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西蒙地产集团（SPG）与惠好（WY）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惠好的1.2倍（$1.8B vs $1.5B），西蒙地产集团净利率更高（197.6% vs 4.8%，领先192.8%），西蒙地产集团同比增速更快（13.2% vs -9.8%），西蒙地产集团自由现金流更多（$948.8M vs $-128.0M），过去两年西蒙地产集团的营收复合增速更高（11.4% vs -7.4%）
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。
惠好是美国知名林地运营企业，在美国本土持有约1040万英亩林地，同时通过长期许可协议在加拿大管理额外1400万英亩林地。企业拥有逾百年木制品生产历史，目前以房地产投资信托（REIT）模式运营。
SPG vs WY — 直观对比
营收规模更大
SPG
是对方的1.2倍
$1.5B
营收增速更快
SPG
高出23.0%
-9.8%
净利率更高
SPG
高出192.8%
4.8%
自由现金流更多
SPG
多$1.1B
$-128.0M
两年增速更快
SPG
近两年复合增速
-7.4%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.8B | $1.5B |
| 净利润 | $3.5B | $74.0M |
| 毛利率 | — | 10.4% |
| 营业利润率 | 49.7% | 16.3% |
| 净利率 | 197.6% | 4.8% |
| 营收同比 | 13.2% | -9.8% |
| 净利润同比 | 358.7% | -8.6% |
| 每股收益（稀释后） | $9.34 | $0.11 |
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SPGWY
| Q4 25 | $1.8B | $1.5B | ||
| Q3 25 | $1.6B | $1.7B | ||
| Q2 25 | $1.5B | $1.9B | ||
| Q1 25 | $1.5B | $1.8B | ||
| Q4 24 | $1.6B | $1.7B | ||
| Q3 24 | $1.5B | $1.7B | ||
| Q2 24 | $1.5B | $1.9B | ||
| Q1 24 | $1.4B | $1.8B |
净利润SPGWY
| Q4 25 | $3.5B | $74.0M | ||
| Q3 25 | $702.7M | $80.0M | ||
| Q2 25 | $643.7M | $87.0M | ||
| Q1 25 | $477.9M | $83.0M | ||
| Q4 24 | $771.8M | $81.0M | ||
| Q3 24 | $546.7M | $28.0M | ||
| Q2 24 | $569.4M | $173.0M | ||
| Q1 24 | $841.2M | $114.0M |
毛利率SPGWY
| Q4 25 | — | 10.4% | ||
| Q3 25 | — | 11.9% | ||
| Q2 25 | — | 17.3% | ||
| Q1 25 | — | 19.0% | ||
| Q4 24 | — | 17.8% | ||
| Q3 24 | — | 14.9% | ||
| Q2 24 | — | 20.8% | ||
| Q1 24 | — | 19.8% |
营业利润率SPGWY
| Q4 25 | 49.7% | 16.3% | ||
| Q3 25 | 50.8% | 7.2% | ||
| Q2 25 | 49.7% | 9.4% | ||
| Q1 25 | 49.4% | 10.2% | ||
| Q4 24 | 52.8% | 8.3% | ||
| Q3 24 | 51.9% | 4.6% | ||
| Q2 24 | 51.7% | 13.9% | ||
| Q1 24 | 51.0% | 10.9% |
净利率SPGWY
| Q4 25 | 197.6% | 4.8% | ||
| Q3 25 | 43.9% | 4.7% | ||
| Q2 25 | 43.0% | 4.6% | ||
| Q1 25 | 32.4% | 4.7% | ||
| Q4 24 | 48.8% | 4.7% | ||
| Q3 24 | 36.9% | 1.7% | ||
| Q2 24 | 39.0% | 8.9% | ||
| Q1 24 | 58.3% | 6.3% |
每股收益（稀释后）SPGWY
| Q4 25 | $9.34 | $0.11 | ||
| Q3 25 | $1.86 | $0.11 | ||
| Q2 25 | $1.70 | $0.12 | ||
| Q1 25 | $1.27 | $0.11 | ||
| Q4 24 | $2.04 | $0.10 | ||
| Q3 24 | $1.46 | $0.04 | ||
| Q2 24 | $1.51 | $0.24 | ||
| Q1 24 | $2.25 | $0.16 |
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 | $464.0M |
| 总债务越低越好 | $28.4B | $5.6B |
| 股东权益账面价值 | $5.2B | $9.4B |
| 总资产 | $40.6B | $16.6B |
| 负债/权益比越低杠杆越低 | 5.46× | 0.59× |
8季度趋势，按日历期对齐
现金及短期投资SPGWY
| Q4 25 | $823.1M | $464.0M | ||
| Q3 25 | $1.6B | $401.0M | ||
| Q2 25 | $1.2B | $592.0M | ||
