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医疗房产信托（SVC）与INNOVATE Corp.（VATE）财务数据对比。点击上方公司名可切换其他公司
INNOVATE Corp.的季度营收约是医疗房产信托的1.3倍（$382.7M vs $296.5M），医疗房产信托净利率更高（-0.3% vs -1.9%，领先1.7%），INNOVATE Corp.同比增速更快（61.7% vs -17.0%），过去两年INNOVATE Corp.的营收复合增速更高（10.2% 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。
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。
SVC vs VATE — 直观对比
营收规模更大
VATE
是对方的1.3倍
$296.5M
营收增速更快
VATE
高出78.7%
-17.0%
净利率更高
SVC
高出1.7%
-1.9%
两年增速更快
VATE
近两年复合增速
-6.1%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $296.5M | $382.7M |
| 净利润 | $-782.0K | $-7.4M |
| 毛利率 | — | 15.4% |
| 营业利润率 | -3.9% | 3.7% |
| 净利率 | -0.3% | -1.9% |
| 营收同比 | -17.0% | 61.7% |
| 净利润同比 | 99.0% | 55.4% |
| 每股收益（稀释后） | $-0.01 | $-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SVCVATE
| Q4 25 | $296.5M | $382.7M | ||
| Q3 25 | $377.6M | $347.1M | ||
| Q2 25 | $404.4M | $242.0M | ||
| Q1 25 | $335.0M | $274.2M | ||
| Q4 24 | $357.0M | $236.6M | ||
| Q3 24 | $390.9M | $242.2M | ||
| Q2 24 | $412.5M | $313.1M | ||
| Q1 24 | $336.2M | $315.2M |
净利润SVCVATE
| Q4 25 | $-782.0K | $-7.4M | ||
| Q3 25 | $-46.9M | $-8.9M | ||
| Q2 25 | $-38.2M | $-19.8M | ||
| Q1 25 | $-116.4M | $-24.5M | ||
| Q4 24 | $-76.4M | $-16.6M | ||
| Q3 24 | $-46.9M | $-15.0M | ||
| Q2 24 | $-73.8M | $14.4M | ||
| Q1 24 | $-78.4M | $-17.4M |
毛利率SVCVATE
| 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SVCVATE
| Q4 25 | -3.9% | 3.7% | ||
| Q3 25 | -12.8% | 1.8% | ||
| Q2 25 | -9.2% | 2.0% | ||
| Q1 25 | -33.3% | 1.2% | ||
| Q4 24 | -19.4% | 1.1% | ||
| Q3 24 | -12.8% | 2.4% | ||
| Q2 24 | -17.1% | 9.2% | ||
| Q1 24 | -21.4% | 0.9% |
净利率SVCVATE
| Q4 25 | -0.3% | -1.9% | ||
| Q3 25 | -12.4% | -2.6% | ||
| Q2 25 | -9.4% | -8.2% | ||
| Q1 25 | -34.8% | -8.9% | ||
| Q4 24 | -21.4% | -7.0% | ||
| Q3 24 | -12.0% | -6.2% | ||
| Q2 24 | -17.9% | 4.6% | ||
| Q1 24 | -23.3% | -5.5% |
每股收益（稀释后）SVCVATE
| Q4 25 | $-0.01 | $-0.57 | ||
| Q3 25 | $-0.28 | $-0.71 | ||
| Q2 25 | $-0.23 | $-1.67 | ||
| Q1 25 | $-0.70 | $-1.89 | ||
| Q4 24 | $-0.46 | $-0.72 | ||
| Q3 24 | $-0.28 | $-1.18 | ||
| Q2 24 | $-0.45 | $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 | $346.8M | $112.1M |
| 总债务越低越好 | $5.5B | $80.3M |
| 股东权益账面价值 | $646.1M | $-240.1M |
| 总资产 | $6.5B | $950.1M |
| 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SVCVATE
| Q4 25 | $346.8M | $112.1M | ||
| Q3 25 | $417.4M | $35.5M | ||
| Q2 25 | $63.2M | $33.4M | ||
| Q1 25 | $80.1M | $33.3M | ||
