vs
缤客控股（BKNG）与PVH CORP.（PVH）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PVH CORP.的2.8倍（$6.3B vs $2.3B）。缤客控股同比增速更快（16.0% vs 1.7%）。缤客控股自由现金流更多（$1.4B vs $-85.1M）
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。
PVH集团是源自美国的知名服饰企业，前身为Phillips-Van Heusen公司，旗下拥有Tommy Hilfiger、Calvin Klein等标志性时尚品牌，同时还获得Kenneth Cole New York、Michael Kors等品牌的授权经营许可，在全球服饰消费市场拥有广泛影响力。
BKNG vs PVH — 直观对比
营收规模更大
BKNG
是对方的2.8倍
$2.3B
营收增速更快
BKNG
高出14.3%
1.7%
自由现金流更多
BKNG
多$1.5B
$-85.1M
损益表 — Q4 2025 vs Q3 2026
| 指标 | | |
|---|---|---|
| 营收 | $6.3B | $2.3B |
| 净利润 | — | $4.2M |
| 毛利率 | — | 56.3% |
| 营业利润率 | 32.0% | 7.9% |
| 净利率 | — | 0.2% |
| 营收同比 | 16.0% | 1.7% |
| 净利润同比 | — | -96.8% |
| 每股收益（稀释后） | $43.66 | $0.09 |
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BKNGPVH
| Q4 25 | $6.3B | $2.3B | ||
| Q3 25 | $9.0B | $2.2B | ||
| Q2 25 | $6.8B | $2.0B | ||
| Q1 25 | $4.8B | — | ||
| Q4 24 | $5.5B | — | ||
| Q3 24 | $8.0B | — | ||
| Q2 24 | $5.9B | — | ||
| Q1 24 | $4.4B | — |
净利润BKNGPVH
| Q4 25 | — | $4.2M | ||
| Q3 25 | — | $224.2M | ||
| Q2 25 | — | $-44.8M | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
毛利率BKNGPVH
| Q4 25 | — | 56.3% | ||
| Q3 25 | — | 57.7% | ||
| Q2 25 | — | 58.6% | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
营业利润率BKNGPVH
| Q4 25 | 32.0% | 7.9% | ||
| Q3 25 | 38.7% | 6.1% | ||
| Q2 25 | 33.1% | -16.7% | ||
| Q1 25 | 22.3% | — | ||
| Q4 24 | 31.6% | — | ||
| Q3 24 | 39.8% | — | ||
| Q2 24 | 31.7% | — | ||
| Q1 24 | 17.9% | — |
净利率BKNGPVH
| Q4 25 | — | 0.2% | ||
| Q3 25 | — | 10.3% | ||
| Q2 25 | — | -2.3% | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
每股收益（稀释后）BKNGPVH
| Q4 25 | $43.66 | $0.09 | ||
| Q3 25 | $84.41 | $4.63 | ||
| Q2 25 | $27.43 | $-0.88 | ||
| Q1 25 | $10.07 | — | ||
| Q4 24 | $31.60 | — | ||
| Q3 24 | $74.34 | — | ||
| Q2 24 | $44.38 | — | ||
| Q1 24 | $22.37 | — |
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 | $158.2M |
| 总债务越低越好 | $18.7B | $2.3B |
| 股东权益账面价值 | $-5.6B | $4.9B |
| 总资产 | $29.3B | $11.4B |
| 负债/权益比越低杠杆越低 | — | 0.46× |
8季度趋势，按日历期对齐
现金及短期投资BKNGPVH
| Q4 25 | $17.2B | $158.2M | ||
| Q3 25 | $16.5B | $248.8M | ||
| Q2 25 | $17.6B | $191.0M | ||
| Q1 25 | $15.6B | — | ||
| Q4 24 | $16.2B | — | ||
| Q3 24 | $15.8B | — | ||
| Q2 24 | $16.3B | — | ||
| Q1 24 | $16.0B | — |
总债务BKNGPVH
| Q4 25 | $18.7B | $2.3B | ||
| Q3 25 | $17.0B | $2.3B | ||
| Q2 25 | $18.5B | $2.2B | ||
