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缤客控股（BKNG）与Vistra Corp.（VST）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Vistra Corp.的1.3倍（$6.3B vs $4.8B），Vistra Corp.同比增速更快（31.2% vs 16.0%），缤客控股自由现金流更多（$1.4B vs $596.0M），过去两年Vistra Corp.的营收复合增速更高（23.3% 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。
股票代码为VST的Vistra Corp是总部位于美国得克萨斯州的能源企业，主营电力生产、可再生能源开发及能源零售等业务。此外“Vistra”也可指一家总部位于中国香港的企业服务提供商，为全球客户提供公司注册、合规管理等专业服务。
BKNG vs VST — 直观对比
营收规模更大
BKNG
是对方的1.3倍
$4.8B
营收增速更快
VST
高出15.2%
16.0%
自由现金流更多
BKNG
多$821.0M
$596.0M
两年增速更快
VST
近两年复合增速
19.9%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $6.3B | $4.8B |
| 净利润 | — | $233.0M |
| 毛利率 | — | — |
| 营业利润率 | 32.0% | 9.9% |
| 净利率 | — | 4.8% |
| 营收同比 | 16.0% | 31.2% |
| 净利润同比 | — | -47.2% |
| 每股收益（稀释后） | $43.66 | $0.55 |
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BKNGVST
| Q4 25 | $6.3B | $4.8B | ||
| Q3 25 | $9.0B | $4.8B | ||
| Q2 25 | $6.8B | $3.8B | ||
| Q1 25 | $4.8B | $4.3B | ||
| Q4 24 | $5.5B | $3.7B | ||
| Q3 24 | $8.0B | $4.3B | ||
| Q2 24 | $5.9B | $3.6B | ||
| Q1 24 | $4.4B | $3.2B |
净利润BKNGVST
| Q4 25 | — | $233.0M | ||
| Q3 25 | — | $652.0M | ||
| Q2 25 | — | $327.0M | ||
| Q1 25 | — | $-268.0M | ||
| Q4 24 | — | $441.0M | ||
| Q3 24 | — | $1.9B | ||
| Q2 24 | — | $365.0M | ||
| Q1 24 | — | $-35.0M |
营业利润率BKNGVST
| Q4 25 | 32.0% | 9.9% | ||
| Q3 25 | 38.7% | 21.7% | ||
| Q2 25 | 33.1% | 13.7% | ||
| Q1 25 | 22.3% | -2.8% | ||
| Q4 24 | 31.6% | 16.4% | ||
| Q3 24 | 39.8% | 59.6% | ||
| Q2 24 | 31.7% | 22.5% | ||
| Q1 24 | 17.9% | 2.7% |
净利率BKNGVST
| Q4 25 | — | 4.8% | ||
| Q3 25 | — | 13.6% | ||
| Q2 25 | — | 8.7% | ||
| Q1 25 | — | -6.3% | ||
| Q4 24 | — | 12.0% | ||
| Q3 24 | — | 43.5% | ||
| Q2 24 | — | 10.1% | ||
| Q1 24 | — | -1.1% |
每股收益（稀释后）BKNGVST
| Q4 25 | $43.66 | $0.55 | ||
| Q3 25 | $84.41 | $1.75 | ||
| Q2 25 | $27.43 | $0.81 | ||
| Q1 25 | $10.07 | $-0.93 | ||
| Q4 24 | $31.60 | $1.09 | ||
| Q3 24 | $74.34 | $5.25 | ||
| Q2 24 | $44.38 | $0.90 | ||
| Q1 24 | $22.37 | $-0.24 |
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 | $785.0M |
| 总债务越低越好 | $18.7B | $15.8B |
| 股东权益账面价值 | $-5.6B | $5.1B |
| 总资产 | $29.3B | $41.5B |
| 负债/权益比越低杠杆越低 | — | 3.11× |
8季度趋势，按日历期对齐
现金及短期投资BKNGVST
| Q4 25 | $17.2B | $785.0M | ||
| Q3 25 | $16.5B | $602.0M | ||
| Q2 25 | $17.6B | $458.0M | ||
| Q1 25 | $15.6B | $561.0M | ||
| Q4 24 | $16.2B | $1.2B | ||
| Q3 24 | $15.8B | $905.0M | ||
| Q2 24 | $16.3B | $1.6B | ||
| Q1 24 | $16.0B | $1.1B |
总债务BKNGVST
| Q4 25 | $18.7B | $15.8B | ||
| Q3 25 | $17.0B | $15.8B | ||
| Q2 25 | $18.5B | $15.5B | ||
| Q1 25 | $16.0B | $15.4B | ||
| Q4 24 | $16.6B | $15.4B | ||
| Q3 24 | $16.2B | $13.9B | ||
