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Mid-America Apartment Communities（MAA）与Sphere Entertainment Co.（SPHR）财务数据对比。点击上方公司名可切换其他公司
Mid-America Apartment Communities的季度营收约是Sphere Entertainment Co.的1.4倍（$555.6M vs $393.8M），Sphere Entertainment Co.净利率更高（16.4% vs 10.4%，领先6.1%），过去两年Sphere Entertainment Co.的营收复合增速更高（12.1% vs 1.1%）
Mid-America Apartment Communities（股票代码：MAA）是一家公开上市的房地产投资信托基金，总部位于美国田纳西州孟菲斯市，核心业务为投资美国东南部及西南部地区的公寓物业，深耕美国高增长区域住宅不动产赛道，为股东创造稳定的长期投资回报。
Sphere Entertainment Co.是总部位于纽约的美国娱乐控股企业，由查尔斯·多兰家族掌控，旗下拥有位于内华达州拉斯维加斯谷帕拉代斯的Sphere演艺场馆，以及总部位于纽约的区域体育网络连锁品牌MSG Networks。
MAA vs SPHR — 直观对比
营收规模更大
MAA
是对方的1.4倍
$393.8M
净利率更高
SPHR
高出6.1%
10.4%
两年增速更快
SPHR
近两年复合增速
1.1%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $555.6M | $393.8M |
| 净利润 | $57.6M | $64.7M |
| 毛利率 | — | — |
| 营业利润率 | 10.4% | 7.3% |
| 净利率 | 10.4% | 16.4% |
| 营收同比 | 1.0% | — |
| 净利润同比 | -65.5% | — |
| 每股收益（稀释后） | $0.48 | $2.42 |
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MAASPHR
| Q4 25 | $555.6M | $393.8M | ||
| Q3 25 | $554.4M | $262.1M | ||
| Q2 25 | $549.9M | $282.2M | ||
| Q1 25 | $549.3M | $280.1M | ||
| Q4 24 | $549.8M | — | ||
| Q3 24 | $551.1M | $227.1M | ||
| Q2 24 | $546.4M | $272.6M | ||
| Q1 24 | $543.6M | $320.6M |
净利润MAASPHR
| Q4 25 | $57.6M | $64.7M | ||
| Q3 25 | $99.5M | $-101.2M | ||
| Q2 25 | $108.1M | $151.8M | ||
| Q1 25 | $181.7M | $-82.0M | ||
| Q4 24 | $166.6M | — | ||
| Q3 24 | $115.2M | $-105.3M | ||
| Q2 24 | $102.0M | $-46.6M | ||
| Q1 24 | $143.7M | $-47.2M |
营业利润率MAASPHR
| Q4 25 | 10.4% | 7.3% | ||
| Q3 25 | 18.7% | -49.5% | ||
| Q2 25 | 20.2% | -17.8% | ||
| Q1 25 | 34.0% | -28.1% | ||
| Q4 24 | 31.3% | — | ||
| Q3 24 | 21.5% | -51.8% | ||
| Q2 24 | 19.3% | -66.3% | ||
| Q1 24 | 27.4% | -12.6% |
净利率MAASPHR
| Q4 25 | 10.4% | 16.4% | ||
| Q3 25 | 18.0% | -38.6% | ||
| Q2 25 | 19.7% | 53.8% | ||
| Q1 25 | 33.1% | -29.3% | ||
| Q4 24 | 30.3% | — | ||
| Q3 24 | 20.9% | -46.4% | ||
| Q2 24 | 18.7% | -17.1% | ||
| Q1 24 | 26.4% | -14.7% |
每股收益（稀释后）MAASPHR
| Q4 25 | $0.48 | $2.42 | ||
| Q3 25 | $0.84 | $-2.80 | ||
| Q2 25 | $0.92 | $3.39 | ||
| Q1 25 | $1.54 | $-2.27 | ||
| Q4 24 | $1.43 | — | ||
| Q3 24 | $0.98 | $-2.95 | ||
| Q2 24 | $0.86 | $-1.33 | ||
| Q1 24 | $1.22 | $-1.33 |
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 | $60.3M | — |
| 总债务越低越好 | — | $692.7M |
| 股东权益账面价值 | $5.7B | $2.2B |
| 总资产 | $12.0B | $4.2B |
| 负债/权益比越低杠杆越低 | — | 0.31× |
8季度趋势，按日历期对齐
现金及短期投资MAASPHR
| Q4 25 | $60.3M | — | ||
| Q3 25 | $32.2M | $384.8M | ||
| Q2 25 | $54.5M | $355.7M | ||
| Q1 25 | $55.8M | $465.0M | ||
| Q4 24 | $43.0M | — | ||
| Q3 24 | $50.2M | — | ||
| Q2 24 | $62.8M | $559.8M | ||
| Q1 24 | $54.6M | — |
总债务MAASPHR
| Q4 25 | — | $692.7M | ||
