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WESCO INTERNATIONAL INC（WCC）与Welltower（WELL）财务数据对比。点击上方公司名可切换其他公司
WESCO INTERNATIONAL INC的季度营收约是Welltower的1.8倍（$6.1B vs $3.4B），Welltower净利率更高（22.4% vs 2.6%，领先19.8%），Welltower同比增速更快（38.3% vs 10.3%），过去两年Welltower的营收复合增速更高（55.1% vs 6.5%）
WESCO国际是一家美国上市控股公司，旗下子公司WESCO Distribution主营电气产品分销及相关服务，总部位于宾夕法尼亚州匹兹堡市，可为工业、基建、商业等多领域客户提供一站式电气供应链解决方案与技术支持服务。
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。
WCC vs WELL — 直观对比
营收规模更大
WCC
是对方的1.8倍
$3.4B
营收增速更快
WELL
高出28.0%
10.3%
净利率更高
WELL
高出19.8%
2.6%
两年增速更快
WELL
近两年复合增速
6.5%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $6.1B | $3.4B |
| 净利润 | $159.8M | $752.3M |
| 毛利率 | 21.2% | — |
| 营业利润率 | 5.3% | — |
| 净利率 | 2.6% | 22.4% |
| 营收同比 | 10.3% | 38.3% |
| 净利润同比 | -3.4% | 192.4% |
| 每股收益（稀释后） | $3.33 | — |
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WCCWELL
| Q1 26 | — | $3.4B | ||
| Q4 25 | $6.1B | $2.6B | ||
| Q3 25 | $6.2B | $2.1B | ||
| Q2 25 | $5.9B | $2.0B | ||
| Q1 25 | $5.3B | $1.9B | ||
| Q4 24 | $5.5B | $1.8B | ||
| Q3 24 | $5.5B | $1.5B | ||
| Q2 24 | $5.5B | $1.4B |
净利润WCCWELL
| Q1 26 | — | $752.3M | ||
| Q4 25 | $159.8M | $117.8M | ||
| Q3 25 | $187.5M | $282.2M | ||
| Q2 25 | $174.5M | $304.6M | ||
| Q1 25 | $118.4M | $257.3M | ||
| Q4 24 | $165.4M | $123.8M | ||
| Q3 24 | $204.3M | $456.8M | ||
| Q2 24 | $232.1M | $260.7M |
毛利率WCCWELL
| Q1 26 | — | — | ||
| Q4 25 | 21.2% | 24.3% | ||
| Q3 25 | 21.3% | 23.5% | ||
| Q2 25 | 21.1% | 23.2% | ||
| Q1 25 | 21.1% | 21.6% | ||
| Q4 24 | 21.2% | 20.0% | ||
| Q3 24 | 22.1% | 19.8% | ||
| Q2 24 | 21.9% | 20.2% |
营业利润率WCCWELL
| Q1 26 | — | — | ||
| Q4 25 | 5.3% | — | ||
| Q3 25 | 5.6% | 14.2% | ||
| Q2 25 | 5.5% | 15.1% | ||
| Q1 25 | 4.5% | 10.7% | ||
| Q4 24 | 5.5% | 6.2% | ||
| Q3 24 | 6.1% | 12.2% | ||
| Q2 24 | 5.9% | 6.5% |
净利率WCCWELL
| Q1 26 | — | 22.4% | ||
| Q4 25 | 2.6% | 4.6% | ||
| Q3 25 | 3.0% | 13.7% | ||
| Q2 25 | 3.0% | 15.5% | ||
| Q1 25 | 2.2% | 13.8% | ||
| Q4 24 | 3.0% | 7.0% | ||
| Q3 24 | 3.7% | 30.2% | ||
| Q2 24 | 4.2% | 18.7% |
每股收益（稀释后）WCCWELL
| Q1 26 | — | — | ||
| Q4 25 | $3.33 | $0.13 | ||
| Q3 25 | $3.79 | $0.41 | ||
| Q2 25 | $3.83 | $0.45 | ||
| Q1 25 | $2.10 | $0.40 | ||
| Q4 24 | $3.01 | $0.20 | ||
| Q3 24 | $3.81 | $0.73 | ||
| Q2 24 | $4.28 | $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 | — | $4.7B |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $5.0B | $44.7B |
| 总资产 | $16.5B | $67.2B |
| 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WCCWELL
| Q1 26 | — | $4.7B | ||
| Q4 25 | — | $5.0B | ||
| Q3 25 | — | $6.8B | ||
| Q2 25 | — | $4.4B | ||
| Q1 25 | — | $3.5B | ||
| Q4 24 | — | $3.5B | ||
