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缤客控股（BKNG）与WATSCO INC（WSO）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WATSCO INC的4.0倍（$6.3B vs $1.6B）。缤客控股同比增速更快（16.0% vs -10.0%）。缤客控股自由现金流更多（$1.4B vs $388.5M）。过去两年缤客控股的营收复合增速更高（19.9% vs 0.4%）
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。
Watsco Inc.是美国暖通空调、供暖及制冷（HVAC/R）设备及相关零部件、耗材的专业分销商。公司成立至今已超60年，最初主营HVAC/R行业相关零部件、工具制造业务，1989年通过收购佛罗里达州南部的瑞姆品牌分销商Gemaire Distributors Inc，正式从制造赛道转向分销领域。
BKNG vs WSO — 直观对比
营收规模更大
BKNG
是对方的4.0倍
$1.6B
营收增速更快
BKNG
高出26.0%
-10.0%
自由现金流更多
BKNG
多$1.0B
$388.5M
两年增速更快
BKNG
近两年复合增速
0.4%
损益表 — Q4 2025 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $6.3B | $1.6B |
| 净利润 | — | $71.7M |
| 毛利率 | — | 27.1% |
| 营业利润率 | 32.0% | 6.4% |
| 净利率 | — | 4.5% |
| 营收同比 | 16.0% | -10.0% |
| 净利润同比 | — | -25.9% |
| 每股收益（稀释后） | $43.66 | $1.82 |
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BKNGWSO
| Q4 25 | $6.3B | $1.6B | ||
| Q3 25 | $9.0B | $2.1B | ||
| Q2 25 | $6.8B | $2.1B | ||
| Q1 25 | $4.8B | $1.5B | ||
| Q4 24 | $5.5B | $1.8B | ||
| Q3 24 | $8.0B | $2.2B | ||
| Q2 24 | $5.9B | $2.1B | ||
| Q1 24 | $4.4B | $1.6B |
净利润BKNGWSO
| Q4 25 | — | $71.7M | ||
| Q3 25 | — | $161.6M | ||
| Q2 25 | — | $183.6M | ||
| Q1 25 | — | $80.1M | ||
| Q4 24 | — | $96.8M | ||
| Q3 24 | — | $171.0M | ||
| Q2 24 | — | $181.4M | ||
| Q1 24 | — | $87.0M |
毛利率BKNGWSO
| Q4 25 | — | 27.1% | ||
| Q3 25 | — | 27.5% | ||
| Q2 25 | — | 29.3% | ||
| Q1 25 | — | 28.1% | ||
| Q4 24 | — | 26.7% | ||
| Q3 24 | — | 26.2% | ||
| Q2 24 | — | 27.1% | ||
| Q1 24 | — | 27.5% |
营业利润率BKNGWSO
| Q4 25 | 32.0% | 6.4% | ||
| Q3 25 | 38.7% | 11.4% | ||
| Q2 25 | 33.1% | 13.2% | ||
| Q1 25 | 22.3% | 7.3% | ||
| Q4 24 | 31.6% | 7.8% | ||
| Q3 24 | 39.8% | 11.6% | ||
| Q2 24 | 31.7% | 12.6% | ||
| Q1 24 | 17.9% | 8.1% |
净利率BKNGWSO
| Q4 25 | — | 4.5% | ||
| Q3 25 | — | 7.8% | ||
| Q2 25 | — | 8.9% | ||
| Q1 25 | — | 5.2% | ||
| Q4 24 | — | 5.5% | ||
| Q3 24 | — | 7.9% | ||
| Q2 24 | — | 8.5% | ||
| Q1 24 | — | 5.6% |
每股收益（稀释后）BKNGWSO
| Q4 25 | $43.66 | $1.82 | ||
| Q3 25 | $84.41 | $3.98 | ||
| Q2 25 | $27.43 | $4.52 | ||
| Q1 25 | $10.07 | $1.93 | ||
| Q4 24 | $31.60 | $2.42 | ||
| Q3 24 | $74.34 | $4.22 | ||
| Q2 24 | $44.38 | $4.49 | ||
| Q1 24 | $22.37 | $2.17 |
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 | $733.3M |
| 总债务越低越好 | $18.7B | $361.6M |
| 股东权益账面价值 | $-5.6B | $2.8B |
| 总资产 | $29.3B | $4.4B |
| 负债/权益比越低杠杆越低 | — | 0.13× |
8季度趋势，按日历期对齐
现金及短期投资BKNGWSO
| Q4 25 | $17.2B | $733.3M | ||
| Q3 25 | $16.5B | $524.3M | ||
| Q2 25 | $17.6B | $293.0M | ||
| Q1 25 | $15.6B | $431.8M | ||
| Q4 24 | $16.2B | $781.9M | ||
