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STARWOOD PROPERTY TRUST, INC.（STWD）与INNOVATE Corp.（VATE）财务数据对比。点击上方公司名可切换其他公司
STARWOOD PROPERTY TRUST, INC.的季度营收约是INNOVATE Corp.的1.3倍（$492.9M vs $382.7M），STARWOOD PROPERTY TRUST, INC.净利率更高（19.7% vs -1.9%，领先21.6%），INNOVATE Corp.同比增速更快（61.7% vs 8.5%），过去两年INNOVATE Corp.的营收复合增速更高（10.2% vs -2.9%）
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。
创新公司（Innovate Corp.）是一家美国上市金融服务企业，创立于1994年，深耕金融服务领域，面向市场提供多元专业金融相关服务，是美国本土具备多年运营经验的公众金融服务机构。
STWD vs VATE — 直观对比
营收规模更大
STWD
是对方的1.3倍
$382.7M
营收增速更快
VATE
高出53.3%
8.5%
净利率更高
STWD
高出21.6%
-1.9%
两年增速更快
VATE
近两年复合增速
-2.9%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $492.9M | $382.7M |
| 净利润 | $96.9M | $-7.4M |
| 毛利率 | — | 15.4% |
| 营业利润率 | 26.6% | 3.7% |
| 净利率 | 19.7% | -1.9% |
| 营收同比 | 8.5% | 61.7% |
| 净利润同比 | 87.7% | 55.4% |
| 每股收益（稀释后） | $0.25 | $-0.57 |
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STWDVATE
| Q4 25 | $492.9M | $382.7M | ||
| Q3 25 | $488.9M | $347.1M | ||
| Q2 25 | $444.3M | $242.0M | ||
| Q1 25 | $418.2M | $274.2M | ||
| Q4 24 | $454.4M | $236.6M | ||
| Q3 24 | $479.5M | $242.2M | ||
| Q2 24 | $489.8M | $313.1M | ||
| Q1 24 | $523.1M | $315.2M |
净利润STWDVATE
| Q4 25 | $96.9M | $-7.4M | ||
| Q3 25 | $72.6M | $-8.9M | ||
| Q2 25 | $129.8M | $-19.8M | ||
| Q1 25 | $112.3M | $-24.5M | ||
| Q4 24 | $51.6M | $-16.6M | ||
| Q3 24 | $76.1M | $-15.0M | ||
| Q2 24 | $77.9M | $14.4M | ||
| Q1 24 | $154.3M | $-17.4M |
毛利率STWDVATE
| Q4 25 | — | 15.4% | ||
| Q3 25 | — | 14.3% | ||
| Q2 25 | — | 18.8% | ||
| Q1 25 | — | 16.6% | ||
| Q4 24 | — | 19.6% | ||
| Q3 24 | — | 19.9% | ||
| Q2 24 | — | 21.0% | ||
| Q1 24 | — | 15.4% |
营业利润率STWDVATE
| Q4 25 | 26.6% | 3.7% | ||
| Q3 25 | 19.1% | 1.8% | ||
| Q2 25 | 30.5% | 2.0% | ||
| Q1 25 | 28.7% | 1.2% | ||
| Q4 24 | 15.1% | 1.1% | ||
| Q3 24 | 17.2% | 2.4% | ||
| Q2 24 | 19.1% | 9.2% | ||
| Q1 24 | 30.8% | 0.9% |
净利率STWDVATE
| Q4 25 | 19.7% | -1.9% | ||
| Q3 25 | 14.8% | -2.6% | ||
| Q2 25 | 29.2% | -8.2% | ||
| Q1 25 | 26.8% | -8.9% | ||
| Q4 24 | 11.4% | -7.0% | ||
| Q3 24 | 15.9% | -6.2% | ||
| Q2 24 | 15.9% | 4.6% | ||
| Q1 24 | 29.5% | -5.5% |
每股收益（稀释后）STWDVATE
| Q4 25 | $0.25 | $-0.57 | ||
| Q3 25 | $0.19 | $-0.71 | ||
| Q2 25 | $0.38 | $-1.67 | ||
| Q1 25 | $0.33 | $-1.89 | ||
| Q4 24 | $0.15 | $-0.72 | ||
| Q3 24 | $0.23 | $-1.18 | ||
| Q2 24 | $0.24 | $1.03 | ||
| Q1 24 | $0.48 | $-2.21 |
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 | $499.5M | $112.1M |
| 总债务越低越好 | — | $80.3M |
| 股东权益账面价值 | $6.8B | $-240.1M |
| 总资产 | $63.2B | $950.1M |
| 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STWDVATE
| Q4 25 | $499.5M | $112.1M | ||
| Q3 25 | $301.1M | $35.5M | ||
| Q2 25 | $259.9M | $33.4M | ||
| Q1 25 | $440.6M | $33.3M | ||
| Q4 24 | $377.8M | $48.8M | ||
