vs
亚马逊（AMZN）与凯悦酒店集团（H）财务数据对比。点击上方公司名可切换其他公司
亚马逊的季度营收约是凯悦酒店集团的119.3倍（$213.4B vs $1.8B）。亚马逊净利率更高（9.9% vs -1.1%，领先11.0%）。亚马逊同比增速更快（13.6% vs 11.7%）。亚马逊自由现金流更多（$14.9B vs $236.0M）。过去两年亚马逊的营收复合增速更高（22.0% vs 2.2%）
亚马逊是全球知名的综合电商与科技企业，业务覆盖北美及全球多个地区，设有北美零售、国际零售、亚马逊云科技（AWS）三大业务板块。除运营线上线下零售渠道、提供消费商品售卖与订阅服务外，也为第三方卖家提供销售平台，还自主研发销售Kindle、Fire平板等电子设备。
凯悦酒店集团是来自美国的跨国酒店管理企业，总部位于芝加哥河畔广场区域，由普利兹克家族运营管理。集团主营高端及商务酒店、度假村、度假物业的管理与特许经营业务，目前在全球69个国家拥有逾1350家酒店及一价全包物业，覆盖六大洲。
AMZN vs H — 直观对比
营收规模更大
AMZN
是对方的119.3倍
$1.8B
营收增速更快
AMZN
高出2.0%
11.7%
净利率更高
AMZN
高出11.0%
-1.1%
自由现金流更多
AMZN
多$14.7B
$236.0M
两年增速更快
AMZN
近两年复合增速
2.2%
损益表 — Q4 2025 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $213.4B | $1.8B |
| 净利润 | $21.2B | $-20.0M |
| 毛利率 | 48.5% | — |
| 营业利润率 | 11.7% | 0.4% |
| 净利率 | 9.9% | -1.1% |
| 营收同比 | 13.6% | 11.7% |
| 净利润同比 | 5.9% | 64.3% |
| 每股收益（稀释后） | $1.95 | $-0.20 |
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AMZNH
| Q4 25 | $213.4B | $1.8B | ||
| Q3 25 | $180.2B | $1.8B | ||
| Q2 25 | $167.7B | $1.8B | ||
| Q1 25 | $155.7B | $1.7B | ||
| Q4 24 | $187.8B | $1.6B | ||
| Q3 24 | $158.9B | $1.6B | ||
| Q2 24 | $148.0B | $1.7B | ||
| Q1 24 | $143.3B | $1.7B |
净利润AMZNH
| Q4 25 | $21.2B | $-20.0M | ||
| Q3 25 | $21.2B | $-49.0M | ||
| Q2 25 | $18.2B | $-3.0M | ||
| Q1 25 | $17.1B | $20.0M | ||
| Q4 24 | $20.0B | $-56.0M | ||
| Q3 24 | $15.3B | $471.0M | ||
| Q2 24 | $13.5B | $359.0M | ||
| Q1 24 | $10.4B | $522.0M |
毛利率AMZNH
| Q4 25 | 48.5% | — | ||
| Q3 25 | 50.8% | — | ||
| Q2 25 | 51.8% | — | ||
| Q1 25 | 50.6% | — | ||
| Q4 24 | 47.3% | — | ||
| Q3 24 | 49.0% | — | ||
| Q2 24 | 50.1% | — | ||
| Q1 24 | 49.3% | — |
营业利润率AMZNH
| Q4 25 | 11.7% | 0.4% | ||
| Q3 25 | 9.7% | -1.0% | ||
| Q2 25 | 11.4% | 2.1% | ||
| Q1 25 | 11.8% | 3.0% | ||
| Q4 24 | 11.3% | -3.0% | ||
| Q3 24 | 11.0% | 37.3% | ||
| Q2 24 | 9.9% | 27.1% | ||
| Q1 24 | 10.7% | 31.6% |
净利率AMZNH
| Q4 25 | 9.9% | -1.1% | ||
| Q3 25 | 11.8% | -2.7% | ||
| Q2 25 | 10.8% | -0.2% | ||
| Q1 25 | 11.0% | 1.2% | ||
| Q4 24 | 10.7% | -3.5% | ||
| Q3 24 | 9.6% | 28.9% | ||
| Q2 24 | 9.1% | 21.1% | ||
| Q1 24 | 7.3% | 30.5% |
每股收益（稀释后）AMZNH
| Q4 25 | $1.95 | $-0.20 | ||
| Q3 25 | $1.95 | $-0.51 | ||
| Q2 25 | $1.68 | $-0.03 | ||
| Q1 25 | $1.59 | $0.19 | ||
| Q4 24 | $1.86 | $-0.37 | ||
| Q3 24 | $1.43 | $4.63 | ||
| Q2 24 | $1.26 | $3.46 | ||
| Q1 24 | $0.98 | $4.93 |
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 | $123.0B | $813.0M |
| 总债务越低越好 | $68.8B | — |
| 股东权益账面价值 | $411.1B | $3.3B |
| 总资产 | $818.0B | $14.0B |
| 负债/权益比越低杠杆越低 | 0.17× | — |
8季度趋势，按日历期对齐
现金及短期投资AMZNH
| Q4 25 | $123.0B | $813.0M | ||
| Q3 25 | $94.2B | $749.0M | ||
| Q2 25 | $93.2B | $912.0M | ||
| Q1 25 | $94.6B | $1.8B | ||
| Q4 24 | $101.2B | $1.4B | ||
| Q3 24 | $88.1B | $1.1B | ||
| Q2 24 | $89.1B | $2.0B | ||
| Q1 24 | $85.1B | $794.0M |
总债务AMZNH
| Q4 25 | $68.8B | — | ||
| Q3 25 | $55.1B | $6.0B | ||
| Q2 25 | $56.1B | $6.0B | ||
| Q1 25 | $58.8B | $4.3B | ||
| Q4 24 | $58.0B | $3.8B | ||
