vs
爱彼迎（ABNB）与佳明（GRMN）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佳明的1.3倍（$2.8B vs $2.1B）。佳明净利率更高（24.9% vs 12.3%，领先12.6%）。佳明同比增速更快（16.6% vs 12.0%）。过去两年佳明的营收复合增速更高（24.0% 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。
佳明（Garmin）是总部位于美国堪萨斯州奥拉西的跨国科技企业，专注于设计、研发、生产及销售GPS功能产品，以及导航、通讯、传感类信息产品，业务覆盖汽车、航空、航海、户外、运动健身等多个领域。
ABNB vs GRMN — 直观对比
营收规模更大
ABNB
是对方的1.3倍
$2.1B
营收增速更快
GRMN
高出4.6%
12.0%
净利率更高
GRMN
高出12.6%
12.3%
两年增速更快
GRMN
近两年复合增速
13.9%
损益表 — Q4 2025 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $2.8B | $2.1B |
| 净利润 | $341.0M | $528.7M |
| 毛利率 | 82.5% | 59.2% |
| 营业利润率 | 9.7% | 28.9% |
| 净利率 | 12.3% | 24.9% |
| 营收同比 | 12.0% | 16.6% |
| 净利润同比 | -26.0% | 21.3% |
| 每股收益（稀释后） | — | $2.72 |
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ABNBGRMN
| Q4 25 | $2.8B | $2.1B | ||
| Q3 25 | $4.1B | $1.8B | ||
| Q2 25 | $3.1B | $1.8B | ||
| Q1 25 | $2.3B | $1.5B | ||
| Q4 24 | $2.5B | $1.8B | ||
| Q3 24 | $3.7B | $1.6B | ||
| Q2 24 | $2.7B | $1.5B | ||
| Q1 24 | $2.1B | $1.4B |
净利润ABNBGRMN
| Q4 25 | $341.0M | $528.7M | ||
| Q3 25 | $1.4B | $401.6M | ||
| Q2 25 | $642.0M | $400.8M | ||
| Q1 25 | $154.0M | $332.8M | ||
| Q4 24 | $461.0M | $435.7M | ||
| Q3 24 | $1.4B | $399.1M | ||
| Q2 24 | $555.0M | $300.6M | ||
| Q1 24 | $264.0M | $276.0M |
毛利率ABNBGRMN
| Q4 25 | 82.5% | 59.2% | ||
| Q3 25 | 86.6% | 59.1% | ||
| Q2 25 | 82.4% | 58.8% | ||
| Q1 25 | 77.7% | 57.6% | ||
| Q4 24 | 82.8% | 59.3% | ||
| Q3 24 | 87.5% | 60.0% | ||
| Q2 24 | 81.6% | 57.3% | ||
| Q1 24 | 77.6% | 58.1% |
营业利润率ABNBGRMN
| Q4 25 | 9.7% | 28.9% | ||
| Q3 25 | 39.7% | 25.8% | ||
| Q2 25 | 19.8% | 26.0% | ||
| Q1 25 | 1.7% | 21.7% | ||
| Q4 24 | 17.3% | 28.3% | ||
| Q3 24 | 40.9% | 27.6% | ||
| Q2 24 | 18.1% | 22.7% | ||
| Q1 24 | 4.7% | 21.6% |
净利率ABNBGRMN
| Q4 25 | 12.3% | 24.9% | ||
| Q3 25 | 33.6% | 22.7% | ||
| Q2 25 | 20.7% | 22.1% | ||
| Q1 25 | 6.8% | 21.7% | ||
| Q4 24 | 18.6% | 23.9% | ||
| Q3 24 | 36.7% | 25.2% | ||
| Q2 24 | 20.2% | 20.0% | ||
| Q1 24 | 12.3% | 20.0% |
每股收益（稀释后）ABNBGRMN
| Q4 25 | — | $2.72 | ||
| Q3 25 | — | $2.08 | ||
| Q2 25 | — | $2.07 | ||
| Q1 25 | — | $1.72 | ||
| Q4 24 | — | $2.24 | ||
| Q3 24 | — | $2.07 | ||
| Q2 24 | — | $1.56 | ||
| Q1 24 | — | $1.43 |
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 | $2.3B |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $8.2B | $9.0B |
| 总资产 | $22.2B | $11.0B |
