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Realty Income（O）与Ventas（VTR）财务数据对比。点击上方公司名可切换其他公司
Ventas的季度营收约是Realty Income的1.1倍（$1.7B vs $1.5B），Realty Income净利率更高（19.9% vs 3.6%，领先16.3%），Ventas同比增速更快（22.0% vs 11.0%），过去两年Ventas的营收复合增速更高（17.5% vs 8.6%）
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。
Ventas是一家领先的医疗地产投资信托企业，旗下资产涵盖养老社区、医疗办公楼、生命科学研究设施及康复医疗中心等，主要在北美、英国地区运营，为医疗服务及生命科学机构提供专业物业解决方案。
O vs VTR — 直观对比
营收规模更大
VTR
是对方的1.1倍
$1.5B
营收增速更快
VTR
高出11.0%
11.0%
净利率更高
O
高出16.3%
3.6%
两年增速更快
VTR
近两年复合增速
8.6%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $1.5B | $1.7B |
| 净利润 | $296.1M | $59.0M |
| 毛利率 | — | — |
| 营业利润率 | 21.7% | — |
| 净利率 | 19.9% | 3.6% |
| 营收同比 | 11.0% | 22.0% |
| 净利润同比 | 48.3% | 19.0% |
| 每股收益（稀释后） | $0.32 | — |
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OVTR
| Q1 26 | — | $1.7B | ||
| Q4 25 | $1.5B | $1.6B | ||
| Q3 25 | $1.5B | $1.5B | ||
| Q2 25 | $1.4B | $1.4B | ||
| Q1 25 | $1.4B | $1.4B | ||
| Q4 24 | $1.3B | $1.3B | ||
| Q3 24 | $1.3B | $1.2B | ||
| Q2 24 | $1.3B | $1.2B |
净利润OVTR
| Q1 26 | — | $59.0M | ||
| Q4 25 | $296.1M | $73.0M | ||
| Q3 25 | $315.8M | $68.7M | ||
| Q2 25 | $196.9M | $71.5M | ||
| Q1 25 | $249.8M | $48.4M | ||
| Q4 24 | $199.6M | $58.7M | ||
| Q3 24 | $269.5M | $21.0M | ||
| Q2 24 | $259.4M | $21.2M |
营业利润率OVTR
| Q1 26 | — | — | ||
| Q4 25 | 21.7% | 4.9% | ||
| Q3 25 | 23.2% | 3.0% | ||
| Q2 25 | 15.8% | 3.0% | ||
| Q1 25 | 19.3% | 3.0% | ||
| Q4 24 | 16.5% | -0.0% | ||
| Q3 24 | 21.5% | 1.5% | ||
| Q2 24 | 20.7% | -1.6% |
净利率OVTR
| Q1 26 | — | 3.6% | ||
| Q4 25 | 19.9% | 4.7% | ||
| Q3 25 | 21.5% | 4.6% | ||
| Q2 25 | 14.0% | 5.0% | ||
| Q1 25 | 18.1% | 3.6% | ||
| Q4 24 | 14.9% | 4.6% | ||
| Q3 24 | 20.2% | 1.7% | ||
| Q2 24 | 19.4% | 1.8% |
每股收益（稀释后）OVTR
| Q1 26 | — | — | ||
| Q4 25 | $0.32 | $0.15 | ||
| Q3 25 | $0.35 | $0.14 | ||
| Q2 25 | $0.22 | $0.15 | ||
| Q1 25 | $0.28 | $0.10 | ||
| Q4 24 | $0.23 | $0.13 | ||
| Q3 24 | $0.30 | $0.05 | ||
| Q2 24 | $0.29 | $0.05 |
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 | $183.6M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $39.4B | $13.2B |
| 总资产 | $72.8B | $27.7B |
| 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OVTR
| Q1 26 | — | $183.6M | ||
| Q4 25 | $434.8M | $741.1M | ||
| Q3 25 | $417.2M | $188.6M | ||
| Q2 25 | $800.4M | $614.2M | ||
| Q1 25 | $319.0M | $182.3M | ||
| Q4 24 | $445.0M | $897.9M | ||
| Q3 24 | $397.0M | $1.1B | ||
| Q2 24 | $442.8M | $557.1M |
