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礼恩派（LEG）与STARWOOD PROPERTY TRUST, INC.（STWD）财务数据对比。点击上方公司名可切换其他公司
礼恩派的季度营收约是STARWOOD PROPERTY TRUST, INC.的1.9倍（$938.6M vs $492.9M），STARWOOD PROPERTY TRUST, INC.净利率更高（19.7% vs 2.7%，领先17.0%），STARWOOD PROPERTY TRUST, INC.同比增速更快（8.5% vs -11.2%），过去两年STARWOOD PROPERTY TRUST, INC.的营收复合增速更高（-2.9% vs -7.5%）
礼恩派（Leggett & Platt）总部位于美国密苏里州迦太基，是一家多元化制造企业，成立于1883年。公司专注于设计生产各类工程组件及产品，广泛应用于家居与汽车领域。目前旗下设有15个业务单元，在全球18个国家拥有135座生产工厂，员工总数达2万名。
喜达屋酒店及度假村国际集团是全球规模最大的酒店企业之一，业务涵盖酒店、度假村、水疗中心、住宅及度假产权物业的持有、运营、特许经营与管理。集团前身为1969年成立的房地产投资信托基金，1995年完成收购重组，旗下共11个品牌，管理及特许经营的物业共计1297处。
LEG vs STWD — 直观对比
营收规模更大
LEG
是对方的1.9倍
$492.9M
营收增速更快
STWD
高出19.6%
-11.2%
净利率更高
STWD
高出17.0%
2.7%
两年增速更快
STWD
近两年复合增速
-7.5%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $938.6M | $492.9M |
| 净利润 | $25.1M | $96.9M |
| 毛利率 | 17.9% | — |
| 营业利润率 | 2.0% | 26.6% |
| 净利率 | 2.7% | 19.7% |
| 营收同比 | -11.2% | 8.5% |
| 净利润同比 | 76.8% | 87.7% |
| 每股收益（稀释后） | $0.18 | $0.25 |
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LEGSTWD
| Q4 25 | $938.6M | $492.9M | ||
| Q3 25 | $1.0B | $488.9M | ||
| Q2 25 | $1.1B | $444.3M | ||
| Q1 25 | $1.0B | $418.2M | ||
| Q4 24 | $1.1B | $454.4M | ||
| Q3 24 | $1.1B | $479.5M | ||
| Q2 24 | $1.1B | $489.8M | ||
| Q1 24 | $1.1B | $523.1M |
净利润LEGSTWD
| Q4 25 | $25.1M | $96.9M | ||
| Q3 25 | $127.1M | $72.6M | ||
| Q2 25 | $52.5M | $129.8M | ||
| Q1 25 | $30.6M | $112.3M | ||
| Q4 24 | $14.2M | $51.6M | ||
| Q3 24 | $44.9M | $76.1M | ||
| Q2 24 | $-602.2M | $77.9M | ||
| Q1 24 | $31.6M | $154.3M |
毛利率LEGSTWD
| Q4 25 | 17.9% | — | ||
| Q3 25 | 18.7% | — | ||
| Q2 25 | 18.2% | — | ||
| Q1 25 | 18.6% | — | ||
| Q4 24 | 16.6% | — | ||
| Q3 24 | 18.2% | — | ||
| Q2 24 | 16.5% | — | ||
| Q1 24 | 17.0% | — |
营业利润率LEGSTWD
| Q4 25 | 2.0% | 26.6% | ||
| Q3 25 | 14.9% | 19.1% | ||
| Q2 25 | 6.8% | 30.5% | ||
| Q1 25 | 4.4% | 28.7% | ||
| Q4 24 | 2.4% | 15.1% | ||
| Q3 24 | 5.2% | 17.2% | ||
| Q2 24 | -56.2% | 19.1% | ||
| Q1 24 | 3.9% | 30.8% |
净利率LEGSTWD
| Q4 25 | 2.7% | 19.7% | ||
| Q3 25 | 12.3% | 14.8% | ||
| Q2 25 | 5.0% | 29.2% | ||
| Q1 25 | 3.0% | 26.8% | ||
| Q4 24 | 1.3% | 11.4% | ||
| Q3 24 | 4.1% | 15.9% | ||
| Q2 24 | -53.4% | 15.9% | ||
| Q1 24 | 2.9% | 29.5% |
每股收益（稀释后）LEGSTWD
| Q4 25 | $0.18 | $0.25 | ||
| Q3 25 | $0.91 | $0.19 | ||
| Q2 25 | $0.38 | $0.38 | ||
| Q1 25 | $0.22 | $0.33 | ||
| Q4 24 | $0.10 | $0.15 | ||
| Q3 24 | $0.33 | $0.23 | ||
| Q2 24 | $-4.39 | $0.24 | ||
| Q1 24 | $0.23 | $0.48 |
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 | $587.4M | $499.5M |
| 总债务越低越好 | $1.5B | — |
| 股东权益账面价值 | $1.0B | $6.8B |
| 总资产 | $3.5B | $63.2B |
| 负债/权益比越低杠杆越低 | 1.46× | — |
8季度趋势，按日历期对齐
现金及短期投资LEGSTWD
| Q4 25 | $587.4M | $499.5M | ||
| Q3 25 | $460.7M | $301.1M | ||
| Q2 25 | $368.8M | $259.9M | ||
| Q1 25 | $412.6M | $440.6M | ||
| Q4 24 | $350.2M | $377.8M | ||
| Q3 24 | $277.2M | $357.9M | ||
