vs
F&G Annuities & Life, Inc.（FG）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
F&G Annuities & Life, Inc.的季度营收约是MARRIOTT VACATIONS WORLDWIDE Corp的1.4倍（$1.8B vs $1.2B），F&G Annuities & Life, Inc.净利率更高（7.3% vs -35.0%，领先42.3%），F&G Annuities & Life, Inc.同比增速更快（13.2% vs -0.7%），过去两年F&G Annuities & Life, Inc.的营收复合增速更高（6.1% vs 5.2%）
F&G年金人寿保险公司是一家总部位于美国爱荷华州得梅因的上市企业，成立于1959年，核心业务涵盖年金产品、人寿保险及养老金收购服务，长期为客户提供多元化的风险保障与养老财务解决方案。
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。
FG vs VAC — 直观对比
营收规模更大
FG
是对方的1.4倍
$1.2B
营收增速更快
FG
高出13.9%
-0.7%
净利率更高
FG
高出42.3%
-35.0%
两年增速更快
FG
近两年复合增速
5.2%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.8B | $1.2B |
| 净利润 | $128.0M | $-431.0M |
| 毛利率 | — | — |
| 营业利润率 | — | — |
| 净利率 | 7.3% | -35.0% |
| 营收同比 | 13.2% | -0.7% |
| 净利润同比 | -60.9% | -962.0% |
| 每股收益（稀释后） | $0.97 | $-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FGVAC
| Q4 25 | $1.8B | $1.2B | ||
| Q3 25 | $1.7B | $1.2B | ||
| Q2 25 | $1.4B | $1.2B | ||
| Q1 25 | $908.0M | $1.1B | ||
| Q4 24 | $1.6B | $1.2B | ||
| Q3 24 | $1.4B | $1.2B | ||
| Q2 24 | $1.2B | $1.1B | ||
| Q1 24 | $1.6B | $1.1B |
净利润FGVAC
| Q4 25 | $128.0M | $-431.0M | ||
| Q3 25 | $118.0M | $-2.0M | ||
| Q2 25 | $40.0M | $69.0M | ||
| Q1 25 | $-21.0M | $56.0M | ||
| Q4 24 | $327.0M | $50.0M | ||
| Q3 24 | $-6.0M | $84.0M | ||
| Q2 24 | $203.0M | $37.0M | ||
| Q1 24 | $115.0M | $47.0M |
净利率FGVAC
| Q4 25 | 7.3% | -35.0% | ||
| Q3 25 | 7.0% | -0.2% | ||
| Q2 25 | 2.9% | 6.0% | ||
| Q1 25 | -2.3% | 5.0% | ||
| Q4 24 | 21.0% | 4.0% | ||
| Q3 24 | -0.4% | 6.9% | ||
| Q2 24 | 17.3% | 3.5% | ||
| Q1 24 | 7.3% | 4.2% |
每股收益（稀释后）FGVAC
| Q4 25 | $0.97 | $-12.00 | ||
| Q3 25 | $0.85 | $-0.07 | ||
| Q2 25 | $0.26 | $1.77 | ||
| Q1 25 | $-0.20 | $1.46 | ||
| Q4 24 | $2.53 | $1.29 | ||
| Q3 24 | $-0.08 | $2.12 | ||
| Q2 24 | $1.55 | $0.98 | ||
| Q1 24 | $0.88 | $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 | $1.5B | $406.0M |
| 总债务越低越好 | $2.2B | — |
| 股东权益账面价值 | $4.8B | $2.0B |
| 总资产 | $98.4B | $9.8B |
| 负债/权益比越低杠杆越低 | 0.47× | — |
8季度趋势，按日历期对齐
现金及短期投资FGVAC
| Q4 25 | $1.5B | $406.0M | ||
| Q3 25 | $2.2B | $474.0M | ||
| Q2 25 | $1.9B | $205.0M | ||
| Q1 25 | $3.3B | $196.0M | ||
| Q4 24 | $2.3B | $197.0M | ||
| Q3 24 | $3.5B | $197.0M | ||
| Q2 24 | $3.5B | $206.0M | ||
| Q1 24 | $2.4B | $237.0M |
总债务FGVAC
| Q4 25 | $2.2B | — | ||
