vs
美国艺电（EA）与凯悦酒店集团（H）财务数据对比。点击上方公司名可切换其他公司
美国艺电的季度营收约是凯悦酒店集团的1.1倍（$1.9B vs $1.8B），美国艺电净利率更高（4.6% vs -1.1%，领先5.7%），凯悦酒店集团同比增速更快（11.7% vs 1.0%），过去两年美国艺电的营收复合增速更高（3.4% vs 2.2%）
美国艺电（EA）是总部位于美国加利福尼亚州雷德伍德城的电子游戏企业，1982年5月由前苹果员工特里普·霍金斯创立。作为早期家用电脑游戏行业的先驱，公司将旗下游戏设计师与程序员称作“软件艺术家”，是全球知名的游戏厂商。
凯悦酒店集团是来自美国的跨国酒店管理企业，总部位于芝加哥河畔广场区域，由普利兹克家族运营管理。集团主营高端及商务酒店、度假村、度假物业的管理与特许经营业务，目前在全球69个国家拥有逾1350家酒店及一价全包物业，覆盖六大洲。
EA vs H — 直观对比
营收规模更大
EA
是对方的1.1倍
$1.8B
营收增速更快
H
高出10.7%
1.0%
净利率更高
EA
高出5.7%
-1.1%
两年增速更快
EA
近两年复合增速
2.2%
损益表 — Q3 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.9B | $1.8B |
| 净利润 | $88.0M | $-20.0M |
| 毛利率 | 73.8% | — |
| 营业利润率 | 6.7% | 0.4% |
| 净利率 | 4.6% | -1.1% |
| 营收同比 | 1.0% | 11.7% |
| 净利润同比 | -70.0% | 64.3% |
| 每股收益（稀释后） | $0.35 | $-0.20 |
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EAH
| Q4 25 | $1.9B | $1.8B | ||
| Q3 25 | $1.8B | $1.8B | ||
| Q2 25 | $1.7B | $1.8B | ||
| Q1 25 | $1.9B | $1.7B | ||
| Q4 24 | $1.9B | $1.6B | ||
| Q3 24 | $2.0B | $1.6B | ||
| Q2 24 | $1.7B | $1.7B | ||
| Q1 24 | $1.8B | $1.7B |
净利润EAH
| Q4 25 | $88.0M | $-20.0M | ||
| Q3 25 | $137.0M | $-49.0M | ||
| Q2 25 | $201.0M | $-3.0M | ||
| Q1 25 | $254.0M | $20.0M | ||
| Q4 24 | $293.0M | $-56.0M | ||
| Q3 24 | $294.0M | $471.0M | ||
| Q2 24 | $280.0M | $359.0M | ||
| Q1 24 | $182.0M | $522.0M |
毛利率EAH
| Q4 25 | 73.8% | — | ||
| Q3 25 | 75.9% | — | ||
| Q2 25 | 83.3% | — | ||
| Q1 25 | 80.6% | — | ||
| Q4 24 | 75.8% | — | ||
| Q3 24 | 77.5% | — | ||
| Q2 24 | 84.2% | — | ||
| Q1 24 | 79.9% | — |
营业利润率EAH
| Q4 25 | 6.7% | 0.4% | ||
| Q3 25 | 10.9% | -1.0% | ||
| Q2 25 | 16.2% | 2.1% | ||
| Q1 25 | 20.8% | 3.0% | ||
| Q4 24 | 20.0% | -3.0% | ||
| Q3 24 | 19.0% | 37.3% | ||
| Q2 24 | 21.9% | 27.1% | ||
| Q1 24 | 13.2% | 31.6% |
净利率EAH
| Q4 25 | 4.6% | -1.1% | ||
| Q3 25 | 7.4% | -2.7% | ||
| Q2 25 | 12.0% | -0.2% | ||
| Q1 25 | 13.4% | 1.2% | ||
| Q4 24 | 15.6% | -3.5% | ||
| Q3 24 | 14.5% | 28.9% | ||
| Q2 24 | 16.9% | 21.1% | ||
| Q1 24 | 10.2% | 30.5% |
每股收益（稀释后）EAH
| Q4 25 | $0.35 | $-0.20 | ||
| Q3 25 | $0.54 | $-0.51 | ||
| Q2 25 | $0.79 | $-0.03 | ||
| Q1 25 | $0.99 | $0.19 | ||
| Q4 24 | $1.11 | $-0.37 | ||
| Q3 24 | $1.11 | $4.63 | ||
| Q2 24 | $1.04 | $3.46 | ||
| Q1 24 | $0.67 | $4.93 |
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 | $2.8B | $813.0M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $6.2B | $3.3B |
| 总资产 | $13.3B | $14.0B |
| 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EAH
| Q4 25 | $2.8B | $813.0M | ||
| Q3 25 | $1.1B | $749.0M | ||
| Q2 25 | $1.5B | $912.0M | ||
| Q1 25 | $2.1B | $1.8B | ||
| Q4 24 | $2.8B | $1.4B | ||
| Q3 24 | $2.2B | $1.1B | ||
| Q2 24 | $2.4B | $2.0B | ||
| Q1 24 | $2.9B | $794.0M |
总债务EAH
| Q4 25 | — | — | ||
| Q3 25 | — | $6.0B | ||
| Q2 25 | — | $6.0B | ||
| Q1 25 | — | $4.3B | ||
