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瑞思迈（RMD）与Ventas（VTR）财务数据对比。点击上方公司名可切换其他公司
Ventas的季度营收约是瑞思迈的1.2倍（$1.7B vs $1.4B），瑞思迈净利率更高（27.6% vs 3.6%，领先24.0%），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 9.0%）
瑞思迈是一家起源于澳大利亚、总部位于美国加利福尼亚州圣迭戈的医疗设备企业，主打可接入云端的呼吸类医疗设备，用于治疗睡眠呼吸暂停、慢性阻塞性肺病等呼吸道疾病，新冠疫情期间曾大量生产呼吸机等设备助力患者救治。
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。
RMD 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11.0%
11.0%
净利率更高
RMD
高出24.0%
3.6%
两年增速更快
VTR
近两年复合增速
9.0%
损益表 — Q2 FY2026 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $1.4B | $1.7B |
| 净利润 | $392.6M | $59.0M |
| 毛利率 | 61.8% | — |
| 营业利润率 | 34.6% | — |
| 净利率 | 27.6% | 3.6% |
| 营收同比 | 11.0% | 22.0% |
| 净利润同比 | 13.9% | 19.0% |
| 每股收益（稀释后） | $2.68 | — |
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RMDVTR
| 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 | $1.3B | $1.3B | ||
| Q3 24 | $1.2B | $1.2B | ||
| Q2 24 | $1.2B | $1.2B |
净利润RMDVTR
| Q1 26 | — | $59.0M | ||
| Q4 25 | $392.6M | $73.0M | ||
| Q3 25 | $348.5M | $68.7M | ||
| Q2 25 | $379.7M | $71.5M | ||
| Q1 25 | $365.0M | $48.4M | ||
| Q4 24 | $344.6M | $58.7M | ||
| Q3 24 | $311.4M | $21.0M | ||
| Q2 24 | $292.2M | $21.2M |
毛利率RMDVTR
| Q1 26 | — | — | ||
| Q4 25 | 61.8% | — | ||
| Q3 25 | 61.5% | — | ||
| Q2 25 | 60.8% | — | ||
| Q1 25 | 59.3% | — | ||
| Q4 24 | 58.6% | — | ||
| Q3 24 | 58.6% | — | ||
| Q2 24 | 58.5% | — |
营业利润率RMDVTR
| Q1 26 | — | — | ||
| Q4 25 | 34.6% | 4.9% | ||
| Q3 25 | 33.4% | 3.0% | ||
| Q2 25 | 33.7% | 3.0% | ||
| Q1 25 | 33.0% | 3.0% | ||
| Q4 24 | 32.5% | -0.0% | ||
| Q3 24 | 31.6% | 1.5% | ||
| Q2 24 | 31.2% | -1.6% |
净利率RMDVTR
| Q1 26 | — | 3.6% | ||
| Q4 25 | 27.6% | 4.7% | ||
| Q3 25 | 26.1% | 4.6% | ||
| Q2 25 | 28.2% | 5.0% | ||
| Q1 25 | 28.3% | 3.6% | ||
| Q4 24 | 26.9% | 4.6% | ||
| Q3 24 | 25.4% | 1.7% | ||
| Q2 24 | 23.9% | 1.8% |
每股收益（稀释后）RMDVTR
| Q1 26 | — | — | ||
| Q4 25 | $2.68 | $0.15 | ||
| Q3 25 | $2.37 | $0.14 | ||
| Q2 25 | $2.58 | $0.15 | ||
| Q1 25 | $2.48 | $0.10 | ||
| Q4 24 | $2.34 | $0.13 | ||
| Q3 24 | $2.11 | $0.05 | ||
| Q2 24 | $1.97 | $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 | $1.4B | $183.6M |
| 总债务越低越好 | $403.9M | — |
| 股东权益账面价值 | $6.3B | $13.2B |
| 总资产 | $8.5B | $27.7B |
| 负债/权益比越低杠杆越低 | 0.06× | — |
8季度趋势，按日历期对齐
现金及短期投资RMDVTR
| Q1 26 | — | $183.6M | ||
| Q4 25 | $1.4B | $741.1M | ||
| Q3 25 | $1.4B | $188.6M | ||
| Q2 25 | $1.2B | $614.2M | ||
| Q1 25 | $932.7M | $182.3M | ||
| Q4 24 | $521.9M | $897.9M | ||
| Q3 24 | $426.4M | $1.1B | ||
