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爱彼迎（ABNB）与维多利亚的秘密（VSCO）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维多利亚的秘密的1.9倍（$2.8B vs $1.5B）。爱彼迎净利率更高（12.3% vs -2.5%，领先14.8%）。爱彼迎同比增速更快（12.0% vs 9.3%）。过去两年爱彼迎的营收复合增速更高（13.9% vs -15.9%）
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。
维多利亚的秘密是美国知名内衣、服饰及美妆零售商，1977年由斯坦福大学研究生罗伊·雷蒙德与妻子盖伊共同创立，1982年旗下5家内衣门店被莱斯·韦克斯纳收购。韦克斯纳随后快速将门店布局到全美各大购物中心，到90年代初已在全国拥有350家门店，销售额达10亿美元，成为美国最大的内衣零售商。
ABNB vs VSCO — 直观对比
营收规模更大
ABNB
是对方的1.9倍
$1.5B
营收增速更快
ABNB
高出2.7%
9.3%
净利率更高
ABNB
高出14.8%
-2.5%
两年增速更快
ABNB
近两年复合增速
-15.9%
损益表 — Q4 2025 vs Q4 2026
| 指标 | | |
|---|---|---|
| 营收 | $2.8B | $1.5B |
| 净利润 | $341.0M | $-37.0M |
| 毛利率 | 82.5% | 36.4% |
| 营业利润率 | 9.7% | -1.3% |
| 净利率 | 12.3% | -2.5% |
| 营收同比 | 12.0% | 9.3% |
| 净利润同比 | -26.0% | 33.9% |
| 每股收益（稀释后） | — | $-0.46 |
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ABNBVSCO
| Q4 25 | $2.8B | $1.5B | ||
| Q3 25 | $4.1B | $1.5B | ||
| Q2 25 | $3.1B | $1.4B | ||
| Q1 25 | $2.3B | $2.1B | ||
| Q4 24 | $2.5B | $1.3B | ||
| Q3 24 | $3.7B | $1.4B | ||
| Q2 24 | $2.7B | $1.4B | ||
| Q1 24 | $2.1B | $2.1B |
净利润ABNBVSCO
| Q4 25 | $341.0M | $-37.0M | ||
| Q3 25 | $1.4B | $16.0M | ||
| Q2 25 | $642.0M | $-2.0M | ||
| Q1 25 | $154.0M | $193.0M | ||
| Q4 24 | $461.0M | $-56.0M | ||
| Q3 24 | $1.4B | $32.0M | ||
| Q2 24 | $555.0M | $-4.0M | ||
| Q1 24 | $264.0M | $180.0M |
毛利率ABNBVSCO
| Q4 25 | 82.5% | 36.4% | ||
| Q3 25 | 86.6% | 35.6% | ||
| Q2 25 | 82.4% | 35.0% | ||
| Q1 25 | 77.7% | 38.6% | ||
| Q4 24 | 82.8% | 34.7% | ||
| Q3 24 | 87.5% | 35.4% | ||
| Q2 24 | 81.6% | 36.9% | ||
| Q1 24 | 77.6% | 39.7% |
营业利润率ABNBVSCO
| Q4 25 | 9.7% | -1.3% | ||
| Q3 25 | 39.7% | 2.8% | ||
| Q2 25 | 19.8% | 1.5% | ||
| Q1 25 | 1.7% | 12.8% | ||
| Q4 24 | 17.3% | -3.5% | ||
| Q3 24 | 40.9% | 4.4% | ||
| Q2 24 | 18.1% | 1.9% | ||
| Q1 24 | 4.7% | 12.4% |
净利率ABNBVSCO
| Q4 25 | 12.3% | -2.5% | ||
| Q3 25 | 33.6% | 1.1% | ||
| Q2 25 | 20.7% | -0.1% | ||
| Q1 25 | 6.8% | 9.2% | ||
| Q4 24 | 18.6% | -4.2% | ||
| Q3 24 | 36.7% | 2.3% | ||
| Q2 24 | 20.2% | -0.3% | ||
| Q1 24 | 12.3% | 8.6% |
每股收益（稀释后）ABNBVSCO
| Q4 25 | — | $-0.46 | ||
| Q3 25 | — | $0.20 | ||
| Q2 25 | — | $-0.02 | ||
| Q1 25 | — | $2.41 | ||
| Q4 24 | — | $-0.71 | ||
| Q3 24 | — | $0.40 | ||
| Q2 24 | — | $-0.05 | ||
| Q1 24 | — | $2.32 |
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 | $249.0M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $8.2B | $653.0M |
| 总资产 | $22.2B | $5.1B |
