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Vistra Corp.（VST）与Welltower（WELL）财务数据对比。点击上方公司名可切换其他公司
Vistra Corp.的季度营收约是Welltower的1.4倍（$4.8B vs $3.4B），Welltower净利率更高（22.4% vs 4.8%，领先17.6%），Welltower同比增速更快（38.3% vs 31.2%），过去两年Welltower的营收复合增速更高（55.1% vs 23.3%）
股票代码为VST的Vistra Corp是总部位于美国得克萨斯州的能源企业，主营电力生产、可再生能源开发及能源零售等业务。此外“Vistra”也可指一家总部位于中国香港的企业服务提供商，为全球客户提供公司注册、合规管理等专业服务。
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。
VST vs WELL — 直观对比
营收规模更大
VST
是对方的1.4倍
$3.4B
营收增速更快
WELL
高出7.1%
31.2%
净利率更高
WELL
高出17.6%
4.8%
两年增速更快
WELL
近两年复合增速
23.3%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $4.8B | $3.4B |
| 净利润 | $233.0M | $752.3M |
| 毛利率 | — | — |
| 营业利润率 | 9.9% | — |
| 净利率 | 4.8% | 22.4% |
| 营收同比 | 31.2% | 38.3% |
| 净利润同比 | -47.2% | 192.4% |
| 每股收益（稀释后） | $0.55 | — |
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VSTWELL
| Q1 26 | — | $3.4B | ||
| Q4 25 | $4.8B | $2.6B | ||
| Q3 25 | $4.8B | $2.1B | ||
| Q2 25 | $3.8B | $2.0B | ||
| Q1 25 | $4.3B | $1.9B | ||
| Q4 24 | $3.7B | $1.8B | ||
| Q3 24 | $4.3B | $1.5B | ||
| Q2 24 | $3.6B | $1.4B |
净利润VSTWELL
| Q1 26 | — | $752.3M | ||
| Q4 25 | $233.0M | $117.8M | ||
| Q3 25 | $652.0M | $282.2M | ||
| Q2 25 | $327.0M | $304.6M | ||
| Q1 25 | $-268.0M | $257.3M | ||
| Q4 24 | $441.0M | $123.8M | ||
| Q3 24 | $1.9B | $456.8M | ||
| Q2 24 | $365.0M | $260.7M |
毛利率VSTWELL
| Q1 26 | — | — | ||
| Q4 25 | — | 24.3% | ||
| Q3 25 | — | 23.5% | ||
| Q2 25 | — | 23.2% | ||
| Q1 25 | — | 21.6% | ||
| Q4 24 | — | 20.0% | ||
| Q3 24 | — | 19.8% | ||
| Q2 24 | — | 20.2% |
营业利润率VSTWELL
| Q1 26 | — | — | ||
| Q4 25 | 9.9% | — | ||
| Q3 25 | 21.7% | 14.2% | ||
| Q2 25 | 13.7% | 15.1% | ||
| Q1 25 | -2.8% | 10.7% | ||
| Q4 24 | 16.4% | 6.2% | ||
| Q3 24 | 59.6% | 12.2% | ||
| Q2 24 | 22.5% | 6.5% |
净利率VSTWELL
| Q1 26 | — | 22.4% | ||
| Q4 25 | 4.8% | 4.6% | ||
| Q3 25 | 13.6% | 13.7% | ||
| Q2 25 | 8.7% | 15.5% | ||
| Q1 25 | -6.3% | 13.8% | ||
| Q4 24 | 12.0% | 7.0% | ||
| Q3 24 | 43.5% | 30.2% | ||
| Q2 24 | 10.1% | 18.7% |
每股收益（稀释后）VSTWELL
| Q1 26 | — | — | ||
| Q4 25 | $0.55 | $0.13 | ||
| Q3 25 | $1.75 | $0.41 | ||
| Q2 25 | $0.81 | $0.45 | ||
| Q1 25 | $-0.93 | $0.40 | ||
| Q4 24 | $1.09 | $0.20 | ||
| Q3 24 | $5.25 | $0.73 | ||
| Q2 24 | $0.90 | $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 | $785.0M | $4.7B |
| 总债务越低越好 | $15.8B | — |
| 股东权益账面价值 | $5.1B | $44.7B |
| 总资产 | $41.5B | $67.2B |
| 负债/权益比越低杠杆越低 | 3.11× | — |
8季度趋势，按日历期对齐
现金及短期投资VSTWELL
| Q1 26 | — | $4.7B | ||
| Q4 25 | $785.0M | $5.0B | ||
| Q3 25 | $602.0M | $6.8B | ||
| Q2 25 | $458.0M | $4.4B | ||
| Q1 25 | $561.0M | $3.5B | ||
| Q4 24 | $1.2B | $3.5B | ||
| Q3 24 | $905.0M | $3.6B | ||
| Q2 24 | $1.6B | $2.8B |
总债务VSTWELL
| Q1 26 | — | — | ||
| Q4 25 | $15.8B | $19.2B | ||
| Q3 25 | $15.8B | $16.9B | ||
| Q2 25 | $15.5B | $16.0B | ||
