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Snap Inc（SNAP）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Snap Inc的2.0倍（$3.4B vs $1.7B），Welltower净利率更高（22.4% vs 2.6%，领先19.8%），Welltower同比增速更快（38.3% vs 10.2%），过去两年Welltower的营收复合增速更高（55.1% vs 19.9%）
Snap Inc.是一家美国科技企业，2011年9月16日由埃文·斯皮格尔、鲍比·墨菲和雷吉·布朗联合创立，总部位于加利福尼亚州圣莫尼卡。公司核心产品包括社交应用Snapchat、智能眼镜Spectacles、虚拟形象工具Bitmoji以及营销推广解决方案SnapBoost，2016年9月24日由原Snapchat Inc.更名为现名，覆盖社交、智能硬件等多元业务领域。
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。
SNAP vs WELL — 直观对比
营收规模更大
WELL
是对方的2.0倍
$1.7B
营收增速更快
WELL
高出28.1%
10.2%
净利率更高
WELL
高出19.8%
2.6%
两年增速更快
WELL
近两年复合增速
19.9%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $1.7B | $3.4B |
| 净利润 | $45.2M | $752.3M |
| 毛利率 | 59.1% | — |
| 营业利润率 | 2.9% | — |
| 净利率 | 2.6% | 22.4% |
| 营收同比 | 10.2% | 38.3% |
| 净利润同比 | 396.7% | 192.4% |
| 每股收益（稀释后） | $0.03 | — |
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SNAPWELL
| Q1 26 | — | $3.4B | ||
| Q4 25 | $1.7B | $2.6B | ||
| Q3 25 | $1.5B | $2.1B | ||
| Q2 25 | $1.3B | $2.0B | ||
| Q1 25 | $1.4B | $1.9B | ||
| Q4 24 | $1.6B | $1.8B | ||
| Q3 24 | $1.4B | $1.5B | ||
| Q2 24 | $1.2B | $1.4B |
净利润SNAPWELL
| Q1 26 | — | $752.3M | ||
| Q4 25 | $45.2M | $117.8M | ||
| Q3 25 | $-103.5M | $282.2M | ||
| Q2 25 | $-262.6M | $304.6M | ||
| Q1 25 | $-139.6M | $257.3M | ||
| Q4 24 | $9.1M | $123.8M | ||
| Q3 24 | $-153.2M | $456.8M | ||
| Q2 24 | $-248.6M | $260.7M |
毛利率SNAPWELL
| Q1 26 | — | — | ||
| Q4 25 | 59.1% | 24.3% | ||
| Q3 25 | 55.3% | 23.5% | ||
| Q2 25 | 51.4% | 23.2% | ||
| Q1 25 | 53.1% | 21.6% | ||
| Q4 24 | 56.9% | 20.0% | ||
| Q3 24 | 53.5% | 19.8% | ||
| Q2 24 | 52.4% | 20.2% |
营业利润率SNAPWELL
| Q1 26 | — | — | ||
| Q4 25 | 2.9% | — | ||
| Q3 25 | -8.5% | 14.2% | ||
| Q2 25 | -19.3% | 15.1% | ||
| Q1 25 | -14.2% | 10.7% | ||
| Q4 24 | -1.7% | 6.2% | ||
| Q3 24 | -12.6% | 12.2% | ||
| Q2 24 | -20.5% | 6.5% |
净利率SNAPWELL
| Q1 26 | — | 22.4% | ||
| Q4 25 | 2.6% | 4.6% | ||
| Q3 25 | -6.9% | 13.7% | ||
| Q2 25 | -19.5% | 15.5% | ||
| Q1 25 | -10.2% | 13.8% | ||
| Q4 24 | 0.6% | 7.0% | ||
| Q3 24 | -11.2% | 30.2% | ||
| Q2 24 | -20.1% | 18.7% |
每股收益（稀释后）SNAPWELL
| Q1 26 | — | — | ||
| Q4 25 | $0.03 | $0.13 | ||
| Q3 25 | $-0.06 | $0.41 | ||
| Q2 25 | $-0.16 | $0.45 | ||
| Q1 25 | $-0.08 | $0.40 | ||
| Q4 24 | $0.01 | $0.20 | ||
| Q3 24 | $-0.09 | $0.73 | ||
| Q2 24 | $-0.15 | $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 | $2.9B | $4.7B |
| 总债务越低越好 | $3.5B | — |
| 股东权益账面价值 | $2.3B | $44.7B |
| 总资产 | $7.7B | $67.2B |
| 负债/权益比越低杠杆越低 | 1.55× | — |
8季度趋势，按日历期对齐
现金及短期投资SNAPWELL
| Q1 26 | — | $4.7B | ||
| Q4 25 | $2.9B | $5.0B | ||
| Q3 25 | $3.0B | $6.8B | ||
| Q2 25 | $2.9B | $4.4B | ||
| Q1 25 | $3.2B | $3.5B | ||
