vs
Realty Income（O）与利氏兄弟拍卖行（RBA）财务数据对比。点击上方公司名可切换其他公司
Realty Income的季度营收约是利氏兄弟拍卖行的1.2倍（$1.5B vs $1.2B），Realty Income净利率更高（19.9% vs 9.1%，领先10.8%），Realty Income同比增速更快（11.0% vs 5.4%），Realty Income自由现金流更多（$1.2B vs $186.5M），过去两年Realty Income的营收复合增速更高（8.6% vs 6.3%）
Realty Income是一家房地产投资信托企业，投资范围覆盖美国、英国及欧洲其他六个国家的独立单租户商业地产，旗下物业普遍采用三重净租约模式。公司注册地为美国马里兰州，总部位于加利福尼亚州圣迭戈市。
利氏兄弟拍卖行（股票代码RBA）是全球知名的工业资产拍卖服务商，注册地位于加拿大，属公开上市企业，总部设在美国伊利诺伊州韦斯特切斯特，普通股同时在多伦多证券交易所与纽约证券交易所挂牌交易。
O vs RBA — 直观对比
营收规模更大
O
是对方的1.2倍
$1.2B
营收增速更快
O
高出5.6%
5.4%
净利率更高
O
高出10.8%
9.1%
自由现金流更多
O
多$967.5M
$186.5M
两年增速更快
O
近两年复合增速
6.3%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.5B | $1.2B |
| 净利润 | $296.1M | $109.7M |
| 毛利率 | — | — |
| 营业利润率 | 21.7% | 14.7% |
| 净利率 | 19.9% | 9.1% |
| 营收同比 | 11.0% | 5.4% |
| 净利润同比 | 48.3% | -7.4% |
| 每股收益（稀释后） | $0.32 | $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ORBA
| Q4 25 | $1.5B | $1.2B | ||
| Q3 25 | $1.5B | $1.1B | ||
| Q2 25 | $1.4B | $1.2B | ||
| Q1 25 | $1.4B | $1.1B | ||
| Q4 24 | $1.3B | $1.1B | ||
| Q3 24 | $1.3B | $981.8M | ||
| Q2 24 | $1.3B | $1.1B | ||
| Q1 24 | $1.3B | $1.1B |
净利润ORBA
| Q4 25 | $296.1M | $109.7M | ||
| Q3 25 | $315.8M | $95.5M | ||
| Q2 25 | $196.9M | $109.8M | ||
| Q1 25 | $249.8M | $113.4M | ||
| Q4 24 | $199.6M | $118.5M | ||
| Q3 24 | $269.5M | $76.1M | ||
| Q2 24 | $259.4M | $111.1M | ||
| Q1 24 | $132.3M | $107.4M |
营业利润率ORBA
| Q4 25 | 21.7% | 14.7% | ||
| Q3 25 | 23.2% | 14.5% | ||
| Q2 25 | 15.8% | 15.9% | ||
| Q1 25 | 19.3% | 17.1% | ||
| Q4 24 | 16.5% | 18.1% | ||
| Q3 24 | 21.5% | 15.6% | ||
| Q2 24 | 20.7% | 18.4% | ||
| Q1 24 | 11.9% | 18.7% |
净利率ORBA
| Q4 25 | 19.9% | 9.1% | ||
| Q3 25 | 21.5% | 8.7% | ||
| Q2 25 | 14.0% | 9.3% | ||
| Q1 25 | 18.1% | 10.2% | ||
| Q4 24 | 14.9% | 10.4% | ||
| Q3 24 | 20.2% | 7.8% | ||
| Q2 24 | 19.4% | 10.1% | ||
| Q1 24 | 10.5% | 10.1% |
每股收益（稀释后）ORBA
| Q4 25 | $0.32 | $0.53 | ||
| Q3 25 | $0.35 | $0.43 | ||
| Q2 25 | $0.22 | $0.53 | ||
| Q1 25 | $0.28 | $0.55 | ||
| Q4 24 | $0.23 | $0.58 | ||
| Q3 24 | $0.30 | $0.36 | ||
| Q2 24 | $0.29 | $0.54 | ||
| Q1 24 | $0.16 | $0.53 |
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 | $434.8M | $531.5M |
| 总债务越低越好 | — | $2.3B |
| 股东权益账面价值 | $39.4B | $5.6B |
| 总资产 | $72.8B | $12.1B |
| 负债/权益比越低杠杆越低 | — | 0.42× |
8季度趋势，按日历期对齐
现金及短期投资ORBA
| Q4 25 | $434.8M | $531.5M | ||
| Q3 25 | $417.2M | $674.7M | ||
| Q2 25 | $800.4M | $710.2M | ||
| Q1 25 | $319.0M | $578.1M | ||
| Q4 24 | $445.0M | $533.9M | ||
| Q3 24 | $397.0M | $650.7M | ||
| Q2 24 | $442.8M | $599.5M | ||
| Q1 24 | $680.2M | $462.8M |
总债务ORBA
| Q4 25 | — | $2.3B | ||
| Q3 25 | — | $2.6B | ||
