vs
缤客控股（BKNG）与梅西百货（M）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梅西百货的1.3倍（$6.3B vs $4.7B）。缤客控股同比增速更快（16.0% vs -0.6%）。缤客控股自由现金流更多（$1.4B vs $-101.0M）。过去两年缤客控股的营收复合增速更高（19.9% vs -23.8%）
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。
梅西百货是美国知名百货控股集团，1929年成立时名为联合百货，最初持有Abraham & Straus、Lazarus等多个区域连锁百货品牌，次年布鲁明戴尔正式加入。集团早年频繁开展资产并购与剥离，1994年收购1858年创立的老牌百货梅西，随后更名并发展为美国头部百货零售企业。
BKNG vs M — 直观对比
营收规模更大
BKNG
是对方的1.3倍
$4.7B
营收增速更快
BKNG
高出16.7%
-0.6%
自由现金流更多
BKNG
多$1.5B
$-101.0M
两年增速更快
BKNG
近两年复合增速
-23.8%
损益表 — Q4 2025 vs Q3 2026
| 指标 | | |
|---|---|---|
| 营收 | $6.3B | $4.7B |
| 净利润 | — | $11.0M |
| 毛利率 | — | 39.4% |
| 营业利润率 | 32.0% | 0.9% |
| 净利率 | — | 0.2% |
| 营收同比 | 16.0% | -0.6% |
| 净利润同比 | — | -60.7% |
| 每股收益（稀释后） | $43.66 | $0.04 |
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BKNGM
| Q4 25 | $6.3B | $4.7B | ||
| Q3 25 | $9.0B | $4.8B | ||
| Q2 25 | $6.8B | $4.6B | ||
| Q1 25 | $4.8B | $7.8B | ||
| Q4 24 | $5.5B | $4.7B | ||
| Q3 24 | $8.0B | $4.9B | ||
| Q2 24 | $5.9B | $4.8B | ||
| Q1 24 | $4.4B | $8.1B |
净利润BKNGM
| Q4 25 | — | $11.0M | ||
| Q3 25 | — | $87.0M | ||
| Q2 25 | — | $38.0M | ||
| Q1 25 | — | $342.0M | ||
| Q4 24 | — | $28.0M | ||
| Q3 24 | — | $150.0M | ||
| Q2 24 | — | $62.0M | ||
| Q1 24 | — | $-71.0M |
毛利率BKNGM
| Q4 25 | — | 39.4% | ||
| Q3 25 | — | 39.7% | ||
| Q2 25 | — | 39.2% | ||
| Q1 25 | — | 35.7% | ||
| Q4 24 | — | 39.6% | ||
| Q3 24 | — | 40.5% | ||
| Q2 24 | — | 39.2% | ||
| Q1 24 | — | 37.5% |
营业利润率BKNGM
| Q4 25 | 32.0% | 0.9% | ||
| Q3 25 | 38.7% | 3.1% | ||
| Q2 25 | 33.1% | 2.0% | ||
| Q1 25 | 22.3% | 6.4% | ||
| Q4 24 | 31.6% | 1.3% | ||
| Q3 24 | 39.8% | 4.5% | ||
| Q2 24 | 31.7% | 2.6% | ||
| Q1 24 | 17.9% | -0.9% |
净利率BKNGM
| Q4 25 | — | 0.2% | ||
| Q3 25 | — | 1.8% | ||
| Q2 25 | — | 0.8% | ||
| Q1 25 | — | 4.4% | ||
| Q4 24 | — | 0.6% | ||
| Q3 24 | — | 3.0% | ||
| Q2 24 | — | 1.3% | ||
| Q1 24 | — | -0.9% |
每股收益（稀释后）BKNGM
| Q4 25 | $43.66 | $0.04 | ||
| Q3 25 | $84.41 | $0.31 | ||
| Q2 25 | $27.43 | $0.13 | ||
| Q1 25 | $10.07 | $1.22 | ||
| Q4 24 | $31.60 | $0.10 | ||
| Q3 24 | $74.34 | $0.53 | ||
| Q2 24 | $44.38 | $0.22 | ||
| Q1 24 | $22.37 | $-0.25 |
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 | $447.0M |
| 总债务越低越好 | $18.7B | $2.4B |
| 股东权益账面价值 | $-5.6B | $4.3B |
| 总资产 | $29.3B | $17.1B |
| 负债/权益比越低杠杆越低 | — | 0.56× |
8季度趋势，按日历期对齐
现金及短期投资BKNGM
| Q4 25 | $17.2B | $447.0M | ||
| Q3 25 | $16.5B | $829.0M | ||
| Q2 25 | $17.6B | $932.0M | ||
| Q1 25 | $15.6B | $1.3B | ||
| Q4 24 | $16.2B | $315.0M | ||
| Q3 24 | $15.8B | $646.0M | ||
| Q2 24 | $16.3B | $876.0M | ||
| Q1 24 | $16.0B | $1.0B |
总债务BKNGM
| Q4 25 | $18.7B | $2.4B | ||
