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医疗房产信托（SVC）与Tyler Technologies（TYL）财务数据对比。点击上方公司名可切换其他公司
Tyler Technologies的季度营收约是医疗房产信托的2.1倍（$613.5M vs $296.5M），Tyler Technologies净利率更高（13.2% vs -0.3%，领先13.5%），Tyler Technologies同比增速更快（8.6% vs -17.0%），Tyler Technologies自由现金流更多（$2.0M vs $-95.2M），过去两年Tyler Technologies的营收复合增速更高（6.5% vs -6.1%）
医疗房产信托（MPT）是总部位于阿拉巴马州伯明翰的国际房地产投资信托（REIT），主要在美国和欧洲地区收购投资医疗设施与营利性医疗控股公司。该公司的房产收购多采用售后回租模式，原产权方出售房产给MPT后成为承租租户，其租户普遍签订长期三净租约。
Tyler Technologies, Inc.是总部位于美国得克萨斯州普莱诺的科技企业，主营面向美国公共部门提供自研专有软件，目前在全美17个州设有办事处，另在加拿大安大略省多伦多市设有一处办公网点。
SVC vs TYL — 直观对比
营收规模更大
TYL
是对方的2.1倍
$296.5M
营收增速更快
TYL
高出25.5%
-17.0%
净利率更高
TYL
高出13.5%
-0.3%
自由现金流更多
TYL
多$97.2M
$-95.2M
两年增速更快
TYL
近两年复合增速
-6.1%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $296.5M | $613.5M |
| 净利润 | $-782.0K | $81.2M |
| 毛利率 | — | 48.3% |
| 营业利润率 | -3.9% | 16.3% |
| 净利率 | -0.3% | 13.2% |
| 营收同比 | -17.0% | 8.6% |
| 净利润同比 | 99.0% | — |
| 每股收益（稀释后） | $-0.01 | $1.88 |
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SVCTYL
| Q1 26 | — | $613.5M | ||
| Q4 25 | $296.5M | $575.2M | ||
| Q3 25 | $377.6M | $595.9M | ||
| Q2 25 | $404.4M | $596.1M | ||
| Q1 25 | $335.0M | $565.2M | ||
| Q4 24 | $357.0M | $541.1M | ||
| Q3 24 | $390.9M | $543.3M | ||
| Q2 24 | $412.5M | $541.0M |
净利润SVCTYL
| Q1 26 | — | $81.2M | ||
| Q4 25 | $-782.0K | $65.5M | ||
| Q3 25 | $-46.9M | $84.4M | ||
| Q2 25 | $-38.2M | $84.6M | ||
| Q1 25 | $-116.4M | $81.1M | ||
| Q4 24 | $-76.4M | $65.2M | ||
| Q3 24 | $-46.9M | $75.9M | ||
| Q2 24 | $-73.8M | $67.7M |
毛利率SVCTYL
| Q1 26 | — | 48.3% | ||
| Q4 25 | — | 45.5% | ||
| Q3 25 | — | 47.2% | ||
| Q2 25 | — | 45.8% | ||
| Q1 25 | — | 47.3% | ||
| Q4 24 | — | 43.8% | ||
| Q3 24 | — | 43.7% | ||
| Q2 24 | — | 44.0% |
营业利润率SVCTYL
| Q1 26 | — | 16.3% | ||
| Q4 25 | -3.9% | 13.0% | ||
| Q3 25 | -12.8% | 16.4% | ||
| Q2 25 | -9.2% | 16.0% | ||
| Q1 25 | -33.3% | 15.8% | ||
| Q4 24 | -19.4% | 13.2% | ||
| Q3 24 | -12.8% | 15.2% | ||
| Q2 24 | -17.1% | 14.4% |
净利率SVCTYL
| Q1 26 | — | 13.2% | ||
| Q4 25 | -0.3% | 11.4% | ||
| Q3 25 | -12.4% | 14.2% | ||
| Q2 25 | -9.4% | 14.2% | ||
| Q1 25 | -34.8% | 14.3% | ||
| Q4 24 | -21.4% | 12.1% | ||
| Q3 24 | -12.0% | 14.0% | ||
| Q2 24 | -17.9% | 12.5% |
每股收益（稀释后）SVCTYL
| Q1 26 | — | $1.88 | ||
| Q4 25 | $-0.01 | $1.50 | ||
| Q3 25 | $-0.28 | $1.93 | ||
| Q2 25 | $-0.23 | $1.93 | ||
| Q1 25 | $-0.70 | $1.84 | ||
| Q4 24 | $-0.46 | $1.48 | ||
| Q3 24 | $-0.28 | $1.74 | ||
| Q2 24 | $-0.45 | $1.57 |
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 | $346.8M | $346.4M |
| 总债务越低越好 | $5.5B | — |
| 股东权益账面价值 | $646.1M | $3.6B |
| 总资产 | $6.5B | $4.8B |
| 负债/权益比越低杠杆越低 | 8.52× | — |
8季度趋势，按日历期对齐
现金及短期投资SVCTYL
| Q1 26 | — | $346.4M | ||
| Q4 25 | $346.8M | $1.1B | ||
