vs
Welltower（WELL）与施乐（XRX）财务数据对比。点击上方公司名可切换其他公司
Welltower的季度营收约是施乐的1.7倍（$3.4B vs $2.0B），Welltower同比增速更快（38.3% vs 25.7%），过去两年Welltower的营收复合增速更高（55.1% vs 16.2%）
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。
施乐控股是源自美国的知名办公设备服务商，面向全球超160个国家提供打印机与数码文档相关产品及服务。1959年推出Xerox 914后，施乐成为静电复印市场的开创者，品牌名“xerox”甚至在英语中成为复印的代名词，公司总部现位于美国康涅狄格州诺沃克。
WELL vs XRX — 直观对比
营收规模更大
WELL
是对方的1.7倍
$2.0B
营收增速更快
WELL
高出12.6%
25.7%
两年增速更快
WELL
近两年复合增速
16.2%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $3.4B | $2.0B |
| 净利润 | $752.3M | — |
| 毛利率 | — | — |
| 营业利润率 | — | — |
| 净利率 | 22.4% | — |
| 营收同比 | 38.3% | 25.7% |
| 净利润同比 | 192.4% | — |
| 每股收益（稀释后） | — | $-0.62 |
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WELLXRX
| Q1 26 | $3.4B | — | ||
| Q4 25 | $2.6B | $2.0B | ||
| Q3 25 | $2.1B | $2.0B | ||
| Q2 25 | $2.0B | $1.6B | ||
| Q1 25 | $1.9B | $1.5B | ||
| Q4 24 | $1.8B | $1.6B | ||
| Q3 24 | $1.5B | $1.5B | ||
| Q2 24 | $1.4B | $1.6B |
净利润WELLXRX
| Q1 26 | $752.3M | — | ||
| Q4 25 | $117.8M | — | ||
| Q3 25 | $282.2M | $-760.0M | ||
| Q2 25 | $304.6M | $-106.0M | ||
| Q1 25 | $257.3M | $-90.0M | ||
| Q4 24 | $123.8M | — | ||
| Q3 24 | $456.8M | $-1.2B | ||
| Q2 24 | $260.7M | $18.0M |
毛利率WELLXRX
| 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WELLXRX
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | 14.2% | — | ||
| Q2 25 | 15.1% | — | ||
| Q1 25 | 10.7% | — | ||
| Q4 24 | 6.2% | — | ||
| Q3 24 | 12.2% | — | ||
| Q2 24 | 6.5% | — |
净利率WELLXRX
| Q1 26 | 22.4% | — | ||
| Q4 25 | 4.6% | — | ||
| Q3 25 | 13.7% | -38.8% | ||
| Q2 25 | 15.5% | -6.7% | ||
| Q1 25 | 13.8% | -6.2% | ||
| Q4 24 | 7.0% | — | ||
| Q3 24 | 30.2% | -78.9% | ||
| Q2 24 | 18.7% | 1.1% |
每股收益（稀释后）WELLXRX
| Q1 26 | — | — | ||
| Q4 25 | $0.13 | $-0.62 | ||
| Q3 25 | $0.41 | $-6.01 | ||
| Q2 25 | $0.45 | $-0.87 | ||
| Q1 25 | $0.40 | $-0.75 | ||
| Q4 24 | $0.20 | $-0.21 | ||
| Q3 24 | $0.73 | $-9.71 | ||
| Q2 24 | $0.42 | $0.11 |
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 | $512.0M |
| 总债务越低越好 | — | $4.0B |
| 股东权益账面价值 | $44.7B | $444.0M |
| 总资产 | $67.2B | $9.8B |
| 负债/权益比越低杠杆越低 | — | 9.05× |
8季度趋势，按日历期对齐
现金及短期投资WELLXRX
| Q1 26 | $4.7B | — | ||
| Q4 25 | $5.0B | $512.0M | ||
| Q3 25 | $6.8B | $479.0M | ||
| Q2 25 | $4.4B | $449.0M | ||
| Q1 25 | $3.5B | $336.0M | ||
| Q4 24 | $3.5B | $576.0M | ||
| Q3 24 | $3.6B | $521.0M | ||
| Q2 24 | $2.8B | $485.0M |
总债务WELLXRX
| Q1 26 | — | — | ||
| Q4 25 | $19.2B | $4.0B | ||
| Q3 25 | $16.9B | $4.1B | ||
| Q2 25 | $16.0B | $3.5B | ||
| Q1 25 | $15.7B | $2.7B | ||
| Q4 24 | $15.5B | $2.8B | ||