| 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ABNBGRMN
| Q4 25 | $11.0B | $2.3B | ||
| Q3 25 | $11.7B | $2.1B | ||
| Q2 25 | $11.4B | $2.1B | ||
| Q1 25 | $11.5B | $2.2B | ||
| Q4 24 | $10.6B | $2.1B | ||
| Q3 24 | $11.3B | $2.0B | ||
| Q2 24 | $11.3B | $1.9B | ||
| Q1 24 | $11.1B | $1.9B |
股东权益ABNBGRMN
| Q4 25 | $8.2B | $9.0B | ||
| Q3 25 | $8.6B | $8.5B | ||
| Q2 25 | $7.8B | $8.1B | ||
| Q1 25 | $7.9B | $8.2B | ||
| Q4 24 | $8.4B | $7.8B | ||
| Q3 24 | $8.5B | $7.5B | ||
| Q2 24 | $8.0B | $7.0B | ||
| Q1 24 | $7.9B | $7.2B |
总资产ABNBGRMN
| Q4 25 | $22.2B | $11.0B | ||
| Q3 25 | $23.1B | $10.5B | ||
| Q2 25 | $27.0B | $10.3B | ||
| Q1 25 | $25.1B | $9.8B | ||
| Q4 24 | $21.0B | $9.6B | ||
| Q3 24 | $22.2B | $9.3B | ||
| Q2 24 | $26.3B | $8.9B | ||
| Q1 24 | $24.5B | $8.6B |
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 | $553.8M |
| 自由现金流经营现金流 - 资本支出 | — | $429.6M |
| 自由现金流率自由现金流/营收 | — | 20.2% |
| 资本支出强度资本支出/营收 | — | 5.8% |
| 现金转化率经营现金流/净利润 | 1.54× | 1.05× |
| 过去12个月自由现金流最近4个季度 | — | $1.4B |
8季度趋势，按日历期对齐
经营现金流ABNBGRMN
| Q4 25 | $526.0M | $553.8M | ||
| Q3 25 | $1.4B | $485.6M | ||
| Q2 25 | $975.0M | $173.2M | ||
| Q1 25 | $1.8B | $420.8M | ||
| Q4 24 | $466.0M | $483.9M | ||
| Q3 24 | $1.1B | $258.0M | ||
| Q2 24 | $1.1B | $255.3M | ||
| Q1 24 | $1.9B | $435.3M |
自由现金流ABNBGRMN
| Q4 25 | — | $429.6M | ||
| Q3 25 | — | $425.1M | ||
| Q2 25 | — | $127.5M | ||
| Q1 25 | — | $380.7M | ||
| Q4 24 | — | $399.2M | ||
| Q3 24 | — | $219.4M | ||
| Q2 24 | — | $218.2M | ||
| Q1 24 | — | $402.1M |
自由现金流率ABNBGRMN
| Q4 25 | — | 20.2% | ||
| Q3 25 | — | 24.0% | ||
| Q2 25 | — | 7.0% | ||
| Q1 25 | — | 24.8% | ||
| Q4 24 | — | 21.9% | ||
| Q3 24 | — | 13.8% | ||
| Q2 24 | — | 14.5% | ||
| Q1 24 | — | 29.1% |
资本支出强度ABNBGRMN
| Q4 25 | — | 5.8% | ||
| Q3 25 | — | 3.4% | ||
| Q2 25 | — | 2.5% | ||
| Q1 25 | — | 2.6% | ||
| Q4 24 | — | 4.6% | ||
| Q3 24 | — | 2.4% | ||
| Q2 24 | — | 2.5% | ||
| Q1 24 | — | 2.4% |
现金转化率ABNBGRMN
| Q4 25 | 1.54× | 1.05× | ||
| Q3 25 | 0.99× | 1.21× | ||
| Q2 25 | 1.52× | 0.43× | ||
| Q1 25 | 11.62× | 1.26× | ||
| Q4 24 | 1.01× | 1.11× | ||
| Q3 24 | 0.79× | 0.65× | ||
| Q2 24 | 1.89× | 0.85× | ||
| Q1 24 | 7.28× | 1.58× |
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% |
GRMN
| Fitness Segment | $765.8M | 36% |
| Outdoor Segment | $627.6M | 30% |
| Marine Segment | $296.9M | 14% |
| Aviation Segment | $274.2M | 13% |
| Auto Oem Segment | $160.4M | 8% |
