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Douglas Elliman Inc.（DOUG）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Douglas Elliman Inc.的5.0倍（$1.2B vs $245.4M）。Douglas Elliman Inc.净利率更高（27.9% vs -35.0%，领先62.9%）。Douglas Elliman Inc.同比增速更快（0.9% vs -0.7%）。MARRIOTT VACATIONS WORLDWIDE Corp自由现金流更多（$-6.0M vs $-14.7M）。过去两年Douglas Elliman Inc.的营收复合增速更高（10.7% vs 5.2%）
Douglas Elliman Inc.是美国领先的住宅房地产经纪企业，提供高端房产买卖、租赁、物业管理及相关咨询服务，核心业务覆盖纽约、加州、佛罗里达、得克萨斯等都会区，主要服务高净值客户群体。
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。
DOUG vs VAC — 直观对比
营收规模更大
VAC
是对方的5.0倍
$245.4M
营收增速更快
DOUG
高出1.6%
-0.7%
净利率更高
DOUG
高出62.9%
-35.0%
自由现金流更多
VAC
多$8.7M
$-14.7M
两年增速更快
DOUG
近两年复合增速
5.2%
损益表 — Q4 2025 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $245.4M | $1.2B |
| 净利润 | $68.6M | $-431.0M |
| 毛利率 | — | — |
| 营业利润率 | 27.3% | — |
| 净利率 | 27.9% | -35.0% |
| 营收同比 | 0.9% | -0.7% |
| 净利润同比 | 1243.4% | -962.0% |
| 每股收益（稀释后） | $0.80 | $-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DOUGVAC
| Q4 25 | $245.4M | $1.2B | ||
| Q3 25 | $262.8M | $1.2B | ||
| Q2 25 | $271.4M | $1.2B | ||
| Q1 25 | $253.4M | $1.1B | ||
| Q4 24 | $243.3M | $1.2B | ||
| Q3 24 | $266.3M | $1.2B | ||
| Q2 24 | $285.8M | $1.1B | ||
| Q1 24 | $200.2M | $1.1B |
净利润DOUGVAC
| Q4 25 | $68.6M | $-431.0M | ||
| Q3 25 | $-24.7M | $-2.0M | ||
| Q2 25 | $-22.7M | $69.0M | ||
| Q1 25 | $-6.0M | $56.0M | ||
| Q4 24 | $-6.0M | $50.0M | ||
| Q3 24 | $-27.2M | $84.0M | ||
| Q2 24 | $-1.7M | $37.0M | ||
| Q1 24 | $-41.5M | $47.0M |
营业利润率DOUGVAC
| Q4 25 | 27.3% | — | ||
| Q3 25 | -4.1% | — | ||
| Q2 25 | -2.0% | — | ||
| Q1 25 | -2.1% | — | ||
| Q4 24 | -6.7% | — | ||
| Q3 24 | -2.8% | — | ||
| Q2 24 | -1.3% | — | ||
| Q1 24 | -20.7% | — |
净利率DOUGVAC
| Q4 25 | 27.9% | -35.0% | ||
| Q3 25 | -9.4% | -0.2% | ||
| Q2 25 | -8.4% | 6.0% | ||
| Q1 25 | -2.4% | 5.0% | ||
| Q4 24 | -2.5% | 4.0% | ||
| Q3 24 | -10.2% | 6.9% | ||
| Q2 24 | -0.6% | 3.5% | ||
| Q1 24 | -20.7% | 4.2% |
每股收益（稀释后）DOUGVAC
| Q4 25 | $0.80 | $-12.00 | ||
| Q3 25 | $-0.29 | $-0.07 | ||
| Q2 25 | $-0.27 | $1.77 | ||
| Q1 25 | $-0.07 | $1.46 | ||
| Q4 24 | $-0.06 | $1.29 | ||
| Q3 24 | $-0.33 | $2.12 | ||
| Q2 24 | $-0.02 | $0.98 | ||
| Q1 24 | $-0.50 | $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 | $115.5M | $406.0M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $183.9M | $2.0B |
| 总资产 | $444.4M | $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DOUGVAC
| Q4 25 | $115.5M | $406.0M | ||