| Q1 25 | $16.0B | — | ||
| Q4 24 | $16.6B | — | ||
| Q3 24 | $16.2B | — | ||
| Q2 24 | $16.8B | — | ||
| Q1 24 | $16.9B | — |
股东权益BKNGPVH
| Q4 25 | $-5.6B | $4.9B | ||
| Q3 25 | $-4.7B | $4.9B | ||
| Q2 25 | $-6.7B | $4.6B | ||
| Q1 25 | $-6.1B | — | ||
| Q4 24 | $-4.0B | — | ||
| Q3 24 | $-3.7B | — | ||
| Q2 24 | $-4.3B | — | ||
| Q1 24 | $-4.1B | — |
总资产BKNGPVH
| Q4 25 | $29.3B | $11.4B | ||
| Q3 25 | $28.8B | $11.6B | ||
| Q2 25 | $30.7B | $10.7B | ||
| Q1 25 | $27.2B | — | ||
| Q4 24 | $27.7B | — | ||
| Q3 24 | $28.0B | — | ||
| Q2 24 | $28.5B | — | ||
| Q1 24 | $27.7B | — |
负债/权益比BKNGPVH
| Q4 25 | — | 0.46× | ||
| Q3 25 | — | 0.47× | ||
| Q2 25 | — | 0.48× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| 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 | $-44.5M |
| 自由现金流经营现金流 - 资本支出 | $1.4B | $-85.1M |
| 自由现金流率自由现金流/营收 | 22.3% | -3.7% |
| 资本支出强度资本支出/营收 | 1.1% | 1.8% |
| 现金转化率经营现金流/净利润 | — | -10.60× |
| 过去12个月自由现金流最近4个季度 | $9.1B | — |
8季度趋势，按日历期对齐
经营现金流BKNGPVH
| Q4 25 | $1.5B | $-44.5M | ||
| Q3 25 | $1.4B | $213.1M | ||
| Q2 25 | $3.2B | $-71.4M | ||
| Q1 25 | $3.3B | — | ||
| Q4 24 | $721.0M | — | ||
| Q3 24 | $2.4B | — | ||
| Q2 24 | $2.5B | — | ||
| Q1 24 | $2.7B | — |
自由现金流BKNGPVH
| Q4 25 | $1.4B | $-85.1M | ||
| Q3 25 | $1.4B | $181.9M | ||
| Q2 25 | $3.1B | $-98.1M | ||
| Q1 25 | $3.2B | — | ||
| Q4 24 | $645.0M | — | ||
| Q3 24 | $2.3B | — | ||
| Q2 24 | $2.4B | — | ||
| Q1 24 | $2.6B | — |
自由现金流率BKNGPVH
| Q4 25 | 22.3% | -3.7% | ||
| Q3 25 | 15.2% | 8.4% | ||
| Q2 25 | 46.1% | -4.9% | ||
| Q1 25 | 66.4% | — | ||
| Q4 24 | 11.8% | — | ||
| Q3 24 | 28.7% | — | ||
| Q2 24 | 40.6% | — | ||
| Q1 24 | 58.3% | — |
资本支出强度BKNGPVH
| Q4 25 | 1.1% | 1.8% | ||
| Q3 25 | 0.7% | 1.4% | ||
| Q2 25 | 0.9% | 1.3% | ||
| Q1 25 | 2.5% | — | ||
| Q4 24 | 1.4% | — | ||
| Q3 24 | 1.0% | — | ||
| Q2 24 | 2.5% | — | ||
| Q1 24 | 2.9% | — |
现金转化率BKNGPVH
| Q4 25 | — | -10.60× | ||
| Q3 25 | — | 0.95× | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| 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% |
PVH
| Sales Channel Salesto Wholesale Customers | $1.0B | 44% |
| Sales Channel Sales To Owned And Operated Retail Customers | $868.0M | 38% |
| Sales Channel Sales To Owned And Operated Digital Retail Customers | $186.6M | 8% |
| Licensing | $99.5M | 4% |
| Other | $75.8M | 3% |
| Heritage Brands | $51.3M | 2% |