| Q3 25 | $2.2B | — | ||
| Q2 25 | $2.2B | — | ||
| Q1 25 | $2.2B | — | ||
| Q4 24 | $2.2B | — | ||
| Q3 24 | $2.0B | — | ||
| Q2 24 | $2.0B | — | ||
| Q1 24 | $1.7B | — |
股东权益FGVAC
| Q4 25 | $4.8B | $2.0B | ||
| Q3 25 | $4.8B | $2.5B | ||
| Q2 25 | $4.4B | $2.5B | ||
| Q1 25 | $4.4B | $2.4B | ||
| Q4 24 | $4.0B | $2.4B | ||
| Q3 24 | $4.3B | $2.4B | ||
| Q2 24 | $3.7B | $2.4B | ||
| Q1 24 | $3.5B | $2.4B |
总资产FGVAC
| Q4 25 | $98.4B | $9.8B | ||
| Q3 25 | $96.1B | $10.1B | ||
| Q2 25 | $91.8B | $9.9B | ||
| Q1 25 | $88.0B | $9.9B | ||
| Q4 24 | $85.0B | $9.8B | ||
| Q3 24 | $84.1B | $9.7B | ||
| Q2 24 | $78.5B | $9.6B | ||
| Q1 24 | $74.4B | $9.9B |
负债/权益比FGVAC
| Q4 25 | 0.47× | — | ||
| Q3 25 | 0.46× | — | ||
| Q2 25 | 0.50× | — | ||
| Q1 25 | 0.51× | — | ||
| Q4 24 | 0.55× | — | ||
| Q3 24 | 0.47× | — | ||
| Q2 24 | 0.56× | — | ||
| Q1 24 | 0.49× | — |
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 | $1.2B | $6.0M |
| 自由现金流经营现金流 - 资本支出 | — | $-6.0M |
| 自由现金流率自由现金流/营收 | — | -0.5% |
| 资本支出强度资本支出/营收 | — | 1.0% |
| 现金转化率经营现金流/净利润 | 9.13× | — |
| 过去12个月自由现金流最近4个季度 | — | $-29.0M |
8季度趋势，按日历期对齐
经营现金流FGVAC
| Q4 25 | $1.2B | $6.0M | ||
| Q3 25 | $937.0M | $62.0M | ||
| Q2 25 | $1.6B | $-48.0M | ||
| Q1 25 | $956.0M | $8.0M | ||
| Q4 24 | $1.3B | $100.0M | ||
| Q3 24 | $2.1B | $72.0M | ||
| Q2 24 | $1.1B | $30.0M | ||
| Q1 24 | $1.5B | $3.0M |
自由现金流FGVAC
| Q4 25 | — | $-6.0M | ||
| Q3 25 | — | $51.0M | ||
| Q2 25 | — | $-68.0M | ||
| Q1 25 | — | $-6.0M | ||
| Q4 24 | — | $86.0M | ||
| Q3 24 | — | $58.0M | ||
| Q2 24 | — | $17.0M | ||
| Q1 24 | — | $-13.0M |
自由现金流率FGVAC
| Q4 25 | — | -0.5% | ||
| Q3 25 | — | 4.3% | ||
| Q2 25 | — | -5.9% | ||
| Q1 25 | — | -0.5% | ||
| Q4 24 | — | 6.9% | ||
| Q3 24 | — | 4.8% | ||
| Q2 24 | — | 1.6% | ||
| Q1 24 | — | -1.2% |
资本支出强度FGVAC
| Q4 25 | — | 1.0% | ||
| Q3 25 | — | 0.9% | ||
| Q2 25 | — | 1.7% | ||
| Q1 25 | — | 1.3% | ||
| Q4 24 | — | 1.1% | ||
| Q3 24 | — | 1.1% | ||
| Q2 24 | — | 1.2% | ||
| Q1 24 | — | 1.4% |
现金转化率FGVAC
| Q4 25 | 9.13× | — | ||
| Q3 25 | 7.94× | — | ||
| Q2 25 | 40.50× | -0.70× | ||
| Q1 25 | — | 0.14× | ||
| Q4 24 | 4.04× | 2.00× | ||
| Q3 24 | — | 0.86× | ||
| Q2 24 | 5.20× | 0.81× | ||
| Q1 24 | 13.34× | 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
FG
暂无分部数据
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% |
