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西蒙地产集团（SPG）与Toll Brothers, Inc.（TOL）财务数据对比。点击上方公司名可切换其他公司
Toll Brothers, Inc.的季度营收约是西蒙地产集团的1.9倍（$3.4B vs $1.8B），西蒙地产集团净利率更高（197.6% vs 13.0%，领先184.5%），西蒙地产集团同比增速更快（13.2% vs 2.7%），西蒙地产集团自由现金流更多（$948.8M vs $772.2M），过去两年Toll Brothers, Inc.的营收复合增速更高（32.6% vs 11.4%）
西蒙地产集团是美国头部房地产投资信托企业，核心投资范畴涵盖购物中心、奥特莱斯、社区及生活方式中心，是美国规模最大的购物中心持有方，总部位于印第安纳州印第安纳波利斯，截至2024年12月末共持有232处物业的相关权益。
Toll Brothers, Inc.是美国知名住宅建造企业，业务涵盖美国境内住宅及商业地产的开发、营销与融资服务。2020年按住宅建造营收统计，该公司为全美第五大房屋建造商，位列《财富》美国500强第411位。
SPG vs TOL — 直观对比
营收规模更大
TOL
是对方的1.9倍
$1.8B
营收增速更快
SPG
高出10.5%
2.7%
净利率更高
SPG
高出184.5%
13.0%
自由现金流更多
SPG
多$176.6M
$772.2M
两年增速更快
TOL
近两年复合增速
11.4%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.8B | $3.4B |
| 净利润 | $3.5B | $446.7M |
| 毛利率 | — | 24.8% |
| 营业利润率 | 49.7% | 16.5% |
| 净利率 | 197.6% | 13.0% |
| 营收同比 | 13.2% | 2.7% |
| 净利润同比 | 358.7% | -6.0% |
| 每股收益（稀释后） | $9.34 | $4.51 |
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SPGTOL
| Q4 25 | $1.8B | $3.4B | ||
| Q3 25 | $1.6B | $2.9B | ||
| Q2 25 | $1.5B | $2.7B | ||
| Q1 25 | $1.5B | $1.9B | ||
| Q4 24 | $1.6B | $3.3B | ||
| Q3 24 | $1.5B | $2.7B | ||
| Q2 24 | $1.5B | $2.8B | ||
| Q1 24 | $1.4B | $1.9B |
净利润SPGTOL
| Q4 25 | $3.5B | $446.7M | ||
| Q3 25 | $702.7M | $369.6M | ||
| Q2 25 | $643.7M | $352.4M | ||
| Q1 25 | $477.9M | $177.7M | ||
| Q4 24 | $771.8M | $475.4M | ||
| Q3 24 | $546.7M | $374.6M | ||
| Q2 24 | $569.4M | $481.6M | ||
| Q1 24 | $841.2M | $239.6M |
毛利率SPGTOL
| Q4 25 | — | 24.8% | ||
| Q3 25 | — | 25.2% | ||
| Q2 25 | — | 25.8% | ||
| Q1 25 | — | 24.7% | ||
| Q4 24 | — | 26.4% | ||
| Q3 24 | — | 27.2% | ||
| Q2 24 | — | 30.4% | ||
| Q1 24 | — | 27.6% |
营业利润率SPGTOL
| Q4 25 | 49.7% | 16.5% | ||
| Q3 25 | 50.8% | 16.6% | ||
| Q2 25 | 49.7% | 16.4% | ||
| Q1 25 | 49.4% | 11.8% | ||
| Q4 24 | 52.8% | 18.3% | ||
| Q3 24 | 51.9% | 18.2% | ||
| Q2 24 | 51.7% | 22.0% | ||
| Q1 24 | 51.0% | 15.8% |
净利率SPGTOL
| Q4 25 | 197.6% | 13.0% | ||
| Q3 25 | 43.9% | 12.6% | ||
| Q2 25 | 43.0% | 12.9% | ||
| Q1 25 | 32.4% | 9.6% | ||
| Q4 24 | 48.8% | 14.3% | ||
| Q3 24 | 36.9% | 13.7% | ||
| Q2 24 | 39.0% | 17.0% | ||
| Q1 24 | 58.3% | 12.3% |
每股收益（稀释后）SPGTOL
| Q4 25 | $9.34 | $4.51 | ||
| Q3 25 | $1.86 | $3.73 | ||
| Q2 25 | $1.70 | $3.50 | ||
| Q1 25 | $1.27 | $1.75 | ||
| Q4 24 | $2.04 | $4.61 | ||
| Q3 24 | $1.46 | $3.60 | ||
| Q2 24 | $1.51 | $4.55 | ||
| Q1 24 | $2.25 | $2.25 |
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 | $823.1M | $1.3B |
| 总债务越低越好 | $28.4B | — |
| 股东权益账面价值 | $5.2B | $8.3B |
| 总资产 | $40.6B | $14.5B |
| 负债/权益比越低杠杆越低 | 5.46× | — |
8季度趋势，按日历期对齐
现金及短期投资SPGTOL
| Q4 25 | $823.1M | $1.3B | ||
| Q3 25 | $1.6B | $852.3M | ||
| Q2 25 | $1.2B | $686.5M | ||
| Q1 25 | $1.4B | $574.8M | ||
