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NetApp（NTAP）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NetApp的2.0倍（$3.4B vs $1.7B），Welltower净利率更高（22.4% vs 17.9%，领先4.6%），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 3.0%）
NetApp是总部位于美国加利福尼亚州圣何塞的企业级数据基础设施服务商，成立于1992年，2012至2021年连续入选《财富》世界500强。公司面向全球企业客户提供统一数据存储、集成数据服务及云运营解决方案，可满足线上线下全场景的应用与数据管理需求。
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。
NTAP vs WELL — 直观对比
营收规模更大
WELL
是对方的2.0倍
$1.7B
营收增速更快
WELL
高出35.5%
2.8%
净利率更高
WELL
高出4.6%
17.9%
两年增速更快
WELL
近两年复合增速
3.0%
损益表 — Q2 FY2026 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $1.7B | $3.4B |
| 净利润 | $305.0M | $752.3M |
| 毛利率 | 72.0% | — |
| 营业利润率 | 23.4% | — |
| 净利率 | 17.9% | 22.4% |
| 营收同比 | 2.8% | 38.3% |
| 净利润同比 | 2.0% | 192.4% |
| 每股收益（稀释后） | $1.51 | — |
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NTAPWELL
| Q1 26 | — | $3.4B | ||
| Q4 25 | $1.7B | $2.6B | ||
| Q3 25 | $1.6B | $2.1B | ||
| Q2 25 | $1.7B | $2.0B | ||
| Q1 25 | $1.6B | $1.9B | ||
| Q4 24 | $1.7B | $1.8B | ||
| Q3 24 | $1.5B | $1.5B | ||
| Q2 24 | $1.7B | $1.4B |
净利润NTAPWELL
| Q1 26 | — | $752.3M | ||
| Q4 25 | $305.0M | $117.8M | ||
| Q3 25 | $233.0M | $282.2M | ||
| Q2 25 | $340.0M | $304.6M | ||
| Q1 25 | $299.0M | $257.3M | ||
| Q4 24 | $299.0M | $123.8M | ||
| Q3 24 | $248.0M | $456.8M | ||
| Q2 24 | $291.0M | $260.7M |
毛利率NTAPWELL
| Q1 26 | — | — | ||
| Q4 25 | 72.0% | 24.3% | ||
| Q3 25 | 70.4% | 23.5% | ||
| Q2 25 | 68.9% | 23.2% | ||
| Q1 25 | 69.8% | 21.6% | ||
| Q4 24 | 71.0% | 20.0% | ||
| Q3 24 | 71.3% | 19.8% | ||
| Q2 24 | 70.5% | 20.2% |
营业利润率NTAPWELL
| Q1 26 | — | — | ||
| Q4 25 | 23.4% | — | ||
| Q3 25 | 19.8% | 14.2% | ||
| Q2 25 | 20.1% | 15.1% | ||
| Q1 25 | 22.1% | 10.7% | ||
| Q4 24 | 20.8% | 6.2% | ||
| Q3 24 | 18.3% | 12.2% | ||
| Q2 24 | 21.9% | 6.5% |
净利率NTAPWELL
| Q1 26 | — | 22.4% | ||
| Q4 25 | 17.9% | 4.6% | ||
| Q3 25 | 14.9% | 13.7% | ||
| Q2 25 | 19.6% | 15.5% | ||
| Q1 25 | 18.2% | 13.8% | ||
| Q4 24 | 18.0% | 7.0% | ||
| Q3 24 | 16.1% | 30.2% | ||
| Q2 24 | 17.4% | 18.7% |
每股收益（稀释后）NTAPWELL
| Q1 26 | — | — | ||
| Q4 25 | $1.51 | $0.13 | ||
| Q3 25 | $1.15 | $0.41 | ||
| Q2 25 | $1.64 | $0.45 | ||
| Q1 25 | $1.44 | $0.40 | ||
| Q4 24 | $1.42 | $0.20 | ||
| Q3 24 | $1.17 | $0.73 | ||
| Q2 24 | $1.36 | $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 | $3.0B | $4.7B |
| 总债务越低越好 | $2.5B | — |
| 股东权益账面价值 | $986.0M | $44.7B |
| 总资产 | $9.6B | $67.2B |
| 负债/权益比越低杠杆越低 | 2.52× | — |
8季度趋势，按日历期对齐
现金及短期投资NTAPWELL
| Q1 26 | — | $4.7B | ||
| Q4 25 | $3.0B | $5.0B | ||
| Q3 25 | $3.3B | $6.8B | ||
| Q2 25 | $3.8B | $4.4B | ||
| Q1 25 | $2.3B | $3.5B | ||
| Q4 24 | $2.2B | $3.5B | ||
| Q3 24 | $3.0B | $3.6B | ||
| Q2 24 | $3.3B | $2.8B |
