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缤客控股（BKNG）与威富集团（VFC）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威富集团的2.2倍（$6.3B vs $2.9B）。缤客控股同比增速更快（16.0% vs 1.5%）。缤客控股自由现金流更多（$1.4B vs $977.9M）。过去两年缤客控股的营收复合增速更高（19.9% vs 10.1%）
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。
威富集团前身为F.W.伍尔沃斯公司，是全球知名零售企业，也是五分一角平价商店业态的先驱之一。作为美国乃至全球最成功的平价零售企业之一，它曾引领行业发展潮流，构建了如今全球各地门店普遍遵循的现代零售模式。
BKNG vs VFC — 直观对比
营收规模更大
BKNG
是对方的2.2倍
$2.9B
营收增速更快
BKNG
高出14.6%
1.5%
自由现金流更多
BKNG
多$439.1M
$977.9M
两年增速更快
BKNG
近两年复合增速
10.1%
损益表 — Q4 2025 vs Q3 2026
| 指标 | | |
|---|---|---|
| 营收 | $6.3B | $2.9B |
| 净利润 | — | $300.8M |
| 毛利率 | — | 56.6% |
| 营业利润率 | 32.0% | 10.1% |
| 净利率 | — | 10.5% |
| 营收同比 | 16.0% | 1.5% |
| 净利润同比 | — | 79.3% |
| 每股收益（稀释后） | $43.66 | $0.76 |
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BKNGVFC
| Q4 25 | $6.3B | $2.9B | ||
| Q3 25 | $9.0B | $2.8B | ||
| Q2 25 | $6.8B | $1.8B | ||
| Q1 25 | $4.8B | $2.0B | ||
| Q4 24 | $5.5B | $2.8B | ||
| Q3 24 | $8.0B | $2.8B | ||
| Q2 24 | $5.9B | $1.9B | ||
| Q1 24 | $4.4B | $2.4B |
净利润BKNGVFC
| Q4 25 | — | $300.8M | ||
| Q3 25 | — | $189.8M | ||
| Q2 25 | — | $-116.4M | ||
| Q1 25 | — | $-150.8M | ||
| Q4 24 | — | $167.8M | ||
| Q3 24 | — | $52.2M | ||
| Q2 24 | — | $-258.9M | ||
| Q1 24 | — | $-418.3M |
毛利率BKNGVFC
| Q4 25 | — | 56.6% | ||
| Q3 25 | — | 52.2% | ||
| Q2 25 | — | 53.9% | ||
| Q1 25 | — | 52.7% | ||
| Q4 24 | — | 56.3% | ||
| Q3 24 | — | 52.2% | ||
| Q2 24 | — | 52.0% | ||
| Q1 24 | — | 48.4% |
营业利润率BKNGVFC
| Q4 25 | 32.0% | 10.1% | ||
| Q3 25 | 38.7% | 11.2% | ||
| Q2 25 | 33.1% | -4.9% | ||
| Q1 25 | 22.3% | 2.2% | ||
| Q4 24 | 31.6% | 8.0% | ||
| Q3 24 | 39.8% | 9.9% | ||
| Q2 24 | 31.7% | -12.6% | ||
| Q1 24 | 17.9% | -15.0% |
净利率BKNGVFC
| Q4 25 | — | 10.5% | ||
| Q3 25 | — | 6.8% | ||
| Q2 25 | — | -6.6% | ||
| Q1 25 | — | -7.5% | ||
| Q4 24 | — | 5.9% | ||
| Q3 24 | — | 1.9% | ||
| Q2 24 | — | -13.6% | ||
| Q1 24 | — | -17.6% |
每股收益（稀释后）BKNGVFC
| Q4 25 | $43.66 | $0.76 | ||
| Q3 25 | $84.41 | $0.48 | ||
| Q2 25 | $27.43 | $-0.30 | ||
| Q1 25 | $10.07 | $-0.37 | ||
| Q4 24 | $31.60 | $0.43 | ||
| Q3 24 | $74.34 | $0.13 | ||
| Q2 24 | $44.38 | $-0.67 | ||
| Q1 24 | $22.37 | $-1.07 |
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 | $1.5B |
| 总债务越低越好 | $18.7B | $3.6B |
| 股东权益账面价值 | $-5.6B | $1.8B |
| 总资产 | $29.3B | $10.4B |
| 负债/权益比越低杠杆越低 | — | 1.99× |
8季度趋势，按日历期对齐
现金及短期投资BKNGVFC
| Q4 25 | $17.2B | $1.5B | ||
| Q3 25 | $16.5B | $419.1M | ||
| Q2 25 | $17.6B | $642.4M | ||
| Q1 25 | $15.6B | $429.4M | ||
| Q4 24 | $16.2B | $1.4B | ||
| Q3 24 | $15.8B | $492.2M | ||
