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爱彼迎（ABNB）与惠而浦（WHR）财务数据对比。点击上方公司名可切换其他公司
惠而浦的季度营收约是爱彼迎的1.5倍（$4.1B vs $2.8B）。爱彼迎净利率更高（12.3% vs 2.7%，领先9.6%）。爱彼迎同比增速更快（12.0% vs -0.9%）。过去两年爱彼迎的营收复合增速更高（13.9% vs -4.5%）
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。
惠而浦是总部位于美国密歇根州本顿特许镇的跨国家电研发、生产及销售企业，位列《财富》世界500强。2023年集团年销售额约190亿美元，全球员工规模近5.9万人，在世界各地布局超55座生产及技术研发中心。
ABNB vs WHR — 直观对比
营收规模更大
WHR
是对方的1.5倍
$2.8B
营收增速更快
ABNB
高出12.9%
-0.9%
净利率更高
ABNB
高出9.6%
2.7%
两年增速更快
ABNB
近两年复合增速
-4.5%
损益表 — Q4 2025 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $2.8B | $4.1B |
| 净利润 | $341.0M | $109.0M |
| 毛利率 | 82.5% | 14.0% |
| 营业利润率 | 9.7% | 6.0% |
| 净利率 | 12.3% | 2.7% |
| 营收同比 | 12.0% | -0.9% |
| 净利润同比 | -26.0% | 127.8% |
| 每股收益（稀释后） | — | $1.92 |
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ABNBWHR
| Q4 25 | $2.8B | $4.1B | ||
| Q3 25 | $4.1B | $4.0B | ||
| Q2 25 | $3.1B | $3.8B | ||
| Q1 25 | $2.3B | $3.6B | ||
| Q4 24 | $2.5B | $4.1B | ||
| Q3 24 | $3.7B | $4.0B | ||
| Q2 24 | $2.7B | $4.0B | ||
| Q1 24 | $2.1B | $4.5B |
净利润ABNBWHR
| Q4 25 | $341.0M | $109.0M | ||
| Q3 25 | $1.4B | $73.0M | ||
| Q2 25 | $642.0M | $65.0M | ||
| Q1 25 | $154.0M | $71.0M | ||
| Q4 24 | $461.0M | $-392.0M | ||
| Q3 24 | $1.4B | $109.0M | ||
| Q2 24 | $555.0M | $219.0M | ||
| Q1 24 | $264.0M | $-259.0M |
毛利率ABNBWHR
| Q4 25 | 82.5% | 14.0% | ||
| Q3 25 | 86.6% | 14.7% | ||
| Q2 25 | 82.4% | 16.2% | ||
| Q1 25 | 77.7% | 16.8% | ||
| Q4 24 | 82.8% | 16.2% | ||
| Q3 24 | 87.5% | 16.1% | ||
| Q2 24 | 81.6% | 15.7% | ||
| Q1 24 | 77.6% | 14.3% |
营业利润率ABNBWHR
| Q4 25 | 9.7% | 6.0% | ||
| Q3 25 | 39.7% | 5.1% | ||
| Q2 25 | 19.8% | 5.4% | ||
| Q1 25 | 1.7% | 5.1% | ||
| Q4 24 | 17.3% | -3.3% | ||
| Q3 24 | 40.9% | 6.6% | ||
| Q2 24 | 18.1% | 3.3% | ||
| Q1 24 | 4.7% | -2.6% |
净利率ABNBWHR
| Q4 25 | 12.3% | 2.7% | ||
| Q3 25 | 33.6% | 1.8% | ||
| Q2 25 | 20.7% | 1.7% | ||
| Q1 25 | 6.8% | 2.0% | ||
| Q4 24 | 18.6% | -9.5% | ||
| Q3 24 | 36.7% | 2.7% | ||
| Q2 24 | 20.2% | 5.5% | ||
| Q1 24 | 12.3% | -5.8% |
每股收益（稀释后）ABNBWHR
| Q4 25 | — | $1.92 | ||
| Q3 25 | — | $1.29 | ||
| Q2 25 | — | $1.17 | ||
| Q1 25 | — | $1.28 | ||
| Q4 24 | — | $-7.11 | ||
| Q3 24 | — | $2.00 | ||
| Q2 24 | — | $3.96 | ||
| Q1 24 | — | $-4.72 |
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 | $669.0M |
| 总债务越低越好 | — | $6.2B |
| 股东权益账面价值 | $8.2B | $2.7B |
| 总资产 | $22.2B | $16.0B |
| 负债/权益比越低杠杆越低 | — | 2.26× |
8季度趋势，按日历期对齐
现金及短期投资ABNBWHR
| Q4 25 | $11.0B | $669.0M | ||
| Q3 25 | $11.7B | $934.0M | ||
| Q2 25 | $11.4B | $1.1B | ||
