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PROCORE TECHNOLOGIES, INC.（PCOR）与STARWOOD PROPERTY TRUST, INC.（STWD）财务数据对比。点击上方公司名可切换其他公司
STARWOOD PROPERTY TRUST, INC.的季度营收约是PROCORE TECHNOLOGIES, INC.的1.4倍（$492.9M vs $349.1M），STARWOOD PROPERTY TRUST, INC.净利率更高（19.7% vs -10.8%，领先30.4%），PROCORE TECHNOLOGIES, INC.同比增速更快（15.6% vs 8.5%），过去两年PROCORE TECHNOLOGIES, INC.的营收复合增速更高（13.8% vs -2.9%）
Procore Technologies是2002年成立的美国建筑管理软件即服务（SaaS）企业，总部位于加利福尼亚州卡平特里亚。公司打造的全球平台可连接建筑行业从业者，支持搭建简化工作流，统一展现建筑项目信息，覆盖任务追踪、项目流程管理、日程排期等核心功能。
喜达屋酒店及度假村国际集团是全球规模最大的酒店企业之一，业务涵盖酒店、度假村、水疗中心、住宅及度假产权物业的持有、运营、特许经营与管理。集团前身为1969年成立的房地产投资信托基金，1995年完成收购重组，旗下共11个品牌，管理及特许经营的物业共计1297处。
PCOR vs STWD — 直观对比
营收规模更大
STWD
是对方的1.4倍
$349.1M
营收增速更快
PCOR
高出7.1%
8.5%
净利率更高
STWD
高出30.4%
-10.8%
两年增速更快
PCOR
近两年复合增速
-2.9%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $349.1M | $492.9M |
| 净利润 | $-37.6M | $96.9M |
| 毛利率 | 80.1% | — |
| 营业利润率 | -12.3% | 26.6% |
| 净利率 | -10.8% | 19.7% |
| 营收同比 | 15.6% | 8.5% |
| 净利润同比 | 39.6% | 87.7% |
| 每股收益（稀释后） | $-0.25 | $0.25 |
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PCORSTWD
| Q4 25 | $349.1M | $492.9M | ||
| Q3 25 | $338.9M | $488.9M | ||
| Q2 25 | $323.9M | $444.3M | ||
| Q1 25 | $310.6M | $418.2M | ||
| Q4 24 | $302.0M | $454.4M | ||
| Q3 24 | $295.9M | $479.5M | ||
| Q2 24 | $284.3M | $489.8M | ||
| Q1 24 | $269.4M | $523.1M |
净利润PCORSTWD
| Q4 25 | $-37.6M | $96.9M | ||
| Q3 25 | $-9.1M | $72.6M | ||
| Q2 25 | $-21.1M | $129.8M | ||
| Q1 25 | $-33.0M | $112.3M | ||
| Q4 24 | $-62.3M | $51.6M | ||
| Q3 24 | $-26.4M | $76.1M | ||
| Q2 24 | $-6.3M | $77.9M | ||
| Q1 24 | $-11.0M | $154.3M |
毛利率PCORSTWD
| Q4 25 | 80.1% | — | ||
| Q3 25 | 79.7% | — | ||
| Q2 25 | 79.1% | — | ||
| Q1 25 | 79.1% | — | ||
| Q4 24 | 81.2% | — | ||
| Q3 24 | 81.4% | — | ||
| Q2 24 | 83.1% | — | ||
| Q1 24 | 83.0% | — |
营业利润率PCORSTWD
| Q4 25 | -12.3% | 26.6% | ||
| Q3 25 | -4.4% | 19.1% | ||
| Q2 25 | -9.3% | 30.5% | ||
| Q1 25 | -11.7% | 28.7% | ||
| Q4 24 | -21.9% | 15.1% | ||
| Q3 24 | -12.3% | 17.2% | ||
| Q2 24 | -5.2% | 19.1% | ||
| Q1 24 | -7.0% | 30.8% |
净利率PCORSTWD
| Q4 25 | -10.8% | 19.7% | ||
| Q3 25 | -2.7% | 14.8% | ||
| Q2 25 | -6.5% | 29.2% | ||
| Q1 25 | -10.6% | 26.8% | ||
| Q4 24 | -20.6% | 11.4% | ||
| Q3 24 | -8.9% | 15.9% | ||
| Q2 24 | -2.2% | 15.9% | ||
| Q1 24 | -4.1% | 29.5% |
每股收益（稀释后）PCORSTWD
| Q4 25 | $-0.25 | $0.25 | ||
| Q3 25 | $-0.06 | $0.19 | ||
| Q2 25 | $-0.14 | $0.38 | ||
| Q1 25 | $-0.22 | $0.33 | ||
| Q4 24 | $-0.42 | $0.15 | ||
| Q3 24 | $-0.18 | $0.23 | ||
| Q2 24 | $-0.04 | $0.24 | ||
| Q1 24 | $-0.08 | $0.48 |