| Q2 24 | $16.3B | $637.4M | ||
| Q1 24 | $16.0B | $674.6M |
总债务BKNGVFC
| Q4 25 | $18.7B | $3.6B | ||
| Q3 25 | $17.0B | $3.5B | ||
| Q2 25 | $18.5B | $3.6B | ||
| Q1 25 | $16.0B | $3.4B | ||
| Q4 24 | $16.6B | $3.9B | ||
| Q3 24 | $16.2B | $4.0B | ||
| Q2 24 | $16.8B | $3.9B | ||
| Q1 24 | $16.9B | $4.7B |
股东权益BKNGVFC
| Q4 25 | $-5.6B | $1.8B | ||
| Q3 25 | $-4.7B | $1.5B | ||
| Q2 25 | $-6.7B | $1.3B | ||
| Q1 25 | $-6.1B | $1.5B | ||
| Q4 24 | $-4.0B | $1.7B | ||
| Q3 24 | $-3.7B | $1.4B | ||
| Q2 24 | $-4.3B | $1.4B | ||
| Q1 24 | $-4.1B | $1.7B |
总资产BKNGVFC
| Q4 25 | $29.3B | $10.4B | ||
| Q3 25 | $28.8B | $10.6B | ||
| Q2 25 | $30.7B | $10.2B | ||
| Q1 25 | $27.2B | $9.4B | ||
| Q4 24 | $27.7B | $10.6B | ||
| Q3 24 | $28.0B | $12.2B | ||
| Q2 24 | $28.5B | $11.5B | ||
| Q1 24 | $27.7B | $11.6B |
负债/权益比BKNGVFC
| Q4 25 | — | 1.99× | ||
| Q3 25 | — | 2.40× | ||
| Q2 25 | — | 2.76× | ||
| Q1 25 | — | 2.30× | ||
| Q4 24 | — | 2.31× | ||
| Q3 24 | — | 2.86× | ||
| Q2 24 | — | 2.84× | ||
| Q1 24 | — | 2.84× |
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 | $1.0B |
| 自由现金流经营现金流 - 资本支出 | $1.4B | $977.9M |
| 自由现金流率自由现金流/营收 | 22.3% | 34.0% |
| 资本支出强度资本支出/营收 | 1.1% | 1.1% |
| 现金转化率经营现金流/净利润 | — | 3.36× |
| 过去12个月自由现金流最近4个季度 | $9.1B | $357.6M |
8季度趋势，按日历期对齐
经营现金流BKNGVFC
| Q4 25 | $1.5B | $1.0B | ||
| Q3 25 | $1.4B | $-227.0M | ||
| Q2 25 | $3.2B | $-145.5M | ||
| Q1 25 | $3.3B | $-171.1M | ||
| Q4 24 | $721.0M | $918.1M | ||
| Q3 24 | $2.4B | $-301.6M | ||
| Q2 24 | $2.5B | $19.8M | ||
| Q1 24 | $2.7B | — |
自由现金流BKNGVFC
| Q4 25 | $1.4B | $977.9M | ||
| Q3 25 | $1.4B | $-253.5M | ||
| Q2 25 | $3.1B | $-173.7M | ||
| Q1 25 | $3.2B | $-193.0M | ||
| Q4 24 | $645.0M | $899.7M | ||
| Q3 24 | $2.3B | $-322.4M | ||
| Q2 24 | $2.4B | $-5.4M | ||
| Q1 24 | $2.6B | — |
自由现金流率BKNGVFC
| Q4 25 | 22.3% | 34.0% | ||
| Q3 25 | 15.2% | -9.0% | ||
| Q2 25 | 46.1% | -9.9% | ||
| Q1 25 | 66.4% | -9.6% | ||
| Q4 24 | 11.8% | 31.7% | ||
| Q3 24 | 28.7% | -11.7% | ||
| Q2 24 | 40.6% | -0.3% | ||
| Q1 24 | 58.3% | — |
资本支出强度BKNGVFC
| Q4 25 | 1.1% | 1.1% | ||
| Q3 25 | 0.7% | 0.9% | ||
| Q2 25 | 0.9% | 1.6% | ||
| Q1 25 | 2.5% | 1.1% | ||
| Q4 24 | 1.4% | 0.6% | ||
| Q3 24 | 1.0% | 0.8% | ||
| Q2 24 | 2.5% | 1.3% | ||
| Q1 24 | 2.9% | — |
现金转化率BKNGVFC
| Q4 25 | — | 3.36× | ||
| Q3 25 | — | -1.20× | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 5.47× | ||
| Q3 24 | — | -5.78× | ||
| 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% |
VFC
| Outdoor | $1.9B | 67% |
| Sales Channel Through Intermediary | $813.4M | 28% |
| Other | $136.3M | 5% |
