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凯撒娱乐（CZR）与Hilton Grand Vacations Inc.（HGV）财务数据对比。点击上方公司名可切换其他公司
凯撒娱乐的季度营收约是Hilton Grand Vacations Inc.的2.4倍（$2.9B vs $1.2B）。Hilton Grand Vacations Inc.净利率更高（4.0% vs -8.6%，领先12.6%）。凯撒娱乐同比增速更快（4.2% vs 3.7%）。过去两年Hilton Grand Vacations Inc.的营收复合增速更高（7.4% vs 3.1%）
凯撒娱乐前身为埃尔拉多度假村公司，是总部位于美国内华达州里诺的酒店博彩娱乐集团。2020年7月20日公司收购原凯撒娱乐集团后更为现名，目前运营超过50处物业，业务覆盖酒店、博彩、休闲娱乐等多个领域。
希尔顿度假大酒店公司（Hilton Grand Vacations Inc.）总部位于美国佛罗里达州奥兰多，是一家跨国企业。该公司通过与希尔顿全球的独家授权协议，运营管理希尔顿旗下的分时度假和度假所有权品牌。其原为希尔顿全球的全资子公司，2017年分拆为独立上市公司。
CZR vs HGV — 直观对比
营收规模更大
CZR
是对方的2.4倍
$1.2B
营收增速更快
CZR
高出0.4%
3.7%
净利率更高
HGV
高出12.6%
-8.6%
两年增速更快
HGV
近两年复合增速
3.1%
损益表 — Q4 2025 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $2.9B | $1.2B |
| 净利润 | $-250.0M | $48.0M |
| 毛利率 | — | — |
| 营业利润率 | 11.4% | 7.8% |
| 净利率 | -8.6% | 4.0% |
| 营收同比 | 4.2% | 3.7% |
| 净利润同比 | -2372.7% | 140.0% |
| 每股收益（稀释后） | $-1.22 | $0.53 |
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CZRHGV
| Q4 25 | $2.9B | $1.2B | ||
| Q3 25 | $2.9B | $1.2B | ||
| Q2 25 | $2.9B | $1.1B | ||
| Q1 25 | $2.8B | $1.0B | ||
| Q4 24 | $2.8B | $1.1B | ||
| Q3 24 | $2.9B | $1.2B | ||
| Q2 24 | $2.8B | $1.1B | ||
| Q1 24 | $2.7B | $1.0B |
净利润CZRHGV
| Q4 25 | $-250.0M | $48.0M | ||
| Q3 25 | $-55.0M | $25.0M | ||
| Q2 25 | $-82.0M | $25.0M | ||
| Q1 25 | $-115.0M | $-17.0M | ||
| Q4 24 | $11.0M | $20.0M | ||
| Q3 24 | $-9.0M | $29.0M | ||
| Q2 24 | $-122.0M | $2.0M | ||
| Q1 24 | $-158.0M | $-4.0M |
营业利润率CZRHGV
| Q4 25 | 11.4% | 7.8% | ||
| Q3 25 | 17.9% | 3.9% | ||
| Q2 25 | 18.1% | 3.8% | ||
| Q1 25 | 17.5% | -0.6% | ||
| Q4 24 | 23.9% | 4.3% | ||
| Q3 24 | 22.4% | 7.9% | ||
| Q2 24 | 17.9% | 0.6% | ||
| Q1 24 | 17.7% | -1.3% |
净利率CZRHGV
| Q4 25 | -8.6% | 4.0% | ||
| Q3 25 | -1.9% | 2.1% | ||
| Q2 25 | -2.8% | 2.2% | ||
| Q1 25 | -4.1% | -1.7% | ||
| Q4 24 | 0.4% | 1.7% | ||
| Q3 24 | -0.3% | 2.5% | ||
| Q2 24 | -4.3% | 0.2% | ||
| Q1 24 | -5.8% | -0.4% |
每股收益（稀释后）CZRHGV
| Q4 25 | $-1.22 | $0.53 | ||
| Q3 25 | $-0.27 | $0.28 | ||
| Q2 25 | $-0.39 | $0.25 | ||
| Q1 25 | $-0.54 | $-0.17 | ||
| Q4 24 | $0.04 | $0.19 | ||
| Q3 24 | $-0.04 | $0.28 | ||
| Q2 24 | $-0.56 | $0.02 | ||
| Q1 24 | $-0.73 | $-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 | $887.0M | $239.0M |
| 总债务越低越好 | $11.9B | $4.5B |
| 股东权益账面价值 | $3.5B | $1.3B |
| 总资产 | $31.6B | $11.5B |
| 负债/权益比越低杠杆越低 | 3.40× | 3.53× |
8季度趋势，按日历期对齐
现金及短期投资CZRHGV
| Q4 25 | $887.0M | $239.0M | ||
| Q3 25 | $836.0M | $215.0M | ||
| Q2 25 | $982.0M | $269.0M | ||
| Q1 25 | $884.0M | $259.0M | ||
| Q4 24 | $866.0M | $328.0M | ||
| Q3 24 | $802.0M | $297.0M | ||
| Q2 24 | $830.0M | $328.0M | ||
| Q1 24 | $726.0M | $355.0M |
总债务CZRHGV
| Q4 25 | $11.9B | $4.5B | ||
| Q3 25 | $11.9B | $4.7B | ||
| Q2 25 | $12.3B | $4.6B | ||
