vs
MACERICH CO（MAC）与医疗房产信托（SVC）财务数据对比。点击上方公司名可切换其他公司
医疗房产信托的季度营收约是MACERICH CO的1.1倍（$296.5M vs $261.7M），医疗房产信托净利率更高（-0.3% vs -7.2%，领先6.9%），MACERICH CO同比增速更快（-4.4% vs -17.0%），过去两年MACERICH CO的营收复合增速更高（12.0% vs -6.1%）
Macerich是一家专注于购物中心投资的房地产投资信托基金，为美国第三大购物中心持有及运营商。截至2024年12月31日，公司共持有43处物业的权益，可租赁总面积达4300万平方英尺，公司名称由创始人Mace Siegel与Richard Cohen的名字组合而来。
医疗房产信托（MPT）是总部位于阿拉巴马州伯明翰的国际房地产投资信托（REIT），主要在美国和欧洲地区收购投资医疗设施与营利性医疗控股公司。该公司的房产收购多采用售后回租模式，原产权方出售房产给MPT后成为承租租户，其租户普遍签订长期三净租约。
MAC vs SVC — 直观对比
营收规模更大
SVC
是对方的1.1倍
$261.7M
营收增速更快
MAC
高出12.6%
-17.0%
净利率更高
SVC
高出6.9%
-7.2%
两年增速更快
MAC
近两年复合增速
-6.1%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $261.7M | $296.5M |
| 净利润 | $-18.8M | $-782.0K |
| 毛利率 | — | — |
| 营业利润率 | — | -3.9% |
| 净利率 | -7.2% | -0.3% |
| 营收同比 | -4.4% | -17.0% |
| 净利润同比 | 91.1% | 99.0% |
| 每股收益（稀释后） | $-0.08 | $-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MACSVC
| Q4 25 | $261.7M | $296.5M | ||
| Q3 25 | $253.3M | $377.6M | ||
| Q2 25 | $249.8M | $404.4M | ||
| Q1 25 | $249.2M | $335.0M | ||
| Q4 24 | $273.7M | $357.0M | ||
| Q3 24 | $220.2M | $390.9M | ||
| Q2 24 | $215.5M | $412.5M | ||
| Q1 24 | $208.8M | $336.2M |
净利润MACSVC
| Q4 25 | $-18.8M | $-782.0K | ||
| Q3 25 | $-87.4M | $-46.9M | ||
| Q2 25 | $-40.9M | $-38.2M | ||
| Q1 25 | $-50.1M | $-116.4M | ||
| Q4 24 | $-211.2M | $-76.4M | ||
| Q3 24 | $-108.2M | $-46.9M | ||
| Q2 24 | $252.0M | $-73.8M | ||
| Q1 24 | $-126.7M | $-78.4M |
营业利润率MACSVC
| Q4 25 | — | -3.9% | ||
| Q3 25 | — | -12.8% | ||
| Q2 25 | — | -9.2% | ||
| Q1 25 | — | -33.3% | ||
| Q4 24 | — | -19.4% | ||
| Q3 24 | — | -12.8% | ||
| Q2 24 | — | -17.1% | ||
| Q1 24 | — | -21.4% |
净利率MACSVC
| Q4 25 | -7.2% | -0.3% | ||
| Q3 25 | -34.5% | -12.4% | ||
| Q2 25 | -16.4% | -9.4% | ||
| Q1 25 | -20.1% | -34.8% | ||
| Q4 24 | -77.2% | -21.4% | ||
| Q3 24 | -49.1% | -12.0% | ||
| Q2 24 | 116.9% | -17.9% | ||
| Q1 24 | -60.7% | -23.3% |
每股收益（稀释后）MACSVC
| Q4 25 | $-0.08 | $-0.01 | ||
| Q3 25 | $-0.34 | $-0.28 | ||
| Q2 25 | $-0.16 | $-0.23 | ||
| Q1 25 | $-0.20 | $-0.70 | ||
| Q4 24 | $-0.95 | $-0.46 | ||
| Q3 24 | $-0.50 | $-0.28 | ||
| Q2 24 | $1.16 | $-0.45 | ||
| Q1 24 | $-0.59 | $-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 | $280.2M | $346.8M |
| 总债务越低越好 | $5.1B | $5.5B |
| 股东权益账面价值 | $2.4B | $646.1M |
| 总资产 | $8.4B | $6.5B |
| 负债/权益比越低杠杆越低 | 2.07× | 8.52× |
8季度趋势，按日历期对齐
现金及短期投资MACSVC
| Q4 25 | $280.2M | $346.8M | ||
| Q3 25 | $290.2M | $417.4M | ||
