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爱彼迎（ABNB）与玛斯特锁（MBC）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玛斯特锁的4.3倍（$2.8B vs $644.6M）。爱彼迎净利率更高（12.3% vs -6.5%，领先18.8%）。爱彼迎同比增速更快（12.0% vs -3.5%）。过去两年爱彼迎的营收复合增速更高（13.9% vs 0.5%）
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。
玛斯特锁是美国知名安防产品供应商，1921年由锁匠发明家哈里·索雷夫创立，总部位于威斯康星州奥克里克，主营挂锁、密码锁、保险箱及相关安防产品，现为富俊创新集团旗下子公司，在全球安防锁具领域拥有较高的市场认可度。
ABNB vs MBC — 直观对比
营收规模更大
ABNB
是对方的4.3倍
$644.6M
营收增速更快
ABNB
高出15.5%
-3.5%
净利率更高
ABNB
高出18.8%
-6.5%
两年增速更快
ABNB
近两年复合增速
0.5%
损益表 — Q4 2025 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $2.8B | $644.6M |
| 净利润 | $341.0M | $-42.0M |
| 毛利率 | 82.5% | 26.0% |
| 营业利润率 | 9.7% | -4.2% |
| 净利率 | 12.3% | -6.5% |
| 营收同比 | 12.0% | -3.5% |
| 净利润同比 | -26.0% | -400.0% |
| 每股收益（稀释后） | — | $-0.32 |
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ABNBMBC
| Q4 25 | $2.8B | $644.6M | ||
| Q3 25 | $4.1B | $698.9M | ||
| Q2 25 | $3.1B | $730.9M | ||
| Q1 25 | $2.3B | $660.3M | ||
| Q4 24 | $2.5B | $667.7M | ||
| Q3 24 | $3.7B | $718.1M | ||
| Q2 24 | $2.7B | $676.5M | ||
| Q1 24 | $2.1B | $638.1M |
净利润ABNBMBC
| Q4 25 | $341.0M | $-42.0M | ||
| Q3 25 | $1.4B | $18.1M | ||
| Q2 25 | $642.0M | $37.3M | ||
| Q1 25 | $154.0M | $13.3M | ||
| Q4 24 | $461.0M | $14.0M | ||
| Q3 24 | $1.4B | $29.1M | ||
| Q2 24 | $555.0M | $45.3M | ||
| Q1 24 | $264.0M | $37.5M |
毛利率ABNBMBC
| Q4 25 | 82.5% | 26.0% | ||
| Q3 25 | 86.6% | 31.2% | ||
| Q2 25 | 82.4% | 32.8% | ||
| Q1 25 | 77.7% | 30.6% | ||
| Q4 24 | 82.8% | 30.4% | ||
| Q3 24 | 87.5% | 33.1% | ||
| Q2 24 | 81.6% | 34.1% | ||
| Q1 24 | 77.6% | 32.1% |
营业利润率ABNBMBC
| Q4 25 | 9.7% | -4.2% | ||
| Q3 25 | 39.7% | 6.0% | ||
| Q2 25 | 19.8% | 9.2% | ||
| Q1 25 | 1.7% | 5.6% | ||
| Q4 24 | 17.3% | 5.6% | ||
| Q3 24 | 40.9% | 8.0% | ||
| Q2 24 | 18.1% | 11.5% | ||
| Q1 24 | 4.7% | 9.8% |
净利率ABNBMBC
| Q4 25 | 12.3% | -6.5% | ||
| Q3 25 | 33.6% | 2.6% | ||
| Q2 25 | 20.7% | 5.1% | ||
| Q1 25 | 6.8% | 2.0% | ||
| Q4 24 | 18.6% | 2.1% | ||
| Q3 24 | 36.7% | 4.1% | ||
| Q2 24 | 20.2% | 6.7% | ||
| Q1 24 | 12.3% | 5.9% |
每股收益（稀释后）ABNBMBC
| Q4 25 | — | $-0.32 | ||
| Q3 25 | — | $0.14 | ||
| Q2 25 | — | $0.29 | ||
| Q1 25 | — | $0.10 | ||
| Q4 24 | — | $0.10 | ||
| Q3 24 | — | $0.22 | ||
| Q2 24 | — | $0.35 | ||
| Q1 24 | — | $0.29 |
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 | $183.3M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $8.2B | $1.3B |
| 总资产 | $22.2B | $3.1B |
| 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ABNBMBC
| Q4 25 | $11.0B | $183.3M | ||
