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PPL Corporation（PPL）与Welltower（WELL）财务数据对比。点击上方公司名可切换其他公司
Welltower的季度营收约是PPL Corporation的1.4倍（$3.4B vs $2.3B），Welltower净利率更高（22.4% vs 11.3%，领先11.1%），Welltower同比增速更快（38.3% vs 7.2%），过去两年Welltower的营收复合增速更高（55.1% 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。
Welltower Inc.是一家专注于医疗基础设施领域的房地产投资信托企业，核心业务为医疗类地产投资运营。截至2022年12月31日，公司投资的物业总量约3000处，全部布局于美国、加拿大及英国市场，是全球医疗地产投资领域的代表性企业之一。
PPL vs WELL — 直观对比
营收规模更大
WELL
是对方的1.4倍
$2.3B
营收增速更快
WELL
高出31.1%
7.2%
净利率更高
WELL
高出11.1%
11.3%
两年增速更快
WELL
近两年复合增速
1.0%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $2.3B | $3.4B |
| 净利润 | $266.0M | $752.3M |
| 毛利率 | — | — |
| 营业利润率 | 20.3% | — |
| 净利率 | 11.3% | 22.4% |
| 营收同比 | 7.2% | 38.3% |
| 净利润同比 | 50.3% | 192.4% |
| 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PPLWELL
| Q1 26 | — | $3.4B | ||
| Q4 25 | $2.3B | $2.6B | ||
| Q3 25 | $2.2B | $2.1B | ||
| Q2 25 | $2.0B | $2.0B | ||
| Q1 25 | $2.5B | $1.9B | ||
| Q4 24 | $2.2B | $1.8B | ||
| Q3 24 | $2.1B | $1.5B | ||
| Q2 24 | $1.9B | $1.4B |
净利润PPLWELL
| Q1 26 | — | $752.3M | ||
| Q4 25 | $266.0M | $117.8M | ||
| Q3 25 | $318.0M | $282.2M | ||
| Q2 25 | $183.0M | $304.6M | ||
| Q1 25 | $414.0M | $257.3M | ||
| Q4 24 | $177.0M | $123.8M | ||
| Q3 24 | $214.0M | $456.8M | ||
| Q2 24 | $190.0M | $260.7M |
毛利率PPLWELL
| Q1 26 | — | — | ||
| Q4 25 | — | 24.3% | ||
| Q3 25 | — | 23.5% | ||
| Q2 25 | — | 23.2% | ||
| Q1 25 | — | 21.6% | ||
| Q4 24 | — | 20.0% | ||
| Q3 24 | — | 19.8% | ||
| Q2 24 | — | 20.2% |
营业利润率PPLWELL
| Q1 26 | — | — | ||
| Q4 25 | 20.3% | — | ||
| Q3 25 | 25.4% | 14.2% | ||
| Q2 25 | 19.9% | 15.1% | ||
| Q1 25 | 26.6% | 10.7% | ||
| Q4 24 | 17.2% | 6.2% | ||
| Q3 24 | 20.6% | 12.2% | ||
| Q2 24 | 20.8% | 6.5% |
净利率PPLWELL
| Q1 26 | — | 22.4% | ||
| Q4 25 | 11.3% | 4.6% | ||
| Q3 25 | 14.2% | 13.7% | ||
| Q2 25 | 9.0% | 15.5% | ||
| Q1 25 | 16.3% | 13.8% | ||
| Q4 24 | 8.1% | 7.0% | ||
| Q3 24 | 10.3% | 30.2% | ||
| Q2 24 | 10.1% | 18.7% |
每股收益（稀释后）PPLWELL
| Q1 26 | — | — | ||
| Q4 25 | $0.35 | $0.13 | ||
| Q3 25 | $0.43 | $0.41 | ||
| Q2 25 | $0.25 | $0.45 | ||
| Q1 25 | $0.56 | $0.40 | ||
| Q4 24 | $0.23 | $0.20 | ||
| Q3 24 | $0.29 | $0.73 | ||
| Q2 24 | $0.26 | $0.42 |
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 | $4.7B |
| 总债务越低越好 | $18.9B | — |
| 股东权益账面价值 | $14.9B | $44.7B |
| 总资产 | $45.2B | $67.2B |
| 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PPLWELL
| Q1 26 | — | $4.7B | ||
| Q4 25 | $1.1B | $5.0B | ||
| Q3 25 | $1.1B | $6.8B | ||
