vs
缤客控股（BKNG）与玛斯特锁（MBC）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玛斯特锁的9.8倍（$6.3B vs $644.6M）。缤客控股同比增速更快（16.0% vs -3.5%）。缤客控股自由现金流更多（$1.4B vs $52.5M）。过去两年缤客控股的营收复合增速更高（19.9% vs 0.5%）
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。
玛斯特锁是美国知名安防产品供应商，1921年由锁匠发明家哈里·索雷夫创立，总部位于威斯康星州奥克里克，主营挂锁、密码锁、保险箱及相关安防产品，现为富俊创新集团旗下子公司，在全球安防锁具领域拥有较高的市场认可度。
BKNG vs MBC — 直观对比
营收规模更大
BKNG
是对方的9.8倍
$644.6M
营收增速更快
BKNG
高出19.5%
-3.5%
自由现金流更多
BKNG
多$1.4B
$52.5M
两年增速更快
BKNG
近两年复合增速
0.5%
损益表 — Q4 2025 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $6.3B | $644.6M |
| 净利润 | — | $-42.0M |
| 毛利率 | — | 26.0% |
| 营业利润率 | 32.0% | -4.2% |
| 净利率 | — | -6.5% |
| 营收同比 | 16.0% | -3.5% |
| 净利润同比 | — | -400.0% |
| 每股收益（稀释后） | $43.66 | $-0.32 |
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BKNGMBC
| Q4 25 | $6.3B | $644.6M | ||
| Q3 25 | $9.0B | $698.9M | ||
| Q2 25 | $6.8B | $730.9M | ||
| Q1 25 | $4.8B | $660.3M | ||
| Q4 24 | $5.5B | $667.7M | ||
| Q3 24 | $8.0B | $718.1M | ||
| Q2 24 | $5.9B | $676.5M | ||
| Q1 24 | $4.4B | $638.1M |
净利润BKNGMBC
| Q4 25 | — | $-42.0M | ||
| Q3 25 | — | $18.1M | ||
| Q2 25 | — | $37.3M | ||
| Q1 25 | — | $13.3M | ||
| Q4 24 | — | $14.0M | ||
| Q3 24 | — | $29.1M | ||
| Q2 24 | — | $45.3M | ||
| Q1 24 | — | $37.5M |
毛利率BKNGMBC
| Q4 25 | — | 26.0% | ||
| Q3 25 | — | 31.2% | ||
| Q2 25 | — | 32.8% | ||
| Q1 25 | — | 30.6% | ||
| Q4 24 | — | 30.4% | ||
| Q3 24 | — | 33.1% | ||
| Q2 24 | — | 34.1% | ||
| Q1 24 | — | 32.1% |
营业利润率BKNGMBC
| Q4 25 | 32.0% | -4.2% | ||
| Q3 25 | 38.7% | 6.0% | ||
| Q2 25 | 33.1% | 9.2% | ||
| Q1 25 | 22.3% | 5.6% | ||
| Q4 24 | 31.6% | 5.6% | ||
| Q3 24 | 39.8% | 8.0% | ||
| Q2 24 | 31.7% | 11.5% | ||
| Q1 24 | 17.9% | 9.8% |
净利率BKNGMBC
| Q4 25 | — | -6.5% | ||
| Q3 25 | — | 2.6% | ||
| Q2 25 | — | 5.1% | ||
| Q1 25 | — | 2.0% | ||
| Q4 24 | — | 2.1% | ||
| Q3 24 | — | 4.1% | ||
| Q2 24 | — | 6.7% | ||
| Q1 24 | — | 5.9% |
每股收益（稀释后）BKNGMBC
| Q4 25 | $43.66 | $-0.32 | ||
| Q3 25 | $84.41 | $0.14 | ||
| Q2 25 | $27.43 | $0.29 | ||
| Q1 25 | $10.07 | $0.10 | ||
| Q4 24 | $31.60 | $0.10 | ||
| Q3 24 | $74.34 | $0.22 | ||
| Q2 24 | $44.38 | $0.35 | ||
| Q1 24 | $22.37 | $0.29 |
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 | $183.3M |
| 总债务越低越好 | $18.7B | — |
| 股东权益账面价值 | $-5.6B | $1.3B |
| 总资产 | $29.3B | $3.1B |
| 负债/权益比越低杠杆越低 | — | — |
8季度趋势，按日历期对齐
现金及短期投资BKNGMBC
| Q4 25 | $17.2B | $183.3M | ||
| Q3 25 | $16.5B | $114.8M | ||
| Q2 25 | $17.6B | $120.1M | ||
| Q1 25 | $15.6B | $113.5M | ||
| Q4 24 | $16.2B | $120.6M | ||
