vs
Ventas（VTR）与永利度假村（WYNN）财务数据对比。点击上方公司名可切换其他公司
永利度假村的季度营收约是Ventas的1.1倍（$1.9B vs $1.7B），永利度假村净利率更高（5.4% vs 3.6%，领先1.8%），Ventas同比增速更快（22.0% vs 1.5%），过去两年Ventas的营收复合增速更高（17.5% vs 0.1%）
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。
永利度假村是总部位于美国内华达州帕拉代斯的上市企业，专注于高端酒店及博彩度假村的开发与运营。公司2002年由前梦幻度假村董事长兼首席执行官史蒂夫·永利创立，现任首席执行官为克雷格·比林斯，截至2020年已在全球布局6处优质物业。
VTR vs WYNN — 直观对比
营收规模更大
WYNN
是对方的1.1倍
$1.7B
营收增速更快
VTR
高出20.5%
1.5%
净利率更高
WYNN
高出1.8%
3.6%
两年增速更快
VTR
近两年复合增速
0.1%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.7B | $1.9B |
| 净利润 | $59.0M | $100.0M |
| 毛利率 | — | — |
| 营业利润率 | — | 14.7% |
| 净利率 | 3.6% | 5.4% |
| 营收同比 | 22.0% | 1.5% |
| 净利润同比 | 19.0% | -63.9% |
| 每股收益（稀释后） | — | $0.96 |
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VTRWYNN
| Q1 26 | $1.7B | — | ||
| Q4 25 | $1.6B | $1.9B | ||
| Q3 25 | $1.5B | $1.8B | ||
| Q2 25 | $1.4B | $1.7B | ||
| Q1 25 | $1.4B | $1.7B | ||
| Q4 24 | $1.3B | $1.8B | ||
| Q3 24 | $1.2B | $1.7B | ||
| Q2 24 | $1.2B | $1.7B |
净利润VTRWYNN
| Q1 26 | $59.0M | — | ||
| Q4 25 | $73.0M | $100.0M | ||
| Q3 25 | $68.7M | $88.3M | ||
| Q2 25 | $71.5M | $66.2M | ||
| Q1 25 | $48.4M | $72.7M | ||
| Q4 24 | $58.7M | $277.0M | ||
| Q3 24 | $21.0M | $-32.1M | ||
| Q2 24 | $21.2M | $111.9M |
营业利润率VTRWYNN
| Q1 26 | — | — | ||
| Q4 25 | 4.9% | 14.7% | ||
| Q3 25 | 3.0% | 16.9% | ||
| Q2 25 | 3.0% | 15.2% | ||
| Q1 25 | 3.0% | 15.8% | ||
| Q4 24 | -0.0% | 20.0% | ||
| Q3 24 | 1.5% | 7.9% | ||
| Q2 24 | -1.6% | 15.6% |
净利率VTRWYNN
| Q1 26 | 3.6% | — | ||
| Q4 25 | 4.7% | 5.4% | ||
| Q3 25 | 4.6% | 4.8% | ||
| Q2 25 | 5.0% | 3.8% | ||
| Q1 25 | 3.6% | 4.3% | ||
| Q4 24 | 4.6% | 15.1% | ||
| Q3 24 | 1.7% | -1.9% | ||
| Q2 24 | 1.8% | 6.5% |
每股收益（稀释后）VTRWYNN
| Q1 26 | — | — | ||
| Q4 25 | $0.15 | $0.96 | ||
| Q3 25 | $0.14 | $0.85 | ||
| Q2 25 | $0.15 | $0.64 | ||
| Q1 25 | $0.10 | $0.69 | ||
| Q4 24 | $0.13 | $2.43 | ||
| Q3 24 | $0.05 | $-0.29 | ||
| Q2 24 | $0.05 | $0.91 |
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 | $1.5B |
| 总债务越低越好 | — | $10.5B |
| 股东权益账面价值 | $13.2B | $-275.5M |
| 总资产 | $27.7B | $13.1B |
| 负债/权益比越低杠杆越低 | — | — |
8季度趋势，按日历期对齐
现金及短期投资VTRWYNN
| Q1 26 | $183.6M | — | ||
| Q4 25 | $741.1M | $1.5B | ||
| Q3 25 | $188.6M | $1.5B | ||
| Q2 25 | $614.2M | $2.0B | ||
| Q1 25 | $182.3M | $2.1B | ||
| Q4 24 | $897.9M | $2.4B | ||
| Q3 24 | $1.1B | $2.4B | ||
| Q2 24 | $557.1M | $2.4B |
总债务VTRWYNN
| Q1 26 | — | — | ||
