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西蒙地产集团（SPG）与Ventas（VTR）财务数据对比。点击上方公司名可切换其他公司
西蒙地产集团的季度营收约是Ventas的1.1倍（$1.8B vs $1.7B），西蒙地产集团净利率更高（197.6% vs 3.6%，领先194.0%），Ventas同比增速更快（22.0% vs 13.2%），过去两年Ventas的营收复合增速更高（17.5% 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。
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。
SPG vs VTR — 直观对比
营收规模更大
SPG
是对方的1.1倍
$1.7B
营收增速更快
VTR
高出8.8%
13.2%
净利率更高
SPG
高出194.0%
3.6%
两年增速更快
VTR
近两年复合增速
11.4%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $1.8B | $1.7B |
| 净利润 | $3.5B | $59.0M |
| 毛利率 | — | — |
| 营业利润率 | 49.7% | — |
| 净利率 | 197.6% | 3.6% |
| 营收同比 | 13.2% | 22.0% |
| 净利润同比 | 358.7% | 19.0% |
| 每股收益（稀释后） | $9.34 | — |
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SPGVTR
| Q1 26 | — | $1.7B | ||
| Q4 25 | $1.8B | $1.6B | ||
| Q3 25 | $1.6B | $1.5B | ||
| Q2 25 | $1.5B | $1.4B | ||
| Q1 25 | $1.5B | $1.4B | ||
| Q4 24 | $1.6B | $1.3B | ||
| Q3 24 | $1.5B | $1.2B | ||
| Q2 24 | $1.5B | $1.2B |
净利润SPGVTR
| Q1 26 | — | $59.0M | ||
| Q4 25 | $3.5B | $73.0M | ||
| Q3 25 | $702.7M | $68.7M | ||
| Q2 25 | $643.7M | $71.5M | ||
| Q1 25 | $477.9M | $48.4M | ||
| Q4 24 | $771.8M | $58.7M | ||
| Q3 24 | $546.7M | $21.0M | ||
| Q2 24 | $569.4M | $21.2M |
营业利润率SPGVTR
| Q1 26 | — | — | ||
| Q4 25 | 49.7% | 4.9% | ||
| Q3 25 | 50.8% | 3.0% | ||
| Q2 25 | 49.7% | 3.0% | ||
| Q1 25 | 49.4% | 3.0% | ||
| Q4 24 | 52.8% | -0.0% | ||
| Q3 24 | 51.9% | 1.5% | ||
| Q2 24 | 51.7% | -1.6% |
净利率SPGVTR
| Q1 26 | — | 3.6% | ||
| Q4 25 | 197.6% | 4.7% | ||
| Q3 25 | 43.9% | 4.6% | ||
| Q2 25 | 43.0% | 5.0% | ||
| Q1 25 | 32.4% | 3.6% | ||
| Q4 24 | 48.8% | 4.6% | ||
| Q3 24 | 36.9% | 1.7% | ||
| Q2 24 | 39.0% | 1.8% |
每股收益（稀释后）SPGVTR
| Q1 26 | — | — | ||
| Q4 25 | $9.34 | $0.15 | ||
| Q3 25 | $1.86 | $0.14 | ||
| Q2 25 | $1.70 | $0.15 | ||
| Q1 25 | $1.27 | $0.10 | ||
| Q4 24 | $2.04 | $0.13 | ||
| Q3 24 | $1.46 | $0.05 | ||
| Q2 24 | $1.51 | $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 | $823.1M | $183.6M |
| 总债务越低越好 | $28.4B | — |
| 股东权益账面价值 | $5.2B | $13.2B |
| 总资产 | $40.6B | $27.7B |
| 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SPGVTR
| Q1 26 | — | $183.6M | ||
| Q4 25 | $823.1M | $741.1M | ||
| Q3 25 | $1.6B | $188.6M | ||
| Q2 25 | $1.2B | $614.2M | ||
| Q1 25 | $1.4B | $182.3M | ||
| Q4 24 | $1.4B | $897.9M | ||
| Q3 24 | $2.5B | $1.1B | ||
| Q2 24 | $2.5B | $557.1M |
总债务SPGVTR
| Q1 26 | — | — | ||
