vs
爱彼迎（ABNB）与梅西百货（M）财务数据对比。点击上方公司名可切换其他公司
梅西百货的季度营收约是爱彼迎的1.7倍（$4.7B vs $2.8B）。爱彼迎净利率更高（12.3% vs 0.2%，领先12.0%）。爱彼迎同比增速更快（12.0% vs -0.6%）。过去两年爱彼迎的营收复合增速更高（13.9% vs -23.8%）
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。
梅西百货是美国知名百货控股集团，1929年成立时名为联合百货，最初持有Abraham & Straus、Lazarus等多个区域连锁百货品牌，次年布鲁明戴尔正式加入。集团早年频繁开展资产并购与剥离，1994年收购1858年创立的老牌百货梅西，随后更名并发展为美国头部百货零售企业。
ABNB vs M — 直观对比
营收规模更大
M
是对方的1.7倍
$2.8B
营收增速更快
ABNB
高出12.6%
-0.6%
净利率更高
ABNB
高出12.0%
0.2%
两年增速更快
ABNB
近两年复合增速
-23.8%
损益表 — Q4 2025 vs Q3 2026
| 指标 | | |
|---|---|---|
| 营收 | $2.8B | $4.7B |
| 净利润 | $341.0M | $11.0M |
| 毛利率 | 82.5% | 39.4% |
| 营业利润率 | 9.7% | 0.9% |
| 净利率 | 12.3% | 0.2% |
| 营收同比 | 12.0% | -0.6% |
| 净利润同比 | -26.0% | -60.7% |
| 每股收益（稀释后） | — | $0.04 |
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ABNBM
| Q4 25 | $2.8B | $4.7B | ||
| Q3 25 | $4.1B | $4.8B | ||
| Q2 25 | $3.1B | $4.6B | ||
| Q1 25 | $2.3B | $7.8B | ||
| Q4 24 | $2.5B | $4.7B | ||
| Q3 24 | $3.7B | $4.9B | ||
| Q2 24 | $2.7B | $4.8B | ||
| Q1 24 | $2.1B | $8.1B |
净利润ABNBM
| Q4 25 | $341.0M | $11.0M | ||
| Q3 25 | $1.4B | $87.0M | ||
| Q2 25 | $642.0M | $38.0M | ||
| Q1 25 | $154.0M | $342.0M | ||
| Q4 24 | $461.0M | $28.0M | ||
| Q3 24 | $1.4B | $150.0M | ||
| Q2 24 | $555.0M | $62.0M | ||
| Q1 24 | $264.0M | $-71.0M |
毛利率ABNBM
| Q4 25 | 82.5% | 39.4% | ||
| Q3 25 | 86.6% | 39.7% | ||
| Q2 25 | 82.4% | 39.2% | ||
| Q1 25 | 77.7% | 35.7% | ||
| Q4 24 | 82.8% | 39.6% | ||
| Q3 24 | 87.5% | 40.5% | ||
| Q2 24 | 81.6% | 39.2% | ||
| Q1 24 | 77.6% | 37.5% |
营业利润率ABNBM
| Q4 25 | 9.7% | 0.9% | ||
| Q3 25 | 39.7% | 3.1% | ||
| Q2 25 | 19.8% | 2.0% | ||
| Q1 25 | 1.7% | 6.4% | ||
| Q4 24 | 17.3% | 1.3% | ||
| Q3 24 | 40.9% | 4.5% | ||
| Q2 24 | 18.1% | 2.6% | ||
| Q1 24 | 4.7% | -0.9% |
净利率ABNBM
| Q4 25 | 12.3% | 0.2% | ||
| Q3 25 | 33.6% | 1.8% | ||
| Q2 25 | 20.7% | 0.8% | ||
| Q1 25 | 6.8% | 4.4% | ||
| Q4 24 | 18.6% | 0.6% | ||
| Q3 24 | 36.7% | 3.0% | ||
| Q2 24 | 20.2% | 1.3% | ||
| Q1 24 | 12.3% | -0.9% |
每股收益（稀释后）ABNBM
| Q4 25 | — | $0.04 | ||
| Q3 25 | — | $0.31 | ||
| Q2 25 | — | $0.13 | ||
| Q1 25 | — | $1.22 | ||
| Q4 24 | — | $0.10 | ||
| Q3 24 | — | $0.53 | ||
| Q2 24 | — | $0.22 | ||
| Q1 24 | — | $-0.25 |
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 | $447.0M |
| 总债务越低越好 | — | $2.4B |
| 股东权益账面价值 | $8.2B | $4.3B |
| 总资产 | $22.2B | $17.1B |
| 负债/权益比越低杠杆越低 | — | 0.56× |
8季度趋势，按日历期对齐
现金及短期投资ABNBM
| Q4 25 | $11.0B | $447.0M | ||
| Q3 25 | $11.7B | $829.0M | ||
| Q2 25 | $11.4B | $932.0M | ||
| Q1 25 | $11.5B | $1.3B | ||
| Q4 24 | $10.6B | $315.0M | ||
| Q3 24 | $11.3B | $646.0M | ||
| Q2 24 | $11.3B | $876.0M | ||
