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Global Business Travel Group, Inc.（GBTG）与孩之宝（HAS）财务数据对比。点击上方公司名可切换其他公司
孩之宝的季度营收约是Global Business Travel Group, Inc.的1.8倍（$1.4B vs $792.0M），孩之宝净利率更高（13.9% vs 10.5%，领先3.5%），Global Business Travel Group, Inc.同比增速更快（34.0% vs 31.3%），孩之宝自由现金流更多（$389.5M vs $13.0M），过去两年孩之宝的营收复合增速更高（38.2% vs 13.9%）
环球商旅集团（GBTG）是专业的差旅管理服务商，致力于为各类企业及机构提供全链路商务出行解决方案。核心服务涵盖智能线上预订工具、移动端应用、差旅项目管控与咨询、高管专属出行服务、会议活动支持、差旅数据分析以及出行安全保障等，可满足不同规模客户的多元化商务出行管理需求。
孩之宝是1923年12月6日成立的美国跨国玩具制造与娱乐控股企业，总部位于罗德岛州波塔基特。旗下拥有Kenner、米尔顿·布拉德利、派克兄弟、威世智等知名品牌，持有大量热门IP商标权，业务覆盖玩具生产、游戏开发、娱乐内容出品等多个领域。
GBTG vs HAS — 直观对比
营收规模更大
HAS
是对方的1.8倍
$792.0M
营收增速更快
GBTG
高出2.8%
31.3%
净利率更高
HAS
高出3.5%
10.5%
自由现金流更多
HAS
多$376.5M
$13.0M
两年增速更快
HAS
近两年复合增速
13.9%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $792.0M | $1.4B |
| 净利润 | $83.0M | $201.6M |
| 毛利率 | — | 68.7% |
| 营业利润率 | 3.7% | 20.6% |
| 净利率 | 10.5% | 13.9% |
| 营收同比 | 34.0% | 31.3% |
| 净利润同比 | 692.9% | 687.8% |
| 每股收益（稀释后） | $0.16 | $1.46 |
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GBTGHAS
| Q4 25 | $792.0M | $1.4B | ||
| Q3 25 | $674.0M | $1.4B | ||
| Q2 25 | $631.0M | $980.8M | ||
| Q1 25 | $621.0M | $887.1M | ||
| Q4 24 | $591.0M | $1.1B | ||
| Q3 24 | $597.0M | $1.3B | ||
| Q2 24 | $625.0M | $995.3M | ||
| Q1 24 | $610.0M | $757.3M |
净利润GBTGHAS
| Q4 25 | $83.0M | $201.6M | ||
| Q3 25 | $-62.0M | $233.2M | ||
| Q2 25 | $15.0M | $-855.8M | ||
| Q1 25 | $75.0M | $98.6M | ||
| Q4 24 | $-14.0M | $-34.3M | ||
| Q3 24 | $-128.0M | $223.2M | ||
| Q2 24 | $27.0M | $138.5M | ||
| Q1 24 | $-19.0M | $58.2M |
毛利率GBTGHAS
| Q4 25 | — | 68.7% | ||
| Q3 25 | — | 70.1% | ||
| Q2 25 | — | 77.0% | ||
| Q1 25 | — | 76.9% | ||
| Q4 24 | — | 67.4% | ||
| Q3 24 | — | 70.4% | ||
| Q2 24 | — | 76.1% | ||
| Q1 24 | — | 73.0% |
营业利润率GBTGHAS
| Q4 25 | 3.7% | 20.6% | ||
| Q3 25 | 1.8% | 24.6% | ||
| Q2 25 | 5.4% | -81.4% | ||
| Q1 25 | 8.9% | 19.2% | ||
| Q4 24 | 5.1% | 5.4% | ||
| Q3 24 | 4.5% | 23.6% | ||
| Q2 24 | 6.7% | 21.3% | ||
| Q1 24 | 2.6% | 15.3% |
净利率GBTGHAS
| Q4 25 | 10.5% | 13.9% | ||
| Q3 25 | -9.2% | 16.8% | ||
| Q2 25 | 2.4% | -87.3% | ||
| Q1 25 | 12.1% | 11.1% | ||
| Q4 24 | -2.4% | -3.1% | ||
| Q3 24 | -21.4% | 17.4% | ||
| Q2 24 | 4.3% | 13.9% | ||
| Q1 24 | -3.1% | 7.7% |
每股收益（稀释后）GBTGHAS
| Q4 25 | $0.16 | $1.46 | ||
| Q3 25 | $-0.13 | $1.64 | ||
| Q2 25 | $0.03 | $-6.10 | ||
| Q1 25 | $0.16 | $0.70 | ||
| Q4 24 | $-0.04 | $-0.25 | ||
| Q3 24 | $-0.28 | $1.59 | ||
| Q2 24 | $0.06 | $0.99 | ||
| Q1 24 | $-0.04 | $0.42 |
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 | $434.0M | — |
| 总债务越低越好 | $1.4B | — |
| 股东权益账面价值 | $1.6B | $565.5M |
| 总资产 | $4.9B | $5.6B |
| 负债/权益比越低杠杆越低 | 0.88× | — |
8季度趋势，按日历期对齐
现金及短期投资GBTGHAS
| Q4 25 | $434.0M | — | ||
| Q3 25 | $427.0M | — | ||
| Q2 25 | $601.0M | — | ||
