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Welltower（WELL）与百胜餐饮集团（YUM）财务数据对比。点击上方公司名可切换其他公司
Welltower的季度营收约是百胜餐饮集团的1.3倍（$3.4B vs $2.5B），Welltower净利率更高（22.4% vs 21.3%，领先1.2%），Welltower同比增速更快（38.3% vs 6.5%），过去两年Welltower的营收复合增速更高（55.1% vs 25.5%）
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。
百胜餐饮集团是美国跨国快餐企业，前身为百事可乐1977年收购肯德基、必胜客、塔可贝尔后成立的子公司，1997年从百事可乐分拆独立。目前集团运营肯德基、必胜客、塔可贝尔、哈比特汉堡等知名餐饮品牌，同时持有多家科技公司为业务发展提供支持。
WELL vs YUM — 直观对比
营收规模更大
WELL
是对方的1.3倍
$2.5B
营收增速更快
WELL
高出31.9%
6.5%
净利率更高
WELL
高出1.2%
21.3%
两年增速更快
WELL
近两年复合增速
25.5%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $3.4B | $2.5B |
| 净利润 | $752.3M | $535.0M |
| 毛利率 | — | 67.6% |
| 营业利润率 | — | 29.3% |
| 净利率 | 22.4% | 21.3% |
| 营收同比 | 38.3% | 6.5% |
| 净利润同比 | 192.4% | 26.5% |
| 每股收益（稀释后） | — | $1.91 |
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WELLYUM
| Q1 26 | $3.4B | — | ||
| Q4 25 | $2.6B | $2.5B | ||
| Q3 25 | $2.1B | $2.0B | ||
| Q2 25 | $2.0B | $1.9B | ||
| Q1 25 | $1.9B | $1.8B | ||
| Q4 24 | $1.8B | $2.4B | ||
| Q3 24 | $1.5B | $1.8B | ||
| Q2 24 | $1.4B | $1.8B |
净利润WELLYUM
| Q1 26 | $752.3M | — | ||
| Q4 25 | $117.8M | $535.0M | ||
| Q3 25 | $282.2M | $397.0M | ||
| Q2 25 | $304.6M | $374.0M | ||
| Q1 25 | $257.3M | $253.0M | ||
| Q4 24 | $123.8M | $423.0M | ||
| Q3 24 | $456.8M | $382.0M | ||
| Q2 24 | $260.7M | $367.0M |
毛利率WELLYUM
| Q1 26 | — | — | ||
| Q4 25 | 24.3% | 67.6% | ||
| Q3 25 | 23.5% | 70.3% | ||
| Q2 25 | 23.2% | 71.0% | ||
| Q1 25 | 21.6% | 70.9% | ||
| Q4 24 | 20.0% | 69.2% | ||
| Q3 24 | 19.8% | 71.4% | ||
| Q2 24 | 20.2% | 73.3% |
营业利润率WELLYUM
| Q1 26 | — | — | ||
| Q4 25 | — | 29.3% | ||
| Q3 25 | 14.2% | 33.7% | ||
| Q2 25 | 15.1% | 32.2% | ||
| Q1 25 | 10.7% | 30.7% | ||
| Q4 24 | 6.2% | 27.8% | ||
| Q3 24 | 12.2% | 33.9% | ||
| Q2 24 | 6.5% | 34.4% |
净利率WELLYUM
| Q1 26 | 22.4% | — | ||
| Q4 25 | 4.6% | 21.3% | ||
| Q3 25 | 13.7% | 20.1% | ||
| Q2 25 | 15.5% | 19.3% | ||
| Q1 25 | 13.8% | 14.2% | ||
| Q4 24 | 7.0% | 17.9% | ||
| Q3 24 | 30.2% | 20.9% | ||
| Q2 24 | 18.7% | 20.8% |
每股收益（稀释后）WELLYUM
| Q1 26 | — | — | ||
| Q4 25 | $0.13 | $1.91 | ||
| Q3 25 | $0.41 | $1.41 | ||
| Q2 25 | $0.45 | $1.33 | ||
| Q1 25 | $0.40 | $0.90 | ||
| Q4 24 | $0.20 | $1.49 | ||
| Q3 24 | $0.73 | $1.35 | ||
| Q2 24 | $0.42 | $1.28 |
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 | $709.0M |
| 总债务越低越好 | — | $11.9B |
| 股东权益账面价值 | $44.7B | $-7.3B |
| 总资产 | $67.2B | $8.2B |
| 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WELLYUM
| Q1 26 | $4.7B | — | ||
| Q4 25 | $5.0B | $709.0M | ||
| Q3 25 | $6.8B | $1.0B | ||
| Q2 25 | $4.4B | $677.0M | ||
