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CHOICE HOTELS INTERNATIONAL INC（CHH）与永利度假村有限公司（RRR）财务数据对比。点击上方公司名可切换其他公司
永利度假村有限公司的季度营收约是CHOICE HOTELS INTERNATIONAL INC的1.3倍（$511.8M vs $390.1M）。CHOICE HOTELS INTERNATIONAL INC净利率更高（16.3% vs 8.7%，领先7.6%）。永利度假村有限公司同比增速更快（3.2% vs 0.1%）。永利度假村有限公司自由现金流更多（$77.7M vs $64.1M）。过去两年CHOICE HOTELS INTERNATIONAL INC的营收复合增速更高（8.4% vs 2.3%）
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。
永利度假村有限公司是总部位于美国内华达州帕拉代斯的上市企业，专注于高端酒店与赌场的开发及运营。公司由前梦幻度假村集团董事长兼首席执行官史蒂夫·永利于2002年创立，现任首席执行官为克雷格·比林斯，截至2020年共开发了6处物业。
CHH vs RRR — 直观对比
营收规模更大
RRR
是对方的1.3倍
$390.1M
营收增速更快
RRR
高出3.1%
0.1%
净利率更高
CHH
高出7.6%
8.7%
自由现金流更多
RRR
多$13.5M
$64.1M
两年增速更快
CHH
近两年复合增速
2.3%
损益表 — Q4 2025 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $390.1M | $511.8M |
| 净利润 | $63.7M | $44.7M |
| 毛利率 | — | — |
| 营业利润率 | 26.0% | 28.1% |
| 净利率 | 16.3% | 8.7% |
| 营收同比 | 0.1% | 3.2% |
| 净利润同比 | -16.0% | -4.1% |
| 每股收益（稀释后） | $1.35 | $0.74 |
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CHHRRR
| Q4 25 | $390.1M | $511.8M | ||
| Q3 25 | $447.3M | $475.6M | ||
| Q2 25 | $426.4M | $526.3M | ||
| Q1 25 | $332.9M | $497.9M | ||
| Q4 24 | $389.8M | $495.7M | ||
| Q3 24 | $428.0M | $468.0M | ||
| Q2 24 | $435.2M | $486.4M | ||
| Q1 24 | $331.9M | $488.9M |
净利润CHHRRR
| Q4 25 | $63.7M | $44.7M | ||
| Q3 25 | $180.0M | $42.3M | ||
| Q2 25 | $81.7M | $56.4M | ||
| Q1 25 | $44.5M | $44.7M | ||
| Q4 24 | $75.8M | $46.6M | ||
| Q3 24 | $105.7M | $29.0M | ||
| Q2 24 | $87.1M | $35.7M | ||
| Q1 24 | $31.0M | $42.8M |
营业利润率CHHRRR
| Q4 25 | 26.0% | 28.1% | ||
| Q3 25 | 31.8% | 27.6% | ||
| Q2 25 | 29.2% | 31.9% | ||
| Q1 25 | 24.0% | 31.0% | ||
| Q4 24 | 30.6% | 28.7% | ||
| Q3 24 | 35.5% | 27.9% | ||
| Q2 24 | 30.5% | 28.8% | ||
| Q1 24 | 18.1% | 31.8% |
净利率CHHRRR
| Q4 25 | 16.3% | 8.7% | ||
| Q3 25 | 40.2% | 8.9% | ||
| Q2 25 | 19.2% | 10.7% | ||
| Q1 25 | 13.4% | 9.0% | ||
| Q4 24 | 19.4% | 9.4% | ||
| Q3 24 | 24.7% | 6.2% | ||
| Q2 24 | 20.0% | 7.3% | ||
| Q1 24 | 9.3% | 8.8% |
每股收益（稀释后）CHHRRR
| Q4 25 | $1.35 | $0.74 | ||
| Q3 25 | $3.86 | $0.68 | ||
| Q2 25 | $1.75 | $0.95 | ||
| Q1 25 | $0.94 | $0.75 | ||
| Q4 24 | $1.56 | $0.78 | ||
| Q3 24 | $2.22 | $0.48 | ||
| Q2 24 | $1.80 | $0.59 | ||
| Q1 24 | $0.62 | $0.68 |
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 | $45.0M | $142.5M |
| 总债务越低越好 | $1.9B | $3.4B |
| 股东权益账面价值 | $181.2M | $208.3M |
| 总资产 | $2.9B | $4.2B |
| 负债/权益比越低杠杆越低 | 10.52× | 16.30× |
8季度趋势，按日历期对齐
现金及短期投资CHHRRR
| Q4 25 | $45.0M | $142.5M | ||
| Q3 25 | $52.6M | $129.8M | ||
| Q2 25 | $58.6M | $145.2M | ||
| Q1 25 | $40.1M | $150.6M | ||
| Q4 24 | $40.2M | $164.4M | ||
| Q3 24 | $58.6M | $117.5M | ||
| Q2 24 | $60.4M | $136.4M | ||
| Q1 24 | $42.1M | $129.7M |
总债务CHHRRR
| Q4 25 | $1.9B | $3.4B | ||
| Q3 25 | $1.9B | — | ||
