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缤客控股（BKNG）与Smurfit Westrock（SW）财务数据对比。点击上方公司名可切换其他公司
Smurfit Westrock的季度营收约是缤客控股的1.2倍（$7.6B vs $6.3B），缤客控股同比增速更快（16.0% vs 0.5%），缤客控股自由现金流更多（$1.4B vs $612.0M），过去两年Smurfit Westrock的营收复合增速更高（60.8% vs 19.9%）
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。
Smurfit Westrock plc是总部位于爱尔兰都柏林的企业，核心业务为生产瓦楞包装及各类纸制包装产品，公司股票同时在纽约证券交易所和伦敦证券交易所挂牌上市。
BKNG vs SW — 直观对比
营收规模更大
SW
是对方的1.2倍
$6.3B
营收增速更快
BKNG
高出15.5%
0.5%
自由现金流更多
BKNG
多$805.0M
$612.0M
两年增速更快
SW
近两年复合增速
19.9%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $6.3B | $7.6B |
| 净利润 | — | $97.0M |
| 毛利率 | — | 18.2% |
| 营业利润率 | 32.0% | 5.1% |
| 净利率 | — | 1.3% |
| 营收同比 | 16.0% | 0.5% |
| 净利润同比 | — | -33.6% |
| 每股收益（稀释后） | $43.66 | $0.18 |
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BKNGSW
| Q4 25 | $6.3B | $7.6B | ||
| Q3 25 | $9.0B | $8.0B | ||
| Q2 25 | $6.8B | $7.9B | ||
| Q1 25 | $4.8B | $7.7B | ||
| Q4 24 | $5.5B | $7.5B | ||
| Q3 24 | $8.0B | $7.7B | ||
| Q2 24 | $5.9B | $3.0B | ||
| Q1 24 | $4.4B | $2.9B |
净利润BKNGSW
| Q4 25 | — | $97.0M | ||
| Q3 25 | — | $246.0M | ||
| Q2 25 | — | $-28.0M | ||
| Q1 25 | — | $384.0M | ||
| Q4 24 | — | $146.0M | ||
| Q3 24 | — | $-150.0M | ||
| Q2 24 | — | $132.0M | ||
| Q1 24 | — | $191.0M |
毛利率BKNGSW
| Q4 25 | — | 18.2% | ||
| Q3 25 | — | 19.6% | ||
| Q2 25 | — | 19.1% | ||
| Q1 25 | — | 20.6% | ||
| Q4 24 | — | 19.1% | ||
| Q3 24 | — | 17.6% | ||
| Q2 24 | — | 23.3% | ||
| Q1 24 | — | 24.2% |
营业利润率BKNGSW
| Q4 25 | 32.0% | 5.1% | ||
| Q3 25 | 38.7% | 6.6% | ||
| Q2 25 | 33.1% | 3.2% | ||
| Q1 25 | 22.3% | 7.2% | ||
| Q4 24 | 31.6% | 5.3% | ||
| Q3 24 | 39.8% | 0.7% | ||
| Q2 24 | 31.7% | 8.2% | ||
| Q1 24 | 17.9% | 10.5% |
净利率BKNGSW
| Q4 25 | — | 1.3% | ||
| Q3 25 | — | 3.1% | ||
| Q2 25 | — | -0.4% | ||
| Q1 25 | — | 5.0% | ||
| Q4 24 | — | 1.9% | ||
| Q3 24 | — | -2.0% | ||
| Q2 24 | — | 4.4% | ||
| Q1 24 | — | 6.5% |
每股收益（稀释后）BKNGSW
| Q4 25 | $43.66 | $0.18 | ||
| Q3 25 | $84.41 | $0.47 | ||
| Q2 25 | $27.43 | $-0.05 | ||
| Q1 25 | $10.07 | $0.73 | ||
| Q4 24 | $31.60 | $-0.12 | ||
| Q3 24 | $74.34 | $-0.30 | ||
| Q2 24 | $44.38 | $0.51 | ||
| Q1 24 | $22.37 | $0.73 |
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 | $892.0M |
| 总债务越低越好 | $18.7B | $13.4B |
| 股东权益账面价值 | $-5.6B | $18.3B |
| 总资产 | $29.3B | $45.2B |
| 负债/权益比越低杠杆越低 | — | 0.73× |
8季度趋势，按日历期对齐
现金及短期投资BKNGSW
| Q4 25 | $17.2B | $892.0M | ||
| Q3 25 | $16.5B | $851.0M | ||
| Q2 25 | $17.6B | $778.0M | ||
| Q1 25 | $15.6B | $797.0M | ||
| Q4 24 | $16.2B | $855.0M | ||
| Q3 24 | $15.8B | — | ||
