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Masco（MAS）与Welltower（WELL）财务数据对比。点击上方公司名可切换其他公司
Welltower的季度营收约是Masco的1.3倍（$2.6B vs $1.9B），Masco净利率更高（11.9% vs 4.6%，领先7.3%），Welltower同比增速更快（45.1% vs 6.5%），过去两年Welltower的营收复合增速更高（37.1% vs -4.2%）
美国家居建材企业Masco主营家装及新建住宅市场相关产品，旗下拥有20余家子公司，在全球运营近80座生产工厂，其中美国本土近60座，海外地区超20座。公司1969年于纽交所挂牌上市，后实现快速增长，成功跻身美国财富500强榜单。
Welltower Inc.是一家专注于医疗基础设施领域的房地产投资信托企业，核心业务为医疗类地产投资运营。截至2022年12月31日，公司投资的物业总量约3000处，全部布局于美国、加拿大及英国市场，是全球医疗地产投资领域的代表性企业之一。
MAS vs WELL — 直观对比
营收规模更大
WELL
是对方的1.3倍
$1.9B
营收增速更快
WELL
高出38.6%
6.5%
净利率更高
MAS
高出7.3%
4.6%
两年增速更快
WELL
近两年复合增速
-4.2%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.9B | $2.6B |
| 净利润 | $228.0M | $117.8M |
| 毛利率 | 35.8% | 24.3% |
| 营业利润率 | 16.5% | — |
| 净利率 | 11.9% | 4.6% |
| 营收同比 | 6.5% | 45.1% |
| 净利润同比 | 14.5% | -4.8% |
| 每股收益（稀释后） | — | $0.13 |
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MASWELL
| Q1 26 | $1.9B | — | ||
| Q4 25 | $1.8B | $2.6B | ||
| Q3 25 | $1.9B | $2.1B | ||
| Q2 25 | $2.1B | $2.0B | ||
| Q1 25 | $1.8B | $1.9B | ||
| Q4 24 | $1.8B | $1.8B | ||
| Q3 24 | $2.0B | $1.5B | ||
| Q2 24 | $2.1B | $1.4B |
净利润MASWELL
| Q1 26 | $228.0M | — | ||
| Q4 25 | $165.0M | $117.8M | ||
| Q3 25 | $189.0M | $282.2M | ||
| Q2 25 | $270.0M | $304.6M | ||
| Q1 25 | $186.0M | $257.3M | ||
| Q4 24 | $182.0M | $123.8M | ||
| Q3 24 | $167.0M | $456.8M | ||
| Q2 24 | $258.0M | $260.7M |
毛利率MASWELL
| Q1 26 | 35.8% | — | ||
| Q4 25 | 33.9% | 24.3% | ||
| Q3 25 | 34.2% | 23.5% | ||
| Q2 25 | 37.6% | 23.2% | ||
| Q1 25 | 35.8% | 21.6% | ||
| Q4 24 | 34.8% | 20.0% | ||
| Q3 24 | 36.6% | 19.8% | ||
| Q2 24 | 37.5% | 20.2% |
营业利润率MASWELL
| Q1 26 | 16.5% | — | ||
| Q4 25 | 13.8% | — | ||
| Q3 25 | 15.8% | 14.2% | ||
| Q2 25 | 20.1% | 15.1% | ||
| Q1 25 | 15.9% | 10.7% | ||
| Q4 24 | 15.9% | 6.2% | ||
| Q3 24 | 18.0% | 12.2% | ||
| Q2 24 | 19.0% | 6.5% |
净利率MASWELL
| Q1 26 | 11.9% | — | ||
| Q4 25 | 9.2% | 4.6% | ||
| Q3 25 | 9.9% | 13.7% | ||
| Q2 25 | 13.2% | 15.5% | ||
| Q1 25 | 10.3% | 13.8% | ||
| Q4 24 | 10.0% | 7.0% | ||
| Q3 24 | 8.4% | 30.2% | ||
| Q2 24 | 12.3% | 18.7% |
每股收益（稀释后）MASWELL
| Q1 26 | — | — | ||
| Q4 25 | $0.81 | $0.13 | ||
| Q3 25 | $0.90 | $0.41 | ||
| Q2 25 | $1.28 | $0.45 | ||
| Q1 25 | $0.87 | $0.40 | ||
| Q4 24 | $0.85 | $0.20 | ||
| Q3 24 | $0.77 | $0.73 | ||
| Q2 24 | $1.17 | $0.42 |
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 | — | $5.0B |
| 总债务越低越好 | $2.9B | $19.2B |
| 股东权益账面价值 | $27.0M | $42.1B |
| 总资产 | $5.2B | $67.3B |
| 负债/权益比越低杠杆越低 | 109.07× | 0.46× |
8季度趋势，按日历期对齐
现金及短期投资MASWELL
| Q1 26 | — | — | ||
| Q4 25 | $647.0M | $5.0B | ||
| Q3 25 | $559.0M | $6.8B | ||
