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TUTOR PERINI CORP（TPC）与Welltower（WELL）财务数据对比。点击上方公司名可切换其他公司
Welltower的季度营收约是TUTOR PERINI CORP的1.9倍（$2.8B vs $1.5B），Welltower净利率更高（51.6% vs 1.9%，领先49.7%），Welltower同比增速更快（180.6% vs 41.2%），过去两年Welltower的营收复合增速更高（42.4% vs 19.9%）
Tutor Perini集团是美国顶尖的大型总承包商之一，2008年由Perini公司与Tutor-Saliba公司合并成立，总部位于加利福尼亚州西尔马。公司业务覆盖北美全境，2024年营收约43.3亿美元，核心业务涵盖桥梁、公路、隧道、机场、公共交通系统等民用基建项目，同时也涉足建筑工程领域。
Welltower Inc.是一家专注于医疗基础设施领域的房地产投资信托企业，核心业务为医疗类地产投资运营。截至2022年12月31日，公司投资的物业总量约3000处，全部布局于美国、加拿大及英国市场，是全球医疗地产投资领域的代表性企业之一。
TPC vs WELL — 直观对比
营收规模更大
WELL
是对方的1.9倍
$1.5B
营收增速更快
WELL
高出139.4%
41.2%
净利率更高
WELL
高出49.7%
1.9%
两年增速更快
WELL
近两年复合增速
19.9%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $1.5B | $2.8B |
| 净利润 | $28.8M | $1.5B |
| 毛利率 | 9.8% | — |
| 营业利润率 | 3.3% | — |
| 净利率 | 1.9% | 51.6% |
| 营收同比 | 41.2% | 180.6% |
| 净利润同比 | 136.3% | 93.7% |
| 每股收益（稀释后） | $0.53 | — |
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TPCWELL
| Q1 26 | — | $2.8B | ||
| Q4 25 | $1.5B | $2.6B | ||
| Q3 25 | $1.4B | $2.1B | ||
| Q2 25 | $1.4B | $2.0B | ||
| Q1 25 | $1.2B | $1.9B | ||
| Q4 24 | $1.1B | $1.8B | ||
| Q3 24 | $1.1B | $1.5B | ||
| Q2 24 | $1.1B | $1.4B |
净利润TPCWELL
| Q1 26 | — | $1.5B | ||
| Q4 25 | $28.8M | $117.8M | ||
| Q3 25 | $3.6M | $282.2M | ||
| Q2 25 | $20.0M | $304.6M | ||
| Q1 25 | $28.0M | $257.3M | ||
| Q4 24 | $-79.4M | $123.8M | ||
| Q3 24 | $-100.9M | $456.8M | ||
| Q2 24 | $812.0K | $260.7M |
毛利率TPCWELL
| Q1 26 | — | — | ||
| Q4 25 | 9.8% | 24.3% | ||
| Q3 25 | 12.0% | 23.5% | ||
| Q2 25 | 14.3% | 23.2% | ||
| Q1 25 | 10.8% | 21.6% | ||
| Q4 24 | -0.9% | 20.0% | ||
| Q3 24 | -2.4% | 19.8% | ||
| Q2 24 | 10.4% | 20.2% |
营业利润率TPCWELL
| Q1 26 | — | — | ||
| Q4 25 | 3.3% | — | ||
| Q3 25 | 2.8% | 14.2% | ||
| Q2 25 | 5.6% | 15.1% | ||
| Q1 25 | 5.2% | 10.7% | ||
| Q4 24 | -8.1% | 6.2% | ||
| Q3 24 | -9.9% | 12.2% | ||
| Q2 24 | 3.6% | 6.5% |
净利率TPCWELL
| Q1 26 | — | 51.6% | ||
| Q4 25 | 1.9% | 4.6% | ||
| Q3 25 | 0.3% | 13.7% | ||
| Q2 25 | 1.5% | 15.5% | ||
| Q1 25 | 2.2% | 13.8% | ||
| Q4 24 | -7.4% | 7.0% | ||
| Q3 24 | -9.3% | 30.2% | ||
| Q2 24 | 0.1% | 18.7% |
每股收益（稀释后）TPCWELL
| Q1 26 | — | — | ||
| Q4 25 | $0.53 | $0.13 | ||
| Q3 25 | $0.07 | $0.41 | ||
| Q2 25 | $0.38 | $0.45 | ||
| Q1 25 | $0.53 | $0.40 | ||
| Q4 24 | $-1.53 | $0.20 | ||
| Q3 24 | $-1.92 | $0.73 | ||
| Q2 24 | $0.02 | $0.42 |
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 | $734.6M | — |
| 总债务越低越好 | $407.4M | — |
| 股东权益账面价值 | $1.2B | — |
| 总资产 | $5.2B | — |
| 负债/权益比越低杠杆越低 | 0.33× | — |
8季度趋势，按日历期对齐
现金及短期投资TPCWELL
| Q1 26 | — | — | ||
| Q4 25 | $734.6M | $5.0B | ||
| Q3 25 | $695.7M | $6.8B | ||
| Q2 25 | $526.1M | $4.4B | ||
| Q1 25 | $276.5M | $3.5B | ||
| Q4 24 | $455.1M | $3.5B | ||
| Q3 24 | $287.4M | $3.6B | ||
| Q2 24 | $267.1M | $2.8B |
总债务TPCWELL
| Q1 26 | — | — | ||
| Q4 25 | $407.4M | $19.2B | ||
| Q3 25 | $413.1M | $16.9B | ||