| Q4 25 | $13.0B | $10.5B | ||
| Q3 25 | — | $10.6B | ||
| Q2 25 | — | $10.5B | ||
| Q1 25 | — | $10.6B | ||
| Q4 24 | $13.5B | $10.5B | ||
| Q3 24 | — | $11.8B | ||
| Q2 24 | — | $11.0B |
股东权益VTRWYNN
| Q1 26 | $13.2B | — | ||
| Q4 25 | $12.5B | $-275.5M | ||
| Q3 25 | $12.4B | $-370.0M | ||
| Q2 25 | $11.5B | $-441.5M | ||
| Q1 25 | $11.5B | $-360.7M | ||
| Q4 24 | $10.8B | $-224.2M | ||
| Q3 24 | $9.8B | $-281.4M | ||
| Q2 24 | $9.6B | $-109.8M |
总资产VTRWYNN
| Q1 26 | $27.7B | — | ||
| Q4 25 | $27.6B | $13.1B | ||
| Q3 25 | $26.9B | $12.8B | ||
| Q2 25 | $26.5B | $12.7B | ||
| Q1 25 | $26.0B | $12.7B | ||
| Q4 24 | $26.2B | $13.0B | ||
| Q3 24 | $25.3B | $14.1B | ||
| Q2 24 | $24.5B | $13.3B |
负债/权益比VTRWYNN
| Q1 26 | — | — | ||
| Q4 25 | 1.04× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 1.26× | — | ||
| 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 | — | $478.0M |
| 自由现金流经营现金流 - 资本支出 | — | $306.8M |
| 自由现金流率自由现金流/营收 | — | 16.4% |
| 资本支出强度资本支出/营收 | — | 9.2% |
| 现金转化率经营现金流/净利润 | — | 4.78× |
| 过去12个月自由现金流最近4个季度 | — | $692.2M |
8季度趋势，按日历期对齐
经营现金流VTRWYNN
| Q1 26 | — | — | ||
| Q4 25 | $471.7M | $478.0M | ||
| Q3 25 | $378.6M | $335.8M | ||
| Q2 25 | $475.3M | $405.1M | ||
| Q1 25 | $321.1M | $133.8M | ||
| Q4 24 | $373.6M | $479.0M | ||
| Q3 24 | $353.7M | $279.3M | ||
| Q2 24 | $335.9M | $352.8M |
自由现金流VTRWYNN
| Q1 26 | — | — | ||
| Q4 25 | — | $306.8M | ||
| Q3 25 | — | $171.8M | ||
| Q2 25 | — | $239.8M | ||
| Q1 25 | — | $-26.2M | ||
| Q4 24 | — | $351.8M | ||
| Q3 24 | — | $178.0M | ||
| Q2 24 | — | $259.1M |
自由现金流率VTRWYNN
| Q1 26 | — | — | ||
| Q4 25 | — | 16.4% | ||
| Q3 25 | — | 9.4% | ||
| Q2 25 | — | 13.8% | ||
| Q1 25 | — | -1.5% | ||
| Q4 24 | — | 19.1% | ||
| Q3 24 | — | 10.5% | ||
| Q2 24 | — | 15.0% |
资本支出强度VTRWYNN
| Q1 26 | — | — | ||
| Q4 25 | — | 9.2% | ||
| Q3 25 | — | 8.9% | ||
| Q2 25 | — | 9.5% | ||
| Q1 25 | — | 9.4% | ||
| Q4 24 | — | 6.9% | ||
| Q3 24 | — | 6.0% | ||
| Q2 24 | — | 5.4% |
现金转化率VTRWYNN
| Q1 26 | — | — | ||
| Q4 25 | 6.46× | 4.78× | ||
| Q3 25 | 5.51× | 3.80× | ||
| Q2 25 | 6.65× | 6.12× | ||
| Q1 25 | 6.64× | 1.84× | ||
| Q4 24 | 6.36× | 1.73× | ||
| Q3 24 | 16.84× | — | ||
| Q2 24 | 15.87× | 3.15× |
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% |
WYNN
| Casino | $1.1B | 61% |
| Occupancy | $305.1M | 16% |
| Food And Beverage | $264.9M | 14% |
| Entertainment Retail And Other | $152.6M | 8% |
