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LOUISIANA-PACIFIC CORP（LPX）与SBA Communications（SBAC）财务数据对比。点击上方公司名可切换其他公司
SBA Communications的季度营收约是LOUISIANA-PACIFIC CORP的1.2倍（$703.4M vs $566.0M），SBA Communications净利率更高（26.3% vs -1.4%，领先27.7%），SBA Communications同比增速更快（-1.6% vs -16.9%），过去两年SBA Communications的营收复合增速更高（3.2% vs -11.6%）
路易斯安那-太平洋公司（简称LP）是美国知名建材制造商，成立于1973年，是美国定向结构刨花板（OSB）生产的开创者，总部现位于田纳西州纳什维尔。作为全球最大的OSB生产商，公司还生产工程木建材产品，通过建材分销商、经销商及家居零售中心向建筑商和业主供货。
SBA Communications是一家房地产投资信托企业，核心业务为持有、运营无线通信基础设施，市场覆盖美国、加拿大、中南美洲及南非地区。公司由Steven Bernstein于1989年创立，前身为Steven Bernstein and Associates。
LPX vs SBAC — 直观对比
营收规模更大
SBAC
是对方的1.2倍
$566.0M
营收增速更快
SBAC
高出15.3%
-16.9%
净利率更高
SBAC
高出27.7%
-1.4%
两年增速更快
SBAC
近两年复合增速
-11.6%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $566.0M | $703.4M |
| 净利润 | $-8.0M | $184.9M |
| 毛利率 | 15.0% | — |
| 营业利润率 | -1.6% | 48.7% |
| 净利率 | -1.4% | 26.3% |
| 营收同比 | -16.9% | -1.6% |
| 净利润同比 | -112.9% | -15.1% |
| 每股收益（稀释后） | $-0.12 | $1.74 |
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LPXSBAC
| Q1 26 | — | $703.4M | ||
| Q4 25 | $566.0M | $719.6M | ||
| Q3 25 | $663.0M | $732.3M | ||
| Q2 25 | $755.0M | $699.0M | ||
| Q1 25 | $724.0M | $664.2M | ||
| Q4 24 | $681.0M | $693.7M | ||
| Q3 24 | $722.0M | $667.6M | ||
| Q2 24 | $814.0M | $660.5M |
净利润LPXSBAC
| Q1 26 | — | $184.9M | ||
| Q4 25 | $-8.0M | $370.4M | ||
| Q3 25 | $9.0M | $236.8M | ||
| Q2 25 | $54.0M | $225.8M | ||
| Q1 25 | $91.0M | $220.7M | ||
| Q4 24 | $62.0M | $178.8M | ||
| Q3 24 | $90.0M | $258.5M | ||
| Q2 24 | $160.0M | $162.8M |
毛利率LPXSBAC
| Q1 26 | — | — | ||
| Q4 25 | 15.0% | 75.6% | ||
| Q3 25 | 19.5% | 74.1% | ||
| Q2 25 | 23.6% | 75.4% | ||
| Q1 25 | 27.2% | 76.9% | ||
| Q4 24 | 23.8% | 78.1% | ||
| Q3 24 | 26.7% | 77.5% | ||
| Q2 24 | 32.3% | 78.6% |
营业利润率LPXSBAC
| Q1 26 | — | 48.7% | ||
| Q4 25 | -1.6% | 41.5% | ||
| Q3 25 | 2.7% | 51.1% | ||
| Q2 25 | 10.6% | 47.9% | ||
| Q1 25 | 16.6% | 50.4% | ||
| Q4 24 | 11.0% | 55.1% | ||
| Q3 24 | 16.1% | 56.3% | ||
| Q2 24 | 23.8% | 53.7% |
净利率LPXSBAC
| Q1 26 | — | 26.3% | ||
| Q4 25 | -1.4% | 51.5% | ||
| Q3 25 | 1.4% | 32.3% | ||
| Q2 25 | 7.2% | 32.3% | ||
| Q1 25 | 12.6% | 33.2% | ||
| Q4 24 | 9.1% | 25.8% | ||
| Q3 24 | 12.5% | 38.7% | ||
| Q2 24 | 19.7% | 24.7% |
每股收益（稀释后）LPXSBAC
| Q1 26 | — | $1.74 | ||
| Q4 25 | $-0.12 | $3.47 | ||
| Q3 25 | $0.13 | $2.20 | ||
| Q2 25 | $0.77 | $2.09 | ||
| Q1 25 | $1.30 | $2.04 | ||
| Q4 24 | $0.90 | $1.61 | ||
| Q3 24 | $1.28 | $2.40 | ||
| Q2 24 | $2.23 | $1.51 |
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 | $292.0M | $269.1M |
| 总债务越低越好 | $348.0M | $2.7B |
| 股东权益账面价值 | $1.7B | — |
| 总资产 | $2.6B | $11.7B |
| 负债/权益比越低杠杆越低 | 0.20× | — |
8季度趋势，按日历期对齐
现金及短期投资LPXSBAC
| Q1 26 | — | $269.1M | ||
| Q4 25 | $292.0M | $271.2M | ||
| Q3 25 | $316.0M | $431.1M | ||