| Q1 25 | $11.5B | $1.0B | ||
| Q4 24 | $10.6B | $1.3B | ||
| Q3 24 | $11.3B | $1.1B | ||
| Q2 24 | $11.3B | $1.2B | ||
| Q1 24 | $11.1B | $1.2B |
总债务ABNBWHR
| Q4 25 | — | $6.2B | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $6.6B | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
股东权益ABNBWHR
| Q4 25 | $8.2B | $2.7B | ||
| Q3 25 | $8.6B | $2.6B | ||
| Q2 25 | $7.8B | $2.6B | ||
| Q1 25 | $7.9B | $2.6B | ||
| Q4 24 | $8.4B | $2.7B | ||
| Q3 24 | $8.5B | $3.0B | ||
| Q2 24 | $8.0B | $3.1B | ||
| Q1 24 | $7.9B | $2.4B |
总资产ABNBWHR
| Q4 25 | $22.2B | $16.0B | ||
| Q3 25 | $23.1B | $16.9B | ||
| Q2 25 | $27.0B | $16.8B | ||
| Q1 25 | $25.1B | $16.5B | ||
| Q4 24 | $21.0B | $16.3B | ||
| Q3 24 | $22.2B | $17.2B | ||
| Q2 24 | $26.3B | $17.3B | ||
| Q1 24 | $24.5B | $17.4B |
负债/权益比ABNBWHR
| Q4 25 | — | 2.26× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 2.46× | ||
| Q3 24 | — | — | ||
| 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 | $1.1B |
| 自由现金流经营现金流 - 资本支出 | — | $989.0M |
| 自由现金流率自由现金流/营收 | — | 24.1% |
| 资本支出强度资本支出/营收 | — | 3.7% |
| 现金转化率经营现金流/净利润 | 1.54× | 10.45× |
| 过去12个月自由现金流最近4个季度 | — | $81.0M |
8季度趋势，按日历期对齐
经营现金流ABNBWHR
| Q4 25 | $526.0M | $1.1B | ||
| Q3 25 | $1.4B | $33.0M | ||
| Q2 25 | $975.0M | $19.0M | ||
| Q1 25 | $1.8B | $-721.0M | ||
| Q4 24 | $466.0M | $1.1B | ||
| Q3 24 | $1.1B | $214.0M | ||
| Q2 24 | $1.1B | $388.0M | ||
| Q1 24 | $1.9B | $-873.0M |
自由现金流ABNBWHR
| Q4 25 | — | $989.0M | ||
| Q3 25 | — | $-52.0M | ||
| Q2 25 | — | $-63.0M | ||
| Q1 25 | — | $-793.0M | ||
| Q4 24 | — | $970.0M | ||
| Q3 24 | — | $127.0M | ||
| Q2 24 | — | $275.0M | ||
| Q1 24 | — | $-988.0M |
自由现金流率ABNBWHR
| Q4 25 | — | 24.1% | ||
| Q3 25 | — | -1.3% | ||
| Q2 25 | — | -1.7% | ||
| Q1 25 | — | -21.9% | ||
| Q4 24 | — | 23.5% | ||
| Q3 24 | — | 3.2% | ||
| Q2 24 | — | 6.9% | ||
| Q1 24 | — | -22.0% |
资本支出强度ABNBWHR
| Q4 25 | — | 3.7% | ||
| Q3 25 | — | 2.1% | ||
| Q2 25 | — | 2.2% | ||
| Q1 25 | — | 2.0% | ||
| Q4 24 | — | 3.3% | ||
| Q3 24 | — | 2.2% | ||
| Q2 24 | — | 2.8% | ||
| Q1 24 | — | 2.6% |
现金转化率ABNBWHR
| Q4 25 | 1.54× | 10.45× | ||
| Q3 25 | 0.99× | 0.45× | ||
| Q2 25 | 1.52× | 0.29× | ||
| Q1 25 | 11.62× | -10.15× | ||
| Q4 24 | 1.01× | — | ||
| Q3 24 | 0.79× | 1.96× | ||
| Q2 24 | 1.89× | 1.77× | ||
| 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% |
WHR
| Refrigeration | $1.2B | 30% |
| Laundry | $1.1B | 27% |
| Cooking | $1.1B | 26% |
| Dishwashing | $299.0M | 7% |
| Other | $266.0M | 6% |
| Spare Parts And Warranties | $139.0M | 3% |
