vs
爱彼迎（ABNB）与Tennessee Valley Authority（TVE）财务数据对比。点击上方公司名可切换其他公司
Tennessee Valley Authority的季度营收约是爱彼迎的1.1倍（$3.0B vs $2.8B），爱彼迎净利率更高（12.3% vs 8.7%，领先3.6%），爱彼迎同比增速更快（12.0% vs 4.4%），过去两年爱彼迎的营收复合增速更高（13.9% vs -1.7%）
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。
田纳西河流域管理局（TVA）是美国联邦政府所有的电力公用事业企业，服务范围覆盖田纳西州全境，以及阿拉巴马州、密西西比州、肯塔基州的部分区域，还涵盖佐治亚州、北卡罗来纳州、弗吉尼亚州的小块区域。该企业虽归属联邦政府，但不依赖纳税人资金运营，运营模式与私营盈利企业类似，总部位于田纳西州诺克斯维尔。
ABNB vs TVE — 直观对比
营收规模更大
TVE
是对方的1.1倍
$2.8B
营收增速更快
ABNB
高出7.6%
4.4%
净利率更高
ABNB
高出3.6%
8.7%
两年增速更快
ABNB
近两年复合增速
-1.7%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $2.8B | $3.0B |
| 净利润 | $341.0M | $266.0M |
| 毛利率 | 82.5% | — |
| 营业利润率 | 9.7% | 18.1% |
| 净利率 | 12.3% | 8.7% |
| 营收同比 | 12.0% | 4.4% |
| 净利润同比 | -26.0% | 112.8% |
| 每股收益（稀释后） | — | — |
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ABNBTVE
| Q4 25 | $2.8B | $3.0B | ||
| Q3 25 | $4.1B | $3.9B | ||
| Q2 25 | $3.1B | $3.3B | ||
| Q1 25 | $2.3B | $3.5B | ||
| Q4 24 | $2.5B | $2.9B | ||
| Q3 24 | $3.7B | $3.5B | ||
| Q2 24 | $2.7B | $2.9B | ||
| Q1 24 | $2.1B | $3.2B |
净利润ABNBTVE
| Q4 25 | $341.0M | $266.0M | ||
| Q3 25 | $1.4B | $615.0M | ||
| Q2 25 | $642.0M | $212.0M | ||
| Q1 25 | $154.0M | $408.0M | ||
| Q4 24 | $461.0M | $125.0M | ||
| Q3 24 | $1.4B | $520.0M | ||
| Q2 24 | $555.0M | $181.0M | ||
| Q1 24 | $264.0M | $307.0M |
毛利率ABNBTVE
| 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ABNBTVE
| Q4 25 | 9.7% | 18.1% | ||
| Q3 25 | 39.7% | 23.6% | ||
| Q2 25 | 19.8% | 15.6% | ||
| Q1 25 | 1.7% | 20.3% | ||
| Q4 24 | 17.3% | 14.1% | ||
| Q3 24 | 40.9% | 22.7% | ||
| Q2 24 | 18.1% | 15.9% | ||
| Q1 24 | 4.7% | 18.4% |
净利率ABNBTVE
| Q4 25 | 12.3% | 8.7% | ||
| Q3 25 | 33.6% | 15.7% | ||
| Q2 25 | 20.7% | 6.4% | ||
| Q1 25 | 6.8% | 11.6% | ||
| Q4 24 | 18.6% | 4.3% | ||
| Q3 24 | 36.7% | 14.8% | ||
| Q2 24 | 20.2% | 6.3% | ||
| Q1 24 | 12.3% | 9.7% |
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 | $501.0M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $8.2B | — |
| 总资产 | $22.2B | $59.5B |
| 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ABNBTVE
| Q4 25 | $11.0B | $501.0M | ||
| Q3 25 | $11.7B | $1.6B | ||
| Q2 25 | $11.4B | $501.0M | ||
| Q1 25 | $11.5B | $502.0M | ||
| Q4 24 | $10.6B | $507.0M | ||
| Q3 24 | $11.3B | $502.0M | ||
| Q2 24 | $11.3B | $501.0M | ||
| Q1 24 | $11.1B | $508.0M |
