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爱彼迎（ABNB）与Academy Sports & Outdoors, Inc.（ASO）财务数据对比。点击上方公司名可切换其他公司
爱彼迎的季度营收约是Academy Sports & Outdoors, Inc.的2.0倍（$2.8B vs $1.4B）。爱彼迎净利率更高（12.3% vs 5.2%，领先7.1%）。爱彼迎同比增速更快（12.0% vs 3.0%）。过去两年爱彼迎的营收复合增速更高（13.9% vs -12.2%）
爱彼迎是全球知名的旅行住宿及体验共享平台，成立于2007年，2010年正式启用现名。平台连接全球各地的房东与旅客，用户可通过网页或移动端预订私人客房、普通住宅、度假屋等多元住宿，也可报名参与当地特色体验项目，是共享经济领域的代表性企业。
Academy Sports & Outdoors是美国知名的运动户外用品连锁零售商，总部位于得克萨斯州哈里斯县，临近休斯顿。品牌曾由戈奇曼家族私有运营74年，2011年被私募机构KKR收购，2020年10月于纳斯达克挂牌上市，旗下门店主营各类运动装备、户外休闲用品等品类。
ABNB vs ASO — 直观对比
营收规模更大
ABNB
是对方的2.0倍
$1.4B
营收增速更快
ABNB
高出9.0%
3.0%
净利率更高
ABNB
高出7.1%
5.2%
两年增速更快
ABNB
近两年复合增速
-12.2%
损益表 — Q4 2025 vs Q4 2026
| 指标 | | |
|---|---|---|
| 营收 | $2.8B | $1.4B |
| 净利润 | $341.0M | $71.6M |
| 毛利率 | 82.5% | 35.7% |
| 营业利润率 | 9.7% | 7.3% |
| 净利率 | 12.3% | 5.2% |
| 营收同比 | 12.0% | 3.0% |
| 净利润同比 | -26.0% | 8.8% |
| 每股收益（稀释后） | — | $1.05 |
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ABNBASO
| Q4 25 | $2.8B | $1.4B | ||
| Q3 25 | $4.1B | $1.6B | ||
| Q2 25 | $3.1B | $1.4B | ||
| Q1 25 | $2.3B | $1.7B | ||
| Q4 24 | $2.5B | $1.3B | ||
| Q3 24 | $3.7B | $1.5B | ||
| Q2 24 | $2.7B | $1.4B | ||
| Q1 24 | $2.1B | $1.8B |
净利润ABNBASO
| Q4 25 | $341.0M | $71.6M | ||
| Q3 25 | $1.4B | $125.4M | ||
| Q2 25 | $642.0M | $46.1M | ||
| Q1 25 | $154.0M | $133.6M | ||
| Q4 24 | $461.0M | $65.8M | ||
| Q3 24 | $1.4B | $142.6M | ||
| Q2 24 | $555.0M | $76.5M | ||
| Q1 24 | $264.0M | $168.2M |
毛利率ABNBASO
| Q4 25 | 82.5% | 35.7% | ||
| Q3 25 | 86.6% | 36.0% | ||
| Q2 25 | 82.4% | 34.0% | ||
| Q1 25 | 77.7% | 32.2% | ||
| Q4 24 | 82.8% | 34.0% | ||
| Q3 24 | 87.5% | 36.1% | ||
| Q2 24 | 81.6% | 33.4% | ||
| Q1 24 | 77.6% | 33.3% |
营业利润率ABNBASO
| Q4 25 | 9.7% | 7.3% | ||
| Q3 25 | 39.7% | 10.8% | ||
| Q2 25 | 19.8% | 5.1% | ||
| Q1 25 | 1.7% | 9.2% | ||
| Q4 24 | 17.3% | 6.8% | ||
| Q3 24 | 40.9% | 12.3% | ||
| Q2 24 | 18.1% | 7.5% | ||
| Q1 24 | 4.7% | 11.4% |
净利率ABNBASO
| Q4 25 | 12.3% | 5.2% | ||
| Q3 25 | 33.6% | 7.8% | ||
| Q2 25 | 20.7% | 3.4% | ||
| Q1 25 | 6.8% | 8.0% | ||
| Q4 24 | 18.6% | 4.9% | ||
| Q3 24 | 36.7% | 9.2% | ||
| Q2 24 | 20.2% | 5.6% | ||
| Q1 24 | 12.3% | 9.4% |
每股收益（稀释后）ABNBASO
| Q4 25 | — | $1.05 | ||
| Q3 25 | — | $1.85 | ||
| Q2 25 | — | $0.68 | ||
| Q1 25 | — | $1.85 | ||
| Q4 24 | — | $0.92 | ||
| Q3 24 | — | $1.95 | ||
| Q2 24 | — | $1.01 | ||
| Q1 24 | — | $2.19 |
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 | $11.0B | $289.5M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $8.2B | $2.1B |
| 总资产 | $22.2B | $5.4B |