| Q2 24 | $16.8B | $13.9B | ||
| Q1 24 | $16.9B | $14.7B |
股东权益BKNGVST
| Q4 25 | $-5.6B | $5.1B | ||
| Q3 25 | $-4.7B | $5.2B | ||
| Q2 25 | $-6.7B | $4.8B | ||
| Q1 25 | $-6.1B | $4.8B | ||
| Q4 24 | $-4.0B | $5.6B | ||
| Q3 24 | $-3.7B | $5.4B | ||
| Q2 24 | $-4.3B | $5.6B | ||
| Q1 24 | $-4.1B | $5.7B |
总资产BKNGVST
| Q4 25 | $29.3B | $41.5B | ||
| Q3 25 | $28.8B | $38.0B | ||
| Q2 25 | $30.7B | $38.1B | ||
| Q1 25 | $27.2B | $38.2B | ||
| Q4 24 | $27.7B | $37.8B | ||
| Q3 24 | $28.0B | $37.9B | ||
| Q2 24 | $28.5B | $39.1B | ||
| Q1 24 | $27.7B | $38.2B |
负债/权益比BKNGVST
| Q4 25 | — | 3.11× | ||
| Q3 25 | — | 3.02× | ||
| Q2 25 | — | 3.22× | ||
| Q1 25 | — | 3.20× | ||
| Q4 24 | — | 2.77× | ||
| Q3 24 | — | 2.56× | ||
| Q2 24 | — | 2.49× | ||
| Q1 24 | — | 2.60× |
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 | $1.4B |
| 自由现金流经营现金流 - 资本支出 | $1.4B | $596.0M |
| 自由现金流率自由现金流/营收 | 22.3% | 12.4% |
| 资本支出强度资本支出/营收 | 1.1% | 17.4% |
| 现金转化率经营现金流/净利润 | — | 6.15× |
| 过去12个月自由现金流最近4个季度 | $9.1B | $1.3B |
8季度趋势，按日历期对齐
经营现金流BKNGVST
| Q4 25 | $1.5B | $1.4B | ||
| Q3 25 | $1.4B | $1.5B | ||
| Q2 25 | $3.2B | $572.0M | ||
| Q1 25 | $3.3B | $599.0M | ||
| Q4 24 | $721.0M | $1.4B | ||
| Q3 24 | $2.4B | $1.7B | ||
| Q2 24 | $2.5B | $1.2B | ||
| Q1 24 | $2.7B | $312.0M |
自由现金流BKNGVST
| Q4 25 | $1.4B | $596.0M | ||
| Q3 25 | $1.4B | $1.0B | ||
| Q2 25 | $3.1B | $-118.0M | ||
| Q1 25 | $3.2B | $-169.0M | ||
| Q4 24 | $645.0M | $923.0M | ||
| Q3 24 | $2.3B | $1.0B | ||
| Q2 24 | $2.4B | $698.0M | ||
| Q1 24 | $2.6B | $-153.0M |
自由现金流率BKNGVST
| Q4 25 | 22.3% | 12.4% | ||
| Q3 25 | 15.2% | 21.1% | ||
| Q2 25 | 46.1% | -3.1% | ||
| Q1 25 | 66.4% | -4.0% | ||
| Q4 24 | 11.8% | 25.2% | ||
| Q3 24 | 28.7% | 23.4% | ||
| Q2 24 | 40.6% | 19.4% | ||
| Q1 24 | 58.3% | -4.8% |
资本支出强度BKNGVST
| Q4 25 | 1.1% | 17.4% | ||
| Q3 25 | 0.7% | 9.6% | ||
| Q2 25 | 0.9% | 18.4% | ||
| Q1 25 | 2.5% | 18.1% | ||
| Q4 24 | 1.4% | 11.7% | ||
| Q3 24 | 1.0% | 15.8% | ||
| Q2 24 | 2.5% | 13.8% | ||
| Q1 24 | 2.9% | 14.7% |
现金转化率BKNGVST
| Q4 25 | — | 6.15× | ||
| Q3 25 | — | 2.25× | ||
| Q2 25 | — | 1.75× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 3.07× | ||
| Q3 24 | — | 0.90× | ||
| Q2 24 | — | 3.28× | ||
| 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% |
VST
| Retail Energy Charge In ERCOT | $2.1B | 43% |
| Retail Energy Charge In Northeast Midwest | $1.2B | 24% |
| East Segment | $1.1B | 24% |
| Hedging Revenue Realized | $170.0M | 4% |
| Revenue From Other Wholesale Contracts | $116.0M | 2% |
| Transferable Production Tax Credit Revenues | $78.0M | 2% |
| West Segment | $77.0M | 2% |
| Intersegment Sales | $25.0M | 1% |
