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STARWOOD PROPERTY TRUST, INC.（STWD）与Waystar Holding Corp.（WAY）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Waystar Holding Corp.的1.6倍（$492.9M vs $303.5M），STARWOOD PROPERTY TRUST, INC.净利率更高（19.7% vs 6.6%，领先13.1%），Waystar Holding Corp.同比增速更快（24.3% vs 8.5%），过去两年Waystar Holding Corp.的营收复合增速更高（16.2% 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。
Waystar Holding Corp是一家领先的医疗健康支付与营收周期管理解决方案提供商，服务覆盖美国各地的医疗机构、医疗系统和支付方，旗下工具可简化账单处理、理赔申请、患者缴费流程，帮助医疗机构降低行政负担、优化营收表现。
STWD vs WAY — 直观对比
营收规模更大
STWD
是对方的1.6倍
$303.5M
营收增速更快
WAY
高出15.9%
8.5%
净利率更高
STWD
高出13.1%
6.6%
两年增速更快
WAY
近两年复合增速
-2.9%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $492.9M | $303.5M |
| 净利润 | $96.9M | $20.0M |
| 毛利率 | — | — |
| 营业利润率 | 26.6% | 19.4% |
| 净利率 | 19.7% | 6.6% |
| 营收同比 | 8.5% | 24.3% |
| 净利润同比 | 87.7% | 4.8% |
| 每股收益（稀释后） | $0.25 | $0.10 |
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STWDWAY
| Q4 25 | $492.9M | $303.5M | ||
| Q3 25 | $488.9M | $268.7M | ||
| Q2 25 | $444.3M | $270.7M | ||
| Q1 25 | $418.2M | $256.4M | ||
| Q4 24 | $454.4M | $244.1M | ||
| Q3 24 | $479.5M | $240.1M | ||
| Q2 24 | $489.8M | $234.5M | ||
| Q1 24 | $523.1M | $224.8M |
净利润STWDWAY
| Q4 25 | $96.9M | $20.0M | ||
| Q3 25 | $72.6M | $30.6M | ||
| Q2 25 | $129.8M | $32.2M | ||
| Q1 25 | $112.3M | $29.3M | ||
| Q4 24 | $51.6M | $19.1M | ||
| Q3 24 | $76.1M | $5.4M | ||
| Q2 24 | $77.9M | $-27.7M | ||
| Q1 24 | $154.3M | $-15.9M |
营业利润率STWDWAY
| Q4 25 | 26.6% | 19.4% | ||
| Q3 25 | 19.1% | 22.4% | ||
| Q2 25 | 30.5% | 24.0% | ||
| Q1 25 | 28.7% | 25.4% | ||
| Q4 24 | 15.1% | 21.8% | ||
| Q3 24 | 17.2% | 11.3% | ||
| Q2 24 | 19.1% | 3.5% | ||
| Q1 24 | 30.8% | 15.7% |
净利率STWDWAY
| Q4 25 | 19.7% | 6.6% | ||
| Q3 25 | 14.8% | 11.4% | ||
| Q2 25 | 29.2% | 11.9% | ||
| Q1 25 | 26.8% | 11.4% | ||
| Q4 24 | 11.4% | 7.8% | ||
| Q3 24 | 15.9% | 2.3% | ||
| Q2 24 | 15.9% | -11.8% | ||
| Q1 24 | 29.5% | -7.1% |
每股收益（稀释后）STWDWAY
| Q4 25 | $0.25 | $0.10 | ||
| Q3 25 | $0.19 | $0.17 | ||
| Q2 25 | $0.38 | $0.18 | ||
| Q1 25 | $0.33 | $0.16 | ||
| Q4 24 | $0.15 | $0.18 | ||
| Q3 24 | $0.23 | $0.03 | ||
| Q2 24 | $0.24 | $-0.21 | ||
| Q1 24 | $0.48 | $-0.13 |
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 | $61.4M |
| 总债务越低越好 | — | $1.5B |
| 股东权益账面价值 | $6.8B | $3.9B |
| 总资产 | $63.2B | $5.8B |
| 负债/权益比越低杠杆越低 | — | 0.38× |
8季度趋势，按日历期对齐
现金及短期投资STWDWAY
| Q4 25 | $499.5M | $61.4M | ||
| Q3 25 | $301.1M | $421.1M | ||
| Q2 25 | $259.9M | $290.3M | ||