总债务ABNBTVE
| Q4 25 | — | — | ||
| Q3 25 | — | $22.1B | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | $19.1B | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
股东权益ABNBTVE
| Q4 25 | $8.2B | — | ||
| Q3 25 | $8.6B | — | ||
| Q2 25 | $7.8B | — | ||
| Q1 25 | $7.9B | — | ||
| Q4 24 | $8.4B | — | ||
| Q3 24 | $8.5B | — | ||
| Q2 24 | $8.0B | — | ||
| Q1 24 | $7.9B | — |
总资产ABNBTVE
| Q4 25 | $22.2B | $59.5B | ||
| Q3 25 | $23.1B | $60.9B | ||
| Q2 25 | $27.0B | $59.9B | ||
| Q1 25 | $25.1B | $59.3B | ||
| Q4 24 | $21.0B | $58.4B | ||
| Q3 24 | $22.2B | $57.7B | ||
| Q2 24 | $26.3B | $56.2B | ||
| Q1 24 | $24.5B | $52.3B |
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 | $330.0M |
| 自由现金流经营现金流 - 资本支出 | — | $-814.0M |
| 自由现金流率自由现金流/营收 | — | -26.7% |
| 资本支出强度资本支出/营收 | — | 37.5% |
| 现金转化率经营现金流/净利润 | 1.54× | 1.24× |
| 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ABNBTVE
| Q4 25 | $526.0M | $330.0M | ||
| Q3 25 | $1.4B | $1.2B | ||
| Q2 25 | $975.0M | $615.0M | ||
| Q1 25 | $1.8B | $1.0B | ||
| Q4 24 | $466.0M | $450.0M | ||
| Q3 24 | $1.1B | $1.1B | ||
| Q2 24 | $1.1B | $508.0M | ||
| Q1 24 | $1.9B | $1.0B |
自由现金流ABNBTVE
| Q4 25 | — | $-814.0M | ||
| Q3 25 | — | $233.0M | ||
| Q2 25 | — | $-431.0M | ||
| Q1 25 | — | $-176.0M | ||
| Q4 24 | — | $-759.0M | ||
| Q3 24 | — | $164.0M | ||
| Q2 24 | — | $-248.0M | ||
| Q1 24 | — | $276.0M |
自由现金流率ABNBTVE
| Q4 25 | — | -26.7% | ||
| Q3 25 | — | 6.0% | ||
| Q2 25 | — | -13.0% | ||
| Q1 25 | — | -5.0% | ||
| Q4 24 | — | -26.0% | ||
| Q3 24 | — | 4.7% | ||
| Q2 24 | — | -8.6% | ||
| Q1 24 | — | 8.8% |
资本支出强度ABNBTVE
| Q4 25 | — | 37.5% | ||
| Q3 25 | — | 25.9% | ||
| Q2 25 | — | 31.6% | ||
| Q1 25 | — | 33.6% | ||
| Q4 24 | — | 41.4% | ||
| Q3 24 | — | 25.6% | ||
| Q2 24 | — | 26.3% | ||
| Q1 24 | — | 24.2% |
现金转化率ABNBTVE
| Q4 25 | 1.54× | 1.24× | ||
| Q3 25 | 0.99× | 2.03× | ||
| Q2 25 | 1.52× | 2.90× | ||
| Q1 25 | 11.62× | 2.48× | ||
| Q4 24 | 1.01× | 3.60× | ||
| Q3 24 | 0.79× | 2.05× | ||
| Q2 24 | 1.89× | 2.81× | ||
| Q1 24 | 7.28× | 3.38× |
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% |
TVE
| TN | $2.0B | 65% |
| AL | $449.0M | 15% |
| MS | $266.0M | 9% |
| KY | $193.0M | 6% |
| GA | $75.0M | 2% |
| Federal Agencies And Other | $29.0M | 1% |
| NC | $23.0M | 1% |
| VA | $12.0M | 0% |
| Off System Sales Member | $2.0M | 0% |
