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Welltower（WELL）与Williams Companies（WMB）财务数据对比。点击上方公司名可切换其他公司
Williams Companies的季度营收约是Welltower的1.1倍（$3.8B vs $3.4B），Welltower净利率更高（22.4% vs 19.1%，领先3.3%），Welltower同比增速更快（38.3% vs 12.7%），过去两年Welltower的营收复合增速更高（55.1% vs 7.3%）
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。
总部位于美国俄克拉荷马州塔尔萨的能源企业，位列《财富》美国500强，普通股为标普500指数成分股，核心业务为天然气加工与运输，同时持有石油、发电相关资产。
WELL vs WMB — 直观对比
营收规模更大
WMB
是对方的1.1倍
$3.4B
营收增速更快
WELL
高出25.7%
12.7%
净利率更高
WELL
高出3.3%
19.1%
两年增速更快
WELL
近两年复合增速
7.3%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $3.4B | $3.8B |
| 净利润 | $752.3M | $734.0M |
| 毛利率 | — | — |
| 营业利润率 | — | 27.3% |
| 净利率 | 22.4% | 19.1% |
| 营收同比 | 38.3% | 12.7% |
| 净利润同比 | 192.4% | 51.0% |
| 每股收益（稀释后） | — | $0.60 |
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WELLWMB
| Q1 26 | $3.4B | — | ||
| Q4 25 | $2.6B | $3.8B | ||
| Q3 25 | $2.1B | $3.5B | ||
| Q2 25 | $2.0B | $3.4B | ||
| Q1 25 | $1.9B | $4.2B | ||
| Q4 24 | $1.8B | $3.4B | ||
| Q3 24 | $1.5B | $3.0B | ||
| Q2 24 | $1.4B | $2.8B |
净利润WELLWMB
| Q1 26 | $752.3M | — | ||
| Q4 25 | $117.8M | $734.0M | ||
| Q3 25 | $282.2M | $647.0M | ||
| Q2 25 | $304.6M | $546.0M | ||
| Q1 25 | $257.3M | $691.0M | ||
| Q4 24 | $123.8M | $486.0M | ||
| Q3 24 | $456.8M | $706.0M | ||
| Q2 24 | $260.7M | $401.0M |
毛利率WELLWMB
| 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WELLWMB
| Q1 26 | — | — | ||
| Q4 25 | — | 27.3% | ||
| Q3 25 | 14.2% | 31.8% | ||
| Q2 25 | 15.1% | 28.0% | ||
| Q1 25 | 10.7% | 26.1% | ||
| Q4 24 | 6.2% | 23.2% | ||
| Q3 24 | 12.2% | 27.6% | ||
| Q2 24 | 6.5% | 24.4% |
净利率WELLWMB
| Q1 26 | 22.4% | — | ||
| Q4 25 | 4.6% | 19.1% | ||
| Q3 25 | 13.7% | 18.5% | ||
| Q2 25 | 15.5% | 16.2% | ||
| Q1 25 | 13.8% | 16.5% | ||
| Q4 24 | 7.0% | 14.2% | ||
| Q3 24 | 30.2% | 23.3% | ||
| Q2 24 | 18.7% | 14.1% |
每股收益（稀释后）WELLWMB
| Q1 26 | — | — | ||
| Q4 25 | $0.13 | $0.60 | ||
| Q3 25 | $0.41 | $0.53 | ||
| Q2 25 | $0.45 | $0.45 | ||
| Q1 25 | $0.40 | $0.56 | ||
| Q4 24 | $0.20 | $0.39 | ||
| Q3 24 | $0.73 | $0.58 | ||
| Q2 24 | $0.42 | $0.33 |
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 | — | $27.3B |
| 股东权益账面价值 | $44.7B | $12.8B |
| 总资产 | $67.2B | $58.6B |
| 负债/权益比越低杠杆越低 | — | 2.13× |
8季度趋势，按日历期对齐
现金及短期投资WELLWMB
| 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WELLWMB
| Q1 26 | — | — | ||
| Q4 25 | $19.2B | $27.3B | ||
| Q3 25 | $16.9B | $25.6B | ||
| Q2 25 | $16.0B | $25.6B | ||
| Q1 25 | $15.7B | $24.1B | ||
| Q4 24 | $15.5B | $24.7B | ||
| Q3 24 | $15.8B | $24.8B | ||
| Q2 24 | $13.9B | $24.1B |
股东权益WELLWMB
| Q1 26 | $44.7B | — | ||
| Q4 25 | $42.1B | $12.8B | ||
