vs
SPIRE INC（SR）与STARWOOD PROPERTY TRUST, INC.（STWD）财务数据对比。点击上方公司名可切换其他公司
SPIRE INC的季度营收约是STARWOOD PROPERTY TRUST, INC.的1.5倍（$762.2M vs $492.9M），STARWOOD PROPERTY TRUST, INC.净利率更高（19.7% vs 12.5%，领先7.2%），SPIRE INC同比增速更快（13.9% vs 8.5%），过去两年STARWOOD PROPERTY TRUST, INC.的营收复合增速更高（-2.9% vs -17.8%）
Spire Inc是总部位于美国密苏里州圣路易斯的区域公用事业控股公司，核心业务为受监管的天然气供应服务，同时布局非监管类业务拓展商业机会。旗下主要子公司Laclede Gas Company是密苏里州最大的天然气分销公用事业企业，为圣路易斯市及密苏里州东部10个县的约63.1万户住宅、商业及工业客户提供服务。
喜达屋酒店及度假村国际集团是全球规模最大的酒店企业之一，业务涵盖酒店、度假村、水疗中心、住宅及度假产权物业的持有、运营、特许经营与管理。集团前身为1969年成立的房地产投资信托基金，1995年完成收购重组，旗下共11个品牌，管理及特许经营的物业共计1297处。
SR vs STWD — 直观对比
营收规模更大
SR
是对方的1.5倍
$492.9M
营收增速更快
SR
高出5.4%
8.5%
净利率更高
STWD
高出7.2%
12.5%
两年增速更快
STWD
近两年复合增速
-17.8%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $762.2M | $492.9M |
| 净利润 | $95.0M | $96.9M |
| 毛利率 | 55.1% | — |
| 营业利润率 | 22.8% | 26.6% |
| 净利率 | 12.5% | 19.7% |
| 营收同比 | 13.9% | 8.5% |
| 净利润同比 | 16.9% | 87.7% |
| 每股收益（稀释后） | $1.54 | $0.25 |
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SRSTWD
| Q4 25 | $762.2M | $492.9M | ||
| Q3 25 | $334.1M | $488.9M | ||
| Q2 25 | $421.9M | $444.3M | ||
| Q1 25 | $1.1B | $418.2M | ||
| Q4 24 | $669.1M | $454.4M | ||
| Q3 24 | $293.8M | $479.5M | ||
| Q2 24 | $414.1M | $489.8M | ||
| Q1 24 | $1.1B | $523.1M |
净利润SRSTWD
| Q4 25 | $95.0M | $96.9M | ||
| Q3 25 | $-39.8M | $72.6M | ||
| Q2 25 | $20.9M | $129.8M | ||
| Q1 25 | $209.3M | $112.3M | ||
| Q4 24 | $81.3M | $51.6M | ||
| Q3 24 | $-25.9M | $76.1M | ||
| Q2 24 | $-12.6M | $77.9M | ||
| Q1 24 | $204.3M | $154.3M |
毛利率SRSTWD
| Q4 25 | 55.1% | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 55.6% | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
营业利润率SRSTWD
| Q4 25 | 22.8% | 26.6% | ||
| Q3 25 | -0.1% | 19.1% | ||
| Q2 25 | 16.4% | 30.5% | ||
| Q1 25 | 29.1% | 28.7% | ||
| Q4 24 | 22.2% | 15.1% | ||
| Q3 24 | 6.7% | 17.2% | ||
| Q2 24 | 7.4% | 19.1% | ||
| Q1 24 | 26.5% | 30.8% |
净利率SRSTWD
| Q4 25 | 12.5% | 19.7% | ||
| Q3 25 | -11.9% | 14.8% | ||
| Q2 25 | 5.0% | 29.2% | ||
| Q1 25 | 19.9% | 26.8% | ||
| Q4 24 | 12.2% | 11.4% | ||
| Q3 24 | -8.8% | 15.9% | ||
| Q2 24 | -3.0% | 15.9% | ||
| Q1 24 | 18.1% | 29.5% |
每股收益（稀释后）SRSTWD
| Q4 25 | $1.54 | $0.25 | ||
| Q3 25 | $-0.77 | $0.19 | ||
| Q2 25 | $0.29 | $0.38 | ||
| Q1 25 | $3.51 | $0.33 | ||
| Q4 24 | $1.34 | $0.15 | ||
| Q3 24 | $-0.63 | $0.23 | ||
| Q2 24 | $-0.28 | $0.24 | ||
| Q1 24 | $3.58 | $0.48 |
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 | $4.1M | $499.5M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $3.4B | $6.8B |
| 总资产 | $11.9B | $63.2B |
| 负债/权益比越低杠杆越低 | — | — |
8季度趋势，按日历期对齐
现金及短期投资SRSTWD
| Q4 25 | $4.1M | $499.5M | ||
