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爱彼迎（ABNB）与Chefs' Warehouse, Inc.（CHEF）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Chefs' Warehouse, Inc.的2.4倍（$2.8B vs $1.1B）。爱彼迎净利率更高（12.3% vs 1.9%，领先10.4%）。爱彼迎同比增速更快（12.0% vs 10.5%）。过去两年Chefs' Warehouse, Inc.的营收复合增速更高（14.3% 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。
Chefs' Warehouse, Inc. 是一家北美专业食品分销商，服务对象包括独立餐厅、高端餐饮场所、酒店、餐饮服务商等食品服务运营商，供应超15万种精选产品，涵盖手工食材、特色肉类、海鲜、乳制品、进口高端美食等，适配专业厨师的使用需求。
ABNB vs CHEF — 直观对比
营收规模更大
ABNB
是对方的2.4倍
$1.1B
营收增速更快
ABNB
高出1.5%
10.5%
净利率更高
ABNB
高出10.4%
1.9%
两年增速更快
CHEF
近两年复合增速
13.9%
损益表 — Q4 2025 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $2.8B | $1.1B |
| 净利润 | $341.0M | $21.7M |
| 毛利率 | 82.5% | 24.2% |
| 营业利润率 | 9.7% | 3.8% |
| 净利率 | 12.3% | 1.9% |
| 营收同比 | 12.0% | 10.5% |
| 净利润同比 | -26.0% | -9.4% |
| 每股收益（稀释后） | — | $0.50 |
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ABNBCHEF
| Q4 25 | $2.8B | $1.1B | ||
| Q3 25 | $4.1B | $1.0B | ||
| Q2 25 | $3.1B | $1.0B | ||
| Q1 25 | $2.3B | $950.7M | ||
| Q4 24 | $2.5B | $1.0B | ||
| Q3 24 | $3.7B | $931.5M | ||
| Q2 24 | $2.7B | $954.7M | ||
| Q1 24 | $2.1B | $874.5M |
净利润ABNBCHEF
| Q4 25 | $341.0M | $21.7M | ||
| Q3 25 | $1.4B | $19.1M | ||
| Q2 25 | $642.0M | $21.2M | ||
| Q1 25 | $154.0M | $10.3M | ||
| Q4 24 | $461.0M | $23.9M | ||
| Q3 24 | $1.4B | $14.1M | ||
| Q2 24 | $555.0M | $15.5M | ||
| Q1 24 | $264.0M | $1.9M |
毛利率ABNBCHEF
| Q4 25 | 82.5% | 24.2% | ||
| Q3 25 | 86.6% | 24.2% | ||
| Q2 25 | 82.4% | 24.6% | ||
| Q1 25 | 77.7% | 23.8% | ||
| Q4 24 | 82.8% | 24.3% | ||
| Q3 24 | 87.5% | 24.1% | ||
| Q2 24 | 81.6% | 24.0% | ||
| Q1 24 | 77.6% | 23.9% |
营业利润率ABNBCHEF
| Q4 25 | 9.7% | 3.8% | ||
| Q3 25 | 39.7% | 3.8% | ||
| Q2 25 | 19.8% | 3.9% | ||
| Q1 25 | 1.7% | 2.4% | ||
| Q4 24 | 17.3% | 4.5% | ||
| Q3 24 | 40.9% | 3.4% | ||
| Q2 24 | 18.1% | 3.5% | ||
| Q1 24 | 4.7% | 1.8% |
净利率ABNBCHEF
| Q4 25 | 12.3% | 1.9% | ||
| Q3 25 | 33.6% | 1.9% | ||
| Q2 25 | 20.7% | 2.1% | ||
| Q1 25 | 6.8% | 1.1% | ||
| Q4 24 | 18.6% | 2.3% | ||
| Q3 24 | 36.7% | 1.5% | ||
| Q2 24 | 20.2% | 1.6% | ||
| Q1 24 | 12.3% | 0.2% |
每股收益（稀释后）ABNBCHEF
| Q4 25 | — | $0.50 | ||
| Q3 25 | — | $0.44 | ||
| Q2 25 | — | $0.49 | ||
| Q1 25 | — | $0.25 | ||
| Q4 24 | — | $0.56 | ||
| Q3 24 | — | $0.34 | ||
| Q2 24 | — | $0.37 | ||
| Q1 24 | — | $0.05 |
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 | $121.0M |
| 总债务越低越好 | — | $720.3M |
| 股东权益账面价值 | $8.2B | $604.3M |
| 总资产 | $22.2B | $2.0B |
| 负债/权益比越低杠杆越低 | — | 1.19× |
8季度趋势，按日历期对齐
现金及短期投资ABNBCHEF
| Q4 25 | $11.0B | $121.0M | ||
| Q3 25 | $11.7B | $65.1M | ||
| Q2 25 | $11.4B | $96.9M | ||
| Q1 25 | $11.5B | $116.5M | ||
| Q4 24 | $10.6B | $114.7M | ||
| Q3 24 | $11.3B | $50.7M | ||
| Q2 24 | $11.3B | $38.3M | ||
