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PPL Corporation（PPL）与Ventas（VTR）财务数据对比。点击上方公司名可切换其他公司
PPL Corporation的季度营收约是Ventas的1.4倍（$2.3B vs $1.7B），PPL Corporation净利率更高（11.3% vs 3.6%，领先7.8%），Ventas同比增速更快（22.0% vs 7.2%），过去两年Ventas的营收复合增速更高（17.5% vs 1.0%）
PPL公司是总部位于美国宾夕法尼亚州的能源公用事业控股企业，为宾州、肯塔基州、罗德岛州约350万居民及工商业用户提供电力与天然气供应服务，核心业务方向包括电网现代化升级、清洁能源转型、高可靠性可持续能源服务供给。
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。
PPL vs VTR — 直观对比
营收规模更大
PPL
是对方的1.4倍
$1.7B
营收增速更快
VTR
高出14.8%
7.2%
净利率更高
PPL
高出7.8%
3.6%
两年增速更快
VTR
近两年复合增速
1.0%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $2.3B | $1.7B |
| 净利润 | $266.0M | $59.0M |
| 毛利率 | — | — |
| 营业利润率 | 20.3% | — |
| 净利率 | 11.3% | 3.6% |
| 营收同比 | 7.2% | 22.0% |
| 净利润同比 | 50.3% | 19.0% |
| 每股收益（稀释后） | $0.35 | — |
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PPLVTR
| Q1 26 | — | $1.7B | ||
| Q4 25 | $2.3B | $1.6B | ||
| Q3 25 | $2.2B | $1.5B | ||
| Q2 25 | $2.0B | $1.4B | ||
| Q1 25 | $2.5B | $1.4B | ||
| Q4 24 | $2.2B | $1.3B | ||
| Q3 24 | $2.1B | $1.2B | ||
| Q2 24 | $1.9B | $1.2B |
净利润PPLVTR
| Q1 26 | — | $59.0M | ||
| Q4 25 | $266.0M | $73.0M | ||
| Q3 25 | $318.0M | $68.7M | ||
| Q2 25 | $183.0M | $71.5M | ||
| Q1 25 | $414.0M | $48.4M | ||
| Q4 24 | $177.0M | $58.7M | ||
| Q3 24 | $214.0M | $21.0M | ||
| Q2 24 | $190.0M | $21.2M |
营业利润率PPLVTR
| Q1 26 | — | — | ||
| Q4 25 | 20.3% | 4.9% | ||
| Q3 25 | 25.4% | 3.0% | ||
| Q2 25 | 19.9% | 3.0% | ||
| Q1 25 | 26.6% | 3.0% | ||
| Q4 24 | 17.2% | -0.0% | ||
| Q3 24 | 20.6% | 1.5% | ||
| Q2 24 | 20.8% | -1.6% |
净利率PPLVTR
| Q1 26 | — | 3.6% | ||
| Q4 25 | 11.3% | 4.7% | ||
| Q3 25 | 14.2% | 4.6% | ||
| Q2 25 | 9.0% | 5.0% | ||
| Q1 25 | 16.3% | 3.6% | ||
| Q4 24 | 8.1% | 4.6% | ||
| Q3 24 | 10.3% | 1.7% | ||
| Q2 24 | 10.1% | 1.8% |
每股收益（稀释后）PPLVTR
| Q1 26 | — | — | ||
| Q4 25 | $0.35 | $0.15 | ||
| Q3 25 | $0.43 | $0.14 | ||
| Q2 25 | $0.25 | $0.15 | ||
| Q1 25 | $0.56 | $0.10 | ||
| Q4 24 | $0.23 | $0.13 | ||
| Q3 24 | $0.29 | $0.05 | ||
| Q2 24 | $0.26 | $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 | $1.1B | $183.6M |
| 总债务越低越好 | $18.9B | — |
| 股东权益账面价值 | $14.9B | $13.2B |
| 总资产 | $45.2B | $27.7B |
| 负债/权益比越低杠杆越低 | 1.27× | — |
8季度趋势，按日历期对齐
现金及短期投资PPLVTR
| Q1 26 | — | $183.6M | ||
| Q4 25 | $1.1B | $741.1M | ||
| Q3 25 | $1.1B | $188.6M | ||
| Q2 25 | $294.0M | $614.2M | ||
| Q1 25 | $312.0M | $182.3M | ||
| Q4 24 | $306.0M | $897.9M | ||
| Q3 24 | $542.0M | $1.1B | ||
| Q2 24 | $282.0M | $557.1M |
总债务PPLVTR
| Q1 26 | — | — | ||