| Q1 25 | $440.6M | $224.0M | ||
| Q4 24 | $377.8M | $182.1M | ||
| Q3 24 | $357.9M | $127.1M | ||
| Q2 24 | $259.3M | $68.4M | ||
| Q1 24 | $327.4M | $57.3M |
总债务STWDWAY
| Q4 25 | — | $1.5B | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $1.2B | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
股东权益STWDWAY
| Q4 25 | $6.8B | $3.9B | ||
| Q3 25 | $6.9B | $3.2B | ||
| Q2 25 | $6.4B | $3.2B | ||
| Q1 25 | $6.4B | $3.1B | ||
| Q4 24 | $6.4B | $3.1B | ||
| Q3 24 | $6.5B | $3.1B | ||
| Q2 24 | $6.2B | $2.9B | ||
| Q1 24 | $6.3B | $2.0B |
总资产STWDWAY
| Q4 25 | $63.2B | $5.8B | ||
| Q3 25 | $62.4B | $4.7B | ||
| Q2 25 | $62.4B | $4.7B | ||
| Q1 25 | $62.2B | $4.6B | ||
| Q4 24 | $62.6B | $4.6B | ||
| Q3 24 | $64.2B | $4.5B | ||
| Q2 24 | $64.1B | $4.6B | ||
| Q1 24 | $66.2B | — |
负债/权益比STWDWAY
| Q4 25 | — | 0.38× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 0.40× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
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 | $66.6M |
| 自由现金流经营现金流 - 资本支出 | — | $57.2M |
| 自由现金流率自由现金流/营收 | — | 18.9% |
| 资本支出强度资本支出/营收 | — | 3.1% |
| 现金转化率经营现金流/净利润 | 5.04× | 3.33× |
| 过去12个月自由现金流最近4个季度 | — | $283.2M |
8季度趋势，按日历期对齐
经营现金流STWDWAY
| Q4 25 | $488.8M | $66.6M | ||
| Q3 25 | $337.6M | $82.0M | ||
| Q2 25 | $-87.4M | $96.8M | ||
| Q1 25 | $238.9M | $64.2M | ||
| Q4 24 | $295.6M | — | ||
| Q3 24 | $241.8M | $78.8M | ||
| Q2 24 | $53.3M | $15.4M | ||
| Q1 24 | $55.9M | $10.7M |
自由现金流STWDWAY
| Q4 25 | — | $57.2M | ||
| Q3 25 | — | $76.2M | ||
| Q2 25 | — | $91.0M | ||
| Q1 25 | — | $58.8M | ||
| Q4 24 | — | — | ||
| Q3 24 | — | $70.2M | ||
| Q2 24 | — | $8.6M | ||
| Q1 24 | — | $5.2M |
自由现金流率STWDWAY
| Q4 25 | — | 18.9% | ||
| Q3 25 | — | 28.3% | ||
| Q2 25 | — | 33.6% | ||
| Q1 25 | — | 22.9% | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 29.2% | ||
| Q2 24 | — | 3.7% | ||
| Q1 24 | — | 2.3% |
资本支出强度STWDWAY
| Q4 25 | — | 3.1% | ||
| Q3 25 | — | 2.2% | ||
| Q2 25 | — | 2.1% | ||
| Q1 25 | — | 2.1% | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 3.6% | ||
| Q2 24 | — | 2.9% | ||
| Q1 24 | — | 2.5% |
现金转化率STWDWAY
| Q4 25 | 5.04× | 3.33× | ||
| Q3 25 | 4.65× | 2.68× | ||
| Q2 25 | -0.67× | 3.01× | ||
| Q1 25 | 2.13× | 2.20× | ||
| Q4 24 | 5.72× | — | ||
| Q3 24 | 3.18× | 14.56× | ||
| Q2 24 | 0.68× | — | ||
| 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% |
WAY
| Subscription And Circulation | $167.8M | 55% |
| Volume Based Revenue | $134.2M | 44% |
| Implementation Services And Other Revenue | $1.5M | 1% |