| Q2 25 | $131.1M | $63.2M | ||
| Q1 25 | $253.2M | $80.1M | ||
| Q4 24 | $89.9M | $143.5M | ||
| Q3 24 | $116.5M | $48.6M | ||
| Q2 24 | $70.7M | $14.6M | ||
| Q1 24 | $120.1M | $71.3M |
总债务MACSVC
| Q4 25 | $5.1B | $5.5B | ||
| Q3 25 | $5.1B | — | ||
| Q2 25 | $5.2B | — | ||
| Q1 25 | $5.2B | — | ||
| Q4 24 | $4.9B | $5.8B | ||
| Q3 24 | $4.3B | — | ||
| Q2 24 | $4.4B | — | ||
| Q1 24 | $4.1B | — |
股东权益MACSVC
| Q4 25 | $2.4B | $646.1M | ||
| Q3 25 | $2.5B | $647.9M | ||
| Q2 25 | $2.6B | $695.9M | ||
| Q1 25 | $2.7B | $734.6M | ||
| Q4 24 | $2.8B | $851.9M | ||
| Q3 24 | $2.5B | $929.0M | ||
| Q2 24 | $2.5B | $1.0B | ||
| Q1 24 | $2.3B | $1.1B |
总资产MACSVC
| Q4 25 | $8.4B | $6.5B | ||
| Q3 25 | $8.4B | $7.0B | ||
| Q2 25 | $8.7B | $6.9B | ||
| Q1 25 | $8.7B | $7.0B | ||
| Q4 24 | $8.6B | $7.1B | ||
| Q3 24 | $7.6B | $7.1B | ||
| Q2 24 | $7.8B | $7.1B | ||
| Q1 24 | $7.4B | $7.2B |
负债/权益比MACSVC
| Q4 25 | 2.07× | 8.52× | ||
| Q3 25 | 2.02× | — | ||
| Q2 25 | 2.02× | — | ||
| Q1 25 | 1.96× | — | ||
| Q4 24 | 1.78× | 6.85× | ||
| Q3 24 | 1.73× | — | ||
| Q2 24 | 1.75× | — | ||
| Q1 24 | 1.79× | — |
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 | $50.2M | $-18.5M |
| 自由现金流经营现金流 - 资本支出 | — | $-95.2M |
| 自由现金流率自由现金流/营收 | — | -32.1% |
| 资本支出强度资本支出/营收 | — | 25.9% |
| 现金转化率经营现金流/净利润 | — | — |
| 过去12个月自由现金流最近4个季度 | — | $-107.0M |
8季度趋势，按日历期对齐
经营现金流MACSVC
| Q4 25 | $50.2M | $-18.5M | ||
| Q3 25 | $112.4M | $98.1M | ||
| Q2 25 | $70.5M | $-7.0K | ||
| Q1 25 | $88.5M | $38.2M | ||
| Q4 24 | $54.9M | $-9.7M | ||
| Q3 24 | $100.0M | $106.2M | ||
| Q2 24 | $67.4M | $43.8M | ||
| Q1 24 | $61.1M | $-926.0K |
自由现金流MACSVC
| Q4 25 | — | $-95.2M | ||
| Q3 25 | — | $57.9M | ||
| Q2 25 | — | $-46.6M | ||
| Q1 25 | — | $-23.2M | ||
| Q4 24 | — | $-88.9M | ||
| Q3 24 | — | $24.1M | ||
| Q2 24 | — | $-22.3M | ||
| Q1 24 | — | $-77.2M |
自由现金流率MACSVC
| Q4 25 | — | -32.1% | ||
| Q3 25 | — | 15.3% | ||
| Q2 25 | — | -11.5% | ||
| Q1 25 | — | -6.9% | ||
| Q4 24 | — | -24.9% | ||
| Q3 24 | — | 6.2% | ||
| Q2 24 | — | -5.4% | ||
| Q1 24 | — | -23.0% |
资本支出强度MACSVC
| Q4 25 | — | 25.9% | ||
| Q3 25 | — | 10.6% | ||
| Q2 25 | — | 11.5% | ||
| Q1 25 | — | 18.3% | ||
| Q4 24 | — | 22.2% | ||
| Q3 24 | — | 21.0% | ||
| Q2 24 | — | 16.0% | ||
| Q1 24 | — | 22.7% |
现金转化率MACSVC
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | 0.27× | — | ||
| Q1 24 | — | — |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