| Q2 24 | $238.4M | $557.1M |
总债务RMDVTR
| Q1 26 | — | — | ||
| Q4 25 | $403.9M | $13.0B | ||
| Q3 25 | $408.7M | — | ||
| Q2 25 | $658.4M | — | ||
| Q1 25 | $663.1M | — | ||
| Q4 24 | $662.9M | $13.5B | ||
| Q3 24 | $667.6M | — | ||
| Q2 24 | $697.3M | — |
股东权益RMDVTR
| Q1 26 | — | $13.2B | ||
| Q4 25 | $6.3B | $12.5B | ||
| Q3 25 | $6.1B | $12.4B | ||
| Q2 25 | $6.0B | $11.5B | ||
| Q1 25 | $5.5B | $11.5B | ||
| Q4 24 | $5.3B | $10.8B | ||
| Q3 24 | $5.2B | $9.8B | ||
| Q2 24 | $4.9B | $9.6B |
总资产RMDVTR
| Q1 26 | — | $27.7B | ||
| Q4 25 | $8.5B | $27.6B | ||
| Q3 25 | $8.3B | $26.9B | ||
| Q2 25 | $8.2B | $26.5B | ||
| Q1 25 | $7.6B | $26.0B | ||
| Q4 24 | $7.1B | $26.2B | ||
| Q3 24 | $7.2B | $25.3B | ||
| Q2 24 | $6.9B | $24.5B |
负债/权益比RMDVTR
| Q1 26 | — | — | ||
| Q4 25 | 0.06× | 1.04× | ||
| Q3 25 | 0.07× | — | ||
| Q2 25 | 0.11× | — | ||
| Q1 25 | 0.12× | — | ||
| Q4 24 | 0.13× | 1.26× | ||
| Q3 24 | 0.13× | — | ||
| Q2 24 | 0.14× | — |
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 | $339.7M | — |
| 自由现金流经营现金流 - 资本支出 | $311.2M | — |
| 自由现金流率自由现金流/营收 | 21.9% | — |
| 资本支出强度资本支出/营收 | 2.0% | — |
| 现金转化率经营现金流/净利润 | 0.87× | — |
| 过去12个月自由现金流最近4个季度 | $1.8B | — |
8季度趋势，按日历期对齐
经营现金流RMDVTR
| Q1 26 | — | — | ||
| Q4 25 | $339.7M | $471.7M | ||
| Q3 25 | $457.3M | $378.6M | ||
| Q2 25 | $538.8M | $475.3M | ||
| Q1 25 | $578.7M | $321.1M | ||
| Q4 24 | $308.6M | $373.6M | ||
| Q3 24 | $325.5M | $353.7M | ||
| Q2 24 | $440.1M | $335.9M |
自由现金流RMDVTR
| Q1 26 | — | — | ||
| Q4 25 | $311.2M | — | ||
| Q3 25 | $414.4M | — | ||
| Q2 25 | $508.2M | — | ||
| Q1 25 | $557.9M | — | ||
| Q4 24 | $288.0M | — | ||
| Q3 24 | $307.7M | — | ||
| Q2 24 | $415.2M | — |
自由现金流率RMDVTR
| Q1 26 | — | — | ||
| Q4 25 | 21.9% | — | ||
| Q3 25 | 31.0% | — | ||
| Q2 25 | 37.7% | — | ||
| Q1 25 | 43.2% | — | ||
| Q4 24 | 22.5% | — | ||
| Q3 24 | 25.1% | — | ||
| Q2 24 | 33.9% | — |
资本支出强度RMDVTR
| Q1 26 | — | — | ||
| Q4 25 | 2.0% | — | ||
| Q3 25 | 3.2% | — | ||
| Q2 25 | 2.3% | — | ||
| Q1 25 | 1.6% | — | ||
| Q4 24 | 1.6% | — | ||
| Q3 24 | 1.5% | — | ||
| Q2 24 | 2.0% | — |
现金转化率RMDVTR
| Q1 26 | — | — | ||
| Q4 25 | 0.87× | 6.46× | ||
| Q3 25 | 1.31× | 5.51× | ||
| Q2 25 | 1.42× | 6.65× | ||
| Q1 25 | 1.59× | 6.64× | ||
| Q4 24 | 0.90× | 6.36× | ||
| Q3 24 | 1.05× | 16.84× | ||
| Q2 24 | 1.51× | 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
RMD
| Sleep And Breathing Health | $1.3B | 88% |
| Residential Care Software | $166.9M | 12% |
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% |