总债务NTAPWELL
| Q1 26 | — | — | ||
| Q4 25 | $2.5B | $19.2B | ||
| Q3 25 | $2.5B | $16.9B | ||
| Q2 25 | $3.2B | $16.0B | ||
| Q1 25 | $2.0B | $15.7B | ||
| Q4 24 | $2.0B | $15.5B | ||
| Q3 24 | $2.4B | $15.8B | ||
| Q2 24 | $2.4B | $13.9B |
股东权益NTAPWELL
| Q1 26 | — | $44.7B | ||
| Q4 25 | $986.0M | $42.1B | ||
| Q3 25 | $975.0M | $38.8B | ||
| Q2 25 | $1.0B | $35.9B | ||
| Q1 25 | $995.0M | $34.0B | ||
| Q4 24 | $892.0M | $32.0B | ||
| Q3 24 | $929.0M | $30.3B | ||
| Q2 24 | $1.1B | $29.0B |
总资产NTAPWELL
| Q1 26 | — | $67.2B | ||
| Q4 25 | $9.6B | $67.3B | ||
| Q3 25 | $9.7B | $59.5B | ||
| Q2 25 | $10.8B | $55.8B | ||
| Q1 25 | $9.0B | $53.3B | ||
| Q4 24 | $9.0B | $51.0B | ||
| Q3 24 | $9.3B | $49.0B | ||
| Q2 24 | $9.9B | $45.5B |
负债/权益比NTAPWELL
| Q1 26 | — | — | ||
| Q4 25 | 2.52× | 0.46× | ||
| Q3 25 | 2.55× | 0.43× | ||
| Q2 25 | 3.11× | 0.44× | ||
| Q1 25 | 2.00× | 0.46× | ||
| Q4 24 | 2.23× | 0.49× | ||
| Q3 24 | 2.58× | 0.52× | ||
| Q2 24 | 2.09× | 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 | $127.0M | — |
| 自由现金流经营现金流 - 资本支出 | $78.0M | — |
| 自由现金流率自由现金流/营收 | 4.6% | — |
| 资本支出强度资本支出/营收 | 2.9% | — |
| 现金转化率经营现金流/净利润 | 0.42× | — |
| 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NTAPWELL
| Q1 26 | — | — | ||
| Q4 25 | $127.0M | $654.3M | ||
| Q3 25 | $673.0M | $858.4M | ||
| Q2 25 | — | $770.0M | ||
| Q1 25 | $385.0M | $599.0M | ||
| Q4 24 | — | $559.2M | ||
| Q3 24 | $341.0M | $685.0M | ||
| Q2 24 | $613.0M | $605.4M |
自由现金流NTAPWELL
| Q1 26 | — | — | ||
| Q4 25 | $78.0M | $340.4M | ||
| Q3 25 | $620.0M | $595.3M | ||
| Q2 25 | — | $537.2M | ||
| Q1 25 | $338.0M | $358.6M | ||
| Q4 24 | — | $240.4M | ||
| Q3 24 | $300.0M | $443.8M | ||
| Q2 24 | $567.0M | $440.3M |
自由现金流率NTAPWELL
| Q1 26 | — | — | ||
| Q4 25 | 4.6% | 13.3% | ||
| Q3 25 | 39.8% | 28.9% | ||
| Q2 25 | — | 27.3% | ||
| Q1 25 | 20.6% | 19.2% | ||
| Q4 24 | — | 13.6% | ||
| Q3 24 | 19.5% | 29.4% | ||
| Q2 24 | 34.0% | 31.6% |
资本支出强度NTAPWELL
| Q1 26 | — | — | ||
| Q4 25 | 2.9% | 12.3% | ||
| Q3 25 | 3.4% | 12.8% | ||
| Q2 25 | — | 11.8% | ||
| Q1 25 | 2.9% | 12.9% | ||
| Q4 24 | — | 18.1% | ||
| Q3 24 | 2.7% | 16.0% | ||
| Q2 24 | 2.8% | 11.8% |
现金转化率NTAPWELL
| Q1 26 | — | — | ||
| Q4 25 | 0.42× | 5.56× | ||
| Q3 25 | 2.89× | 3.04× | ||
| Q2 25 | — | 2.53× | ||
| Q1 25 | 1.29× | 2.33× | ||
| Q4 24 | — | 4.52× | ||
| Q3 24 | 1.38× | 1.50× | ||
| Q2 24 | 2.11× | 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
NTAP
| Products | $788.0M | 46% |
| Support | $647.0M | 38% |
| Public Cloud Segment | $171.0M | 10% |
| Professional And Other Services | $99.0M | 6% |
WELL
| Resident fees and services | $2.8B | 83% |
| Rental income | $453.8M | 14% |
| Other | $117.2M | 3% |
