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缤客控股（BKNG）与Life Time Group Holdings, Inc.（LTH）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Life Time Group Holdings, Inc.的8.5倍（$6.3B vs $745.1M）。缤客控股同比增速更快（16.0% vs 12.3%）。缤客控股自由现金流更多（$1.4B vs $-64.6M）。过去两年缤客控股的营收复合增速更高（19.9% vs 11.7%）
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。
Life Time Group Holdings是美国高端健身康养服务运营商，在全美运营连锁高端运动场馆，提供健身器材使用、团体课程、私教指导、SPA护理、营养咨询、青少年运动项目及联合办公等服务，服务于追求健康生活方式的消费群体。
BKNG vs LTH — 直观对比
营收规模更大
BKNG
是对方的8.5倍
$745.1M
营收增速更快
BKNG
高出3.7%
12.3%
自由现金流更多
BKNG
多$1.5B
$-64.6M
两年增速更快
BKNG
近两年复合增速
11.7%
损益表 — Q4 2025 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $6.3B | $745.1M |
| 净利润 | — | $123.0M |
| 毛利率 | — | 49.1% |
| 营业利润率 | 32.0% | 17.4% |
| 净利率 | — | 16.5% |
| 营收同比 | 16.0% | 12.3% |
| 净利润同比 | — | 231.0% |
| 每股收益（稀释后） | $43.66 | $0.55 |
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BKNGLTH
| Q4 25 | $6.3B | $745.1M | ||
| Q3 25 | $9.0B | $782.6M | ||
| Q2 25 | $6.8B | $761.5M | ||
| Q1 25 | $4.8B | $706.0M | ||
| Q4 24 | $5.5B | $663.3M | ||
| Q3 24 | $8.0B | $693.2M | ||
| Q2 24 | $5.9B | $667.8M | ||
| Q1 24 | $4.4B | $596.7M |
净利润BKNGLTH
| Q4 25 | — | $123.0M | ||
| Q3 25 | — | $102.4M | ||
| Q2 25 | — | $72.1M | ||
| Q1 25 | — | $76.1M | ||
| Q4 24 | — | $37.2M | ||
| Q3 24 | — | $41.4M | ||
| Q2 24 | — | $52.8M | ||
| Q1 24 | — | $24.9M |
毛利率BKNGLTH
| Q4 25 | — | 49.1% | ||
| Q3 25 | — | 47.1% | ||
| Q2 25 | — | 47.0% | ||
| Q1 25 | — | 47.5% | ||
| Q4 24 | — | 48.2% | ||
| Q3 24 | — | 46.5% | ||
| Q2 24 | — | 46.8% | ||
| Q1 24 | — | 46.1% |
营业利润率BKNGLTH
| Q4 25 | 32.0% | 17.4% | ||
| Q3 25 | 38.7% | 17.3% | ||
| Q2 25 | 33.1% | 14.2% | ||
| Q1 25 | 22.3% | 15.2% | ||
| Q4 24 | 31.6% | 13.1% | ||
| Q3 24 | 39.8% | 13.5% | ||
| Q2 24 | 31.7% | 15.7% | ||
| Q1 24 | 17.9% | 12.1% |
净利率BKNGLTH
| Q4 25 | — | 16.5% | ||
| Q3 25 | — | 13.1% | ||
| Q2 25 | — | 9.5% | ||
| Q1 25 | — | 10.8% | ||
| Q4 24 | — | 5.6% | ||
| Q3 24 | — | 6.0% | ||
| Q2 24 | — | 7.9% | ||
| Q1 24 | — | 4.2% |
每股收益（稀释后）BKNGLTH
| Q4 25 | $43.66 | $0.55 | ||
| Q3 25 | $84.41 | $0.45 | ||
| Q2 25 | $27.43 | $0.32 | ||
| Q1 25 | $10.07 | $0.34 | ||
| Q4 24 | $31.60 | $0.17 | ||
| Q3 24 | $74.34 | $0.19 | ||
| Q2 24 | $44.38 | $0.26 | ||
| Q1 24 | $22.37 | $0.12 |
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 | $204.8M |
| 总债务越低越好 | $18.7B | $1.5B |
| 股东权益账面价值 | $-5.6B | $3.1B |
| 总资产 | $29.3B | $8.0B |
| 负债/权益比越低杠杆越低 | — | 0.48× |
8季度趋势，按日历期对齐
现金及短期投资BKNGLTH
| Q4 25 | $17.2B | $204.8M | ||
| Q3 25 | $16.5B | $218.9M | ||
| Q2 25 | $17.6B | $175.5M | ||
| Q1 25 | $15.6B | $59.0M | ||
| Q4 24 | $16.2B | $10.9M | ||
