vs
缤客控股（BKNG）与Target Hospitality Corp.（TH）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Target Hospitality Corp.的86.4倍（$6.3B vs $73.5M）。Target Hospitality Corp.同比增速更快（22.0% vs 16.0%）。过去两年缤客控股的营收复合增速更高（19.9% vs 0.7%）
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。
Target Hospitality是一家专业住宿服务提供商，主营石油、天然气及矿业项目用工住宿，也提供大型活动、灾后救援所需的临时模块化住宿，总部位于得克萨斯州伍德兰兹，同时在北达科他州威利斯顿、科罗拉多州丹佛以及阿尔伯塔省卡尔加里设有办事处。
BKNG vs TH — 直观对比
营收规模更大
BKNG
是对方的86.4倍
$73.5M
营收增速更快
TH
高出5.9%
16.0%
两年增速更快
BKNG
近两年复合增速
0.7%
损益表 — Q4 2025 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $6.3B | $73.5M |
| 净利润 | — | $-14.9M |
| 毛利率 | — | 9.6% |
| 营业利润率 | 32.0% | -22.9% |
| 净利率 | — | -20.3% |
| 营收同比 | 16.0% | 22.0% |
| 净利润同比 | — | -219.1% |
| 每股收益（稀释后） | $43.66 | $-0.14 |
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BKNGTH
| Q4 25 | $6.3B | $73.5M | ||
| Q3 25 | $9.0B | $91.6M | ||
| Q2 25 | $6.8B | $54.9M | ||
| Q1 25 | $4.8B | $54.9M | ||
| Q4 24 | $5.5B | $60.2M | ||
| Q3 24 | $8.0B | $65.8M | ||
| Q2 24 | $5.9B | $67.5M | ||
| Q1 24 | $4.4B | $72.4M |
净利润BKNGTH
| Q4 25 | — | $-14.9M | ||
| Q3 25 | — | $-795.0K | ||
| Q2 25 | — | $-14.9M | ||
| Q1 25 | — | $-6.5M | ||
| Q4 24 | — | $12.5M | ||
| Q3 24 | — | $20.0M | ||
| Q2 24 | — | $18.4M | ||
| Q1 24 | — | $20.4M |
毛利率BKNGTH
| Q4 25 | — | 9.6% | ||
| Q3 25 | — | 19.6% | ||
| Q2 25 | — | -0.6% | ||
| Q1 25 | — | 32.7% | ||
| Q4 24 | — | 61.5% | ||
| Q3 24 | — | 68.7% | ||
| Q2 24 | — | 69.4% | ||
| Q1 24 | — | 67.8% |
营业利润率BKNGTH
| Q4 25 | 32.0% | -22.9% | ||
| Q3 25 | 38.7% | 0.1% | ||
| Q2 25 | 33.1% | -30.8% | ||
| Q1 25 | 22.3% | -2.0% | ||
| Q4 24 | 31.6% | 34.5% | ||
| Q3 24 | 39.8% | 42.5% | ||
| Q2 24 | 31.7% | 43.8% | ||
| Q1 24 | 17.9% | 42.0% |
净利率BKNGTH
| Q4 25 | — | -20.3% | ||
| Q3 25 | — | -0.9% | ||
| Q2 25 | — | -27.2% | ||
| Q1 25 | — | -11.8% | ||
| Q4 24 | — | 20.8% | ||
| Q3 24 | — | 30.4% | ||
| Q2 24 | — | 27.2% | ||
| Q1 24 | — | 28.2% |
每股收益（稀释后）BKNGTH
| Q4 25 | $43.66 | $-0.14 | ||
| Q3 25 | $84.41 | $-0.01 | ||
| Q2 25 | $27.43 | $-0.15 | ||
| Q1 25 | $10.07 | $-0.07 | ||
| Q4 24 | $31.60 | $0.12 | ||
| Q3 24 | $74.34 | $0.20 | ||
| Q2 24 | $44.38 | $0.18 | ||
| Q1 24 | $22.37 | $0.20 |
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 | $8.3M |
| 总债务越低越好 | $18.7B | $1.7M |
| 股东权益账面价值 | $-5.6B | $389.3M |
| 总资产 | $29.3B | $530.2M |
| 负债/权益比越低杠杆越低 | — | 0.00× |
8季度趋势，按日历期对齐
现金及短期投资BKNGTH
| Q4 25 | $17.2B | $8.3M | ||
| Q3 25 | $16.5B | $30.4M | ||
| Q2 25 | $17.6B | $19.2M | ||
| Q1 25 | $15.6B | $34.5M | ||