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 | $768.5M | $499.5M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $1.3B | $6.8B |
| 总资产 | $2.2B | $63.2B |
| 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PCORSTWD
| Q4 25 | $768.5M | $499.5M | ||
| Q3 25 | $684.0M | $301.1M | ||
| Q2 25 | $620.9M | $259.9M | ||
| Q1 25 | $566.7M | $440.6M | ||
| Q4 24 | $775.4M | $377.8M | ||
| Q3 24 | $756.9M | $357.9M | ||
| Q2 24 | $735.4M | $259.3M | ||
| Q1 24 | $744.6M | $327.4M |
股东权益PCORSTWD
| Q4 25 | $1.3B | $6.8B | ||
| Q3 25 | $1.2B | $6.9B | ||
| Q2 25 | $1.2B | $6.4B | ||
| Q1 25 | $1.2B | $6.4B | ||
| Q4 24 | $1.3B | $6.4B | ||
| Q3 24 | $1.3B | $6.5B | ||
| Q2 24 | $1.3B | $6.2B | ||
| Q1 24 | $1.2B | $6.3B |
总资产PCORSTWD
| Q4 25 | $2.2B | $63.2B | ||
| Q3 25 | $2.1B | $62.4B | ||
| Q2 25 | $2.0B | $62.4B | ||
| Q1 25 | $1.9B | $62.2B | ||
| Q4 24 | $2.1B | $62.6B | ||
| Q3 24 | $2.0B | $64.2B | ||
| Q2 24 | $2.0B | $64.1B | ||
| Q1 24 | $1.9B | $66.2B |
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 | $114.9M | $488.8M |
| 自由现金流经营现金流 - 资本支出 | $109.2M | — |
| 自由现金流率自由现金流/营收 | 31.3% | — |
| 资本支出强度资本支出/营收 | 1.6% | — |
| 现金转化率经营现金流/净利润 | — | 5.04× |
| 过去12个月自由现金流最近4个季度 | $282.2M | — |
8季度趋势，按日历期对齐
经营现金流PCORSTWD
| Q4 25 | $114.9M | $488.8M | ||
| Q3 25 | $88.5M | $337.6M | ||
| Q2 25 | $30.8M | $-87.4M | ||
| Q1 25 | $66.0M | $238.9M | ||
| Q4 24 | $29.1M | $295.6M | ||
| Q3 24 | $39.3M | $241.8M | ||
| Q2 24 | $58.7M | $53.3M | ||
| Q1 24 | $69.1M | $55.9M |
自由现金流PCORSTWD
| Q4 25 | $109.2M | — | ||
| Q3 25 | $83.1M | — | ||
| Q2 25 | $27.9M | — | ||
| Q1 25 | $62.0M | — | ||
| Q4 24 | $17.4M | — | ||
| Q3 24 | $35.7M | — | ||
| Q2 24 | $56.8M | — | ||
| Q1 24 | $67.1M | — |
自由现金流率PCORSTWD
| Q4 25 | 31.3% | — | ||
| Q3 25 | 24.5% | — | ||
| Q2 25 | 8.6% | — | ||
| Q1 25 | 20.0% | — | ||
| Q4 24 | 5.8% | — | ||
| Q3 24 | 12.1% | — | ||
| Q2 24 | 20.0% | — | ||
| Q1 24 | 24.9% | — |
资本支出强度PCORSTWD
| Q4 25 | 1.6% | — | ||
| Q3 25 | 1.6% | — | ||
| Q2 25 | 0.9% | — | ||
| Q1 25 | 1.3% | — | ||
| Q4 24 | 3.9% | — | ||
| Q3 24 | 1.2% | — | ||
| Q2 24 | 0.7% | — | ||
| Q1 24 | 0.8% | — |
现金转化率PCORSTWD
| Q4 25 | — | 5.04× | ||
| Q3 25 | — | 4.65× | ||
| Q2 25 | — | -0.67× | ||
| Q1 25 | — | 2.13× | ||
| Q4 24 | — | 5.72× | ||
| Q3 24 | — | 3.18× | ||
| Q2 24 | — | 0.68× | ||
| Q1 24 | — | 0.36× |
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
PCOR
| US | $298.3M | 85% |
| Non Us | $50.9M | 15% |
STWD
| Commercial And Residential Lending Segment | $335.2M | 68% |
| Infrastructure Lending Segment | $70.3M | 14% |
| Property Segment | $57.8M | 12% |
| Other | $29.7M | 6% |