| Q3 25 | $143.0M | $474.0M | ||
| Q2 25 | $136.3M | $205.0M | ||
| Q1 25 | $136.8M | $196.0M | ||
| Q4 24 | $145.5M | $197.0M | ||
| Q3 24 | $151.4M | $197.0M | ||
| Q2 24 | $92.9M | $206.0M | ||
| Q1 24 | $91.5M | $237.0M |
股东权益DOUGVAC
| Q4 25 | $183.9M | $2.0B | ||
| Q3 25 | $115.1M | $2.5B | ||
| Q2 25 | $137.6M | $2.5B | ||
| Q1 25 | $158.2M | $2.4B | ||
| Q4 24 | $162.2M | $2.4B | ||
| Q3 24 | $173.6M | $2.4B | ||
| Q2 24 | $196.9M | $2.4B | ||
| Q1 24 | $195.1M | $2.4B |
总资产DOUGVAC
| Q4 25 | $444.4M | $9.8B | ||
| Q3 25 | $480.6M | $10.1B | ||
| Q2 25 | $489.0M | $9.9B | ||
| Q1 25 | $493.9M | $9.9B | ||
| Q4 24 | $493.9M | $9.8B | ||
| Q3 24 | $502.7M | $9.7B | ||
| Q2 24 | $463.9M | $9.6B | ||
| Q1 24 | $461.1M | $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 | $-14.4M | $6.0M |
| 自由现金流经营现金流 - 资本支出 | $-14.7M | $-6.0M |
| 自由现金流率自由现金流/营收 | -6.0% | -0.5% |
| 资本支出强度资本支出/营收 | 0.1% | 1.0% |
| 现金转化率经营现金流/净利润 | -0.21× | — |
| 过去12个月自由现金流最近4个季度 | $-17.2M | $-29.0M |
8季度趋势，按日历期对齐
经营现金流DOUGVAC
| Q4 25 | $-14.4M | $6.0M | ||
| Q3 25 | $5.5M | $62.0M | ||
| Q2 25 | $642.0K | $-48.0M | ||
| Q1 25 | $-5.6M | $8.0M | ||
| Q4 24 | $-9.0M | $100.0M | ||
| Q3 24 | $9.0M | $72.0M | ||
| Q2 24 | $1.3M | $30.0M | ||
| Q1 24 | $-27.3M | $3.0M |
自由现金流DOUGVAC
| Q4 25 | $-14.7M | $-6.0M | ||
| Q3 25 | $4.7M | $51.0M | ||
| Q2 25 | $-575.0K | $-68.0M | ||
| Q1 25 | $-6.7M | $-6.0M | ||
| Q4 24 | $-10.2M | $86.0M | ||
| Q3 24 | $7.7M | $58.0M | ||
| Q2 24 | $432.0K | $17.0M | ||
| Q1 24 | $-29.4M | $-13.0M |
自由现金流率DOUGVAC
| Q4 25 | -6.0% | -0.5% | ||
| Q3 25 | 1.8% | 4.3% | ||
| Q2 25 | -0.2% | -5.9% | ||
| Q1 25 | -2.6% | -0.5% | ||
| Q4 24 | -4.2% | 6.9% | ||
| Q3 24 | 2.9% | 4.8% | ||
| Q2 24 | 0.2% | 1.6% | ||
| Q1 24 | -14.7% | -1.2% |
资本支出强度DOUGVAC
| Q4 25 | 0.1% | 1.0% | ||
| Q3 25 | 0.3% | 0.9% | ||
| Q2 25 | 0.4% | 1.7% | ||
| Q1 25 | 0.4% | 1.3% | ||
| Q4 24 | 0.5% | 1.1% | ||
| Q3 24 | 0.5% | 1.1% | ||
| Q2 24 | 0.3% | 1.2% | ||
| Q1 24 | 1.0% | 1.4% |
现金转化率DOUGVAC
| Q4 25 | -0.21× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | -0.70× | ||
| Q1 25 | — | 0.14× | ||
| Q4 24 | — | 2.00× | ||
| Q3 24 | — | 0.86× | ||
| Q2 24 | — | 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
DOUG
| Commissions And Other Brokerage Income | $240.3M | 98% |
| Property Management Income | $2.8M | 1% |
| Property Management | $2.2M | 1% |
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% |
