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缤客控股（BKNG）与林德（LIN）财务数据对比。点击上方公司名可切换其他公司
林德的季度营收约是缤客控股的1.4倍（$8.8B vs $6.3B），缤客控股同比增速更快（16.0% vs 5.8%），林德自由现金流更多（$1.6B vs $1.4B），过去两年缤客控股的营收复合增速更高（19.9% vs 4.0%）
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。
林德是全球知名跨国化工企业，按市场份额及营收计为全球最大工业气体供应商。公司1879年由德国科学家、工程师卡尔·冯·林德在德国威斯巴登创立，现总部位于英国沃金，在爱尔兰注册，2018年由原林德股份公司与1907年在美国成立的普莱克斯合并组建。
BKNG vs LIN — 直观对比
营收规模更大
LIN
是对方的1.4倍
$6.3B
营收增速更快
BKNG
高出10.2%
5.8%
自由现金流更多
LIN
多$155.0M
$1.4B
两年增速更快
BKNG
近两年复合增速
4.0%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $6.3B | $8.8B |
| 净利润 | — | $1.5B |
| 毛利率 | — | — |
| 营业利润率 | 32.0% | 23.0% |
| 净利率 | — | 17.5% |
| 营收同比 | 16.0% | 5.8% |
| 净利润同比 | — | -11.3% |
| 每股收益（稀释后） | $43.66 | $3.28 |
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BKNGLIN
| Q4 25 | $6.3B | $8.8B | ||
| Q3 25 | $9.0B | $8.6B | ||
| Q2 25 | $6.8B | $8.5B | ||
| Q1 25 | $4.8B | $8.1B | ||
| Q4 24 | $5.5B | $8.3B | ||
| Q3 24 | $8.0B | $8.4B | ||
| Q2 24 | $5.9B | $8.3B | ||
| Q1 24 | $4.4B | $8.1B |
净利润BKNGLIN
| Q4 25 | — | $1.5B | ||
| Q3 25 | — | $1.9B | ||
| Q2 25 | — | $1.8B | ||
| Q1 25 | — | $1.7B | ||
| Q4 24 | — | $1.7B | ||
| Q3 24 | — | $1.6B | ||
| Q2 24 | — | $1.7B | ||
| Q1 24 | — | $1.6B |
营业利润率BKNGLIN
| Q4 25 | 32.0% | 23.0% | ||
| Q3 25 | 38.7% | 27.5% | ||
| Q2 25 | 33.1% | 27.7% | ||
| Q1 25 | 22.3% | 26.9% | ||
| Q4 24 | 31.6% | 27.4% | ||
| Q3 24 | 39.8% | 25.0% | ||
| Q2 24 | 31.7% | 26.4% | ||
| Q1 24 | 17.9% | 25.9% |
净利率BKNGLIN
| Q4 25 | — | 17.5% | ||
| Q3 25 | — | 22.4% | ||
| Q2 25 | — | 20.8% | ||
| Q1 25 | — | 20.6% | ||
| Q4 24 | — | 20.8% | ||
| Q3 24 | — | 18.5% | ||
| Q2 24 | — | 20.1% | ||
| Q1 24 | — | 20.1% |
每股收益（稀释后）BKNGLIN
| Q4 25 | $43.66 | $3.28 | ||
| Q3 25 | $84.41 | $4.09 | ||
| Q2 25 | $27.43 | $3.73 | ||
| Q1 25 | $10.07 | $3.51 | ||
| Q4 24 | $31.60 | $3.61 | ||
| Q3 24 | $74.34 | $3.22 | ||
| Q2 24 | $44.38 | $3.44 | ||
| Q1 24 | $22.37 | $3.35 |
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 | $5.1B |
| 总债务越低越好 | $18.7B | $20.7B |
| 股东权益账面价值 | $-5.6B | $38.2B |
| 总资产 | $29.3B | $86.8B |
| 负债/权益比越低杠杆越低 | — | 0.54× |
8季度趋势，按日历期对齐
现金及短期投资BKNGLIN
| Q4 25 | $17.2B | $5.1B | ||
| Q3 25 | $16.5B | $4.5B | ||
| Q2 25 | $17.6B | $4.8B | ||
| Q1 25 | $15.6B | $5.3B | ||
| Q4 24 | $16.2B | $4.8B | ||
| Q3 24 | $15.8B | $5.2B | ||
| Q2 24 | $16.3B | $4.6B | ||
| Q1 24 | $16.0B | $4.8B |
总债务BKNGLIN
| Q4 25 | $18.7B | $20.7B | ||
| Q3 25 | $17.0B | $18.6B | ||
| Q2 25 | $18.5B | $19.7B | ||
| Q1 25 | $16.0B | $17.6B | ||