| Q2 25 | $294.0M | $4.4B | ||
| Q1 25 | $312.0M | $3.5B | ||
| Q4 24 | $306.0M | $3.5B | ||
| Q3 24 | $542.0M | $3.6B | ||
| Q2 24 | $282.0M | $2.8B |
总债务PPLWELL
| Q1 26 | — | — | ||
| Q4 25 | $18.9B | $19.2B | ||
| Q3 25 | — | $16.9B | ||
| Q2 25 | — | $16.0B | ||
| Q1 25 | — | $15.7B | ||
| Q4 24 | $16.5B | $15.5B | ||
| Q3 24 | — | $15.8B | ||
| Q2 24 | — | $13.9B |
股东权益PPLWELL
| Q1 26 | — | $44.7B | ||
| Q4 25 | $14.9B | $42.1B | ||
| Q3 25 | $14.4B | $38.8B | ||
| Q2 25 | $14.3B | $35.9B | ||
| Q1 25 | $14.3B | $34.0B | ||
| Q4 24 | $14.1B | $32.0B | ||
| Q3 24 | $14.1B | $30.3B | ||
| Q2 24 | $14.1B | $29.0B |
总资产PPLWELL
| Q1 26 | — | $67.2B | ||
| Q4 25 | $45.2B | $67.3B | ||
| Q3 25 | $43.9B | $59.5B | ||
| Q2 25 | $42.4B | $55.8B | ||
| Q1 25 | $41.8B | $53.3B | ||
| Q4 24 | $41.1B | $51.0B | ||
| Q3 24 | $40.5B | $49.0B | ||
| Q2 24 | $39.8B | $45.5B |
负债/权益比PPLWELL
| Q1 26 | — | — | ||
| Q4 25 | 1.27× | 0.46× | ||
| Q3 25 | — | 0.43× | ||
| Q2 25 | — | 0.44× | ||
| Q1 25 | — | 0.46× | ||
| Q4 24 | 1.17× | 0.49× | ||
| Q3 24 | — | 0.52× | ||
| Q2 24 | — | 0.48× |
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PPLWELL
| Q1 26 | — | — | ||
| Q4 25 | $548.0M | $654.3M | ||
| Q3 25 | $966.0M | $858.4M | ||
| Q2 25 | $602.0M | $770.0M | ||
| Q1 25 | $513.0M | $599.0M | ||
| Q4 24 | $511.0M | $559.2M | ||
| Q3 24 | $781.0M | $685.0M | ||
| Q2 24 | $766.0M | $605.4M |
自由现金流PPLWELL
| Q1 26 | — | — | ||
| Q4 25 | $-614.0M | $340.4M | ||
| Q3 25 | $-179.0M | $595.3M | ||
| Q2 25 | $-328.0M | $537.2M | ||
| Q1 25 | $-280.0M | $358.6M | ||
| Q4 24 | $-349.0M | $240.4M | ||
| Q3 24 | $102.0M | $443.8M | ||
| Q2 24 | $96.0M | $440.3M |
自由现金流率PPLWELL
| Q1 26 | — | — | ||
| Q4 25 | -26.1% | 13.3% | ||
| Q3 25 | -8.0% | 28.9% | ||
| Q2 25 | -16.1% | 27.3% | ||
| Q1 25 | -11.0% | 19.2% | ||
| Q4 24 | -15.9% | 13.6% | ||
| Q3 24 | 4.9% | 29.4% | ||
| Q2 24 | 5.1% | 31.6% |
资本支出强度PPLWELL
| Q1 26 | — | — | ||
| Q4 25 | 49.5% | 12.3% | ||
| Q3 25 | 51.2% | 12.8% | ||
| Q2 25 | 45.6% | 11.8% | ||
| Q1 25 | 31.2% | 12.9% | ||
| Q4 24 | 39.3% | 18.1% | ||
| Q3 24 | 32.7% | 16.0% | ||
| Q2 24 | 35.8% | 11.8% |
现金转化率PPLWELL
| Q1 26 | — | — | ||
| Q4 25 | 2.06× | 5.56× | ||
| Q3 25 | 3.04× | 3.04× | ||
| Q2 25 | 3.29× | 2.53× | ||
| Q1 25 | 1.24× | 2.33× | ||
| Q4 24 | 2.89× | 4.52× | ||
| Q3 24 | 3.65× | 1.50× | ||
| Q2 24 | 4.03× | 2.32× |
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% |
WELL
| Resident fees and services | $2.8B | 83% |
| Rental income | $453.8M | 14% |
| Other | $117.2M | 3% |
