vs
Compass, Inc.（COMP）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
Compass, Inc.的季度营收约是MARRIOTT VACATIONS WORLDWIDE Corp的1.4倍（$1.7B vs $1.2B）。Compass, Inc.净利率更高（-2.5% vs -35.0%，领先32.5%）。Compass, Inc.同比增速更快（23.1% vs -0.7%）。Compass, Inc.自由现金流更多（$42.2M vs $-6.0M）。过去两年Compass, Inc.的营收复合增速更高（27.0% vs 5.2%）
Compass, Inc.是美国主营住宅房产经纪业务的企业，其平台旗下有约3.3万名经纪人，大多为独立合同工，运营Compass、21世纪不动产、科威国际不动产、苏富比国际地产、佳士得国际地产等多个知名房产经纪品牌。
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。
COMP vs VAC — 直观对比
营收规模更大
COMP
是对方的1.4倍
$1.2B
营收增速更快
COMP
高出23.9%
-0.7%
净利率更高
COMP
高出32.5%
-35.0%
自由现金流更多
COMP
多$48.2M
$-6.0M
两年增速更快
COMP
近两年复合增速
5.2%
损益表 — Q4 2025 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $1.7B | $1.2B |
| 净利润 | $-42.6M | $-431.0M |
| 毛利率 | — | — |
| 营业利润率 | -2.5% | — |
| 净利率 | -2.5% | -35.0% |
| 营收同比 | 23.1% | -0.7% |
| 净利润同比 | -5.2% | -962.0% |
| 每股收益（稀释后） | $-0.07 | $-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COMPVAC
| Q4 25 | $1.7B | $1.2B | ||
| Q3 25 | $1.8B | $1.2B | ||
| Q2 25 | $2.1B | $1.2B | ||
| Q1 25 | $1.4B | $1.1B | ||
| Q4 24 | $1.4B | $1.2B | ||
| Q3 24 | $1.5B | $1.2B | ||
| Q2 24 | $1.7B | $1.1B | ||
| Q1 24 | $1.1B | $1.1B |
净利润COMPVAC
| Q4 25 | $-42.6M | $-431.0M | ||
| Q3 25 | $-4.6M | $-2.0M | ||
| Q2 25 | $39.4M | $69.0M | ||
| Q1 25 | $-50.7M | $56.0M | ||
| Q4 24 | $-40.5M | $50.0M | ||
| Q3 24 | $-1.7M | $84.0M | ||
| Q2 24 | $20.7M | $37.0M | ||
| Q1 24 | $-132.9M | $47.0M |
营业利润率COMPVAC
| Q4 25 | -2.5% | — | ||
| Q3 25 | -0.4% | — | ||
| Q2 25 | 1.9% | — | ||
| Q1 25 | -4.0% | — | ||
| Q4 24 | -2.9% | — | ||
| Q3 24 | -0.2% | — | ||
| Q2 24 | 1.3% | — | ||
| Q1 24 | -12.5% | — |
净利率COMPVAC
| Q4 25 | -2.5% | -35.0% | ||
| Q3 25 | -0.2% | -0.2% | ||
| Q2 25 | 1.9% | 6.0% | ||
| Q1 25 | -3.7% | 5.0% | ||
| Q4 24 | -2.9% | 4.0% | ||
| Q3 24 | -0.1% | 6.9% | ||
| Q2 24 | 1.2% | 3.5% | ||
| Q1 24 | -12.6% | 4.2% |
每股收益（稀释后）COMPVAC
| Q4 25 | $-0.07 | $-12.00 | ||
| Q3 25 | $-0.01 | $-0.07 | ||
| Q2 25 | $0.07 | $1.77 | ||
| Q1 25 | $-0.09 | $1.46 | ||
| Q4 24 | $-0.08 | $1.29 | ||
| Q3 24 | $0.00 | $2.12 | ||
| Q2 24 | $0.04 | $0.98 | ||
| Q1 24 | $-0.27 | $1.22 |
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 | $199.0M | $406.0M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $782.0M | $2.0B |
| 总资产 | $1.5B | $9.8B |
| 负债/权益比越低杠杆越低 | — | — |
8季度趋势，按日历期对齐