| Q4 25 | $18.9B | $13.0B | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $16.5B | $13.5B | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
股东权益PPLVTR
| Q1 26 | — | $13.2B | ||
| Q4 25 | $14.9B | $12.5B | ||
| Q3 25 | $14.4B | $12.4B | ||
| Q2 25 | $14.3B | $11.5B | ||
| Q1 25 | $14.3B | $11.5B | ||
| Q4 24 | $14.1B | $10.8B | ||
| Q3 24 | $14.1B | $9.8B | ||
| Q2 24 | $14.1B | $9.6B |
总资产PPLVTR
| Q1 26 | — | $27.7B | ||
| Q4 25 | $45.2B | $27.6B | ||
| Q3 25 | $43.9B | $26.9B | ||
| Q2 25 | $42.4B | $26.5B | ||
| Q1 25 | $41.8B | $26.0B | ||
| Q4 24 | $41.1B | $26.2B | ||
| Q3 24 | $40.5B | $25.3B | ||
| Q2 24 | $39.8B | $24.5B |
负债/权益比PPLVTR
| Q1 26 | — | — | ||
| Q4 25 | 1.27× | 1.04× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 1.17× | 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 | $548.0M | — |
| 自由现金流经营现金流 - 资本支出 | $-614.0M | — |
| 自由现金流率自由现金流/营收 | -26.1% | — |
| 资本支出强度资本支出/营收 | 49.5% | — |
| 现金转化率经营现金流/净利润 | 2.06× | — |
| 过去12个月自由现金流最近4个季度 | $-1.4B | — |
8季度趋势，按日历期对齐
经营现金流PPLVTR
| Q1 26 | — | — | ||
| Q4 25 | $548.0M | $471.7M | ||
| Q3 25 | $966.0M | $378.6M | ||
| Q2 25 | $602.0M | $475.3M | ||
| Q1 25 | $513.0M | $321.1M | ||
| Q4 24 | $511.0M | $373.6M | ||
| Q3 24 | $781.0M | $353.7M | ||
| Q2 24 | $766.0M | $335.9M |
自由现金流PPLVTR
| Q1 26 | — | — | ||
| Q4 25 | $-614.0M | — | ||
| Q3 25 | $-179.0M | — | ||
| Q2 25 | $-328.0M | — | ||
| Q1 25 | $-280.0M | — | ||
| Q4 24 | $-349.0M | — | ||
| Q3 24 | $102.0M | — | ||
| Q2 24 | $96.0M | — |
自由现金流率PPLVTR
| Q1 26 | — | — | ||
| Q4 25 | -26.1% | — | ||
| Q3 25 | -8.0% | — | ||
| Q2 25 | -16.1% | — | ||
| Q1 25 | -11.0% | — | ||
| Q4 24 | -15.9% | — | ||
| Q3 24 | 4.9% | — | ||
| Q2 24 | 5.1% | — |
资本支出强度PPLVTR
| Q1 26 | — | — | ||
| Q4 25 | 49.5% | — | ||
| Q3 25 | 51.2% | — | ||
| Q2 25 | 45.6% | — | ||
| Q1 25 | 31.2% | — | ||
| Q4 24 | 39.3% | — | ||
| Q3 24 | 32.7% | — | ||
| Q2 24 | 35.8% | — |
现金转化率PPLVTR
| Q1 26 | — | — | ||
| Q4 25 | 2.06× | 6.46× | ||
| Q3 25 | 3.04× | 5.51× | ||
| Q2 25 | 3.29× | 6.65× | ||
| Q1 25 | 1.24× | 6.64× | ||
| Q4 24 | 2.89× | 6.36× | ||
| Q3 24 | 3.65× | 16.84× | ||
| Q2 24 | 4.03× | 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
PPL
| Rhode Island Regulated | $539.0M | 23% |
| Other | $532.0M | 23% |
| Residential | $451.0M | 19% |
| Nonrelated Party | $425.0M | 18% |
| Transmission | $228.0M | 10% |
| Commercial | $117.0M | 5% |
| Wholesale Other | $23.0M | 1% |
| Industrial | $14.0M | 1% |
| Related Party | $13.0M | 1% |
| Wholesale Municipal | $6.0M | 0% |
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% |