| Q2 25 | $1.9B | — | ||
| Q1 25 | $1.9B | — | ||
| Q4 24 | $1.8B | $3.4B | ||
| Q3 24 | $1.8B | — | ||
| Q2 24 | $1.9B | — | ||
| Q1 24 | $1.7B | — |
股东权益CHHRRR
| Q4 25 | $181.2M | $208.3M | ||
| Q3 25 | $149.8M | $219.6M | ||
| Q2 25 | $-26.2M | $203.4M | ||
| Q1 25 | $-63.9M | $247.1M | ||
| Q4 24 | $-45.3M | $215.1M | ||
| Q3 24 | $-96.2M | $175.5M | ||
| Q2 24 | $-146.8M | $159.0M | ||
| Q1 24 | $6.7M | $135.2M |
总资产CHHRRR
| Q4 25 | $2.9B | $4.2B | ||
| Q3 25 | $2.9B | $4.1B | ||
| Q2 25 | $2.7B | $4.0B | ||
| Q1 25 | $2.6B | $4.1B | ||
| Q4 24 | $2.5B | $4.0B | ||
| Q3 24 | $2.5B | $4.0B | ||
| Q2 24 | $2.5B | $4.0B | ||
| Q1 24 | $2.5B | $4.0B |
负债/权益比CHHRRR
| Q4 25 | 10.52× | 16.30× | ||
| Q3 25 | 12.81× | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 15.84× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | 252.00× | — |
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 | $85.7M | $156.6M |
| 自由现金流经营现金流 - 资本支出 | $64.1M | $77.7M |
| 自由现金流率自由现金流/营收 | 16.4% | 15.2% |
| 资本支出强度资本支出/营收 | 5.5% | 15.4% |
| 现金转化率经营现金流/净利润 | 1.35× | 3.51× |
| 过去12个月自由现金流最近4个季度 | $163.6M | $290.5M |
8季度趋势，按日历期对齐
经营现金流CHHRRR
| Q4 25 | $85.7M | $156.6M | ||
| Q3 25 | $68.7M | $168.3M | ||
| Q2 25 | $95.6M | $158.4M | ||
| Q1 25 | $20.5M | $126.2M | ||
| Q4 24 | $82.9M | $148.2M | ||
| Q3 24 | $122.9M | $131.0M | ||
| Q2 24 | $111.9M | $142.5M | ||
| Q1 24 | $1.7M | $126.5M |
自由现金流CHHRRR
| Q4 25 | $64.1M | $77.7M | ||
| Q3 25 | $49.1M | $74.6M | ||
| Q2 25 | $65.4M | $80.3M | ||
| Q1 25 | $-15.0M | $58.0M | ||
| Q4 24 | $57.4M | $121.4M | ||
| Q3 24 | $92.6M | $50.7M | ||
| Q2 24 | $86.6M | $64.0M | ||
| Q1 24 | $-23.8M | $28.4M |
自由现金流率CHHRRR
| Q4 25 | 16.4% | 15.2% | ||
| Q3 25 | 11.0% | 15.7% | ||
| Q2 25 | 15.3% | 15.3% | ||
| Q1 25 | -4.5% | 11.6% | ||
| Q4 24 | 14.7% | 24.5% | ||
| Q3 24 | 21.6% | 10.8% | ||
| Q2 24 | 19.9% | 13.1% | ||
| Q1 24 | -7.2% | 5.8% |
资本支出强度CHHRRR
| Q4 25 | 5.5% | 15.4% | ||
| Q3 25 | 4.4% | 19.7% | ||
| Q2 25 | 7.1% | 14.9% | ||
| Q1 25 | 10.7% | 13.7% | ||
| Q4 24 | 6.5% | 5.4% | ||
| Q3 24 | 7.1% | 17.2% | ||
| Q2 24 | 5.8% | 16.2% | ||
| Q1 24 | 7.7% | 20.1% |
现金转化率CHHRRR
| Q4 25 | 1.35× | 3.51× | ||
| Q3 25 | 0.38× | 3.98× | ||
| Q2 25 | 1.17× | 2.81× | ||
| Q1 25 | 0.46× | 2.82× | ||
| Q4 24 | 1.09× | 3.18× | ||
| Q3 24 | 1.16× | 4.53× | ||
| Q2 24 | 1.28× | 4.00× | ||
| Q1 24 | 0.06× | 2.95× |
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 | $157.3M | 40% |
| Revenue For Reimbursable Costs From Franchised And Managed Properties | $156.0M | 40% |
| Partnership Services And Fees | $32.5M | 8% |
| Owned Hotels | $30.1M | 8% |
| Other Revenue Topic606And Not Topic606 | $14.3M | 4% |
RRR
| Casino | $343.0M | 67% |
| Food And Beverage | $93.3M | 18% |
| Occupancy | $47.2M | 9% |
| Hotel Other | $24.6M | 5% |
