vs
爱彼迎（ABNB）与康宝莱（HLF）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康宝莱的2.2倍（$2.8B vs $1.3B）。爱彼迎净利率更高（12.3% vs 6.7%，领先5.6%）。爱彼迎同比增速更快（12.0% vs 6.3%）。过去两年爱彼迎的营收复合增速更高（13.9% vs 0.7%）
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。
康宝莱是美国跨国多层次营销企业，主营膳食补充剂的研发与销售。该公司曾被指控涉嫌金字塔骗局欺诈运营，2016年与美国证监会达成协议后调整了薪酬体系，将经销商奖励与可核实的实际销售额挂钩。此外其部分产品曾被曝出引发急性肝炎的相关问题。
ABNB vs HLF — 直观对比
营收规模更大
ABNB
是对方的2.2倍
$1.3B
营收增速更快
ABNB
高出5.8%
6.3%
净利率更高
ABNB
高出5.6%
6.7%
两年增速更快
ABNB
近两年复合增速
0.7%
损益表 — Q4 2025 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $2.8B | $1.3B |
| 净利润 | $341.0M | $85.4M |
| 毛利率 | 82.5% | 77.5% |
| 营业利润率 | 9.7% | 7.8% |
| 净利率 | 12.3% | 6.7% |
| 营收同比 | 12.0% | 6.3% |
| 净利润同比 | -26.0% | -52.0% |
| 每股收益（稀释后） | — | $0.81 |
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ABNBHLF
| Q4 25 | $2.8B | $1.3B | ||
| Q3 25 | $4.1B | $1.3B | ||
| Q2 25 | $3.1B | $1.3B | ||
| Q1 25 | $2.3B | $1.2B | ||
| Q4 24 | $2.5B | $1.2B | ||
| Q3 24 | $3.7B | $1.2B | ||
| Q2 24 | $2.7B | $1.3B | ||
| Q1 24 | $2.1B | $1.3B |
净利润ABNBHLF
| Q4 25 | $341.0M | $85.4M | ||
| Q3 25 | $1.4B | $43.2M | ||
| Q2 25 | $642.0M | $49.3M | ||
| Q1 25 | $154.0M | $50.4M | ||
| Q4 24 | $461.0M | $177.9M | ||
| Q3 24 | $1.4B | $47.4M | ||
| Q2 24 | $555.0M | $4.7M | ||
| Q1 24 | $264.0M | $24.3M |
毛利率ABNBHLF
| Q4 25 | 82.5% | 77.5% | ||
| Q3 25 | 86.6% | 77.7% | ||
| Q2 25 | 82.4% | 78.0% | ||
| Q1 25 | 77.7% | 78.3% | ||
| Q4 24 | 82.8% | 77.8% | ||
| Q3 24 | 87.5% | 78.3% | ||
| Q2 24 | 81.6% | 77.9% | ||
| Q1 24 | 77.6% | 77.5% |
营业利润率ABNBHLF
| Q4 25 | 9.7% | 7.8% | ||
| Q3 25 | 39.7% | 9.9% | ||
| Q2 25 | 19.8% | 10.5% | ||
| Q1 25 | 1.7% | 10.1% | ||
| Q4 24 | 17.3% | 8.8% | ||
| Q3 24 | 40.9% | 10.2% | ||
| Q2 24 | 18.1% | 6.3% | ||
| Q1 24 | 4.7% | 5.7% |
净利率ABNBHLF
| Q4 25 | 12.3% | 6.7% | ||
| Q3 25 | 33.6% | 3.4% | ||
| Q2 25 | 20.7% | 3.9% | ||
| Q1 25 | 6.8% | 4.1% | ||
| Q4 24 | 18.6% | 14.7% | ||
| Q3 24 | 36.7% | 3.8% | ||
| Q2 24 | 20.2% | 0.4% | ||
| Q1 24 | 12.3% | 1.9% |
每股收益（稀释后）ABNBHLF
| Q4 25 | — | $0.81 | ||
| Q3 25 | — | $0.42 | ||
| Q2 25 | — | $0.48 | ||
| Q1 25 | — | $0.49 | ||
| Q4 24 | — | $1.75 | ||
| Q3 24 | — | $0.46 | ||
| Q2 24 | — | $0.05 | ||
| Q1 24 | — | $0.24 |
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 | $353.1M |
| 总债务越低越好 | — | $2.0B |
| 股东权益账面价值 | $8.2B | $-515.1M |
| 总资产 | $22.2B | $2.8B |
| 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ABNBHLF
| Q4 25 | $11.0B | $353.1M | ||
| Q3 25 | $11.7B | $305.5M | ||
