vs
西蒙地产集团（SPG）与V2X, Inc.（VVX）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V2X, Inc.的1.5倍（$1.8B vs $1.2B），西蒙地产集团净利率更高（197.6% vs 1.9%，领先195.7%），西蒙地产集团同比增速更快（13.2% vs 5.3%），西蒙地产集团自由现金流更多（$948.8M vs $207.2M），过去两年西蒙地产集团的营收复合增速更高（11.4% vs 9.8%）
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。
V2X公司是总部位于美国的技术工程服务供应商，主要服务美国国防部等联邦政府客户，提供任务支持、关键基础设施运维、国家安全相关解决方案，业务覆盖国防、公共安全、运营韧性等核心领域。
SPG vs VVX — 直观对比
营收规模更大
SPG
是对方的1.5倍
$1.2B
营收增速更快
SPG
高出8.0%
5.3%
净利率更高
SPG
高出195.7%
1.9%
自由现金流更多
SPG
多$741.6M
$207.2M
两年增速更快
SPG
近两年复合增速
9.8%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.8B | $1.2B |
| 净利润 | $3.5B | $22.8M |
| 毛利率 | — | 8.6% |
| 营业利润率 | 49.7% | 4.2% |
| 净利率 | 197.6% | 1.9% |
| 营收同比 | 13.2% | 5.3% |
| 净利润同比 | 358.7% | -9.0% |
| 每股收益（稀释后） | $9.34 | $0.73 |
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SPGVVX
| Q4 25 | $1.8B | $1.2B | ||
| Q3 25 | $1.6B | $1.2B | ||
| Q2 25 | $1.5B | $1.1B | ||
| Q1 25 | $1.5B | $1.0B | ||
| Q4 24 | $1.6B | $1.2B | ||
| Q3 24 | $1.5B | $1.1B | ||
| Q2 24 | $1.5B | $1.1B | ||
| Q1 24 | $1.4B | $1.0B |
净利润SPGVVX
| Q4 25 | $3.5B | $22.8M | ||
| Q3 25 | $702.7M | $24.6M | ||
| Q2 25 | $643.7M | $22.4M | ||
| Q1 25 | $477.9M | $8.1M | ||
| Q4 24 | $771.8M | $25.0M | ||
| Q3 24 | $546.7M | $15.1M | ||
| Q2 24 | $569.4M | $-6.5M | ||
| Q1 24 | $841.2M | $1.1M |
毛利率SPGVVX
| Q4 25 | — | 8.6% | ||
| Q3 25 | — | 8.1% | ||
| Q2 25 | — | 8.9% | ||
| Q1 25 | — | 7.7% | ||
| Q4 24 | — | 9.3% | ||
| Q3 24 | — | 8.5% | ||
| Q2 24 | — | 6.9% | ||
| Q1 24 | — | 7.0% |
营业利润率SPGVVX
| Q4 25 | 49.7% | 4.2% | ||
| Q3 25 | 50.8% | 4.8% | ||
| Q2 25 | 49.7% | 4.9% | ||
| Q1 25 | 49.4% | 3.4% | ||
| Q4 24 | 52.8% | 4.5% | ||
| Q3 24 | 51.9% | 4.6% | ||
| Q2 24 | 51.7% | 2.6% | ||
| Q1 24 | 51.0% | 3.0% |
净利率SPGVVX
| Q4 25 | 197.6% | 1.9% | ||
| Q3 25 | 43.9% | 2.1% | ||
| Q2 25 | 43.0% | 2.1% | ||
| Q1 25 | 32.4% | 0.8% | ||
| Q4 24 | 48.8% | 2.2% | ||
| Q3 24 | 36.9% | 1.4% | ||
| Q2 24 | 39.0% | -0.6% | ||
| Q1 24 | 58.3% | 0.1% |
每股收益（稀释后）SPGVVX
| Q4 25 | $9.34 | $0.73 | ||
| Q3 25 | $1.86 | $0.77 | ||
| Q2 25 | $1.70 | $0.70 | ||
| Q1 25 | $1.27 | $0.25 | ||
| Q4 24 | $2.04 | $0.78 | ||
| Q3 24 | $1.46 | $0.47 | ||
| Q2 24 | $1.51 | $-0.21 | ||
| Q1 24 | $2.25 | $0.04 |
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 | — |
| 总债务越低越好 | $28.4B | — |
| 股东权益账面价值 | $5.2B | $1.1B |
| 总资产 | $40.6B | $3.3B |
| 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SPGVVX