| Q1 24 | $11.1B | $42.3M |
总债务ABNBCHEF
| Q4 25 | — | $720.3M | ||
| Q3 25 | — | $711.7M | ||
| Q2 25 | — | $690.2M | ||
| Q1 25 | — | $681.1M | ||
| Q4 24 | — | $688.7M | ||
| Q3 24 | — | $666.6M | ||
| Q2 24 | — | $660.8M | ||
| Q1 24 | — | $667.3M |
股东权益ABNBCHEF
| Q4 25 | $8.2B | $604.3M | ||
| Q3 25 | $8.6B | $576.6M | ||
| Q2 25 | $7.8B | $557.7M | ||
| Q1 25 | $7.9B | $541.6M | ||
| Q4 24 | $8.4B | $537.6M | ||
| Q3 24 | $8.5B | $480.3M | ||
| Q2 24 | $8.0B | $461.9M | ||
| Q1 24 | $7.9B | $447.8M |
总资产ABNBCHEF
| Q4 25 | $22.2B | $2.0B | ||
| Q3 25 | $23.1B | $1.9B | ||
| Q2 25 | $27.0B | $1.9B | ||
| Q1 25 | $25.1B | $1.8B | ||
| Q4 24 | $21.0B | $1.9B | ||
| Q3 24 | $22.2B | $1.8B | ||
| Q2 24 | $26.3B | $1.7B | ||
| Q1 24 | $24.5B | $1.7B |
负债/权益比ABNBCHEF
| Q4 25 | — | 1.19× | ||
| Q3 25 | — | 1.23× | ||
| Q2 25 | — | 1.24× | ||
| Q1 25 | — | 1.26× | ||
| Q4 24 | — | 1.28× | ||
| Q3 24 | — | 1.39× | ||
| Q2 24 | — | 1.43× | ||
| Q1 24 | — | 1.49× |
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 | $73.9M |
| 自由现金流经营现金流 - 资本支出 | — | $65.8M |
| 自由现金流率自由现金流/营收 | — | 5.8% |
| 资本支出强度资本支出/营收 | — | 0.7% |
| 现金转化率经营现金流/净利润 | 1.54× | 3.41× |
| 过去12个月自由现金流最近4个季度 | — | $87.8M |
8季度趋势，按日历期对齐
经营现金流ABNBCHEF
| Q4 25 | $526.0M | $73.9M | ||
| Q3 25 | $1.4B | $-8.7M | ||
| Q2 25 | $975.0M | $14.5M | ||
| Q1 25 | $1.8B | $49.6M | ||
| Q4 24 | $466.0M | $73.0M | ||
| Q3 24 | $1.1B | $19.8M | ||
| Q2 24 | $1.1B | $29.3M | ||
| Q1 24 | $1.9B | $30.9M |
自由现金流ABNBCHEF
| Q4 25 | — | $65.8M | ||
| Q3 25 | — | $-19.7M | ||
| Q2 25 | — | $4.5M | ||
| Q1 25 | — | $37.2M | ||
| Q4 24 | — | $64.6M | ||
| Q3 24 | — | $11.8M | ||
| Q2 24 | — | $13.3M | ||
| Q1 24 | — | $13.8M |
自由现金流率ABNBCHEF
| Q4 25 | — | 5.8% | ||
| Q3 25 | — | -1.9% | ||
| Q2 25 | — | 0.4% | ||
| Q1 25 | — | 3.9% | ||
| Q4 24 | — | 6.3% | ||
| Q3 24 | — | 1.3% | ||
| Q2 24 | — | 1.4% | ||
| Q1 24 | — | 1.6% |
资本支出强度ABNBCHEF
| Q4 25 | — | 0.7% | ||
| Q3 25 | — | 1.1% | ||
| Q2 25 | — | 1.0% | ||
| Q1 25 | — | 1.3% | ||
| Q4 24 | — | 0.8% | ||
| Q3 24 | — | 0.9% | ||
| Q2 24 | — | 1.7% | ||
| Q1 24 | — | 2.0% |
现金转化率ABNBCHEF
| Q4 25 | 1.54× | 3.41× | ||
| Q3 25 | 0.99× | -0.46× | ||
| Q2 25 | 1.52× | 0.68× | ||
| Q1 25 | 11.62× | 4.82× | ||
| Q4 24 | 1.01× | 3.05× | ||
| Q3 24 | 0.79× | 1.41× | ||
| Q2 24 | 1.89× | 1.89× | ||
| Q1 24 | 7.28× | 16.00× |
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% |
CHEF
| Center Of The Plate Product | $459.1M | 40% |
| Dry Goods Product | $175.7M | 15% |
| Pastry Product | $160.5M | 14% |
| Produce | $147.9M | 13% |
| Cheese And Charcuterie Product | $75.3M | 7% |
| Dairy And Eggs Product | $69.2M | 6% |
| Oils And Vinegar Product | $32.4M | 3% |
| Kitchen Supplies Product | $22.4M | 2% |