| Q1 25 | $15.4B | $15.7B | ||
| Q4 24 | $15.4B | $15.5B | ||
| Q3 24 | $13.9B | $15.8B | ||
| Q2 24 | $13.9B | $13.9B |
股东权益VSTWELL
| Q1 26 | — | $44.7B | ||
| Q4 25 | $5.1B | $42.1B | ||
| Q3 25 | $5.2B | $38.8B | ||
| Q2 25 | $4.8B | $35.9B | ||
| Q1 25 | $4.8B | $34.0B | ||
| Q4 24 | $5.6B | $32.0B | ||
| Q3 24 | $5.4B | $30.3B | ||
| Q2 24 | $5.6B | $29.0B |
总资产VSTWELL
| Q1 26 | — | $67.2B | ||
| Q4 25 | $41.5B | $67.3B | ||
| Q3 25 | $38.0B | $59.5B | ||
| Q2 25 | $38.1B | $55.8B | ||
| Q1 25 | $38.2B | $53.3B | ||
| Q4 24 | $37.8B | $51.0B | ||
| Q3 24 | $37.9B | $49.0B | ||
| Q2 24 | $39.1B | $45.5B |
负债/权益比VSTWELL
| Q1 26 | — | — | ||
| Q4 25 | 3.11× | 0.46× | ||
| Q3 25 | 3.02× | 0.43× | ||
| Q2 25 | 3.22× | 0.44× | ||
| Q1 25 | 3.20× | 0.46× | ||
| Q4 24 | 2.77× | 0.49× | ||
| Q3 24 | 2.56× | 0.52× | ||
| Q2 24 | 2.49× | 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 | $1.4B | — |
| 自由现金流经营现金流 - 资本支出 | $596.0M | — |
| 自由现金流率自由现金流/营收 | 12.4% | — |
| 资本支出强度资本支出/营收 | 17.4% | — |
| 现金转化率经营现金流/净利润 | 6.15× | — |
| 过去12个月自由现金流最近4个季度 | $1.3B | — |
8季度趋势，按日历期对齐
经营现金流VSTWELL
| Q1 26 | — | — | ||
| Q4 25 | $1.4B | $654.3M | ||
| Q3 25 | $1.5B | $858.4M | ||
| Q2 25 | $572.0M | $770.0M | ||
| Q1 25 | $599.0M | $599.0M | ||
| Q4 24 | $1.4B | $559.2M | ||
| Q3 24 | $1.7B | $685.0M | ||
| Q2 24 | $1.2B | $605.4M |
自由现金流VSTWELL
| Q1 26 | — | — | ||
| Q4 25 | $596.0M | $340.4M | ||
| Q3 25 | $1.0B | $595.3M | ||
| Q2 25 | $-118.0M | $537.2M | ||
| Q1 25 | $-169.0M | $358.6M | ||
| Q4 24 | $923.0M | $240.4M | ||
| Q3 24 | $1.0B | $443.8M | ||
| Q2 24 | $698.0M | $440.3M |
自由现金流率VSTWELL
| Q1 26 | — | — | ||
| Q4 25 | 12.4% | 13.3% | ||
| Q3 25 | 21.1% | 28.9% | ||
| Q2 25 | -3.1% | 27.3% | ||
| Q1 25 | -4.0% | 19.2% | ||
| Q4 24 | 25.2% | 13.6% | ||
| Q3 24 | 23.4% | 29.4% | ||
| Q2 24 | 19.4% | 31.6% |
资本支出强度VSTWELL
| Q1 26 | — | — | ||
| Q4 25 | 17.4% | 12.3% | ||
| Q3 25 | 9.6% | 12.8% | ||
| Q2 25 | 18.4% | 11.8% | ||
| Q1 25 | 18.1% | 12.9% | ||
| Q4 24 | 11.7% | 18.1% | ||
| Q3 24 | 15.8% | 16.0% | ||
| Q2 24 | 13.8% | 11.8% |
现金转化率VSTWELL
| Q1 26 | — | — | ||
| Q4 25 | 6.15× | 5.56× | ||
| Q3 25 | 2.25× | 3.04× | ||
| Q2 25 | 1.75× | 2.53× | ||
| Q1 25 | — | 2.33× | ||
| Q4 24 | 3.07× | 4.52× | ||
| Q3 24 | 0.90× | 1.50× | ||
| Q2 24 | 3.28× | 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
VST
| Retail Energy Charge In ERCOT | $2.1B | 43% |
| Retail Energy Charge In Northeast Midwest | $1.2B | 24% |
| East Segment | $1.1B | 24% |
| Hedging Revenue Realized | $170.0M | 4% |
| Revenue From Other Wholesale Contracts | $116.0M | 2% |
| Transferable Production Tax Credit Revenues | $78.0M | 2% |
| West Segment | $77.0M | 2% |
| Intersegment Sales | $25.0M | 1% |
WELL
| Resident fees and services | $2.8B | 83% |
| Rental income | $453.8M | 14% |
| Other | $117.2M | 3% |