| Q4 24 | — | $3.8B | ||
| Q3 24 | — | $3.1B | ||
| Q2 24 | — | $3.9B | ||
| Q1 24 | — | $3.1B |
股东权益EAH
| Q4 25 | $6.2B | $3.3B | ||
| Q3 25 | $6.0B | $3.5B | ||
| Q2 25 | $6.1B | $3.6B | ||
| Q1 25 | $6.4B | $3.5B | ||
| Q4 24 | $7.4B | $3.5B | ||
| Q3 24 | $7.4B | $3.7B | ||
| Q2 24 | $7.4B | $3.9B | ||
| Q1 24 | $7.5B | $3.7B |
总资产EAH
| Q4 25 | $13.3B | $14.0B | ||
| Q3 25 | $11.9B | $15.7B | ||
| Q2 25 | $11.7B | $15.9B | ||
| Q1 25 | $12.4B | $14.0B | ||
| Q4 24 | $13.5B | $13.3B | ||
| Q3 24 | $13.1B | $11.9B | ||
| Q2 24 | $12.7B | $12.8B | ||
| Q1 24 | $13.4B | $11.7B |
负债/权益比EAH
| Q4 25 | — | — | ||
| Q3 25 | — | 1.73× | ||
| Q2 25 | — | 1.69× | ||
| Q1 25 | — | 1.25× | ||
| Q4 24 | — | 1.07× | ||
| Q3 24 | — | 0.85× | ||
| Q2 24 | — | 1.01× | ||
| Q1 24 | — | 0.84× |
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 | $1.8B | $313.0M |
| 自由现金流经营现金流 - 资本支出 | — | $236.0M |
| 自由现金流率自由现金流/营收 | — | 13.2% |
| 资本支出强度资本支出/营收 | — | 4.3% |
| 现金转化率经营现金流/净利润 | 20.75× | — |
| 过去12个月自由现金流最近4个季度 | — | $159.0M |
8季度趋势，按日历期对齐
经营现金流EAH
| Q4 25 | $1.8B | $313.0M | ||
| Q3 25 | $130.0M | $-20.0M | ||
| Q2 25 | $17.0M | $-67.0M | ||
| Q1 25 | $549.0M | $153.0M | ||
| Q4 24 | $1.2B | $235.0M | ||
| Q3 24 | $234.0M | $-21.0M | ||
| Q2 24 | $120.0M | $177.0M | ||
| Q1 24 | $580.0M | $242.0M |
自由现金流EAH
| Q4 25 | — | $236.0M | ||
| Q3 25 | — | $-89.0M | ||
| Q2 25 | — | $-111.0M | ||
| Q1 25 | — | $123.0M | ||
| Q4 24 | — | $184.0M | ||
| Q3 24 | — | $-64.0M | ||
| Q2 24 | — | $135.0M | ||
| Q1 24 | — | $208.0M |
自由现金流率EAH
| Q4 25 | — | 13.2% | ||
| Q3 25 | — | -5.0% | ||
| Q2 25 | — | -6.1% | ||
| Q1 25 | — | 7.2% | ||
| Q4 24 | — | 11.5% | ||
| Q3 24 | — | -3.9% | ||
| Q2 24 | — | 7.9% | ||
| Q1 24 | — | 12.1% |
资本支出强度EAH
| Q4 25 | — | 4.3% | ||
| Q3 25 | — | 3.9% | ||
| Q2 25 | — | 2.4% | ||
| Q1 25 | — | 1.7% | ||
| Q4 24 | — | 3.2% | ||
| Q3 24 | — | 2.6% | ||
| Q2 24 | — | 2.5% | ||
| Q1 24 | — | 2.0% |
现金转化率EAH
| Q4 25 | 20.75× | — | ||
| Q3 25 | 0.95× | — | ||
| Q2 25 | 0.08× | — | ||
| Q1 25 | 2.16× | 7.65× | ||
| Q4 24 | 4.01× | — | ||
| Q3 24 | 0.80× | -0.04× | ||
| Q2 24 | 0.43× | 0.49× | ||
| Q1 24 | 3.19× | 0.46× |
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
EA
| Live Services And Other Net Revenue | $1.3B | 67% |
| PC And Other Net Revenue | $465.0M | 24% |
| Packaged Goods Net Revenue | $86.0M | 5% |
| Other | $56.0M | 3% |
| Estimated Service Offering Period | $25.0M | 1% |
H
| Other | $627.0M | 35% |
| Rooms Revenue | $326.0M | 18% |
| Net Fees | $290.0M | 16% |
| Distribution Segment | $177.0M | 10% |
| Franchise And Other Fees | $114.0M | 6% |
| Base Management Fees | $112.0M | 6% |
| Incentive Management Fees | $81.0M | 5% |
| Other Owned And Leased Hotel Revenue | $41.0M | 2% |
| Contra Revenue | $17.0M | 1% |
| Other Revenues | $4.0M | 0% |
