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爱彼迎（ABNB）与Dutch Bros Inc.（BROS）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Dutch Bros Inc.的6.3倍（$2.8B vs $443.6M）。爱彼迎净利率更高（12.3% vs 4.8%，领先7.5%）。Dutch Bros Inc.同比增速更快（29.4% vs 12.0%）。过去两年Dutch Bros Inc.的营收复合增速更高（27.0% vs 13.9%）
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。
Dutch Bros Inc.是美国上市得来速咖啡连锁品牌，1992年由戴恩·博尔斯马与特拉维斯·博尔斯马创立，原总部位于俄勒冈州格兰茨帕斯，2025年迁至亚利桑那州坦佩。品牌拥有直营及加盟门店，主力布局美国西部市场，目前扩张范围最东已覆盖佛罗里达州奥兰多。
ABNB vs BROS — 直观对比
营收规模更大
ABNB
是对方的6.3倍
$443.6M
营收增速更快
BROS
高出17.4%
12.0%
净利率更高
ABNB
高出7.5%
4.8%
两年增速更快
BROS
近两年复合增速
13.9%
损益表 — Q4 2025 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $2.8B | $443.6M |
| 净利润 | $341.0M | $21.4M |
| 毛利率 | 82.5% | 24.1% |
| 营业利润率 | 9.7% | 7.7% |
| 净利率 | 12.3% | 4.8% |
| 营收同比 | 12.0% | 29.4% |
| 净利润同比 | -26.0% | 491.6% |
| 每股收益（稀释后） | — | $0.17 |
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ABNBBROS
| Q4 25 | $2.8B | $443.6M | ||
| Q3 25 | $4.1B | $423.6M | ||
| Q2 25 | $3.1B | $415.8M | ||
| Q1 25 | $2.3B | $355.2M | ||
| Q4 24 | $2.5B | $342.8M | ||
| Q3 24 | $3.7B | $338.2M | ||
| Q2 24 | $2.7B | $324.9M | ||
| Q1 24 | $2.1B | $275.1M |
净利润ABNBBROS
| Q4 25 | $341.0M | $21.4M | ||
| Q3 25 | $1.4B | $17.5M | ||
| Q2 25 | $642.0M | $25.6M | ||
| Q1 25 | $154.0M | $15.4M | ||
| Q4 24 | $461.0M | $3.6M | ||
| Q3 24 | $1.4B | $12.6M | ||
| Q2 24 | $555.0M | $11.9M | ||
| Q1 24 | $264.0M | $7.1M |
毛利率ABNBBROS
| Q4 25 | 82.5% | 24.1% | ||
| Q3 25 | 86.6% | 25.2% | ||
| Q2 25 | 82.4% | 28.9% | ||
| Q1 25 | 77.7% | 25.3% | ||
| Q4 24 | 82.8% | 25.7% | ||
| Q3 24 | 87.5% | 26.6% | ||
| Q2 24 | 81.6% | 27.8% | ||
| Q1 24 | 77.6% | 26.1% |
营业利润率ABNBBROS
| Q4 25 | 9.7% | 7.7% | ||
| Q3 25 | 39.7% | 9.8% | ||
| Q2 25 | 19.8% | 13.1% | ||
| Q1 25 | 1.7% | 8.7% | ||
| Q4 24 | 17.3% | 4.6% | ||
| Q3 24 | 40.9% | 9.6% | ||
| Q2 24 | 18.1% | 9.9% | ||
| Q1 24 | 4.7% | 9.3% |
净利率ABNBBROS
| Q4 25 | 12.3% | 4.8% | ||
| Q3 25 | 33.6% | 4.1% | ||
| Q2 25 | 20.7% | 6.2% | ||
| Q1 25 | 6.8% | 4.3% | ||
| Q4 24 | 18.6% | 1.1% | ||
| Q3 24 | 36.7% | 3.7% | ||
| Q2 24 | 20.2% | 3.7% | ||
| Q1 24 | 12.3% | 2.6% |
每股收益（稀释后）ABNBBROS
| Q4 25 | — | $0.17 | ||
| Q3 25 | — | $0.14 | ||
| Q2 25 | — | $0.20 | ||
| Q1 25 | — | $0.13 | ||
| Q4 24 | — | $0.03 | ||
| Q3 24 | — | $0.11 | ||
| Q2 24 | — | $0.12 | ||
| Q1 24 | — | $0.08 |
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 | $269.4M |
| 总债务越低越好 | — | $202.5M |
| 股东权益账面价值 | $8.2B | $680.8M |
| 总资产 | $22.2B | $3.0B |
| 负债/权益比越低杠杆越低 | — | 0.30× |
8季度趋势，按日历期对齐
现金及短期投资ABNBBROS
| Q4 25 | $11.0B | $269.4M | ||
| Q3 25 | $11.7B | $267.2M | ||
| Q2 25 | $11.4B | $254.4M | ||
| Q1 25 | $11.5B | $316.4M | ||
| Q4 24 | $10.6B | $293.4M | ||
