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科睿唯安（CLVT）与MARRIOTT VACATIONS WORLDWIDE Corp（VAC）财务数据对比。点击上方公司名可切换其他公司
MARRIOTT VACATIONS WORLDWIDE Corp的季度营收约是科睿唯安的2.1倍（$1.2B vs $585.5M），科睿唯安净利率更高（-6.9% vs -35.0%，领先28.1%），MARRIOTT VACATIONS WORLDWIDE Corp同比增速更快（-0.7% vs -1.4%），科睿唯安自由现金流更多（$78.9M vs $-6.0M），过去两年MARRIOTT VACATIONS WORLDWIDE Corp的营收复合增速更高（5.2% vs -5.1%）
科睿唯安是一家英美合资的上市分析服务企业，主要提供订阅制信息服务，覆盖文献计量、科学计量、商业与市场情报领域，同时为医药、生物科技行业提供专利、监管合规相关的竞争分析，也提供商标保护、域名与品牌保护服务，旗下Web of Science产品系列还负责计算学术期刊的影响因子。
万豪度假环球集团是专注于分时度假业务的公众企业，原为万豪国际集团旗下业务板块，2011年11月分拆为独立上市公司，核心业务为度假所有权运营。目前集团运营超过120家度假村，在万豪度假俱乐部品牌矩阵下拥有超70万名业主及会员，产品覆盖多个度假消费场景。
CLVT vs VAC — 直观对比
营收规模更大
VAC
是对方的2.1倍
$585.5M
营收增速更快
VAC
高出0.7%
-1.4%
净利率更高
CLVT
高出28.1%
-35.0%
自由现金流更多
CLVT
多$84.9M
$-6.0M
两年增速更快
VAC
近两年复合增速
-5.1%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $585.5M | $1.2B |
| 净利润 | $-40.2M | $-431.0M |
| 毛利率 | 67.2% | — |
| 营业利润率 | 5.2% | — |
| 净利率 | -6.9% | -35.0% |
| 营收同比 | -1.4% | -0.7% |
| 净利润同比 | 61.3% | -962.0% |
| 每股收益（稀释后） | $-0.06 | $-12.00 |
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CLVTVAC
| Q1 26 | $585.5M | — | ||
| Q4 25 | $617.0M | $1.2B | ||
| Q3 25 | $623.1M | $1.2B | ||
| Q2 25 | $621.4M | $1.2B | ||
| Q1 25 | $593.7M | $1.1B | ||
| Q4 24 | $663.0M | $1.2B | ||
| Q3 24 | $622.2M | $1.2B | ||
| Q2 24 | $650.3M | $1.1B |
净利润CLVTVAC
| Q1 26 | $-40.2M | — | ||
| Q4 25 | $3.1M | $-431.0M | ||
| Q3 25 | $-28.3M | $-2.0M | ||
| Q2 25 | $-72.0M | $69.0M | ||
| Q1 25 | $-103.9M | $56.0M | ||
| Q4 24 | $-191.8M | $50.0M | ||
| Q3 24 | $-65.6M | $84.0M | ||
| Q2 24 | $-304.3M | $37.0M |
毛利率CLVTVAC
| Q1 26 | 67.2% | — | ||
| Q4 25 | 66.8% | — | ||
| Q3 25 | 65.0% | — | ||
| Q2 25 | 67.2% | — | ||
| Q1 25 | 65.1% | — | ||
| Q4 24 | 65.7% | — | ||
| Q3 24 | 66.2% | — | ||
| Q2 24 | 67.2% | — |
营业利润率CLVTVAC
| Q1 26 | 5.2% | — | ||
| Q4 25 | 6.7% | — | ||
| Q3 25 | 7.1% | — | ||
| Q2 25 | 1.1% | — | ||
| Q1 25 | -3.5% | — | ||
| Q4 24 | -9.4% | — | ||
| Q3 24 | 3.5% | — | ||
| Q2 24 | -36.9% | — |
净利率CLVTVAC
| Q1 26 | -6.9% | — | ||
| Q4 25 | 0.5% | -35.0% | ||
| Q3 25 | -4.5% | -0.2% | ||
| Q2 25 | -11.6% | 6.0% | ||
| Q1 25 | -17.5% | 5.0% | ||
| Q4 24 | -28.9% | 4.0% | ||
| Q3 24 | -10.5% | 6.9% | ||
| Q2 24 | -46.8% | 3.5% |
每股收益（稀释后）CLVTVAC
| Q1 26 | $-0.06 | — | ||
| Q4 25 | $0.00 | $-12.00 | ||
| Q3 25 | $-0.04 | $-0.07 | ||
| Q2 25 | $-0.11 | $1.77 | ||
| Q1 25 | $-0.15 | $1.46 | ||
| Q4 24 | $-0.27 | $1.29 | ||
| Q3 24 | $-0.09 | $2.12 | ||
| Q2 24 | $-0.46 | $0.98 |
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 | — | $406.0M |
| 总债务越低越好 | $4.3B | — |
| 股东权益账面价值 | $4.8B | $2.0B |
| 总资产 | $10.9B | $9.8B |
| 负债/权益比越低杠杆越低 | 0.89× | — |
8季度趋势，按日历期对齐
现金及短期投资CLVTVAC
| Q1 26 | — | — | ||
| Q4 25 | $329.2M | $406.0M | ||
| Q3 25 | $318.7M | $474.0M | ||
| Q2 25 | $362.6M | $205.0M | ||
| Q1 25 | $354.0M | $196.0M | ||