现金及短期投资COMPVAC
| Q4 25 | $199.0M | $406.0M | ||
| Q3 25 | $170.3M | $474.0M | ||
| Q2 25 | $177.3M | $205.0M | ||
| Q1 25 | $127.0M | $196.0M | ||
| Q4 24 | $223.8M | $197.0M | ||
| Q3 24 | $211.2M | $197.0M | ||
| Q2 24 | $185.8M | $206.0M | ||
| Q1 24 | $165.9M | $237.0M |
股东权益COMPVAC
| Q4 25 | $782.0M | $2.0B | ||
| Q3 25 | $773.3M | $2.5B | ||
| Q2 25 | $719.9M | $2.5B | ||
| Q1 25 | $635.0M | $2.4B | ||
| Q4 24 | $409.4M | $2.4B | ||
| Q3 24 | $428.0M | $2.4B | ||
| Q2 24 | $398.4M | $2.4B | ||
| Q1 24 | $330.3M | $2.4B |
总资产COMPVAC
| Q4 25 | $1.5B | $9.8B | ||
| Q3 25 | $1.6B | $10.1B | ||
| Q2 25 | $1.6B | $9.9B | ||
| Q1 25 | $1.5B | $9.9B | ||
| Q4 24 | $1.2B | $9.8B | ||
| Q3 24 | $1.2B | $9.7B | ||
| Q2 24 | $1.2B | $9.6B | ||
| Q1 24 | $1.1B | $9.9B |
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 | $45.3M | $6.0M |
| 自由现金流经营现金流 - 资本支出 | $42.2M | $-6.0M |
| 自由现金流率自由现金流/营收 | 2.5% | -0.5% |
| 资本支出强度资本支出/营收 | 0.2% | 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 | $203.3M | $-29.0M |
8季度趋势，按日历期对齐
经营现金流COMPVAC
| Q4 25 | $45.3M | $6.0M | ||
| Q3 25 | $75.5M | $62.0M | ||
| Q2 25 | $72.8M | $-48.0M | ||
| Q1 25 | $23.1M | $8.0M | ||
| Q4 24 | $30.5M | $100.0M | ||
| Q3 24 | $37.4M | $72.0M | ||
| Q2 24 | $45.0M | $30.0M | ||
| Q1 24 | $8.6M | $3.0M |
自由现金流COMPVAC
| Q4 25 | $42.2M | $-6.0M | ||
| Q3 25 | $73.6M | $51.0M | ||
| Q2 25 | $68.0M | $-68.0M | ||
| Q1 25 | $19.5M | $-6.0M | ||
| Q4 24 | $26.7M | $86.0M | ||
| Q3 24 | $32.8M | $58.0M | ||
| Q2 24 | $40.4M | $17.0M | ||
| Q1 24 | $5.9M | $-13.0M |
自由现金流率COMPVAC
| Q4 25 | 2.5% | -0.5% | ||
| Q3 25 | 4.0% | 4.3% | ||
| Q2 25 | 3.3% | -5.9% | ||
| Q1 25 | 1.4% | -0.5% | ||
| Q4 24 | 1.9% | 6.9% | ||
| Q3 24 | 2.2% | 4.8% | ||
| Q2 24 | 2.4% | 1.6% | ||
| Q1 24 | 0.6% | -1.2% |
资本支出强度COMPVAC
| Q4 25 | 0.2% | 1.0% | ||
| Q3 25 | 0.1% | 0.9% | ||
| Q2 25 | 0.2% | 1.7% | ||
| Q1 25 | 0.3% | 1.3% | ||
| Q4 24 | 0.3% | 1.1% | ||
| Q3 24 | 0.3% | 1.1% | ||
| Q2 24 | 0.3% | 1.2% | ||
| Q1 24 | 0.3% | 1.4% |
现金转化率COMPVAC
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | 1.85× | -0.70× | ||
| Q1 25 | — | 0.14× | ||
| Q4 24 | — | 2.00× | ||
| Q3 24 | — | 0.86× | ||
| Q2 24 | 2.17× | 0.81× | ||
| Q1 24 | — | 0.06× |
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
COMP
暂无分部数据
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% |