| Q4 24 | $143.5M | $48.8M | ||
| Q3 24 | $48.6M | $51.0M | ||
| Q2 24 | $14.6M | $80.2M | ||
| Q1 24 | $71.3M | $38.4M |
总债务SVCVATE
| Q4 25 | $5.5B | $80.3M | ||
| Q3 25 | — | $97.3M | ||
| Q2 25 | — | $160.1M | ||
| Q1 25 | — | $139.9M | ||
| Q4 24 | $5.8B | $500.6M | ||
| Q3 24 | — | $502.4M | ||
| Q2 24 | — | $638.3M | ||
| Q1 24 | — | $641.5M |
股东权益SVCVATE
| Q4 25 | $646.1M | $-240.1M | ||
| Q3 25 | $647.9M | $-233.3M | ||
| Q2 25 | $695.9M | $-224.8M | ||
| Q1 25 | $734.6M | $-204.2M | ||
| Q4 24 | $851.9M | $-180.4M | ||
| Q3 24 | $929.0M | $-163.1M | ||
| Q2 24 | $1.0B | $-149.0M | ||
| Q1 24 | $1.1B | $-184.4M |
总资产SVCVATE
| Q4 25 | $6.5B | $950.1M | ||
| Q3 25 | $7.0B | $913.2M | ||
| Q2 25 | $6.9B | $890.9M | ||
| Q1 25 | $7.0B | $868.0M | ||
| Q4 24 | $7.1B | $891.1M | ||
| Q3 24 | $7.1B | $897.2M | ||
| Q2 24 | $7.1B | $898.9M | ||
| Q1 24 | $7.2B | $943.5M |
负债/权益比SVCVATE
| Q4 25 | 8.52× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 6.85× | — | ||
| 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 | $-18.5M | $101.1M |
| 自由现金流经营现金流 - 资本支出 | $-95.2M | — |
| 自由现金流率自由现金流/营收 | -32.1% | — |
| 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 | — | — |
| 过去12个月自由现金流最近4个季度 | $-107.0M | — |
8季度趋势，按日历期对齐
经营现金流SVCVATE
| Q4 25 | $-18.5M | $101.1M | ||
| Q3 25 | $98.1M | $19.2M | ||
| Q2 25 | $-7.0K | $40.4M | ||
| Q1 25 | $38.2M | $-14.1M | ||
| Q4 24 | $-9.7M | $41.4M | ||
| Q3 24 | $106.2M | $-28.4M | ||
| Q2 24 | $43.8M | $21.5M | ||
| Q1 24 | $-926.0K | $-25.4M |
自由现金流SVCVATE
| Q4 25 | $-95.2M | — | ||
| Q3 25 | $57.9M | $19.0M | ||
| Q2 25 | $-46.6M | — | ||
| Q1 25 | $-23.2M | $-18.8M | ||
| Q4 24 | $-88.9M | $34.2M | ||
| Q3 24 | $24.1M | $-31.5M | ||
| Q2 24 | $-22.3M | $18.4M | ||
| Q1 24 | $-77.2M | $-31.0M |
自由现金流率SVCVATE
| Q4 25 | -32.1% | — | ||
| Q3 25 | 15.3% | 5.5% | ||
| Q2 25 | -11.5% | — | ||
| Q1 25 | -6.9% | -6.9% | ||
| Q4 24 | -24.9% | 14.5% | ||
| Q3 24 | 6.2% | -13.0% | ||
| Q2 24 | -5.4% | 5.9% | ||
| Q1 24 | -23.0% | -9.8% |
资本支出强度SVCVATE
| Q4 25 | 25.9% | — | ||
| Q3 25 | 10.6% | 0.1% | ||
| Q2 25 | 11.5% | — | ||
| Q1 25 | 18.3% | 1.7% | ||
| Q4 24 | 22.2% | 3.0% | ||
| Q3 24 | 21.0% | 1.3% | ||
| Q2 24 | 16.0% | 1.0% | ||
| Q1 24 | 22.7% | 1.8% |
现金转化率SVCVATE
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | 1.49× | ||
| Q1 24 | — | — |
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
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% |
