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M&T Bank（MTB）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M&T Bank的1.4倍（$3.4B vs $2.5B），M&T Bank净利率更高（30.7% vs 22.4%，领先8.2%），Welltower同比增速更快（38.3% vs 3.8%），过去两年Welltower的营收复合增速更高（55.1% vs 4.6%）
M&T银行是总部位于美国纽约州布法罗的银行控股企业，业务覆盖美国东部从缅因州到弗吉尼亚州的12个州及华盛顿特区，运营超过950家线下网点。其控股主体1998年5月前名为第一帝国州公司，之后更为现名。
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。
MTB vs WELL — 直观对比
营收规模更大
WELL
是对方的1.4倍
$2.5B
营收增速更快
WELL
高出34.6%
3.8%
净利率更高
MTB
高出8.2%
22.4%
两年增速更快
WELL
近两年复合增速
4.6%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $2.5B | $3.4B |
| 净利润 | $759.0M | $752.3M |
| 毛利率 | — | — |
| 营业利润率 | 39.2% | — |
| 净利率 | 30.7% | 22.4% |
| 营收同比 | 3.8% | 38.3% |
| 净利润同比 | 11.5% | 192.4% |
| 每股收益（稀释后） | $4.62 | — |
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MTBWELL
| Q1 26 | — | $3.4B | ||
| Q4 25 | $2.5B | $2.6B | ||
| Q3 25 | $2.5B | $2.1B | ||
| Q2 25 | $2.4B | $2.0B | ||
| Q1 25 | $2.3B | $1.9B | ||
| Q4 24 | $2.4B | $1.8B | ||
| Q3 24 | $2.3B | $1.5B | ||
| Q2 24 | $2.3B | $1.4B |
净利润MTBWELL
| Q1 26 | — | $752.3M | ||
| Q4 25 | $759.0M | $117.8M | ||
| Q3 25 | $792.0M | $282.2M | ||
| Q2 25 | $716.0M | $304.6M | ||
| Q1 25 | $584.0M | $257.3M | ||
| Q4 24 | $681.0M | $123.8M | ||
| Q3 24 | $721.0M | $456.8M | ||
| Q2 24 | $655.0M | $260.7M |
毛利率MTBWELL
| Q1 26 | — | — | ||
| Q4 25 | — | 24.3% | ||
| Q3 25 | — | 23.5% | ||
| Q2 25 | — | 23.2% | ||
| Q1 25 | — | 21.6% | ||
| Q4 24 | — | 20.0% | ||
| Q3 24 | — | 19.8% | ||
| Q2 24 | — | 20.2% |
营业利润率MTBWELL
| Q1 26 | — | — | ||
| Q4 25 | 39.2% | — | ||
| Q3 25 | 40.8% | 14.2% | ||
| Q2 25 | 39.0% | 15.1% | ||
| Q1 25 | 33.0% | 10.7% | ||
| Q4 24 | 37.0% | 6.2% | ||
| Q3 24 | 39.0% | 12.2% | ||
| Q2 24 | 37.1% | 6.5% |
净利率MTBWELL
| Q1 26 | — | 22.4% | ||
| Q4 25 | 30.7% | 4.6% | ||
| Q3 25 | 31.5% | 13.7% | ||
| Q2 25 | 29.9% | 15.5% | ||
| Q1 25 | 25.3% | 13.8% | ||
| Q4 24 | 28.6% | 7.0% | ||
| Q3 24 | 30.9% | 30.2% | ||
| Q2 24 | 28.5% | 18.7% |
每股收益（稀释后）MTBWELL
| Q1 26 | — | — | ||
| Q4 25 | $4.62 | $0.13 | ||
| Q3 25 | $4.82 | $0.41 | ||
| Q2 25 | $4.24 | $0.45 | ||
| Q1 25 | $3.32 | $0.40 | ||
| Q4 24 | $3.87 | $0.20 | ||
| Q3 24 | $4.02 | $0.73 | ||
| Q2 24 | $3.73 | $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 | — | $4.7B |
| 总债务越低越好 | $10.9B | — |
| 股东权益账面价值 | $29.2B | $44.7B |
| 总资产 | $213.5B | $67.2B |
| 负债/权益比越低杠杆越低 | 0.37× | — |
8季度趋势，按日历期对齐
现金及短期投资MTBWELL
| Q1 26 | — | $4.7B | ||
| Q4 25 | — | $5.0B | ||
| Q3 25 | — | $6.8B | ||
| Q2 25 | — | $4.4B | ||
| Q1 25 | — | $3.5B | ||
| Q4 24 | — | $3.5B | ||
