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爱彼迎（ABNB）与西蒙地产集团（SPG）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西蒙地产集团的1.6倍（$2.8B vs $1.8B），西蒙地产集团净利率更高（197.6% vs 12.3%，领先185.3%），西蒙地产集团同比增速更快（13.2% vs 12.0%），过去两年爱彼迎的营收复合增速更高（13.9% vs 11.4%）
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。
西蒙地产集团是美国头部房地产投资信托企业，核心投资范畴涵盖购物中心、奥特莱斯、社区及生活方式中心，是美国规模最大的购物中心持有方，总部位于印第安纳州印第安纳波利斯，截至2024年12月末共持有232处物业的相关权益。
ABNB vs SPG — 直观对比
营收规模更大
ABNB
是对方的1.6倍
$1.8B
营收增速更快
SPG
高出1.2%
12.0%
净利率更高
SPG
高出185.3%
12.3%
两年增速更快
ABNB
近两年复合增速
11.4%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $2.8B | $1.8B |
| 净利润 | $341.0M | $3.5B |
| 毛利率 | 82.5% | — |
| 营业利润率 | 9.7% | 49.7% |
| 净利率 | 12.3% | 197.6% |
| 营收同比 | 12.0% | 13.2% |
| 净利润同比 | -26.0% | 358.7% |
| 每股收益（稀释后） | — | $9.34 |
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ABNBSPG
| Q4 25 | $2.8B | $1.8B | ||
| Q3 25 | $4.1B | $1.6B | ||
| Q2 25 | $3.1B | $1.5B | ||
| Q1 25 | $2.3B | $1.5B | ||
| Q4 24 | $2.5B | $1.6B | ||
| Q3 24 | $3.7B | $1.5B | ||
| Q2 24 | $2.7B | $1.5B | ||
| Q1 24 | $2.1B | $1.4B |
净利润ABNBSPG
| Q4 25 | $341.0M | $3.5B | ||
| Q3 25 | $1.4B | $702.7M | ||
| Q2 25 | $642.0M | $643.7M | ||
| Q1 25 | $154.0M | $477.9M | ||
| Q4 24 | $461.0M | $771.8M | ||
| Q3 24 | $1.4B | $546.7M | ||
| Q2 24 | $555.0M | $569.4M | ||
| Q1 24 | $264.0M | $841.2M |
毛利率ABNBSPG
| 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ABNBSPG
| Q4 25 | 9.7% | 49.7% | ||
| Q3 25 | 39.7% | 50.8% | ||
| Q2 25 | 19.8% | 49.7% | ||
| Q1 25 | 1.7% | 49.4% | ||
| Q4 24 | 17.3% | 52.8% | ||
| Q3 24 | 40.9% | 51.9% | ||
| Q2 24 | 18.1% | 51.7% | ||
| Q1 24 | 4.7% | 51.0% |
净利率ABNBSPG
| Q4 25 | 12.3% | 197.6% | ||
| Q3 25 | 33.6% | 43.9% | ||
| Q2 25 | 20.7% | 43.0% | ||
| Q1 25 | 6.8% | 32.4% | ||
| Q4 24 | 18.6% | 48.8% | ||
| Q3 24 | 36.7% | 36.9% | ||
| Q2 24 | 20.2% | 39.0% | ||
| Q1 24 | 12.3% | 58.3% |
每股收益（稀释后）ABNBSPG
| Q4 25 | — | $9.34 | ||
| Q3 25 | — | $1.86 | ||
| Q2 25 | — | $1.70 | ||
| Q1 25 | — | $1.27 | ||
| Q4 24 | — | $2.04 | ||
| Q3 24 | — | $1.46 | ||
| Q2 24 | — | $1.51 | ||
| Q1 24 | — | $2.25 |
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 | $823.1M |
| 总债务越低越好 | — | $28.4B |
| 股东权益账面价值 | $8.2B | $5.2B |
| 总资产 | $22.2B | $40.6B |
| 负债/权益比越低杠杆越低 | — | 5.46× |
8季度趋势，按日历期对齐
现金及短期投资ABNBSPG
| Q4 25 | $11.0B | $823.1M | ||
| Q3 25 | $11.7B | $1.6B | ||
| Q2 25 | $11.4B | $1.2B | ||
| Q1 25 | $11.5B | $1.4B | ||
| Q4 24 | $10.6B | $1.4B | ||
| Q3 24 | $11.3B | $2.5B | ||
