vs
BOSTON BEER CO INC（SAM）与医疗房产信托（SVC）财务数据对比。点击上方公司名可切换其他公司
BOSTON BEER CO INC的季度营收约是医疗房产信托的1.6倍（$461.6M vs $296.5M），BOSTON BEER CO INC同比增速更快（-4.1% vs -17.0%），过去两年医疗房产信托的营收复合增速更高（-6.1% vs -10.7%）
波士顿啤酒公司是美国知名酿酒企业，1984年由吉姆·科赫与朗达·卡尔曼联合创立。旗下首款产品以美国开国元勋、独立运动先驱塞缪尔·亚当斯命名，后续陆续推出多个自有品牌，2019年正式完成与角鲨头酿酒厂的合并，是北美精酿啤酒行业的核心参与者之一。
医疗房产信托（MPT）是总部位于阿拉巴马州伯明翰的国际房地产投资信托（REIT），主要在美国和欧洲地区收购投资医疗设施与营利性医疗控股公司。该公司的房产收购多采用售后回租模式，原产权方出售房产给MPT后成为承租租户，其租户普遍签订长期三净租约。
SAM vs SVC — 直观对比
营收规模更大
SAM
是对方的1.6倍
$296.5M
营收增速更快
SAM
高出12.9%
-17.0%
两年增速更快
SVC
近两年复合增速
-10.7%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $461.6M | $296.5M |
| 净利润 | — | $-782.0K |
| 毛利率 | 46.4% | — |
| 营业利润率 | 12.4% | -3.9% |
| 净利率 | — | -0.3% |
| 营收同比 | -4.1% | -17.0% |
| 净利润同比 | — | 99.0% |
| 每股收益（稀释后） | $2.16 | $-0.01 |
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SAMSVC
| Q1 26 | $461.6M | — | ||
| Q4 25 | $385.7M | $296.5M | ||
| Q3 25 | $537.5M | $377.6M | ||
| Q2 25 | $587.9M | $404.4M | ||
| Q1 25 | $453.9M | $335.0M | ||
| Q4 24 | $402.3M | $357.0M | ||
| Q3 24 | $605.5M | $390.9M | ||
| Q2 24 | $579.1M | $412.5M |
净利润SAMSVC
| Q1 26 | — | — | ||
| Q4 25 | $-22.5M | $-782.0K | ||
| Q3 25 | $46.2M | $-46.9M | ||
| Q2 25 | $60.4M | $-38.2M | ||
| Q1 25 | $24.4M | $-116.4M | ||
| Q4 24 | $-38.8M | $-76.4M | ||
| Q3 24 | $33.5M | $-46.9M | ||
| Q2 24 | $52.3M | $-73.8M |
毛利率SAMSVC
| Q1 26 | 46.4% | — | ||
| Q4 25 | 43.5% | — | ||
| Q3 25 | 50.8% | — | ||
| Q2 25 | 49.8% | — | ||
| Q1 25 | 48.3% | — | ||
| Q4 24 | 39.9% | — | ||
| Q3 24 | 46.3% | — | ||
| Q2 24 | 46.0% | — |
营业利润率SAMSVC
| Q1 26 | 12.4% | — | ||
| Q4 25 | -8.6% | -3.9% | ||
| Q3 25 | 11.5% | -12.8% | ||
| Q2 25 | 14.0% | -9.2% | ||
| Q1 25 | 7.4% | -33.3% | ||
| Q4 24 | -13.9% | -19.4% | ||
| Q3 24 | 7.6% | -12.8% | ||
| Q2 24 | 12.2% | -17.1% |
净利率SAMSVC
| Q1 26 | — | — | ||
| Q4 25 | -5.8% | -0.3% | ||
| Q3 25 | 8.6% | -12.4% | ||
| Q2 25 | 10.3% | -9.4% | ||
| Q1 25 | 5.4% | -34.8% | ||
| Q4 24 | -9.6% | -21.4% | ||
| Q3 24 | 5.5% | -12.0% | ||
| Q2 24 | 9.0% | -17.9% |
每股收益（稀释后）SAMSVC
| Q1 26 | $2.16 | — | ||
| Q4 25 | $-1.97 | $-0.01 | ||
| Q3 25 | $4.25 | $-0.28 | ||
| Q2 25 | $5.45 | $-0.23 | ||
| Q1 25 | $2.16 | $-0.70 | ||
| Q4 24 | $-3.23 | $-0.46 | ||
| Q3 24 | $2.86 | $-0.28 | ||
| Q2 24 | $4.39 | $-0.45 |
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 | $164.1M | $346.8M |
| 总债务越低越好 | — | $5.5B |
| 股东权益账面价值 | $682.6M | $646.1M |
| 总资产 | $1.2B | $6.5B |
| 负债/权益比越低杠杆越低 | — | 8.52× |
8季度趋势，按日历期对齐
现金及短期投资SAMSVC
