vs
Welltower（WELL）与百胜中国（YUMC）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中国的1.2倍（$3.4B vs $2.8B），Welltower净利率更高（22.4% vs 5.0%，领先17.5%），Welltower同比增速更快（38.3% vs 8.8%），过去两年Welltower的营收复合增速更高（55.1% vs -2.3%）
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。
百胜中国是总部位于上海的世界500强快餐企业，2016年从百胜餐饮集团分拆独立上市，获百胜餐饮集团商标授权，按全系统销售额的3%支付授权费。目前在国内1100多座城市运营超8400家餐厅，全球门店总数超10600家，年营收达95亿美元，是全球规模最大的餐饮企业之一。
WELL vs YUMC — 直观对比
营收规模更大
WELL
是对方的1.2倍
$2.8B
营收增速更快
WELL
高出29.5%
8.8%
净利率更高
WELL
高出17.5%
5.0%
两年增速更快
WELL
近两年复合增速
-2.3%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $3.4B | $2.8B |
| 净利润 | $752.3M | $140.0M |
| 毛利率 | — | — |
| 营业利润率 | — | 6.6% |
| 净利率 | 22.4% | 5.0% |
| 营收同比 | 38.3% | 8.8% |
| 净利润同比 | 192.4% | 21.7% |
| 每股收益（稀释后） | — | $0.40 |
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WELLYUMC
| Q1 26 | $3.4B | — | ||
| Q4 25 | $2.6B | $2.8B | ||
| Q3 25 | $2.1B | $3.2B | ||
| Q2 25 | $2.0B | $2.8B | ||
| Q1 25 | $1.9B | $3.0B | ||
| Q4 24 | $1.8B | $2.6B | ||
| Q3 24 | $1.5B | $3.1B | ||
| Q2 24 | $1.4B | $2.7B |
净利润WELLYUMC
| Q1 26 | $752.3M | — | ||
| Q4 25 | $117.8M | $140.0M | ||
| Q3 25 | $282.2M | $282.0M | ||
| Q2 25 | $304.6M | $215.0M | ||
| Q1 25 | $257.3M | $292.0M | ||
| Q4 24 | $123.8M | $115.0M | ||
| Q3 24 | $456.8M | $297.0M | ||
| Q2 24 | $260.7M | $212.0M |
毛利率WELLYUMC
| 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WELLYUMC
| Q1 26 | — | — | ||
| Q4 25 | — | 6.6% | ||
| Q3 25 | 14.2% | 12.5% | ||
| Q2 25 | 15.1% | 10.9% | ||
| Q1 25 | 10.7% | 13.4% | ||
| Q4 24 | 6.2% | 5.8% | ||
| Q3 24 | 12.2% | 12.1% | ||
| Q2 24 | 6.5% | 9.9% |
净利率WELLYUMC
| Q1 26 | 22.4% | — | ||
| Q4 25 | 4.6% | 5.0% | ||
| Q3 25 | 13.7% | 8.8% | ||
| Q2 25 | 15.5% | 7.7% | ||
| Q1 25 | 13.8% | 9.8% | ||
| Q4 24 | 7.0% | 4.4% | ||
| Q3 24 | 30.2% | 9.7% | ||
| Q2 24 | 18.7% | 7.9% |
每股收益（稀释后）WELLYUMC
| Q1 26 | — | — | ||
| Q4 25 | $0.13 | $0.40 | ||
| Q3 25 | $0.41 | $0.76 | ||
| Q2 25 | $0.45 | $0.58 | ||
| Q1 25 | $0.40 | $0.77 | ||
| Q4 24 | $0.20 | $0.30 | ||
| Q3 24 | $0.73 | $0.77 | ||
| Q2 24 | $0.42 | $0.55 |
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 | $1.4B |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $44.7B | $5.4B |
| 总资产 | $67.2B | $10.8B |
| 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WELLYUMC
| Q1 26 | $4.7B | — | ||
| Q4 25 | $5.0B | $1.4B | ||
| Q3 25 | $6.8B | $2.1B | ||
| Q2 25 | $4.4B | $2.2B | ||