| Q1 25 | $1.4B | $560.0M | ||
| Q4 24 | $1.4B | $684.0M | ||
| Q3 24 | $2.5B | $877.0M | ||
| Q2 24 | $2.5B | $997.0M | ||
| Q1 24 | $2.6B | $871.0M |
总债务SPGWY
| Q4 25 | $28.4B | $5.6B | ||
| Q3 25 | $25.8B | — | ||
| Q2 25 | $25.4B | — | ||
| Q1 25 | $24.8B | — | ||
| Q4 24 | $24.3B | $5.1B | ||
| Q3 24 | $25.4B | — | ||
| Q2 24 | $25.3B | — | ||
| Q1 24 | $25.5B | — |
股东权益SPGWY
| Q4 25 | $5.2B | $9.4B | ||
| Q3 25 | $2.3B | $9.4B | ||
| Q2 25 | $2.5B | $9.5B | ||
| Q1 25 | $2.6B | $9.6B | ||
| Q4 24 | $2.9B | $9.7B | ||
| Q3 24 | $2.7B | $9.9B | ||
| Q2 24 | $2.9B | $10.0B | ||
| Q1 24 | $3.1B | $10.1B |
总资产SPGWY
| Q4 25 | $40.6B | $16.6B | ||
| Q3 25 | $33.6B | $16.7B | ||
| Q2 25 | $33.3B | $16.5B | ||
| Q1 25 | $32.5B | $16.5B | ||
| Q4 24 | $32.4B | $16.5B | ||
| Q3 24 | $33.3B | $16.7B | ||
| Q2 24 | $33.4B | $16.8B | ||
| Q1 24 | $33.7B | $16.8B |
负债/权益比SPGWY
| Q4 25 | 5.46× | 0.59× | ||
| Q3 25 | 10.98× | — | ||
| Q2 25 | 10.36× | — | ||
| Q1 25 | 9.50× | — | ||
| Q4 24 | 8.25× | 0.52× | ||
| 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 | $-114.0M |
| 自由现金流经营现金流 - 资本支出 | $948.8M | $-128.0M |
| 自由现金流率自由现金流/营收 | 53.0% | -8.3% |
| 资本支出强度资本支出/营收 | 14.2% | 0.9% |
| 现金转化率经营现金流/净利润 | 0.34× | -1.54× |
| 过去12个月自由现金流最近4个季度 | $3.2B | $511.0M |
8季度趋势，按日历期对齐
经营现金流SPGWY
| Q4 25 | $1.2B | $-114.0M | ||
| Q3 25 | $890.3M | $210.0M | ||
| Q2 25 | $1.2B | $396.0M | ||
| Q1 25 | $827.2M | $70.0M | ||
| Q4 24 | $1.1B | $218.0M | ||
| Q3 24 | $892.9M | $234.0M | ||
| Q2 24 | $1.1B | $432.0M | ||
| Q1 24 | $773.1M | $124.0M |
自由现金流SPGWY
| Q4 25 | $948.8M | $-128.0M | ||
| Q3 25 | $685.0M | $203.0M | ||
| Q2 25 | $971.3M | $388.0M | ||
| Q1 25 | $597.0M | $48.0M | ||
| Q4 24 | $867.7M | $205.0M | ||
| Q3 24 | $706.5M | $226.0M | ||
| Q2 24 | $874.8M | $423.0M | ||
| Q1 24 | $610.1M | $102.0M |
自由现金流率SPGWY
| Q4 25 | 53.0% | -8.3% | ||
| Q3 25 | 42.8% | 11.8% | ||
| Q2 25 | 64.8% | 20.6% | ||
| Q1 25 | 40.5% | 2.7% | ||
| Q4 24 | 54.8% | 12.0% | ||
| Q3 24 | 47.7% | 13.4% | ||
| Q2 24 | 60.0% | 21.8% | ||
| Q1 24 | 42.3% | 5.7% |
资本支出强度SPGWY
| Q4 25 | 14.2% | 0.9% | ||
| Q3 25 | 12.8% | 0.4% | ||
| Q2 25 | 16.3% | 0.4% | ||
| Q1 25 | 15.6% | 1.2% | ||
| Q4 24 | 13.8% | 0.8% | ||
| Q3 24 | 12.6% | 0.5% | ||
| Q2 24 | 12.9% | 0.5% | ||
| Q1 24 | 11.3% | 1.2% |
现金转化率SPGWY
| Q4 25 | 0.34× | -1.54× | ||
| Q3 25 | 1.27× | 2.63× | ||
| Q2 25 | 1.89× | 4.55× | ||
| Q1 25 | 1.73× | 0.84× | ||
| Q4 24 | 1.41× | 2.69× | ||
| Q3 24 | 1.63× | 8.36× | ||
| Q2 24 | 1.87× | 2.50× | ||
| Q1 24 | 0.92× | 1.09× |
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% |
WY
暂无分部数据