| Q2 24 | $307.0M | $259.3M | ||
| Q1 24 | $361.3M | $327.4M |
总债务LEGSTWD
| Q4 25 | $1.5B | — | ||
| Q3 25 | $1.5B | — | ||
| Q2 25 | $1.8B | — | ||
| Q1 25 | $1.9B | — | ||
| Q4 24 | $1.9B | — | ||
| Q3 24 | $1.6B | — | ||
| Q2 24 | $1.7B | — | ||
| Q1 24 | $1.8B | — |
股东权益LEGSTWD
| Q4 25 | $1.0B | $6.8B | ||
| Q3 25 | $971.8M | $6.9B | ||
| Q2 25 | $855.0M | $6.4B | ||
| Q1 25 | $746.8M | $6.4B | ||
| Q4 24 | $689.4M | $6.4B | ||
| Q3 24 | $741.0M | $6.5B | ||
| Q2 24 | $667.6M | $6.2B | ||
| Q1 24 | $1.3B | $6.3B |
总资产LEGSTWD
| Q4 25 | $3.5B | $63.2B | ||
| Q3 25 | $3.5B | $62.4B | ||
| Q2 25 | $3.7B | $62.4B | ||
| Q1 25 | $3.7B | $62.2B | ||
| Q4 24 | $3.7B | $62.6B | ||
| Q3 24 | $3.8B | $64.2B | ||
| Q2 24 | $3.8B | $64.1B | ||
| Q1 24 | $4.6B | $66.2B |
负债/权益比LEGSTWD
| Q4 25 | 1.46× | — | ||
| Q3 25 | 1.54× | — | ||
| Q2 25 | 2.10× | — | ||
| Q1 25 | 2.59× | — | ||
| Q4 24 | 2.70× | — | ||
| Q3 24 | 2.13× | — | ||
| Q2 24 | 2.55× | — | ||
| Q1 24 | 1.38× | — |
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 | $121.5M | $488.8M |
| 自由现金流经营现金流 - 资本支出 | $101.9M | — |
| 自由现金流率自由现金流/营收 | 10.9% | — |
| 资本支出强度资本支出/营收 | 2.1% | — |
| 现金转化率经营现金流/净利润 | 4.84× | 5.04× |
| 过去12个月自由现金流最近4个季度 | $281.0M | — |
8季度趋势，按日历期对齐
经营现金流LEGSTWD
| Q4 25 | $121.5M | $488.8M | ||
| Q3 25 | $125.9M | $337.6M | ||
| Q2 25 | $84.0M | $-87.4M | ||
| Q1 25 | $6.8M | $238.9M | ||
| Q4 24 | $122.3M | $295.6M | ||
| Q3 24 | $95.5M | $241.8M | ||
| Q2 24 | $94.0M | $53.3M | ||
| Q1 24 | $-6.1M | $55.9M |
自由现金流LEGSTWD
| Q4 25 | $101.9M | — | ||
| Q3 25 | $110.1M | — | ||
| Q2 25 | $75.5M | — | ||
| Q1 25 | $-6.5M | — | ||
| Q4 24 | $100.5M | — | ||
| Q3 24 | $77.1M | — | ||
| Q2 24 | $78.5M | — | ||
| Q1 24 | $-32.0M | — |
自由现金流率LEGSTWD
| Q4 25 | 10.9% | — | ||
| Q3 25 | 10.6% | — | ||
| Q2 25 | 7.1% | — | ||
| Q1 25 | -0.6% | — | ||
| Q4 24 | 9.5% | — | ||
| Q3 24 | 7.0% | — | ||
| Q2 24 | 7.0% | — | ||
| Q1 24 | -2.9% | — |
资本支出强度LEGSTWD
| Q4 25 | 2.1% | — | ||
| Q3 25 | 1.5% | — | ||
| Q2 25 | 0.8% | — | ||
| Q1 25 | 1.3% | — | ||
| Q4 24 | 2.1% | — | ||
| Q3 24 | 1.7% | — | ||
| Q2 24 | 1.4% | — | ||
| Q1 24 | 2.4% | — |
现金转化率LEGSTWD
| Q4 25 | 4.84× | 5.04× | ||
| Q3 25 | 0.99× | 4.65× | ||
| Q2 25 | 1.60× | -0.67× | ||
| Q1 25 | 0.22× | 2.13× | ||
| Q4 24 | 8.61× | 5.72× | ||
| Q3 24 | 2.13× | 3.18× | ||
| Q2 24 | — | 0.68× | ||
| Q1 24 | -0.19× | 0.36× |
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
LEG
| Bedding Products | $373.8M | 40% |
| Flooring And Textile Products Group | $196.9M | 21% |
| Automotive Group | $194.9M | 21% |
| Work Furniture Group | $66.2M | 7% |
| Home Furniture Group | $61.0M | 6% |
| Hydraulic Cylinders | $45.8M | 5% |
STWD
| Commercial And Residential Lending Segment | $335.2M | 68% |
| Infrastructure Lending Segment | $70.3M | 14% |
| Property Segment | $57.8M | 12% |
| Other | $29.7M | 6% |
