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ETSY INC（ETSY）与Ryman Hospitality Properties, Inc.（RHP）财务数据对比。点击上方公司名可切换其他公司
ETSY INC的季度营收约是Ryman Hospitality Properties, Inc.的1.1倍（$831.5M vs $737.8M），ETSY INC净利率更高（12.6% vs 10.1%，领先2.5%），Ryman Hospitality Properties, Inc.同比增速更快（13.9% vs 7.6%），ETSY INC自由现金流更多（$671.2M vs $58.5M），过去两年Ryman Hospitality Properties, Inc.的营收复合增速更高（18.2% vs 13.3%）
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。
莱曼酒店地产是一家主营酒店、度假村、娱乐及媒体业务的企业，得名于旗下位于田纳西州纳什维尔的国家历史地标莱曼礼堂。公司历史可追溯至曾为俄克拉荷马出版公司子公司时期，1983年收购WSM公司后奠定现代业务基础，同时将知名演出IP大奥普里等核心资产纳入麾下。
ETSY vs RHP — 直观对比
营收规模更大
ETSY
是对方的1.1倍
$737.8M
营收增速更快
RHP
高出6.3%
7.6%
净利率更高
ETSY
高出2.5%
10.1%
自由现金流更多
ETSY
多$612.6M
$58.5M
两年增速更快
RHP
近两年复合增速
13.3%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $831.5M | $737.8M |
| 净利润 | $104.7M | $74.5M |
| 毛利率 | 54.8% | 41.4% |
| 营业利润率 | — | 19.4% |
| 净利率 | 12.6% | 10.1% |
| 营收同比 | 7.6% | 13.9% |
| 净利润同比 | 46.4% | 3.0% |
| 每股收益（稀释后） | $0.89 | $1.12 |
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ETSYRHP
| Q1 26 | $831.5M | — | ||
| Q4 25 | $881.6M | $737.8M | ||
| Q3 25 | $678.0M | $592.5M | ||
| Q2 25 | $672.7M | $659.5M | ||
| Q1 25 | $651.2M | $587.3M | ||
| Q4 24 | $852.2M | $647.6M | ||
| Q3 24 | $662.4M | $550.0M | ||
| Q2 24 | $647.8M | $613.3M |
净利润ETSYRHP
| Q1 26 | $104.7M | — | ||
| Q4 25 | $110.7M | $74.5M | ||
| Q3 25 | $75.5M | $34.9M | ||
| Q2 25 | $28.8M | $71.8M | ||
| Q1 25 | $-52.1M | $63.0M | ||
| Q4 24 | $129.9M | $72.3M | ||
| Q3 24 | $57.4M | $59.0M | ||
| Q2 24 | $53.0M | $100.8M |
毛利率ETSYRHP
| Q1 26 | 54.8% | — | ||
| Q4 25 | 73.1% | 41.4% | ||
| Q3 25 | 71.3% | 40.9% | ||
| Q2 25 | 71.2% | 49.7% | ||
| Q1 25 | 70.5% | 44.4% | ||
| Q4 24 | 74.5% | 40.4% | ||
| Q3 24 | 72.0% | 43.1% | ||
| Q2 24 | 71.6% | 48.4% |
营业利润率ETSYRHP
| Q1 26 | — | — | ||
| Q4 25 | 14.7% | 19.4% | ||
| Q3 25 | 12.2% | 15.0% | ||
| Q2 25 | 11.4% | 21.1% | ||
| Q1 25 | -3.4% | 19.8% | ||
| Q4 24 | 18.2% | 18.6% | ||
| Q3 24 | 13.1% | 19.3% | ||
| Q2 24 | 10.8% | 27.4% |
净利率ETSYRHP
| Q1 26 | 12.6% | — | ||
| Q4 25 | 12.6% | 10.1% | ||
| Q3 25 | 11.1% | 5.9% | ||
| Q2 25 | 4.3% | 10.9% | ||
| Q1 25 | -8.0% | 10.7% | ||
| Q4 24 | 15.2% | 11.2% | ||
| Q3 24 | 8.7% | 10.7% | ||
| Q2 24 | 8.2% | 16.4% |
每股收益（稀释后）ETSYRHP
| Q1 26 | $0.89 | — | ||
| Q4 25 | $1.00 | $1.12 | ||
| Q3 25 | $0.63 | $0.53 | ||
| Q2 25 | $0.25 | $1.12 | ||
| Q1 25 | $-0.49 | $1.00 | ||
| Q4 24 | $1.01 | $1.12 | ||
| Q3 24 | $0.45 | $0.94 | ||
| Q2 24 | $0.41 | $1.65 |
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 | $471.4M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | — | $750.2M |
| 总资产 | $2.7B | $6.2B |
| 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ETSYRHP
| Q1 26 | $1.4B | — | ||
| Q4 25 | $1.4B | $471.4M | ||
| Q3 25 | $1.2B | $483.3M | ||
| Q2 25 | $1.2B | $420.6M | ||
