vs
CHOICE HOTELS INTERNATIONAL INC（CHH）与Cloudflare, Inc.（NET）财务数据对比。点击上方公司名可切换其他公司
Cloudflare, Inc.的季度营收约是CHOICE HOTELS INTERNATIONAL INC的1.8倍（$614.5M vs $340.6M），CHOICE HOTELS INTERNATIONAL INC净利率更高（5.9% vs -2.0%，领先7.8%），Cloudflare, Inc.同比增速更快（33.6% vs 2.3%），过去两年Cloudflare, Inc.的营收复合增速更高（27.4% vs -11.5%）
凯悦酒店国际集团（Choice Hotels International）是总部位于美国马里兰州北贝塞斯达的跨国酒店集团，为全球规模最大的酒店连锁企业之一，旗下拥有从高端到经济型的多元酒店品牌。截至2024年末，集团在全球46个国家和地区特许经营近7600家酒店，客房总数超65万间。
Cloudflare是总部位于美国加利福尼亚州旧金山的科技企业，提供内容分发网络（CDN）、云网络安全、DDoS防护等多元互联网服务，同时是ICANN认证的域名注册商。其服务作为网站访客与客户托管服务商之间的反向代理，可有效提升访问性能，抵御恶意流量。
CHH vs NET — 直观对比
营收规模更大
NET
是对方的1.8倍
$340.6M
营收增速更快
NET
高出31.3%
2.3%
净利率更高
CHH
高出7.8%
-2.0%
两年增速更快
NET
近两年复合增速
-11.5%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $340.6M | $614.5M |
| 净利润 | $20.0M | $-12.1M |
| 毛利率 | — | 73.6% |
| 营业利润率 | 17.6% | -8.0% |
| 净利率 | 5.9% | -2.0% |
| 营收同比 | 2.3% | 33.6% |
| 净利润同比 | -54.4% | 6.0% |
| 每股收益（稀释后） | $0.44 | $-0.03 |
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CHHNET
| Q1 26 | $340.6M | — | ||
| Q4 25 | $390.1M | $614.5M | ||
| Q3 25 | $447.3M | $562.0M | ||
| Q2 25 | $426.4M | $512.3M | ||
| Q1 25 | $332.9M | $479.1M | ||
| Q4 24 | $389.8M | $459.9M | ||
| Q3 24 | $428.0M | $430.1M | ||
| Q2 24 | $435.2M | $401.0M |
净利润CHHNET
| Q1 26 | $20.0M | — | ||
| Q4 25 | $63.7M | $-12.1M | ||
| Q3 25 | $180.0M | $-1.3M | ||
| Q2 25 | $81.7M | $-50.4M | ||
| Q1 25 | $44.5M | $-38.5M | ||
| Q4 24 | $75.8M | $-12.8M | ||
| Q3 24 | $105.7M | $-15.3M | ||
| Q2 24 | $87.1M | $-15.1M |
毛利率CHHNET
| Q1 26 | — | — | ||
| Q4 25 | — | 73.6% | ||
| Q3 25 | — | 74.0% | ||
| Q2 25 | — | 74.9% | ||
| Q1 25 | — | 75.9% | ||
| Q4 24 | — | 76.4% | ||
| Q3 24 | — | 77.7% | ||
| Q2 24 | — | 77.8% |
营业利润率CHHNET
| Q1 26 | 17.6% | — | ||
| Q4 25 | 26.0% | -8.0% | ||
| Q3 25 | 31.8% | -6.7% | ||
| Q2 25 | 29.2% | -13.1% | ||
| Q1 25 | 24.0% | -11.1% | ||
| Q4 24 | 30.6% | -7.5% | ||
| Q3 24 | 35.5% | -7.2% | ||
| Q2 24 | 30.5% | -8.7% |
净利率CHHNET
| Q1 26 | 5.9% | — | ||
| Q4 25 | 16.3% | -2.0% | ||
| Q3 25 | 40.2% | -0.2% | ||
| Q2 25 | 19.2% | -9.8% | ||
| Q1 25 | 13.4% | -8.0% | ||
| Q4 24 | 19.4% | -2.8% | ||
| Q3 24 | 24.7% | -3.6% | ||
| Q2 24 | 20.0% | -3.8% |
每股收益（稀释后）CHHNET
| Q1 26 | $0.44 | — | ||
| Q4 25 | $1.35 | $-0.03 | ||
| Q3 25 | $3.86 | $0.00 | ||
| Q2 25 | $1.75 | $-0.15 | ||
| Q1 25 | $0.94 | $-0.11 | ||
| Q4 24 | $1.56 | $-0.05 | ||
| Q3 24 | $2.22 | $-0.04 | ||
| Q2 24 | $1.80 | $-0.04 |
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 | $43.9M | $943.5M |
| 总债务越低越好 | $2.0B | — |
| 股东权益账面价值 | $137.4M | $1.5B |
| 总资产 | $2.9B | $6.0B |
| 负债/权益比越低杠杆越低 | 14.58× | — |
8季度趋势，按日历期对齐
现金及短期投资CHHNET
| Q1 26 | $43.9M | — | ||
| Q4 25 | $45.0M | $943.5M | ||
| Q3 25 | $52.6M | $1.1B | ||
