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Arhaus, Inc.（ARHS）与缤客控股（BKNG）财务数据对比。点击上方公司名可切换其他公司
缤客控股的季度营收约是Arhaus, Inc.的17.4倍（$6.3B vs $364.8M）。缤客控股同比增速更快（16.0% vs 5.1%）。缤客控股自由现金流更多（$1.4B vs $-8.8M）。过去两年缤客控股的营收复合增速更高（19.9% vs 11.2%）
Arhaus, Inc.是源自美国的高端家居零售企业，总部位于俄亥俄州波士顿高地，1986年正式创立。品牌主打可持续理念与工匠级品质，产品品类丰富，采用全渠道模式面向个人消费者及企业客户，覆盖民用与商用家居场景，提供相关产品与配套服务。
缤客控股是全球领先的旅行服务集团，旗下运营Booking.com、Priceline、Agoda、Kayak等知名在线平台，为休闲及商务旅客提供酒店预订、机票订购、租车服务、度假套餐、餐厅预约等服务，业务覆盖全球绝大多数国家和地区，合作数百万家旅游及餐饮商户。
ARHS vs BKNG — 直观对比
营收规模更大
BKNG
是对方的17.4倍
$364.8M
营收增速更快
BKNG
高出10.9%
5.1%
自由现金流更多
BKNG
多$1.4B
$-8.8M
两年增速更快
BKNG
近两年复合增速
11.2%
损益表 — Q4 2025 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $364.8M | $6.3B |
| 净利润 | $15.1M | — |
| 毛利率 | 38.1% | — |
| 营业利润率 | 5.6% | 32.0% |
| 净利率 | 4.1% | — |
| 营收同比 | 5.1% | 16.0% |
| 净利润同比 | -29.1% | — |
| 每股收益（稀释后） | $0.11 | $43.66 |
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ARHSBKNG
| Q4 25 | $364.8M | $6.3B | ||
| Q3 25 | $344.6M | $9.0B | ||
| Q2 25 | $358.4M | $6.8B | ||
| Q1 25 | $311.4M | $4.8B | ||
| Q4 24 | $347.0M | $5.5B | ||
| Q3 24 | $319.1M | $8.0B | ||
| Q2 24 | $309.8M | $5.9B | ||
| Q1 24 | $295.2M | $4.4B |
净利润ARHSBKNG
| Q4 25 | $15.1M | — | ||
| Q3 25 | $12.2M | — | ||
| Q2 25 | $35.1M | — | ||
| Q1 25 | $4.9M | — | ||
| Q4 24 | $21.3M | — | ||
| Q3 24 | $9.9M | — | ||
| Q2 24 | $22.2M | — | ||
| Q1 24 | $15.1M | — |
毛利率ARHSBKNG
| Q4 25 | 38.1% | — | ||
| Q3 25 | 38.7% | — | ||
| Q2 25 | 41.4% | — | ||
| Q1 25 | 37.1% | — | ||
| Q4 24 | 40.0% | — | ||
| Q3 24 | 38.6% | — | ||
| Q2 24 | 40.1% | — | ||
| Q1 24 | 39.0% | — |
营业利润率ARHSBKNG
| Q4 25 | 5.6% | 32.0% | ||
| Q3 25 | 4.8% | 38.7% | ||
| Q2 25 | 13.0% | 33.1% | ||
| Q1 25 | 1.7% | 22.3% | ||
| Q4 24 | 8.2% | 31.6% | ||
| Q3 24 | 3.3% | 39.8% | ||
| Q2 24 | 9.5% | 31.7% | ||
| Q1 24 | 6.2% | 17.9% |
净利率ARHSBKNG
| Q4 25 | 4.1% | — | ||
| Q3 25 | 3.5% | — | ||
| Q2 25 | 9.8% | — | ||
| Q1 25 | 1.6% | — | ||
| Q4 24 | 6.1% | — | ||
| Q3 24 | 3.1% | — | ||
| Q2 24 | 7.2% | — | ||
| Q1 24 | 5.1% | — |
每股收益（稀释后）ARHSBKNG
| Q4 25 | $0.11 | $43.66 | ||
| Q3 25 | $0.09 | $84.41 | ||
| Q2 25 | $0.25 | $27.43 | ||
| Q1 25 | $0.03 | $10.07 | ||
| Q4 24 | $0.15 | $31.60 | ||
| Q3 24 | $0.07 | $74.34 | ||
| Q2 24 | $0.16 | $44.38 | ||
| Q1 24 | $0.11 | $22.37 |
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 | $253.4M | $17.2B |
| 总债务越低越好 | — | $18.7B |
| 股东权益账面价值 | $418.2M | $-5.6B |
| 总资产 | $1.4B | $29.3B |
| 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ARHSBKNG
| Q4 25 | $253.4M | $17.2B | ||
| Q3 25 | $262.2M | $16.5B | ||
| Q2 25 | $234.8M | $17.6B | ||