| Q2 24 | $11.3B | $2.5B | ||
| Q1 24 | $11.1B | $2.6B |
总债务ABNBSPG
| Q4 25 | — | $28.4B | ||
| Q3 25 | — | $25.8B | ||
| Q2 25 | — | $25.4B | ||
| Q1 25 | — | $24.8B | ||
| Q4 24 | — | $24.3B | ||
| Q3 24 | — | $25.4B | ||
| Q2 24 | — | $25.3B | ||
| Q1 24 | — | $25.5B |
股东权益ABNBSPG
| Q4 25 | $8.2B | $5.2B | ||
| Q3 25 | $8.6B | $2.3B | ||
| Q2 25 | $7.8B | $2.5B | ||
| Q1 25 | $7.9B | $2.6B | ||
| Q4 24 | $8.4B | $2.9B | ||
| Q3 24 | $8.5B | $2.7B | ||
| Q2 24 | $8.0B | $2.9B | ||
| Q1 24 | $7.9B | $3.1B |
总资产ABNBSPG
| Q4 25 | $22.2B | $40.6B | ||
| Q3 25 | $23.1B | $33.6B | ||
| Q2 25 | $27.0B | $33.3B | ||
| Q1 25 | $25.1B | $32.5B | ||
| Q4 24 | $21.0B | $32.4B | ||
| Q3 24 | $22.2B | $33.3B | ||
| Q2 24 | $26.3B | $33.4B | ||
| Q1 24 | $24.5B | $33.7B |
负债/权益比ABNBSPG
| Q4 25 | — | 5.46× | ||
| Q3 25 | — | 10.98× | ||
| Q2 25 | — | 10.36× | ||
| Q1 25 | — | 9.50× | ||
| Q4 24 | — | 8.25× | ||
| Q3 24 | — | 9.37× | ||
| Q2 24 | — | 8.59× | ||
| Q1 24 | — | 8.22× |
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 | $1.2B |
| 自由现金流经营现金流 - 资本支出 | — | $948.8M |
| 自由现金流率自由现金流/营收 | — | 53.0% |
| 资本支出强度资本支出/营收 | — | 14.2% |
| 现金转化率经营现金流/净利润 | 1.54× | 0.34× |
| 过去12个月自由现金流最近4个季度 | — | $3.2B |
8季度趋势，按日历期对齐
经营现金流ABNBSPG
| Q4 25 | $526.0M | $1.2B | ||
| Q3 25 | $1.4B | $890.3M | ||
| Q2 25 | $975.0M | $1.2B | ||
| Q1 25 | $1.8B | $827.2M | ||
| Q4 24 | $466.0M | $1.1B | ||
| Q3 24 | $1.1B | $892.9M | ||
| Q2 24 | $1.1B | $1.1B | ||
| Q1 24 | $1.9B | $773.1M |
自由现金流ABNBSPG
| Q4 25 | — | $948.8M | ||
| Q3 25 | — | $685.0M | ||
| Q2 25 | — | $971.3M | ||
| Q1 25 | — | $597.0M | ||
| Q4 24 | — | $867.7M | ||
| Q3 24 | — | $706.5M | ||
| Q2 24 | — | $874.8M | ||
| Q1 24 | — | $610.1M |
自由现金流率ABNBSPG
| Q4 25 | — | 53.0% | ||
| Q3 25 | — | 42.8% | ||
| Q2 25 | — | 64.8% | ||
| Q1 25 | — | 40.5% | ||
| Q4 24 | — | 54.8% | ||
| Q3 24 | — | 47.7% | ||
| Q2 24 | — | 60.0% | ||
| Q1 24 | — | 42.3% |
资本支出强度ABNBSPG
| Q4 25 | — | 14.2% | ||
| Q3 25 | — | 12.8% | ||
| Q2 25 | — | 16.3% | ||
| Q1 25 | — | 15.6% | ||
| Q4 24 | — | 13.8% | ||
| Q3 24 | — | 12.6% | ||
| Q2 24 | — | 12.9% | ||
| Q1 24 | — | 11.3% |
现金转化率ABNBSPG
| Q4 25 | 1.54× | 0.34× | ||
| Q3 25 | 0.99× | 1.27× | ||
| Q2 25 | 1.52× | 1.89× | ||
| Q1 25 | 11.62× | 1.73× | ||
| Q4 24 | 1.01× | 1.41× | ||
| Q3 24 | 0.79× | 1.63× | ||
| Q2 24 | 1.89× | 1.87× | ||
| Q1 24 | 7.28× | 0.92× |
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% |
SPG
| Real Estate Segment | $1.7B | 95% |
| Other | $86.3M | 5% |