| Q2 25 | $58.6M | $1.5B | ||
| Q1 25 | $40.1M | $204.5M | ||
| Q4 24 | $40.2M | $147.7M | ||
| Q3 24 | $58.6M | $182.9M | ||
| Q2 24 | $60.4M | $157.0M |
总债务CHHNET
| Q1 26 | $2.0B | — | ||
| Q4 25 | $1.9B | — | ||
| Q3 25 | $1.9B | — | ||
| Q2 25 | $1.9B | — | ||
| Q1 25 | $1.9B | — | ||
| Q4 24 | $1.8B | — | ||
| Q3 24 | $1.8B | — | ||
| Q2 24 | $1.9B | — |
股东权益CHHNET
| Q1 26 | $137.4M | — | ||
| Q4 25 | $181.2M | $1.5B | ||
| Q3 25 | $149.8M | $1.3B | ||
| Q2 25 | $-26.2M | $1.2B | ||
| Q1 25 | $-63.9M | $1.4B | ||
| Q4 24 | $-45.3M | $1.0B | ||
| Q3 24 | $-96.2M | $973.1M | ||
| Q2 24 | $-146.8M | $881.5M |
总资产CHHNET
| Q1 26 | $2.9B | — | ||
| Q4 25 | $2.9B | $6.0B | ||
| Q3 25 | $2.9B | $5.8B | ||
| Q2 25 | $2.7B | $5.6B | ||
| Q1 25 | $2.6B | $3.7B | ||
| Q4 24 | $2.5B | $3.3B | ||
| Q3 24 | $2.5B | $3.1B | ||
| Q2 24 | $2.5B | $2.9B |
负债/权益比CHHNET
| Q1 26 | 14.58× | — | ||
| Q4 25 | 10.52× | — | ||
| Q3 25 | 12.81× | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
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 | — | $190.4M |
| 自由现金流经营现金流 - 资本支出 | — | $105.2M |
| 自由现金流率自由现金流/营收 | — | 17.1% |
| 资本支出强度资本支出/营收 | — | 13.9% |
| 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 | — | $287.5M |
8季度趋势，按日历期对齐
经营现金流CHHNET
| Q1 26 | — | — | ||
| Q4 25 | $85.7M | $190.4M | ||
| Q3 25 | $68.7M | $167.1M | ||
| Q2 25 | $95.6M | $99.8M | ||
| Q1 25 | $20.5M | $145.8M | ||
| Q4 24 | $82.9M | $127.3M | ||
| Q3 24 | $122.9M | $104.7M | ||
| Q2 24 | $111.9M | $74.8M |
自由现金流CHHNET
| Q1 26 | — | — | ||
| Q4 25 | $64.1M | $105.2M | ||
| Q3 25 | $49.1M | $82.5M | ||
| Q2 25 | $65.4M | $39.9M | ||
| Q1 25 | $-15.0M | $59.9M | ||
| Q4 24 | $57.4M | $54.2M | ||
| Q3 24 | $92.6M | $54.5M | ||
| Q2 24 | $86.6M | $45.2M |
自由现金流率CHHNET
| Q1 26 | — | — | ||
| Q4 25 | 16.4% | 17.1% | ||
| Q3 25 | 11.0% | 14.7% | ||
| Q2 25 | 15.3% | 7.8% | ||
| Q1 25 | -4.5% | 12.5% | ||
| Q4 24 | 14.7% | 11.8% | ||
| Q3 24 | 21.6% | 12.7% | ||
| Q2 24 | 19.9% | 11.3% |
资本支出强度CHHNET
| Q1 26 | — | — | ||
| Q4 25 | 5.5% | 13.9% | ||
| Q3 25 | 4.4% | 15.1% | ||
| Q2 25 | 7.1% | 11.7% | ||
| Q1 25 | 10.7% | 17.9% | ||
| Q4 24 | 6.5% | 15.9% | ||
| Q3 24 | 7.1% | 11.7% | ||
| Q2 24 | 5.8% | 7.4% |
现金转化率CHHNET
| Q1 26 | — | — | ||
| Q4 25 | 1.35× | — | ||
| Q3 25 | 0.38× | — | ||
| Q2 25 | 1.17× | — | ||
| Q1 25 | 0.46× | — | ||
| Q4 24 | 1.09× | — | ||
| Q3 24 | 1.16× | — | ||
| Q2 24 | 1.28× | — |
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
CHH
| Franchise and management fees | $149.6M | 44% |
| Other | $135.8M | 40% |
| Owned hotels | $30.4M | 9% |
| Partnership services and fees | $24.7M | 7% |
NET
| Sales Channel Directly To Consumer | $438.5M | 71% |
| Sales Channel Through Intermediary | $176.0M | 29% |