| Q3 25 | — | $733.8M | ||
| Q2 25 | — | $743.8M | ||
| Q1 25 | — | $1.3B | ||
| Q4 24 | — | — | ||
| Q3 24 | — | $1.4B | ||
| Q2 24 | — | $1.4B | ||
| Q1 24 | — | $1.4B |
股东权益MAASPHR
| Q4 25 | $5.7B | $2.2B | ||
| Q3 25 | $5.8B | $2.2B | ||
| Q2 25 | $5.9B | $2.3B | ||
| Q1 25 | $5.9B | $2.1B | ||
| Q4 24 | $5.9B | — | ||
| Q3 24 | $5.9B | $2.3B | ||
| Q2 24 | $6.0B | $2.4B | ||
| Q1 24 | $6.1B | $2.4B |
总资产MAASPHR
| Q4 25 | $12.0B | $4.2B | ||
| Q3 25 | $11.9B | $4.1B | ||
| Q2 25 | $11.8B | $4.2B | ||
| Q1 25 | $11.8B | $4.4B | ||
| Q4 24 | $11.8B | — | ||
| Q3 24 | $11.8B | $4.6B | ||
| Q2 24 | $11.6B | — | ||
| Q1 24 | $11.5B | $4.9B |
负债/权益比MAASPHR
| Q4 25 | — | 0.31× | ||
| Q3 25 | — | 0.34× | ||
| Q2 25 | — | 0.32× | ||
| Q1 25 | — | 0.62× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 0.59× | ||
| Q2 24 | — | 0.57× | ||
| Q1 24 | — | 0.57× |
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 | $261.7M | $180.2M |
| 自由现金流经营现金流 - 资本支出 | $158.6M | — |
| 自由现金流率自由现金流/营收 | 28.5% | — |
| 资本支出强度资本支出/营收 | 18.6% | — |
| 现金转化率经营现金流/净利润 | 4.55× | 2.78× |
| 过去12个月自由现金流最近4个季度 | $717.9M | — |
8季度趋势，按日历期对齐
经营现金流MAASPHR
| Q4 25 | $261.7M | $180.2M | ||
| Q3 25 | $266.4M | $115.8M | ||
| Q2 25 | $353.4M | $-59.1M | ||
| Q1 25 | $196.6M | $6.3M | ||
| Q4 24 | $239.1M | — | ||
| Q3 24 | $309.5M | $34.1M | ||
| Q2 24 | $349.4M | $-72.4M | ||
| Q1 24 | $200.3M | $101.0M |
自由现金流MAASPHR
| Q4 25 | $158.6M | — | ||
| Q3 25 | $170.8M | — | ||
| Q2 25 | $264.5M | — | ||
| Q1 25 | $124.0M | — | ||
| Q4 24 | $152.6M | — | ||
| Q3 24 | $215.5M | — | ||
| Q2 24 | $259.7M | — | ||
| Q1 24 | $148.2M | — |
自由现金流率MAASPHR
| Q4 25 | 28.5% | — | ||
| Q3 25 | 30.8% | — | ||
| Q2 25 | 48.1% | — | ||
| Q1 25 | 22.6% | — | ||
| Q4 24 | 27.8% | — | ||
| Q3 24 | 39.1% | — | ||
| Q2 24 | 47.5% | — | ||
| Q1 24 | 27.3% | — |
资本支出强度MAASPHR
| Q4 25 | 18.6% | — | ||
| Q3 25 | 17.2% | — | ||
| Q2 25 | 16.2% | — | ||
| Q1 25 | 13.2% | — | ||
| Q4 24 | 15.7% | — | ||
| Q3 24 | 17.1% | — | ||
| Q2 24 | 16.4% | — | ||
| Q1 24 | 9.6% | — |
现金转化率MAASPHR
| Q4 25 | 4.55× | 2.78× | ||
| Q3 25 | 2.68× | — | ||
| Q2 25 | 3.27× | -0.39× | ||
| Q1 25 | 1.08× | — | ||
| Q4 24 | 1.43× | — | ||
| Q3 24 | 2.69× | — | ||
| Q2 24 | 3.43× | — | ||
| Q1 24 | 1.39× | — |
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
MAA
| Same Store | $515.5M | 93% |
| Non Same Store And Other | $36.8M | 7% |
SPHR
| Ticketing And Venue License Fee Revenues | $198.5M | 50% |
| Media Networks Revenue | $120.1M | 30% |
| Sponsorship Signage Exosphere Advertising And Suite Licenses | $32.2M | 8% |
| Food Beverage And Merchandise Revenues | $27.6M | 7% |
| Other | $13.2M | 3% |
| Related Party | $2.3M | 1% |
