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Ventas（VTR）与惠好（WY）财务数据对比。点击上方公司名可切换其他公司
Ventas的季度营收约是惠好的1.1倍（$1.7B vs $1.5B），惠好净利率更高（4.8% vs 3.6%，领先1.2%），Ventas同比增速更快（22.0% vs -9.8%），过去两年Ventas的营收复合增速更高（17.5% vs -7.4%）
Ventas是一家领先的医疗地产投资信托企业，旗下资产涵盖养老社区、医疗办公楼、生命科学研究设施及康复医疗中心等，主要在北美、英国地区运营，为医疗服务及生命科学机构提供专业物业解决方案。
惠好是美国知名林地运营企业，在美国本土持有约1040万英亩林地，同时通过长期许可协议在加拿大管理额外1400万英亩林地。企业拥有逾百年木制品生产历史，目前以房地产投资信托（REIT）模式运营。
VTR vs WY — 直观对比
营收规模更大
VTR
是对方的1.1倍
$1.5B
营收增速更快
VTR
高出31.8%
-9.8%
净利率更高
WY
高出1.2%
3.6%
两年增速更快
VTR
近两年复合增速
-7.4%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.7B | $1.5B |
| 净利润 | $59.0M | $74.0M |
| 毛利率 | — | 10.4% |
| 营业利润率 | — | 16.3% |
| 净利率 | 3.6% | 4.8% |
| 营收同比 | 22.0% | -9.8% |
| 净利润同比 | 19.0% | -8.6% |
| 每股收益（稀释后） | — | $0.11 |
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VTRWY
| Q1 26 | $1.7B | — | ||
| Q4 25 | $1.6B | $1.5B | ||
| Q3 25 | $1.5B | $1.7B | ||
| Q2 25 | $1.4B | $1.9B | ||
| Q1 25 | $1.4B | $1.8B | ||
| Q4 24 | $1.3B | $1.7B | ||
| Q3 24 | $1.2B | $1.7B | ||
| Q2 24 | $1.2B | $1.9B |
净利润VTRWY
| Q1 26 | $59.0M | — | ||
| Q4 25 | $73.0M | $74.0M | ||
| Q3 25 | $68.7M | $80.0M | ||
| Q2 25 | $71.5M | $87.0M | ||
| Q1 25 | $48.4M | $83.0M | ||
| Q4 24 | $58.7M | $81.0M | ||
| Q3 24 | $21.0M | $28.0M | ||
| Q2 24 | $21.2M | $173.0M |
毛利率VTRWY
| Q1 26 | — | — | ||
| Q4 25 | — | 10.4% | ||
| Q3 25 | — | 11.9% | ||
| Q2 25 | — | 17.3% | ||
| Q1 25 | — | 19.0% | ||
| Q4 24 | — | 17.8% | ||
| Q3 24 | — | 14.9% | ||
| Q2 24 | — | 20.8% |
营业利润率VTRWY
| Q1 26 | — | — | ||
| Q4 25 | 4.9% | 16.3% | ||
| Q3 25 | 3.0% | 7.2% | ||
| Q2 25 | 3.0% | 9.4% | ||
| Q1 25 | 3.0% | 10.2% | ||
| Q4 24 | -0.0% | 8.3% | ||
| Q3 24 | 1.5% | 4.6% | ||
| Q2 24 | -1.6% | 13.9% |
净利率VTRWY
| Q1 26 | 3.6% | — | ||
| Q4 25 | 4.7% | 4.8% | ||
| Q3 25 | 4.6% | 4.7% | ||
| Q2 25 | 5.0% | 4.6% | ||
| Q1 25 | 3.6% | 4.7% | ||
| Q4 24 | 4.6% | 4.7% | ||
| Q3 24 | 1.7% | 1.7% | ||
| Q2 24 | 1.8% | 8.9% |
每股收益（稀释后）VTRWY
| Q1 26 | — | — | ||
| Q4 25 | $0.15 | $0.11 | ||
| Q3 25 | $0.14 | $0.11 | ||
| Q2 25 | $0.15 | $0.12 | ||
| Q1 25 | $0.10 | $0.11 | ||
| Q4 24 | $0.13 | $0.10 | ||
| Q3 24 | $0.05 | $0.04 | ||
| Q2 24 | $0.05 | $0.24 |
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 | $183.6M | $464.0M |
| 总债务越低越好 | — | $5.6B |
| 股东权益账面价值 | $13.2B | $9.4B |
| 总资产 | $27.7B | $16.6B |
| 负债/权益比越低杠杆越低 | — | 0.59× |
8季度趋势，按日历期对齐
现金及短期投资VTRWY
| Q1 26 | $183.6M | — | ||
| Q4 25 | $741.1M | $464.0M | ||
| Q3 25 | $188.6M | $401.0M | ||
| Q2 25 | $614.2M | $592.0M | ||
| Q1 25 | $182.3M | $560.0M | ||