| Q3 24 | $357.9M | $51.0M | ||
| Q2 24 | $259.3M | $80.2M | ||
| Q1 24 | $327.4M | $38.4M |
总债务STWDVATE
| Q4 25 | — | $80.3M | ||
| Q3 25 | — | $97.3M | ||
| Q2 25 | — | $160.1M | ||
| Q1 25 | — | $139.9M | ||
| Q4 24 | — | $500.6M | ||
| Q3 24 | — | $502.4M | ||
| Q2 24 | — | $638.3M | ||
| Q1 24 | — | $641.5M |
股东权益STWDVATE
| Q4 25 | $6.8B | $-240.1M | ||
| Q3 25 | $6.9B | $-233.3M | ||
| Q2 25 | $6.4B | $-224.8M | ||
| Q1 25 | $6.4B | $-204.2M | ||
| Q4 24 | $6.4B | $-180.4M | ||
| Q3 24 | $6.5B | $-163.1M | ||
| Q2 24 | $6.2B | $-149.0M | ||
| Q1 24 | $6.3B | $-184.4M |
总资产STWDVATE
| Q4 25 | $63.2B | $950.1M | ||
| Q3 25 | $62.4B | $913.2M | ||
| Q2 25 | $62.4B | $890.9M | ||
| Q1 25 | $62.2B | $868.0M | ||
| Q4 24 | $62.6B | $891.1M | ||
| Q3 24 | $64.2B | $897.2M | ||
| Q2 24 | $64.1B | $898.9M | ||
| Q1 24 | $66.2B | $943.5M |
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 | $488.8M | $101.1M |
| 自由现金流经营现金流 - 资本支出 | — | — |
| 自由现金流率自由现金流/营收 | — | — |
| 资本支出强度资本支出/营收 | — | — |
| 现金转化率经营现金流/净利润 | 5.04× | — |
| 过去12个月自由现金流最近4个季度 | — | — |
8季度趋势，按日历期对齐
经营现金流STWDVATE
| Q4 25 | $488.8M | $101.1M | ||
| Q3 25 | $337.6M | $19.2M | ||
| Q2 25 | $-87.4M | $40.4M | ||
| Q1 25 | $238.9M | $-14.1M | ||
| Q4 24 | $295.6M | $41.4M | ||
| Q3 24 | $241.8M | $-28.4M | ||
| Q2 24 | $53.3M | $21.5M | ||
| Q1 24 | $55.9M | $-25.4M |
自由现金流STWDVATE
| Q4 25 | — | — | ||
| Q3 25 | — | $19.0M | ||
| Q2 25 | — | — | ||
| Q1 25 | — | $-18.8M | ||
| Q4 24 | — | $34.2M | ||
| Q3 24 | — | $-31.5M | ||
| Q2 24 | — | $18.4M | ||
| Q1 24 | — | $-31.0M |
自由现金流率STWDVATE
| Q4 25 | — | — | ||
| Q3 25 | — | 5.5% | ||
| Q2 25 | — | — | ||
| Q1 25 | — | -6.9% | ||
| Q4 24 | — | 14.5% | ||
| Q3 24 | — | -13.0% | ||
| Q2 24 | — | 5.9% | ||
| Q1 24 | — | -9.8% |
资本支出强度STWDVATE
| Q4 25 | — | — | ||
| Q3 25 | — | 0.1% | ||
| Q2 25 | — | — | ||
| Q1 25 | — | 1.7% | ||
| Q4 24 | — | 3.0% | ||
| Q3 24 | — | 1.3% | ||
| Q2 24 | — | 1.0% | ||
| Q1 24 | — | 1.8% |
现金转化率STWDVATE
| Q4 25 | 5.04× | — | ||
| Q3 25 | 4.65× | — | ||
| Q2 25 | -0.67× | — | ||
| Q1 25 | 2.13× | — | ||
| Q4 24 | 5.72× | — | ||
| Q3 24 | 3.18× | — | ||
| Q2 24 | 0.68× | 1.49× | ||
| Q1 24 | 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
STWD
| Commercial And Residential Lending Segment | $335.2M | 68% |
| Infrastructure Lending Segment | $70.3M | 14% |
| Property Segment | $57.8M | 12% |
| Other | $29.7M | 6% |
VATE
| Commercial Revenue | $126.1M | 33% |
| Industrial Revenue | $87.5M | 23% |
| Transportation Revenue | $58.4M | 15% |
| Healthcare Revenue | $48.4M | 13% |
| Government Revenue | $44.3M | 12% |
| Energy Revenue | $8.0M | 2% |
| Broadcast Station Revenue | $5.7M | 1% |
| Systems And Consumables Revenue | $3.1M | 1% |
| Leisure Revenue | $200.0K | 0% |