| Q3 25 | $17.0B | $2.4B | ||
| Q2 25 | $18.5B | $2.8B | ||
| Q1 25 | $16.0B | $2.8B | ||
| Q4 24 | $16.6B | $2.8B | ||
| Q3 24 | $16.2B | $3.0B | ||
| Q2 24 | $16.8B | $3.0B | ||
| Q1 24 | $16.9B | $3.0B |
股东权益BKNGM
| Q4 25 | $-5.6B | $4.3B | ||
| Q3 25 | $-4.7B | $4.5B | ||
| Q2 25 | $-6.7B | $4.5B | ||
| Q1 25 | $-6.1B | $4.6B | ||
| Q4 24 | $-4.0B | $4.1B | ||
| Q3 24 | $-3.7B | $4.3B | ||
| Q2 24 | $-4.3B | $4.2B | ||
| Q1 24 | $-4.1B | $4.1B |
总资产BKNGM
| Q4 25 | $29.3B | $17.1B | ||
| Q3 25 | $28.8B | $15.6B | ||
| Q2 25 | $30.7B | $16.1B | ||
| Q1 25 | $27.2B | $16.4B | ||
| Q4 24 | $27.7B | $17.3B | ||
| Q3 24 | $28.0B | $15.8B | ||
| Q2 24 | $28.5B | $16.4B | ||
| Q1 24 | $27.7B | $16.2B |
负债/权益比BKNGM
| Q4 25 | — | 0.56× | ||
| Q3 25 | — | 0.55× | ||
| Q2 25 | — | 0.62× | ||
| Q1 25 | — | 0.61× | ||
| Q4 24 | — | 0.67× | ||
| Q3 24 | — | 0.70× | ||
| Q2 24 | — | 0.72× | ||
| Q1 24 | — | 0.72× |
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 | $-8.0M |
| 自由现金流经营现金流 - 资本支出 | $1.4B | $-101.0M |
| 自由现金流率自由现金流/营收 | 22.3% | -2.1% |
| 资本支出强度资本支出/营收 | 1.1% | 2.0% |
| 现金转化率经营现金流/净利润 | — | -0.73× |
| 过去12个月自由现金流最近4个季度 | $9.1B | $1.2B |
8季度趋势，按日历期对齐
经营现金流BKNGM
| Q4 25 | $1.5B | $-8.0M | ||
| Q3 25 | $1.4B | $319.0M | ||
| Q2 25 | $3.2B | $-64.0M | ||
| Q1 25 | $3.3B | $1.3B | ||
| Q4 24 | $721.0M | $-167.0M | ||
| Q3 24 | $2.4B | $8.0M | ||
| Q2 24 | $2.5B | $129.0M | ||
| Q1 24 | $2.7B | $1.1B |
自由现金流BKNGM
| Q4 25 | $1.4B | $-101.0M | ||
| Q3 25 | $1.4B | $240.0M | ||
| Q2 25 | $3.1B | $-164.0M | ||
| Q1 25 | $3.2B | $1.2B | ||
| Q4 24 | $645.0M | $-295.0M | ||
| Q3 24 | $2.3B | $-109.0M | ||
| Q2 24 | $2.4B | $-25.0M | ||
| Q1 24 | $2.6B | $1.0B |
自由现金流率BKNGM
| Q4 25 | 22.3% | -2.1% | ||
| Q3 25 | 15.2% | 5.0% | ||
| Q2 25 | 46.1% | -3.6% | ||
| Q1 25 | 66.4% | 15.3% | ||
| Q4 24 | 11.8% | -6.2% | ||
| Q3 24 | 28.7% | -2.2% | ||
| Q2 24 | 40.6% | -0.5% | ||
| Q1 24 | 58.3% | 12.3% |
资本支出强度BKNGM
| Q4 25 | 1.1% | 2.0% | ||
| Q3 25 | 0.7% | 1.6% | ||
| Q2 25 | 0.9% | 2.2% | ||
| Q1 25 | 2.5% | 1.5% | ||
| Q4 24 | 1.4% | 2.7% | ||
| Q3 24 | 1.0% | 2.4% | ||
| Q2 24 | 2.5% | 3.2% | ||
| Q1 24 | 2.9% | 1.8% |
现金转化率BKNGM
| Q4 25 | — | -0.73× | ||
| Q3 25 | — | 3.67× | ||
| Q2 25 | — | -1.68× | ||
| Q1 25 | — | 3.82× | ||
| Q4 24 | — | -5.96× | ||
| Q3 24 | — | 0.05× | ||
| Q2 24 | — | 2.08× | ||
| 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% |
M
| Womens Accessories Shoes Cosmetics And Fragrances | $1.9B | 41% |
| Womens Apparel | $1.1B | 23% |
| Mens And Kids | $1.0B | 22% |
| Home Other | $638.0M | 14% |
| Credit Card Revenues Net | $158.0M | 3% |
| Macys Media Network Revenue Net | $42.0M | 1% |
