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西蒙地产集团（SPG）与西部数据（WDC）财务数据对比。点击上方公司名可切换其他公司
西部数据的季度营收约是西蒙地产集团的1.7倍（$3.0B vs $1.8B），西蒙地产集团净利率更高（197.6% vs 61.1%，领先136.5%），西部数据同比增速更快（31.5% vs 13.2%），过去两年西蒙地产集团的营收复合增速更高（11.4% vs -6.6%）
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。
西部数据（简称WD）是总部位于美国加利福尼亚州圣何塞的知名数据存储企业，成立于1970年，是全球最大的硬盘驱动器（HDD）制造商之一，产品覆盖消费级、企业级等多元存储场景，为全球客户提供高性能、高可靠性的存储解决方案。
SPG vs WDC — 直观对比
营收规模更大
WDC
是对方的1.7倍
$1.8B
营收增速更快
WDC
高出18.3%
13.2%
净利率更高
SPG
高出136.5%
61.1%
两年增速更快
SPG
近两年复合增速
-6.6%
损益表 — Q4 FY2025 vs Q2 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $1.8B | $3.0B |
| 净利润 | $3.5B | $1.8B |
| 毛利率 | — | 45.7% |
| 营业利润率 | 49.7% | 30.1% |
| 净利率 | 197.6% | 61.1% |
| 营收同比 | 13.2% | 31.5% |
| 净利润同比 | 358.7% | 254.2% |
| 每股收益（稀释后） | $9.34 | $4.73 |
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SPGWDC
| Q1 26 | — | $3.0B | ||
| Q4 25 | $1.8B | $2.8B | ||
| Q3 25 | $1.6B | — | ||
| Q2 25 | $1.5B | $-1.2B | ||
| Q1 25 | $1.5B | $2.3B | ||
| Q4 24 | $1.6B | $4.3B | ||
| Q3 24 | $1.5B | $4.1B | ||
| Q2 24 | $1.5B | $3.8B |
净利润SPGWDC
| Q1 26 | — | $1.8B | ||
| Q4 25 | $3.5B | $1.2B | ||
| Q3 25 | $702.7M | — | ||
| Q2 25 | $643.7M | $282.0M | ||
| Q1 25 | $477.9M | $520.0M | ||
| Q4 24 | $771.8M | $594.0M | ||
| Q3 24 | $546.7M | $493.0M | ||
| Q2 24 | $569.4M | $39.0M |
毛利率SPGWDC
| Q1 26 | — | 45.7% | ||
| Q4 25 | — | 43.5% | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | 39.8% | ||
| Q4 24 | — | 35.4% | ||
| Q3 24 | — | 37.9% | ||
| Q2 24 | — | 35.9% |
营业利润率SPGWDC
| Q1 26 | — | 30.1% | ||
| Q4 25 | 49.7% | 28.1% | ||
| Q3 25 | 50.8% | — | ||
| Q2 25 | 49.7% | — | ||
| Q1 25 | 49.4% | 33.1% | ||
| Q4 24 | 52.8% | 19.9% | ||
| Q3 24 | 51.9% | 18.1% | ||
| Q2 24 | 51.7% | 5.7% |
净利率SPGWDC
| Q1 26 | — | 61.1% | ||
| Q4 25 | 197.6% | 41.9% | ||
| Q3 25 | 43.9% | — | ||
| Q2 25 | 43.0% | -24.4% | ||
| Q1 25 | 32.4% | 22.7% | ||
| Q4 24 | 48.8% | 13.9% | ||
| Q3 24 | 36.9% | 12.0% | ||
| Q2 24 | 39.0% | 1.0% |
每股收益（稀释后）SPGWDC
| Q1 26 | — | $4.73 | ||
| Q4 25 | $9.34 | $3.07 | ||
| Q3 25 | $1.86 | — | ||
| Q2 25 | $1.70 | $0.72 | ||
| Q1 25 | $1.27 | $1.42 | ||
| Q4 24 | $2.04 | $1.63 | ||
| Q3 24 | $1.46 | $1.35 | ||
| Q2 24 | $1.51 | $0.15 |
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 | $2.0B |
| 总债务越低越好 | $28.4B | $4.7B |
| 股东权益账面价值 | $5.2B | $7.1B |
| 总资产 | $40.6B | $15.6B |
| 负债/权益比越低杠杆越低 | 5.46× | 0.65× |
8季度趋势，按日历期对齐
现金及短期投资SPGWDC
| Q1 26 | — | $2.0B | ||
| Q4 25 | $823.1M | $2.0B | ||