| Q3 24 | $60.5B | $3.1B | ||
| Q2 24 | $62.7B | $3.9B | ||
| Q1 24 | $66.9B | $3.1B |
股东权益AMZNH
| Q4 25 | $411.1B | $3.3B | ||
| Q3 25 | $369.6B | $3.5B | ||
| Q2 25 | $333.8B | $3.6B | ||
| Q1 25 | $305.9B | $3.5B | ||
| Q4 24 | $286.0B | $3.5B | ||
| Q3 24 | $259.2B | $3.7B | ||
| Q2 24 | $236.4B | $3.9B | ||
| Q1 24 | $216.7B | $3.7B |
总资产AMZNH
| Q4 25 | $818.0B | $14.0B | ||
| Q3 25 | $727.9B | $15.7B | ||
| Q2 25 | $682.2B | $15.9B | ||
| Q1 25 | $643.3B | $14.0B | ||
| Q4 24 | $624.9B | $13.3B | ||
| Q3 24 | $584.6B | $11.9B | ||
| Q2 24 | $554.8B | $12.8B | ||
| Q1 24 | $531.0B | $11.7B |
负债/权益比AMZNH
| Q4 25 | 0.17× | — | ||
| Q3 25 | 0.15× | 1.73× | ||
| Q2 25 | 0.17× | 1.69× | ||
| Q1 25 | 0.19× | 1.25× | ||
| Q4 24 | 0.20× | 1.07× | ||
| Q3 24 | 0.23× | 0.85× | ||
| Q2 24 | 0.27× | 1.01× | ||
| Q1 24 | 0.31× | 0.84× |
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 | $54.5B | $313.0M |
| 自由现金流经营现金流 - 资本支出 | $14.9B | $236.0M |
| 自由现金流率自由现金流/营收 | 7.0% | 13.2% |
| 资本支出强度资本支出/营收 | 18.5% | 4.3% |
| 现金转化率经营现金流/净利润 | 2.57× | — |
| 过去12个月自由现金流最近4个季度 | $7.7B | $159.0M |
8季度趋势，按日历期对齐
经营现金流AMZNH
| Q4 25 | $54.5B | $313.0M | ||
| Q3 25 | $35.5B | $-20.0M | ||
| Q2 25 | $32.5B | $-67.0M | ||
| Q1 25 | $17.0B | $153.0M | ||
| Q4 24 | $45.6B | $235.0M | ||
| Q3 24 | $26.0B | $-21.0M | ||
| Q2 24 | $25.3B | $177.0M | ||
| Q1 24 | $19.0B | $242.0M |
自由现金流AMZNH
| Q4 25 | $14.9B | $236.0M | ||
| Q3 25 | $430.0M | $-89.0M | ||
| Q2 25 | $332.0M | $-111.0M | ||
| Q1 25 | $-8.0B | $123.0M | ||
| Q4 24 | $17.8B | $184.0M | ||
| Q3 24 | $3.4B | $-64.0M | ||
| Q2 24 | $7.7B | $135.0M | ||
| Q1 24 | $4.1B | $208.0M |
自由现金流率AMZNH
| Q4 25 | 7.0% | 13.2% | ||
| Q3 25 | 0.2% | -5.0% | ||
| Q2 25 | 0.2% | -6.1% | ||
| Q1 25 | -5.1% | 7.2% | ||
| Q4 24 | 9.5% | 11.5% | ||
| Q3 24 | 2.1% | -3.9% | ||
| Q2 24 | 5.2% | 7.9% | ||
| Q1 24 | 2.8% | 12.1% |
资本支出强度AMZNH
| Q4 25 | 18.5% | 4.3% | ||
| Q3 25 | 19.5% | 3.9% | ||
| Q2 25 | 19.2% | 2.4% | ||
| Q1 25 | 16.1% | 1.7% | ||
| Q4 24 | 14.8% | 3.2% | ||
| Q3 24 | 14.2% | 2.6% | ||
| Q2 24 | 11.9% | 2.5% | ||
| Q1 24 | 10.4% | 2.0% |
现金转化率AMZNH
| Q4 25 | 2.57× | — | ||
| Q3 25 | 1.68× | — | ||
| Q2 25 | 1.79× | — | ||
| Q1 25 | 0.99× | 7.65× | ||
| Q4 24 | 2.28× | — | ||
| Q3 24 | 1.69× | -0.04× | ||
| Q2 24 | 1.87× | 0.49× | ||
| Q1 24 | 1.82× | 0.46× |
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
AMZN
| Products | $90.0B | 42% |
| Third Party Seller Services | $52.8B | 25% |
| Other | $49.9B | 23% |
| Subscription Services | $13.1B | 6% |
| Physical Stores | $5.9B | 3% |
| Other Services | $1.7B | 1% |
H
| Other | $627.0M | 35% |
| Rooms Revenue | $326.0M | 18% |
| Net Fees | $290.0M | 16% |
| Distribution Segment | $177.0M | 10% |
| Franchise And Other Fees | $114.0M | 6% |
| Base Management Fees | $112.0M | 6% |
| Incentive Management Fees | $81.0M | 5% |
| Other Owned And Leased Hotel Revenue | $41.0M | 2% |
| Contra Revenue | $17.0M | 1% |
| Other Revenues | $4.0M | 0% |
