vs
缤客控股（BKNG）与摩托罗拉解决方案（MSI）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摩托罗拉解决方案的1.9倍（$6.3B vs $3.4B），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 $1.1B），过去两年缤客控股的营收复合增速更高（19.9% vs 18.9%）
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。
摩托罗拉解决方案是美国科技企业，总部位于伊利诺伊州芝加哥，2011年由摩托罗拉公司拆分成立。公司面向公共安全部门及企业客户，提供关键通信、视频安防、指挥中心技术等安全防护类产品与服务。
BKNG vs MSI — 直观对比
营收规模更大
BKNG
是对方的1.9倍
$3.4B
营收增速更快
BKNG
高出3.8%
12.3%
自由现金流更多
BKNG
多$275.0M
$1.1B
两年增速更快
BKNG
近两年复合增速
18.9%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $6.3B | $3.4B |
| 净利润 | — | $649.0M |
| 毛利率 | — | 52.3% |
| 营业利润率 | 32.0% | 27.9% |
| 净利率 | — | 19.2% |
| 营收同比 | 16.0% | 12.3% |
| 净利润同比 | — | 6.2% |
| 每股收益（稀释后） | $43.66 | $3.85 |
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BKNGMSI
| Q4 25 | $6.3B | $3.4B | ||
| Q3 25 | $9.0B | $3.0B | ||
| Q2 25 | $6.8B | $2.8B | ||
| Q1 25 | $4.8B | $2.5B | ||
| Q4 24 | $5.5B | $3.0B | ||
| Q3 24 | $8.0B | $2.8B | ||
| Q2 24 | $5.9B | $2.6B | ||
| Q1 24 | $4.4B | $2.4B |
净利润BKNGMSI
| Q4 25 | — | $649.0M | ||
| Q3 25 | — | $562.0M | ||
| Q2 25 | — | $513.0M | ||
| Q1 25 | — | $430.0M | ||
| Q4 24 | — | $611.0M | ||
| Q3 24 | — | $562.0M | ||
| Q2 24 | — | $443.0M | ||
| Q1 24 | — | $-39.0M |
毛利率BKNGMSI
| Q4 25 | — | 52.3% | ||
| Q3 25 | — | 51.6% | ||
| Q2 25 | — | 51.1% | ||
| Q1 25 | — | 51.4% | ||
| Q4 24 | — | 51.4% | ||
| Q3 24 | — | 51.4% | ||
| Q2 24 | — | 51.0% | ||
| Q1 24 | — | 49.9% |
营业利润率BKNGMSI
| Q4 25 | 32.0% | 27.9% | ||
| Q3 25 | 38.7% | 25.6% | ||
| Q2 25 | 33.1% | 25.0% | ||
| Q1 25 | 22.3% | 23.0% | ||
| Q4 24 | 31.6% | 27.0% | ||
| Q3 24 | 39.8% | 25.5% | ||
| Q2 24 | 31.7% | 24.5% | ||
| Q1 24 | 17.9% | 21.7% |
净利率BKNGMSI
| Q4 25 | — | 19.2% | ||
| Q3 25 | — | 18.7% | ||
| Q2 25 | — | 18.6% | ||
| Q1 25 | — | 17.0% | ||
| Q4 24 | — | 20.3% | ||
| Q3 24 | — | 20.1% | ||
| Q2 24 | — | 16.9% | ||
| Q1 24 | — | -1.6% |
每股收益（稀释后）BKNGMSI
| Q4 25 | $43.66 | $3.85 | ||
| Q3 25 | $84.41 | $3.33 | ||
| Q2 25 | $27.43 | $3.04 | ||
| Q1 25 | $10.07 | $2.53 | ||
| Q4 24 | $31.60 | $3.57 | ||
| Q3 24 | $74.34 | $3.29 | ||
| Q2 24 | $44.38 | $2.60 | ||
| Q1 24 | $22.37 | $-0.23 |
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 | $1.2B |
| 总债务越低越好 | $18.7B | — |
| 股东权益账面价值 | $-5.6B | $2.4B |
| 总资产 | $29.3B | $19.4B |
| 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BKNGMSI
| Q4 25 | $17.2B | $1.2B | ||
| Q3 25 | $16.5B | $894.0M | ||
| Q2 25 | $17.6B | $3.2B | ||
| Q1 25 | $15.6B | $1.6B | ||
| Q4 24 | $16.2B | $2.1B | ||