| Q4 25 | $823.1M | — | ||
| Q3 25 | $1.6B | — | ||
| Q2 25 | $1.2B | — | ||
| Q1 25 | $1.4B | — | ||
| Q4 24 | $1.4B | — | ||
| Q3 24 | $2.5B | — | ||
| Q2 24 | $2.5B | — | ||
| Q1 24 | $2.6B | — |
总债务SPGVVX
| 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SPGVVX
| Q4 25 | $5.2B | $1.1B | ||
| Q3 25 | $2.3B | $1.1B | ||
| Q2 25 | $2.5B | $1.1B | ||
| Q1 25 | $2.6B | $1.0B | ||
| Q4 24 | $2.9B | $1.0B | ||
| Q3 24 | $2.7B | $1.0B | ||
| Q2 24 | $2.9B | $992.0M | ||
| Q1 24 | $3.1B | $993.7M |
总资产SPGVVX
| Q4 25 | $40.6B | $3.3B | ||
| Q3 25 | $33.6B | $3.2B | ||
| Q2 25 | $33.3B | $3.1B | ||
| Q1 25 | $32.5B | $3.1B | ||
| Q4 24 | $32.4B | $3.2B | ||
| Q3 24 | $33.3B | $3.1B | ||
| Q2 24 | $33.4B | $3.2B | ||
| Q1 24 | $33.7B | $3.1B |
负债/权益比SPGVVX
| 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 | $209.5M |
| 自由现金流经营现金流 - 资本支出 | $948.8M | $207.2M |
| 自由现金流率自由现金流/营收 | 53.0% | 17.0% |
| 资本支出强度资本支出/营收 | 14.2% | 0.2% |
| 现金转化率经营现金流/净利润 | 0.34× | 9.20× |
| 过去12个月自由现金流最近4个季度 | $3.2B | $170.1M |
8季度趋势，按日历期对齐
经营现金流SPGVVX
| Q4 25 | $1.2B | $209.5M | ||
| Q3 25 | $890.3M | $39.4M | ||
| Q2 25 | $1.2B | $28.5M | ||
| Q1 25 | $827.2M | $-95.5M | ||
| Q4 24 | $1.1B | $223.1M | ||
| Q3 24 | $892.9M | $62.7M | ||
| Q2 24 | $1.1B | $25.7M | ||
| Q1 24 | $773.1M | $-57.2M |
自由现金流SPGVVX
| Q4 25 | $948.8M | $207.2M | ||
| Q3 25 | $685.0M | $35.0M | ||
| Q2 25 | $971.3M | $26.1M | ||
| Q1 25 | $597.0M | $-98.2M | ||
| Q4 24 | $867.7M | $222.0M | ||
| Q3 24 | $706.5M | $60.5M | ||
| Q2 24 | $874.8M | $24.9M | ||
| Q1 24 | $610.1M | $-65.0M |
自由现金流率SPGVVX
| Q4 25 | 53.0% | 17.0% | ||
| Q3 25 | 42.8% | 3.0% | ||
| Q2 25 | 64.8% | 2.4% | ||
| Q1 25 | 40.5% | -9.7% | ||
| Q4 24 | 54.8% | 19.2% | ||
| Q3 24 | 47.7% | 5.6% | ||
| Q2 24 | 60.0% | 2.3% | ||
| Q1 24 | 42.3% | -6.4% |
资本支出强度SPGVVX
| Q4 25 | 14.2% | 0.2% | ||
| Q3 25 | 12.8% | 0.4% | ||
| Q2 25 | 16.3% | 0.2% | ||
| Q1 25 | 15.6% | 0.3% | ||
| Q4 24 | 13.8% | 0.1% | ||
| Q3 24 | 12.6% | 0.2% | ||
| Q2 24 | 12.9% | 0.1% | ||
| Q1 24 | 11.3% | 0.8% |
现金转化率SPGVVX
| Q4 25 | 0.34× | 9.20× | ||
| Q3 25 | 1.27× | 1.60× | ||
| Q2 25 | 1.89× | 1.27× | ||
| Q1 25 | 1.73× | -11.78× | ||
| Q4 24 | 1.41× | 8.91× | ||
| Q3 24 | 1.63× | 4.16× | ||
| Q2 24 | 1.87× | — | ||
| Q1 24 | 0.92× | -50.02× |
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% |
VVX
| Army | $480.4M | 39% |
| Navy | $388.9M | 32% |
| Air Force | $196.1M | 16% |
| Other Customers | $153.3M | 13% |