| Q4 24 | $1.4B | $1.3B | ||
| Q3 24 | $2.5B | $893.4M | ||
| Q2 24 | $2.5B | $1.0B | ||
| Q1 24 | $2.6B | $754.8M |
总债务SPGTOL
| Q4 25 | $28.4B | — | ||
| Q3 25 | $25.8B | — | ||
| Q2 25 | $25.4B | — | ||
| Q1 25 | $24.8B | — | ||
| Q4 24 | $24.3B | — | ||
| Q3 24 | $25.4B | — | ||
| Q2 24 | $25.3B | — | ||
| Q1 24 | $25.5B | — |
股东权益SPGTOL
| Q4 25 | $5.2B | $8.3B | ||
| Q3 25 | $2.3B | $8.1B | ||
| Q2 25 | $2.5B | $7.9B | ||
| Q1 25 | $2.6B | $7.8B | ||
| Q4 24 | $2.9B | $7.7B | ||
| Q3 24 | $2.7B | $7.4B | ||
| Q2 24 | $2.9B | $7.3B | ||
| Q1 24 | $3.1B | $7.0B |
总资产SPGTOL
| Q4 25 | $40.6B | $14.5B | ||
| Q3 25 | $33.6B | $14.4B | ||
| Q2 25 | $33.3B | $14.2B | ||
| Q1 25 | $32.5B | $13.6B | ||
| Q4 24 | $32.4B | $13.4B | ||
| Q3 24 | $33.3B | $13.4B | ||
| Q2 24 | $33.4B | $13.3B | ||
| Q1 24 | $33.7B | $12.5B |
负债/权益比SPGTOL
| Q4 25 | 5.46× | — | ||
| Q3 25 | 10.98× | — | ||
| Q2 25 | 10.36× | — | ||
| Q1 25 | 9.50× | — | ||
| Q4 24 | 8.25× | — | ||
| Q3 24 | 9.37× | — | ||
| Q2 24 | 8.59× | — | ||
| Q1 24 | 8.22× | — |
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 | $1.2B | $800.0M |
| 自由现金流经营现金流 - 资本支出 | $948.8M | $772.2M |
| 自由现金流率自由现金流/营收 | 53.0% | 22.6% |
| 资本支出强度资本支出/营收 | 14.2% | 0.8% |
| 现金转化率经营现金流/净利润 | 0.34× | 1.79× |
| 过去12个月自由现金流最近4个季度 | $3.2B | $1.0B |
8季度趋势，按日历期对齐
经营现金流SPGTOL
| Q4 25 | $1.2B | $800.0M | ||
| Q3 25 | $890.3M | $370.3M | ||
| Q2 25 | $1.2B | $362.8M | ||
| Q1 25 | $827.2M | $-420.8M | ||
| Q4 24 | $1.1B | $682.5M | ||
| Q3 24 | $892.9M | $175.6M | ||
| Q2 24 | $1.1B | $459.0M | ||
| Q1 24 | $773.1M | $-307.0M |
自由现金流SPGTOL
| Q4 25 | $948.8M | $772.2M | ||
| Q3 25 | $685.0M | $344.9M | ||
| Q2 25 | $971.3M | $347.3M | ||
| Q1 25 | $597.0M | $-438.1M | ||
| Q4 24 | $867.7M | $664.3M | ||
| Q3 24 | $706.5M | $149.9M | ||
| Q2 24 | $874.8M | $442.9M | ||
| Q1 24 | $610.1M | $-320.6M |
自由现金流率SPGTOL
| Q4 25 | 53.0% | 22.6% | ||
| Q3 25 | 42.8% | 11.7% | ||
| Q2 25 | 64.8% | 12.7% | ||
| Q1 25 | 40.5% | -23.6% | ||
| Q4 24 | 54.8% | 19.9% | ||
| Q3 24 | 47.7% | 5.5% | ||
| Q2 24 | 60.0% | 15.6% | ||
| Q1 24 | 42.3% | -16.5% |
资本支出强度SPGTOL
| Q4 25 | 14.2% | 0.8% | ||
| Q3 25 | 12.8% | 0.9% | ||
| Q2 25 | 16.3% | 0.6% | ||
| Q1 25 | 15.6% | 0.9% | ||
| Q4 24 | 13.8% | 0.5% | ||
| Q3 24 | 12.6% | 0.9% | ||
| Q2 24 | 12.9% | 0.6% | ||
| Q1 24 | 11.3% | 0.7% |
现金转化率SPGTOL
| Q4 25 | 0.34× | 1.79× | ||
| Q3 25 | 1.27× | 1.00× | ||
| Q2 25 | 1.89× | 1.03× | ||
| Q1 25 | 1.73× | -2.37× | ||
| Q4 24 | 1.41× | 1.44× | ||
| Q3 24 | 1.63× | 0.47× | ||
| Q2 24 | 1.87× | 0.95× | ||
| Q1 24 | 0.92× | -1.28× |
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
SPG
| Real Estate Segment | $1.7B | 95% |
| Other | $86.3M | 5% |
TOL
| Home Building | $3.4B | 100% |
| Land | $9.4M | 0% |