| Q1 25 | $3.5B | $607.0M | ||
| Q4 24 | $3.5B | $707.0M | ||
| Q3 24 | $3.6B | $548.0M | ||
| Q2 24 | $2.8B | $520.0M |
总债务WELLYUM
| Q1 26 | — | — | ||
| Q4 25 | $19.2B | $11.9B | ||
| Q3 25 | $16.9B | $11.5B | ||
| Q2 25 | $16.0B | $10.4B | ||
| Q1 25 | $15.7B | $11.3B | ||
| Q4 24 | $15.5B | $11.3B | ||
| Q3 24 | $15.8B | $11.2B | ||
| Q2 24 | $13.9B | $11.1B |
股东权益WELLYUM
| Q1 26 | $44.7B | — | ||
| Q4 25 | $42.1B | $-7.3B | ||
| Q3 25 | $38.8B | $-7.5B | ||
| Q2 25 | $35.9B | $-7.7B | ||
| Q1 25 | $34.0B | $-7.8B | ||
| Q4 24 | $32.0B | $-7.6B | ||
| Q3 24 | $30.3B | $-7.7B | ||
| Q2 24 | $29.0B | $-7.6B |
总资产WELLYUM
| Q1 26 | $67.2B | — | ||
| Q4 25 | $67.3B | $8.2B | ||
| Q3 25 | $59.5B | $7.2B | ||
| Q2 25 | $55.8B | $6.9B | ||
| Q1 25 | $53.3B | $6.7B | ||
| Q4 24 | $51.0B | $6.7B | ||
| Q3 24 | $49.0B | $6.5B | ||
| Q2 24 | $45.5B | $6.4B |
负债/权益比WELLYUM
| 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 | — | $617.0M |
| 自由现金流经营现金流 - 资本支出 | — | $482.0M |
| 自由现金流率自由现金流/营收 | — | 19.2% |
| 资本支出强度资本支出/营收 | — | 5.4% |
| 现金转化率经营现金流/净利润 | — | 1.15× |
| 过去12个月自由现金流最近4个季度 | — | $1.6B |
8季度趋势，按日历期对齐
经营现金流WELLYUM
| Q1 26 | — | — | ||
| Q4 25 | $654.3M | $617.0M | ||
| Q3 25 | $858.4M | $543.0M | ||
| Q2 25 | $770.0M | $446.0M | ||
| Q1 25 | $599.0M | $404.0M | ||
| Q4 24 | $559.2M | $513.0M | ||
| Q3 24 | $685.0M | $471.0M | ||
| Q2 24 | $605.4M | $342.0M |
自由现金流WELLYUM
| Q1 26 | — | — | ||
| Q4 25 | $340.4M | $482.0M | ||
| Q3 25 | $595.3M | $449.0M | ||
| Q2 25 | $537.2M | $375.0M | ||
| Q1 25 | $358.6M | $333.0M | ||
| Q4 24 | $240.4M | $407.0M | ||
| Q3 24 | $443.8M | $419.0M | ||
| Q2 24 | $440.3M | $292.0M |
自由现金流率WELLYUM
| Q1 26 | — | — | ||
| Q4 25 | 13.3% | 19.2% | ||
| Q3 25 | 28.9% | 22.7% | ||
| Q2 25 | 27.3% | 19.4% | ||
| Q1 25 | 19.2% | 18.6% | ||
| Q4 24 | 13.6% | 17.2% | ||
| Q3 24 | 29.4% | 22.9% | ||
| Q2 24 | 31.6% | 16.6% |
资本支出强度WELLYUM
| Q1 26 | — | — | ||
| Q4 25 | 12.3% | 5.4% | ||
| Q3 25 | 12.8% | 4.7% | ||
| Q2 25 | 11.8% | 3.7% | ||
| Q1 25 | 12.9% | 4.0% | ||
| Q4 24 | 18.1% | 4.5% | ||
| Q3 24 | 16.0% | 2.8% | ||
| Q2 24 | 11.8% | 2.8% |
现金转化率WELLYUM
| Q1 26 | — | — | ||
| Q4 25 | 5.56× | 1.15× | ||
| Q3 25 | 3.04× | 1.37× | ||
| Q2 25 | 2.53× | 1.19× | ||
| Q1 25 | 2.33× | 1.60× | ||
| Q4 24 | 4.52× | 1.21× | ||
| Q3 24 | 1.50× | 1.23× | ||
| Q2 24 | 2.32× | 0.93× |
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% |
YUM
| Other | $1.5B | 59% |
| Advertising | $547.0M | 22% |
| Pizza Hut Global Division | $303.0M | 12% |
| The Habit Burger Grill Global Division | $174.0M | 7% |
| Real Estate | $4.0M | 0% |