| Q3 24 | $11.3B | $281.1M | ||
| Q2 24 | $11.3B | $260.9M | ||
| Q1 24 | $11.1B | $262.7M |
总债务ABNBBROS
| Q4 25 | — | $202.5M | ||
| Q3 25 | — | $202.3M | ||
| Q2 25 | — | $203.3M | ||
| Q1 25 | — | $284.2M | ||
| Q4 24 | — | $238.0M | ||
| Q3 24 | — | $241.2M | ||
| Q2 24 | — | $244.3M | ||
| Q1 24 | — | $247.5M |
股东权益ABNBBROS
| Q4 25 | $8.2B | $680.8M | ||
| Q3 25 | $8.6B | $656.6M | ||
| Q2 25 | $7.8B | $636.2M | ||
| Q1 25 | $7.9B | $599.1M | ||
| Q4 24 | $8.4B | $537.4M | ||
| Q3 24 | $8.5B | $523.1M | ||
| Q2 24 | $8.0B | $509.1M | ||
| Q1 24 | $7.9B | $417.1M |
总资产ABNBBROS
| Q4 25 | $22.2B | $3.0B | ||
| Q3 25 | $23.1B | $2.9B | ||
| Q2 25 | $27.0B | $2.8B | ||
| Q1 25 | $25.1B | $2.8B | ||
| Q4 24 | $21.0B | $2.5B | ||
| Q3 24 | $22.2B | $2.4B | ||
| Q2 24 | $26.3B | $2.4B | ||
| Q1 24 | $24.5B | $2.1B |
负债/权益比ABNBBROS
| Q4 25 | — | 0.30× | ||
| Q3 25 | — | 0.31× | ||
| Q2 25 | — | 0.32× | ||
| Q1 25 | — | 0.47× | ||
| Q4 24 | — | 0.44× | ||
| Q3 24 | — | 0.46× | ||
| Q2 24 | — | 0.48× | ||
| Q1 24 | — | 0.59× |
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 | $79.6M |
| 自由现金流经营现金流 - 资本支出 | — | $8.5M |
| 自由现金流率自由现金流/营收 | — | 1.9% |
| 资本支出强度资本支出/营收 | — | 16.0% |
| 现金转化率经营现金流/净利润 | 1.54× | 3.73× |
| 过去12个月自由现金流最近4个季度 | — | $54.4M |
8季度趋势，按日历期对齐
经营现金流ABNBBROS
| Q4 25 | $526.0M | $79.6M | ||
| Q3 25 | $1.4B | $89.1M | ||
| Q2 25 | $975.0M | $89.9M | ||
| Q1 25 | $1.8B | $36.9M | ||
| Q4 24 | $466.0M | $62.2M | ||
| Q3 24 | $1.1B | $83.5M | ||
| Q2 24 | $1.1B | $59.5M | ||
| Q1 24 | $1.9B | $41.2M |
自由现金流ABNBBROS
| Q4 25 | — | $8.5M | ||
| Q3 25 | — | $18.9M | ||
| Q2 25 | — | $35.7M | ||
| Q1 25 | — | $-8.7M | ||
| Q4 24 | — | $19.5M | ||
| Q3 24 | — | $26.4M | ||
| Q2 24 | — | $-4.9M | ||
| Q1 24 | — | $-16.3M |
自由现金流率ABNBBROS
| Q4 25 | — | 1.9% | ||
| Q3 25 | — | 4.5% | ||
| Q2 25 | — | 8.6% | ||
| Q1 25 | — | -2.4% | ||
| Q4 24 | — | 5.7% | ||
| Q3 24 | — | 7.8% | ||
| Q2 24 | — | -1.5% | ||
| Q1 24 | — | -5.9% |
资本支出强度ABNBBROS
| Q4 25 | — | 16.0% | ||
| Q3 25 | — | 16.6% | ||
| Q2 25 | — | 13.0% | ||
| Q1 25 | — | 12.8% | ||
| Q4 24 | — | 12.5% | ||
| Q3 24 | — | 16.9% | ||
| Q2 24 | — | 19.8% | ||
| Q1 24 | — | 20.9% |
现金转化率ABNBBROS
| Q4 25 | 1.54× | 3.73× | ||
| Q3 25 | 0.99× | 5.09× | ||
| Q2 25 | 1.52× | 3.51× | ||
| Q1 25 | 11.62× | 2.40× | ||
| Q4 24 | 1.01× | 17.23× | ||
| Q3 24 | 0.79× | 6.60× | ||
| Q2 24 | 1.89× | 4.99× | ||
| Q1 24 | 7.28× | 5.83× |
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
ABNB
| North America | $1.1B | 41% |
| EMEA | $930.0M | 33% |
| Latin America | $351.0M | 13% |
| Other | $351.0M | 13% |
BROS
| Company Operated Shops | $409.6M | 92% |
| Franchise Fees | $32.3M | 7% |
| Other | $1.8M | 0% |