| Q3 24 | $15.8B | $550.0M | ||
| Q2 24 | $16.3B | $424.9M | ||
| Q1 24 | $16.0B | $478.9M |
总债务BKNGWSO
| Q4 25 | $18.7B | $361.6M | ||
| Q3 25 | $17.0B | $340.8M | ||
| Q2 25 | $18.5B | $338.7M | ||
| Q1 25 | $16.0B | $346.4M | ||
| Q4 24 | $16.6B | $337.2M | ||
| Q3 24 | $16.2B | $321.0M | ||
| Q2 24 | $16.8B | $307.1M | ||
| Q1 24 | $16.9B | $306.3M |
股东权益BKNGWSO
| Q4 25 | $-5.6B | $2.8B | ||
| Q3 25 | $-4.7B | $2.8B | ||
| Q2 25 | $-6.7B | $2.8B | ||
| Q1 25 | $-6.1B | $2.7B | ||
| Q4 24 | $-4.0B | $2.7B | ||
| Q3 24 | $-3.7B | $2.7B | ||
| Q2 24 | $-4.3B | $2.6B | ||
| Q1 24 | $-4.1B | $2.5B |
总资产BKNGWSO
| Q4 25 | $29.3B | $4.4B | ||
| Q3 25 | $28.8B | $4.6B | ||
| Q2 25 | $30.7B | $4.7B | ||
| Q1 25 | $27.2B | $4.5B | ||
| Q4 24 | $27.7B | $4.5B | ||
| Q3 24 | $28.0B | $4.5B | ||
| Q2 24 | $28.5B | $4.4B | ||
| Q1 24 | $27.7B | $4.4B |
负债/权益比BKNGWSO
| Q4 25 | — | 0.13× | ||
| Q3 25 | — | 0.12× | ||
| Q2 25 | — | 0.12× | ||
| Q1 25 | — | 0.13× | ||
| Q4 24 | — | 0.13× | ||
| Q3 24 | — | 0.12× | ||
| Q2 24 | — | 0.12× | ||
| Q1 24 | — | 0.12× |
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 | $399.8M |
| 自由现金流经营现金流 - 资本支出 | $1.4B | $388.5M |
| 自由现金流率自由现金流/营收 | 22.3% | 24.6% |
| 资本支出强度资本支出/营收 | 1.1% | 0.7% |
| 现金转化率经营现金流/净利润 | — | 5.57× |
| 过去12个月自由现金流最近4个季度 | $9.1B | $535.1M |
8季度趋势，按日历期对齐
经营现金流BKNGWSO
| Q4 25 | $1.5B | $399.8M | ||
| Q3 25 | $1.4B | $354.9M | ||
| Q2 25 | $3.2B | $-7.4M | ||
| Q1 25 | $3.3B | $-177.6M | ||
| Q4 24 | $721.0M | $378.9M | ||
| Q3 24 | $2.4B | $232.8M | ||
| Q2 24 | $2.5B | $57.7M | ||
| Q1 24 | $2.7B | $103.7M |
自由现金流BKNGWSO
| Q4 25 | $1.4B | $388.5M | ||
| Q3 25 | $1.4B | $346.1M | ||
| Q2 25 | $3.1B | $-14.3M | ||
| Q1 25 | $3.2B | $-185.2M | ||
| Q4 24 | $645.0M | $370.9M | ||
| Q3 24 | $2.3B | $223.0M | ||
| Q2 24 | $2.4B | $51.3M | ||
| Q1 24 | $2.6B | $97.9M |
自由现金流率BKNGWSO
| Q4 25 | 22.3% | 24.6% | ||
| Q3 25 | 15.2% | 16.7% | ||
| Q2 25 | 46.1% | -0.7% | ||
| Q1 25 | 66.4% | -12.1% | ||
| Q4 24 | 11.8% | 21.1% | ||
| Q3 24 | 28.7% | 10.3% | ||
| Q2 24 | 40.6% | 2.4% | ||
| Q1 24 | 58.3% | 6.3% |
资本支出强度BKNGWSO
| Q4 25 | 1.1% | 0.7% | ||
| Q3 25 | 0.7% | 0.4% | ||
| Q2 25 | 0.9% | 0.3% | ||
| Q1 25 | 2.5% | 0.5% | ||
| Q4 24 | 1.4% | 0.5% | ||
| Q3 24 | 1.0% | 0.5% | ||
| Q2 24 | 2.5% | 0.3% | ||
| Q1 24 | 2.9% | 0.4% |
现金转化率BKNGWSO
| Q4 25 | — | 5.57× | ||
| Q3 25 | — | 2.20× | ||
| Q2 25 | — | -0.04× | ||
| Q1 25 | — | -2.22× | ||
| Q4 24 | — | 3.91× | ||
| Q3 24 | — | 1.36× | ||
| Q2 24 | — | 0.32× | ||
| Q1 24 | — | 1.19× |
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% |
WSO
暂无分部数据