| Q1 25 | $214.4M | $15.6B | ||
| Q4 24 | $197.5M | $16.2B | ||
| Q3 24 | $177.7M | $15.8B | ||
| Q2 24 | $174.2M | $16.3B | ||
| Q1 24 | $233.2M | $16.0B |
总债务ARHSBKNG
| Q4 25 | — | $18.7B | ||
| Q3 25 | — | $17.0B | ||
| Q2 25 | — | $18.5B | ||
| Q1 25 | — | $16.0B | ||
| Q4 24 | — | $16.6B | ||
| Q3 24 | — | $16.2B | ||
| Q2 24 | — | $16.8B | ||
| Q1 24 | — | $16.9B |
股东权益ARHSBKNG
| Q4 25 | $418.2M | $-5.6B | ||
| Q3 25 | $400.4M | $-4.7B | ||
| Q2 25 | $385.6M | $-6.7B | ||
| Q1 25 | $348.8M | $-6.1B | ||
| Q4 24 | $343.7M | $-4.0B | ||
| Q3 24 | $320.6M | $-3.7B | ||
| Q2 24 | $309.3M | $-4.3B | ||
| Q1 24 | $285.6M | $-4.1B |
总资产ARHSBKNG
| Q4 25 | $1.4B | $29.3B | ||
| Q3 25 | $1.4B | $28.8B | ||
| Q2 25 | $1.3B | $30.7B | ||
| Q1 25 | $1.3B | $27.2B | ||
| Q4 24 | $1.2B | $27.7B | ||
| Q3 24 | $1.2B | $28.0B | ||
| Q2 24 | $1.2B | $28.5B | ||
| Q1 24 | $1.2B | $27.7B |
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 | $9.3M | $1.5B |
| 自由现金流经营现金流 - 资本支出 | $-8.8M | $1.4B |
| 自由现金流率自由现金流/营收 | -2.4% | 22.3% |
| 资本支出强度资本支出/营收 | 5.0% | 1.1% |
| 现金转化率经营现金流/净利润 | 0.62× | — |
| 过去12个月自由现金流最近4个季度 | $59.0M | $9.1B |
8季度趋势，按日历期对齐
经营现金流ARHSBKNG
| Q4 25 | $9.3M | $1.5B | ||
| Q3 25 | $46.1M | $1.4B | ||
| Q2 25 | $34.9M | $3.2B | ||
| Q1 25 | $46.5M | $3.3B | ||
| Q4 24 | $31.7M | $721.0M | ||
| Q3 24 | $31.1M | $2.4B | ||
| Q2 24 | $47.5M | $2.5B | ||
| Q1 24 | $36.8M | $2.7B |
自由现金流ARHSBKNG
| Q4 25 | $-8.8M | $1.4B | ||
| Q3 25 | $28.0M | $1.4B | ||
| Q2 25 | $20.9M | $3.1B | ||
| Q1 25 | $18.9M | $3.2B | ||
| Q4 24 | $13.0M | $645.0M | ||
| Q3 24 | $4.6M | $2.3B | ||
| Q2 24 | $11.3M | $2.4B | ||
| Q1 24 | $10.9M | $2.6B |
自由现金流率ARHSBKNG
| Q4 25 | -2.4% | 22.3% | ||
| Q3 25 | 8.1% | 15.2% | ||
| Q2 25 | 5.8% | 46.1% | ||
| Q1 25 | 6.1% | 66.4% | ||
| Q4 24 | 3.7% | 11.8% | ||
| Q3 24 | 1.4% | 28.7% | ||
| Q2 24 | 3.6% | 40.6% | ||
| Q1 24 | 3.7% | 58.3% |
资本支出强度ARHSBKNG
| Q4 25 | 5.0% | 1.1% | ||
| Q3 25 | 5.3% | 0.7% | ||
| Q2 25 | 3.9% | 0.9% | ||
| Q1 25 | 8.9% | 2.5% | ||
| Q4 24 | 5.4% | 1.4% | ||
| Q3 24 | 8.3% | 1.0% | ||
| Q2 24 | 11.7% | 2.5% | ||
| Q1 24 | 8.8% | 2.9% |
现金转化率ARHSBKNG
| Q4 25 | 0.62× | — | ||
| Q3 25 | 3.77× | — | ||
| Q2 25 | 1.00× | — | ||
| Q1 25 | 9.53× | — | ||
| Q4 24 | 1.49× | — | ||
| Q3 24 | 3.14× | — | ||
| Q2 24 | 2.14× | — | ||
| Q1 24 | 2.44× | — |
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
ARHS
| Sales Channel Retail | $305.7M | 84% |
| Sales Channel E Commerce | $59.2M | 16% |
BKNG
| Merchant Revenue | $4.2B | 67% |
| Agency Revenue | $1.8B | 28% |
| Advertisingandotherrevenues | $309.0M | 5% |