| Q2 25 | — | $2.6B | ||
| Q1 25 | — | $2.6B | ||
| Q4 24 | — | $2.6B | ||
| Q3 24 | — | $2.7B | ||
| Q2 24 | — | $2.8B | ||
| Q1 24 | — | $2.9B |
股东权益ORBA
| Q4 25 | $39.4B | $5.6B | ||
| Q3 25 | $39.1B | $5.5B | ||
| Q2 25 | $39.2B | $5.5B | ||
| Q1 25 | $39.0B | $5.3B | ||
| Q4 24 | $38.8B | $5.2B | ||
| Q3 24 | $38.5B | $5.2B | ||
| Q2 24 | $38.6B | $5.2B | ||
| Q1 24 | $39.0B | $5.1B |
总资产ORBA
| Q4 25 | $72.8B | $12.1B | ||
| Q3 25 | $71.3B | $12.2B | ||
| Q2 25 | $71.4B | $12.2B | ||
| Q1 25 | $69.8B | $11.9B | ||
| Q4 24 | $68.8B | $11.8B | ||
| Q3 24 | $68.5B | $11.9B | ||
| Q2 24 | $68.1B | $12.1B | ||
| Q1 24 | $68.3B | $12.0B |
负债/权益比ORBA
| Q4 25 | — | 0.42× | ||
| Q3 25 | — | 0.47× | ||
| Q2 25 | — | 0.47× | ||
| Q1 25 | — | 0.50× | ||
| Q4 24 | — | 0.50× | ||
| Q3 24 | — | 0.52× | ||
| Q2 24 | — | 0.55× | ||
| Q1 24 | — | 0.58× |
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 | $1.2B | $255.2M |
| 自由现金流经营现金流 - 资本支出 | $1.2B | $186.5M |
| 自由现金流率自由现金流/营收 | 77.6% | 15.5% |
| 资本支出强度资本支出/营收 | 3.3% | 5.7% |
| 现金转化率经营现金流/净利润 | 4.06× | 2.33× |
| 过去12个月自由现金流最近4个季度 | $3.9B | $719.2M |
8季度趋势，按日历期对齐
经营现金流ORBA
| Q4 25 | $1.2B | $255.2M | ||
| Q3 25 | $943.1M | $239.7M | ||
| Q2 25 | $1.1B | $326.5M | ||
| Q1 25 | $787.5M | $156.8M | ||
| Q4 24 | $972.0M | $184.5M | ||
| Q3 24 | $841.5M | $285.4M | ||
| Q2 24 | $981.2M | $337.3M | ||
| Q1 24 | $778.7M | $124.8M |
自由现金流ORBA
| Q4 25 | $1.2B | $186.5M | ||
| Q3 25 | $909.9M | $188.5M | ||
| Q2 25 | $1.0B | $241.7M | ||
| Q1 25 | $764.6M | $102.5M | ||
| Q4 24 | $935.8M | $127.9M | ||
| Q3 24 | $807.9M | $248.5M | ||
| Q2 24 | $939.2M | $308.6M | ||
| Q1 24 | $769.0M | $79.6M |
自由现金流率ORBA
| Q4 25 | 77.6% | 15.5% | ||
| Q3 25 | 61.9% | 17.3% | ||
| Q2 25 | 73.3% | 20.4% | ||
| Q1 25 | 55.4% | 9.2% | ||
| Q4 24 | 69.8% | 11.2% | ||
| Q3 24 | 60.7% | 25.3% | ||
| Q2 24 | 70.1% | 28.2% | ||
| Q1 24 | 61.0% | 7.5% |
资本支出强度ORBA
| Q4 25 | 3.3% | 5.7% | ||
| Q3 25 | 2.3% | 4.7% | ||
| Q2 25 | 1.9% | 7.2% | ||
| Q1 25 | 1.7% | 4.9% | ||
| Q4 24 | 2.7% | 5.0% | ||
| Q3 24 | 2.5% | 3.8% | ||
| Q2 24 | 3.1% | 2.6% | ||
| Q1 24 | 0.8% | 4.2% |
现金转化率ORBA
| Q4 25 | 4.06× | 2.33× | ||
| Q3 25 | 2.99× | 2.51× | ||
| Q2 25 | 5.39× | 2.97× | ||
| Q1 25 | 3.15× | 1.38× | ||
| Q4 24 | 4.87× | 1.56× | ||
| Q3 24 | 3.12× | 3.75× | ||
| Q2 24 | 3.78× | 3.04× | ||
| Q1 24 | 5.89× | 1.16× |
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
O
| Product And Service Retail | $900.8M | 61% |
| Other | $531.5M | 36% |
RBA
| Buyer Revenue | $577.2M | 48% |
| Seller Revenue | $255.2M | 21% |
| CA | $199.0M | 17% |
| Other | $124.7M | 10% |
| AU | $47.3M | 4% |
