vs
ServiceNow（NOW）与Welltower（WELL）财务数据对比。点击上方公司名可切换其他公司
ServiceNow的季度营收约是Welltower的1.1倍（$3.8B vs $3.4B），Welltower净利率更高（22.4% vs 12.4%，领先10.0%），Welltower同比增速更快（38.3% vs 2.8%），过去两年Welltower的营收复合增速更高（55.1% vs 19.8%）
ServiceNow是2003年由弗雷德·卢迪在美国加利福尼亚州圣克拉拉创立的软件企业，主打云计算平台产品，可支持企业搭建及管理自动化业务工作流。公司于纽交所上市，现为标普100及标普500指数成分股。
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。
NOW vs WELL — 直观对比
营收规模更大
NOW
是对方的1.1倍
$3.4B
营收增速更快
WELL
高出35.6%
2.8%
净利率更高
WELL
高出10.0%
12.4%
两年增速更快
WELL
近两年复合增速
19.8%
损益表 — Q1 FY2026 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $3.8B | $3.4B |
| 净利润 | $469.0M | $752.3M |
| 毛利率 | 75.1% | — |
| 营业利润率 | 13.3% | — |
| 净利率 | 12.4% | 22.4% |
| 营收同比 | 2.8% | 38.3% |
| 净利润同比 | -53.7% | 192.4% |
| 每股收益（稀释后） | $1.04 | — |
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NOWWELL
| Q1 26 | $3.8B | $3.4B | ||
| Q4 25 | $3.6B | $2.6B | ||
| Q3 25 | $3.4B | $2.1B | ||
| Q2 25 | $3.2B | $2.0B | ||
| Q1 25 | $3.1B | $1.9B | ||
| Q4 24 | $3.0B | $1.8B | ||
| Q3 24 | $2.8B | $1.5B | ||
| Q2 24 | $2.6B | $1.4B |
净利润NOWWELL
| Q1 26 | $469.0M | $752.3M | ||
| Q4 25 | $401.0M | $117.8M | ||
| Q3 25 | $502.0M | $282.2M | ||
| Q2 25 | $385.0M | $304.6M | ||
| Q1 25 | $460.0M | $257.3M | ||
| Q4 24 | $384.0M | $123.8M | ||
| Q3 24 | $432.0M | $456.8M | ||
| Q2 24 | $262.0M | $260.7M |
毛利率NOWWELL
| Q1 26 | 75.1% | — | ||
| Q4 25 | 76.6% | 24.3% | ||
| Q3 25 | 77.3% | 23.5% | ||
| Q2 25 | 77.5% | 23.2% | ||
| Q1 25 | 78.9% | 21.6% | ||
| Q4 24 | 78.7% | 20.0% | ||
| Q3 24 | 79.1% | 19.8% | ||
| Q2 24 | 79.0% | 20.2% |
营业利润率NOWWELL
| Q1 26 | 13.3% | — | ||
| Q4 25 | 12.4% | — | ||
| Q3 25 | 16.8% | 14.2% | ||
| Q2 25 | 11.1% | 15.1% | ||
| Q1 25 | 14.6% | 10.7% | ||
| Q4 24 | 12.6% | 6.2% | ||
| Q3 24 | 14.9% | 12.2% | ||
| Q2 24 | 9.1% | 6.5% |
净利率NOWWELL
| Q1 26 | 12.4% | 22.4% | ||
| Q4 25 | 11.2% | 4.6% | ||
| Q3 25 | 14.7% | 13.7% | ||
| Q2 25 | 12.0% | 15.5% | ||
| Q1 25 | 14.9% | 13.8% | ||
| Q4 24 | 13.0% | 7.0% | ||
| Q3 24 | 15.4% | 30.2% | ||
| Q2 24 | 10.0% | 18.7% |
每股收益（稀释后）NOWWELL
| Q1 26 | $1.04 | — | ||
| Q4 25 | $-4.77 | $0.13 | ||
| Q3 25 | $2.40 | $0.41 | ||
| Q2 25 | $1.84 | $0.45 | ||
| Q1 25 | $2.20 | $0.40 | ||
| Q4 24 | $1.84 | $0.20 | ||
| Q3 24 | $2.07 | $0.73 | ||
| Q2 24 | $1.26 | $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 | $2.7B | $4.7B |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $11.7B | $44.7B |
| 总资产 | $24.4B | $67.2B |
| 负债/权益比越低杠杆越低 | — | — |
8季度趋势，按日历期对齐
现金及短期投资NOWWELL
| Q1 26 | $2.7B | $4.7B | ||
| Q4 25 | $3.7B | $5.0B | ||
| Q3 25 | $2.7B | $6.8B | ||
| Q2 25 | $3.1B | $4.4B | ||
| Q1 25 | $3.4B | $3.5B | ||