| Q3 24 | $15.8B | $108.4M | ||
| Q2 24 | $16.3B | $189.4M | ||
| Q1 24 | $16.0B | $153.7M |
总债务BKNGMBC
| Q4 25 | $18.7B | — | ||
| Q3 25 | $17.0B | — | ||
| Q2 25 | $18.5B | — | ||
| Q1 25 | $16.0B | — | ||
| Q4 24 | $16.6B | $1.0B | ||
| Q3 24 | $16.2B | $1.1B | ||
| Q2 24 | $16.8B | — | ||
| Q1 24 | $16.9B | — |
股东权益BKNGMBC
| Q4 25 | $-5.6B | $1.3B | ||
| Q3 25 | $-4.7B | $1.4B | ||
| Q2 25 | $-6.7B | $1.4B | ||
| Q1 25 | $-6.1B | $1.3B | ||
| Q4 24 | $-4.0B | $1.3B | ||
| Q3 24 | $-3.7B | $1.3B | ||
| Q2 24 | $-4.3B | $1.3B | ||
| Q1 24 | $-4.1B | $1.2B |
总资产BKNGMBC
| Q4 25 | $29.3B | $3.1B | ||
| Q3 25 | $28.8B | $3.0B | ||
| Q2 25 | $30.7B | $3.0B | ||
| Q1 25 | $27.2B | $3.0B | ||
| Q4 24 | $27.7B | $2.9B | ||
| Q3 24 | $28.0B | $3.0B | ||
| Q2 24 | $28.5B | $2.4B | ||
| Q1 24 | $27.7B | $2.4B |
负债/权益比BKNGMBC
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 0.79× | ||
| Q3 24 | — | 0.83× | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
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 | $86.9M |
| 自由现金流经营现金流 - 资本支出 | $1.4B | $52.5M |
| 自由现金流率自由现金流/营收 | 22.3% | 8.1% |
| 资本支出强度资本支出/营收 | 1.1% | 5.3% |
| 现金转化率经营现金流/净利润 | — | — |
| 过去12个月自由现金流最近4个季度 | $9.1B | $117.5M |
8季度趋势，按日历期对齐
经营现金流BKNGMBC
| Q4 25 | $1.5B | $86.9M | ||
| Q3 25 | $1.4B | $55.4M | ||
| Q2 25 | $3.2B | $84.8M | ||
| Q1 25 | $3.3B | $-31.4M | ||
| Q4 24 | $721.0M | $115.1M | ||
| Q3 24 | $2.4B | $80.8M | ||
| Q2 24 | $2.5B | $77.4M | ||
| Q1 24 | $2.7B | $18.7M |
自由现金流BKNGMBC
| Q4 25 | $1.4B | $52.5M | ||
| Q3 25 | $1.4B | $39.5M | ||
| Q2 25 | $3.1B | $66.7M | ||
| Q1 25 | $3.2B | $-41.2M | ||
| Q4 24 | $645.0M | $68.8M | ||
| Q3 24 | $2.3B | $64.5M | ||
| Q2 24 | $2.4B | $66.1M | ||
| Q1 24 | $2.6B | $11.7M |
自由现金流率BKNGMBC
| Q4 25 | 22.3% | 8.1% | ||
| Q3 25 | 15.2% | 5.7% | ||
| Q2 25 | 46.1% | 9.1% | ||
| Q1 25 | 66.4% | -6.2% | ||
| Q4 24 | 11.8% | 10.3% | ||
| Q3 24 | 28.7% | 9.0% | ||
| Q2 24 | 40.6% | 9.8% | ||
| Q1 24 | 58.3% | 1.8% |
资本支出强度BKNGMBC
| Q4 25 | 1.1% | 5.3% | ||
| Q3 25 | 0.7% | 2.3% | ||
| Q2 25 | 0.9% | 2.5% | ||
| Q1 25 | 2.5% | 1.5% | ||
| Q4 24 | 1.4% | 6.9% | ||
| Q3 24 | 1.0% | 2.3% | ||
| Q2 24 | 2.5% | 1.7% | ||
| Q1 24 | 2.9% | 1.1% |
现金转化率BKNGMBC
| Q4 25 | — | — | ||
| Q3 25 | — | 3.06× | ||
| Q2 25 | — | 2.27× | ||
| Q1 25 | — | -2.36× | ||
| Q4 24 | — | 8.22× | ||
| Q3 24 | — | 2.78× | ||
| Q2 24 | — | 1.71× | ||
| Q1 24 | — | 0.50× |
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% |
MBC
| Dealers | $345.7M | 54% |
| Retail | $220.0M | 34% |
| Builders | $78.9M | 12% |