| Q2 25 | $333.0M | $276.8M | ||
| Q1 25 | $256.0M | $702.2M | ||
| Q4 24 | $340.0M | $444.4M | ||
| Q3 24 | $346.0M | $202.6M | ||
| Q2 24 | $317.0M | $250.9M |
总债务LPXSBAC
| Q1 26 | — | $2.7B | ||
| Q4 25 | $348.0M | $12.9B | ||
| Q3 25 | $348.0M | $12.7B | ||
| Q2 25 | $348.0M | $12.5B | ||
| Q1 25 | $348.0M | $12.4B | ||
| Q4 24 | $348.0M | $13.6B | ||
| Q3 24 | $347.0M | $12.3B | ||
| Q2 24 | $347.0M | $12.3B |
股东权益LPXSBAC
| Q1 26 | — | — | ||
| Q4 25 | $1.7B | $-4.9B | ||
| Q3 25 | $1.7B | $-4.9B | ||
| Q2 25 | $1.7B | $-4.9B | ||
| Q1 25 | $1.7B | $-5.0B | ||
| Q4 24 | $1.7B | $-5.1B | ||
| Q3 24 | $1.7B | $-5.2B | ||
| Q2 24 | $1.7B | $-5.3B |
总资产LPXSBAC
| Q1 26 | — | $11.7B | ||
| Q4 25 | $2.6B | $11.6B | ||
| Q3 25 | $2.6B | $11.3B | ||
| Q2 25 | $2.7B | $10.8B | ||
| Q1 25 | $2.6B | $10.4B | ||
| Q4 24 | $2.6B | $11.4B | ||
| Q3 24 | $2.6B | $10.2B | ||
| Q2 24 | $2.5B | $9.8B |
负债/权益比LPXSBAC
| Q1 26 | — | — | ||
| Q4 25 | 0.20× | — | ||
| Q3 25 | 0.20× | — | ||
| Q2 25 | 0.20× | — | ||
| Q1 25 | 0.21× | — | ||
| Q4 24 | 0.21× | — | ||
| Q3 24 | 0.21× | — | ||
| Q2 24 | 0.21× | — |
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 | $67.0M | $255.1M |
| 自由现金流经营现金流 - 资本支出 | $-8.0M | — |
| 自由现金流率自由现金流/营收 | -1.4% | — |
| 资本支出强度资本支出/营收 | 13.3% | 9.5% |
| 现金转化率经营现金流/净利润 | — | 1.38× |
| 过去12个月自由现金流最近4个季度 | $91.0M | — |
8季度趋势，按日历期对齐
经营现金流LPXSBAC
| Q1 26 | — | $255.1M | ||
| Q4 25 | $67.0M | $1.3B | ||
| Q3 25 | $89.0M | $318.0M | ||
| Q2 25 | $162.0M | $368.1M | ||
| Q1 25 | $64.0M | $301.2M | ||
| Q4 24 | $105.0M | $1.3B | ||
| Q3 24 | $183.0M | $304.7M | ||
| Q2 24 | $212.0M | $425.6M |
自由现金流LPXSBAC
| Q1 26 | — | — | ||
| Q4 25 | $-8.0M | $833.3M | ||
| Q3 25 | $5.0M | $258.0M | ||
| Q2 25 | $94.0M | $312.2M | ||
| Q1 25 | $0 | $255.0M | ||
| Q4 24 | $43.0M | $1.2B | ||
| Q3 24 | $139.0M | $239.9M | ||
| Q2 24 | $176.0M | $375.6M |
自由现金流率LPXSBAC
| Q1 26 | — | — | ||
| Q4 25 | -1.4% | 115.8% | ||
| Q3 25 | 0.8% | 35.2% | ||
| Q2 25 | 12.5% | 44.7% | ||
| Q1 25 | 0.0% | 38.4% | ||
| Q4 24 | 6.3% | 179.9% | ||
| Q3 24 | 19.3% | 35.9% | ||
| Q2 24 | 21.6% | 56.9% |
资本支出强度LPXSBAC
| Q1 26 | — | 9.5% | ||
| Q4 25 | 13.3% | 63.7% | ||
| Q3 25 | 12.7% | 8.2% | ||
| Q2 25 | 9.0% | 8.0% | ||
| Q1 25 | 8.8% | 7.0% | ||
| Q4 24 | 9.1% | 12.6% | ||
| Q3 24 | 6.1% | 9.7% | ||
| Q2 24 | 4.4% | 7.6% |
现金转化率LPXSBAC
| Q1 26 | — | 1.38× | ||
| Q4 25 | — | 3.49× | ||
| Q3 25 | 9.89× | 1.34× | ||
| Q2 25 | 3.00× | 1.63× | ||
| Q1 25 | 0.70× | 1.36× | ||
| Q4 24 | 1.69× | 7.47× | ||
| Q3 24 | 2.03× | 1.18× | ||
| Q2 24 | 1.32× | 2.61× |
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
LPX
| OS Bvalueadd | $472.0M | 83% |
| Other | $84.0M | 15% |
| Otherproducts | $10.0M | 2% |
SBAC
| Site leasing | $656.1M | 93% |
| Site development | $47.3M | 7% |