| Q3 25 | $417.4M | $950.8M | ||
| Q2 25 | $63.2M | $892.3M | ||
| Q1 25 | $80.1M | $807.4M | ||
| Q4 24 | $143.5M | $768.0M | ||
| Q3 24 | $48.6M | $544.3M | ||
| Q2 24 | $14.6M | $258.0M |
总债务SVCTYL
| Q1 26 | — | — | ||
| Q4 25 | $5.5B | $599.7M | ||
| Q3 25 | — | $599.2M | ||
| Q2 25 | — | $598.8M | ||
| Q1 25 | — | $598.4M | ||
| Q4 24 | $5.8B | $597.9M | ||
| Q3 24 | — | $597.5M | ||
| Q2 24 | — | $597.1M |
股东权益SVCTYL
| Q1 26 | — | $3.6B | ||
| Q4 25 | $646.1M | $3.7B | ||
| Q3 25 | $647.9M | $3.6B | ||
| Q2 25 | $695.9M | $3.6B | ||
| Q1 25 | $734.6M | $3.5B | ||
| Q4 24 | $851.9M | $3.4B | ||
| Q3 24 | $929.0M | $3.3B | ||
| Q2 24 | $1.0B | $3.1B |
总资产SVCTYL
| Q1 26 | — | $4.8B | ||
| Q4 25 | $6.5B | $5.6B | ||
| Q3 25 | $7.0B | $5.5B | ||
| Q2 25 | $6.9B | $5.4B | ||
| Q1 25 | $7.0B | $5.2B | ||
| Q4 24 | $7.1B | $5.2B | ||
| Q3 24 | $7.1B | $5.0B | ||
| Q2 24 | $7.1B | $4.8B |
负债/权益比SVCTYL
| Q1 26 | — | — | ||
| Q4 25 | 8.52× | 0.16× | ||
| Q3 25 | — | 0.17× | ||
| Q2 25 | — | 0.16× | ||
| Q1 25 | — | 0.17× | ||
| Q4 24 | 6.85× | 0.18× | ||
| Q3 24 | — | 0.18× | ||
| Q2 24 | — | 0.19× |
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 | $-18.5M | $107.3M |
| 自由现金流经营现金流 - 资本支出 | $-95.2M | $2.0M |
| 自由现金流率自由现金流/营收 | -32.1% | 0.3% |
| 资本支出强度资本支出/营收 | 25.9% | — |
| 现金转化率经营现金流/净利润 | — | 1.32× |
| 过去12个月自由现金流最近4个季度 | $-107.0M | $585.7M |
8季度趋势，按日历期对齐
经营现金流SVCTYL
| Q1 26 | — | $107.3M | ||
| Q4 25 | $-18.5M | $243.9M | ||
| Q3 25 | $98.1M | $255.2M | ||
| Q2 25 | $-7.0K | $98.3M | ||
| Q1 25 | $38.2M | $56.2M | ||
| Q4 24 | $-9.7M | $224.8M | ||
| Q3 24 | $106.2M | $263.7M | ||
| Q2 24 | $43.8M | $64.3M |
自由现金流SVCTYL
| Q1 26 | — | $2.0M | ||
| Q4 25 | $-95.2M | $239.6M | ||
| Q3 25 | $57.9M | $251.3M | ||
| Q2 25 | $-46.6M | $92.8M | ||
| Q1 25 | $-23.2M | $53.8M | ||
| Q4 24 | $-88.9M | $221.0M | ||
| Q3 24 | $24.1M | $260.8M | ||
| Q2 24 | $-22.3M | $57.7M |
自由现金流率SVCTYL
| Q1 26 | — | 0.3% | ||
| Q4 25 | -32.1% | 41.7% | ||
| Q3 25 | 15.3% | 42.2% | ||
| Q2 25 | -11.5% | 15.6% | ||
| Q1 25 | -6.9% | 9.5% | ||
| Q4 24 | -24.9% | 40.8% | ||
| Q3 24 | 6.2% | 48.0% | ||
| Q2 24 | -5.4% | 10.7% |
资本支出强度SVCTYL
| Q1 26 | — | — | ||
| Q4 25 | 25.9% | 0.8% | ||
| Q3 25 | 10.6% | 0.7% | ||
| Q2 25 | 11.5% | 0.9% | ||
| Q1 25 | 18.3% | 0.4% | ||
| Q4 24 | 22.2% | 0.7% | ||
| Q3 24 | 21.0% | 0.5% | ||
| Q2 24 | 16.0% | 1.2% |
现金转化率SVCTYL
| Q1 26 | — | 1.32× | ||
| Q4 25 | — | 3.72× | ||
| Q3 25 | — | 3.02× | ||
| Q2 25 | — | 1.16× | ||
| Q1 25 | — | 0.69× | ||
| Q4 24 | — | 3.45× | ||
| Q3 24 | — | 3.47× | ||
| Q2 24 | — | 0.95× |
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
SVC
暂无分部数据
TYL
| Subscriptions | $429.7M | 70% |
| Maintenance | $108.9M | 18% |
| Other | $74.9M | 12% |