| Q4 24 | $897.9M | $684.0M | ||
| Q3 24 | $1.1B | $877.0M | ||
| Q2 24 | $557.1M | $997.0M |
总债务VTRWY
| Q1 26 | — | — | ||
| Q4 25 | $13.0B | $5.6B | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $13.5B | $5.1B | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
股东权益VTRWY
| Q1 26 | $13.2B | — | ||
| Q4 25 | $12.5B | $9.4B | ||
| Q3 25 | $12.4B | $9.4B | ||
| Q2 25 | $11.5B | $9.5B | ||
| Q1 25 | $11.5B | $9.6B | ||
| Q4 24 | $10.8B | $9.7B | ||
| Q3 24 | $9.8B | $9.9B | ||
| Q2 24 | $9.6B | $10.0B |
总资产VTRWY
| Q1 26 | $27.7B | — | ||
| Q4 25 | $27.6B | $16.6B | ||
| Q3 25 | $26.9B | $16.7B | ||
| Q2 25 | $26.5B | $16.5B | ||
| Q1 25 | $26.0B | $16.5B | ||
| Q4 24 | $26.2B | $16.5B | ||
| Q3 24 | $25.3B | $16.7B | ||
| Q2 24 | $24.5B | $16.8B |
负债/权益比VTRWY
| Q1 26 | — | — | ||
| Q4 25 | 1.04× | 0.59× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 1.26× | 0.52× | ||
| Q3 24 | — | — | ||
| Q2 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 | — | $-114.0M |
| 自由现金流经营现金流 - 资本支出 | — | $-128.0M |
| 自由现金流率自由现金流/营收 | — | -8.3% |
| 资本支出强度资本支出/营收 | — | 0.9% |
| 现金转化率经营现金流/净利润 | — | -1.54× |
| 过去12个月自由现金流最近4个季度 | — | $511.0M |
8季度趋势，按日历期对齐
经营现金流VTRWY
| Q1 26 | — | — | ||
| Q4 25 | $471.7M | $-114.0M | ||
| Q3 25 | $378.6M | $210.0M | ||
| Q2 25 | $475.3M | $396.0M | ||
| Q1 25 | $321.1M | $70.0M | ||
| Q4 24 | $373.6M | $218.0M | ||
| Q3 24 | $353.7M | $234.0M | ||
| Q2 24 | $335.9M | $432.0M |
自由现金流VTRWY
| Q1 26 | — | — | ||
| Q4 25 | — | $-128.0M | ||
| Q3 25 | — | $203.0M | ||
| Q2 25 | — | $388.0M | ||
| Q1 25 | — | $48.0M | ||
| Q4 24 | — | $205.0M | ||
| Q3 24 | — | $226.0M | ||
| Q2 24 | — | $423.0M |
自由现金流率VTRWY
| Q1 26 | — | — | ||
| Q4 25 | — | -8.3% | ||
| Q3 25 | — | 11.8% | ||
| Q2 25 | — | 20.6% | ||
| Q1 25 | — | 2.7% | ||
| Q4 24 | — | 12.0% | ||
| Q3 24 | — | 13.4% | ||
| Q2 24 | — | 21.8% |
资本支出强度VTRWY
| Q1 26 | — | — | ||
| Q4 25 | — | 0.9% | ||
| Q3 25 | — | 0.4% | ||
| Q2 25 | — | 0.4% | ||
| Q1 25 | — | 1.2% | ||
| Q4 24 | — | 0.8% | ||
| Q3 24 | — | 0.5% | ||
| Q2 24 | — | 0.5% |
现金转化率VTRWY
| Q1 26 | — | — | ||
| Q4 25 | 6.46× | -1.54× | ||
| Q3 25 | 5.51× | 2.63× | ||
| Q2 25 | 6.65× | 4.55× | ||
| Q1 25 | 6.64× | 0.84× | ||
| Q4 24 | 6.36× | 2.69× | ||
| Q3 24 | 16.84× | 8.36× | ||
| Q2 24 | 15.87× | 2.50× |
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
VTR
| Resident fees and services | $1.3B | 78% |
| Outpatient medical and research portfolio | $230.1M | 14% |
| Triple-net leased properties | $123.1M | 7% |
| Third-party capital management revenues | $4.4M | 0% |
WY
暂无分部数据