| Q3 25 | $11.7B | $114.8M | ||
| Q2 25 | $11.4B | $120.1M | ||
| Q1 25 | $11.5B | $113.5M | ||
| Q4 24 | $10.6B | $120.6M | ||
| Q3 24 | $11.3B | $108.4M | ||
| Q2 24 | $11.3B | $189.4M | ||
| Q1 24 | $11.1B | $153.7M |
总债务ABNBMBC
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $1.0B | ||
| Q3 24 | — | $1.1B | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
股东权益ABNBMBC
| Q4 25 | $8.2B | $1.3B | ||
| Q3 25 | $8.6B | $1.4B | ||
| Q2 25 | $7.8B | $1.4B | ||
| Q1 25 | $7.9B | $1.3B | ||
| Q4 24 | $8.4B | $1.3B | ||
| Q3 24 | $8.5B | $1.3B | ||
| Q2 24 | $8.0B | $1.3B | ||
| Q1 24 | $7.9B | $1.2B |
总资产ABNBMBC
| Q4 25 | $22.2B | $3.1B | ||
| Q3 25 | $23.1B | $3.0B | ||
| Q2 25 | $27.0B | $3.0B | ||
| Q1 25 | $25.1B | $3.0B | ||
| Q4 24 | $21.0B | $2.9B | ||
| Q3 24 | $22.2B | $3.0B | ||
| Q2 24 | $26.3B | $2.4B | ||
| Q1 24 | $24.5B | $2.4B |
负债/权益比ABNBMBC
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 0.79× | ||
| Q3 24 | — | 0.83× | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
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 | $86.9M |
| 自由现金流经营现金流 - 资本支出 | — | $52.5M |
| 自由现金流率自由现金流/营收 | — | 8.1% |
| 资本支出强度资本支出/营收 | — | 5.3% |
| 现金转化率经营现金流/净利润 | 1.54× | — |
| 过去12个月自由现金流最近4个季度 | — | $117.5M |
8季度趋势，按日历期对齐
经营现金流ABNBMBC
| Q4 25 | $526.0M | $86.9M | ||
| Q3 25 | $1.4B | $55.4M | ||
| Q2 25 | $975.0M | $84.8M | ||
| Q1 25 | $1.8B | $-31.4M | ||
| Q4 24 | $466.0M | $115.1M | ||
| Q3 24 | $1.1B | $80.8M | ||
| Q2 24 | $1.1B | $77.4M | ||
| Q1 24 | $1.9B | $18.7M |
自由现金流ABNBMBC
| Q4 25 | — | $52.5M | ||
| Q3 25 | — | $39.5M | ||
| Q2 25 | — | $66.7M | ||
| Q1 25 | — | $-41.2M | ||
| Q4 24 | — | $68.8M | ||
| Q3 24 | — | $64.5M | ||
| Q2 24 | — | $66.1M | ||
| Q1 24 | — | $11.7M |
自由现金流率ABNBMBC
| Q4 25 | — | 8.1% | ||
| Q3 25 | — | 5.7% | ||
| Q2 25 | — | 9.1% | ||
| Q1 25 | — | -6.2% | ||
| Q4 24 | — | 10.3% | ||
| Q3 24 | — | 9.0% | ||
| Q2 24 | — | 9.8% | ||
| Q1 24 | — | 1.8% |
资本支出强度ABNBMBC
| Q4 25 | — | 5.3% | ||
| Q3 25 | — | 2.3% | ||
| Q2 25 | — | 2.5% | ||
| Q1 25 | — | 1.5% | ||
| Q4 24 | — | 6.9% | ||
| Q3 24 | — | 2.3% | ||
| Q2 24 | — | 1.7% | ||
| Q1 24 | — | 1.1% |
现金转化率ABNBMBC
| Q4 25 | 1.54× | — | ||
| Q3 25 | 0.99× | 3.06× | ||
| Q2 25 | 1.52× | 2.27× | ||
| Q1 25 | 11.62× | -2.36× | ||
| Q4 24 | 1.01× | 8.22× | ||
| Q3 24 | 0.79× | 2.78× | ||
| Q2 24 | 1.89× | 1.71× | ||
| Q1 24 | 7.28× | 0.50× |
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% |
MBC
| Dealers | $345.7M | 54% |
| Retail | $220.0M | 34% |
| Builders | $78.9M | 12% |
