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缤客控股（BKNG）与Hilton Grand Vacations Inc.（HGV）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Hilton Grand Vacations Inc.的5.3倍（$6.3B vs $1.2B）。缤客控股同比增速更快（16.0% vs 3.7%）。缤客控股自由现金流更多（$1.4B vs $147.0M）。过去两年缤客控股的营收复合增速更高（19.9% vs 7.4%）
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。
希尔顿度假大酒店公司（Hilton Grand Vacations Inc.）总部位于美国佛罗里达州奥兰多，是一家跨国企业。该公司通过与希尔顿全球的独家授权协议，运营管理希尔顿旗下的分时度假和度假所有权品牌。其原为希尔顿全球的全资子公司，2017年分拆为独立上市公司。
BKNG vs HGV — 直观对比
营收规模更大
BKNG
是对方的5.3倍
$1.2B
营收增速更快
BKNG
高出12.3%
3.7%
自由现金流更多
BKNG
多$1.3B
$147.0M
两年增速更快
BKNG
近两年复合增速
7.4%
损益表 — Q4 2025 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $6.3B | $1.2B |
| 净利润 | — | $48.0M |
| 毛利率 | — | — |
| 营业利润率 | 32.0% | 7.8% |
| 净利率 | — | 4.0% |
| 营收同比 | 16.0% | 3.7% |
| 净利润同比 | — | 140.0% |
| 每股收益（稀释后） | $43.66 | $0.53 |
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BKNGHGV
| Q4 25 | $6.3B | $1.2B | ||
| Q3 25 | $9.0B | $1.2B | ||
| Q2 25 | $6.8B | $1.1B | ||
| Q1 25 | $4.8B | $1.0B | ||
| Q4 24 | $5.5B | $1.1B | ||
| Q3 24 | $8.0B | $1.2B | ||
| Q2 24 | $5.9B | $1.1B | ||
| Q1 24 | $4.4B | $1.0B |
净利润BKNGHGV
| Q4 25 | — | $48.0M | ||
| Q3 25 | — | $25.0M | ||
| Q2 25 | — | $25.0M | ||
| Q1 25 | — | $-17.0M | ||
| Q4 24 | — | $20.0M | ||
| Q3 24 | — | $29.0M | ||
| Q2 24 | — | $2.0M | ||
| Q1 24 | — | $-4.0M |
营业利润率BKNGHGV
| Q4 25 | 32.0% | 7.8% | ||
| Q3 25 | 38.7% | 3.9% | ||
| Q2 25 | 33.1% | 3.8% | ||
| Q1 25 | 22.3% | -0.6% | ||
| Q4 24 | 31.6% | 4.3% | ||
| Q3 24 | 39.8% | 7.9% | ||
| Q2 24 | 31.7% | 0.6% | ||
| Q1 24 | 17.9% | -1.3% |
净利率BKNGHGV
| Q4 25 | — | 4.0% | ||
| Q3 25 | — | 2.1% | ||
| Q2 25 | — | 2.2% | ||
| Q1 25 | — | -1.7% | ||
| Q4 24 | — | 1.7% | ||
| Q3 24 | — | 2.5% | ||
| Q2 24 | — | 0.2% | ||
| Q1 24 | — | -0.4% |
每股收益（稀释后）BKNGHGV
| Q4 25 | $43.66 | $0.53 | ||
| Q3 25 | $84.41 | $0.28 | ||
| Q2 25 | $27.43 | $0.25 | ||
| Q1 25 | $10.07 | $-0.17 | ||
| Q4 24 | $31.60 | $0.19 | ||
| Q3 24 | $74.34 | $0.28 | ||
| Q2 24 | $44.38 | $0.02 | ||
| Q1 24 | $22.37 | $-0.04 |
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 | $17.2B | $239.0M |
| 总债务越低越好 | $18.7B | $4.5B |
| 股东权益账面价值 | $-5.6B | $1.3B |
| 总资产 | $29.3B | $11.5B |
| 负债/权益比越低杠杆越低 | — | 3.53× |
8季度趋势，按日历期对齐
现金及短期投资BKNGHGV
| Q4 25 | $17.2B | $239.0M | ||
| Q3 25 | $16.5B | $215.0M | ||
| Q2 25 | $17.6B | $269.0M | ||
| Q1 25 | $15.6B | $259.0M | ||
| Q4 24 | $16.2B | $328.0M | ||
| Q3 24 | $15.8B | $297.0M | ||
| Q2 24 | $16.3B | $328.0M | ||
| Q1 24 | $16.0B | $355.0M |
总债务BKNGHGV
| Q4 25 | $18.7B | $4.5B | ||
| Q3 25 | $17.0B | $4.7B | ||
| Q2 25 | $18.5B | $4.6B | ||
| Q1 25 | $16.0B | $4.5B | ||
| Q4 24 | $16.6B | $4.6B | ||
| Q3 24 | $16.2B | $5.0B | ||
| Q2 24 | $16.8B | $4.9B | ||