| Q1 25 | $649.2M | $413.9M | ||
| Q4 24 | $811.2M | $477.7M | ||
| Q3 24 | $818.9M | $534.9M | ||
| Q2 24 | $759.2M | $498.4M |
总债务ETSYRHP
| Q1 26 | — | — | ||
| Q4 25 | $2.3B | — | ||
| Q3 25 | $3.0B | — | ||
| Q2 25 | $3.0B | — | ||
| Q1 25 | $2.3B | — | ||
| Q4 24 | $2.3B | — | ||
| Q3 24 | $2.3B | — | ||
| Q2 24 | $2.3B | — |
股东权益ETSYRHP
| Q1 26 | — | — | ||
| Q4 25 | $-1.1B | $750.2M | ||
| Q3 25 | $-1.1B | $758.5M | ||
| Q2 25 | $-1.1B | $800.4M | ||
| Q1 25 | $-910.3M | $531.5M | ||
| Q4 24 | $-758.9M | $549.0M | ||
| Q3 24 | $-624.3M | $551.9M | ||
| Q2 24 | $-635.0M | $562.6M |
总资产ETSYRHP
| Q1 26 | $2.7B | — | ||
| Q4 25 | $2.8B | $6.2B | ||
| Q3 25 | $2.7B | $6.2B | ||
| Q2 25 | $2.6B | $6.1B | ||
| Q1 25 | $2.1B | $5.2B | ||
| Q4 24 | $2.4B | $5.2B | ||
| Q3 24 | $2.4B | $5.2B | ||
| Q2 24 | $2.4B | $5.1B |
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 | $725.0M | $164.7M |
| 自由现金流经营现金流 - 资本支出 | $671.2M | $58.5M |
| 自由现金流率自由现金流/营收 | 80.7% | 7.9% |
| 资本支出强度资本支出/营收 | — | 14.4% |
| 现金转化率经营现金流/净利润 | 6.93× | 2.21× |
| 过去12个月自由现金流最近4个季度 | $1.3B | $232.4M |
8季度趋势，按日历期对齐
经营现金流ETSYRHP
| Q1 26 | $725.0M | — | ||
| Q4 25 | $317.1M | $164.7M | ||
| Q3 25 | $219.0M | $205.2M | ||
| Q2 25 | $108.1M | $122.5M | ||
| Q1 25 | $49.2M | $98.2M | ||
| Q4 24 | $315.0M | $166.6M | ||
| Q3 24 | $217.4M | $218.1M | ||
| Q2 24 | $151.1M | $184.3M |
自由现金流ETSYRHP
| Q1 26 | $671.2M | — | ||
| Q4 25 | $315.9M | $58.5M | ||
| Q3 25 | $215.0M | $135.4M | ||
| Q2 25 | $101.3M | $53.0M | ||
| Q1 25 | $45.9M | $-14.5M | ||
| Q4 24 | $310.9M | $76.0M | ||
| Q3 24 | $213.2M | $85.7M | ||
| Q2 24 | $147.4M | $78.8M |
自由现金流率ETSYRHP
| Q1 26 | 80.7% | — | ||
| Q4 25 | 35.8% | 7.9% | ||
| Q3 25 | 31.7% | 22.9% | ||
| Q2 25 | 15.1% | 8.0% | ||
| Q1 25 | 7.1% | -2.5% | ||
| Q4 24 | 36.5% | 11.7% | ||
| Q3 24 | 32.2% | 15.6% | ||
| Q2 24 | 22.8% | 12.9% |
资本支出强度ETSYRHP
| Q1 26 | — | — | ||
| Q4 25 | 0.1% | 14.4% | ||
| Q3 25 | 0.6% | 11.8% | ||
| Q2 25 | 1.0% | 10.5% | ||
| Q1 25 | 0.5% | 19.2% | ||
| Q4 24 | 0.5% | 14.0% | ||
| Q3 24 | 0.6% | 24.1% | ||
| Q2 24 | 0.6% | 17.2% |
现金转化率ETSYRHP
| Q1 26 | 6.93× | — | ||
| Q4 25 | 2.86× | 2.21× | ||
| Q3 25 | 2.90× | 5.88× | ||
| Q2 25 | 3.75× | 1.71× | ||
| Q1 25 | — | 1.56× | ||
| Q4 24 | 2.42× | 2.30× | ||
| Q3 24 | 3.79× | 3.70× | ||
| Q2 24 | 2.85× | 1.83× |
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
暂无分部数据
RHP
| Hotel Other | $157.7M | 21% |
| Gaylord Opryland | $147.4M | 20% |
| Hotel Transient Rooms | $93.6M | 13% |
| Hotel Food And Beverage Outlets | $92.2M | 12% |
| Gaylord Palms | $88.2M | 12% |
| Jw Marriott Hill Country | $53.7M | 7% |
| Entertainment Admissions And Ticketing | $43.1M | 6% |
| Entertainment Food And Beverage | $38.1M | 5% |
| Entertainment Retail And Other | $28.3M | 4% |
| Ac Hotel | $2.4M | 0% |
