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缤客控股（BKNG）与Kellanova（K）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Kellanova的1.9倍（$6.3B vs $3.3B），缤客控股同比增速更快（16.0% vs 0.8%），缤客控股自由现金流更多（$1.4B vs $359.0M），过去两年缤客控股的营收复合增速更高（19.9% vs -9.0%）
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。
Kellanova前身为知名食品企业家乐氏，是玛氏集团旗下的美国跨国食品制造公司，总部位于美国伊利诺伊州芝加哥。2023年10月2日公司正式启用现名，同步拆分北美谷物业务，独立成立WK Kellogg Co。
BKNG vs K — 直观对比
营收规模更大
BKNG
是对方的1.9倍
$3.3B
营收增速更快
BKNG
高出15.2%
0.8%
自由现金流更多
BKNG
多$1.1B
$359.0M
两年增速更快
BKNG
近两年复合增速
-9.0%
损益表 — Q4 FY2025 vs Q3 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $6.3B | $3.3B |
| 净利润 | — | $309.0M |
| 毛利率 | — | 33.3% |
| 营业利润率 | 32.0% | 13.9% |
| 净利率 | — | 9.5% |
| 营收同比 | 16.0% | 0.8% |
| 净利润同比 | — | -15.8% |
| 每股收益（稀释后） | $43.66 | $0.88 |
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BKNGK
| Q4 25 | $6.3B | — | ||
| Q3 25 | $9.0B | $3.3B | ||
| Q2 25 | $6.8B | $3.2B | ||
| Q1 25 | $4.8B | $3.1B | ||
| Q4 24 | $5.5B | $3.1B | ||
| Q3 24 | $8.0B | $3.2B | ||
| Q2 24 | $5.9B | $3.2B | ||
| Q1 24 | $4.4B | $3.2B |
净利润BKNGK
| Q4 25 | — | — | ||
| Q3 25 | — | $309.0M | ||
| Q2 25 | — | $299.0M | ||
| Q1 25 | — | $304.0M | ||
| Q4 24 | — | $365.0M | ||
| Q3 24 | — | $367.0M | ||
| Q2 24 | — | $344.0M | ||
| Q1 24 | — | $267.0M |
毛利率BKNGK
| Q4 25 | — | — | ||
| Q3 25 | — | 33.3% | ||
| Q2 25 | — | 34.0% | ||
| Q1 25 | — | 34.3% | ||
| Q4 24 | — | 37.7% | ||
| Q3 24 | — | 36.4% | ||
| Q2 24 | — | 36.4% | ||
| Q1 24 | — | 32.2% |
营业利润率BKNGK
| Q4 25 | 32.0% | — | ||
| Q3 25 | 38.7% | 13.9% | ||
| Q2 25 | 33.1% | 13.7% | ||
| Q1 25 | 22.3% | 13.9% | ||
| Q4 24 | 31.6% | 17.0% | ||
| Q3 24 | 39.8% | 14.1% | ||
| Q2 24 | 31.7% | 15.4% | ||
| Q1 24 | 17.9% | 12.3% |
净利率BKNGK
| Q4 25 | — | — | ||
| Q3 25 | — | 9.5% | ||
| Q2 25 | — | 9.3% | ||
| Q1 25 | — | 9.9% | ||
| Q4 24 | — | 11.7% | ||
| Q3 24 | — | 11.4% | ||
| Q2 24 | — | 10.8% | ||
| Q1 24 | — | 8.3% |
每股收益（稀释后）BKNGK
| Q4 25 | $43.66 | — | ||
| Q3 25 | $84.41 | $0.88 | ||
| Q2 25 | $27.43 | $0.85 | ||
| Q1 25 | $10.07 | $0.87 | ||
| Q4 24 | $31.60 | $1.05 | ||
| Q3 24 | $74.34 | $1.05 | ||
| Q2 24 | $44.38 | $1.00 | ||
| Q1 24 | $22.37 | $0.78 |
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 | $240.0M |
| 总债务越低越好 | $18.7B | $4.3B |
| 股东权益账面价值 | $-5.6B | $4.2B |
| 总资产 | $29.3B | $15.6B |
| 负债/权益比越低杠杆越低 | — | 1.02× |
8季度趋势，按日历期对齐
现金及短期投资BKNGK
| Q4 25 | $17.2B | — | ||
| Q3 25 | $16.5B | $240.0M | ||
| Q2 25 | $17.6B | $354.0M | ||
| Q1 25 | $15.6B | $330.0M | ||
| Q4 24 | $16.2B | $694.0M | ||
| Q3 24 | $15.8B | $569.0M | ||
| Q2 24 | $16.3B | $272.0M | ||