| Q1 26 | $164.1M | — | ||
| Q4 25 | $223.4M | $346.8M | ||
| Q3 25 | $250.5M | $417.4M | ||
| Q2 25 | $212.4M | $63.2M | ||
| Q1 25 | $152.5M | $80.1M | ||
| Q4 24 | $211.8M | $143.5M | ||
| Q3 24 | $255.6M | $48.6M | ||
| Q2 24 | $219.3M | $14.6M |
总债务SAMSVC
| Q1 26 | — | — | ||
| Q4 25 | — | $5.5B | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $5.8B | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
股东权益SAMSVC
| Q1 26 | $682.6M | — | ||
| Q4 25 | $846.3M | $646.1M | ||
| Q3 25 | $911.0M | $647.9M | ||
| Q2 25 | $912.3M | $695.9M | ||
| Q1 25 | $897.0M | $734.6M | ||
| Q4 24 | $916.2M | $851.9M | ||
| Q3 24 | $1.0B | $929.0M | ||
| Q2 24 | $1.0B | $1.0B |
总资产SAMSVC
| Q1 26 | $1.2B | — | ||
| Q4 25 | $1.2B | $6.5B | ||
| Q3 25 | $1.2B | $7.0B | ||
| Q2 25 | $1.3B | $6.9B | ||
| Q1 25 | $1.2B | $7.0B | ||
| Q4 24 | $1.3B | $7.1B | ||
| Q3 24 | $1.4B | $7.1B | ||
| Q2 24 | $1.4B | $7.1B |
负债/权益比SAMSVC
| Q1 26 | — | — | ||
| Q4 25 | — | 8.52× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 6.85× | ||
| 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 | — | $-18.5M |
| 自由现金流经营现金流 - 资本支出 | — | $-95.2M |
| 自由现金流率自由现金流/营收 | — | -32.1% |
| 资本支出强度资本支出/营收 | — | 25.9% |
| 现金转化率经营现金流/净利润 | — | — |
| 过去12个月自由现金流最近4个季度 | — | $-107.0M |
8季度趋势，按日历期对齐
经营现金流SAMSVC
| Q1 26 | — | — | ||
| Q4 25 | $39.9M | $-18.5M | ||
| Q3 25 | $101.8M | $98.1M | ||
| Q2 25 | $126.5M | $-7.0K | ||
| Q1 25 | $1.9M | $38.2M | ||
| Q4 24 | $41.9M | $-9.7M | ||
| Q3 24 | $115.9M | $106.2M | ||
| Q2 24 | $96.0M | $43.8M |
自由现金流SAMSVC
| Q1 26 | — | — | ||
| Q4 25 | $22.1M | $-95.2M | ||
| Q3 25 | $89.2M | $57.9M | ||
| Q2 25 | $112.2M | $-46.6M | ||
| Q1 25 | $-8.0M | $-23.2M | ||
| Q4 24 | $18.4M | $-88.9M | ||
| Q3 24 | $99.2M | $24.1M | ||
| Q2 24 | $75.6M | $-22.3M |
自由现金流率SAMSVC
| Q1 26 | — | — | ||
| Q4 25 | 5.7% | -32.1% | ||
| Q3 25 | 16.6% | 15.3% | ||
| Q2 25 | 19.1% | -11.5% | ||
| Q1 25 | -1.8% | -6.9% | ||
| Q4 24 | 4.6% | -24.9% | ||
| Q3 24 | 16.4% | 6.2% | ||
| Q2 24 | 13.1% | -5.4% |
资本支出强度SAMSVC
| Q1 26 | — | — | ||
| Q4 25 | 4.6% | 25.9% | ||
| Q3 25 | 2.3% | 10.6% | ||
| Q2 25 | 2.4% | 11.5% | ||
| Q1 25 | 2.2% | 18.3% | ||
| Q4 24 | 5.8% | 22.2% | ||
| Q3 24 | 2.8% | 21.0% | ||
| Q2 24 | 3.5% | 16.0% |
现金转化率SAMSVC
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | 2.21× | — | ||
| Q2 25 | 2.09× | — | ||
| Q1 25 | 0.08× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 3.46× | — | ||
| Q2 24 | 1.83× | — |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
