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缤客控股（BKNG）与维多利亚的秘密（VSCO）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维多利亚的秘密的4.3倍（$6.3B vs $1.5B）。缤客控股同比增速更快（16.0% vs 9.3%）。缤客控股自由现金流更多（$1.4B vs $-232.0M）。过去两年缤客控股的营收复合增速更高（19.9% vs -15.9%）
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。
维多利亚的秘密是美国知名内衣、服饰及美妆零售商，1977年由斯坦福大学研究生罗伊·雷蒙德与妻子盖伊共同创立，1982年旗下5家内衣门店被莱斯·韦克斯纳收购。韦克斯纳随后快速将门店布局到全美各大购物中心，到90年代初已在全国拥有350家门店，销售额达10亿美元，成为美国最大的内衣零售商。
BKNG vs VSCO — 直观对比
营收规模更大
BKNG
是对方的4.3倍
$1.5B
营收增速更快
BKNG
高出6.8%
9.3%
自由现金流更多
BKNG
多$1.6B
$-232.0M
两年增速更快
BKNG
近两年复合增速
-15.9%
损益表 — Q4 2025 vs Q4 2026
| 指标 | | |
|---|---|---|
| 营收 | $6.3B | $1.5B |
| 净利润 | — | $-37.0M |
| 毛利率 | — | 36.4% |
| 营业利润率 | 32.0% | -1.3% |
| 净利率 | — | -2.5% |
| 营收同比 | 16.0% | 9.3% |
| 净利润同比 | — | 33.9% |
| 每股收益（稀释后） | $43.66 | $-0.46 |
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BKNGVSCO
| Q4 25 | $6.3B | $1.5B | ||
| Q3 25 | $9.0B | $1.5B | ||
| Q2 25 | $6.8B | $1.4B | ||
| Q1 25 | $4.8B | $2.1B | ||
| Q4 24 | $5.5B | $1.3B | ||
| Q3 24 | $8.0B | $1.4B | ||
| Q2 24 | $5.9B | $1.4B | ||
| Q1 24 | $4.4B | $2.1B |
净利润BKNGVSCO
| Q4 25 | — | $-37.0M | ||
| Q3 25 | — | $16.0M | ||
| Q2 25 | — | $-2.0M | ||
| Q1 25 | — | $193.0M | ||
| Q4 24 | — | $-56.0M | ||
| Q3 24 | — | $32.0M | ||
| Q2 24 | — | $-4.0M | ||
| Q1 24 | — | $180.0M |
毛利率BKNGVSCO
| Q4 25 | — | 36.4% | ||
| Q3 25 | — | 35.6% | ||
| Q2 25 | — | 35.0% | ||
| Q1 25 | — | 38.6% | ||
| Q4 24 | — | 34.7% | ||
| Q3 24 | — | 35.4% | ||
| Q2 24 | — | 36.9% | ||
| Q1 24 | — | 39.7% |
营业利润率BKNGVSCO
| Q4 25 | 32.0% | -1.3% | ||
| Q3 25 | 38.7% | 2.8% | ||
| Q2 25 | 33.1% | 1.5% | ||
| Q1 25 | 22.3% | 12.8% | ||
| Q4 24 | 31.6% | -3.5% | ||
| Q3 24 | 39.8% | 4.4% | ||
| Q2 24 | 31.7% | 1.9% | ||
| Q1 24 | 17.9% | 12.4% |
净利率BKNGVSCO
| Q4 25 | — | -2.5% | ||
| Q3 25 | — | 1.1% | ||
| Q2 25 | — | -0.1% | ||
| Q1 25 | — | 9.2% | ||
| Q4 24 | — | -4.2% | ||
| Q3 24 | — | 2.3% | ||
| Q2 24 | — | -0.3% | ||
| Q1 24 | — | 8.6% |
每股收益（稀释后）BKNGVSCO
| Q4 25 | $43.66 | $-0.46 | ||
| Q3 25 | $84.41 | $0.20 | ||
| Q2 25 | $27.43 | $-0.02 | ||
| Q1 25 | $10.07 | $2.41 | ||
| Q4 24 | $31.60 | $-0.71 | ||
| Q3 24 | $74.34 | $0.40 | ||
| Q2 24 | $44.38 | $-0.05 | ||
| Q1 24 | $22.37 | $2.32 |
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 | $249.0M |
| 总债务越低越好 | $18.7B | — |
| 股东权益账面价值 | $-5.6B | $653.0M |
| 总资产 | $29.3B | $5.1B |
| 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BKNGVSCO
| Q4 25 | $17.2B | $249.0M | ||
| Q3 25 | $16.5B | $188.0M | ||