| Q3 24 | $15.8B | $2.8B | ||
| Q2 24 | $13.9B | $3.2B |
股东权益WELLXRX
| Q1 26 | $44.7B | — | ||
| Q4 25 | $42.1B | $444.0M | ||
| Q3 25 | $38.8B | $365.0M | ||
| Q2 25 | $35.9B | $1.1B | ||
| Q1 25 | $34.0B | $1.1B | ||
| Q4 24 | $32.0B | $1.1B | ||
| Q3 24 | $30.3B | $1.3B | ||
| Q2 24 | $29.0B | $2.4B |
总资产WELLXRX
| Q1 26 | $67.2B | — | ||
| Q4 25 | $67.3B | $9.8B | ||
| Q3 25 | $59.5B | $10.1B | ||
| Q2 25 | $55.8B | $8.9B | ||
| Q1 25 | $53.3B | $8.2B | ||
| Q4 24 | $51.0B | $8.4B | ||
| Q3 24 | $49.0B | $8.3B | ||
| Q2 24 | $45.5B | $9.5B |
负债/权益比WELLXRX
| Q1 26 | — | — | ||
| Q4 25 | 0.46× | 9.05× | ||
| Q3 25 | 0.43× | 11.10× | ||
| Q2 25 | 0.44× | 3.11× | ||
| Q1 25 | 0.46× | 2.56× | ||
| Q4 24 | 0.49× | 2.62× | ||
| Q3 24 | 0.52× | 2.11× | ||
| Q2 24 | 0.48× | 1.34× |
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 | — | $208.0M |
| 自由现金流经营现金流 - 资本支出 | — | $192.0M |
| 自由现金流率自由现金流/营收 | — | 9.5% |
| 资本支出强度资本支出/营收 | — | 0.8% |
| 现金转化率经营现金流/净利润 | — | — |
| 过去12个月自由现金流最近4个季度 | — | $187.0M |
8季度趋势，按日历期对齐
经营现金流WELLXRX
| Q1 26 | — | — | ||
| Q4 25 | $654.3M | $208.0M | ||
| Q3 25 | $858.4M | $116.0M | ||
| Q2 25 | $770.0M | $-11.0M | ||
| Q1 25 | $599.0M | $-89.0M | ||
| Q4 24 | $559.2M | $351.0M | ||
| Q3 24 | $685.0M | $116.0M | ||
| Q2 24 | $605.4M | $123.0M |
自由现金流WELLXRX
| Q1 26 | — | — | ||
| Q4 25 | $340.4M | $192.0M | ||
| Q3 25 | $595.3M | $104.0M | ||
| Q2 25 | $537.2M | $-15.0M | ||
| Q1 25 | $358.6M | $-94.0M | ||
| Q4 24 | $240.4M | $346.0M | ||
| Q3 24 | $443.8M | $108.0M | ||
| Q2 24 | $440.3M | $117.0M |
自由现金流率WELLXRX
| Q1 26 | — | — | ||
| Q4 25 | 13.3% | 9.5% | ||
| Q3 25 | 28.9% | 5.3% | ||
| Q2 25 | 27.3% | -1.0% | ||
| Q1 25 | 19.2% | -6.5% | ||
| Q4 24 | 13.6% | 21.5% | ||
| Q3 24 | 29.4% | 7.1% | ||
| Q2 24 | 31.6% | 7.4% |
资本支出强度WELLXRX
| Q1 26 | — | — | ||
| Q4 25 | 12.3% | 0.8% | ||
| Q3 25 | 12.8% | 0.6% | ||
| Q2 25 | 11.8% | 0.3% | ||
| Q1 25 | 12.9% | 0.3% | ||
| Q4 24 | 18.1% | 0.3% | ||
| Q3 24 | 16.0% | 0.5% | ||
| Q2 24 | 11.8% | 0.4% |
现金转化率WELLXRX
| Q1 26 | — | — | ||
| Q4 25 | 5.56× | — | ||
| Q3 25 | 3.04× | — | ||
| Q2 25 | 2.53× | — | ||
| Q1 25 | 2.33× | — | ||
| Q4 24 | 4.52× | — | ||
| Q3 24 | 1.50× | — | ||
| Q2 24 | 2.32× | 6.83× |
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% |
XRX
| Other | $596.0M | 29% |
| Manufactured Product Other | $485.0M | 24% |
| Supplies Paper And Other Sales | $483.0M | 24% |
| IT Solutions Segment | $155.0M | 8% |
| CA | $128.0M | 6% |
| IT Products | $100.0M | 5% |
| Rental And Other | $52.0M | 3% |
| Financial Service | $29.0M | 1% |