| Q2 25 | $419.4M | $16.0B | ||
| Q1 25 | $405.6M | $15.7B | ||
| Q4 24 | $534.1M | $15.5B | ||
| Q3 24 | $681.4M | $15.8B | ||
| Q2 24 | $676.4M | $13.9B |
股东权益TPCWELL
| Q1 26 | — | — | ||
| Q4 25 | $1.2B | $42.1B | ||
| Q3 25 | $1.2B | $38.8B | ||
| Q2 25 | $1.2B | $35.9B | ||
| Q1 25 | $1.2B | $34.0B | ||
| Q4 24 | $1.1B | $32.0B | ||
| Q3 24 | $1.2B | $30.3B | ||
| Q2 24 | $1.3B | $29.0B |
总资产TPCWELL
| Q1 26 | — | — | ||
| Q4 25 | $5.2B | $67.3B | ||
| Q3 25 | $5.2B | $59.5B | ||
| Q2 25 | $4.9B | $55.8B | ||
| Q1 25 | $4.5B | $53.3B | ||
| Q4 24 | $4.2B | $51.0B | ||
| Q3 24 | $4.4B | $49.0B | ||
| Q2 24 | $4.3B | $45.5B |
负债/权益比TPCWELL
| Q1 26 | — | — | ||
| Q4 25 | 0.33× | 0.46× | ||
| Q3 25 | 0.35× | 0.43× | ||
| Q2 25 | 0.35× | 0.44× | ||
| Q1 25 | 0.35× | 0.46× | ||
| Q4 24 | 0.47× | 0.49× | ||
| Q3 24 | 0.56× | 0.52× | ||
| Q2 24 | 0.52× | 0.48× |
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 | $173.7M | — |
| 自由现金流经营现金流 - 资本支出 | $98.7M | — |
| 自由现金流率自由现金流/营收 | 6.5% | — |
| 资本支出强度资本支出/营收 | 5.0% | — |
| 现金转化率经营现金流/净利润 | 6.02× | — |
| 过去12个月自由现金流最近4个季度 | $567.2M | — |
8季度趋势，按日历期对齐
经营现金流TPCWELL
| Q1 26 | — | — | ||
| Q4 25 | $173.7M | $654.3M | ||
| Q3 25 | $289.1M | $858.4M | ||
| Q2 25 | $262.4M | $770.0M | ||
| Q1 25 | $22.9M | $599.0M | ||
| Q4 24 | $329.6M | $559.2M | ||
| Q3 24 | $22.6M | $685.0M | ||
| Q2 24 | $53.1M | $605.4M |
自由现金流TPCWELL
| Q1 26 | — | — | ||
| Q4 25 | $98.7M | $340.4M | ||
| Q3 25 | $240.2M | $595.3M | ||
| Q2 25 | $235.6M | $537.2M | ||
| Q1 25 | $-7.2M | $358.6M | ||
| Q4 24 | $320.4M | $240.4M | ||
| Q3 24 | $15.6M | $443.8M | ||
| Q2 24 | $42.2M | $440.3M |
自由现金流率TPCWELL
| Q1 26 | — | — | ||
| Q4 25 | 6.5% | 13.3% | ||
| Q3 25 | 17.0% | 28.9% | ||
| Q2 25 | 17.1% | 27.3% | ||
| Q1 25 | -0.6% | 19.2% | ||
| Q4 24 | 30.0% | 13.6% | ||
| Q3 24 | 1.4% | 29.4% | ||
| Q2 24 | 3.7% | 31.6% |
资本支出强度TPCWELL
| Q1 26 | — | — | ||
| Q4 25 | 5.0% | 12.3% | ||
| Q3 25 | 3.5% | 12.8% | ||
| Q2 25 | 2.0% | 11.8% | ||
| Q1 25 | 2.4% | 12.9% | ||
| Q4 24 | 0.9% | 18.1% | ||
| Q3 24 | 0.6% | 16.0% | ||
| Q2 24 | 1.0% | 11.8% |
现金转化率TPCWELL
| Q1 26 | — | — | ||
| Q4 25 | 6.02× | 5.56× | ||
| Q3 25 | 79.63× | 3.04× | ||
| Q2 25 | 13.14× | 2.53× | ||
| Q1 25 | 0.82× | 2.33× | ||
| Q4 24 | — | 4.52× | ||
| Q3 24 | — | 1.50× | ||
| Q2 24 | 65.44× | 2.32× |
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
TPC
| State And Local Agencies | $591.1M | 39% |
| Mass Transit | $449.9M | 30% |
| Federal Agencies | $115.0M | 8% |
| Bridges | $100.5M | 7% |
| Military Facilities | $93.1M | 6% |
| Commercial And Industrial Facilities | $46.7M | 3% |
| Detention Facilities | $43.8M | 3% |
| Power And Energy | $35.8M | 2% |
| Multi Unit Residential | $25.9M | 2% |
| Education Facilities | $12.0M | 1% |
| Water | $3.6M | 0% |
WELL
| Resident fees and services | $1.9B | 67% |
| Other | $822.6M | 29% |
| Rental income | $103.4M | 4% |