| Q4 24 | $3.4B | $3.5B | ||
| Q3 24 | $3.2B | $3.6B | ||
| Q2 24 | $3.1B | $2.8B |
总债务SNAPWELL
| Q1 26 | — | — | ||
| Q4 25 | $3.5B | $19.2B | ||
| Q3 25 | $3.5B | $16.9B | ||
| Q2 25 | $3.6B | $16.0B | ||
| Q1 25 | $3.6B | $15.7B | ||
| Q4 24 | $3.6B | $15.5B | ||
| Q3 24 | $3.6B | $15.8B | ||
| Q2 24 | $3.6B | $13.9B |
股东权益SNAPWELL
| Q1 26 | — | $44.7B | ||
| Q4 25 | $2.3B | $42.1B | ||
| Q3 25 | $2.2B | $38.8B | ||
| Q2 25 | $2.1B | $35.9B | ||
| Q1 25 | $2.3B | $34.0B | ||
| Q4 24 | $2.5B | $32.0B | ||
| Q3 24 | $2.2B | $30.3B | ||
| Q2 24 | $2.1B | $29.0B |
总资产SNAPWELL
| Q1 26 | — | $67.2B | ||
| Q4 25 | $7.7B | $67.3B | ||
| Q3 25 | $7.6B | $59.5B | ||
| Q2 25 | $7.4B | $55.8B | ||
| Q1 25 | $7.6B | $53.3B | ||
| Q4 24 | $7.9B | $51.0B | ||
| Q3 24 | $7.6B | $49.0B | ||
| Q2 24 | $7.4B | $45.5B |
负债/权益比SNAPWELL
| Q1 26 | — | — | ||
| Q4 25 | 1.55× | 0.46× | ||
| Q3 25 | 1.59× | 0.43× | ||
| Q2 25 | 1.73× | 0.44× | ||
| Q1 25 | 1.56× | 0.46× | ||
| Q4 24 | 1.49× | 0.49× | ||
| Q3 24 | 1.65× | 0.52× | ||
| Q2 24 | 1.76× | 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 | $269.6M | — |
| 自由现金流经营现金流 - 资本支出 | $205.6M | — |
| 自由现金流率自由现金流/营收 | 12.0% | — |
| 资本支出强度资本支出/营收 | 3.7% | — |
| 现金转化率经营现金流/净利润 | 5.96× | — |
| 过去12个月自由现金流最近4个季度 | $437.2M | — |
8季度趋势，按日历期对齐
经营现金流SNAPWELL
| Q1 26 | — | — | ||
| Q4 25 | $269.6M | $654.3M | ||
| Q3 25 | $146.5M | $858.4M | ||
| Q2 25 | $88.5M | $770.0M | ||
| Q1 25 | $151.6M | $599.0M | ||
| Q4 24 | $230.6M | $559.2M | ||
| Q3 24 | $115.9M | $685.0M | ||
| Q2 24 | $-21.4M | $605.4M |
自由现金流SNAPWELL
| Q1 26 | — | — | ||
| Q4 25 | $205.6M | $340.4M | ||
| Q3 25 | $93.4M | $595.3M | ||
| Q2 25 | $23.8M | $537.2M | ||
| Q1 25 | $114.4M | $358.6M | ||
| Q4 24 | $182.4M | $240.4M | ||
| Q3 24 | $71.8M | $443.8M | ||
| Q2 24 | $-73.4M | $440.3M |
自由现金流率SNAPWELL
| Q1 26 | — | — | ||
| Q4 25 | 12.0% | 13.3% | ||
| Q3 25 | 6.2% | 28.9% | ||
| Q2 25 | 1.8% | 27.3% | ||
| Q1 25 | 8.4% | 19.2% | ||
| Q4 24 | 11.7% | 13.6% | ||
| Q3 24 | 5.2% | 29.4% | ||
| Q2 24 | -5.9% | 31.6% |
资本支出强度SNAPWELL
| Q1 26 | — | — | ||
| Q4 25 | 3.7% | 12.3% | ||
| Q3 25 | 3.5% | 12.8% | ||
| Q2 25 | 4.8% | 11.8% | ||
| Q1 25 | 2.7% | 12.9% | ||
| Q4 24 | 3.1% | 18.1% | ||
| Q3 24 | 3.2% | 16.0% | ||
| Q2 24 | 4.2% | 11.8% |
现金转化率SNAPWELL
| Q1 26 | — | — | ||
| Q4 25 | 5.96× | 5.56× | ||
| Q3 25 | — | 3.04× | ||
| Q2 25 | — | 2.53× | ||
| Q1 25 | — | 2.33× | ||
| Q4 24 | 25.34× | 4.52× | ||
| Q3 24 | — | 1.50× | ||
| Q2 24 | — | 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
SNAP
| Advertising Revenue | $1.5B | 86% |
| Other Revenue | $231.9M | 14% |
WELL
| Resident fees and services | $2.8B | 83% |
| Rental income | $453.8M | 14% |
| Other | $117.2M | 3% |