| Q3 25 | $1.6B | — | ||
| Q2 25 | $1.2B | $2.1B | ||
| Q1 25 | $1.4B | $3.5B | ||
| Q4 24 | $1.4B | $2.3B | ||
| Q3 24 | $2.5B | $1.7B | ||
| Q2 24 | $2.5B | $1.9B |
总债务SPGWDC
| Q1 26 | — | $4.7B | ||
| Q4 25 | $28.4B | $4.7B | ||
| Q3 25 | $25.8B | — | ||
| Q2 25 | $25.4B | $4.7B | ||
| Q1 25 | $24.8B | $7.3B | ||
| Q4 24 | $24.3B | $7.4B | ||
| Q3 24 | $25.4B | $7.4B | ||
| Q2 24 | $25.3B | $7.4B |
股东权益SPGWDC
| Q1 26 | — | $7.1B | ||
| Q4 25 | $5.2B | $5.9B | ||
| Q3 25 | $2.3B | — | ||
| Q2 25 | $2.5B | $5.3B | ||
| Q1 25 | $2.6B | $5.2B | ||
| Q4 24 | $2.9B | $12.1B | ||
| Q3 24 | $2.7B | $11.6B | ||
| Q2 24 | $2.9B | $10.8B |
总资产SPGWDC
| Q1 26 | — | $15.6B | ||
| Q4 25 | $40.6B | $14.4B | ||
| Q3 25 | $33.6B | — | ||
| Q2 25 | $33.3B | $14.0B | ||
| Q1 25 | $32.5B | $16.4B | ||
| Q4 24 | $32.4B | $25.5B | ||
| Q3 24 | $33.3B | $24.8B | ||
| Q2 24 | $33.4B | $24.2B |
负债/权益比SPGWDC
| Q1 26 | — | 0.65× | ||
| Q4 25 | 5.46× | 0.80× | ||
| Q3 25 | 10.98× | — | ||
| Q2 25 | 10.36× | 0.89× | ||
| Q1 25 | 9.50× | 1.42× | ||
| Q4 24 | 8.25× | 0.61× | ||
| Q3 24 | 9.37× | 0.64× | ||
| Q2 24 | 8.59× | 0.69× |
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SPGWDC
| Q1 26 | — | — | ||
| Q4 25 | $1.2B | $672.0M | ||
| Q3 25 | $890.3M | — | ||
| Q2 25 | $1.2B | $746.0M | ||
| Q1 25 | $827.2M | $508.0M | ||
| Q4 24 | $1.1B | $403.0M | ||
| Q3 24 | $892.9M | $34.0M | ||
| Q2 24 | $1.1B | $366.0M |
自由现金流SPGWDC
| Q1 26 | — | — | ||
| Q4 25 | $948.8M | $599.0M | ||
| Q3 25 | $685.0M | — | ||
| Q2 25 | $971.3M | $675.0M | ||
| Q1 25 | $597.0M | $379.0M | ||
| Q4 24 | $867.7M | $287.0M | ||
| Q3 24 | $706.5M | $-62.0M | ||
| Q2 24 | $874.8M | $250.0M |
自由现金流率SPGWDC
| Q1 26 | — | — | ||
| Q4 25 | 53.0% | 21.3% | ||
| Q3 25 | 42.8% | — | ||
| Q2 25 | 64.8% | -58.5% | ||
| Q1 25 | 40.5% | 16.5% | ||
| Q4 24 | 54.8% | 6.7% | ||
| Q3 24 | 47.7% | -1.5% | ||
| Q2 24 | 60.0% | 6.6% |
资本支出强度SPGWDC
| Q1 26 | — | — | ||
| Q4 25 | 14.2% | 2.6% | ||
| Q3 25 | 12.8% | — | ||
| Q2 25 | 16.3% | -6.2% | ||
| Q1 25 | 15.6% | 5.6% | ||
| Q4 24 | 13.8% | 2.7% | ||
| Q3 24 | 12.6% | 2.3% | ||
| Q2 24 | 12.9% | 3.1% |
现金转化率SPGWDC
| Q1 26 | — | — | ||
| Q4 25 | 0.34× | 0.57× | ||
| Q3 25 | 1.27× | — | ||
| Q2 25 | 1.89× | 2.65× | ||
| Q1 25 | 1.73× | 0.98× | ||
| Q4 24 | 1.41× | 0.68× | ||
| Q3 24 | 1.63× | 0.07× | ||
| Q2 24 | 1.87× | 9.38× |
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% |
WDC
| Cloud | $2.7B | 89% |
| Client Devices | $176.0M | 6% |
| Consumer | $168.0M | 6% |
