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缤客控股（BKNG）与威达信集团（MRSH）财务数据对比。点击上方公司名可切换其他公司
威达信集团的季度营收约是缤客控股的1.0倍（$6.6B vs $6.3B），缤客控股同比增速更快（16.0% vs 8.7%），威达信集团自由现金流更多（$2.1B vs $1.4B），过去两年缤客控股的营收复合增速更高（19.9% vs 0.9%）
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。
威达信集团是总部位于纽约的全球专业服务企业，核心业务涵盖保险经纪、风险管理、再保险服务、人才管理、投资咨询及管理咨询，旗下拥有达信（Marsh）等四大运营子公司，可提供风险建模、定制风险融资方案等多元专业服务。
BKNG vs MRSH — 直观对比
营收规模更大
MRSH
是对方的1.0倍
$6.3B
营收增速更快
BKNG
高出7.3%
8.7%
自由现金流更多
MRSH
多$639.0M
$1.4B
两年增速更快
BKNG
近两年复合增速
0.9%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $6.3B | $6.6B |
| 净利润 | — | $821.0M |
| 毛利率 | — | — |
| 营业利润率 | 32.0% | 18.5% |
| 净利率 | — | 12.4% |
| 营收同比 | 16.0% | 8.7% |
| 净利润同比 | — | 4.2% |
| 每股收益（稀释后） | $43.66 | $1.68 |
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BKNGMRSH
| Q4 25 | $6.3B | $6.6B | ||
| Q3 25 | $9.0B | $6.4B | ||
| Q2 25 | $6.8B | $7.0B | ||
| Q1 25 | $4.8B | $7.1B | ||
| Q4 24 | $5.5B | $6.1B | ||
| Q3 24 | $8.0B | $5.7B | ||
| Q2 24 | $5.9B | $6.2B | ||
| Q1 24 | $4.4B | $6.5B |
净利润BKNGMRSH
| Q4 25 | — | $821.0M | ||
| Q3 25 | — | $747.0M | ||
| Q2 25 | — | $1.2B | ||
| Q1 25 | — | $1.4B | ||
| Q4 24 | — | $788.0M | ||
| Q3 24 | — | $747.0M | ||
| Q2 24 | — | $1.1B | ||
| Q1 24 | — | $1.4B |
营业利润率BKNGMRSH
| Q4 25 | 32.0% | 18.5% | ||
| Q3 25 | 38.7% | 18.4% | ||
| Q2 25 | 33.1% | 26.2% | ||
| Q1 25 | 22.3% | 28.4% | ||
| Q4 24 | 31.6% | 18.8% | ||
| Q3 24 | 39.8% | 19.4% | ||
| Q2 24 | 31.7% | 26.4% | ||
| Q1 24 | 17.9% | 29.7% |
净利率BKNGMRSH
| Q4 25 | — | 12.4% | ||
| Q3 25 | — | 11.8% | ||
| Q2 25 | — | 17.4% | ||
| Q1 25 | — | 19.6% | ||
| Q4 24 | — | 13.0% | ||
| Q3 24 | — | 13.1% | ||
| Q2 24 | — | 18.1% | ||
| Q1 24 | — | 21.6% |
每股收益（稀释后）BKNGMRSH
| Q4 25 | $43.66 | $1.68 | ||
| Q3 25 | $84.41 | $1.51 | ||
| Q2 25 | $27.43 | $2.45 | ||
| Q1 25 | $10.07 | $2.79 | ||
| Q4 24 | $31.60 | $1.58 | ||
| Q3 24 | $74.34 | $1.51 | ||
| Q2 24 | $44.38 | $2.27 | ||
| Q1 24 | $22.37 | $2.82 |
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 | $2.7B |
| 总债务越低越好 | $18.7B | $19.6B |
| 股东权益账面价值 | $-5.6B | $15.3B |
| 总资产 | $29.3B | $58.7B |
| 负债/权益比越低杠杆越低 | — | 1.28× |
8季度趋势，按日历期对齐
现金及短期投资BKNGMRSH
| Q4 25 | $17.2B | $2.7B | ||
| Q3 25 | $16.5B | $2.5B | ||
| Q2 25 | $17.6B | $1.7B | ||
| Q1 25 | $15.6B | $1.6B | ||
| Q4 24 | $16.2B | $2.4B | ||
| Q3 24 | $15.8B | $1.8B | ||
| Q2 24 | $16.3B | $1.7B | ||
| Q1 24 | $16.0B | $1.5B |
总债务BKNGMRSH
| Q4 25 | $18.7B | $19.6B | ||
| Q3 25 | $17.0B | $19.6B | ||
| Q2 25 | $18.5B | $19.6B | ||