| Q3 24 | $15.8B | $120.9M | ||
| Q2 24 | $16.3B | $34.5M | ||
| Q1 24 | $16.0B | $18.6M |
总债务BKNGLTH
| Q4 25 | $18.7B | $1.5B | ||
| Q3 25 | $17.0B | $1.5B | ||
| Q2 25 | $18.5B | $1.5B | ||
| Q1 25 | $16.0B | $1.5B | ||
| Q4 24 | $16.6B | $1.5B | ||
| Q3 24 | $16.2B | $1.7B | ||
| Q2 24 | $16.8B | $1.8B | ||
| Q1 24 | $16.9B | $2.0B |
股东权益BKNGLTH
| Q4 25 | $-5.6B | $3.1B | ||
| Q3 25 | $-4.7B | $3.0B | ||
| Q2 25 | $-6.7B | $2.9B | ||
| Q1 25 | $-6.1B | $2.7B | ||
| Q4 24 | $-4.0B | $2.6B | ||
| Q3 24 | $-3.7B | $2.6B | ||
| Q2 24 | $-4.3B | $2.4B | ||
| Q1 24 | $-4.1B | $2.3B |
总资产BKNGLTH
| Q4 25 | $29.3B | $8.0B | ||
| Q3 25 | $28.8B | $7.8B | ||
| Q2 25 | $30.7B | $7.6B | ||
| Q1 25 | $27.2B | $7.3B | ||
| Q4 24 | $27.7B | $7.2B | ||
| Q3 24 | $28.0B | $7.2B | ||
| Q2 24 | $28.5B | $7.1B | ||
| Q1 24 | $27.7B | $7.1B |
负债/权益比BKNGLTH
| Q4 25 | — | 0.48× | ||
| Q3 25 | — | 0.51× | ||
| Q2 25 | — | 0.53× | ||
| Q1 25 | — | 0.56× | ||
| Q4 24 | — | 0.59× | ||
| Q3 24 | — | 0.64× | ||
| Q2 24 | — | 0.78× | ||
| Q1 24 | — | 0.87× |
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 | $239.9M |
| 自由现金流经营现金流 - 资本支出 | $1.4B | $-64.6M |
| 自由现金流率自由现金流/营收 | 22.3% | -8.7% |
| 资本支出强度资本支出/营收 | 1.1% | 40.9% |
| 现金转化率经营现金流/净利润 | — | 1.95× |
| 过去12个月自由现金流最近4个季度 | $9.1B | $-21.0M |
8季度趋势，按日历期对齐
经营现金流BKNGLTH
| Q4 25 | $1.5B | $239.9M | ||
| Q3 25 | $1.4B | $251.1M | ||
| Q2 25 | $3.2B | $195.7M | ||
| Q1 25 | $3.3B | $183.9M | ||
| Q4 24 | $721.0M | $163.1M | ||
| Q3 24 | $2.4B | $151.1M | ||
| Q2 24 | $2.5B | $170.4M | ||
| Q1 24 | $2.7B | $90.4M |
自由现金流BKNGLTH
| Q4 25 | $1.4B | $-64.6M | ||
| Q3 25 | $1.4B | $28.6M | ||
| Q2 25 | $3.1B | $-26.3M | ||
| Q1 25 | $3.2B | $41.4M | ||
| Q4 24 | $645.0M | $26.8M | ||
| Q3 24 | $2.3B | $64.0M | ||
| Q2 24 | $2.4B | $26.1M | ||
| Q1 24 | $2.6B | $-66.4M |
自由现金流率BKNGLTH
| Q4 25 | 22.3% | -8.7% | ||
| Q3 25 | 15.2% | 3.7% | ||
| Q2 25 | 46.1% | -3.5% | ||
| Q1 25 | 66.4% | 5.9% | ||
| Q4 24 | 11.8% | 4.0% | ||
| Q3 24 | 28.7% | 9.2% | ||
| Q2 24 | 40.6% | 3.9% | ||
| Q1 24 | 58.3% | -11.1% |
资本支出强度BKNGLTH
| Q4 25 | 1.1% | 40.9% | ||
| Q3 25 | 0.7% | 28.4% | ||
| Q2 25 | 0.9% | 29.2% | ||
| Q1 25 | 2.5% | 20.2% | ||
| Q4 24 | 1.4% | 20.6% | ||
| Q3 24 | 1.0% | 12.6% | ||
| Q2 24 | 2.5% | 21.6% | ||
| Q1 24 | 2.9% | 26.3% |
现金转化率BKNGLTH
| Q4 25 | — | 1.95× | ||
| Q3 25 | — | 2.45× | ||
| Q2 25 | — | 2.71× | ||
| Q1 25 | — | 2.41× | ||
| Q4 24 | — | 4.39× | ||
| Q3 24 | — | 3.65× | ||
| Q2 24 | — | 3.23× | ||
| Q1 24 | — | 3.63× |
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% |
LTH
| Membership | $535.1M | 72% |
| In Center | $191.2M | 26% |
| Other | $18.8M | 3% |