| Q2 25 | $390.0M | $4.4B | ||
| Q1 25 | $377.0M | $3.5B | ||
| Q4 24 | $634.0M | $3.5B | ||
| Q3 24 | $646.0M | $3.6B | ||
| Q2 24 | $398.0M | $2.8B |
总债务MASWELL
| Q1 26 | $2.9B | — | ||
| Q4 25 | $2.9B | $19.2B | ||
| Q3 25 | — | $16.9B | ||
| Q2 25 | — | $16.0B | ||
| Q1 25 | — | $15.7B | ||
| Q4 24 | $2.9B | $15.5B | ||
| Q3 24 | — | $15.8B | ||
| Q2 24 | — | $13.9B |
股东权益MASWELL
| Q1 26 | $27.0M | — | ||
| Q4 25 | $-185.0M | $42.1B | ||
| Q3 25 | $-78.0M | $38.8B | ||
| Q2 25 | $-84.0M | $35.9B | ||
| Q1 25 | $-254.0M | $34.0B | ||
| Q4 24 | $-279.0M | $32.0B | ||
| Q3 24 | $-88.0M | $30.3B | ||
| Q2 24 | $-26.0M | $29.0B |
总资产MASWELL
| Q1 26 | $5.2B | — | ||
| Q4 25 | $5.2B | $67.3B | ||
| Q3 25 | $5.3B | $59.5B | ||
| Q2 25 | $5.3B | $55.8B | ||
| Q1 25 | $5.1B | $53.3B | ||
| Q4 24 | $5.0B | $51.0B | ||
| Q3 24 | $5.3B | $49.0B | ||
| Q2 24 | $5.4B | $45.5B |
负债/权益比MASWELL
| Q1 26 | 109.07× | — | ||
| Q4 25 | — | 0.46× | ||
| Q3 25 | — | 0.43× | ||
| Q2 25 | — | 0.44× | ||
| Q1 25 | — | 0.46× | ||
| Q4 24 | — | 0.49× | ||
| Q3 24 | — | 0.52× | ||
| Q2 24 | — | 0.48× |
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 | — | $654.3M |
| 自由现金流经营现金流 - 资本支出 | — | $340.4M |
| 自由现金流率自由现金流/营收 | — | 13.3% |
| 资本支出强度资本支出/营收 | 1.8% | 12.3% |
| 现金转化率经营现金流/净利润 | — | 5.56× |
| 过去12个月自由现金流最近4个季度 | — | $1.8B |
8季度趋势，按日历期对齐
经营现金流MASWELL
| Q1 26 | — | — | ||
| Q4 25 | $418.0M | $654.3M | ||
| Q3 25 | $456.0M | $858.4M | ||
| Q2 25 | $306.0M | $770.0M | ||
| Q1 25 | $-158.0M | $599.0M | ||
| Q4 24 | $407.0M | $559.2M | ||
| Q3 24 | $416.0M | $685.0M | ||
| Q2 24 | $346.0M | $605.4M |
自由现金流MASWELL
| Q1 26 | — | — | ||
| Q4 25 | $371.0M | $340.4M | ||
| Q3 25 | $415.0M | $595.3M | ||
| Q2 25 | $270.0M | $537.2M | ||
| Q1 25 | $-190.0M | $358.6M | ||
| Q4 24 | $351.0M | $240.4M | ||
| Q3 24 | $378.0M | $443.8M | ||
| Q2 24 | $303.0M | $440.3M |
自由现金流率MASWELL
| Q1 26 | — | — | ||
| Q4 25 | 20.7% | 13.3% | ||
| Q3 25 | 21.6% | 28.9% | ||
| Q2 25 | 13.2% | 27.3% | ||
| Q1 25 | -10.5% | 19.2% | ||
| Q4 24 | 19.2% | 13.6% | ||
| Q3 24 | 19.1% | 29.4% | ||
| Q2 24 | 14.5% | 31.6% |
资本支出强度MASWELL
| Q1 26 | 1.8% | — | ||
| Q4 25 | 2.6% | 12.3% | ||
| Q3 25 | 2.1% | 12.8% | ||
| Q2 25 | 1.8% | 11.8% | ||
| Q1 25 | 1.8% | 12.9% | ||
| Q4 24 | 3.1% | 18.1% | ||
| Q3 24 | 1.9% | 16.0% | ||
| Q2 24 | 2.1% | 11.8% |
现金转化率MASWELL
| Q1 26 | — | — | ||
| Q4 25 | 2.53× | 5.56× | ||
| Q3 25 | 2.41× | 3.04× | ||
| Q2 25 | 1.13× | 2.53× | ||
| Q1 25 | -0.85× | 2.33× | ||
| Q4 24 | 2.24× | 4.52× | ||
| Q3 24 | 2.49× | 1.50× | ||
| Q2 24 | 1.34× | 2.32× |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
