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爱彼迎（ABNB）与Hilton Grand Vacations Inc.（HGV）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Hilton Grand Vacations Inc.的2.3倍（$2.8B vs $1.2B）。爱彼迎净利率更高（12.3% vs 4.0%，领先8.2%）。爱彼迎同比增速更快（12.0% vs 3.7%）。过去两年爱彼迎的营收复合增速更高（13.9% vs 7.4%）
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。
希尔顿度假大酒店公司（Hilton Grand Vacations Inc.）总部位于美国佛罗里达州奥兰多，是一家跨国企业。该公司通过与希尔顿全球的独家授权协议，运营管理希尔顿旗下的分时度假和度假所有权品牌。其原为希尔顿全球的全资子公司，2017年分拆为独立上市公司。
ABNB vs HGV — 直观对比
营收规模更大
ABNB
是对方的2.3倍
$1.2B
营收增速更快
ABNB
高出8.3%
3.7%
净利率更高
ABNB
高出8.2%
4.0%
两年增速更快
ABNB
近两年复合增速
7.4%
损益表 — Q4 2025 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $2.8B | $1.2B |
| 净利润 | $341.0M | $48.0M |
| 毛利率 | 82.5% | — |
| 营业利润率 | 9.7% | 7.8% |
| 净利率 | 12.3% | 4.0% |
| 营收同比 | 12.0% | 3.7% |
| 净利润同比 | -26.0% | 140.0% |
| 每股收益（稀释后） | — | $0.53 |
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ABNBHGV
| Q4 25 | $2.8B | $1.2B | ||
| Q3 25 | $4.1B | $1.2B | ||
| Q2 25 | $3.1B | $1.1B | ||
| Q1 25 | $2.3B | $1.0B | ||
| Q4 24 | $2.5B | $1.1B | ||
| Q3 24 | $3.7B | $1.2B | ||
| Q2 24 | $2.7B | $1.1B | ||
| Q1 24 | $2.1B | $1.0B |
净利润ABNBHGV
| Q4 25 | $341.0M | $48.0M | ||
| Q3 25 | $1.4B | $25.0M | ||
| Q2 25 | $642.0M | $25.0M | ||
| Q1 25 | $154.0M | $-17.0M | ||
| Q4 24 | $461.0M | $20.0M | ||
| Q3 24 | $1.4B | $29.0M | ||
| Q2 24 | $555.0M | $2.0M | ||
| Q1 24 | $264.0M | $-4.0M |
毛利率ABNBHGV
| Q4 25 | 82.5% | — | ||
| Q3 25 | 86.6% | — | ||
| Q2 25 | 82.4% | — | ||
| Q1 25 | 77.7% | — | ||
| Q4 24 | 82.8% | — | ||
| Q3 24 | 87.5% | — | ||
| Q2 24 | 81.6% | — | ||
| Q1 24 | 77.6% | — |
营业利润率ABNBHGV
| Q4 25 | 9.7% | 7.8% | ||
| Q3 25 | 39.7% | 3.9% | ||
| Q2 25 | 19.8% | 3.8% | ||
| Q1 25 | 1.7% | -0.6% | ||
| Q4 24 | 17.3% | 4.3% | ||
| Q3 24 | 40.9% | 7.9% | ||
| Q2 24 | 18.1% | 0.6% | ||
| Q1 24 | 4.7% | -1.3% |
净利率ABNBHGV
| Q4 25 | 12.3% | 4.0% | ||
| Q3 25 | 33.6% | 2.1% | ||
| Q2 25 | 20.7% | 2.2% | ||
| Q1 25 | 6.8% | -1.7% | ||
| Q4 24 | 18.6% | 1.7% | ||
| Q3 24 | 36.7% | 2.5% | ||
| Q2 24 | 20.2% | 0.2% | ||
| Q1 24 | 12.3% | -0.4% |
每股收益（稀释后）ABNBHGV
| Q4 25 | — | $0.53 | ||
| Q3 25 | — | $0.28 | ||
| Q2 25 | — | $0.25 | ||
| Q1 25 | — | $-0.17 | ||
| Q4 24 | — | $0.19 | ||
| Q3 24 | — | $0.28 | ||
| Q2 24 | — | $0.02 | ||
| Q1 24 | — | $-0.04 |
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 | $239.0M |
| 总债务越低越好 | — | $4.5B |
| 股东权益账面价值 | $8.2B | $1.3B |
| 总资产 | $22.2B | $11.5B |
| 负债/权益比越低杠杆越低 | — | 3.53× |
8季度趋势，按日历期对齐
现金及短期投资ABNBHGV
| Q4 25 | $11.0B | $239.0M | ||
| Q3 25 | $11.7B | $215.0M | ||
| Q2 25 | $11.4B | $269.0M | ||
| Q1 25 | $11.5B | $259.0M | ||
| Q4 24 | $10.6B | $328.0M | ||
| Q3 24 | $11.3B | $297.0M | ||
| Q2 24 | $11.3B | $328.0M | ||
