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LAMAR ADVERTISING CO（LAMR）与VORNADO REALTY TRUST（VNO）财务数据对比。点击上方公司名可切换其他公司
LAMAR ADVERTISING CO的季度营收约是VORNADO REALTY TRUST的1.3倍（$595.9M vs $453.7M），LAMAR ADVERTISING CO净利率更高（25.6% vs 1.1%，领先24.5%），LAMAR ADVERTISING CO同比增速更快（2.8% vs -0.9%），过去两年LAMAR ADVERTISING CO的营收复合增速更高（9.4% vs 2.0%）
拉马尔广告是一家知名户外广告服务商，1902年由查尔斯·W·拉马尔与J.M.科伊创立，总部位于美国路易斯安那州巴吞鲁日。公司业务覆盖美国与加拿大，在两地设有超200个运营网点，旗下在美国境内拥有超过36.3万个广告展示位，涵盖广告牌、标识标牌、公共交通展示载体等品类，2014年转型为房地产投资信托。
Vornado Realty Trust是1982年于美国马里兰州注册成立的房地产投资信托，总部设立在纽约市，核心业务为投资曼哈顿核心区域的优质写字楼及临街零售商业地产，是纽约当地颇具影响力的商业地产投资运营机构。
LAMR vs VNO — 直观对比
营收规模更大
LAMR
是对方的1.3倍
$453.7M
营收增速更快
LAMR
高出3.7%
-0.9%
净利率更高
LAMR
高出24.5%
1.1%
两年增速更快
LAMR
近两年复合增速
2.0%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $595.9M | $453.7M |
| 净利润 | $152.3M | $4.9M |
| 毛利率 | 67.7% | — |
| 营业利润率 | 32.9% | 2.8% |
| 净利率 | 25.6% | 1.1% |
| 营收同比 | 2.8% | -0.9% |
| 净利润同比 | 12801.3% | -14.7% |
| 每股收益（稀释后） | $1.50 | $0.01 |
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LAMRVNO
| Q4 25 | $595.9M | $453.7M | ||
| Q3 25 | $585.5M | $453.7M | ||
| Q2 25 | $579.3M | $441.4M | ||
| Q1 25 | $505.4M | $461.6M | ||
| Q4 24 | $579.6M | $457.8M | ||
| Q3 24 | $564.1M | $443.3M | ||
| Q2 24 | $565.3M | $450.3M | ||
| Q1 24 | $498.1M | $436.4M |
净利润LAMRVNO
| Q4 25 | $152.3M | $4.9M | ||
| Q3 25 | $141.8M | $27.1M | ||
| Q2 25 | $154.4M | $759.3M | ||
| Q1 25 | $138.8M | $102.4M | ||
| Q4 24 | $-1.2M | $5.8M | ||
| Q3 24 | $147.5M | $-3.6M | ||
| Q2 24 | $137.4M | $50.8M | ||
| Q1 24 | $78.2M | $6.5M |
毛利率LAMRVNO
| Q4 25 | 67.7% | — | ||
| Q3 25 | 67.9% | — | ||
| Q2 25 | 67.8% | — | ||
| Q1 25 | 64.4% | — | ||
| Q4 24 | 67.8% | — | ||
| Q3 24 | 67.6% | — | ||
| Q2 24 | 67.6% | — | ||
| Q1 24 | 64.7% | — |
营业利润率LAMRVNO
| Q4 25 | 32.9% | 2.8% | ||
| Q3 25 | 32.3% | 3.0% | ||
| Q2 25 | 34.1% | — | ||
| Q1 25 | 37.8% | 23.2% | ||
| Q4 24 | 6.3% | 2.5% | ||
| Q3 24 | 33.1% | -3.3% | ||
| Q2 24 | 32.6% | 10.1% | ||
| Q1 24 | 25.0% | 0.1% |
净利率LAMRVNO
| Q4 25 | 25.6% | 1.1% | ||
| Q3 25 | 24.2% | 6.0% | ||
| Q2 25 | 26.6% | 172.0% | ||
| Q1 25 | 27.5% | 22.2% | ||
| Q4 24 | -0.2% | 1.3% | ||
| Q3 24 | 26.1% | -0.8% | ||
| Q2 24 | 24.3% | 11.3% | ||
| Q1 24 | 15.7% | 1.5% |
每股收益（稀释后）LAMRVNO
| Q4 25 | $1.50 | $0.01 | ||
| Q3 25 | $1.40 | $0.06 | ||
| Q2 25 | $1.52 | $3.70 | ||
| Q1 25 | $1.35 | $0.43 | ||
| Q4 24 | $-0.02 | $0.01 | ||
| Q3 24 | $1.44 | $-0.10 | ||
| Q2 24 | $1.34 | $0.18 | ||
| Q1 24 | $0.76 | $-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 | $64.8M | $840.9M |
| 总债务越低越好 | — | $2.3B |
| 股东权益账面价值 | $1.0B | $6.0B |
| 总资产 | $6.9B | $15.5B |
| 负债/权益比越低杠杆越低 | — | 0.38× |
8季度趋势，按日历期对齐
现金及短期投资LAMRVNO
| Q4 25 | $64.8M | $840.9M | ||
| Q3 25 | $22.0M | $1.0B | ||
| Q2 25 | $55.7M | $1.2B | ||
| Q1 25 | $36.1M | $568.9M | ||
| Q4 24 | $49.5M | $733.9M | ||
