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ETSY INC（ETSY）与Host Hotels & Resorts（HST）财务数据对比。点击上方公司名可切换其他公司
Host Hotels & Resorts的季度营收约是ETSY INC的1.8倍（$1.6B vs $881.6M），ETSY INC净利率更高（12.6% vs 8.4%，领先4.1%），Host Hotels & Resorts同比增速更快（12.3% vs 3.5%），Host Hotels & Resorts自由现金流更多（$445.0M vs $315.9M），过去两年ETSY INC的营收复合增速更高（16.8% vs 4.4%）
Etsy是美国电商企业，主打手工制品、复古商品及手工耗材交易，平台品类覆盖珠宝首饰、服饰、家居装饰、家具、玩具、艺术品等。平台规定复古商品需至少有20年历史，卖家可开设独立店铺，每件上架商品收取0.2美元挂牌费，2013年起平台也允许量产商品入驻销售。
Host Hotels & Resorts是总部位于美国马里兰州贝塞斯达的房地产投资信托企业，专注于高端酒店资产投资。截至2024年12月31日，公司在美国、巴西、加拿大共持有81家高端酒店，总客房数约4.34万间，是全球知名的酒店不动产投资机构。
ETSY vs HST — 直观对比
营收规模更大
HST
是对方的1.8倍
$881.6M
营收增速更快
HST
高出8.8%
3.5%
净利率更高
ETSY
高出4.1%
8.4%
自由现金流更多
HST
多$129.1M
$315.9M
两年增速更快
ETSY
近两年复合增速
4.4%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $881.6M | $1.6B |
| 净利润 | $110.7M | $135.0M |
| 毛利率 | 73.1% | — |
| 营业利润率 | 14.7% | 12.0% |
| 净利率 | 12.6% | 8.4% |
| 营收同比 | 3.5% | 12.3% |
| 净利润同比 | -14.8% | 25.0% |
| 每股收益（稀释后） | $1.00 | $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ETSYHST
| Q4 25 | $881.6M | $1.6B | ||
| Q3 25 | $678.0M | $1.3B | ||
| Q2 25 | $672.7M | $1.6B | ||
| Q1 25 | $651.2M | $1.6B | ||
| Q4 24 | $852.2M | $1.4B | ||
| Q3 24 | $662.4M | $1.3B | ||
| Q2 24 | $647.8M | $1.5B | ||
| Q1 24 | $646.0M | $1.5B |
净利润ETSYHST
| Q4 25 | $110.7M | $135.0M | ||
| Q3 25 | $75.5M | $161.0M | ||
| Q2 25 | $28.8M | $221.0M | ||
| Q1 25 | $-52.1M | $248.0M | ||
| Q4 24 | $129.9M | $108.0M | ||
| Q3 24 | $57.4M | $82.0M | ||
| Q2 24 | $53.0M | $239.0M | ||
| Q1 24 | $63.0M | $268.0M |
毛利率ETSYHST
| Q4 25 | 73.1% | — | ||
| Q3 25 | 71.3% | — | ||
| Q2 25 | 71.2% | — | ||
| Q1 25 | 70.5% | — | ||
| Q4 24 | 74.5% | — | ||
| Q3 24 | 72.0% | — | ||
| Q2 24 | 71.6% | — | ||
| Q1 24 | 71.0% | — |
营业利润率ETSYHST
| Q4 25 | 14.7% | 12.0% | ||
| Q3 25 | 12.2% | 7.6% | ||
| Q2 25 | 11.4% | 17.5% | ||
| Q1 25 | -3.4% | 17.9% | ||
| Q4 24 | 18.2% | 11.0% | ||
| Q3 24 | 13.1% | 10.2% | ||
| Q2 24 | 10.8% | 19.9% | ||
| Q1 24 | 10.5% | 19.8% |
净利率ETSYHST
| Q4 25 | 12.6% | 8.4% | ||
| Q3 25 | 11.1% | 12.1% | ||
| Q2 25 | 4.3% | 13.9% | ||
| Q1 25 | -8.0% | 15.6% | ||
| Q4 24 | 15.2% | 7.6% | ||
| Q3 24 | 8.7% | 6.2% | ||
| Q2 24 | 8.2% | 16.3% | ||
| Q1 24 | 9.8% | 18.2% |
每股收益（稀释后）ETSYHST
| Q4 25 | $1.00 | $0.20 | ||
| Q3 25 | $0.63 | $0.23 | ||
| Q2 25 | $0.25 | $0.32 | ||
| Q1 25 | $-0.49 | $0.35 | ||
| Q4 24 | $1.01 | $0.15 | ||
| Q3 24 | $0.45 | $0.12 | ||
| Q2 24 | $0.41 | $0.34 | ||
| Q1 24 | $0.48 | $0.38 |
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 | $1.4B | $768.0M |
| 总债务越低越好 | $2.3B | $1.3B |
| 股东权益账面价值 | $-1.1B | $6.6B |
| 总资产 | $2.8B | $13.0B |
| 负债/权益比越低杠杆越低 | — | 0.19× |
8季度趋势，按日历期对齐
现金及短期投资ETSYHST
| Q4 25 | $1.4B | $768.0M | ||
| Q3 25 | $1.2B | $539.0M | ||
