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NiSource（NI）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NiSource的1.8倍（$3.4B vs $1.9B），Welltower净利率更高（22.4% vs 13.7%，领先8.8%），Welltower同比增速更快（38.3% vs 22.5%），过去两年Welltower的营收复合增速更高（55.1% vs 7.2%）
NiSource是美国规模最大的受全面监管公用事业企业之一，总部位于印第安纳州梅里尔维尔，员工规模超8000人。公司旗下拥有Columbia Gas、NIPSCO两大本土品牌，业务覆盖美国六个州，为约350万天然气用户、50万电力用户提供服务，2018年时是印第安纳州唯一的本土公用事业企业。
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。
NI vs WELL — 直观对比
营收规模更大
WELL
是对方的1.8倍
$1.9B
营收增速更快
WELL
高出15.8%
22.5%
净利率更高
WELL
高出8.8%
13.7%
两年增速更快
WELL
近两年复合增速
7.2%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $1.9B | $3.4B |
| 净利润 | $257.8M | $752.3M |
| 毛利率 | — | — |
| 营业利润率 | 27.3% | — |
| 净利率 | 13.7% | 22.4% |
| 营收同比 | 22.5% | 38.3% |
| 净利润同比 | 15.1% | 192.4% |
| 每股收益（稀释后） | $0.53 | — |
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NIWELL
| Q1 26 | — | $3.4B | ||
| Q4 25 | $1.9B | $2.6B | ||
| Q3 25 | $1.2B | $2.1B | ||
| Q2 25 | $1.2B | $2.0B | ||
| Q1 25 | $2.1B | $1.9B | ||
| Q4 24 | $1.5B | $1.8B | ||
| Q3 24 | $1.0B | $1.5B | ||
| Q2 24 | $1.1B | $1.4B |
净利润NIWELL
| Q1 26 | — | $752.3M | ||
| Q4 25 | $257.8M | $117.8M | ||
| Q3 25 | $94.7M | $282.2M | ||
| Q2 25 | $102.2M | $304.6M | ||
| Q1 25 | $474.8M | $257.3M | ||
| Q4 24 | $223.9M | $123.8M | ||
| Q3 24 | $85.7M | $456.8M | ||
| Q2 24 | $85.8M | $260.7M |
毛利率NIWELL
| 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NIWELL
| Q1 26 | — | — | ||
| Q4 25 | 27.3% | — | ||
| Q3 25 | 24.0% | 14.2% | ||
| Q2 25 | 21.1% | 15.1% | ||
| Q1 25 | 35.3% | 10.7% | ||
| Q4 24 | 27.1% | 6.2% | ||
| Q3 24 | 20.9% | 12.2% | ||
| Q2 24 | 22.5% | 6.5% |
净利率NIWELL
| Q1 26 | — | 22.4% | ||
| Q4 25 | 13.7% | 4.6% | ||
| Q3 25 | 7.6% | 13.7% | ||
| Q2 25 | 8.2% | 15.5% | ||
| Q1 25 | 22.1% | 13.8% | ||
| Q4 24 | 14.5% | 7.0% | ||
| Q3 24 | 8.2% | 30.2% | ||
| Q2 24 | 8.1% | 18.7% |
每股收益（稀释后）NIWELL
| Q1 26 | — | — | ||
| Q4 25 | $0.53 | $0.13 | ||
| Q3 25 | $0.20 | $0.41 | ||
| Q2 25 | $0.22 | $0.45 | ||
| Q1 25 | $1.00 | $0.40 | ||
| Q4 24 | $0.47 | $0.20 | ||
| Q3 24 | $0.19 | $0.73 | ||
| Q2 24 | $0.19 | $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 | $110.1M | $4.7B |
| 总债务越低越好 | $15.5B | — |
| 股东权益账面价值 | $9.5B | $44.7B |
| 总资产 | $35.9B | $67.2B |
| 负债/权益比越低杠杆越低 | 1.64× | — |
8季度趋势，按日历期对齐
现金及短期投资NIWELL
| Q1 26 | — | $4.7B | ||
| Q4 25 | $110.1M | $5.0B | ||
| Q3 25 | $95.0M | $6.8B | ||
| Q2 25 | $335.4M | $4.4B | ||
| Q1 25 | $259.4M | $3.5B | ||
| Q4 24 | $156.6M | $3.5B | ||
| Q3 24 | $126.2M | $3.6B | ||
| Q2 24 | $101.2M | $2.8B |
总债务NIWELL
| Q1 26 | — | — | ||
| Q4 25 | $15.5B | $19.2B | ||
| Q3 25 | $14.5B | $16.9B | ||
| Q2 25 | $14.5B | $16.0B | ||
| Q1 25 | $12.8B | $15.7B | ||
