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Fathom Holdings Inc.（FTHM）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Fathom Holdings Inc.的13.6倍（$1.2B vs $90.6M）。Fathom Holdings Inc.净利率更高（-7.4% vs -35.0%，领先27.6%）。MARRIOTT VACATIONS WORLDWIDE Corp同比增速更快（-0.7% vs -1.2%）。MARRIOTT VACATIONS WORLDWIDE Corp自由现金流更多（$-6.0M vs $-11.9M）。过去两年Fathom Holdings Inc.的营收复合增速更高（13.4% vs 5.2%）
Fathom Holdings Inc.是一家总部位于美国的房地产科技与服务企业，为房产经纪人、经纪机构和消费者提供数字交易管理、按揭服务、产权保险、住宅经纪等一站式解决方案，业务覆盖美国大部分区域市场。
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。
FTHM vs VAC — 直观对比
损益表 — Q4 2025 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $90.6M | $1.2B |
| 净利润 | $-6.7M | $-431.0M |
| 毛利率 | — | — |
| 营业利润率 | -5.2% | — |
| 净利率 | -7.4% | -35.0% |
| 营收同比 | -1.2% | -0.7% |
| 净利润同比 | -7.7% | -962.0% |
| 每股收益（稀释后） | $-0.20 | $-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
| Q4 25 | $90.6M | $1.2B | ||
| Q3 25 | $115.3M | $1.2B | ||
| Q2 25 | $121.4M | $1.2B | ||
| Q1 25 | $93.1M | $1.1B | ||
| Q4 24 | $91.7M | $1.2B | ||
| Q3 24 | $83.7M | $1.2B | ||
| Q2 24 | $89.2M | $1.1B | ||
| Q1 24 | $70.5M | $1.1B |
| Q4 25 | $-6.7M | $-431.0M | ||
| Q3 25 | $-4.4M | $-2.0M | ||
| Q2 25 | $-3.6M | $69.0M | ||
| Q1 25 | $-5.6M | $56.0M | ||
| Q4 24 | $-6.2M | $50.0M | ||
| Q3 24 | $-8.1M | $84.0M | ||
| Q2 24 | $-1.3M | $37.0M | ||
| Q1 24 | $-5.9M | $47.0M |
| Q4 25 | -5.2% | — | ||
| Q3 25 | -3.5% | — | ||
| Q2 25 | -2.0% | — | ||
| Q1 25 | -4.8% | — | ||
| Q4 24 | -7.0% | — | ||
| Q3 24 | -9.3% | — | ||
| Q2 24 | -4.1% | — | ||
| Q1 24 | -8.0% | — |
| Q4 25 | -7.4% | -35.0% | ||
| Q3 25 | -3.8% | -0.2% | ||
| Q2 25 | -3.0% | 6.0% | ||
| Q1 25 | -6.1% | 5.0% | ||
| Q4 24 | -6.8% | 4.0% | ||
| Q3 24 | -9.7% | 6.9% | ||
| Q2 24 | -1.5% | 3.5% | ||
| Q1 24 | -8.4% | 4.2% |
| Q4 25 | $-0.20 | $-12.00 | ||
| Q3 25 | $-0.15 | $-0.07 | ||
| Q2 25 | $-0.13 | $1.77 | ||
| Q1 25 | $-0.24 | $1.46 | ||
| Q4 24 | $-0.29 | $1.29 | ||
| Q3 24 | $-0.40 | $2.12 | ||
| Q2 24 | $-0.07 | $0.98 | ||
| Q1 24 | $-0.31 | $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 | $5.8M | $406.0M |
| 总债务越低越好 | $5.6M | — |
| 股东权益账面价值 | $37.4M | $2.0B |
| 总资产 | $78.0M | $9.8B |
| 负债/权益比越低杠杆越低 | 0.15× | — |
8季度趋势，按日历期对齐
| Q4 25 | $5.8M | $406.0M | ||
| Q3 25 | $9.8M | $474.0M | ||
| Q2 25 | $4.9M | $205.0M | ||
| Q1 25 | $8.0M | $196.0M | ||