| Q1 25 | $552.0M | — | ||
| Q4 24 | $536.0M | — | ||
| Q3 24 | $524.0M | — | ||
| Q2 24 | $515.0M | — | ||
| Q1 24 | $475.0M | — |
总债务GBTGHAS
| Q4 25 | $1.4B | — | ||
| Q3 25 | $1.4B | — | ||
| Q2 25 | $1.4B | — | ||
| Q1 25 | $1.4B | — | ||
| Q4 24 | $1.4B | — | ||
| Q3 24 | $1.4B | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
股东权益GBTGHAS
| Q4 25 | $1.6B | $565.5M | ||
| Q3 25 | $1.5B | $433.8M | ||
| Q2 25 | $1.2B | $269.7M | ||
| Q1 25 | $1.1B | $1.2B | ||
| Q4 24 | $1.1B | $1.2B | ||
| Q3 24 | $1.1B | $1.3B | ||
| Q2 24 | $1.2B | $1.2B | ||
| Q1 24 | $1.2B | $1.0B |
总资产GBTGHAS
| Q4 25 | $4.9B | $5.6B | ||
| Q3 25 | $4.8B | $5.5B | ||
| Q2 25 | $3.9B | $5.2B | ||
| Q1 25 | $3.8B | $6.0B | ||
| Q4 24 | $3.6B | $6.3B | ||
| Q3 24 | $3.8B | $7.2B | ||
| Q2 24 | $3.8B | $6.9B | ||
| Q1 24 | $3.8B | $6.2B |
负债/权益比GBTGHAS
| Q4 25 | 0.88× | — | ||
| Q3 25 | 0.91× | — | ||
| Q2 25 | 1.15× | — | ||
| Q1 25 | 1.23× | — | ||
| Q4 24 | 1.32× | — | ||
| Q3 24 | 1.26× | — | ||
| 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 | $52.0M | $403.2M |
| 自由现金流经营现金流 - 资本支出 | $13.0M | $389.5M |
| 自由现金流率自由现金流/营收 | 1.6% | 26.9% |
| 资本支出强度资本支出/营收 | 4.9% | 0.9% |
| 现金转化率经营现金流/净利润 | 0.63× | 2.00× |
| 过去12个月自由现金流最近4个季度 | $104.0M | $829.9M |
8季度趋势，按日历期对齐
经营现金流GBTGHAS
| Q4 25 | $52.0M | $403.2M | ||
| Q3 25 | $71.0M | $280.6M | ||
| Q2 25 | $57.0M | $71.3M | ||
| Q1 25 | $53.0M | $138.1M | ||
| Q4 24 | $65.0M | $259.8M | ||
| Q3 24 | $85.0M | $222.5M | ||
| Q2 24 | $73.0M | $187.3M | ||
| Q1 24 | $49.0M | $177.8M |
自由现金流GBTGHAS
| Q4 25 | $13.0M | $389.5M | ||
| Q3 25 | $38.0M | $260.9M | ||
| Q2 25 | $27.0M | $55.2M | ||
| Q1 25 | $26.0M | $124.3M | ||
| Q4 24 | $33.0M | $200.8M | ||
| Q3 24 | $59.0M | $174.0M | ||
| Q2 24 | $49.0M | $135.4M | ||
| Q1 24 | $24.0M | $132.0M |
自由现金流率GBTGHAS
| Q4 25 | 1.6% | 26.9% | ||
| Q3 25 | 5.6% | 18.8% | ||
| Q2 25 | 4.3% | 5.6% | ||
| Q1 25 | 4.2% | 14.0% | ||
| Q4 24 | 5.6% | 18.2% | ||
| Q3 24 | 9.9% | 13.6% | ||
| Q2 24 | 7.8% | 13.6% | ||
| Q1 24 | 3.9% | 17.4% |
资本支出强度GBTGHAS
| Q4 25 | 4.9% | 0.9% | ||
| Q3 25 | 4.9% | 1.4% | ||
| Q2 25 | 4.8% | 1.6% | ||
| Q1 25 | 4.3% | 1.6% | ||
| Q4 24 | 5.4% | 5.4% | ||
| Q3 24 | 4.4% | 3.8% | ||
| Q2 24 | 3.8% | 5.2% | ||
| Q1 24 | 4.1% | 6.0% |
现金转化率GBTGHAS
| Q4 25 | 0.63× | 2.00× | ||
| Q3 25 | — | 1.20× | ||
| Q2 25 | 3.80× | — | ||
| Q1 25 | 0.71× | 1.40× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 1.00× | ||
| Q2 24 | 2.70× | 1.35× | ||
| Q1 24 | — | 3.05× |
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
GBTG
| Travel | $620.0M | 78% |
| Other | $172.0M | 22% |
HAS
| Grow Brands | $1.1B | 75% |
| Optimize Brands | $188.7M | 13% |
| Digital And Licensing Gaming | $135.7M | 9% |
| Class Of Principal Product Family Brands | $13.1M | 1% |
| Filmand TV | $2.4M | 0% |