| Q1 25 | $12.3B | $4.5B | ||
| Q4 24 | $12.3B | $4.6B | ||
| Q3 24 | $12.7B | $5.0B | ||
| Q2 24 | $12.4B | $4.9B | ||
| Q1 24 | $12.4B | $5.1B |
股东权益CZRHGV
| Q4 25 | $3.5B | $1.3B | ||
| Q3 25 | $3.8B | $1.4B | ||
| Q2 25 | $3.9B | $1.5B | ||
| Q1 25 | $4.1B | $1.6B | ||
| Q4 24 | $4.2B | $1.8B | ||
| Q3 24 | $4.2B | $1.8B | ||
| Q2 24 | $4.3B | $1.9B | ||
| Q1 24 | $4.4B | $2.0B |
总资产CZRHGV
| Q4 25 | $31.6B | $11.5B | ||
| Q3 25 | $31.9B | $11.7B | ||
| Q2 25 | $32.5B | $11.7B | ||
| Q1 25 | $32.4B | $11.8B | ||
| Q4 24 | $32.6B | $11.4B | ||
| Q3 24 | $33.0B | $11.2B | ||
| Q2 24 | $33.1B | $11.5B | ||
| Q1 24 | $33.1B | $11.7B |
负债/权益比CZRHGV
| Q4 25 | 3.40× | 3.53× | ||
| Q3 25 | 3.15× | 3.41× | ||
| Q2 25 | 3.15× | 3.07× | ||
| Q1 25 | 3.04× | 2.83× | ||
| Q4 24 | 2.96× | 2.63× | ||
| Q3 24 | 3.04× | 2.73× | ||
| Q2 24 | 2.89× | 2.55× | ||
| Q1 24 | 2.82× | 2.57× |
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 | $304.0M | $167.0M |
| 自由现金流经营现金流 - 资本支出 | $147.0M | $147.0M |
| 自由现金流率自由现金流/营收 | 5.0% | 12.3% |
| 资本支出强度资本支出/营收 | 5.4% | 1.7% |
| 现金转化率经营现金流/净利润 | — | 3.48× |
| 过去12个月自由现金流最近4个季度 | $497.0M | $230.0M |
8季度趋势，按日历期对齐
经营现金流CZRHGV
| Q4 25 | $304.0M | $167.0M | ||
| Q3 25 | $318.0M | $34.0M | ||
| Q2 25 | $462.0M | $61.0M | ||
| Q1 25 | $218.0M | $38.0M | ||
| Q4 24 | $309.0M | $105.0M | ||
| Q3 24 | $232.0M | $91.0M | ||
| Q2 24 | $454.0M | $113.0M | ||
| Q1 24 | $80.0M | $0 |
自由现金流CZRHGV
| Q4 25 | $147.0M | $147.0M | ||
| Q3 25 | $123.0M | $13.0M | ||
| Q2 25 | $232.0M | $46.0M | ||
| Q1 25 | $-5.0M | $24.0M | ||
| Q4 24 | $30.0M | $90.0M | ||
| Q3 24 | $-192.0M | $81.0M | ||
| Q2 24 | $125.0M | $106.0M | ||
| Q1 24 | $-184.0M | — |
自由现金流率CZRHGV
| Q4 25 | 5.0% | 12.3% | ||
| Q3 25 | 4.3% | 1.1% | ||
| Q2 25 | 8.0% | 4.0% | ||
| Q1 25 | -0.2% | 2.4% | ||
| Q4 24 | 1.1% | 7.8% | ||
| Q3 24 | -6.7% | 6.9% | ||
| Q2 24 | 4.4% | 9.6% | ||
| Q1 24 | -6.7% | — |
资本支出强度CZRHGV
| Q4 25 | 5.4% | 1.7% | ||
| Q3 25 | 6.8% | 1.8% | ||
| Q2 25 | 7.9% | 1.3% | ||
| Q1 25 | 8.0% | 1.4% | ||
| Q4 24 | 10.0% | 1.3% | ||
| Q3 24 | 14.8% | 0.9% | ||
| Q2 24 | 11.6% | 0.6% | ||
| Q1 24 | 9.6% | 1.0% |
现金转化率CZRHGV
| Q4 25 | — | 3.48× | ||
| Q3 25 | — | 1.36× | ||
| Q2 25 | — | 2.44× | ||
| Q1 25 | — | — | ||
| Q4 24 | 28.09× | 5.25× | ||
| Q3 24 | — | 3.14× | ||
| Q2 24 | — | 56.50× | ||
| Q1 24 | — | — |
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
CZR
暂无分部数据
HGV
| Sales Of Vacation Ownership Intervals Net | $492.0M | 41% |
| Fee For Services Commissions Package Sales And Other Fees | $169.0M | 14% |
| Cost Reimbursements | $141.0M | 12% |
| Interest Income Revenue | $125.0M | 10% |
| Resort Management | $118.0M | 10% |
| Club Management | $101.0M | 8% |
| Related Party | $42.0M | 4% |
| Ancillary Services | $13.0M | 1% |