| Q2 25 | $17.6B | $138.0M | ||
| Q1 25 | $15.6B | $227.0M | ||
| Q4 24 | $16.2B | $161.0M | ||
| Q3 24 | $15.8B | $169.0M | ||
| Q2 24 | $16.3B | $105.0M | ||
| Q1 24 | $16.0B | $270.0M |
总债务BKNGVSCO
| 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BKNGVSCO
| Q4 25 | $-5.6B | $653.0M | ||
| Q3 25 | $-4.7B | $680.0M | ||
| Q2 25 | $-6.7B | $645.0M | ||
| Q1 25 | $-6.1B | $640.0M | ||
| Q4 24 | $-4.0B | $429.0M | ||
| Q3 24 | $-3.7B | $472.0M | ||
| Q2 24 | $-4.3B | $423.0M | ||
| Q1 24 | $-4.1B | $417.0M |
总资产BKNGVSCO
| Q4 25 | $29.3B | $5.1B | ||
| Q3 25 | $28.8B | $4.8B | ||
| Q2 25 | $30.7B | $4.6B | ||
| Q1 25 | $27.2B | $4.5B | ||
| Q4 24 | $27.7B | $4.9B | ||
| Q3 24 | $28.0B | $4.6B | ||
| Q2 24 | $28.5B | $4.4B | ||
| Q1 24 | $27.7B | $4.6B |
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 | $-180.0M |
| 自由现金流经营现金流 - 资本支出 | $1.4B | $-232.0M |
| 自由现金流率自由现金流/营收 | 22.3% | -15.8% |
| 资本支出强度资本支出/营收 | 1.1% | 3.5% |
| 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 | $309.0M |
8季度趋势，按日历期对齐
经营现金流BKNGVSCO
| Q4 25 | $1.5B | $-180.0M | ||
| Q3 25 | $1.4B | $156.0M | ||
| Q2 25 | $3.2B | $-150.0M | ||
| Q1 25 | $3.3B | $674.0M | ||
| Q4 24 | $721.0M | $-248.0M | ||
| Q3 24 | $2.4B | $115.0M | ||
| Q2 24 | $2.5B | $-116.0M | ||
| Q1 24 | $2.7B | $589.0M |
自由现金流BKNGVSCO
| Q4 25 | $1.4B | $-232.0M | ||
| Q3 25 | $1.4B | $88.0M | ||
| Q2 25 | $3.1B | $-193.0M | ||
| Q1 25 | $3.2B | $646.0M | ||
| Q4 24 | $645.0M | $-299.0M | ||
| Q3 24 | $2.3B | $55.0M | ||
| Q2 24 | $2.4B | $-155.0M | ||
| Q1 24 | $2.6B | $557.0M |
自由现金流率BKNGVSCO
| Q4 25 | 22.3% | -15.8% | ||
| Q3 25 | 15.2% | 6.0% | ||
| Q2 25 | 46.1% | -14.3% | ||
| Q1 25 | 66.4% | 30.7% | ||
| Q4 24 | 11.8% | -22.2% | ||
| Q3 24 | 28.7% | 3.9% | ||
| Q2 24 | 40.6% | -11.4% | ||
| Q1 24 | 58.3% | 26.7% |
资本支出强度BKNGVSCO
| Q4 25 | 1.1% | 3.5% | ||
| Q3 25 | 0.7% | 4.7% | ||
| Q2 25 | 0.9% | 3.2% | ||
| Q1 25 | 2.5% | 1.3% | ||
| Q4 24 | 1.4% | 3.8% | ||
| Q3 24 | 1.0% | 4.2% | ||
| Q2 24 | 2.5% | 2.9% | ||
| Q1 24 | 2.9% | 1.5% |
现金转化率BKNGVSCO
| Q4 25 | — | — | ||
| Q3 25 | — | 9.75× | ||
| Q2 25 | — | — | ||
| Q1 25 | — | 3.49× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 3.59× | ||
| Q2 24 | — | — | ||
| Q1 24 | — | 3.27× |
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% |
VSCO
| Sales Channel North America Stores | $778.0M | 53% |
| Sales Channel Directly To Consumer | $429.0M | 29% |
| Sales Channel International | $265.0M | 18% |
| Sales Channel Loyalty And Private Label Credit Card | $19.0M | 1% |