| Q2 25 | $11.4B | $320.9M | ||
| Q1 25 | $11.5B | $329.4M | ||
| Q4 24 | $10.6B | $415.3M | ||
| Q3 24 | $11.3B | $402.5M | ||
| Q2 24 | $11.3B | $374.0M | ||
| Q1 24 | $11.1B | $398.3M |
总债务ABNBHLF
| Q4 25 | — | $2.0B | ||
| Q3 25 | — | $2.0B | ||
| Q2 25 | — | $2.1B | ||
| Q1 25 | — | $2.2B | ||
| Q4 24 | — | $2.3B | ||
| Q3 24 | — | $2.3B | ||
| Q2 24 | — | $2.3B | ||
| Q1 24 | — | $2.4B |
股东权益ABNBHLF
| Q4 25 | $8.2B | $-515.1M | ||
| Q3 25 | $8.6B | $-612.0M | ||
| Q2 25 | $7.8B | $-660.5M | ||
| Q1 25 | $7.9B | $-736.0M | ||
| Q4 24 | $8.4B | $-801.1M | ||
| Q3 24 | $8.5B | $-954.2M | ||
| Q2 24 | $8.0B | $-1.0B | ||
| Q1 24 | $7.9B | $-1.0B |
总资产ABNBHLF
| Q4 25 | $22.2B | $2.8B | ||
| Q3 25 | $23.1B | $2.7B | ||
| Q2 25 | $27.0B | $2.7B | ||
| Q1 25 | $25.1B | $2.7B | ||
| Q4 24 | $21.0B | $2.7B | ||
| Q3 24 | $22.2B | $2.7B | ||
| Q2 24 | $26.3B | $2.6B | ||
| Q1 24 | $24.5B | $2.6B |
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 | $98.3M |
| 自由现金流经营现金流 - 资本支出 | — | $79.8M |
| 自由现金流率自由现金流/营收 | — | 6.2% |
| 资本支出强度资本支出/营收 | — | 1.4% |
| 现金转化率经营现金流/净利润 | 1.54× | 1.15× |
| 过去12个月自由现金流最近4个季度 | — | $252.9M |
8季度趋势，按日历期对齐
经营现金流ABNBHLF
| Q4 25 | $526.0M | $98.3M | ||
| Q3 25 | $1.4B | $138.8M | ||
| Q2 25 | $975.0M | $96.0M | ||
| Q1 25 | $1.8B | $200.0K | ||
| Q4 24 | $466.0M | $69.6M | ||
| Q3 24 | $1.1B | $99.5M | ||
| Q2 24 | $1.1B | $102.5M | ||
| Q1 24 | $1.9B | $13.8M |
自由现金流ABNBHLF
| Q4 25 | — | $79.8M | ||
| Q3 25 | — | $118.0M | ||
| Q2 25 | — | $73.2M | ||
| Q1 25 | — | $-18.1M | ||
| Q4 24 | — | $43.9M | ||
| Q3 24 | — | $72.4M | ||
| Q2 24 | — | $66.2M | ||
| Q1 24 | — | $-19.1M |
自由现金流率ABNBHLF
| Q4 25 | — | 6.2% | ||
| Q3 25 | — | 9.3% | ||
| Q2 25 | — | 5.8% | ||
| Q1 25 | — | -1.5% | ||
| Q4 24 | — | 3.6% | ||
| Q3 24 | — | 5.8% | ||
| Q2 24 | — | 5.2% | ||
| Q1 24 | — | -1.5% |
资本支出强度ABNBHLF
| Q4 25 | — | 1.4% | ||
| Q3 25 | — | 1.6% | ||
| Q2 25 | — | 1.8% | ||
| Q1 25 | — | 1.5% | ||
| Q4 24 | — | 2.1% | ||
| Q3 24 | — | 2.2% | ||
| Q2 24 | — | 2.8% | ||
| Q1 24 | — | 2.6% |
现金转化率ABNBHLF
| Q4 25 | 1.54× | 1.15× | ||
| Q3 25 | 0.99× | 3.21× | ||
| Q2 25 | 1.52× | 1.95× | ||
| Q1 25 | 11.62× | 0.00× | ||
| Q4 24 | 1.01× | 0.39× | ||
| Q3 24 | 0.79× | 2.10× | ||
| Q2 24 | 1.89× | 21.81× | ||
| Q1 24 | 7.28× | 0.57× |
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% |
HLF
| Others | $514.4M | 40% |
| Other | $300.0M | 23% |
| IN | $250.3M | 20% |
| MX | $147.2M | 11% |
| VN | $71.1M | 6% |