| Q3 24 | $15.8B | $1.4B | ||
| Q2 24 | $16.3B | $1.4B | ||
| Q1 24 | $16.0B | $1.5B |
总债务BKNGMSI
| Q4 25 | $18.7B | — | ||
| Q3 25 | $17.0B | — | ||
| Q2 25 | $18.5B | — | ||
| Q1 25 | $16.0B | — | ||
| Q4 24 | $16.6B | — | ||
| Q3 24 | $16.2B | — | ||
| Q2 24 | $16.8B | — | ||
| Q1 24 | $16.9B | — |
股东权益BKNGMSI
| Q4 25 | $-5.6B | $2.4B | ||
| Q3 25 | $-4.7B | $2.3B | ||
| Q2 25 | $-6.7B | $2.0B | ||
| Q1 25 | $-6.1B | $1.6B | ||
| Q4 24 | $-4.0B | $1.7B | ||
| Q3 24 | $-3.7B | $1.3B | ||
| Q2 24 | $-4.3B | $802.0M | ||
| Q1 24 | $-4.1B | $521.0M |
总资产BKNGMSI
| Q4 25 | $29.3B | $19.4B | ||
| Q3 25 | $28.8B | $18.8B | ||
| Q2 25 | $30.7B | $16.4B | ||
| Q1 25 | $27.2B | $14.4B | ||
| Q4 24 | $27.7B | $14.6B | ||
| Q3 24 | $28.0B | $13.9B | ||
| Q2 24 | $28.5B | $13.3B | ||
| Q1 24 | $27.7B | $13.3B |
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 | $1.3B |
| 自由现金流经营现金流 - 资本支出 | $1.4B | $1.1B |
| 自由现金流率自由现金流/营收 | 22.3% | 33.8% |
| 资本支出强度资本支出/营收 | 1.1% | 3.4% |
| 现金转化率经营现金流/净利润 | — | 1.94× |
| 过去12个月自由现金流最近4个季度 | $9.1B | $2.6B |
8季度趋势，按日历期对齐
经营现金流BKNGMSI
| Q4 25 | $1.5B | $1.3B | ||
| Q3 25 | $1.4B | $798.0M | ||
| Q2 25 | $3.2B | $273.0M | ||
| Q1 25 | $3.3B | $510.0M | ||
| Q4 24 | $721.0M | $1.1B | ||
| Q3 24 | $2.4B | $759.0M | ||
| Q2 24 | $2.5B | $180.0M | ||
| Q1 24 | $2.7B | $382.0M |
自由现金流BKNGMSI
| Q4 25 | $1.4B | $1.1B | ||
| Q3 25 | $1.4B | $732.0M | ||
| Q2 25 | $3.1B | $225.0M | ||
| Q1 25 | $3.2B | $473.0M | ||
| Q4 24 | $645.0M | $984.0M | ||
| Q3 24 | $2.3B | $702.0M | ||
| Q2 24 | $2.4B | $112.0M | ||
| Q1 24 | $2.6B | $336.0M |
自由现金流率BKNGMSI
| Q4 25 | 22.3% | 33.8% | ||
| Q3 25 | 15.2% | 24.3% | ||
| Q2 25 | 46.1% | 8.1% | ||
| Q1 25 | 66.4% | 18.7% | ||
| Q4 24 | 11.8% | 32.7% | ||
| Q3 24 | 28.7% | 25.2% | ||
| Q2 24 | 40.6% | 4.3% | ||
| Q1 24 | 58.3% | 14.1% |
资本支出强度BKNGMSI
| Q4 25 | 1.1% | 3.4% | ||
| Q3 25 | 0.7% | 2.2% | ||
| Q2 25 | 0.9% | 1.7% | ||
| Q1 25 | 2.5% | 1.5% | ||
| Q4 24 | 1.4% | 2.9% | ||
| Q3 24 | 1.0% | 2.0% | ||
| Q2 24 | 2.5% | 2.6% | ||
| Q1 24 | 2.9% | 1.9% |
现金转化率BKNGMSI
| Q4 25 | — | 1.94× | ||
| Q3 25 | — | 1.42× | ||
| Q2 25 | — | 0.53× | ||
| Q1 25 | — | 1.19× | ||
| Q4 24 | — | 1.75× | ||
| Q3 24 | — | 1.35× | ||
| Q2 24 | — | 0.41× | ||
| 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% |
MSI
| Product And Systems Integration Segment | $1.5B | 45% |
| Services And Software Segment | $833.0M | 25% |
| Sales Channel Through Intermediary | $772.0M | 23% |
| Command Center Software | $258.0M | 8% |