| 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ABNBASO
| Q4 25 | $11.0B | $289.5M | ||
| Q3 25 | $11.7B | $300.9M | ||
| Q2 25 | $11.4B | $285.1M | ||
| Q1 25 | $11.5B | $288.9M | ||
| Q4 24 | $10.6B | $296.0M | ||
| Q3 24 | $11.3B | $324.6M | ||
| Q2 24 | $11.3B | $378.1M | ||
| Q1 24 | $11.1B | $347.9M |
股东权益ABNBASO
| Q4 25 | $8.2B | $2.1B | ||
| Q3 25 | $8.6B | $2.1B | ||
| Q2 25 | $7.8B | $1.9B | ||
| Q1 25 | $7.9B | $2.0B | ||
| Q4 24 | $8.4B | $2.0B | ||
| Q3 24 | $8.5B | $2.0B | ||
| Q2 24 | $8.0B | $1.9B | ||
| Q1 24 | $7.9B | $2.0B |
总资产ABNBASO
| Q4 25 | $22.2B | $5.4B | ||
| Q3 25 | $23.1B | $5.3B | ||
| Q2 25 | $27.0B | $5.2B | ||
| Q1 25 | $25.1B | $4.9B | ||
| Q4 24 | $21.0B | $5.1B | ||
| Q3 24 | $22.2B | $4.9B | ||
| Q2 24 | $26.3B | $4.9B | ||
| Q1 24 | $24.5B | $4.7B |
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 | $526.0M | $49.0M |
| 自由现金流经营现金流 - 资本支出 | — | $-13.6M |
| 自由现金流率自由现金流/营收 | — | -1.0% |
| 资本支出强度资本支出/营收 | — | 4.5% |
| 现金转化率经营现金流/净利润 | 1.54× | 0.68× |
| 过去12个月自由现金流最近4个季度 | — | $191.4M |
8季度趋势，按日历期对齐
经营现金流ABNBASO
| Q4 25 | $526.0M | $49.0M | ||
| Q3 25 | $1.4B | $78.6M | ||
| Q2 25 | $975.0M | $157.5M | ||
| Q1 25 | $1.8B | $140.2M | ||
| Q4 24 | $466.0M | $96.9M | ||
| Q3 24 | $1.1B | $91.3M | ||
| Q2 24 | $1.1B | $199.7M | ||
| Q1 24 | $1.9B | $234.7M |
自由现金流ABNBASO
| Q4 25 | — | $-13.6M | ||
| Q3 25 | — | $21.8M | ||
| Q2 25 | — | $106.6M | ||
| Q1 25 | — | $76.4M | ||
| Q4 24 | — | $34.4M | ||
| Q3 24 | — | $50.1M | ||
| Q2 24 | — | $167.4M | ||
| Q1 24 | — | $178.9M |
自由现金流率ABNBASO
| Q4 25 | — | -1.0% | ||
| Q3 25 | — | 1.4% | ||
| Q2 25 | — | 7.9% | ||
| Q1 25 | — | 4.6% | ||
| Q4 24 | — | 2.6% | ||
| Q3 24 | — | 3.2% | ||
| Q2 24 | — | 12.3% | ||
| Q1 24 | — | 10.0% |
资本支出强度ABNBASO
| Q4 25 | — | 4.5% | ||
| Q3 25 | — | 3.5% | ||
| Q2 25 | — | 3.8% | ||
| Q1 25 | — | 3.8% | ||
| Q4 24 | — | 4.6% | ||
| Q3 24 | — | 2.7% | ||
| Q2 24 | — | 2.4% | ||
| Q1 24 | — | 3.1% |
现金转化率ABNBASO
| Q4 25 | 1.54× | 0.68× | ||
| Q3 25 | 0.99× | 0.63× | ||
| Q2 25 | 1.52× | 3.42× | ||
| Q1 25 | 11.62× | 1.05× | ||
| Q4 24 | 1.01× | 1.47× | ||
| Q3 24 | 0.79× | 0.64× | ||
| Q2 24 | 1.89× | 2.61× | ||
| Q1 24 | 7.28× | 1.40× |
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
ABNB
| North America | $1.1B | 41% |
| EMEA | $930.0M | 33% |
| Latin America | $351.0M | 13% |
| Other | $351.0M | 13% |
ASO
| Outdoors | $445.1M | 32% |
| Apparel | $349.8M | 25% |
| Footwear | $292.4M | 21% |
| Sports And Recreation | $288.7M | 21% |
| Other | $7.6M | 1% |
