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PACS Group, Inc.（PACS）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PACS Group, Inc.的1.2倍（$1.7B vs $1.4B），PACS Group, Inc.净利率更高（4.4% vs 3.6%，领先0.8%），Ventas同比增速更快（22.0% vs 18.4%），过去两年PACS Group, Inc.的营收复合增速更高（20.5% vs 17.5%）
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。
PACS vs VTR — 直观对比
营收规模更大
VTR
是对方的1.2倍
$1.4B
营收增速更快
VTR
高出3.6%
18.4%
净利率更高
PACS
高出0.8%
3.6%
两年增速更快
PACS
近两年复合增速
17.5%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $1.4B | $1.7B |
| 净利润 | $59.7M | $59.0M |
| 毛利率 | — | — |
| 营业利润率 | 7.0% | — |
| 净利率 | 4.4% | 3.6% |
| 营收同比 | 18.4% | 22.0% |
| 净利润同比 | 3022.5% | 19.0% |
| 每股收益（稀释后） | $0.42 | — |
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PACSVTR
| Q1 26 | — | $1.7B | ||
| Q4 25 | $1.4B | $1.6B | ||
| Q3 25 | $1.3B | $1.5B | ||
| Q2 25 | $1.3B | $1.4B | ||
| Q1 25 | $1.3B | $1.4B | ||
| Q4 24 | $1.1B | $1.3B | ||
| Q3 24 | $1.0B | $1.2B | ||
| Q2 24 | $981.4M | $1.2B |
净利润PACSVTR
| Q1 26 | — | $59.0M | ||
| Q4 25 | $59.7M | $73.0M | ||
| Q3 25 | $52.4M | $68.7M | ||
| Q2 25 | $51.0M | $71.5M | ||
| Q1 25 | $28.5M | $48.4M | ||
| Q4 24 | $1.9M | $58.7M | ||
| Q3 24 | $15.6M | $21.0M | ||
| Q2 24 | $-10.9M | $21.2M |
毛利率PACSVTR
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 17.1% | — | ||
| Q2 24 | 22.3% | — |
营业利润率PACSVTR
| Q1 26 | — | — | ||
| Q4 25 | 7.0% | 4.9% | ||
| Q3 25 | 6.4% | 3.0% | ||
| Q2 25 | 6.2% | 3.0% | ||
| Q1 25 | 3.8% | 3.0% | ||
| Q4 24 | 1.7% | -0.0% | ||
| Q3 24 | 2.2% | 1.5% | ||
| Q2 24 | 0.1% | -1.6% |
净利率PACSVTR
| Q1 26 | — | 3.6% | ||
| Q4 25 | 4.4% | 4.7% | ||
| Q3 25 | 3.9% | 4.6% | ||
| Q2 25 | 3.9% | 5.0% | ||
| Q1 25 | 2.2% | 3.6% | ||
| Q4 24 | 0.2% | 4.6% | ||
| Q3 24 | 1.5% | 1.7% | ||
| Q2 24 | -1.1% | 1.8% |
每股收益（稀释后）PACSVTR
| Q1 26 | — | — | ||
| Q4 25 | $0.42 | $0.15 | ||
| Q3 25 | $0.32 | $0.14 | ||
| Q2 25 | $0.31 | $0.15 | ||
| Q1 25 | $0.17 | $0.10 | ||
| Q4 24 | $-0.03 | $0.13 | ||
| Q3 24 | $0.10 | $0.05 | ||
| Q2 24 | $-0.07 | $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 | $197.0M | $183.6M |
| 总债务越低越好 | $353.2M | — |
| 股东权益账面价值 | $946.8M | $13.2B |
| 总资产 | $5.6B | $27.7B |
| 负债/权益比越低杠杆越低 | 0.37× | — |
8季度趋势，按日历期对齐
现金及短期投资PACSVTR
| Q1 26 | — | $183.6M | ||
| Q4 25 | $197.0M | $741.1M | ||
| Q3 25 | $355.7M | $188.6M | ||
| Q2 25 | $294.2M | $614.2M | ||
| Q1 25 | $287.5M | $182.3M | ||
| Q4 24 | $157.7M | $897.9M | ||
| Q3 24 | $49.5M | $1.1B | ||
| Q2 24 | $73.4M | $557.1M |
总债务PACSVTR
| Q1 26 | — | — | ||
| Q4 25 | $353.2M | $13.0B | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $411.9M | $13.5B | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
股东权益PACSVTR
| Q1 26 | — | $13.2B | ||
| Q4 25 | $946.8M | $12.5B | ||
| Q3 25 | $871.3M | $12.4B | ||
| Q2 25 | $806.8M | $11.5B | ||
| Q1 25 | $750.2M | $11.5B | ||
| Q4 24 | $709.6M | $10.8B | ||
| Q3 24 | $660.0M | $9.8B | ||
| Q2 24 | $572.1M | $9.6B |
总资产PACSVTR
| Q1 26 | — | $27.7B | ||
| Q4 25 | $5.6B | $27.6B | ||
| Q3 25 | $5.6B | $26.9B | ||
| Q2 25 | $5.5B | $26.5B | ||
| Q1 25 | $5.5B | $26.0B | ||
| Q4 24 | $5.2B | $26.2B | ||
| Q3 24 | $4.5B | $25.3B | ||
| Q2 24 | $3.9B | $24.5B |
负债/权益比PACSVTR
| Q1 26 | — | — | ||
| Q4 25 | 0.37× | 1.04× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 0.58× | 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 | $-3.4M | — |
| 自由现金流经营现金流 - 资本支出 | — | — |
| 自由现金流率自由现金流/营收 | — | — |
| 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 | -0.06× | — |
| 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PACSVTR
| Q1 26 | — | — | ||
| Q4 25 | $-3.4M | $471.7M | ||
| Q3 25 | $204.8M | $378.6M | ||
| Q2 25 | $52.6M | $475.3M | ||
| Q1 25 | $150.2M | $321.1M | ||
| Q4 24 | $64.6M | $373.6M | ||
| Q3 24 | $209.2M | $353.7M | ||
| Q2 24 | $34.8M | $335.9M |
现金转化率PACSVTR
| Q1 26 | — | — | ||
| Q4 25 | -0.06× | 6.46× | ||
| Q3 25 | 3.91× | 5.51× | ||
| Q2 25 | 1.03× | 6.65× | ||
| Q1 25 | 5.28× | 6.64× | ||
| Q4 24 | 33.78× | 6.36× | ||
| Q3 24 | 13.39× | 16.84× | ||
| Q2 24 | — | 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
PACS
暂无分部数据
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% |