| Q3 25 | $38.8B | $12.5B | ||
| Q2 25 | $35.9B | $12.4B | ||
| Q1 25 | $34.0B | $12.5B | ||
| Q4 24 | $32.0B | $12.4B | ||
| Q3 24 | $30.3B | $12.4B | ||
| Q2 24 | $29.0B | $12.3B |
总资产WELLWMB
| Q1 26 | $67.2B | — | ||
| Q4 25 | $67.3B | $58.6B | ||
| Q3 25 | $59.5B | $55.7B | ||
| Q2 25 | $55.8B | $56.1B | ||
| Q1 25 | $53.3B | $54.9B | ||
| Q4 24 | $51.0B | $54.5B | ||
| Q3 24 | $49.0B | $53.8B | ||
| Q2 24 | $45.5B | $52.4B |
负债/权益比WELLWMB
| Q1 26 | — | — | ||
| Q4 25 | 0.46× | 2.13× | ||
| Q3 25 | 0.43× | 2.04× | ||
| Q2 25 | 0.44× | 2.06× | ||
| Q1 25 | 0.46× | 1.93× | ||
| Q4 24 | 0.49× | 1.99× | ||
| Q3 24 | 0.52× | 2.00× | ||
| Q2 24 | 0.48× | 1.96× |
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 | — | $1.6B |
| 自由现金流经营现金流 - 资本支出 | — | $-379.0M |
| 自由现金流率自由现金流/营收 | — | -9.9% |
| 资本支出强度资本支出/营收 | — | 50.9% |
| 现金转化率经营现金流/净利润 | — | 2.15× |
| 过去12个月自由现金流最近4个季度 | — | $1.0B |
8季度趋势，按日历期对齐
经营现金流WELLWMB
| Q1 26 | — | — | ||
| Q4 25 | $654.3M | $1.6B | ||
| Q3 25 | $858.4M | $1.4B | ||
| Q2 25 | $770.0M | $1.4B | ||
| Q1 25 | $599.0M | $1.4B | ||
| Q4 24 | $559.2M | $1.2B | ||
| Q3 24 | $685.0M | $1.2B | ||
| Q2 24 | $605.4M | $1.3B |
自由现金流WELLWMB
| Q1 26 | — | — | ||
| Q4 25 | $340.4M | $-379.0M | ||
| Q3 25 | $595.3M | $485.0M | ||
| Q2 25 | $537.2M | $478.0M | ||
| Q1 25 | $358.6M | $421.0M | ||
| Q4 24 | $240.4M | $450.0M | ||
| Q3 24 | $443.8M | $561.0M | ||
| Q2 24 | $440.3M | $700.0M |
自由现金流率WELLWMB
| Q1 26 | — | — | ||
| Q4 25 | 13.3% | -9.9% | ||
| Q3 25 | 28.9% | 13.9% | ||
| Q2 25 | 27.3% | 14.2% | ||
| Q1 25 | 19.2% | 10.1% | ||
| Q4 24 | 13.6% | 13.2% | ||
| Q3 24 | 29.4% | 18.5% | ||
| Q2 24 | 31.6% | 24.6% |
资本支出强度WELLWMB
| Q1 26 | — | — | ||
| Q4 25 | 12.3% | 50.9% | ||
| Q3 25 | 12.8% | 27.3% | ||
| Q2 25 | 11.8% | 28.8% | ||
| Q1 25 | 12.9% | 24.2% | ||
| Q4 24 | 18.1% | 22.5% | ||
| Q3 24 | 16.0% | 22.5% | ||
| Q2 24 | 11.8% | 20.3% |
现金转化率WELLWMB
| Q1 26 | — | — | ||
| Q4 25 | 5.56× | 2.15× | ||
| Q3 25 | 3.04× | 2.22× | ||
| Q2 25 | 2.53× | 2.66× | ||
| Q1 25 | 2.33× | 2.07× | ||
| Q4 24 | 4.52× | 2.51× | ||
| Q3 24 | 1.50× | 1.76× | ||
| Q2 24 | 2.32× | 3.19× |
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
WELL
| Resident fees and services | $2.8B | 83% |
| Rental income | $453.8M | 14% |
| Other | $117.2M | 3% |
WMB
| Services | $2.2B | 57% |
| Natural Gas Us Regulated | $740.0M | 19% |
| West | $730.0M | 19% |
| Non Regulated Service Commodity Consideration | $51.0M | 1% |
| Natural Gas Gathering Transportation Marketing And Processing | $45.0M | 1% |
| Affiliated Entity | $23.0M | 1% |
| Other | $14.0M | 0% |
| Other Service | $11.0M | 0% |