| Q1 25 | $16.0B | $19.5B | ||
| Q4 24 | $16.6B | $19.9B | ||
| Q3 24 | $16.2B | $12.8B | ||
| Q2 24 | $16.8B | $12.8B | ||
| Q1 24 | $16.9B | $13.4B |
股东权益BKNGMRSH
| Q4 25 | $-5.6B | $15.3B | ||
| Q3 25 | $-4.7B | $15.4B | ||
| Q2 25 | $-6.7B | $16.0B | ||
| Q1 25 | $-6.1B | $14.3B | ||
| Q4 24 | $-4.0B | $13.5B | ||
| Q3 24 | $-3.7B | $13.9B | ||
| Q2 24 | $-4.3B | $13.6B | ||
| Q1 24 | $-4.1B | $12.6B |
总资产BKNGMRSH
| Q4 25 | $29.3B | $58.7B | ||
| Q3 25 | $28.8B | $58.8B | ||
| Q2 25 | $30.7B | $58.6B | ||
| Q1 25 | $27.2B | $57.0B | ||
| Q4 24 | $27.7B | $56.5B | ||
| Q3 24 | $28.0B | $49.9B | ||
| Q2 24 | $28.5B | $48.6B | ||
| Q1 24 | $27.7B | $47.6B |
负债/权益比BKNGMRSH
| Q4 25 | — | 1.28× | ||
| Q3 25 | — | 1.27× | ||
| Q2 25 | — | 1.23× | ||
| Q1 25 | — | 1.37× | ||
| Q4 24 | — | 1.47× | ||
| Q3 24 | — | 0.93× | ||
| Q2 24 | — | 0.94× | ||
| Q1 24 | — | 1.06× |
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 | $2.2B |
| 自由现金流经营现金流 - 资本支出 | $1.4B | $2.1B |
| 自由现金流率自由现金流/营收 | 22.3% | 31.2% |
| 资本支出强度资本支出/营收 | 1.1% | 1.6% |
| 现金转化率经营现金流/净利润 | — | 2.63× |
| 过去12个月自由现金流最近4个季度 | $9.1B | $5.0B |
8季度趋势，按日历期对齐
经营现金流BKNGMRSH
| Q4 25 | $1.5B | $2.2B | ||
| Q3 25 | $1.4B | $2.1B | ||
| Q2 25 | $3.2B | $1.7B | ||
| Q1 25 | $3.3B | $-622.0M | ||
| Q4 24 | $721.0M | $2.0B | ||
| Q3 24 | $2.4B | $1.9B | ||
| Q2 24 | $2.5B | $1.2B | ||
| Q1 24 | $2.7B | $-781.0M |
自由现金流BKNGMRSH
| Q4 25 | $1.4B | $2.1B | ||
| Q3 25 | $1.4B | $2.0B | ||
| Q2 25 | $3.1B | $1.6B | ||
| Q1 25 | $3.2B | $-677.0M | ||
| Q4 24 | $645.0M | $1.9B | ||
| Q3 24 | $2.3B | $1.8B | ||
| Q2 24 | $2.4B | $1.1B | ||
| Q1 24 | $2.6B | $-868.0M |
自由现金流率BKNGMRSH
| Q4 25 | 22.3% | 31.2% | ||
| Q3 25 | 15.2% | 31.6% | ||
| Q2 25 | 46.1% | 23.1% | ||
| Q1 25 | 66.4% | -9.6% | ||
| Q4 24 | 11.8% | 31.0% | ||
| Q3 24 | 28.7% | 32.3% | ||
| Q2 24 | 40.6% | 18.2% | ||
| Q1 24 | 58.3% | -13.4% |
资本支出强度BKNGMRSH
| Q4 25 | 1.1% | 1.6% | ||
| Q3 25 | 0.7% | 1.1% | ||
| Q2 25 | 0.9% | 0.8% | ||
| Q1 25 | 2.5% | 0.8% | ||
| Q4 24 | 1.4% | 1.3% | ||
| Q3 24 | 1.0% | 1.3% | ||
| Q2 24 | 2.5% | 1.3% | ||
| Q1 24 | 2.9% | 1.3% |
现金转化率BKNGMRSH
| Q4 25 | — | 2.63× | ||
| Q3 25 | — | 2.79× | ||
| Q2 25 | — | 1.38× | ||
| Q1 25 | — | -0.45× | ||
| Q4 24 | — | 2.48× | ||
| Q3 24 | — | 2.56× | ||
| Q2 24 | — | 1.08× | ||
| Q1 24 | — | -0.56× |
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% |
MRSH
| Marsh Insurance Group | $3.6B | 55% |
| Consulting Segment | $2.6B | 40% |
| Guy Carpenter Reinsurance Group | $179.0M | 3% |
| Other | $175.0M | 3% |