| Q3 24 | $29.5M | $783.6M | ||
| Q2 24 | $77.9M | $872.6M | ||
| Q1 24 | $36.4M | $892.7M |
总债务LAMRVNO
| Q4 25 | — | $2.3B | ||
| Q3 25 | — | $2.3B | ||
| Q2 25 | — | $2.1B | ||
| Q1 25 | — | $2.1B | ||
| Q4 24 | — | $2.6B | ||
| Q3 24 | — | $2.6B | ||
| Q2 24 | — | $2.6B | ||
| Q1 24 | — | $2.6B |
股东权益LAMRVNO
| Q4 25 | $1.0B | $6.0B | ||
| Q3 25 | $1.0B | $6.1B | ||
| Q2 25 | $906.9M | $6.1B | ||
| Q1 25 | $1.0B | $5.3B | ||
| Q4 24 | $1.0B | $5.2B | ||
| Q3 24 | $1.2B | $5.3B | ||
| Q2 24 | $1.2B | $5.6B | ||
| Q1 24 | $1.2B | $5.5B |
总资产LAMRVNO
| Q4 25 | $6.9B | $15.5B | ||
| Q3 25 | $6.8B | $15.7B | ||
| Q2 25 | $6.7B | $15.6B | ||
| Q1 25 | $6.5B | $15.6B | ||
| Q4 24 | $6.6B | $16.0B | ||
| Q3 24 | $6.5B | $16.1B | ||
| Q2 24 | $6.6B | $16.2B | ||
| Q1 24 | $6.5B | $16.2B |
负债/权益比LAMRVNO
| Q4 25 | — | 0.38× | ||
| Q3 25 | — | 0.37× | ||
| Q2 25 | — | 0.35× | ||
| Q1 25 | — | 0.40× | ||
| Q4 24 | — | 0.50× | ||
| Q3 24 | — | 0.49× | ||
| Q2 24 | — | 0.46× | ||
| Q1 24 | — | 0.46× |
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 | $271.2M | $1.3B |
| 自由现金流经营现金流 - 资本支出 | $208.3M | — |
| 自由现金流率自由现金流/营收 | 35.0% | — |
| 资本支出强度资本支出/营收 | 10.5% | — |
| 现金转化率经营现金流/净利润 | 1.78× | 256.08× |
| 过去12个月自由现金流最近4个季度 | $683.2M | — |
8季度趋势，按日历期对齐
经营现金流LAMRVNO
| Q4 25 | $271.2M | $1.3B | ||
| Q3 25 | $235.7M | $33.2M | ||
| Q2 25 | $229.5M | $1.0B | ||
| Q1 25 | $127.7M | $52.0M | ||
| Q4 24 | $279.3M | $537.7M | ||
| Q3 24 | $227.4M | $105.4M | ||
| Q2 24 | $256.3M | $194.7M | ||
| Q1 24 | $110.6M | $31.5M |
自由现金流LAMRVNO
| Q4 25 | $208.3M | — | ||
| Q3 25 | $185.8M | — | ||
| Q2 25 | $191.3M | — | ||
| Q1 25 | $97.9M | — | ||
| Q4 24 | $236.3M | — | ||
| Q3 24 | $197.3M | — | ||
| Q2 24 | $233.7M | — | ||
| Q1 24 | $81.1M | — |
自由现金流率LAMRVNO
| Q4 25 | 35.0% | — | ||
| Q3 25 | 31.7% | — | ||
| Q2 25 | 33.0% | — | ||
| Q1 25 | 19.4% | — | ||
| Q4 24 | 40.8% | — | ||
| Q3 24 | 35.0% | — | ||
| Q2 24 | 41.3% | — | ||
| Q1 24 | 16.3% | — |
资本支出强度LAMRVNO
| Q4 25 | 10.5% | — | ||
| Q3 25 | 8.5% | — | ||
| Q2 25 | 6.6% | — | ||
| Q1 25 | 5.9% | — | ||
| Q4 24 | 7.4% | — | ||
| Q3 24 | 5.3% | — | ||
| Q2 24 | 4.0% | — | ||
| Q1 24 | 5.9% | — |
现金转化率LAMRVNO
| Q4 25 | 1.78× | 256.08× | ||
| Q3 25 | 1.66× | 1.22× | ||
| Q2 25 | 1.49× | 1.35× | ||
| Q1 25 | 0.92× | 0.51× | ||
| Q4 24 | — | 93.39× | ||
| Q3 24 | 1.54× | — | ||
| Q2 24 | 1.87× | 3.83× | ||
| Q1 24 | 1.41× | 4.85× |
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
LAMR
| Reportable Segment Aggregation Before Other Operating Segment | $531.9M | 89% |
| Transit Advertising | $42.0M | 7% |
| Logo Advertising | $22.1M | 4% |
VNO
| New York Segment | $374.8M | 83% |
| Building Maintenance Service | $41.2M | 9% |
| Other | $27.7M | 6% |
| Tenant Services | $11.1M | 2% |
| Management And Leasing Fees | $2.6M | 1% |