| Q1 25 | $3.5B | $2.0B | ||
| Q4 24 | $3.5B | $1.8B | ||
| Q3 24 | $3.6B | $2.5B | ||
| Q2 24 | $2.8B | $2.5B |
总债务WELLYUMC
| 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WELLYUMC
| Q1 26 | $44.7B | — | ||
| Q4 25 | $42.1B | $5.4B | ||
| Q3 25 | $38.8B | $5.7B | ||
| Q2 25 | $35.9B | $5.8B | ||
| Q1 25 | $34.0B | $5.8B | ||
| Q4 24 | $32.0B | $5.7B | ||
| Q3 24 | $30.3B | $6.0B | ||
| Q2 24 | $29.0B | $5.8B |
总资产WELLYUMC
| Q1 26 | $67.2B | — | ||
| Q4 25 | $67.3B | $10.8B | ||
| Q3 25 | $59.5B | $11.0B | ||
| Q2 25 | $55.8B | $11.0B | ||
| Q1 25 | $53.3B | $11.0B | ||
| Q4 24 | $51.0B | $11.1B | ||
| Q3 24 | $49.0B | $11.8B | ||
| Q2 24 | $45.5B | $11.6B |
负债/权益比WELLYUMC
| 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 | — | $125.0M |
| 自由现金流经营现金流 - 资本支出 | — | $-116.0M |
| 自由现金流率自由现金流/营收 | — | -4.1% |
| 资本支出强度资本支出/营收 | — | 8.5% |
| 现金转化率经营现金流/净利润 | — | 0.89× |
| 过去12个月自由现金流最近4个季度 | — | $840.0M |
8季度趋势，按日历期对齐
经营现金流WELLYUMC
| Q1 26 | — | — | ||
| Q4 25 | $654.3M | $125.0M | ||
| Q3 25 | $858.4M | $477.0M | ||
| Q2 25 | $770.0M | $412.0M | ||
| Q1 25 | $599.0M | $452.0M | ||
| Q4 24 | $559.2M | $167.0M | ||
| Q3 24 | $685.0M | $409.0M | ||
| Q2 24 | $605.4M | $401.0M |
自由现金流WELLYUMC
| Q1 26 | — | — | ||
| Q4 25 | $340.4M | $-116.0M | ||
| Q3 25 | $595.3M | $351.0M | ||
| Q2 25 | $537.2M | $290.0M | ||
| Q1 25 | $358.6M | $315.0M | ||
| Q4 24 | $240.4M | $-15.0M | ||
| Q3 24 | $443.8M | $244.0M | ||
| Q2 24 | $440.3M | $232.0M |
自由现金流率WELLYUMC
| Q1 26 | — | — | ||
| Q4 25 | 13.3% | -4.1% | ||
| Q3 25 | 28.9% | 10.9% | ||
| Q2 25 | 27.3% | 10.4% | ||
| Q1 25 | 19.2% | 10.6% | ||
| Q4 24 | 13.6% | -0.6% | ||
| Q3 24 | 29.4% | 7.9% | ||
| Q2 24 | 31.6% | 8.7% |
资本支出强度WELLYUMC
| Q1 26 | — | — | ||
| Q4 25 | 12.3% | 8.5% | ||
| Q3 25 | 12.8% | 3.9% | ||
| Q2 25 | 11.8% | 4.4% | ||
| Q1 25 | 12.9% | 4.6% | ||
| Q4 24 | 18.1% | 7.0% | ||
| Q3 24 | 16.0% | 5.4% | ||
| Q2 24 | 11.8% | 6.3% |
现金转化率WELLYUMC
| Q1 26 | — | — | ||
| Q4 25 | 5.56× | 0.89× | ||
| Q3 25 | 3.04× | 1.69× | ||
| Q2 25 | 2.53× | 1.92× | ||
| Q1 25 | 2.33× | 1.55× | ||
| Q4 24 | 4.52× | 1.45× | ||
| Q3 24 | 1.50× | 1.38× | ||
| Q2 24 | 2.32× | 1.89× |
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% |
YUMC
| Revenue From External Customers | $2.1B | 75% |
| Pizza Hut | $540.0M | 19% |
| Corporate And Unallocated | $105.0M | 4% |
| Other Revenue | $45.0M | 2% |
| Franchise Fees And Income | $25.0M | 1% |