| Q2 24 | $16.3B | $26.8K | ||
| Q1 24 | $16.0B | $108 |
总债务BKNGSW
| Q4 25 | $18.7B | $13.4B | ||
| Q3 25 | $17.0B | $13.3B | ||
| Q2 25 | $18.5B | $13.3B | ||
| Q1 25 | $16.0B | $12.9B | ||
| Q4 24 | $16.6B | $12.5B | ||
| Q3 24 | $16.2B | $13.2B | ||
| Q2 24 | $16.8B | — | ||
| Q1 24 | $16.9B | — |
股东权益BKNGSW
| Q4 25 | $-5.6B | $18.3B | ||
| Q3 25 | $-4.7B | $18.4B | ||
| Q2 25 | $-6.7B | $18.3B | ||
| Q1 25 | $-6.1B | $17.9B | ||
| Q4 24 | $-4.0B | $17.4B | ||
| Q3 24 | $-3.7B | $18.0B | ||
| Q2 24 | $-4.3B | $14.5K | ||
| Q1 24 | $-4.1B | $108 |
总资产BKNGSW
| Q4 25 | $29.3B | $45.2B | ||
| Q3 25 | $28.8B | $45.6B | ||
| Q2 25 | $30.7B | $45.7B | ||
| Q1 25 | $27.2B | $44.6B | ||
| Q4 24 | $27.7B | $43.8B | ||
| Q3 24 | $28.0B | $45.0B | ||
| Q2 24 | $28.5B | $26.8K | ||
| Q1 24 | $27.7B | $108 |
负债/权益比BKNGSW
| Q4 25 | — | 0.73× | ||
| Q3 25 | — | 0.72× | ||
| Q2 25 | — | 0.73× | ||
| Q1 25 | — | 0.72× | ||
| Q4 24 | — | 0.72× | ||
| Q3 24 | — | 0.73× | ||
| 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 | $1.2B |
| 自由现金流经营现金流 - 资本支出 | $1.4B | $612.0M |
| 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% | 7.7% |
| 现金转化率经营现金流/净利润 | — | 12.32× |
| 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BKNGSW
| Q4 25 | $1.5B | $1.2B | ||
| Q3 25 | $1.4B | $1.1B | ||
| Q2 25 | $3.2B | $829.0M | ||
| Q1 25 | $3.3B | $235.0M | ||
| Q4 24 | $721.0M | $781.0M | ||
| Q3 24 | $2.4B | $320.0M | ||
| Q2 24 | $2.5B | $340.0M | ||
| Q1 24 | $2.7B | $42.0M |
自由现金流BKNGSW
| Q4 25 | $1.4B | $612.0M | ||
| Q3 25 | $1.4B | $523.0M | ||
| Q2 25 | $3.1B | $307.0M | ||
| Q1 25 | $3.2B | $-242.0M | ||
| Q4 24 | $645.0M | $212.0M | ||
| Q3 24 | $2.3B | $-192.0M | ||
| Q2 24 | $2.4B | $163.0M | ||
| Q1 24 | $2.6B | $-166.0M |
自由现金流率BKNGSW
| Q4 25 | 22.3% | 8.1% | ||
| Q3 25 | 15.2% | 6.5% | ||
| Q2 25 | 46.1% | 3.9% | ||
| Q1 25 | 66.4% | -3.2% | ||
| Q4 24 | 11.8% | 2.8% | ||
| Q3 24 | 28.7% | -2.5% | ||
| Q2 24 | 40.6% | 5.5% | ||
| Q1 24 | 58.3% | -5.7% |
资本支出强度BKNGSW
| Q4 25 | 1.1% | 7.7% | ||
| Q3 25 | 0.7% | 7.6% | ||
| Q2 25 | 0.9% | 6.6% | ||
| Q1 25 | 2.5% | 6.2% | ||
| Q4 24 | 1.4% | 7.5% | ||
| Q3 24 | 1.0% | 6.7% | ||
| Q2 24 | 2.5% | 6.0% | ||
| Q1 24 | 2.9% | 7.1% |
现金转化率BKNGSW
| Q4 25 | — | 12.32× | ||
| Q3 25 | — | 4.61× | ||
| Q2 25 | — | — | ||
| Q1 25 | — | 0.61× | ||
| Q4 24 | — | 5.35× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | 2.58× | ||
| Q1 24 | — | 0.22× |
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% |
SW
| Packaging | $3.3B | 43% |
| Other | $3.2B | 43% |
| Paper | $1.1B | 14% |