| Q2 25 | $1.2B | $490.0M | ||
| Q1 25 | $649.2M | $428.0M | ||
| Q4 24 | $811.2M | $554.0M | ||
| Q3 24 | $818.9M | $564.0M | ||
| Q2 24 | $759.2M | $805.0M | ||
| Q1 24 | $788.8M | $1.3B |
总债务ETSYHST
| Q4 25 | $2.3B | $1.3B | ||
| Q3 25 | $3.0B | — | ||
| Q2 25 | $3.0B | — | ||
| Q1 25 | $2.3B | — | ||
| Q4 24 | $2.3B | $896.0M | ||
| Q3 24 | $2.3B | — | ||
| Q2 24 | $2.3B | — | ||
| Q1 24 | $2.3B | — |
股东权益ETSYHST
| Q4 25 | $-1.1B | $6.6B | ||
| Q3 25 | $-1.1B | $6.7B | ||
| Q2 25 | $-1.1B | $6.6B | ||
| Q1 25 | $-910.3M | $6.7B | ||
| Q4 24 | $-758.9M | $6.6B | ||
| Q3 24 | $-624.3M | $6.7B | ||
| Q2 24 | $-635.0M | $6.8B | ||
| Q1 24 | $-583.8M | $6.7B |
总资产ETSYHST
| Q4 25 | $2.8B | $13.0B | ||
| Q3 25 | $2.7B | $13.0B | ||
| Q2 25 | $2.6B | $13.0B | ||
| Q1 25 | $2.1B | $12.9B | ||
| Q4 24 | $2.4B | $13.0B | ||
| Q3 24 | $2.4B | $13.1B | ||
| Q2 24 | $2.4B | $12.4B | ||
| Q1 24 | $2.5B | $12.5B |
负债/权益比ETSYHST
| Q4 25 | — | 0.19× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 0.14× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
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 | $317.1M | $543.0M |
| 自由现金流经营现金流 - 资本支出 | $315.9M | $445.0M |
| 自由现金流率自由现金流/营收 | 35.8% | 27.8% |
| 资本支出强度资本支出/营收 | 0.1% | 6.1% |
| 现金转化率经营现金流/净利润 | 2.86× | 4.02× |
| 过去12个月自由现金流最近4个季度 | $678.0M | $1.2B |
8季度趋势，按日历期对齐
经营现金流ETSYHST
| Q4 25 | $317.1M | $543.0M | ||
| Q3 25 | $219.0M | $218.0M | ||
| Q2 25 | $108.1M | $444.0M | ||
| Q1 25 | $49.2M | $305.0M | ||
| Q4 24 | $315.0M | $331.0M | ||
| Q3 24 | $217.4M | $349.0M | ||
| Q2 24 | $151.1M | $453.0M | ||
| Q1 24 | $69.0M | $365.0M |
自由现金流ETSYHST
| Q4 25 | $315.9M | $445.0M | ||
| Q3 25 | $215.0M | $143.0M | ||
| Q2 25 | $101.3M | $381.0M | ||
| Q1 25 | $45.9M | $259.0M | ||
| Q4 24 | $310.9M | $235.0M | ||
| Q3 24 | $213.2M | $262.0M | ||
| Q2 24 | $147.4M | $409.0M | ||
| Q1 24 | $66.8M | $332.0M |
自由现金流率ETSYHST
| Q4 25 | 35.8% | 27.8% | ||
| Q3 25 | 31.7% | 10.7% | ||
| Q2 25 | 15.1% | 24.0% | ||
| Q1 25 | 7.1% | 16.2% | ||
| Q4 24 | 36.5% | 16.5% | ||
| Q3 24 | 32.2% | 19.9% | ||
| Q2 24 | 22.8% | 27.9% | ||
| Q1 24 | 10.3% | 22.6% |
资本支出强度ETSYHST
| Q4 25 | 0.1% | 6.1% | ||
| Q3 25 | 0.6% | 5.6% | ||
| Q2 25 | 1.0% | 4.0% | ||
| Q1 25 | 0.5% | 2.9% | ||
| Q4 24 | 0.5% | 6.7% | ||
| Q3 24 | 0.6% | 6.6% | ||
| Q2 24 | 0.6% | 3.0% | ||
| Q1 24 | 0.3% | 2.2% |
现金转化率ETSYHST
| Q4 25 | 2.86× | 4.02× | ||
| Q3 25 | 2.90× | 1.35× | ||
| Q2 25 | 3.75× | 2.01× | ||
| Q1 25 | — | 1.23× | ||
| Q4 24 | 2.42× | 3.06× | ||
| Q3 24 | 3.79× | 4.26× | ||
| Q2 24 | 2.85× | 1.90× | ||
| Q1 24 | 1.10× | 1.36× |
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
ETSY
| Marketplace Revenue | $612.4M | 69% |
| Services Revenue | $269.2M | 31% |
HST
暂无分部数据