| Q4 24 | $2.3B | $3.5B | ||
| Q3 24 | $1.9B | $3.6B | ||
| Q2 24 | $2.2B | $2.8B |
总债务NOWWELL
| Q1 26 | — | — | ||
| Q4 25 | — | $19.2B | ||
| Q3 25 | — | $16.9B | ||
| Q2 25 | — | $16.0B | ||
| Q1 25 | — | $15.7B | ||
| Q4 24 | — | $15.5B | ||
| Q3 24 | — | $15.8B | ||
| Q2 24 | — | $13.9B |
股东权益NOWWELL
| Q1 26 | $11.7B | $44.7B | ||
| Q4 25 | $13.0B | $42.1B | ||
| Q3 25 | $11.3B | $38.8B | ||
| Q2 25 | $10.9B | $35.9B | ||
| Q1 25 | $10.1B | $34.0B | ||
| Q4 24 | $9.6B | $32.0B | ||
| Q3 24 | $9.3B | $30.3B | ||
| Q2 24 | $8.7B | $29.0B |
总资产NOWWELL
| Q1 26 | $24.4B | $67.2B | ||
| Q4 25 | $26.0B | $67.3B | ||
| Q3 25 | $21.8B | $59.5B | ||
| Q2 25 | $22.1B | $55.8B | ||
| Q1 25 | $21.0B | $53.3B | ||
| Q4 24 | $20.4B | $51.0B | ||
| Q3 24 | $18.4B | $49.0B | ||
| Q2 24 | $18.2B | $45.5B |
负债/权益比NOWWELL
| Q1 26 | — | — | ||
| 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 | $1.7B | — |
| 自由现金流经营现金流 - 资本支出 | $1.7B | — |
| 自由现金流率自由现金流/营收 | 44.2% | — |
| 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 | 3.56× | — |
| 过去12个月自由现金流最近4个季度 | $4.8B | — |
8季度趋势，按日历期对齐
经营现金流NOWWELL
| Q1 26 | $1.7B | — | ||
| Q4 25 | $2.2B | $654.3M | ||
| Q3 25 | $813.0M | $858.4M | ||
| Q2 25 | $716.0M | $770.0M | ||
| Q1 25 | $1.7B | $599.0M | ||
| Q4 24 | $1.6B | $559.2M | ||
| Q3 24 | $671.0M | $685.0M | ||
| Q2 24 | $620.0M | $605.4M |
自由现金流NOWWELL
| Q1 26 | $1.7B | — | ||
| Q4 25 | $2.0B | $340.4M | ||
| Q3 25 | $578.0M | $595.3M | ||
| Q2 25 | $526.0M | $537.2M | ||
| Q1 25 | $1.5B | $358.6M | ||
| Q4 24 | $1.4B | $240.4M | ||
| Q3 24 | $469.0M | $443.8M | ||
| Q2 24 | $358.0M | $440.3M |
自由现金流率NOWWELL
| Q1 26 | 44.2% | — | ||
| Q4 25 | 56.1% | 13.3% | ||
| Q3 25 | 17.0% | 28.9% | ||
| Q2 25 | 16.4% | 27.3% | ||
| Q1 25 | 47.7% | 19.2% | ||
| Q4 24 | 46.7% | 13.6% | ||
| Q3 24 | 16.8% | 29.4% | ||
| Q2 24 | 13.6% | 31.6% |
资本支出强度NOWWELL
| Q1 26 | — | — | ||
| Q4 25 | 6.7% | 12.3% | ||
| Q3 25 | 6.9% | 12.8% | ||
| Q2 25 | 5.9% | 11.8% | ||
| Q1 25 | 6.6% | 12.9% | ||
| Q4 24 | 8.6% | 18.1% | ||
| Q3 24 | 7.2% | 16.0% | ||
| Q2 24 | 10.0% | 11.8% |
现金转化率NOWWELL
| Q1 26 | 3.56× | — | ||
| Q4 25 | 5.58× | 5.56× | ||
| Q3 25 | 1.62× | 3.04× | ||
| Q2 25 | 1.86× | 2.53× | ||
| Q1 25 | 3.65× | 2.33× | ||
| Q4 24 | 4.26× | 4.52× | ||
| Q3 24 | 1.55× | 1.50× | ||
| Q2 24 | 2.37× | 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
NOW
| Subscription revenues | $3.7B | 97% |
| Other | $80.5M | 2% |
| Professional services and other revenues | $18.5M | 0% |
WELL
| Resident fees and services | $2.8B | 83% |
| Rental income | $453.8M | 14% |
| Other | $117.2M | 3% |
