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西蒙地产集团（SPG）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 22.4%，领先175.2%），Welltower同比增速更快（38.3% vs 13.2%），过去两年Welltower的营收复合增速更高（55.1% 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。
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。
SPG vs WELL — 直观对比
营收规模更大
WELL
是对方的1.9倍
$1.8B
营收增速更快
WELL
高出25.1%
13.2%
净利率更高
SPG
高出175.2%
22.4%
两年增速更快
WELL
近两年复合增速
11.4%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $1.8B | $3.4B |
| 净利润 | $3.5B | $752.3M |
| 毛利率 | — | — |
| 营业利润率 | 49.7% | — |
| 净利率 | 197.6% | 22.4% |
| 营收同比 | 13.2% | 38.3% |
| 净利润同比 | 358.7% | 192.4% |
| 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SPGWELL
| Q1 26 | — | $3.4B | ||
| Q4 25 | $1.8B | $2.6B | ||
| Q3 25 | $1.6B | $2.1B | ||
| Q2 25 | $1.5B | $2.0B | ||
| Q1 25 | $1.5B | $1.9B | ||
| Q4 24 | $1.6B | $1.8B | ||
| Q3 24 | $1.5B | $1.5B | ||
| Q2 24 | $1.5B | $1.4B |
净利润SPGWELL
| Q1 26 | — | $752.3M | ||
| Q4 25 | $3.5B | $117.8M | ||
| Q3 25 | $702.7M | $282.2M | ||
| Q2 25 | $643.7M | $304.6M | ||
| Q1 25 | $477.9M | $257.3M | ||
| Q4 24 | $771.8M | $123.8M | ||
| Q3 24 | $546.7M | $456.8M | ||
| Q2 24 | $569.4M | $260.7M |
毛利率SPGWELL
| Q1 26 | — | — | ||
| Q4 25 | — | 24.3% | ||
| Q3 25 | — | 23.5% | ||
| Q2 25 | — | 23.2% | ||
| Q1 25 | — | 21.6% | ||
| Q4 24 | — | 20.0% | ||
| Q3 24 | — | 19.8% | ||
| Q2 24 | — | 20.2% |
营业利润率SPGWELL
| Q1 26 | — | — | ||
| Q4 25 | 49.7% | — | ||
| Q3 25 | 50.8% | 14.2% | ||
| Q2 25 | 49.7% | 15.1% | ||
| Q1 25 | 49.4% | 10.7% | ||
| Q4 24 | 52.8% | 6.2% | ||
| Q3 24 | 51.9% | 12.2% | ||
| Q2 24 | 51.7% | 6.5% |
净利率SPGWELL
| Q1 26 | — | 22.4% | ||
| Q4 25 | 197.6% | 4.6% | ||
| Q3 25 | 43.9% | 13.7% | ||
| Q2 25 | 43.0% | 15.5% | ||
| Q1 25 | 32.4% | 13.8% | ||
| Q4 24 | 48.8% | 7.0% | ||
| Q3 24 | 36.9% | 30.2% | ||
| Q2 24 | 39.0% | 18.7% |
每股收益（稀释后）SPGWELL
| Q1 26 | — | — | ||
| Q4 25 | $9.34 | $0.13 | ||
| Q3 25 | $1.86 | $0.41 | ||
| Q2 25 | $1.70 | $0.45 | ||
| Q1 25 | $1.27 | $0.40 | ||
| Q4 24 | $2.04 | $0.20 | ||
| Q3 24 | $1.46 | $0.73 | ||
| Q2 24 | $1.51 | $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 | $823.1M | $4.7B |
| 总债务越低越好 | $28.4B | — |
| 股东权益账面价值 | $5.2B | $44.7B |
| 总资产 | $40.6B | $67.2B |
| 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SPGWELL
| Q1 26 | — | $4.7B | ||
| Q4 25 | $823.1M | $5.0B | ||
| Q3 25 | $1.6B | $6.8B | ||
| Q2 25 | $1.2B | $4.4B | ||
| Q1 25 | $1.4B | $3.5B | ||
| Q4 24 | $1.4B | $3.5B | ||
| Q3 24 | $2.5B | $3.6B | ||
| Q2 24 | $2.5B | $2.8B |