| Q4 24 | $16.6B | $15.3B | ||
| Q3 24 | $16.2B | $17.5B | ||
| Q2 24 | $16.8B | $16.9B | ||
| Q1 24 | $16.9B | $15.2B |
股东权益BKNGLIN
| Q4 25 | $-5.6B | $38.2B | ||
| Q3 25 | $-4.7B | $38.6B | ||
| Q2 25 | $-6.7B | $38.5B | ||
| Q1 25 | $-6.1B | $38.0B | ||
| Q4 24 | $-4.0B | $38.1B | ||
| Q3 24 | $-3.7B | $39.2B | ||
| Q2 24 | $-4.3B | $38.2B | ||
| Q1 24 | $-4.1B | $38.8B |
总资产BKNGLIN
| Q4 25 | $29.3B | $86.8B | ||
| Q3 25 | $28.8B | $86.0B | ||
| Q2 25 | $30.7B | $86.1B | ||
| Q1 25 | $27.2B | $82.7B | ||
| Q4 24 | $27.7B | $80.1B | ||
| Q3 24 | $28.0B | $82.5B | ||
| Q2 24 | $28.5B | $80.2B | ||
| Q1 24 | $27.7B | $80.3B |
负债/权益比BKNGLIN
| Q4 25 | — | 0.54× | ||
| Q3 25 | — | 0.48× | ||
| Q2 25 | — | 0.51× | ||
| Q1 25 | — | 0.46× | ||
| Q4 24 | — | 0.40× | ||
| Q3 24 | — | 0.45× | ||
| Q2 24 | — | 0.44× | ||
| Q1 24 | — | 0.39× |
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 | $3.0B |
| 自由现金流经营现金流 - 资本支出 | $1.4B | $1.6B |
| 自由现金流率自由现金流/营收 | 22.3% | 17.9% |
| 资本支出强度资本支出/营收 | 1.1% | 16.6% |
| 现金转化率经营现金流/净利润 | — | 1.98× |
| 过去12个月自由现金流最近4个季度 | $9.1B | $5.1B |
8季度趋势，按日历期对齐
经营现金流BKNGLIN
| Q4 25 | $1.5B | $3.0B | ||
| Q3 25 | $1.4B | $2.9B | ||
| Q2 25 | $3.2B | $2.2B | ||
| Q1 25 | $3.3B | $2.2B | ||
| Q4 24 | $721.0M | $2.8B | ||
| Q3 24 | $2.4B | $2.7B | ||
| Q2 24 | $2.5B | $1.9B | ||
| Q1 24 | $2.7B | $2.0B |
自由现金流BKNGLIN
| Q4 25 | $1.4B | $1.6B | ||
| Q3 25 | $1.4B | $1.7B | ||
| Q2 25 | $3.1B | $954.0M | ||
| Q1 25 | $3.2B | $891.0M | ||
| Q4 24 | $645.0M | $1.6B | ||
| Q3 24 | $2.3B | $1.7B | ||
| Q2 24 | $2.4B | $796.0M | ||
| Q1 24 | $2.6B | $906.0M |
自由现金流率BKNGLIN
| Q4 25 | 22.3% | 17.9% | ||
| Q3 25 | 15.2% | 19.4% | ||
| Q2 25 | 46.1% | 11.2% | ||
| Q1 25 | 66.4% | 11.0% | ||
| Q4 24 | 11.8% | 18.8% | ||
| Q3 24 | 28.7% | 19.9% | ||
| Q2 24 | 40.6% | 9.6% | ||
| Q1 24 | 58.3% | 11.2% |
资本支出强度BKNGLIN
| Q4 25 | 1.1% | 16.6% | ||
| Q3 25 | 0.7% | 14.8% | ||
| Q2 25 | 0.9% | 14.8% | ||
| Q1 25 | 2.5% | 15.7% | ||
| Q4 24 | 1.4% | 15.1% | ||
| Q3 24 | 1.0% | 12.8% | ||
| Q2 24 | 2.5% | 13.7% | ||
| Q1 24 | 2.9% | 12.9% |
现金转化率BKNGLIN
| Q4 25 | — | 1.98× | ||
| Q3 25 | — | 1.53× | ||
| Q2 25 | — | 1.25× | ||
| Q1 25 | — | 1.29× | ||
| Q4 24 | — | 1.63× | ||
| Q3 24 | — | 1.76× | ||
| Q2 24 | — | 1.16× | ||
| Q1 24 | — | 1.20× |
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% |
LIN
| Other | $4.9B | 56% |
| Packaged Gas | $1.6B | 19% |
| Merchant | $1.2B | 14% |
| On Site | $950.0M | 11% |
| Other Distribution Methods | $64.0M | 1% |