| Q4 24 | $7.1M | $197.0M | ||
| Q3 24 | $13.1M | $197.0M | ||
| Q2 24 | $10.4M | $206.0M | ||
| Q1 24 | $5.7M | $237.0M |
| Q4 25 | $5.6M | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $9.5M | — | ||
| Q3 24 | $8.8M | — | ||
| Q2 24 | $3.6M | — | ||
| Q1 24 | $3.7M | — |
| Q4 25 | $37.4M | $2.0B | ||
| Q3 25 | $43.4M | $2.5B | ||
| Q2 25 | $40.7M | $2.5B | ||
| Q1 25 | $43.4M | $2.4B | ||
| Q4 24 | $44.7M | $2.4B | ||
| Q3 24 | $47.1M | $2.4B | ||
| Q2 24 | $53.1M | $2.4B | ||
| Q1 24 | $51.9M | $2.4B |
| Q4 25 | $78.0M | $9.8B | ||
| Q3 25 | $83.2M | $10.1B | ||
| Q2 25 | $80.4M | $9.9B | ||
| Q1 25 | $81.0M | $9.9B | ||
| Q4 24 | $75.4M | $9.8B | ||
| Q3 24 | $80.9M | $9.7B | ||
| Q2 24 | $80.2M | $9.6B | ||
| Q1 24 | $78.2M | $9.9B |
| Q4 25 | 0.15× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 0.21× | — | ||
| Q3 24 | 0.19× | — | ||
| Q2 24 | 0.07× | — | ||
| Q1 24 | 0.07× | — |
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 | $-11.9M | $6.0M |
| 自由现金流经营现金流 - 资本支出 | $-11.9M | $-6.0M |
| 自由现金流率自由现金流/营收 | -13.2% | -0.5% |
| 资本支出强度资本支出/营收 | 0.0% | 1.0% |
| 现金转化率经营现金流/净利润 | — | — |
| 过去12个月自由现金流最近4个季度 | $-20.7M | $-29.0M |
8季度趋势，按日历期对齐
| Q4 25 | $-11.9M | $6.0M | ||
| Q3 25 | $3.0M | $62.0M | ||
| Q2 25 | $-5.9M | $-48.0M | ||
| Q1 25 | $-5.7M | $8.0M | ||
| Q4 24 | $-317.0K | $100.0M | ||
| Q3 24 | $-330.0K | $72.0M | ||
| Q2 24 | $-3.1M | $30.0M | ||
| Q1 24 | $-947.0K | $3.0M |
| Q4 25 | $-11.9M | $-6.0M | ||
| Q3 25 | $3.0M | $51.0M | ||
| Q2 25 | $-6.0M | $-68.0M | ||
| Q1 25 | $-5.8M | $-6.0M | ||
| Q4 24 | $-322.0K | $86.0M | ||
| Q3 24 | $-364.0K | $58.0M | ||
| Q2 24 | $-3.1M | $17.0M | ||
| Q1 24 | $-948.0K | $-13.0M |
| Q4 25 | -13.2% | -0.5% | ||
| Q3 25 | 2.6% | 4.3% | ||
| Q2 25 | -4.9% | -5.9% | ||
| Q1 25 | -6.2% | -0.5% | ||
| Q4 24 | -0.4% | 6.9% | ||
| Q3 24 | -0.4% | 4.8% | ||
| Q2 24 | -3.5% | 1.6% | ||
| Q1 24 | -1.3% | -1.2% |
| Q4 25 | 0.0% | 1.0% | ||
| Q3 25 | 0.0% | 0.9% | ||
| Q2 25 | 0.0% | 1.7% | ||
| Q1 25 | 0.0% | 1.3% | ||
| Q4 24 | 0.0% | 1.1% | ||
| Q3 24 | 0.0% | 1.1% | ||
| Q2 24 | 0.0% | 1.2% | ||
| Q1 24 | 0.0% | 1.4% |
| Q4 25 | — | — | ||
| 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
FTHM
| Real Estate Brokerage | $84.9M | 94% |
| Mortgage Segment | $3.4M | 4% |
| Other | $2.3M | 3% |
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% |