总债务SPGWELL
| Q1 26 | — | — | ||
| Q4 25 | $28.4B | $19.2B | ||
| Q3 25 | $25.8B | $16.9B | ||
| Q2 25 | $25.4B | $16.0B | ||
| Q1 25 | $24.8B | $15.7B | ||
| Q4 24 | $24.3B | $15.5B | ||
| Q3 24 | $25.4B | $15.8B | ||
| Q2 24 | $25.3B | $13.9B |
股东权益SPGWELL
| Q1 26 | — | $44.7B | ||
| Q4 25 | $5.2B | $42.1B | ||
| Q3 25 | $2.3B | $38.8B | ||
| Q2 25 | $2.5B | $35.9B | ||
| Q1 25 | $2.6B | $34.0B | ||
| Q4 24 | $2.9B | $32.0B | ||
| Q3 24 | $2.7B | $30.3B | ||
| Q2 24 | $2.9B | $29.0B |
总资产SPGWELL
| Q1 26 | — | $67.2B | ||
| Q4 25 | $40.6B | $67.3B | ||
| Q3 25 | $33.6B | $59.5B | ||
| Q2 25 | $33.3B | $55.8B | ||
| Q1 25 | $32.5B | $53.3B | ||
| Q4 24 | $32.4B | $51.0B | ||
| Q3 24 | $33.3B | $49.0B | ||
| Q2 24 | $33.4B | $45.5B |
负债/权益比SPGWELL
| Q1 26 | — | — | ||
| Q4 25 | 5.46× | 0.46× | ||
| Q3 25 | 10.98× | 0.43× | ||
| Q2 25 | 10.36× | 0.44× | ||
| Q1 25 | 9.50× | 0.46× | ||
| Q4 24 | 8.25× | 0.49× | ||
| Q3 24 | 9.37× | 0.52× | ||
| Q2 24 | 8.59× | 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 | $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SPGWELL
| Q1 26 | — | — | ||
| Q4 25 | $1.2B | $654.3M | ||
| Q3 25 | $890.3M | $858.4M | ||
| Q2 25 | $1.2B | $770.0M | ||
| Q1 25 | $827.2M | $599.0M | ||
| Q4 24 | $1.1B | $559.2M | ||
| Q3 24 | $892.9M | $685.0M | ||
| Q2 24 | $1.1B | $605.4M |
自由现金流SPGWELL
| Q1 26 | — | — | ||
| Q4 25 | $948.8M | $340.4M | ||
| Q3 25 | $685.0M | $595.3M | ||
| Q2 25 | $971.3M | $537.2M | ||
| Q1 25 | $597.0M | $358.6M | ||
| Q4 24 | $867.7M | $240.4M | ||
| Q3 24 | $706.5M | $443.8M | ||
| Q2 24 | $874.8M | $440.3M |
自由现金流率SPGWELL
| Q1 26 | — | — | ||
| Q4 25 | 53.0% | 13.3% | ||
| Q3 25 | 42.8% | 28.9% | ||
| Q2 25 | 64.8% | 27.3% | ||
| Q1 25 | 40.5% | 19.2% | ||
| Q4 24 | 54.8% | 13.6% | ||
| Q3 24 | 47.7% | 29.4% | ||
| Q2 24 | 60.0% | 31.6% |
资本支出强度SPGWELL
| Q1 26 | — | — | ||
| Q4 25 | 14.2% | 12.3% | ||
| Q3 25 | 12.8% | 12.8% | ||
| Q2 25 | 16.3% | 11.8% | ||
| Q1 25 | 15.6% | 12.9% | ||
| Q4 24 | 13.8% | 18.1% | ||
| Q3 24 | 12.6% | 16.0% | ||
| Q2 24 | 12.9% | 11.8% |
现金转化率SPGWELL
| Q1 26 | — | — | ||
| Q4 25 | 0.34× | 5.56× | ||
| Q3 25 | 1.27× | 3.04× | ||
| Q2 25 | 1.89× | 2.53× | ||
| Q1 25 | 1.73× | 2.33× | ||
| Q4 24 | 1.41× | 4.52× | ||
| Q3 24 | 1.63× | 1.50× | ||
| Q2 24 | 1.87× | 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
SPG
| Real Estate Segment | $1.7B | 95% |
| Other | $86.3M | 5% |
WELL
| Resident fees and services | $2.8B | 83% |
| Rental income | $453.8M | 14% |
| Other | $117.2M | 3% |
