vs
戴德梁行（CWK）与永利度假村（WYNN）财务数据对比。点击上方公司名可切换其他公司
戴德梁行的季度营收约是永利度假村的1.6倍（$2.9B vs $1.9B），永利度假村净利率更高（5.4% vs -0.8%，领先6.1%），戴德梁行同比增速更快（10.8% vs 1.5%），永利度假村自由现金流更多（$306.8M vs $234.3M），过去两年戴德梁行的营收复合增速更高（15.5% vs 0.1%）
戴德梁行是全球化的商业地产及物业管理服务提供商，总部位于美国伊利诺伊州芝加哥，由联合创始人J·克莱兹代尔·库什曼和伯纳德·韦克菲尔德共同创立，在全球商业地产服务领域拥有广泛的业务布局与专业服务能力，为各类客户提供定制化的地产相关解决方案。
永利度假村是总部位于美国内华达州帕拉代斯的上市企业，专注于高端酒店及博彩度假村的开发与运营。公司2002年由前梦幻度假村董事长兼首席执行官史蒂夫·永利创立，现任首席执行官为克雷格·比林斯，截至2020年已在全球布局6处优质物业。
CWK vs WYNN — 直观对比
营收规模更大
CWK
是对方的1.6倍
$1.9B
营收增速更快
CWK
高出9.3%
1.5%
净利率更高
WYNN
高出6.1%
-0.8%
自由现金流更多
WYNN
多$72.5M
$234.3M
两年增速更快
CWK
近两年复合增速
0.1%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $2.9B | $1.9B |
| 净利润 | $-22.4M | $100.0M |
| 毛利率 | — | — |
| 营业利润率 | 6.1% | 14.7% |
| 净利率 | -0.8% | 5.4% |
| 营收同比 | 10.8% | 1.5% |
| 净利润同比 | -119.8% | -63.9% |
| 每股收益（稀释后） | $-0.10 | $0.96 |
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CWKWYNN
| Q4 25 | $2.9B | $1.9B | ||
| Q3 25 | $2.6B | $1.8B | ||
| Q2 25 | $2.5B | $1.7B | ||
| Q1 25 | $2.3B | $1.7B | ||
| Q4 24 | $2.6B | $1.8B | ||
| Q3 24 | $2.3B | $1.7B | ||
| Q2 24 | $2.3B | $1.7B | ||
| Q1 24 | $2.2B | $1.9B |
净利润CWKWYNN
| Q4 25 | $-22.4M | $100.0M | ||
| Q3 25 | $51.4M | $88.3M | ||
| Q2 25 | $57.3M | $66.2M | ||
| Q1 25 | $1.9M | $72.7M | ||
| Q4 24 | $112.9M | $277.0M | ||
| Q3 24 | $33.7M | $-32.1M | ||
| Q2 24 | $13.5M | $111.9M | ||
| Q1 24 | $-28.8M | $144.2M |
营业利润率CWKWYNN
| Q4 25 | 6.1% | 14.7% | ||
| Q3 25 | 4.1% | 16.9% | ||
| Q2 25 | 4.9% | 15.2% | ||
| Q1 25 | 2.0% | 15.8% | ||
| Q4 24 | 6.6% | 20.0% | ||
| Q3 24 | 3.2% | 7.9% | ||
| Q2 24 | 3.1% | 15.6% | ||
| Q1 24 | 0.9% | 19.5% |
净利率CWKWYNN
| Q4 25 | -0.8% | 5.4% | ||
| Q3 25 | 2.0% | 4.8% | ||
| Q2 25 | 2.3% | 3.8% | ||
| Q1 25 | 0.1% | 4.3% | ||
| Q4 24 | 4.3% | 15.1% | ||
| Q3 24 | 1.4% | -1.9% | ||
| Q2 24 | 0.6% | 6.5% | ||
| Q1 24 | -1.3% | 7.7% |
每股收益（稀释后）CWKWYNN
| Q4 25 | $-0.10 | $0.96 | ||
| Q3 25 | $0.22 | $0.85 | ||
| Q2 25 | $0.25 | $0.64 | ||
| Q1 25 | $0.01 | $0.69 | ||
| Q4 24 | $0.49 | $2.43 | ||
| Q3 24 | $0.14 | $-0.29 | ||
| Q2 24 | $0.06 | $0.91 | ||
| Q1 24 | $-0.13 | $1.30 |
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 | $784.2M | $1.5B |
| 总债务越低越好 | $2.7B | $10.5B |
| 股东权益账面价值 | $2.0B | $-275.5M |
| 总资产 | $7.7B | $13.1B |
| 负债/权益比越低杠杆越低 | 1.40× | — |
8季度趋势，按日历期对齐
现金及短期投资CWKWYNN
| Q4 25 | $784.2M | $1.5B | ||
| Q3 25 | $634.4M | $1.5B | ||
| Q2 25 | $618.2M | $2.0B | ||
| Q1 25 | $623.2M | $2.1B | ||
| Q4 24 | $793.3M | $2.4B | ||
| Q3 24 | $775.4M | $2.4B | ||
| Q2 24 | $567.3M | $2.4B | ||
| Q1 24 | $553.5M | $2.4B |
总债务CWKWYNN
| Q4 25 | $2.7B | $10.5B | ||
| Q3 25 | $2.8B | $10.6B | ||
| Q2 25 | $3.0B | $10.5B | ||
| Q1 25 | $3.0B | $10.6B | ||