| Q3 24 | — | $3.6B | ||
| Q2 24 | — | $2.8B |
总债务WCCWELL
| Q1 26 | — | — | ||
| Q4 25 | — | $19.2B | ||
| Q3 25 | — | $16.9B | ||
| Q2 25 | — | $16.0B | ||
| Q1 25 | — | $15.7B | ||
| Q4 24 | — | $15.5B | ||
| Q3 24 | — | $15.8B | ||
| Q2 24 | — | $13.9B |
股东权益WCCWELL
| Q1 26 | — | $44.7B | ||
| Q4 25 | $5.0B | $42.1B | ||
| Q3 25 | $4.8B | $38.8B | ||
| Q2 25 | $4.8B | $35.9B | ||
| Q1 25 | $5.0B | $34.0B | ||
| Q4 24 | $5.0B | $32.0B | ||
| Q3 24 | $5.0B | $30.3B | ||
| Q2 24 | $4.9B | $29.0B |
总资产WCCWELL
| Q1 26 | — | $67.2B | ||
| Q4 25 | $16.5B | $67.3B | ||
| Q3 25 | $16.6B | $59.5B | ||
| Q2 25 | $16.2B | $55.8B | ||
| Q1 25 | $15.5B | $53.3B | ||
| Q4 24 | $15.1B | $51.0B | ||
| Q3 24 | $15.3B | $49.0B | ||
| Q2 24 | $15.1B | $45.5B |
负债/权益比WCCWELL
| Q1 26 | — | — | ||
| Q4 25 | — | 0.46× | ||
| Q3 25 | — | 0.43× | ||
| Q2 25 | — | 0.44× | ||
| Q1 25 | — | 0.46× | ||
| Q4 24 | — | 0.49× | ||
| Q3 24 | — | 0.52× | ||
| Q2 24 | — | 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 | $71.9M | — |
| 自由现金流经营现金流 - 资本支出 | $27.5M | — |
| 自由现金流率自由现金流/营收 | 0.5% | — |
| 资本支出强度资本支出/营收 | 0.7% | — |
| 现金转化率经营现金流/净利润 | 0.45× | — |
| 过去12个月自由现金流最近4个季度 | $25.2M | — |
8季度趋势，按日历期对齐
经营现金流WCCWELL
| Q1 26 | — | — | ||
| Q4 25 | $71.9M | $654.3M | ||
| Q3 25 | $-82.7M | $858.4M | ||
| Q2 25 | $107.8M | $770.0M | ||
| Q1 25 | $28.0M | $599.0M | ||
| Q4 24 | $276.6M | $559.2M | ||
| Q3 24 | $302.1M | $685.0M | ||
| Q2 24 | $-223.8M | $605.4M |
自由现金流WCCWELL
| Q1 26 | — | — | ||
| Q4 25 | $27.5M | $340.4M | ||
| Q3 25 | $-95.9M | $595.3M | ||
| Q2 25 | $86.0M | $537.2M | ||
| Q1 25 | $7.6M | $358.6M | ||
| Q4 24 | $252.3M | $240.4M | ||
| Q3 24 | $272.9M | $443.8M | ||
| Q2 24 | $-244.6M | $440.3M |
自由现金流率WCCWELL
| Q1 26 | — | — | ||
| Q4 25 | 0.5% | 13.3% | ||
| Q3 25 | -1.5% | 28.9% | ||
| Q2 25 | 1.5% | 27.3% | ||
| Q1 25 | 0.1% | 19.2% | ||
| Q4 24 | 4.6% | 13.6% | ||
| Q3 24 | 5.0% | 29.4% | ||
| Q2 24 | -4.5% | 31.6% |
资本支出强度WCCWELL
| Q1 26 | — | — | ||
| Q4 25 | 0.7% | 12.3% | ||
| Q3 25 | 0.2% | 12.8% | ||
| Q2 25 | 0.4% | 11.8% | ||
| Q1 25 | 0.4% | 12.9% | ||
| Q4 24 | 0.4% | 18.1% | ||
| Q3 24 | 0.5% | 16.0% | ||
| Q2 24 | 0.4% | 11.8% |
现金转化率WCCWELL
| Q1 26 | — | — | ||
| Q4 25 | 0.45× | 5.56× | ||
| Q3 25 | -0.44× | 3.04× | ||
| Q2 25 | 0.62× | 2.53× | ||
| Q1 25 | 0.24× | 2.33× | ||
| Q4 24 | 1.67× | 4.52× | ||
| Q3 24 | 1.48× | 1.50× | ||
| Q2 24 | -0.96× | 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
WCC
| CSS | $2.4B | 40% |
| EES | $2.3B | 37% |
| UBS | $1.4B | 23% |
WELL
| Resident fees and services | $2.8B | 83% |
| Rental income | $453.8M | 14% |
| Other | $117.2M | 3% |