| Q1 24 | $16.0B | $242.0M |
总债务BKNGK
| Q4 25 | $18.7B | — | ||
| Q3 25 | $17.0B | $4.3B | ||
| Q2 25 | $18.5B | $4.3B | ||
| Q1 25 | $16.0B | $5.0B | ||
| Q4 24 | $16.6B | $5.0B | ||
| Q3 24 | $16.2B | $5.1B | ||
| Q2 24 | $16.8B | $5.0B | ||
| Q1 24 | $16.9B | $4.4B |
股东权益BKNGK
| Q4 25 | $-5.6B | — | ||
| Q3 25 | $-4.7B | $4.2B | ||
| Q2 25 | $-6.7B | $4.1B | ||
| Q1 25 | $-6.1B | $3.9B | ||
| Q4 24 | $-4.0B | $3.8B | ||
| Q3 24 | $-3.7B | $3.6B | ||
| Q2 24 | $-4.3B | $3.3B | ||
| Q1 24 | $-4.1B | $3.2B |
总资产BKNGK
| Q4 25 | $29.3B | — | ||
| Q3 25 | $28.8B | $15.6B | ||
| Q2 25 | $30.7B | $15.9B | ||
| Q1 25 | $27.2B | $15.5B | ||
| Q4 24 | $27.7B | $15.6B | ||
| Q3 24 | $28.0B | $15.8B | ||
| Q2 24 | $28.5B | $15.3B | ||
| Q1 24 | $27.7B | $15.3B |
负债/权益比BKNGK
| Q4 25 | — | — | ||
| Q3 25 | — | 1.02× | ||
| Q2 25 | — | 1.05× | ||
| Q1 25 | — | 1.28× | ||
| Q4 24 | — | 1.32× | ||
| Q3 24 | — | 1.40× | ||
| Q2 24 | — | 1.51× | ||
| Q1 24 | — | 1.40× |
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 | $503.0M |
| 自由现金流经营现金流 - 资本支出 | $1.4B | $359.0M |
| 自由现金流率自由现金流/营收 | 22.3% | 11.0% |
| 资本支出强度资本支出/营收 | 1.1% | 4.4% |
| 现金转化率经营现金流/净利润 | — | 1.63× |
| 过去12个月自由现金流最近4个季度 | $9.1B | $599.0M |
8季度趋势，按日历期对齐
经营现金流BKNGK
| Q4 25 | $1.5B | — | ||
| Q3 25 | $1.4B | $503.0M | ||
| Q2 25 | $3.2B | $169.0M | ||
| Q1 25 | $3.3B | $116.0M | ||
| Q4 24 | $721.0M | $467.0M | ||
| Q3 24 | $2.4B | $553.0M | ||
| Q2 24 | $2.5B | $376.0M | ||
| Q1 24 | $2.7B | $364.0M |
自由现金流BKNGK
| Q4 25 | $1.4B | — | ||
| Q3 25 | $1.4B | $359.0M | ||
| Q2 25 | $3.1B | $21.0M | ||
| Q1 25 | $3.2B | $-60.0M | ||
| Q4 24 | $645.0M | $279.0M | ||
| Q3 24 | $2.3B | $410.0M | ||
| Q2 24 | $2.4B | $234.0M | ||
| Q1 24 | $2.6B | $209.0M |
自由现金流率BKNGK
| Q4 25 | 22.3% | — | ||
| Q3 25 | 15.2% | 11.0% | ||
| Q2 25 | 46.1% | 0.7% | ||
| Q1 25 | 66.4% | -1.9% | ||
| Q4 24 | 11.8% | 8.9% | ||
| Q3 24 | 28.7% | 12.7% | ||
| Q2 24 | 40.6% | 7.3% | ||
| Q1 24 | 58.3% | 6.5% |
资本支出强度BKNGK
| Q4 25 | 1.1% | — | ||
| Q3 25 | 0.7% | 4.4% | ||
| Q2 25 | 0.9% | 4.6% | ||
| Q1 25 | 2.5% | 5.7% | ||
| Q4 24 | 1.4% | 6.0% | ||
| Q3 24 | 1.0% | 4.4% | ||
| Q2 24 | 2.5% | 4.4% | ||
| Q1 24 | 2.9% | 4.8% |
现金转化率BKNGK
| Q4 25 | — | — | ||
| Q3 25 | — | 1.63× | ||
| Q2 25 | — | 0.57× | ||
| Q1 25 | — | 0.38× | ||
| Q4 24 | — | 1.28× | ||
| Q3 24 | — | 1.51× | ||
| Q2 24 | — | 1.09× | ||
| Q1 24 | — | 1.36× |
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% |
K
| Retail Channel Snacks | $2.0B | 62% |
| Retail Channel Cereal | $678.0M | 21% |
| Noodlesand Other | $280.0M | 9% |
| Frozen And Specialty Channels | $275.0M | 8% |
