.6% | ||
| Q2 24 | 2.7% | 22.5% |
净利率JLLVST
| Q1 26 | 2.5% | — | ||
| Q4 25 | 5.3% | 4.8% | ||
| Q3 25 | 3.4% | 13.6% | ||
| Q2 25 | 1.8% | 8.7% | ||
| Q1 25 | 1.0% | -6.3% | ||
| Q4 24 | 3.5% | 12.0% | ||
| Q3 24 | 2.6% | 43.5% | ||
| Q2 24 | 1.5% | 10.1% |
每股收益（稀释后）JLLVST
| Q1 26 | $3.33 | — | ||
| Q4 25 | $8.33 | $0.55 | ||
| Q3 25 | $4.61 | $1.75 | ||
| Q2 25 | $2.32 | $0.81 | ||
| Q1 25 | $1.14 | $-0.93 | ||
| Q4 24 | $4.98 | $1.09 | ||
| Q3 24 | $3.20 | $5.25 | ||
| Q2 24 | $1.75 | $0.90 |
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 | $436.2M | $785.0M |
| 总债务越低越好 | — | $15.8B |
| 股东权益账面价值 | $7.4B | $5.1B |
| 总资产 | $17.9B | $41.5B |
| 负债/权益比越低杠杆越低 | — | 3.11× |
8季度趋势，按日历期对齐
现金及短期投资JLLVST
| Q1 26 | $436.2M | — | ||
| Q4 25 | $599.1M | $785.0M | ||
| Q3 25 | $428.9M | $602.0M | ||
| Q2 25 | $401.4M | $458.0M | ||
| Q1 25 | $432.4M | $561.0M | ||
| Q4 24 | $416.3M | $1.2B | ||
| Q3 24 | $437.8M | $905.0M | ||
| Q2 24 | $424.4M | $1.6B |
总债务JLLVST
| Q1 26 | — | — | ||
| Q4 25 | — | $15.8B | ||
| Q3 25 | — | $15.8B | ||
| Q2 25 | — | $15.5B | ||
| Q1 25 | — | $15.4B | ||
| Q4 24 | — | $15.4B | ||
| Q3 24 | — | $13.9B | ||
| Q2 24 | — | $13.9B |
股东权益JLLVST
| Q1 26 | $7.4B | — | ||
| Q4 25 | $7.5B | $5.1B | ||
| Q3 25 | $7.2B | $5.2B | ||
| Q2 25 | $7.0B | $4.8B | ||
| Q1 25 | $6.8B | $4.8B | ||
| Q4 24 | $6.8B | $5.6B | ||
| Q3 24 | $6.6B | $5.4B | ||
| Q2 24 | $6.4B | $5.6B |
总资产JLLVST
| Q1 26 | $17.9B | — | ||
| Q4 25 | $17.8B | $41.5B | ||
| Q3 25 | $17.2B | $38.0B | ||
| Q2 25 | $17.3B | $38.1B | ||
| Q1 25 | $16.6B | $38.2B | ||
| Q4 24 | $16.8B | $37.8B | ||
| Q3 24 | $17.8B | $37.9B | ||
| Q2 24 | $15.9B | $39.1B |
负债/权益比JLLVST
| Q1 26 | — | — | ||
| Q4 25 | — | 3.11× | ||
| Q3 25 | — | 3.02× | ||
| Q2 25 | — | 3.22× | ||
| Q1 25 | — | 3.20× | ||
| Q4 24 | — | 2.77× | ||
| Q3 24 | — | 2.56× | ||
| Q2 24 | — | 2.49× |
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 | $-17.7M | $1.4B |
| 自由现金流经营现金流 - 资本支出 | $-819.9M | $596.0M |
| 自由现金流率自由现金流/营收 | -12.8% | 12.4% |
| 资本支出强度资本支出/营收 | — | 17.4% |
| 现金转化率经营现金流/净利润 | -0.11× | 6.15× |
| 过去12个月自由现金流最近4个季度 | — | $1.3B |
8季度趋势，按日历期对齐
经营现金流JLLVST
| Q1 26 | $-17.7M | — | ||
| Q4 25 | $1.0B | $1.4B | ||
| Q3 25 | $617.1M | $1.5B | ||
| Q2 25 | $332.8M | $572.0M | ||
| Q1 25 | $-767.6M | $599.0M | ||
| Q4 24 | $927.3M | $1.4B | ||
| Q3 24 | $261.6M | $1.7B | ||
| Q2 24 | $273.9M | $1.2B |
自由现金流JLLVST
| Q1 26 | $-819.9M | — | ||
| Q4 25 | — | $596.0M | ||
| Q3 25 | — | $1.0B | ||
| Q2 25 | — | $-118.0M | ||
| Q1 25 | — | $-169.0M | ||
| Q4 24 | — | $923.0M | ||
| Q3 24 | — | $1.0B | ||
| Q2 24 | — | $698.0M |
自由现金流率JLLVST
| Q1 26 | -12.8% | — | ||
| Q4 25 | — | 12.4% | ||
| Q3 25 | — | 21.1% | ||
| Q2 25 | — | -3.1% | ||
| Q1 25 | — | -4.0% | ||
| Q4 24 | — | 25.2% | ||
| Q3 24 | — | 23.4% | ||
| Q2 24 | — | 19.4% |
资本支出强度JLLVST
| Q1 26 | — | — | ||
| Q4 25 | — | 17.4% | ||
| Q3 25 | — | 9.6% | ||
| Q2 25 | — | 18.4% | ||
| Q1 25 | — | 18.1% | ||
| Q4 24 | — | 11.7% | ||
| Q3 24 | — | 15.8% | ||
| Q2 24 | — | 13.8% |
现金转化率JLLVST
| Q1 26 | -0.11× | — | ||
| Q4 25 | 2.52× | 6.15× | ||
| Q3 25 | 2.77× | 2.25× | ||
| Q2 25 | 3.01× | 1.75× | ||
| Q1 25 | -13.35× | — | ||
| Q4 24 | 3.84× | 3.07× | ||
| Q3 24 | 1.69× | 0.90× | ||
| Q2 24 | 3.25× | 3.28× |
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
JLL
| Real Estate Management Services | $5.1B | 79% |
| Leasing Advisory | $686.3M | 11% |
| Capital Markets Services | $535.2M | 8% |
| Investment Management | $99.3M | 2% |
VST
| Retail Energy Charge In ERCOT | $2.1B | 43% |
| Retail Energy Charge In Northeast Midwest | $1.2B | 24% |
| East Segment | $1.1B | 24% |
| Hedging Revenue Realized | $170.0M | 4% |
| Revenue From Other Wholesale Contracts | $116.0M | 2% |
| Transferable Production Tax Credit Revenues | $78.0M | 2% |
| West Segment | $77.0M | 2% |
| Intersegment Sales | $25.0M | 1% |