| 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ABNBVSCO
| Q4 25 | $11.0B | $249.0M | ||
| Q3 25 | $11.7B | $188.0M | ||
| Q2 25 | $11.4B | $138.0M | ||
| Q1 25 | $11.5B | $227.0M | ||
| Q4 24 | $10.6B | $161.0M | ||
| Q3 24 | $11.3B | $169.0M | ||
| Q2 24 | $11.3B | $105.0M | ||
| Q1 24 | $11.1B | $270.0M |
股东权益ABNBVSCO
| Q4 25 | $8.2B | $653.0M | ||
| Q3 25 | $8.6B | $680.0M | ||
| Q2 25 | $7.8B | $645.0M | ||
| Q1 25 | $7.9B | $640.0M | ||
| Q4 24 | $8.4B | $429.0M | ||
| Q3 24 | $8.5B | $472.0M | ||
| Q2 24 | $8.0B | $423.0M | ||
| Q1 24 | $7.9B | $417.0M |
总资产ABNBVSCO
| Q4 25 | $22.2B | $5.1B | ||
| Q3 25 | $23.1B | $4.8B | ||
| Q2 25 | $27.0B | $4.6B | ||
| Q1 25 | $25.1B | $4.5B | ||
| Q4 24 | $21.0B | $4.9B | ||
| Q3 24 | $22.2B | $4.6B | ||
| Q2 24 | $26.3B | $4.4B | ||
| Q1 24 | $24.5B | $4.6B |
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 | $-180.0M |
| 自由现金流经营现金流 - 资本支出 | — | $-232.0M |
| 自由现金流率自由现金流/营收 | — | -15.8% |
| 资本支出强度资本支出/营收 | — | 3.5% |
| 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 | — | $309.0M |
8季度趋势，按日历期对齐
经营现金流ABNBVSCO
| Q4 25 | $526.0M | $-180.0M | ||
| Q3 25 | $1.4B | $156.0M | ||
| Q2 25 | $975.0M | $-150.0M | ||
| Q1 25 | $1.8B | $674.0M | ||
| Q4 24 | $466.0M | $-248.0M | ||
| Q3 24 | $1.1B | $115.0M | ||
| Q2 24 | $1.1B | $-116.0M | ||
| Q1 24 | $1.9B | $589.0M |
自由现金流ABNBVSCO
| Q4 25 | — | $-232.0M | ||
| Q3 25 | — | $88.0M | ||
| Q2 25 | — | $-193.0M | ||
| Q1 25 | — | $646.0M | ||
| Q4 24 | — | $-299.0M | ||
| Q3 24 | — | $55.0M | ||
| Q2 24 | — | $-155.0M | ||
| Q1 24 | — | $557.0M |
自由现金流率ABNBVSCO
| Q4 25 | — | -15.8% | ||
| Q3 25 | — | 6.0% | ||
| Q2 25 | — | -14.3% | ||
| Q1 25 | — | 30.7% | ||
| Q4 24 | — | -22.2% | ||
| Q3 24 | — | 3.9% | ||
| Q2 24 | — | -11.4% | ||
| Q1 24 | — | 26.7% |
资本支出强度ABNBVSCO
| Q4 25 | — | 3.5% | ||
| Q3 25 | — | 4.7% | ||
| Q2 25 | — | 3.2% | ||
| Q1 25 | — | 1.3% | ||
| Q4 24 | — | 3.8% | ||
| Q3 24 | — | 4.2% | ||
| Q2 24 | — | 2.9% | ||
| Q1 24 | — | 1.5% |
现金转化率ABNBVSCO
| Q4 25 | 1.54× | — | ||
| Q3 25 | 0.99× | 9.75× | ||
| Q2 25 | 1.52× | — | ||
| Q1 25 | 11.62× | 3.49× | ||
| Q4 24 | 1.01× | — | ||
| Q3 24 | 0.79× | 3.59× | ||
| Q2 24 | 1.89× | — | ||
| Q1 24 | 7.28× | 3.27× |
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% |
VSCO
| Sales Channel North America Stores | $778.0M | 53% |
| Sales Channel Directly To Consumer | $429.0M | 29% |
| Sales Channel International | $265.0M | 18% |
| Sales Channel Loyalty And Private Label Credit Card | $19.0M | 1% |