| Q1 24 | $11.1B | $1.0B |
总债务ABNBM
| Q4 25 | — | $2.4B | ||
| Q3 25 | — | $2.4B | ||
| Q2 25 | — | $2.8B | ||
| Q1 25 | — | $2.8B | ||
| Q4 24 | — | $2.8B | ||
| Q3 24 | — | $3.0B | ||
| Q2 24 | — | $3.0B | ||
| Q1 24 | — | $3.0B |
股东权益ABNBM
| Q4 25 | $8.2B | $4.3B | ||
| Q3 25 | $8.6B | $4.5B | ||
| Q2 25 | $7.8B | $4.5B | ||
| Q1 25 | $7.9B | $4.6B | ||
| Q4 24 | $8.4B | $4.1B | ||
| Q3 24 | $8.5B | $4.3B | ||
| Q2 24 | $8.0B | $4.2B | ||
| Q1 24 | $7.9B | $4.1B |
总资产ABNBM
| Q4 25 | $22.2B | $17.1B | ||
| Q3 25 | $23.1B | $15.6B | ||
| Q2 25 | $27.0B | $16.1B | ||
| Q1 25 | $25.1B | $16.4B | ||
| Q4 24 | $21.0B | $17.3B | ||
| Q3 24 | $22.2B | $15.8B | ||
| Q2 24 | $26.3B | $16.4B | ||
| Q1 24 | $24.5B | $16.2B |
负债/权益比ABNBM
| Q4 25 | — | 0.56× | ||
| Q3 25 | — | 0.55× | ||
| Q2 25 | — | 0.62× | ||
| Q1 25 | — | 0.61× | ||
| Q4 24 | — | 0.67× | ||
| Q3 24 | — | 0.70× | ||
| Q2 24 | — | 0.72× | ||
| Q1 24 | — | 0.72× |
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 | $-8.0M |
| 自由现金流经营现金流 - 资本支出 | — | $-101.0M |
| 自由现金流率自由现金流/营收 | — | -2.1% |
| 资本支出强度资本支出/营收 | — | 2.0% |
| 现金转化率经营现金流/净利润 | 1.54× | -0.73× |
| 过去12个月自由现金流最近4个季度 | — | $1.2B |
8季度趋势，按日历期对齐
经营现金流ABNBM
| Q4 25 | $526.0M | $-8.0M | ||
| Q3 25 | $1.4B | $319.0M | ||
| Q2 25 | $975.0M | $-64.0M | ||
| Q1 25 | $1.8B | $1.3B | ||
| Q4 24 | $466.0M | $-167.0M | ||
| Q3 24 | $1.1B | $8.0M | ||
| Q2 24 | $1.1B | $129.0M | ||
| Q1 24 | $1.9B | $1.1B |
自由现金流ABNBM
| Q4 25 | — | $-101.0M | ||
| Q3 25 | — | $240.0M | ||
| Q2 25 | — | $-164.0M | ||
| Q1 25 | — | $1.2B | ||
| Q4 24 | — | $-295.0M | ||
| Q3 24 | — | $-109.0M | ||
| Q2 24 | — | $-25.0M | ||
| Q1 24 | — | $1.0B |
自由现金流率ABNBM
| Q4 25 | — | -2.1% | ||
| Q3 25 | — | 5.0% | ||
| Q2 25 | — | -3.6% | ||
| Q1 25 | — | 15.3% | ||
| Q4 24 | — | -6.2% | ||
| Q3 24 | — | -2.2% | ||
| Q2 24 | — | -0.5% | ||
| Q1 24 | — | 12.3% |
资本支出强度ABNBM
| Q4 25 | — | 2.0% | ||
| Q3 25 | — | 1.6% | ||
| Q2 25 | — | 2.2% | ||
| Q1 25 | — | 1.5% | ||
| Q4 24 | — | 2.7% | ||
| Q3 24 | — | 2.4% | ||
| Q2 24 | — | 3.2% | ||
| Q1 24 | — | 1.8% |
现金转化率ABNBM
| Q4 25 | 1.54× | -0.73× | ||
| Q3 25 | 0.99× | 3.67× | ||
| Q2 25 | 1.52× | -1.68× | ||
| Q1 25 | 11.62× | 3.82× | ||
| Q4 24 | 1.01× | -5.96× | ||
| Q3 24 | 0.79× | 0.05× | ||
| Q2 24 | 1.89× | 2.08× | ||
| 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% |
M
| Womens Accessories Shoes Cosmetics And Fragrances | $1.9B | 41% |
| Womens Apparel | $1.1B | 23% |
| Mens And Kids | $1.0B | 22% |
| Home Other | $638.0M | 14% |
| Credit Card Revenues Net | $158.0M | 3% |
| Macys Media Network Revenue Net | $42.0M | 1% |