总债务OVTR
| Q1 26 | — | — | ||
| Q4 25 | — | $13.0B | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $13.5B | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
股东权益OVTR
| Q1 26 | — | $13.2B | ||
| Q4 25 | $39.4B | $12.5B | ||
| Q3 25 | $39.1B | $12.4B | ||
| Q2 25 | $39.2B | $11.5B | ||
| Q1 25 | $39.0B | $11.5B | ||
| Q4 24 | $38.8B | $10.8B | ||
| Q3 24 | $38.5B | $9.8B | ||
| Q2 24 | $38.6B | $9.6B |
总资产OVTR
| Q1 26 | — | $27.7B | ||
| Q4 25 | $72.8B | $27.6B | ||
| Q3 25 | $71.3B | $26.9B | ||
| Q2 25 | $71.4B | $26.5B | ||
| Q1 25 | $69.8B | $26.0B | ||
| Q4 24 | $68.8B | $26.2B | ||
| Q3 24 | $68.5B | $25.3B | ||
| Q2 24 | $68.1B | $24.5B |
负债/权益比OVTR
| Q1 26 | — | — | ||
| Q4 25 | — | 1.04× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 1.26× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
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 | — |
| 自由现金流经营现金流 - 资本支出 | $1.2B | — |
| 自由现金流率自由现金流/营收 | 77.6% | — |
| 资本支出强度资本支出/营收 | 3.3% | — |
| 现金转化率经营现金流/净利润 | 4.06× | — |
| 过去12个月自由现金流最近4个季度 | $3.9B | — |
8季度趋势，按日历期对齐
经营现金流OVTR
| Q1 26 | — | — | ||
| Q4 25 | $1.2B | $471.7M | ||
| Q3 25 | $943.1M | $378.6M | ||
| Q2 25 | $1.1B | $475.3M | ||
| Q1 25 | $787.5M | $321.1M | ||
| Q4 24 | $972.0M | $373.6M | ||
| Q3 24 | $841.5M | $353.7M | ||
| Q2 24 | $981.2M | $335.9M |
自由现金流OVTR
| Q1 26 | — | — | ||
| Q4 25 | $1.2B | — | ||
| Q3 25 | $909.9M | — | ||
| Q2 25 | $1.0B | — | ||
| Q1 25 | $764.6M | — | ||
| Q4 24 | $935.8M | — | ||
| Q3 24 | $807.9M | — | ||
| Q2 24 | $939.2M | — |
自由现金流率OVTR
| Q1 26 | — | — | ||
| Q4 25 | 77.6% | — | ||
| Q3 25 | 61.9% | — | ||
| Q2 25 | 73.3% | — | ||
| Q1 25 | 55.4% | — | ||
| Q4 24 | 69.8% | — | ||
| Q3 24 | 60.7% | — | ||
| Q2 24 | 70.1% | — |
资本支出强度OVTR
| Q1 26 | — | — | ||
| Q4 25 | 3.3% | — | ||
| Q3 25 | 2.3% | — | ||
| Q2 25 | 1.9% | — | ||
| Q1 25 | 1.7% | — | ||
| Q4 24 | 2.7% | — | ||
| Q3 24 | 2.5% | — | ||
| Q2 24 | 3.1% | — |
现金转化率OVTR
| Q1 26 | — | — | ||
| Q4 25 | 4.06× | 6.46× | ||
| Q3 25 | 2.99× | 5.51× | ||
| Q2 25 | 5.39× | 6.65× | ||
| Q1 25 | 3.15× | 6.64× | ||
| Q4 24 | 4.87× | 6.36× | ||
| Q3 24 | 3.12× | 16.84× | ||
| Q2 24 | 3.78× | 15.87× |
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% |
VTR
| Resident fees and services | $1.3B | 78% |
| Outpatient medical and research portfolio | $230.1M | 14% |
| Triple-net leased properties | $123.1M | 7% |
| Third-party capital management revenues | $4.4M | 0% |