| Q4 25 | $28.4B | $13.0B | ||
| Q3 25 | $25.8B | — | ||
| Q2 25 | $25.4B | — | ||
| Q1 25 | $24.8B | — | ||
| Q4 24 | $24.3B | $13.5B | ||
| Q3 24 | $25.4B | — | ||
| Q2 24 | $25.3B | — |
股东权益SPGVTR
| Q1 26 | — | $13.2B | ||
| Q4 25 | $5.2B | $12.5B | ||
| Q3 25 | $2.3B | $12.4B | ||
| Q2 25 | $2.5B | $11.5B | ||
| Q1 25 | $2.6B | $11.5B | ||
| Q4 24 | $2.9B | $10.8B | ||
| Q3 24 | $2.7B | $9.8B | ||
| Q2 24 | $2.9B | $9.6B |
总资产SPGVTR
| Q1 26 | — | $27.7B | ||
| Q4 25 | $40.6B | $27.6B | ||
| Q3 25 | $33.6B | $26.9B | ||
| Q2 25 | $33.3B | $26.5B | ||
| Q1 25 | $32.5B | $26.0B | ||
| Q4 24 | $32.4B | $26.2B | ||
| Q3 24 | $33.3B | $25.3B | ||
| Q2 24 | $33.4B | $24.5B |
负债/权益比SPGVTR
| Q1 26 | — | — | ||
| Q4 25 | 5.46× | 1.04× | ||
| Q3 25 | 10.98× | — | ||
| Q2 25 | 10.36× | — | ||
| Q1 25 | 9.50× | — | ||
| Q4 24 | 8.25× | 1.26× | ||
| Q3 24 | 9.37× | — | ||
| Q2 24 | 8.59× | — |
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 | — |
| 自由现金流经营现金流 - 资本支出 | $948.8M | — |
| 自由现金流率自由现金流/营收 | 53.0% | — |
| 资本支出强度资本支出/营收 | 14.2% | — |
| 现金转化率经营现金流/净利润 | 0.34× | — |
| 过去12个月自由现金流最近4个季度 | $3.2B | — |
8季度趋势，按日历期对齐
经营现金流SPGVTR
| Q1 26 | — | — | ||
| Q4 25 | $1.2B | $471.7M | ||
| Q3 25 | $890.3M | $378.6M | ||
| Q2 25 | $1.2B | $475.3M | ||
| Q1 25 | $827.2M | $321.1M | ||
| Q4 24 | $1.1B | $373.6M | ||
| Q3 24 | $892.9M | $353.7M | ||
| Q2 24 | $1.1B | $335.9M |
自由现金流SPGVTR
| Q1 26 | — | — | ||
| Q4 25 | $948.8M | — | ||
| Q3 25 | $685.0M | — | ||
| Q2 25 | $971.3M | — | ||
| Q1 25 | $597.0M | — | ||
| Q4 24 | $867.7M | — | ||
| Q3 24 | $706.5M | — | ||
| Q2 24 | $874.8M | — |
自由现金流率SPGVTR
| Q1 26 | — | — | ||
| Q4 25 | 53.0% | — | ||
| Q3 25 | 42.8% | — | ||
| Q2 25 | 64.8% | — | ||
| Q1 25 | 40.5% | — | ||
| Q4 24 | 54.8% | — | ||
| Q3 24 | 47.7% | — | ||
| Q2 24 | 60.0% | — |
资本支出强度SPGVTR
| Q1 26 | — | — | ||
| Q4 25 | 14.2% | — | ||
| Q3 25 | 12.8% | — | ||
| Q2 25 | 16.3% | — | ||
| Q1 25 | 15.6% | — | ||
| Q4 24 | 13.8% | — | ||
| Q3 24 | 12.6% | — | ||
| Q2 24 | 12.9% | — |
现金转化率SPGVTR
| Q1 26 | — | — | ||
| Q4 25 | 0.34× | 6.46× | ||
| Q3 25 | 1.27× | 5.51× | ||
| Q2 25 | 1.89× | 6.65× | ||
| Q1 25 | 1.73× | 6.64× | ||
| Q4 24 | 1.41× | 6.36× | ||
| Q3 24 | 1.63× | 16.84× | ||
| Q2 24 | 1.87× | 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
SPG
| Real Estate Segment | $1.7B | 95% |
| Other | $86.3M | 5% |
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% |