| Q4 24 | $16.2B | $190.7M | ||
| Q3 24 | $15.8B | $177.7M | ||
| Q2 24 | $16.3B | $154.3M | ||
| Q1 24 | $16.0B | $124.3M |
总债务BKNGTH
| Q4 25 | $18.7B | $1.7M | ||
| Q3 25 | $17.0B | $2.0M | ||
| Q2 25 | $18.5B | $26.3M | ||
| Q1 25 | $16.0B | $42.9M | ||
| Q4 24 | $16.6B | $1.5M | ||
| Q3 24 | $16.2B | $994.0K | ||
| Q2 24 | $16.8B | $1.1M | ||
| Q1 24 | $16.9B | $179.9M |
股东权益BKNGTH
| Q4 25 | $-5.6B | $389.3M | ||
| Q3 25 | $-4.7B | $402.4M | ||
| Q2 25 | $-6.7B | $401.3M | ||
| Q1 25 | $-6.1B | $415.3M | ||
| Q4 24 | $-4.0B | $421.1M | ||
| Q3 24 | $-3.7B | $417.6M | ||
| Q2 24 | $-4.3B | $397.2M | ||
| Q1 24 | $-4.1B | $375.5M |
总资产BKNGTH
| Q4 25 | $29.3B | $530.2M | ||
| Q3 25 | $28.8B | $541.2M | ||
| Q2 25 | $30.7B | $533.7M | ||
| Q1 25 | $27.2B | $562.5M | ||
| Q4 24 | $27.7B | $725.8M | ||
| Q3 24 | $28.0B | $709.8M | ||
| Q2 24 | $28.5B | $697.0M | ||
| Q1 24 | $27.7B | $687.2M |
负债/权益比BKNGTH
| Q4 25 | — | 0.00× | ||
| Q3 25 | — | 0.01× | ||
| Q2 25 | — | 0.07× | ||
| Q1 25 | — | 0.10× | ||
| Q4 24 | — | 0.00× | ||
| Q3 24 | — | 0.00× | ||
| Q2 24 | — | 0.00× | ||
| Q1 24 | — | 0.48× |
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 | $5.7M |
| 自由现金流经营现金流 - 资本支出 | $1.4B | — |
| 自由现金流率自由现金流/营收 | 22.3% | — |
| 资本支出强度资本支出/营收 | 1.1% | — |
| 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 | — |
8季度趋势，按日历期对齐
经营现金流BKNGTH
| Q4 25 | $1.5B | $5.7M | ||
| Q3 25 | $1.4B | $53.4M | ||
| Q2 25 | $3.2B | $11.1M | ||
| Q1 25 | $3.3B | $3.9M | ||
| Q4 24 | $721.0M | $30.6M | ||
| Q3 24 | $2.4B | $31.4M | ||
| Q2 24 | $2.5B | $39.1M | ||
| Q1 24 | $2.7B | $50.6M |
自由现金流BKNGTH
| Q4 25 | $1.4B | — | ||
| Q3 25 | $1.4B | — | ||
| Q2 25 | $3.1B | — | ||
| Q1 25 | $3.2B | $-11.6M | ||
| Q4 24 | $645.0M | — | ||
| Q3 24 | $2.3B | — | ||
| Q2 24 | $2.4B | — | ||
| Q1 24 | $2.6B | — |
自由现金流率BKNGTH
| Q4 25 | 22.3% | — | ||
| Q3 25 | 15.2% | — | ||
| Q2 25 | 46.1% | — | ||
| Q1 25 | 66.4% | -21.1% | ||
| Q4 24 | 11.8% | — | ||
| Q3 24 | 28.7% | — | ||
| Q2 24 | 40.6% | — | ||
| Q1 24 | 58.3% | — |
资本支出强度BKNGTH
| Q4 25 | 1.1% | — | ||
| Q3 25 | 0.7% | — | ||
| Q2 25 | 0.9% | — | ||
| Q1 25 | 2.5% | 28.2% | ||
| Q4 24 | 1.4% | — | ||
| Q3 24 | 1.0% | — | ||
| Q2 24 | 2.5% | — | ||
| Q1 24 | 2.9% | — |
现金转化率BKNGTH
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 2.44× | ||
| Q3 24 | — | 1.57× | ||
| Q2 24 | — | 2.13× | ||
| Q1 24 | — | 2.48× |
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% |
TH
| Services | $40.9M | 56% |
| Hospitality And Facilities Services South | $32.6M | 44% |