| Q4 24 | $12.1B | $15.5B | ||
| Q3 24 | $12.1B | $15.8B | ||
| Q2 24 | $12.8B | $13.9B |
股东权益NIWELL
| Q1 26 | — | $44.7B | ||
| Q4 25 | $9.5B | $42.1B | ||
| Q3 25 | $9.1B | $38.8B | ||
| Q2 25 | $8.9B | $35.9B | ||
| Q1 25 | $8.9B | $34.0B | ||
| Q4 24 | $8.7B | $32.0B | ||
| Q3 24 | $8.3B | $30.3B | ||
| Q2 24 | $7.9B | $29.0B |
总资产NIWELL
| Q1 26 | — | $67.2B | ||
| Q4 25 | $35.9B | $67.3B | ||
| Q3 25 | $34.4B | $59.5B | ||
| Q2 25 | $34.0B | $55.8B | ||
| Q1 25 | $33.1B | $53.3B | ||
| Q4 24 | $31.8B | $51.0B | ||
| Q3 24 | $30.8B | $49.0B | ||
| Q2 24 | $29.9B | $45.5B |
负债/权益比NIWELL
| Q1 26 | — | — | ||
| Q4 25 | 1.64× | 0.46× | ||
| Q3 25 | 1.59× | 0.43× | ||
| Q2 25 | 1.63× | 0.44× | ||
| Q1 25 | 1.44× | 0.46× | ||
| Q4 24 | 1.39× | 0.49× | ||
| Q3 24 | 1.45× | 0.52× | ||
| Q2 24 | 1.63× | 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 | $712.6M | — |
| 自由现金流经营现金流 - 资本支出 | $-133.7M | — |
| 自由现金流率自由现金流/营收 | -7.1% | — |
| 资本支出强度资本支出/营收 | 44.9% | — |
| 现金转化率经营现金流/净利润 | 2.76× | — |
| 过去12个月自由现金流最近4个季度 | $-420.0M | — |
8季度趋势，按日历期对齐
经营现金流NIWELL
| Q1 26 | — | — | ||
| Q4 25 | $712.6M | $654.3M | ||
| Q3 25 | $467.9M | $858.4M | ||
| Q2 25 | $495.4M | $770.0M | ||
| Q1 25 | $686.4M | $599.0M | ||
| Q4 24 | $539.8M | $559.2M | ||
| Q3 24 | $340.0M | $685.0M | ||
| Q2 24 | $445.5M | $605.4M |
自由现金流NIWELL
| Q1 26 | — | — | ||
| Q4 25 | $-133.7M | $340.4M | ||
| Q3 25 | $-172.6M | $595.3M | ||
| Q2 25 | $-162.8M | $537.2M | ||
| Q1 25 | $49.1M | $358.6M | ||
| Q4 24 | $-220.2M | $240.4M | ||
| Q3 24 | $-294.7M | $443.8M | ||
| Q2 24 | $-184.3M | $440.3M |
自由现金流率NIWELL
| Q1 26 | — | — | ||
| Q4 25 | -7.1% | 13.3% | ||
| Q3 25 | -13.9% | 28.9% | ||
| Q2 25 | -13.1% | 27.3% | ||
| Q1 25 | 2.3% | 19.2% | ||
| Q4 24 | -14.3% | 13.6% | ||
| Q3 24 | -28.2% | 29.4% | ||
| Q2 24 | -17.5% | 31.6% |
资本支出强度NIWELL
| Q1 26 | — | — | ||
| Q4 25 | 44.9% | 12.3% | ||
| Q3 25 | 51.6% | 12.8% | ||
| Q2 25 | 52.8% | 11.8% | ||
| Q1 25 | 29.6% | 12.9% | ||
| Q4 24 | 49.4% | 18.1% | ||
| Q3 24 | 60.7% | 16.0% | ||
| Q2 24 | 59.7% | 11.8% |
现金转化率NIWELL
| Q1 26 | — | — | ||
| Q4 25 | 2.76× | 5.56× | ||
| Q3 25 | 4.94× | 3.04× | ||
| Q2 25 | 4.85× | 2.53× | ||
| Q1 25 | 1.45× | 2.33× | ||
| Q4 24 | 2.41× | 4.52× | ||
| Q3 24 | 3.97× | 1.50× | ||
| Q2 24 | 5.19× | 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
NI
| Residential | $703.6M | 37% |
| Ni Source Electric Generation And Power Delivery | $525.6M | 28% |
| NIPSCO Gas Distribution | $348.1M | 18% |
| Commercial | $235.9M | 13% |
| Industrial | $45.9M | 2% |
| Offsystem | $16.9M | 1% |
| Misc. | $9.6M | 1% |
| Related Party | $3.3M | 0% |
WELL
| Resident fees and services | $2.8B | 83% |
| Rental income | $453.8M | 14% |
| Other | $117.2M | 3% |