| Q4 24 | $3.0B | $10.5B | ||
| Q3 24 | $3.1B | $11.8B | ||
| Q2 24 | $3.1B | $11.0B | ||
| Q1 24 | $3.2B | $11.2B |
股东权益CWKWYNN
| Q4 25 | $2.0B | $-275.5M | ||
| Q3 25 | $2.0B | $-370.0M | ||
| Q2 25 | $1.9B | $-441.5M | ||
| Q1 25 | $1.8B | $-360.7M | ||
| Q4 24 | $1.8B | $-224.2M | ||
| Q3 24 | $1.7B | $-281.4M | ||
| Q2 24 | $1.6B | $-109.8M | ||
| Q1 24 | $1.6B | $-137.0M |
总资产CWKWYNN
| Q4 25 | $7.7B | $13.1B | ||
| Q3 25 | $7.7B | $12.8B | ||
| Q2 25 | $7.6B | $12.7B | ||
| Q1 25 | $7.4B | $12.7B | ||
| Q4 24 | $7.5B | $13.0B | ||
| Q3 24 | $7.5B | $14.1B | ||
| Q2 24 | $7.3B | $13.3B | ||
| Q1 24 | $7.5B | $13.5B |
负债/权益比CWKWYNN
| Q4 25 | 1.40× | — | ||
| Q3 25 | 1.45× | — | ||
| Q2 25 | 1.57× | — | ||
| Q1 25 | 1.70× | — | ||
| Q4 24 | 1.73× | — | ||
| Q3 24 | 1.81× | — | ||
| Q2 24 | 1.91× | — | ||
| Q1 24 | 1.96× | — |
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 | $257.3M | $478.0M |
| 自由现金流经营现金流 - 资本支出 | $234.3M | $306.8M |
| 自由现金流率自由现金流/营收 | 8.0% | 16.4% |
| 资本支出强度资本支出/营收 | 0.8% | 9.2% |
| 现金转化率经营现金流/净利润 | — | 4.78× |
| 过去12个月自由现金流最近4个季度 | $293.0M | $692.2M |
8季度趋势，按日历期对齐
经营现金流CWKWYNN
| Q4 25 | $257.3M | $478.0M | ||
| Q3 25 | $235.5M | $335.8M | ||
| Q2 25 | $9.6M | $405.1M | ||
| Q1 25 | $-162.0M | $133.8M | ||
| Q4 24 | $115.2M | $479.0M | ||
| Q3 24 | $196.1M | $279.3M | ||
| Q2 24 | $21.8M | $352.8M | ||
| Q1 24 | $-125.1M | $315.1M |
自由现金流CWKWYNN
| Q4 25 | $234.3M | $306.8M | ||
| Q3 25 | $225.0M | $171.8M | ||
| Q2 25 | $300.0K | $239.8M | ||
| Q1 25 | $-166.6M | $-26.2M | ||
| Q4 24 | $105.9M | $351.8M | ||
| Q3 24 | $186.7M | $178.0M | ||
| Q2 24 | $10.0M | $259.1M | ||
| Q1 24 | $-135.6M | $217.4M |
自由现金流率CWKWYNN
| Q4 25 | 8.0% | 16.4% | ||
| Q3 25 | 8.6% | 9.4% | ||
| Q2 25 | 0.0% | 13.8% | ||
| Q1 25 | -7.3% | -1.5% | ||
| Q4 24 | 4.0% | 19.1% | ||
| Q3 24 | 8.0% | 10.5% | ||
| Q2 24 | 0.4% | 15.0% | ||
| Q1 24 | -6.2% | 11.7% |
资本支出强度CWKWYNN
| Q4 25 | 0.8% | 9.2% | ||
| Q3 25 | 0.4% | 8.9% | ||
| Q2 25 | 0.4% | 9.5% | ||
| Q1 25 | 0.2% | 9.4% | ||
| Q4 24 | 0.4% | 6.9% | ||
| Q3 24 | 0.4% | 6.0% | ||
| Q2 24 | 0.5% | 5.4% | ||
| Q1 24 | 0.5% | 5.2% |
现金转化率CWKWYNN
| Q4 25 | — | 4.78× | ||
| Q3 25 | 4.58× | 3.80× | ||
| Q2 25 | 0.17× | 6.12× | ||
| Q1 25 | -85.26× | 1.84× | ||
| Q4 24 | 1.02× | 1.73× | ||
| Q3 24 | 5.82× | — | ||
| Q2 24 | 1.61× | 3.15× | ||
| Q1 24 | — | 2.18× |
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
CWK
| Equity Method Investment Nonconsolidated Investee Or Group Of Investees | $1.8B | 61% |
| Other | $1.1B | 39% |
WYNN
| Casino | $1.1B | 61% |
| Occupancy | $305.1M | 16% |
| Food And Beverage | $264.9M | 14% |
| Entertainment Retail And Other | $152.6M | 8% |