| Q4 24 | $295.2M | $197.0M | ||
| Q3 24 | $388.5M | $197.0M | ||
| Q2 24 | $376.4M | $206.0M |
总债务CLVTVAC
| Q1 26 | $4.3B | — | ||
| Q4 25 | $4.3B | — | ||
| Q3 25 | $4.4B | — | ||
| Q2 25 | $4.5B | — | ||
| Q1 25 | $4.5B | — | ||
| Q4 24 | $4.5B | — | ||
| Q3 24 | $4.6B | — | ||
| Q2 24 | $4.6B | — |
股东权益CLVTVAC
| Q1 26 | $4.8B | — | ||
| Q4 25 | $4.8B | $2.0B | ||
| Q3 25 | $4.9B | $2.5B | ||
| Q2 25 | $5.0B | $2.5B | ||
| Q1 25 | $5.0B | $2.4B | ||
| Q4 24 | $5.1B | $2.4B | ||
| Q3 24 | $5.5B | $2.4B | ||
| Q2 24 | $5.6B | $2.4B |
总资产CLVTVAC
| Q1 26 | $10.9B | — | ||
| Q4 25 | $11.1B | $9.8B | ||
| Q3 25 | $11.2B | $10.1B | ||
| Q2 25 | $11.4B | $9.9B | ||
| Q1 25 | $11.5B | $9.9B | ||
| Q4 24 | $11.5B | $9.8B | ||
| Q3 24 | $12.0B | $9.7B | ||
| Q2 24 | $12.1B | $9.6B |
负债/权益比CLVTVAC
| Q1 26 | 0.89× | — | ||
| Q4 25 | 0.89× | — | ||
| Q3 25 | 0.90× | — | ||
| Q2 25 | 0.90× | — | ||
| Q1 25 | 0.90× | — | ||
| Q4 24 | 0.88× | — | ||
| Q3 24 | 0.84× | — | ||
| Q2 24 | 0.83× | — |
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 | $134.7M | $6.0M |
| 自由现金流经营现金流 - 资本支出 | $78.9M | $-6.0M |
| 自由现金流率自由现金流/营收 | 13.5% | -0.5% |
| 资本支出强度资本支出/营收 | 9.5% | 1.0% |
| 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 | $333.9M | $-29.0M |
8季度趋势，按日历期对齐
经营现金流CLVTVAC
| Q1 26 | $134.7M | — | ||
| Q4 25 | $159.9M | $6.0M | ||
| Q3 25 | $181.1M | $62.0M | ||
| Q2 25 | $116.3M | $-48.0M | ||
| Q1 25 | $171.2M | $8.0M | ||
| Q4 24 | $141.3M | $100.0M | ||
| Q3 24 | $202.9M | $72.0M | ||
| Q2 24 | $126.2M | $30.0M |
自由现金流CLVTVAC
| Q1 26 | $78.9M | — | ||
| Q4 25 | $89.2M | $-6.0M | ||
| Q3 25 | $115.5M | $51.0M | ||
| Q2 25 | $50.3M | $-68.0M | ||
| Q1 25 | $110.3M | $-6.0M | ||
| Q4 24 | $59.1M | $86.0M | ||
| Q3 24 | $126.3M | $58.0M | ||
| Q2 24 | $60.3M | $17.0M |
自由现金流率CLVTVAC
| Q1 26 | 13.5% | — | ||
| Q4 25 | 14.5% | -0.5% | ||
| Q3 25 | 18.5% | 4.3% | ||
| Q2 25 | 8.1% | -5.9% | ||
| Q1 25 | 18.6% | -0.5% | ||
| Q4 24 | 8.9% | 6.9% | ||
| Q3 24 | 20.3% | 4.8% | ||
| Q2 24 | 9.3% | 1.6% |
资本支出强度CLVTVAC
| Q1 26 | 9.5% | — | ||
| Q4 25 | 11.5% | 1.0% | ||
| Q3 25 | 10.5% | 0.9% | ||
| Q2 25 | 10.6% | 1.7% | ||
| Q1 25 | 10.3% | 1.3% | ||
| Q4 24 | 12.4% | 1.1% | ||
| Q3 24 | 12.3% | 1.1% | ||
| Q2 24 | 10.1% | 1.2% |
现金转化率CLVTVAC
| Q1 26 | — | — | ||
| Q4 25 | 51.58× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | -0.70× | ||
| Q1 25 | — | 0.14× | ||
| Q4 24 | — | 2.00× | ||
| Q3 24 | — | 0.86× | ||
| Q2 24 | — | 0.81× |
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
CLVT
| Subscription | $397.5M | 68% |
| Re-occurring | $108.6M | 19% |
| Transactional | $79.4M | 14% |
VAC
| Cost Reimbursement | $467.0M | 38% |
| Time Share | $381.0M | 31% |
| Management And Exchange | $212.0M | 17% |
| Ancillary Revenues | $64.0M | 5% |
| Management Service | $55.0M | 4% |
| Service Other | $36.0M | 3% |