| Q1 24 | $11.1B | $355.0M |
总债务ABNBHGV
| Q4 25 | — | $4.5B | ||
| Q3 25 | — | $4.7B | ||
| Q2 25 | — | $4.6B | ||
| Q1 25 | — | $4.5B | ||
| Q4 24 | — | $4.6B | ||
| Q3 24 | — | $5.0B | ||
| Q2 24 | — | $4.9B | ||
| Q1 24 | — | $5.1B |
股东权益ABNBHGV
| Q4 25 | $8.2B | $1.3B | ||
| Q3 25 | $8.6B | $1.4B | ||
| Q2 25 | $7.8B | $1.5B | ||
| Q1 25 | $7.9B | $1.6B | ||
| Q4 24 | $8.4B | $1.8B | ||
| Q3 24 | $8.5B | $1.8B | ||
| Q2 24 | $8.0B | $1.9B | ||
| Q1 24 | $7.9B | $2.0B |
总资产ABNBHGV
| Q4 25 | $22.2B | $11.5B | ||
| Q3 25 | $23.1B | $11.7B | ||
| Q2 25 | $27.0B | $11.7B | ||
| Q1 25 | $25.1B | $11.8B | ||
| Q4 24 | $21.0B | $11.4B | ||
| Q3 24 | $22.2B | $11.2B | ||
| Q2 24 | $26.3B | $11.5B | ||
| Q1 24 | $24.5B | $11.7B |
负债/权益比ABNBHGV
| Q4 25 | — | 3.53× | ||
| Q3 25 | — | 3.41× | ||
| Q2 25 | — | 3.07× | ||
| Q1 25 | — | 2.83× | ||
| Q4 24 | — | 2.63× | ||
| Q3 24 | — | 2.73× | ||
| Q2 24 | — | 2.55× | ||
| Q1 24 | — | 2.57× |
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 | $167.0M |
| 自由现金流经营现金流 - 资本支出 | — | $147.0M |
| 自由现金流率自由现金流/营收 | — | 12.3% |
| 资本支出强度资本支出/营收 | — | 1.7% |
| 现金转化率经营现金流/净利润 | 1.54× | 3.48× |
| 过去12个月自由现金流最近4个季度 | — | $230.0M |
8季度趋势，按日历期对齐
经营现金流ABNBHGV
| Q4 25 | $526.0M | $167.0M | ||
| Q3 25 | $1.4B | $34.0M | ||
| Q2 25 | $975.0M | $61.0M | ||
| Q1 25 | $1.8B | $38.0M | ||
| Q4 24 | $466.0M | $105.0M | ||
| Q3 24 | $1.1B | $91.0M | ||
| Q2 24 | $1.1B | $113.0M | ||
| Q1 24 | $1.9B | $0 |
自由现金流ABNBHGV
| Q4 25 | — | $147.0M | ||
| Q3 25 | — | $13.0M | ||
| Q2 25 | — | $46.0M | ||
| Q1 25 | — | $24.0M | ||
| Q4 24 | — | $90.0M | ||
| Q3 24 | — | $81.0M | ||
| Q2 24 | — | $106.0M | ||
| Q1 24 | — | — |
自由现金流率ABNBHGV
| Q4 25 | — | 12.3% | ||
| Q3 25 | — | 1.1% | ||
| Q2 25 | — | 4.0% | ||
| Q1 25 | — | 2.4% | ||
| Q4 24 | — | 7.8% | ||
| Q3 24 | — | 6.9% | ||
| Q2 24 | — | 9.6% | ||
| Q1 24 | — | — |
资本支出强度ABNBHGV
| Q4 25 | — | 1.7% | ||
| Q3 25 | — | 1.8% | ||
| Q2 25 | — | 1.3% | ||
| Q1 25 | — | 1.4% | ||
| Q4 24 | — | 1.3% | ||
| Q3 24 | — | 0.9% | ||
| Q2 24 | — | 0.6% | ||
| Q1 24 | — | 1.0% |
现金转化率ABNBHGV
| Q4 25 | 1.54× | 3.48× | ||
| Q3 25 | 0.99× | 1.36× | ||
| Q2 25 | 1.52× | 2.44× | ||
| Q1 25 | 11.62× | — | ||
| Q4 24 | 1.01× | 5.25× | ||
| Q3 24 | 0.79× | 3.14× | ||
| Q2 24 | 1.89× | 56.50× | ||
| Q1 24 | 7.28× | — |
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% |
HGV
| Sales Of Vacation Ownership Intervals Net | $492.0M | 41% |
| Fee For Services Commissions Package Sales And Other Fees | $169.0M | 14% |
| Cost Reimbursements | $141.0M | 12% |
| Interest Income Revenue | $125.0M | 10% |
| Resort Management | $118.0M | 10% |
| Club Management | $101.0M | 8% |
| Related Party | $42.0M | 4% |
| Ancillary Services | $13.0M | 1% |