| Q3 24 | — | $3.6B | ||
| Q2 24 | — | $2.8B |
总债务MTBWELL
| Q1 26 | — | — | ||
| Q4 25 | $10.9B | $19.2B | ||
| Q3 25 | $12.9B | $16.9B | ||
| Q2 25 | $12.4B | $16.0B | ||
| Q1 25 | $10.5B | $15.7B | ||
| Q4 24 | $12.6B | $15.5B | ||
| Q3 24 | $11.6B | $15.8B | ||
| Q2 24 | $11.3B | $13.9B |
股东权益MTBWELL
| Q1 26 | — | $44.7B | ||
| Q4 25 | $29.2B | $42.1B | ||
| Q3 25 | $28.7B | $38.8B | ||
| Q2 25 | $28.5B | $35.9B | ||
| Q1 25 | $29.0B | $34.0B | ||
| Q4 24 | $29.0B | $32.0B | ||
| Q3 24 | $28.9B | $30.3B | ||
| Q2 24 | $28.4B | $29.0B |
总资产MTBWELL
| Q1 26 | — | $67.2B | ||
| Q4 25 | $213.5B | $67.3B | ||
| Q3 25 | $211.3B | $59.5B | ||
| Q2 25 | $211.6B | $55.8B | ||
| Q1 25 | $210.3B | $53.3B | ||
| Q4 24 | $208.1B | $51.0B | ||
| Q3 24 | $211.8B | $49.0B | ||
| Q2 24 | $208.9B | $45.5B |
负债/权益比MTBWELL
| Q1 26 | — | — | ||
| Q4 25 | 0.37× | 0.46× | ||
| Q3 25 | 0.45× | 0.43× | ||
| Q2 25 | 0.43× | 0.44× | ||
| Q1 25 | 0.36× | 0.46× | ||
| Q4 24 | 0.43× | 0.49× | ||
| Q3 24 | 0.40× | 0.52× | ||
| Q2 24 | 0.40× | 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 | $3.0B | — |
| 自由现金流经营现金流 - 资本支出 | — | — |
| 自由现金流率自由现金流/营收 | — | — |
| 资本支出强度资本支出/营收 | — | — |
| 现金转化率经营现金流/净利润 | 3.96× | — |
| 过去12个月自由现金流最近4个季度 | — | — |
8季度趋势，按日历期对齐
经营现金流MTBWELL
| Q1 26 | — | — | ||
| Q4 25 | $3.0B | $654.3M | ||
| Q3 25 | $1.0B | $858.4M | ||
| Q2 25 | $844.0M | $770.0M | ||
| Q1 25 | $635.0M | $599.0M | ||
| Q4 24 | $3.6B | $559.2M | ||
| Q3 24 | $-28.0M | $685.0M | ||
| Q2 24 | $1.4B | $605.4M |
自由现金流MTBWELL
| Q1 26 | — | — | ||
| Q4 25 | — | $340.4M | ||
| Q3 25 | — | $595.3M | ||
| Q2 25 | — | $537.2M | ||
| Q1 25 | — | $358.6M | ||
| Q4 24 | — | $240.4M | ||
| Q3 24 | — | $443.8M | ||
| Q2 24 | — | $440.3M |
自由现金流率MTBWELL
| Q1 26 | — | — | ||
| Q4 25 | — | 13.3% | ||
| Q3 25 | — | 28.9% | ||
| Q2 25 | — | 27.3% | ||
| Q1 25 | — | 19.2% | ||
| Q4 24 | — | 13.6% | ||
| Q3 24 | — | 29.4% | ||
| Q2 24 | — | 31.6% |
资本支出强度MTBWELL
| Q1 26 | — | — | ||
| Q4 25 | — | 12.3% | ||
| Q3 25 | — | 12.8% | ||
| Q2 25 | — | 11.8% | ||
| Q1 25 | — | 12.9% | ||
| Q4 24 | — | 18.1% | ||
| Q3 24 | — | 16.0% | ||
| Q2 24 | — | 11.8% |
现金转化率MTBWELL
| Q1 26 | — | — | ||
| Q4 25 | 3.96× | 5.56× | ||
| Q3 25 | 1.26× | 3.04× | ||
| Q2 25 | 1.18× | 2.53× | ||
| Q1 25 | 1.09× | 2.33× | ||
| Q4 24 | 5.30× | 4.52× | ||
| Q3 24 | -0.04× | 1.50× | ||
| Q2 24 | 2.07× | 2.32× |
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
MTB
暂无分部数据
WELL
| Resident fees and services | $2.8B | 83% |
| Rental income | $453.8M | 14% |
| Other | $117.2M | 3% |