| Q1 24 | $16.9B | $5.1B |
股东权益BKNGHGV
| Q4 25 | $-5.6B | $1.3B | ||
| Q3 25 | $-4.7B | $1.4B | ||
| Q2 25 | $-6.7B | $1.5B | ||
| Q1 25 | $-6.1B | $1.6B | ||
| Q4 24 | $-4.0B | $1.8B | ||
| Q3 24 | $-3.7B | $1.8B | ||
| Q2 24 | $-4.3B | $1.9B | ||
| Q1 24 | $-4.1B | $2.0B |
总资产BKNGHGV
| Q4 25 | $29.3B | $11.5B | ||
| Q3 25 | $28.8B | $11.7B | ||
| Q2 25 | $30.7B | $11.7B | ||
| Q1 25 | $27.2B | $11.8B | ||
| Q4 24 | $27.7B | $11.4B | ||
| Q3 24 | $28.0B | $11.2B | ||
| Q2 24 | $28.5B | $11.5B | ||
| Q1 24 | $27.7B | $11.7B |
负债/权益比BKNGHGV
| Q4 25 | — | 3.53× | ||
| Q3 25 | — | 3.41× | ||
| Q2 25 | — | 3.07× | ||
| Q1 25 | — | 2.83× | ||
| Q4 24 | — | 2.63× | ||
| Q3 24 | — | 2.73× | ||
| Q2 24 | — | 2.55× | ||
| Q1 24 | — | 2.57× |
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 | $1.5B | $167.0M |
| 自由现金流经营现金流 - 资本支出 | $1.4B | $147.0M |
| 自由现金流率自由现金流/营收 | 22.3% | 12.3% |
| 资本支出强度资本支出/营收 | 1.1% | 1.7% |
| 现金转化率经营现金流/净利润 | — | 3.48× |
| 过去12个月自由现金流最近4个季度 | $9.1B | $230.0M |
8季度趋势，按日历期对齐
经营现金流BKNGHGV
| Q4 25 | $1.5B | $167.0M | ||
| Q3 25 | $1.4B | $34.0M | ||
| Q2 25 | $3.2B | $61.0M | ||
| Q1 25 | $3.3B | $38.0M | ||
| Q4 24 | $721.0M | $105.0M | ||
| Q3 24 | $2.4B | $91.0M | ||
| Q2 24 | $2.5B | $113.0M | ||
| Q1 24 | $2.7B | $0 |
自由现金流BKNGHGV
| Q4 25 | $1.4B | $147.0M | ||
| Q3 25 | $1.4B | $13.0M | ||
| Q2 25 | $3.1B | $46.0M | ||
| Q1 25 | $3.2B | $24.0M | ||
| Q4 24 | $645.0M | $90.0M | ||
| Q3 24 | $2.3B | $81.0M | ||
| Q2 24 | $2.4B | $106.0M | ||
| Q1 24 | $2.6B | — |
自由现金流率BKNGHGV
| Q4 25 | 22.3% | 12.3% | ||
| Q3 25 | 15.2% | 1.1% | ||
| Q2 25 | 46.1% | 4.0% | ||
| Q1 25 | 66.4% | 2.4% | ||
| Q4 24 | 11.8% | 7.8% | ||
| Q3 24 | 28.7% | 6.9% | ||
| Q2 24 | 40.6% | 9.6% | ||
| Q1 24 | 58.3% | — |
资本支出强度BKNGHGV
| Q4 25 | 1.1% | 1.7% | ||
| Q3 25 | 0.7% | 1.8% | ||
| Q2 25 | 0.9% | 1.3% | ||
| Q1 25 | 2.5% | 1.4% | ||
| Q4 24 | 1.4% | 1.3% | ||
| Q3 24 | 1.0% | 0.9% | ||
| Q2 24 | 2.5% | 0.6% | ||
| Q1 24 | 2.9% | 1.0% |
现金转化率BKNGHGV
| Q4 25 | — | 3.48× | ||
| Q3 25 | — | 1.36× | ||
| Q2 25 | — | 2.44× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 5.25× | ||
| Q3 24 | — | 3.14× | ||
| Q2 24 | — | 56.50× | ||
| Q1 24 | — | — |
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
BKNG
| Merchant Revenue | $4.2B | 67% |
| Agency Revenue | $1.8B | 28% |
| Advertisingandotherrevenues | $309.0M | 5% |
HGV
| Sales Of Vacation Ownership Intervals Net | $492.0M | 41% |
| Fee For Services Commissions Package Sales And Other Fees | $169.0M | 14% |
| Cost Reimbursements | $141.0M | 12% |
| Interest Income Revenue | $125.0M | 10% |
| Resort Management | $118.0M | 10% |
| Club Management | $101.0M | 8% |
| Related Party | $42.0M | 4% |
| Ancillary Services | $13.0M | 1% |