| Q3 25 | $5.7M | $301.1M | ||
| Q2 25 | $13.1M | $259.9M | ||
| Q1 25 | $15.2M | $440.6M | ||
| Q4 24 | $11.5M | $377.8M | ||
| Q3 24 | $4.5M | $357.9M | ||
| Q2 24 | $7.4M | $259.3M | ||
| Q1 24 | $25.6M | $327.4M |
股东权益SRSTWD
| Q4 25 | $3.4B | $6.8B | ||
| Q3 25 | $3.4B | $6.9B | ||
| Q2 25 | $3.5B | $6.4B | ||
| Q1 25 | $3.5B | $6.4B | ||
| Q4 24 | $3.3B | $6.4B | ||
| Q3 24 | $3.2B | $6.5B | ||
| Q2 24 | $3.3B | $6.2B | ||
| Q1 24 | $3.4B | $6.3B |
总资产SRSTWD
| Q4 25 | $11.9B | $63.2B | ||
| Q3 25 | $11.6B | $62.4B | ||
| Q2 25 | $11.4B | $62.4B | ||
| Q1 25 | $11.3B | $62.2B | ||
| Q4 24 | $11.3B | $62.6B | ||
| Q3 24 | $10.9B | $64.2B | ||
| Q2 24 | $10.7B | $64.1B | ||
| Q1 24 | $10.7B | $66.2B |
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 | $81.0M | $488.8M |
| 自由现金流经营现金流 - 资本支出 | $-121.8M | — |
| 自由现金流率自由现金流/营收 | -16.0% | — |
| 资本支出强度资本支出/营收 | 26.6% | — |
| 现金转化率经营现金流/净利润 | 0.85× | 5.04× |
| 过去12个月自由现金流最近4个季度 | $-286.7M | — |
8季度趋势，按日历期对齐
经营现金流SRSTWD
| Q4 25 | $81.0M | $488.8M | ||
| Q3 25 | $-4.9M | $337.6M | ||
| Q2 25 | $129.1M | $-87.4M | ||
| Q1 25 | $372.7M | $238.9M | ||
| Q4 24 | $81.1M | $295.6M | ||
| Q3 24 | $82.9M | $241.8M | ||
| Q2 24 | $270.1M | $53.3M | ||
| Q1 24 | $489.4M | $55.9M |
自由现金流SRSTWD
| Q4 25 | $-121.8M | — | ||
| Q3 25 | $-227.6M | — | ||
| Q2 25 | $-91.4M | — | ||
| Q1 25 | $154.1M | — | ||
| Q4 24 | $-179.5M | — | ||
| Q3 24 | $-146.9M | — | ||
| Q2 24 | $47.9M | — | ||
| Q1 24 | $306.6M | — |
自由现金流率SRSTWD
| Q4 25 | -16.0% | — | ||
| Q3 25 | -68.1% | — | ||
| Q2 25 | -21.7% | — | ||
| Q1 25 | 14.7% | — | ||
| Q4 24 | -26.8% | — | ||
| Q3 24 | -50.0% | — | ||
| Q2 24 | 11.6% | — | ||
| Q1 24 | 27.2% | — |
资本支出强度SRSTWD
| Q4 25 | 26.6% | — | ||
| Q3 25 | 66.7% | — | ||
| Q2 25 | 52.3% | — | ||
| Q1 25 | 20.8% | — | ||
| Q4 24 | 38.9% | — | ||
| Q3 24 | 78.2% | — | ||
| Q2 24 | 53.7% | — | ||
| Q1 24 | 16.2% | — |
现金转化率SRSTWD
| Q4 25 | 0.85× | 5.04× | ||
| Q3 25 | — | 4.65× | ||
| Q2 25 | 6.18× | -0.67× | ||
| Q1 25 | 1.78× | 2.13× | ||
| Q4 24 | 1.00× | 5.72× | ||
| Q3 24 | — | 3.18× | ||
| Q2 24 | — | 0.68× | ||
| Q1 24 | 2.40× | 0.36× |
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
SR
| Residential | $474.9M | 62% |
| Commercial And Industrial | $148.4M | 19% |
| Gas Marketing | $41.1M | 5% |
| Midstream | $39.0M | 5% |
| Transportation | $37.1M | 5% |
| Offsystem And Other Inventive | $19.7M | 3% |
| Other Customer Revenue | $4.6M | 1% |
STWD
| Commercial And Residential Lending Segment | $335.2M | 68% |
| Infrastructure Lending Segment | $70.3M | 14% |
| Property Segment | $57.8M | 12% |
| Other | $29.7M | 6% |
